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"value": "NOTE 1 CORPORATE INFORMATION Integrated Wind Solutions ASA is a public limited liability company incorporated and domiciled in Norway. Its registered office is St\u00f8perigata 2, 0250 Oslo, Norway. The Company is listed on Euronext Oslo B\u00f8rs at the Oslo Stock Exchange with the ticker IWS. The consolidated financial statements of the Company comprise Integrated Wind Solutions ASA and its subsidiaries, together referred to as IWS or the Group. The consolidated financial statements for the period ended 31 December 2025 were authorised for issue by the Board of Directors on 21 April 2026 and will be presented for approval at the Annual General Meeting on 19 May 2026. Basis of preparation The consolidated financial statements of IWS have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act. The consolidated financial statements have been prepared on a historical cost basis, except for liabilities for cash-settled share-based payments, which are measured at fair value, pensions, which are measured in accordance with IAS 19, and receivables and payables denominated in foreign currencies, which are translated at period-end exchange rates. The consolidated financial statements are presented in EUR, rounded to the nearest thousand, except as otherwise indicated. The consolidated financial statements have been prepared on a going concern basis. The material accounting policies applied in the preparation of these consolidated financial statements are set out below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "Integrated Wind Solutions ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "Integrated Wind Solutions ASA",
"dimensions": {
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"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "Integrated Wind Solutions ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
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"value": "public limited liability company",
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"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "The consolidated financial statements for the period ended 31 December 2025 were authorised for issue by the Board of Directors on 21 April 2026 and will be presented for approval at the Annual General Meeting on 19 May 2026.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
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"value": "NOTE 2 MATERIAL ACCOUNTING POLICIES Basis of preparation The consolidated financial statements of IWS have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act. The consolidated financial statements have been prepared on a historical cost basis, except for liabilities for cash-settled share-based payments, which are measured at fair value, pensions, which are measured in accordance with IAS 19, and receivables and payables denominated in foreign currencies, which are translated at period-end exchange rates. The consolidated financial statements are presented in EUR, rounded to the nearest thousand, except as otherwise indicated. The consolidated financial statements have been prepared on a going concern basis. The material accounting policies applied in the preparation of these consolidated financial statements are set out below. Basis of consolidation The consolidated financial statements include Integrated Wind Solutions ASA and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company and use consistent accounting policies. All intercompany transactions and balances are eliminated in the consolidation. Subsidiaries are fully consolidated from the date of acquisition, when the Group obtains control over them, and remain consolidated until such control ceases. Revenue recognition Time charter revenue Revenue from time charter contracts is generated by leasing vessels and providing related services, such as accommodation, victualling, mobilisation, and other sundry services that may be agreed in the contracts. Consequently, a time charter contract consists of a leasing component (the bareboat element) and a service component. The service component is within the scope of IFRS 15, whilst the leasing component is within the scope of IFRS 16. Revenue and operating expenses include the sale of the vessel\u2019s fuel inventory to the customer at the inception of a charter contract. The Group recognises as revenue the net margin when fuel is purchased on behalf of a customer. In addition, some contracts will have regulations regarding sundry income, which comprises income from markups on costs recharged to customers, e.g., specific equipment requests. Revenue is recognised on the consumption or delivery of the requested charter equipment. Income from contract termination fees is based on contractual penalties triggered by the customer\u2019s termination of contracts and is recognised when the fee is probable. Service revenue Engineering fees, service fees, management fees, management-on-hire fees and consulting fees are recognised as services are rendered. Revenue from these revenue streams is recognised as performance obligations are satisfied over time, as the customer simultaneously receives and consumes the benefits provided as the Group performs. Construction revenue Construction revenue is recognised over time as the Group\u2019s performance creates or enhances an asset that the customer controls during its creation or enhancement. Progress towards the completion of performance obligations in construction contracts is measured using an input method. The measure of completion is calculated by comparing the cost to date with the total expected cost to complete. Inputs that do not contribute towards transferring control of goods or services to the customer are excluded from the measure of progress towards completion. As a practical expedient, no adjustment to the promised amount of consideration is made for the effects of a financing component when payments for goods or services are made within one year. Prepayments from customers for which the service component has yet to be provided are recognised as deferred income (contract liability) and recognised as revenue over the period when services are performed. Leases as a lessee Right-of-use assets are recorded in accordance with the principles outlined in IFRS 16. The Group applies recognition exemptions for short-term leases and leases of low-value items. Foreign currency The consolidated financial statements are presented in EUR, which is also the Company's functional currency. Transactions in foreign currencies are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate applicable on the reporting date. Realised and unrealised foreign currency gains or losses on monetary items are presented as finance income or finance expense. Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rates applicable at the dates of the initial transactions. Classification of items in the statement of financial position Current assets and current liabilities include items that fall due for payment within one year after the reporting date. The short-term part of long-term debt maturing within 12 months after the balance sheet date is classified as short-term debt. Vessels and other fixed assets Tangible non-current assets such as vessels and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. The cost of acquired vessels includes expenditures directly attributable to their acquisition, such as yard instalments, supervision costs, site team costs, hedging losses or gains, major spare parts, borrowing costs, legal fees, and guarantee fees. Borrowing costs consist of interest costs and other costs incurred in connection with the borrowing of funds specifically for vessels and vessels under construction, and capitalised general borrowing costs. The depreciable amount of an asset is calculated as cost less residual value and impairment charges. The residual value is based on the vessel's estimated salvage value. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation commences when the asset is available for its intended use. Expected useful lives, depreciation methods and residual values are reviewed annually and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 30 years Vessel dry-docking 5 years Other fixed assets 3 \u2013 30 years Upon initial recognition of a new vessel, the estimated dry dock cost is recognised as a separate component. Subsequent costs related to dry-docking are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. Recognition is made as dry-docking is performed, and depreciation is recognised from the completion of dry-docking until the estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component. Impairment As many assets do not generate cash flows entirely independently of other assets, they are tested for impairment in groups of assets described as cash-generating units (CGUs). A CGU is the smallest identifiable group of assets that generates inflows that are largely independent of the cash flows from other CGUs. The impairment review of a CGU covers all of its tangible assets, intangible assets and attributable goodwill. Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from the synergies of the business combination Vessels and other fixed assets are assessed for impairment indicators each reporting period. Each vessel is considered a separate CGU. If impairment indicators are identified, the recoverable amount is estimated, and if the carrying amount of an asset or CGU exceeds its recoverable amount, an impairment loss is recognised. Inventory Inventories are measured at the lower of cost and net realisable value. Cost is determined in accordance with the first-in, first-out (FIFO) principle.Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) because of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is recognised through profit and loss, net of any reimbursement. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, using assumptions that market participants would use when pricing the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level of input that is significant to the fair value measurement as a whole: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable Share-based payments For cash-settled share-based payments, a provision is recorded for the rights granted, reflecting the vested portion of the fair value of the rights at the reporting date. The provision is accrued over the period during which the beneficiaries are expected to perform the related service (the vesting period). The cash-settled share-based payments are remeasured to fair value at each reporting date until the award is settled. Any changes in the fair value of the provision are recognised as administration expenses in the income statement. The amount of unrecognised compensation expense related to non-vested share-based payment arrangements granted under the cash-settled plans depends on the final intrinsic value of the awards. Social security tax liability is recognised on the intrinsic value of the cash-settled share-based payments. Pensions The Group is required to provide a pension plan for its onshore employees and has implemented a defined contribution plan. The plan, which is fully funded, complies with the requirements of the Mandatory Occupational Pension Act in Norway (\u201cLov om obligatorisk tjenestepensjon\u201d). Contributions on salary up to 12G are funded in a life insurance company, whereas contributions on salary over 12G are pledged towards the participating employees in a separately administered scheme. G refers to the Norwegian National Insurance basic amount. Contributions to the pension plan are recognised as an employee benefit expense in the income statement when they fall due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is expected. The Group has no further payment obligations once the contributions have been paid. The liability arising from the >12G plan is classified as a non-current liability in the statement of financial position. Changes in the liability are recognised as employee benefit expenses in the income statement in the periods during which employees render services. The liability becomes payable to the employee upon retirement or termination of employment, voluntary or involuntary. Government Grants Grants are recognised when it is reasonably certain that the Group will comply with the conditions and the grants will be received. Grants related to income are deducted in reporting the related expense. Grants related to assets are deducted in arriving at the carrying amount of the asset and recognised in profit or loss over the life of the depreciable asset as a reduced depreciation expense. Grants are classified within financing activities in the statement of cash flows. Taxes The income tax expense consists of current income tax and changes in deferred tax. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. Deferred income tax is calculated on temporary differences arising from investments in subsidiaries, except where the Group controls the timing of their reversal and it is probable that they will not reverse in the foreseeable future. Deferred income tax assets and liabilities are determined using tax rates that are expected to apply to the year when the asset is realised, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and deferred tax assets are recognised at nominal values and classified as non-current liabilities and non-current assets in the statement of financial position. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or, on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Current income tax and deferred tax are recognised in profit or loss, except to the extent that they relate to items recognised directly in equity or other comprehensive income. The Group\u2019s vessel-owning companies are subject to the Norwegian tonnage tax (NTT) regime, where incurred tonnage tax is recognised within other operating expenses. Companies subject to NTT are exempt from ordinary tax on income derived from operations in international waters. Financial instruments Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when there is a legal right to offset the amounts and an intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assets Initial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component, or for which the Group has applied the practical expedient, are measured at the transaction price determined under IFRS 15, Revenue from Contracts with Customers. For a financial asset to be classified and measured at amortised cost, it must give rise to cash flows that consist solely of payments of principal and interest on the outstanding principal amount. Subsequent measurement: Financial assets are classified in two categories: i. Financial assets at amortised cost (debt instruments)The Group measures financial assets at amortised cost ifboth of the following conditions are met: i) The financialasset is held within a business model with the objectiveto hold financial assets in order to collect contractualcash flows and ii) the contractual terms of the financialasset give rise on specified dates to cash flows that aresolely payments of principal and interest on theprincipal amount outstanding. Financial assets atamortised cost are subsequently measured using theeffective interest method (EIR) and are subject toimpairment. Gains and losses are recognised in profit orloss when the asset is derecognised, modified orimpaired. The Group\u2019s financial assets at amortised costinclude trade receivables.ii. Financial assets at fair value through profit or lossThe category includes financial assets held for trading,financial assets designated upon initial recognition atfair value through profit or loss, or financial assetsrequired to be measured at fair value. Financial assets atfair value through profit or loss are carried in thestatement of financial position at fair value, with netchanges in fair value recognised in the statement ofprofit or loss. This category includes derivativeinstruments and listed equity investments.Derecognition: A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. For trade receivables and contract assets, the Group applies a simplified approach to calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Receivables are reviewed and assessed on an individual basis, taking into account the facts and circumstances of each customer. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial liabilities At initial recognition, financial liabilities are classified as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, for those measured at amortised cost, net of directly attributable transaction costs. The subsequent measurement of financial liabilities depends on their classification, as described below: i) Financial liabilities at fair value through profit or lossinclude financial liabilities held for trading andfinancial liabilities designated upon initialrecognition as at fair value through profit or loss.Financial liabilities are classified as held for trading ifthey are incurred for the purpose of repurchasing inthe near term. This category also includes derivativefinancial instruments entered into by the Group thatare not designated as hedging instruments in hedgerelationships under IFRS 9. Separated embeddedderivatives are also classified as held for tradingunless they are designated as effective hedginginstruments. Gains or losses on liabilities held fortrading are recognised in the statement of profit orloss. Financial liabilities designated upon initialrecognition at fair value through profit or loss aredesignated at the initial date of recognition, andonly if the criteria in IFRS 9 are satisfied. The Grouphas not designated any financial liability as at fairvalue through profit or loss.ii) Financial liabilities measured at amortised cost: Afterinitial recognition, interest-bearing loans andborrowings are subsequently measured at amortisedcost. Gains and losses are recognised in profit orloss when the liabilities are derecognised andthrough the EIR amortisation process. Amortisedcost is calculated by taking into account anydiscount or premium at acquisition and fees or coststhat are integral to the EIR. The EIR amortisation isincluded as finance costs in the statement of profitor loss.Derecognition: A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Cash flow hedges The Group applies cash flow hedge accounting for parts of its risk management positions related to currency risk. Gains and losses on the hedging instruments are recognised in Other comprehensive income, to the extent that the hedge is effective, and accumulated in the hedging reserve in equity and reclassified into operating revenues or costs when the corresponding forecasted sale or consumption is recognised. When a hedged transaction results in the recognition of a non-financial asset, the accumulated hedging gain or loss is transferred from the hedging reserve to the carrying amount of the asset. Share capital Ordinary shares are classified as equity. Costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own equity instruments acquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Voting rights relating to treasury shares are nullified, and no dividends are allocated to them. Dividends Dividend payments are recognised as a liability in the Group\u2019s financial statements from the date when the dividend is approved by the General Meeting, or by the Board of Directors with the authorisation of the General Meeting. A corresponding amount is recognised directly towards equity. Earnings per share The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares. Cash flow statement The cash flow statement is presented using the indirect method. Cash and cash equivalents Cash represents cash on hand and bank deposits that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents are short-term, highly liquid investments that are readily convertible into known amounts of cash and have original maturities of three months or less. New and amended standards and interpretations Revised IFRS standards during 2025 have been assessed not to have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. IFRS 18, which replaces IAS 1 for reporting periods beginning on or after 1 January 2027, introduces new requirements for presentation within the income statement, including specified totals and subtotals. In addition, amendments to IAS 7 remove the optionality around the classification of cash flows from dividends and interest. The Group is currently working to identify all impacts the amendments will have on the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__21": {
"value": "Basis of preparation The consolidated financial statements of IWS have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act. The consolidated financial statements have been prepared on a historical cost basis, except for liabilities for cash-settled share-based payments, which are measured at fair value, pensions, which are measured in accordance with IAS 19, and receivables and payables denominated in foreign currencies, which are translated at period-end exchange rates. The consolidated financial statements are presented in EUR, rounded to the nearest thousand, except as otherwise indicated. The consolidated financial statements have been prepared on a going concern basis. The material accounting policies applied in the preparation of these consolidated financial statements are set out below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__18": {
"value": "The consolidated financial statements of IWS have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__19-1": {
"value": "The consolidated financial statements are presented in EUR, rounded to the nearest thousand, except as otherwise indicated.Foreign currency The consolidated financial statements are presented in EUR, which is also the Company's functional currency. Transactions in foreign currencies are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate applicable on the reporting date. Realised and unrealised foreign currency gains or losses on monetary items are presented as finance income or finance expense. Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rates applicable at the dates of the initial transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__20": {
"value": "The consolidated financial statements have been prepared on a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__23": {
"value": "Basis of consolidation The consolidated financial statements include Integrated Wind Solutions ASA and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company and use consistent accounting policies. All intercompany transactions and balances are eliminated in the consolidation. Subsidiaries are fully consolidated from the date of acquisition, when the Group obtains control over them, and remain consolidated until such control ceases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__24": {
"value": "Revenue recognition Time charter revenue Revenue from time charter contracts is generated by leasing vessels and providing related services, such as accommodation, victualling, mobilisation, and other sundry services that may be agreed in the contracts. Consequently, a time charter contract consists of a leasing component (the bareboat element) and a service component. The service component is within the scope of IFRS 15, whilst the leasing component is within the scope of IFRS 16. Revenue and operating expenses include the sale of the vessel\u2019s fuel inventory to the customer at the inception of a charter contract. The Group recognises as revenue the net margin when fuel is purchased on behalf of a customer. In addition, some contracts will have regulations regarding sundry income, which comprises income from markups on costs recharged to customers, e.g., specific equipment requests. Revenue is recognised on the consumption or delivery of the requested charter equipment. Income from contract termination fees is based on contractual penalties triggered by the customer\u2019s termination of contracts and is recognised when the fee is probable. Service revenue Engineering fees, service fees, management fees, management-on-hire fees and consulting fees are recognised as services are rendered. Revenue from these revenue streams is recognised as performance obligations are satisfied over time, as the customer simultaneously receives and consumes the benefits provided as the Group performs. Construction revenue Construction revenue is recognised over time as the Group\u2019s performance creates or enhances an asset that the customer controls during its creation or enhancement. Progress towards the completion of performance obligations in construction contracts is measured using an input method. The measure of completion is calculated by comparing the cost to date with the total expected cost to complete. Inputs that do not contribute towards transferring control of goods or services to the customer are excluded from the measure of progress towards completion. As a practical expedient, no adjustment to the promised amount of consideration is made for the effects of a financing component when payments for goods or services are made within one year. Prepayments from customers for which the service component has yet to be provided are recognised as deferred income (contract liability) and recognised as revenue over the period when services are performed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__25": {
"value": "Leases as a lessee Right-of-use assets are recorded in accordance with the principles outlined in IFRS 16. The Group applies recognition exemptions for short-term leases and leases of low-value items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__27": {
"value": "Foreign currency The consolidated financial statements are presented in EUR, which is also the Company's functional currency. Transactions in foreign currencies are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate applicable on the reporting date. Realised and unrealised foreign currency gains or losses on monetary items are presented as finance income or finance expense. Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rates applicable at the dates of the initial transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__29": {
"value": "Vessels and other fixed assets Tangible non-current assets such as vessels and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. The cost of acquired vessels includes expenditures directly attributable to their acquisition, such as yard instalments, supervision costs, site team costs, hedging losses or gains, major spare parts, borrowing costs, legal fees, and guarantee fees. Borrowing costs consist of interest costs and other costs incurred in connection with the borrowing of funds specifically for vessels and vessels under construction, and capitalised general borrowing costs. The depreciable amount of an asset is calculated as cost less residual value and impairment charges. The residual value is based on the vessel's estimated salvage value. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation commences when the asset is available for its intended use. Expected useful lives, depreciation methods and residual values are reviewed annually and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 30 years Vessel dry-docking 5 years Other fixed assets 3 \u2013 30 years Upon initial recognition of a new vessel, the estimated dry dock cost is recognised as a separate component. Subsequent costs related to dry-docking are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. Recognition is made as dry-docking is performed, and depreciation is recognised from the completion of dry-docking until the estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__28": {
"value": "The depreciable amount of an asset is calculated as cost less residual value and impairment charges. The residual value is based on the vessel's estimated salvage value. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation commences when the asset is available for its intended use. Expected useful lives, depreciation methods and residual values are reviewed annually and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 30 years Vessel dry-docking 5 years Other fixed assets 3 \u2013 30 years Upon initial recognition of a new vessel, the estimated dry dock cost is recognised as a separate component. Subsequent costs related to dry-docking are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. Recognition is made as dry-docking is performed, and depreciation is recognised from the completion of dry-docking until the estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__30": {
"value": "Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__32": {
"value": "Impairment As many assets do not generate cash flows entirely independently of other assets, they are tested for impairment in groups of assets described as cash-generating units (CGUs). A CGU is the smallest identifiable group of assets that generates inflows that are largely independent of the cash flows from other CGUs. The impairment review of a CGU covers all of its tangible assets, intangible assets and attributable goodwill. Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from the synergies of the business combination Vessels and other fixed assets are assessed for impairment indicators each reporting period. Each vessel is considered a separate CGU. If impairment indicators are identified, the recoverable amount is estimated, and if the carrying amount of an asset or CGU exceeds its recoverable amount, an impairment loss is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__31": {
"value": "Impairment As many assets do not generate cash flows entirely independently of other assets, they are tested for impairment in groups of assets described as cash-generating units (CGUs). A CGU is the smallest identifiable group of assets that generates inflows that are largely independent of the cash flows from other CGUs. The impairment review of a CGU covers all of its tangible assets, intangible assets and attributable goodwill. Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from the synergies of the business combination Vessels and other fixed assets are assessed for impairment indicators each reporting period. Each vessel is considered a separate CGU. If impairment indicators are identified, the recoverable amount is estimated, and if the carrying amount of an asset or CGU exceeds its recoverable amount, an impairment loss is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__33": {
"value": "Inventory Inventories are measured at the lower of cost and net realisable value. Cost is determined in accordance with the first-in, first-out (FIFO) principle.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__34": {
"value": "Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) because of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is recognised through profit and loss, net of any reimbursement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__35": {
"value": "Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, using assumptions that market participants would use when pricing the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level of input that is significant to the fair value measurement as a whole: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__36": {
"value": "Share-based payments For cash-settled share-based payments, a provision is recorded for the rights granted, reflecting the vested portion of the fair value of the rights at the reporting date. The provision is accrued over the period during which the beneficiaries are expected to perform the related service (the vesting period). The cash-settled share-based payments are remeasured to fair value at each reporting date until the award is settled. Any changes in the fair value of the provision are recognised as administration expenses in the income statement. The amount of unrecognised compensation expense related to non-vested share-based payment arrangements granted under the cash-settled plans depends on the final intrinsic value of the awards. Social security tax liability is recognised on the intrinsic value of the cash-settled share-based payments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__37": {
"value": "Pensions The Group is required to provide a pension plan for its onshore employees and has implemented a defined contribution plan. The plan, which is fully funded, complies with the requirements of the Mandatory Occupational Pension Act in Norway (\u201cLov om obligatorisk tjenestepensjon\u201d). Contributions on salary up to 12G are funded in a life insurance company, whereas contributions on salary over 12G are pledged towards the participating employees in a separately administered scheme. G refers to the Norwegian National Insurance basic amount. Contributions to the pension plan are recognised as an employee benefit expense in the income statement when they fall due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is expected. The Group has no further payment obligations once the contributions have been paid. The liability arising from the >12G plan is classified as a non-current liability in the statement of financial position. Changes in the liability are recognised as employee benefit expenses in the income statement in the periods during which employees render services. The liability becomes payable to the employee upon retirement or termination of employment, voluntary or involuntary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__38": {
"value": "Government Grants Grants are recognised when it is reasonably certain that the Group will comply with the conditions and the grants will be received. Grants related to income are deducted in reporting the related expense. Grants related to assets are deducted in arriving at the carrying amount of the asset and recognised in profit or loss over the life of the depreciable asset as a reduced depreciation expense. Grants are classified within financing activities in the statement of cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__40": {
"value": "Taxes The income tax expense consists of current income tax and changes in deferred tax. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. Deferred income tax is calculated on temporary differences arising from investments in subsidiaries, except where the Group controls the timing of their reversal and it is probable that they will not reverse in the foreseeable future. Deferred income tax assets and liabilities are determined using tax rates that are expected to apply to the year when the asset is realised, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and deferred tax assets are recognised at nominal values and classified as non-current liabilities and non-current assets in the statement of financial position. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or, on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Current income tax and deferred tax are recognised in profit or loss, except to the extent that they relate to items recognised directly in equity or other comprehensive income. The Group\u2019s vessel-owning companies are subject to the Norwegian tonnage tax (NTT) regime, where incurred tonnage tax is recognised within other operating expenses. Companies subject to NTT are exempt from ordinary tax on income derived from operations in international waters.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__39": {
"value": "Taxes The income tax expense consists of current income tax and changes in deferred tax. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. Deferred income tax is calculated on temporary differences arising from investments in subsidiaries, except where the Group controls the timing of their reversal and it is probable that they will not reverse in the foreseeable future. Deferred income tax assets and liabilities are determined using tax rates that are expected to apply to the year when the asset is realised, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and deferred tax assets are recognised at nominal values and classified as non-current liabilities and non-current assets in the statement of financial position. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or, on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Current income tax and deferred tax are recognised in profit or loss, except to the extent that they relate to items recognised directly in equity or other comprehensive income. The Group\u2019s vessel-owning companies are subject to the Norwegian tonnage tax (NTT) regime, where incurred tonnage tax is recognised within other operating expenses. Companies subject to NTT are exempt from ordinary tax on income derived from operations in international waters.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__41": {
"value": "Financial instruments Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when there is a legal right to offset the amounts and an intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assets Initial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component, or for which the Group has applied the practical expedient, are measured at the transaction price determined under IFRS 15, Revenue from Contracts with Customers. For a financial asset to be classified and measured at amortised cost, it must give rise to cash flows that consist solely of payments of principal and interest on the outstanding principal amount. Subsequent measurement: Financial assets are classified in two categories: i. Financial assets at amortised cost (debt instruments)The Group measures financial assets at amortised cost ifboth of the following conditions are met: i) The financialasset is held within a business model with the objectiveto hold financial assets in order to collect contractualcash flows and ii) the contractual terms of the financialasset give rise on specified dates to cash flows that aresolely payments of principal and interest on theprincipal amount outstanding. Financial assets atamortised cost are subsequently measured using theeffective interest method (EIR) and are subject toimpairment. Gains and losses are recognised in profit orloss when the asset is derecognised, modified orimpaired. The Group\u2019s financial assets at amortised costinclude trade receivables.ii. Financial assets at fair value through profit or lossThe category includes financial assets held for trading,financial assets designated upon initial recognition atfair value through profit or loss, or financial assetsrequired to be measured at fair value. Financial assets atfair value through profit or loss are carried in thestatement of financial position at fair value, with netchanges in fair value recognised in the statement ofprofit or loss. This category includes derivativeinstruments and listed equity investments.Derecognition: A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. For trade receivables and contract assets, the Group applies a simplified approach to calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Receivables are reviewed and assessed on an individual basis, taking into account the facts and circumstances of each customer. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial liabilities At initial recognition, financial liabilities are classified as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, for those measured at amortised cost, net of directly attributable transaction costs. The subsequent measurement of financial liabilities depends on their classification, as described below: i) Financial liabilities at fair value through profit or lossinclude financial liabilities held for trading andfinancial liabilities designated upon initialrecognition as at fair value through profit or loss.Financial liabilities are classified as held for trading ifthey are incurred for the purpose of repurchasing inthe near term. This category also includes derivativefinancial instruments entered into by the Group thatare not designated as hedging instruments in hedgerelationships under IFRS 9. Separated embeddedderivatives are also classified as held for tradingunless they are designated as effective hedginginstruments. Gains or losses on liabilities held fortrading are recognised in the statement of profit orloss. Financial liabilities designated upon initialrecognition at fair value through profit or loss aredesignated at the initial date of recognition, andonly if the criteria in IFRS 9 are satisfied. The Grouphas not designated any financial liability as at fairvalue through profit or loss.ii) Financial liabilities measured at amortised cost: Afterinitial recognition, interest-bearing loans andborrowings are subsequently measured at amortisedcost. Gains and losses are recognised in profit orloss when the liabilities are derecognised andthrough the EIR amortisation process. Amortisedcost is calculated by taking into account anydiscount or premium at acquisition and fees or coststhat are integral to the EIR. The EIR amortisation isincluded as finance costs in the statement of profitor loss.Derecognition: A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__42": {
"value": "Financial assets Initial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component, or for which the Group has applied the practical expedient, are measured at the transaction price determined under IFRS 15, Revenue from Contracts with Customers. For a financial asset to be classified and measured at amortised cost, it must give rise to cash flows that consist solely of payments of principal and interest on the outstanding principal amount. Subsequent measurement: Financial assets are classified in two categories: i. Financial assets at amortised cost (debt instruments)The Group measures financial assets at amortised cost ifboth of the following conditions are met: i) The financialasset is held within a business model with the objectiveto hold financial assets in order to collect contractualcash flows and ii) the contractual terms of the financialasset give rise on specified dates to cash flows that aresolely payments of principal and interest on theprincipal amount outstanding. Financial assets atamortised cost are subsequently measured using theeffective interest method (EIR) and are subject toimpairment. Gains and losses are recognised in profit orloss when the asset is derecognised, modified orimpaired. The Group\u2019s financial assets at amortised costinclude trade receivables.ii. Financial assets at fair value through profit or lossThe category includes financial assets held for trading,financial assets designated upon initial recognition atfair value through profit or loss, or financial assetsrequired to be measured at fair value. Financial assets atfair value through profit or loss are carried in thestatement of financial position at fair value, with netchanges in fair value recognised in the statement ofprofit or loss. This category includes derivativeinstruments and listed equity investments.Derecognition: A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. For trade receivables and contract assets, the Group applies a simplified approach to calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Receivables are reviewed and assessed on an individual basis, taking into account the facts and circumstances of each customer. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__43-1": {
"value": "ii. Financial assets at fair value through profit or lossThe category includes financial assets held for trading,financial assets designated upon initial recognition atfair value through profit or loss, or financial assetsrequired to be measured at fair value. Financial assets atfair value through profit or loss are carried in thestatement of financial position at fair value, with netchanges in fair value recognised in the statement ofprofit or loss. This category includes derivativeinstruments and listed equity investments.i) Financial liabilities at fair value through profit or lossinclude financial liabilities held for trading andfinancial liabilities designated upon initialrecognition as at fair value through profit or loss.Financial liabilities are classified as held for trading ifthey are incurred for the purpose of repurchasing inthe near term. This category also includes derivativefinancial instruments entered into by the Group thatare not designated as hedging instruments in hedgerelationships under IFRS 9. Separated embeddedderivatives are also classified as held for tradingunless they are designated as effective hedginginstruments. Gains or losses on liabilities held fortrading are recognised in the statement of profit orloss. Financial liabilities designated upon initialrecognition at fair value through profit or loss aredesignated at the initial date of recognition, andonly if the criteria in IFRS 9 are satisfied. The Grouphas not designated any financial liability as at fairvalue through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__47-1": {
"value": "Derecognition: A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. For trade receivables and contract assets, the Group applies a simplified approach to calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Receivables are reviewed and assessed on an individual basis, taking into account the facts and circumstances of each customer. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.Derecognition: A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__110": {
"value": "For trade receivables and contract assets, the Group applies a simplified approach to calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Receivables are reviewed and assessed on an individual basis, taking into account the facts and circumstances of each customer. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__45": {
"value": "Financial liabilities At initial recognition, financial liabilities are classified as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, for those measured at amortised cost, net of directly attributable transaction costs. The subsequent measurement of financial liabilities depends on their classification, as described below: i) Financial liabilities at fair value through profit or lossinclude financial liabilities held for trading andfinancial liabilities designated upon initialrecognition as at fair value through profit or loss.Financial liabilities are classified as held for trading ifthey are incurred for the purpose of repurchasing inthe near term. This category also includes derivativefinancial instruments entered into by the Group thatare not designated as hedging instruments in hedgerelationships under IFRS 9. Separated embeddedderivatives are also classified as held for tradingunless they are designated as effective hedginginstruments. Gains or losses on liabilities held fortrading are recognised in the statement of profit orloss. Financial liabilities designated upon initialrecognition at fair value through profit or loss aredesignated at the initial date of recognition, andonly if the criteria in IFRS 9 are satisfied. The Grouphas not designated any financial liability as at fairvalue through profit or loss.ii) Financial liabilities measured at amortised cost: Afterinitial recognition, interest-bearing loans andborrowings are subsequently measured at amortisedcost. Gains and losses are recognised in profit orloss when the liabilities are derecognised andthrough the EIR amortisation process. Amortisedcost is calculated by taking into account anydiscount or premium at acquisition and fees or coststhat are integral to the EIR. The EIR amortisation isincluded as finance costs in the statement of profitor loss.Derecognition: A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__49": {
"value": "Cash flow hedges The Group applies cash flow hedge accounting for parts of its risk management positions related to currency risk. Gains and losses on the hedging instruments are recognised in Other comprehensive income, to the extent that the hedge is effective, and accumulated in the hedging reserve in equity and reclassified into operating revenues or costs when the corresponding forecasted sale or consumption is recognised. When a hedged transaction results in the recognition of a non-financial asset, the accumulated hedging gain or loss is transferred from the hedging reserve to the carrying amount of the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__46": {
"value": "Cash flow hedges The Group applies cash flow hedge accounting for parts of its risk management positions related to currency risk. Gains and losses on the hedging instruments are recognised in Other comprehensive income, to the extent that the hedge is effective, and accumulated in the hedging reserve in equity and reclassified into operating revenues or costs when the corresponding forecasted sale or consumption is recognised. When a hedged transaction results in the recognition of a non-financial asset, the accumulated hedging gain or loss is transferred from the hedging reserve to the carrying amount of the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__51": {
"value": "Share capital Ordinary shares are classified as equity. Costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own equity instruments acquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Voting rights relating to treasury shares are nullified, and no dividends are allocated to them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__50": {
"value": "Share capital Ordinary shares are classified as equity. Costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own equity instruments acquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Voting rights relating to treasury shares are nullified, and no dividends are allocated to them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__52": {
"value": "Dividends Dividend payments are recognised as a liability in the Group\u2019s financial statements from the date when the dividend is approved by the General Meeting, or by the Board of Directors with the authorisation of the General Meeting. A corresponding amount is recognised directly towards equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__53": {
"value": "Earnings per share The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__54-1": {
"value": "Cash flow statement The cash flow statement is presented using the indirect method.Cash and cash equivalents Cash represents cash on hand and bank deposits that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents are short-term, highly liquid investments that are readily convertible into known amounts of cash and have original maturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__56": {
"value": "Cash and cash equivalents Cash represents cash on hand and bank deposits that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents are short-term, highly liquid investments that are readily convertible into known amounts of cash and have original maturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__58": {
"value": "New and amended standards and interpretations Revised IFRS standards during 2025 have been assessed not to have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. IFRS 18, which replaces IAS 1 for reporting periods beginning on or after 1 January 2027, introduces new requirements for presentation within the income statement, including specified totals and subtotals. In addition, amendments to IAS 7 remove the optionality around the classification of cash flows from dividends and interest. The Group is currently working to identify all impacts the amendments will have on the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__57": {
"value": "New and amended standards and interpretations Revised IFRS standards during 2025 have been assessed not to have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. IFRS 18, which replaces IAS 1 for reporting periods beginning on or after 1 January 2027, introduces new requirements for presentation within the income statement, including specified totals and subtotals. In addition, amendments to IAS 7 remove the optionality around the classification of cash flows from dividends and interest. The Group is currently working to identify all impacts the amendments will have on the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__60": {
"value": "NOTE 3 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of financial statements requires management to apply estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and judgments are derived from historical experience and other factors considered reasonable under the circumstances. Together, they form the basis for assessing the carrying values of assets and liabilities when such values are not readily available from other sources. Critical judgements in applying accounting policies Judgement has been applied in identifying the CGUs used for goodwill impairment testing. Each unit or group of units to which goodwill is allocated represents the lowest level within the entity at which goodwill is monitored for internal management purposes. Significant estimates in applying accounting policies Estimates are based on the underlying business and external factors, such as forecasted interest rates, foreign exchange rates, and market fluctuations outside the Group's control. Consequently, there will be a substantial risk that estimates will deviate from actual conditions. Management has applied significant estimates and assumptions mainly relating to the following two items: i) Recognition of revenue from constructioncontracts.The estimation technique used for revenue and profit recognition in construction contracts requires forecasts of outcomes, changes in the scope of work, and changes in costs. Contract assets require significant accounting estimates and have been recognised on the basis that it is highly probable they will not be reversed. The key estimates related to the revenue and profit of construction contracts are the cost to complete and the recoverable amount from variation orders. Each contract is subject to regular management review of revenue and costs to complete. ii) Impairment testing of vessels and vessels underconstructionThe carrying values of vessels are tested for impairment whenever there are indications that the value may be impaired. Impairment assessment calculations based on value in use require a high degree of estimation, as management must make complex assessments of expected future cash flows and of which discount rates to use.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__59": {
"value": "NOTE 3 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of financial statements requires management to apply estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and judgments are derived from historical experience and other factors considered reasonable under the circumstances. Together, they form the basis for assessing the carrying values of assets and liabilities when such values are not readily available from other sources. Critical judgements in applying accounting policies Judgement has been applied in identifying the CGUs used for goodwill impairment testing. Each unit or group of units to which goodwill is allocated represents the lowest level within the entity at which goodwill is monitored for internal management purposes. Significant estimates in applying accounting policies Estimates are based on the underlying business and external factors, such as forecasted interest rates, foreign exchange rates, and market fluctuations outside the Group's control. Consequently, there will be a substantial risk that estimates will deviate from actual conditions. Management has applied significant estimates and assumptions mainly relating to the following two items: i) Recognition of revenue from constructioncontracts.The estimation technique used for revenue and profit recognition in construction contracts requires forecasts of outcomes, changes in the scope of work, and changes in costs. Contract assets require significant accounting estimates and have been recognised on the basis that it is highly probable they will not be reversed. The key estimates related to the revenue and profit of construction contracts are the cost to complete and the recoverable amount from variation orders. Each contract is subject to regular management review of revenue and costs to complete. ii) Impairment testing of vessels and vessels underconstructionThe carrying values of vessels are tested for impairment whenever there are indications that the value may be impaired. Impairment assessment calculations based on value in use require a high degree of estimation, as management must make complex assessments of expected future cash flows and of which discount rates to use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__61": {
"value": "NOTE 4 SEGMENT INFORMATION The Board of Directors and the CEO Group Management team is the Chief Operating Decision Maker (CODM) for the IWS Group. CODM monitors the Group\u2019s operating results at the business unit level. The Group is organised into business units based on its services and has two reportable segments: \u2022 IWS Fleet owns and operates CSOVs.\u2022 IWS Services provides design, engineering, and construction solutions along with operations/ and managementservices to the offshore wind industry.The following table presents revenue and profit information for the Group\u2019s operating segments for the years ended 31 December 2025 and 2024, respectively. Refer to Note 5 for disaggregation of revenue. Group functions/ 1IWS Fleet IWS Services eliminationsConsolidated 2025 2024 2025 2024 2025 2024 2025 2024 In EUR thousandExternal customer revenue 70 048 25 528 36 157 29 985 174 209 106 379 55 722 2Internal revenue- - 63 47 -63-47- - Share of net profit of equity-28 - - - -186 661 -158 661 3accounted investeesPayroll and remuneration -1 671-949-7 993-9 979-3 856-3 635 -13 520 -14 560Operating expenses -31 254 -37 070 -30 026 -19 8742 323 24 387 -58 957 -32 557EBITDA 37 151 10 818 -1 799182 -1 608-1 73433 744 9 266 Depreciation and amortisation -8 304-2 812-327-331-206-241-8 837-3 384EBIT 28 847 8 006 -2 126-149-1 814-1 97524 907 5 882 Net finance income -2 904314 -334-228616 1 181 -2 6221 267 Profit before tax 25 943 8 320 -2 460-377-1 198-79422 285 7 149 Income tax 160 -571483 25 -8-295635 -841Profit for the period 26 103 7 749 -1 977-352-1 206-1 08922 920 6 308 Attributable to: Non-controlling interests 6 625 2 107 -451-84-- 6 1742 023 Shareholders of the Company 19 478 5 642 -1 526-268-1 206-1 08916 746 4 285 The following table presents assets and liabilities information for the Group\u2019s operating segments as of 31 December 2025 and 2024, respectively: Group functions/ IWS Fleet IWS Services eliminations Consolidated 31.12.2025 31.12.2024 31.12.2025 31.12.2024 31.12.2025 31.12.2024 31.12.2025 31.12.2024 In EUR thousand Equity-accounted investees 59 31 -- 24 02124 244 24 080 24 275 Other non-current assets 308 967 228 579 7 239 6 986 -194-1 475 316 012 234 090Other current assets 17 326 14 103 11 919 11 845 493 555 29 738 26 503 Cash and cash equivalents 35 267 23 055 4 091 3 576 12 721 5 826 52 079 32 457 Segment assets 361 619 265 768 23 249 22 407 37 041 29 150 421 909 317 325 Borrowings 186 313 118 908 4 695 1 458 694 -6 923 191 702 113 443Non-current liabilities 11 175 188 221 1 488 1 374 1 687 1 770 Current liabilities 9 123 6 403 4 728 5 084 219 1 634 14 070 13 121 Segment liabilities 195 447 125 486 9 611 6 763 2 401 -3 915 207 459 128 334Net assets 166 172 140 282 13 638 15 644 34 640 33 065 214 450 188 991 Attributable to: Non-controlling interests 42 046 35 421 2 468 2 596 -- 44 51438 017 Shareholders of the Company 124 126 104 861 11 170 13 048 34 640 33 065 169 936 150 974 1) Group functions/eliminations include revenue, expenses, assets, and liabilities of the Company.2) Intra-group services are provided on arm\u2019s length terms.3) The Group\u2019s share of the net profit in PEAK Wind for 2025 is net of EUR 544 thousand amortisation of acquisition-relatedintangible assets (EUR 390 thousand in 2024).No operating segments have been aggregated to form the reportable operating segments above. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. A geographical breakdown of assets is not disclosed in this note, as the assets are not necessarily tied to specific locations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__63": {
"value": "NOTE 5 REVENUES FROM CONTRACTS WITH CUSTOMERS Operating revenue In EUR thousand Segment 2025 2024 Service element of time-charter contracts, including victualling IWS Fleet 40 041 14 187 Revenue from construction contracts IWS Services 30 492 27 567 Other operating revenue IWS Fleet 2 290 1 936 Other operating revenue IWS Services 5 665 2 418 Other operating revenue Group functions 174 209 Lease element of time-charter contracts IWS Fleet 27 717 9 405 Total106 37955 722The Group earns its revenue primarily from vessel operations under time-charter contracts for the offshore wind industry in IWS Fleet, and from construction-related services in IWS Services. Time-charter contracts in IWS Fleet consist of leasing vessels and providing services, including accommodation, victualling, and other sundry services. Therefore, time-charter revenue is separated into a leasing component (the bareboat element) and a service component. Time-charter termination fees are presented within the service component. Revenue from construction contracts is recognised using the input method, which compares costs incurred to date with the total expected cost to complete. Furthermore, the Group provides consulting services and third-party technical services, which are classified as other operating revenue. The Group had, in 2025, two major customers that individually contributed more than 10% of the Group's revenues, at 39% and 37%, respectively, with the revenue derived from IWS Fleet (2024: four major customers that individually contributed more than 10% of the Group's revenues, at 23% derived from IWS Fleet, 18% from IWS Services, 12% from IWS Services and 11% from IWS Fleet, respectively). Revenue by geographical markets In EUR thousand 2025 2024 UK 54 700 18 413 France 14 155 3 103 Netherlands 13 696 11 266 Taiwan 7 764 7 260 Germany 4 761 344 Poland 3 863 4 466 Belgium 3 595 4 216 Norway 1 801 768 Greece 1 198 3 810 Other 846 2 076 Total 106 379 55 722 The geographical distribution of revenue is based on clients' locations. Revenue for 2025 and 2024 is mainly generated from vessel operations, construction work related to electrical and technical solutions for the global offshore wind sector, and advisory services. The performance obligations in the contracts with customers have an original expected duration of one year or less. Closing balances of receivables from contracts with customers are disclosed in Note 13. Contract balances In EUR thousand31.12.2025 31.12.2024 Trade receivables 23 855 18 528 Contract assets 2 729 4 472 Contract liabilities 1 754 - Changes in contract balances are due to the timing of invoicing. Revenue recognised in the year relating to contract liabilities at the beginning of the year was nil thousand (2024: EUR 331 thousand). Contract liabilities are presented within other current liabilities on the balance sheet. No impairment losses have been recognised for contract assets in 2025 or 2024. Revenue order backlog The IWS Fleet revenue backlog is presented including an estimated EUR 5,000 per day in gross victualling revenue. The timing of the backlog is based on the Group\u2019s best estimates as of year-end. IWS Fleet IWS Services Total In EUR thousand 2025 2024 2025 2024 2025 2024 Within twelve months 72 692 39 199 16 700 17 795 89 392 56 994 After twelve months 76 613 44 600 -2 69976 613 47 299 Total 149 305 83 799 16 700 20 494 188 980 104 293",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__62": {
"value": "NOTE 5 REVENUES FROM CONTRACTS WITH CUSTOMERS Operating revenue In EUR thousand Segment 2025 2024 Service element of time-charter contracts, including victualling IWS Fleet 40 041 14 187 Revenue from construction contracts IWS Services 30 492 27 567 Other operating revenue IWS Fleet 2 290 1 936 Other operating revenue IWS Services 5 665 2 418 Other operating revenue Group functions 174 209 Lease element of time-charter contracts IWS Fleet 27 717 9 405 Total106 37955 722The Group earns its revenue primarily from vessel operations under time-charter contracts for the offshore wind industry in IWS Fleet, and from construction-related services in IWS Services. Time-charter contracts in IWS Fleet consist of leasing vessels and providing services, including accommodation, victualling, and other sundry services. Therefore, time-charter revenue is separated into a leasing component (the bareboat element) and a service component. Time-charter termination fees are presented within the service component. Revenue from construction contracts is recognised using the input method, which compares costs incurred to date with the total expected cost to complete. Furthermore, the Group provides consulting services and third-party technical services, which are classified as other operating revenue. The Group had, in 2025, two major customers that individually contributed more than 10% of the Group's revenues, at 39% and 37%, respectively, with the revenue derived from IWS Fleet (2024: four major customers that individually contributed more than 10% of the Group's revenues, at 23% derived from IWS Fleet, 18% from IWS Services, 12% from IWS Services and 11% from IWS Fleet, respectively). Revenue by geographical markets In EUR thousand 2025 2024 UK 54 700 18 413 France 14 155 3 103 Netherlands 13 696 11 266 Taiwan 7 764 7 260 Germany 4 761 344 Poland 3 863 4 466 Belgium 3 595 4 216 Norway 1 801 768 Greece 1 198 3 810 Other 846 2 076 Total 106 379 55 722 The geographical distribution of revenue is based on clients' locations. Revenue for 2025 and 2024 is mainly generated from vessel operations, construction work related to electrical and technical solutions for the global offshore wind sector, and advisory services. The performance obligations in the contracts with customers have an original expected duration of one year or less. Closing balances of receivables from contracts with customers are disclosed in Note 13. Contract balances In EUR thousand31.12.2025 31.12.2024 Trade receivables 23 855 18 528 Contract assets 2 729 4 472 Contract liabilities 1 754 - Changes in contract balances are due to the timing of invoicing. Revenue recognised in the year relating to contract liabilities at the beginning of the year was nil thousand (2024: EUR 331 thousand). Contract liabilities are presented within other current liabilities on the balance sheet. No impairment losses have been recognised for contract assets in 2025 or 2024. Revenue order backlog The IWS Fleet revenue backlog is presented including an estimated EUR 5,000 per day in gross victualling revenue. The timing of the backlog is based on the Group\u2019s best estimates as of year-end. IWS Fleet IWS Services Total In EUR thousand 2025 2024 2025 2024 2025 2024 Within twelve months 72 692 39 199 16 700 17 795 89 392 56 994 After twelve months 76 613 44 600 -2 69976 613 47 299 Total 149 305 83 799 16 700 20 494 188 980 104 293",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__64": {
"value": "NOTE 6 PAYROLL AND REMUNERATION Employee benefits In EUR thousand 2025 2024 Salary and holiday pay -10 719-12 061Employer\u2019s national insurance contribution -955-972Pension expenses -1 197-1 018Other personnel expenses -649-509Total employee benefits -13 520-14 560Average number of full-time equivalent employees during the year 133 169Remuneration to Group Management Remuneration to senior executives consists of fixed and variable compensation. The fixed compensation consists of a base salary and benefits, including pension schemes, insurance, car allowance, parking, newspaper and communications to the extent deemed appropriate. The fixed compensation will normally constitute the main part of the remuneration to senior executives. The variable compensation consists of a variable bonus limited to 12 months\u2019 salary and a long-term incentive plan. Long-Pension term 2025 In EUR thousandSalary Bonus cost incentives Other Total CEO Lars-Henrik R\u00f8ren 401 315 67 155 25 963 COO Christopher Andersen Heidenreich 323 260 54 120 24 781 CFO Marius Magelie 290 234 45 140 5 714 Total 1,014 809 166 415 54 2,458 Long-Pension term 2024 In EUR thousandSalary Bonus cost incentives Other Total CEO Lars-Henrik R\u00f8ren 375 247 62 259 23 966 COO Christopher Andersen Heidenreich 307 163 50 200 24 744 CFO Marius Magelie 276 147 42 214 4 683 Total 958 557 154 673 51 2,393 2021 Long-term incentive plan A total of 646,450 synthetic share options were awarded in 2021 and 2022. The exercise price of the synthetic share options is NOK 35.87, subject to certain adjusting events, including the payment of dividends and the issuance of new shares. No synthetic share options have been forfeited. The synthetic options of the CEO and COO vest and become exercisable with 1/3 on 1 January 2024, 2025, and 2026. The exercise period for all vesting dates ends on 21 June 2026, and the settlement of the option value is paid in cash. The CFO\u2019s synthetic options vest and become exercisable with 1/3 on 31 December 2024, 2025, and 2026. The exercise period for all vesting dates ends on 21 June 2027, and the settlement of the option value is paid in cash. 2024 Long-term incentive plan ndA total of 900,000 synthetic share options were granted on the 2 of February 2024. The exercise price of the synthetic share options is NOK 43.00, subject to certain adjusting events, including the payment of dividends and the issuance of thnew shares. The synthetic share options of the CEO and COO vest and become exercisable with 1/4 on the 30 of June th2027, 2028, 2029 and 2030, with the exercise period for all vesting dates ending on the 30 of June 2030. The CFO\u2019s thsynthetic share options vest and become exercisable on the 30 of June 2028, 2029, 2030 and 2031, with the exercise thperiod for all vesting dates ending on the 30 of June 2031. The settlement of the option value is paid in cash. No synthetic share options have been forfeited. Synthetic share options outstanding under the long-term incentive plan 2025 2024 CEO Lars-Henrik R\u00f8ren 603 750 603 750 COO Christopher Andersen Heidenreich 467 500 467 500 CFO Marius Magelie 435 200 435 200 Total number of synthetic share options 1 506 450 1 506 450 The weighted average exercise price of all outstanding synthetic share options under the long-term incentive plans is NOK 40.13 (2024: NOK 40.13). 404,300 synthetic share options were exercisable at year-end (2024: 202,150 synthetic share options). The fair value of the synthetic share options is estimated at the grant date and each year-end using the Black-Scholes-Merton option pricing model, taking into account the terms and conditions on which the share options were granted, using the share price at the balance sheet date and Norwegian Treasury zero coupon yields as a proxy for the risk-free rates, and applying management\u2019s best estimate for the number of synthetic share options expected to vest and volatility of the share price based on two-year historical volatility. The expensed amount under the share option plan in 2025 totals EUR 415 thousand excluding employer\u2019s national insurance contributions (2024: EUR 673 thousand). The liability related to synthetic share options amounted to EUR 954 presented within Other current liabilities (2024: EUR 631 thousand), and EUR 953 thousand presented within Other non-current liabilities (2024: EUR 798 thousand). Pension Post-employment benefits are recognised in accordance with IAS 19 Employee Benefits. Contributions to defined contribution plans are recognised in the income statement in the period in which they accrue. For employees of Norwegian companies, the Group offers a defined contribution plan whereby contributions on salary up to 12G are funded in a life insurance company, whereas contributions on salary over 12G are pledged towards the participating employees. G refers to the Norwegian National Insurance basic amount. Plans and benefit levels in the Group\u2019s foreign subsidiaries vary between companies and countries. Remuneration to the Board of Directors In EUR thousand 2025 2024 Sigurd E. Thorvildsen 43 43 Cathrine Haavind 34 34 Jens-Julius Ramdahl Nygaard 34 34 Daniel Gold 34 34 Synne Syrrist 34 34 Total 179 179 The remuneration to the Board of Directors is recognised as an operating expense in the income statement. The Chair of the Board receives an annual fee of NOK 450,000, and other board members receive an annual fee of NOK 350,000 each. In addition, each member of the audit committee and the remuneration committee receives an annual fee of NOK 50,000. Directors, key management, and their related parties\u2019 shares in the Company 2025 2024 Management 1CEO Lars-Henrik R\u00f8ren93 750 93 750 2COO Christopher Andersen Heidenreich45 170 45 170 3CFO Marius Gr\u00f8sfjeld Magelie39 062 39 062 Members of the board of directors 4Sigurd E. Thorvildsen156 250 156 250 5Cathrine Haavind6 250 6 250 6Jens-Julius Ramdahl Nygaard121 875 121 875 7Daniel Gold3 799 295 2 780 021 Synne Syrrist 12 500 12 500 Total 4 274 152 3 254 878 1) Indirect shareholding via R\u00f8ren Invest AS 2) Indirect shareholding via Aconcagua AS 3) Indirect shareholding via MGM Invest AS 4) Indirect shareholding via Millennium Falcon AS 5) Indirect shareholding via Cruella AS 6) Indirect shareholding of 75,000 shares via JJ & MH Holding AS 7) Indirect shareholding via QVT Family Office Fund ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__109": {
"value": "Employee benefits In EUR thousand 2025 2024 Salary and holiday pay -10 719-12 061Employer\u2019s national insurance contribution -955-972Pension expenses -1 197-1 018Other personnel expenses -649-509Total employee benefits -13 520-14 560Average number of full-time equivalent employees during the year 133 169",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__65": {
"value": "Remuneration to Group Management Remuneration to senior executives consists of fixed and variable compensation. The fixed compensation consists of a base salary and benefits, including pension schemes, insurance, car allowance, parking, newspaper and communications to the extent deemed appropriate. The fixed compensation will normally constitute the main part of the remuneration to senior executives. The variable compensation consists of a variable bonus limited to 12 months\u2019 salary and a long-term incentive plan. Long-Pension term 2025 In EUR thousandSalary Bonus cost incentives Other Total CEO Lars-Henrik R\u00f8ren 401 315 67 155 25 963 COO Christopher Andersen Heidenreich 323 260 54 120 24 781 CFO Marius Magelie 290 234 45 140 5 714 Total 1,014 809 166 415 54 2,458 Long-Pension term 2024 In EUR thousandSalary Bonus cost incentives Other Total CEO Lars-Henrik R\u00f8ren 375 247 62 259 23 966 COO Christopher Andersen Heidenreich 307 163 50 200 24 744 CFO Marius Magelie 276 147 42 214 4 683 Total 958 557 154 673 51 2,393 2021 Long-term incentive plan A total of 646,450 synthetic share options were awarded in 2021 and 2022. The exercise price of the synthetic share options is NOK 35.87, subject to certain adjusting events, including the payment of dividends and the issuance of new shares. No synthetic share options have been forfeited. The synthetic options of the CEO and COO vest and become exercisable with 1/3 on 1 January 2024, 2025, and 2026. The exercise period for all vesting dates ends on 21 June 2026, and the settlement of the option value is paid in cash. The CFO\u2019s synthetic options vest and become exercisable with 1/3 on 31 December 2024, 2025, and 2026. The exercise period for all vesting dates ends on 21 June 2027, and the settlement of the option value is paid in cash. 2024 Long-term incentive plan ndA total of 900,000 synthetic share options were granted on the 2 of February 2024. The exercise price of the synthetic share options is NOK 43.00, subject to certain adjusting events, including the payment of dividends and the issuance of thnew shares. The synthetic share options of the CEO and COO vest and become exercisable with 1/4 on the 30 of June th2027, 2028, 2029 and 2030, with the exercise period for all vesting dates ending on the 30 of June 2030. The CFO\u2019s thsynthetic share options vest and become exercisable on the 30 of June 2028, 2029, 2030 and 2031, with the exercise thperiod for all vesting dates ending on the 30 of June 2031. The settlement of the option value is paid in cash. No synthetic share options have been forfeited. Synthetic share options outstanding under the long-term incentive plan 2025 2024 CEO Lars-Henrik R\u00f8ren 603 750 603 750 COO Christopher Andersen Heidenreich 467 500 467 500 CFO Marius Magelie 435 200 435 200 Total number of synthetic share options 1 506 450 1 506 450 The weighted average exercise price of all outstanding synthetic share options under the long-term incentive plans is NOK 40.13 (2024: NOK 40.13). 404,300 synthetic share options were exercisable at year-end (2024: 202,150 synthetic share options). The fair value of the synthetic share options is estimated at the grant date and each year-end using the Black-Scholes-Merton option pricing model, taking into account the terms and conditions on which the share options were granted, using the share price at the balance sheet date and Norwegian Treasury zero coupon yields as a proxy for the risk-free rates, and applying management\u2019s best estimate for the number of synthetic share options expected to vest and volatility of the share price based on two-year historical volatility. The expensed amount under the share option plan in 2025 totals EUR 415 thousand excluding employer\u2019s national insurance contributions (2024: EUR 673 thousand). The liability related to synthetic share options amounted to EUR 954 presented within Other current liabilities (2024: EUR 631 thousand), and EUR 953 thousand presented within Other non-current liabilities (2024: EUR 798 thousand). Pension Post-employment benefits are recognised in accordance with IAS 19 Employee Benefits. Contributions to defined contribution plans are recognised in the income statement in the period in which they accrue. For employees of Norwegian companies, the Group offers a defined contribution plan whereby contributions on salary up to 12G are funded in a life insurance company, whereas contributions on salary over 12G are pledged towards the participating employees. G refers to the Norwegian National Insurance basic amount. Plans and benefit levels in the Group\u2019s foreign subsidiaries vary between companies and countries. Remuneration to the Board of Directors In EUR thousand 2025 2024 Sigurd E. Thorvildsen 43 43 Cathrine Haavind 34 34 Jens-Julius Ramdahl Nygaard 34 34 Daniel Gold 34 34 Synne Syrrist 34 34 Total 179 179 The remuneration to the Board of Directors is recognised as an operating expense in the income statement. The Chair of the Board receives an annual fee of NOK 450,000, and other board members receive an annual fee of NOK 350,000 each. In addition, each member of the audit committee and the remuneration committee receives an annual fee of NOK 50,000. Directors, key management, and their related parties\u2019 shares in the Company 2025 2024 Management 1CEO Lars-Henrik R\u00f8ren93 750 93 750 2COO Christopher Andersen Heidenreich45 170 45 170 3CFO Marius Gr\u00f8sfjeld Magelie39 062 39 062 Members of the board of directors 4Sigurd E. Thorvildsen156 250 156 250 5Cathrine Haavind6 250 6 250 6Jens-Julius Ramdahl Nygaard121 875 121 875 7Daniel Gold3 799 295 2 780 021 Synne Syrrist 12 500 12 500 Total 4 274 152 3 254 878 1) Indirect shareholding via R\u00f8ren Invest AS 2) Indirect shareholding via Aconcagua AS 3) Indirect shareholding via MGM Invest AS 4) Indirect shareholding via Millennium Falcon AS 5) Indirect shareholding via Cruella AS 6) Indirect shareholding of 75,000 shares via JJ & MH Holding AS 7) Indirect shareholding via QVT Family Office Fund ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__68": {
"value": "NOTE 7 OPERATING EXPENSES In EUR thousand 2025 2024 Materials directly related to projects -16 409 -12 986 Contractors -11 491 -4 726 Other costs of goods sold -1 260 -1 269 Vessel operating expenses -25 729 -9 637 Rental and leasing costs -290 -357 Management fee - - Consultancy fees and external personnel -287 -384 Provisions for bad debts -4 -21 Miscellaneous -3 487 -3 177 Total operating expenses -58 957 -32 557 Auditor fees In EUR thousand 2025 2024 Audit services (expensed) -304 -248 Other assurance services -68 -46 Tax advisory -25 -0 Total fees to auditor -397 -294",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__67": {
"value": "NOTE 7 OPERATING EXPENSES In EUR thousand 2025 2024 Materials directly related to projects -16 409 -12 986 Contractors -11 491 -4 726 Other costs of goods sold -1 260 -1 269 Vessel operating expenses -25 729 -9 637 Rental and leasing costs -290 -357 Management fee - - Consultancy fees and external personnel -287 -384 Provisions for bad debts -4 -21 Miscellaneous -3 487 -3 177 Total operating expenses -58 957 -32 557 Auditor fees In EUR thousand 2025 2024 Audit services (expensed) -304 -248 Other assurance services -68 -46 Tax advisory -25 -0 Total fees to auditor -397 -294",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__66": {
"value": "NOTE 7 OPERATING EXPENSES In EUR thousand 2025 2024 Materials directly related to projects -16 409 -12 986 Contractors -11 491 -4 726 Other costs of goods sold -1 260 -1 269 Vessel operating expenses -25 729 -9 637 Rental and leasing costs -290 -357 Management fee - - Consultancy fees and external personnel -287 -384 Provisions for bad debts -4 -21 Miscellaneous -3 487 -3 177 Total operating expenses -58 957 -32 557 Auditor fees In EUR thousand 2025 2024 Audit services (expensed) -304 -248 Other assurance services -68 -46 Tax advisory -25 -0 Total fees to auditor -397 -294",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__69": {
"value": "Auditor fees In EUR thousand 2025 2024 Audit services (expensed) -304 -248 Other assurance services -68 -46 Tax advisory -25 -0 Total fees to auditor -397 -294",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__105": {
"value": "NOTE 8 FINANCE INCOME AND EXPENSES In EUR thousand 2025 2024 Interest income 932 1 678 Other finance income 2 - Total finance income 934 1 678 Interest expenses -2 747 -421 Other finance expenses -237 -231 Total finance expenses -2 984 -652 Net foreign currency exchange gains -572 241 Net finance income -2 622 1 267",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__104": {
"value": "NOTE 8 FINANCE INCOME AND EXPENSES In EUR thousand 2025 2024 Interest income 932 1 678 Other finance income 2 - Total finance income 934 1 678 Interest expenses -2 747 -421 Other finance expenses -237 -231 Total finance expenses -2 984 -652 Net foreign currency exchange gains -572 241 Net finance income -2 622 1 267",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__103": {
"value": "NOTE 8 FINANCE INCOME AND EXPENSES In EUR thousand 2025 2024 Interest income 932 1 678 Other finance income 2 - Total finance income 934 1 678 Interest expenses -2 747 -421 Other finance expenses -237 -231 Total finance expenses -2 984 -652 Net foreign currency exchange gains -572 241 Net finance income -2 622 1 267",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__72": {
"value": "NOTE 8 FINANCE INCOME AND EXPENSES In EUR thousand 2025 2024 Interest income 932 1 678 Other finance income 2 - Total finance income 934 1 678 Interest expenses -2 747 -421 Other finance expenses -237 -231 Total finance expenses -2 984 -652 Net foreign currency exchange gains -572 241 Net finance income -2 622 1 267",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__71": {
"value": "NOTE 8 FINANCE INCOME AND EXPENSES In EUR thousand 2025 2024 Interest income 932 1 678 Other finance income 2 - Total finance income 934 1 678 Interest expenses -2 747 -421 Other finance expenses -237 -231 Total finance expenses -2 984 -652 Net foreign currency exchange gains -572 241 Net finance income -2 622 1 267",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__70": {
"value": "NOTE 8 FINANCE INCOME AND EXPENSES In EUR thousand 2025 2024 Interest income 932 1 678 Other finance income 2 - Total finance income 934 1 678 Interest expenses -2 747 -421 Other finance expenses -237 -231 Total finance expenses -2 984 -652 Net foreign currency exchange gains -572 241 Net finance income -2 622 1 267",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__106-1": {
"value": "NOTE 9 PROPERTY, PLANT AND EQUIPMENT Vessels Leased Other under tangible tangible 2025 In EUR thousand Vessels construction assets assets Total Cost 1 January 148 417 79 869 1 759 514 230 559 Additions 48 92 268 - 1 542 93 858 Reclassification 169 198 -172 137 - - -2 939 Disposals - - -66 -52 -118 Currency translation differences - - -1 -4 -5 Cost 31 December 317 663 - 1 693 2 000 321 356 Accumulated depreciation 1 January -2 780 - -614 -282 -3 676 Depreciation -8 233 - -369 -86 -8 688 Disposals - - 66 25 91 Currency translation differences - - - -5 -5 Accumulated depreciation 31 December -11 013 - -917 -348 -12 278 Carrying amount 31 December 306 650 - 776 1 652 309 078 Vessels Leased Other under tangible tangible 2024 In EUR thousandVessels construction assets assets Total Cost 1 January -95 6721 755 410 97 837 Additions 376 134 110 37 103 134 626 Reclassification 148 041 -149 913-- -1 872Disposals - - -33 --33Currency translation differences - - - 1 1 Cost 31 December 148 417 79 869 1 759 514 230 559 Accumulated depreciation 1 January - - -272 -201-473Depreciation -2 780--374-82-3 236Disposals - - 32 -32Currency translation differences - - - 1 1 Accumulated depreciation 31 December -2 780--614-282-3 676Carrying amount 31 December 145 637 79 869 1 145 232 226 883 The carrying value of vessels under construction includes yard instalments, other directly attributable project costs, guarantee fees and capitalised borrowing costs. Borrowing costs of EUR 3.7 million relating to the Green Senior Secured Credit Facility have been capitalised in 2025 (EUR 2.8 million in 2024). General borrowing costs have been capitalised using the effective interest rate of 4.0% (2024: 4.1%). Enova grants of EUR 2.9 million were reclassified from liabilities and deducted from the cost of vessels/vessels under construction upon the approval of the Enova project reports for IWS Seawalker, IWS Starwalker, IWS Moonwalker and IWS Sunwalker in 2025 (2024: 1.9 million for IWS Skywalker and IWS Windwalker). Refer to Note 17 for additional details. Impairment indicators Identification of impairment indicators for the Group\u2019s vessels is based on developments in market rates, forecasted operating expenses, technological developments, changes in regulatory requirements, and interest rates. Demand for CSOVs remains strong, as reflected in day rates, and is forecast to continue to outstrip supply. Furthermore, transactions in the second-hand market for CSOVs support the conclusion that no impairment indicators have been identified as of 31 December 2025. Commitments on shipbuilding contracts The Group has no commitments under shipbuilding contracts (2024: EUR 40 million of remaining yard instalments for IWS Moonwalker and IWS Sunwalker.NOTE 10 INTANGIBLE ASSETS Other intangible 2025 In EUR thousandGoodwill assets Total Cost 1 January 5 003 1 996 6 999 Additions - - - Disposals --509-509Currency translation differences -8-2-10Cost 31 December 4 995 1 485 6 480 Accumulated amortisation 1 January --993-993Amortisation --149-149Disposals -509509 Currency translation differences -11 Accumulated amortisation 31 December--632-632Carrying amount 31 December4 9958535 848Other intangible 2024 In EUR thousandGoodwill assets Total Cost 1 January 5 006 1 998 7 004 Additions - - - Disposals - - - Currency translation differences -3-2-5Cost 31 December 5 003 1 996 6 999 Accumulated amortisation 1 January --846-846Amortisation --148-148Disposals - - - Currency translation differences -11 Accumulated amortisation 31 December --993-993Carrying amount 31 December 5 003 1 003 6 006 Goodwill is included in intangible assets in the balance sheet and consists of goodwill from the acquisitions of ProCon EUR 3,887 thousand (2024: EUR 3,893 thousand) and Green Ducklings EUR 1,108 thousand (2024: EUR 1,110 thousand). Other intangible assets consist of acquisition-related intangibles with definite lives. These assets are amortised over their expected useful lives, which do not exceed ten years. The net book value of other intangible assets consists of customer relationships in ProCon of EUR 853 thousand (2024: EUR 1,003 thousand). Impairment review \u2013 goodwill Goodwill is, for impairment testing, allocated to the ProCon and Green Ducklings CGUs. 2025 2024 Pre-tax Pre-tax Carrying discount Carrying discount amount rate amount rate Goodwill allocated to each of the CGUs EUR thousand%EUR thousand % ProCon 3 887 11.8 3 893 11.2 Green Ducklings 1 108 10.8 1 110 10.1 Total 4 995 5 003 At the end of each reporting period, goodwill is reviewed to identify any indication that it may be impaired. The annual test has not indicated any impairment loss to be recognised for 2025. The recoverable amounts of cash-generating units have been determined on a value-in-use basis. The key assumptions for the recoverable amounts are budgeted revenue, EBIT margins, and discount rates. Pre-tax discount rates were used in the impairment testing. The discount rates are calculated using market-related risk premiums derived from external sources. The long-term growth rates and discount rates have been applied to the budgeted cash flows of each cash-generating unit. A long-term growth rate of 3% has been used (2024: 3%). The long-term growth rate used for the impairment testing of goodwill does not reflect long-term planning assumptions used by the Group for investment proposals. Budgeted cash flows for the first 12 months are determined by local management based on experience and market conditions. These are included in the Group\u2019s consolidated budget. The group forecasts five-year cash flows. Forecasts for years 2-5 are developed by Group management with input from local management. Sensitivity analysis The table below shows the impairment of goodwill and acquisition-related intangible assets under reasonable possible changes in key estimates, assuming the remaining assumptions are constant. Impairment sensitivity to In EUR thousandChange changes in key estimates Revenue growth -20%335 EBIT margin -3% point2 678 Discount rate +2% point13 A reduction in forecasted revenues of 20% leads to an impairment of goodwill of EUR 335 thousand (2024: nil). Assuming higher operating expenses by reducing the EBIT margin with 3 percentage points leads to an impairment of goodwill of EUR 2.7 million (2024: nil). Increasing the pre-tax discount rate with 2 percentage points leads to an impairment of goodwill of EUR 13 thousand (2024: nil). The offshore wind market experienced somewhat higher levels of market uncertainty in 2025, particularly at the beginning of the year. Whilst the long-term outlook remains strong, with a pipeline of development projects, auctions and political ambitions, short-term uncertainty has led to risk adjustments to forecast growth and margins, reducing headroom in the goodwill impairment testing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__73": {
"value": "NOTE 9 PROPERTY, PLANT AND EQUIPMENT Vessels Leased Other under tangible tangible 2025 In EUR thousand Vessels construction assets assets Total Cost 1 January 148 417 79 869 1 759 514 230 559 Additions 48 92 268 - 1 542 93 858 Reclassification 169 198 -172 137 - - -2 939 Disposals - - -66 -52 -118 Currency translation differences - - -1 -4 -5 Cost 31 December 317 663 - 1 693 2 000 321 356 Accumulated depreciation 1 January -2 780 - -614 -282 -3 676 Depreciation -8 233 - -369 -86 -8 688 Disposals - - 66 25 91 Currency translation differences - - - -5 -5 Accumulated depreciation 31 December -11 013 - -917 -348 -12 278 Carrying amount 31 December 306 650 - 776 1 652 309 078 Vessels Leased Other under tangible tangible 2024 In EUR thousandVessels construction assets assets Total Cost 1 January -95 6721 755 410 97 837 Additions 376 134 110 37 103 134 626 Reclassification 148 041 -149 913-- -1 872Disposals - - -33 --33Currency translation differences - - - 1 1 Cost 31 December 148 417 79 869 1 759 514 230 559 Accumulated depreciation 1 January - - -272 -201-473Depreciation -2 780--374-82-3 236Disposals - - 32 -32Currency translation differences - - - 1 1 Accumulated depreciation 31 December -2 780--614-282-3 676Carrying amount 31 December 145 637 79 869 1 145 232 226 883 The carrying value of vessels under construction includes yard instalments, other directly attributable project costs, guarantee fees and capitalised borrowing costs. Borrowing costs of EUR 3.7 million relating to the Green Senior Secured Credit Facility have been capitalised in 2025 (EUR 2.8 million in 2024). General borrowing costs have been capitalised using the effective interest rate of 4.0% (2024: 4.1%). Enova grants of EUR 2.9 million were reclassified from liabilities and deducted from the cost of vessels/vessels under construction upon the approval of the Enova project reports for IWS Seawalker, IWS Starwalker, IWS Moonwalker and IWS Sunwalker in 2025 (2024: 1.9 million for IWS Skywalker and IWS Windwalker). Refer to Note 17 for additional details. Impairment indicators Identification of impairment indicators for the Group\u2019s vessels is based on developments in market rates, forecasted operating expenses, technological developments, changes in regulatory requirements, and interest rates. Demand for CSOVs remains strong, as reflected in day rates, and is forecast to continue to outstrip supply. Furthermore, transactions in the second-hand market for CSOVs support the conclusion that no impairment indicators have been identified as of 31 December 2025. Commitments on shipbuilding contracts The Group has no commitments under shipbuilding contracts (2024: EUR 40 million of remaining yard instalments for IWS Moonwalker and IWS Sunwalker.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__108": {
"value": "NOTE 10 INTANGIBLE ASSETS Other intangible 2025 In EUR thousandGoodwill assets Total Cost 1 January 5 003 1 996 6 999 Additions - - - Disposals --509-509Currency translation differences -8-2-10Cost 31 December 4 995 1 485 6 480 Accumulated amortisation 1 January --993-993Amortisation --149-149Disposals -509509 Currency translation differences -11 Accumulated amortisation 31 December--632-632Carrying amount 31 December4 9958535 848Other intangible 2024 In EUR thousandGoodwill assets Total Cost 1 January 5 006 1 998 7 004 Additions - - - Disposals - - - Currency translation differences -3-2-5Cost 31 December 5 003 1 996 6 999 Accumulated amortisation 1 January --846-846Amortisation --148-148Disposals - - - Currency translation differences -11 Accumulated amortisation 31 December --993-993Carrying amount 31 December 5 003 1 003 6 006 Goodwill is included in intangible assets in the balance sheet and consists of goodwill from the acquisitions of ProCon EUR 3,887 thousand (2024: EUR 3,893 thousand) and Green Ducklings EUR 1,108 thousand (2024: EUR 1,110 thousand). Other intangible assets consist of acquisition-related intangibles with definite lives. These assets are amortised over their expected useful lives, which do not exceed ten years. The net book value of other intangible assets consists of customer relationships in ProCon of EUR 853 thousand (2024: EUR 1,003 thousand). Impairment review \u2013 goodwill Goodwill is, for impairment testing, allocated to the ProCon and Green Ducklings CGUs. 2025 2024 Pre-tax Pre-tax Carrying discount Carrying discount amount rate amount rate Goodwill allocated to each of the CGUs EUR thousand%EUR thousand % ProCon 3 887 11.8 3 893 11.2 Green Ducklings 1 108 10.8 1 110 10.1 Total 4 995 5 003 At the end of each reporting period, goodwill is reviewed to identify any indication that it may be impaired. The annual test has not indicated any impairment loss to be recognised for 2025. The recoverable amounts of cash-generating units have been determined on a value-in-use basis. The key assumptions for the recoverable amounts are budgeted revenue, EBIT margins, and discount rates. Pre-tax discount rates were used in the impairment testing. The discount rates are calculated using market-related risk premiums derived from external sources. The long-term growth rates and discount rates have been applied to the budgeted cash flows of each cash-generating unit. A long-term growth rate of 3% has been used (2024: 3%). The long-term growth rate used for the impairment testing of goodwill does not reflect long-term planning assumptions used by the Group for investment proposals. Budgeted cash flows for the first 12 months are determined by local management based on experience and market conditions. These are included in the Group\u2019s consolidated budget. The group forecasts five-year cash flows. Forecasts for years 2-5 are developed by Group management with input from local management. Sensitivity analysis The table below shows the impairment of goodwill and acquisition-related intangible assets under reasonable possible changes in key estimates, assuming the remaining assumptions are constant. Impairment sensitivity to In EUR thousandChange changes in key estimates Revenue growth -20%335 EBIT margin -3% point2 678 Discount rate +2% point13 A reduction in forecasted revenues of 20% leads to an impairment of goodwill of EUR 335 thousand (2024: nil). Assuming higher operating expenses by reducing the EBIT margin with 3 percentage points leads to an impairment of goodwill of EUR 2.7 million (2024: nil). Increasing the pre-tax discount rate with 2 percentage points leads to an impairment of goodwill of EUR 13 thousand (2024: nil). The offshore wind market experienced somewhat higher levels of market uncertainty in 2025, particularly at the beginning of the year. Whilst the long-term outlook remains strong, with a pipeline of development projects, auctions and political ambitions, short-term uncertainty has led to risk adjustments to forecast growth and margins, reducing headroom in the goodwill impairment testing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__76": {
"value": "NOTE 10 INTANGIBLE ASSETS Other intangible 2025 In EUR thousandGoodwill assets Total Cost 1 January 5 003 1 996 6 999 Additions - - - Disposals --509-509Currency translation differences -8-2-10Cost 31 December 4 995 1 485 6 480 Accumulated amortisation 1 January --993-993Amortisation --149-149Disposals -509509 Currency translation differences -11 Accumulated amortisation 31 December--632-632Carrying amount 31 December4 9958535 848Other intangible 2024 In EUR thousandGoodwill assets Total Cost 1 January 5 006 1 998 7 004 Additions - - - Disposals - - - Currency translation differences -3-2-5Cost 31 December 5 003 1 996 6 999 Accumulated amortisation 1 January --846-846Amortisation --148-148Disposals - - - Currency translation differences -11 Accumulated amortisation 31 December --993-993Carrying amount 31 December 5 003 1 003 6 006 Goodwill is included in intangible assets in the balance sheet and consists of goodwill from the acquisitions of ProCon EUR 3,887 thousand (2024: EUR 3,893 thousand) and Green Ducklings EUR 1,108 thousand (2024: EUR 1,110 thousand). Other intangible assets consist of acquisition-related intangibles with definite lives. These assets are amortised over their expected useful lives, which do not exceed ten years. The net book value of other intangible assets consists of customer relationships in ProCon of EUR 853 thousand (2024: EUR 1,003 thousand). Impairment review \u2013 goodwill Goodwill is, for impairment testing, allocated to the ProCon and Green Ducklings CGUs. 2025 2024 Pre-tax Pre-tax Carrying discount Carrying discount amount rate amount rate Goodwill allocated to each of the CGUs EUR thousand%EUR thousand % ProCon 3 887 11.8 3 893 11.2 Green Ducklings 1 108 10.8 1 110 10.1 Total 4 995 5 003 At the end of each reporting period, goodwill is reviewed to identify any indication that it may be impaired. The annual test has not indicated any impairment loss to be recognised for 2025. The recoverable amounts of cash-generating units have been determined on a value-in-use basis. The key assumptions for the recoverable amounts are budgeted revenue, EBIT margins, and discount rates. Pre-tax discount rates were used in the impairment testing. The discount rates are calculated using market-related risk premiums derived from external sources. The long-term growth rates and discount rates have been applied to the budgeted cash flows of each cash-generating unit. A long-term growth rate of 3% has been used (2024: 3%). The long-term growth rate used for the impairment testing of goodwill does not reflect long-term planning assumptions used by the Group for investment proposals. Budgeted cash flows for the first 12 months are determined by local management based on experience and market conditions. These are included in the Group\u2019s consolidated budget. The group forecasts five-year cash flows. Forecasts for years 2-5 are developed by Group management with input from local management. Sensitivity analysis The table below shows the impairment of goodwill and acquisition-related intangible assets under reasonable possible changes in key estimates, assuming the remaining assumptions are constant. Impairment sensitivity to In EUR thousandChange changes in key estimates Revenue growth -20%335 EBIT margin -3% point2 678 Discount rate +2% point13 A reduction in forecasted revenues of 20% leads to an impairment of goodwill of EUR 335 thousand (2024: nil). Assuming higher operating expenses by reducing the EBIT margin with 3 percentage points leads to an impairment of goodwill of EUR 2.7 million (2024: nil). Increasing the pre-tax discount rate with 2 percentage points leads to an impairment of goodwill of EUR 13 thousand (2024: nil). The offshore wind market experienced somewhat higher levels of market uncertainty in 2025, particularly at the beginning of the year. Whilst the long-term outlook remains strong, with a pipeline of development projects, auctions and political ambitions, short-term uncertainty has led to risk adjustments to forecast growth and margins, reducing headroom in the goodwill impairment testing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__75": {
"value": "NOTE 10 INTANGIBLE ASSETS Other intangible 2025 In EUR thousandGoodwill assets Total Cost 1 January 5 003 1 996 6 999 Additions - - - Disposals --509-509Currency translation differences -8-2-10Cost 31 December 4 995 1 485 6 480 Accumulated amortisation 1 January --993-993Amortisation --149-149Disposals -509509 Currency translation differences -11 Accumulated amortisation 31 December--632-632Carrying amount 31 December4 9958535 848Other intangible 2024 In EUR thousandGoodwill assets Total Cost 1 January 5 006 1 998 7 004 Additions - - - Disposals - - - Currency translation differences -3-2-5Cost 31 December 5 003 1 996 6 999 Accumulated amortisation 1 January --846-846Amortisation --148-148Disposals - - - Currency translation differences -11 Accumulated amortisation 31 December --993-993Carrying amount 31 December 5 003 1 003 6 006 Goodwill is included in intangible assets in the balance sheet and consists of goodwill from the acquisitions of ProCon EUR 3,887 thousand (2024: EUR 3,893 thousand) and Green Ducklings EUR 1,108 thousand (2024: EUR 1,110 thousand). Other intangible assets consist of acquisition-related intangibles with definite lives. These assets are amortised over their expected useful lives, which do not exceed ten years. The net book value of other intangible assets consists of customer relationships in ProCon of EUR 853 thousand (2024: EUR 1,003 thousand). Impairment review \u2013 goodwill Goodwill is, for impairment testing, allocated to the ProCon and Green Ducklings CGUs. 2025 2024 Pre-tax Pre-tax Carrying discount Carrying discount amount rate amount rate Goodwill allocated to each of the CGUs EUR thousand%EUR thousand % ProCon 3 887 11.8 3 893 11.2 Green Ducklings 1 108 10.8 1 110 10.1 Total 4 995 5 003 At the end of each reporting period, goodwill is reviewed to identify any indication that it may be impaired. The annual test has not indicated any impairment loss to be recognised for 2025. The recoverable amounts of cash-generating units have been determined on a value-in-use basis. The key assumptions for the recoverable amounts are budgeted revenue, EBIT margins, and discount rates. Pre-tax discount rates were used in the impairment testing. The discount rates are calculated using market-related risk premiums derived from external sources. The long-term growth rates and discount rates have been applied to the budgeted cash flows of each cash-generating unit. A long-term growth rate of 3% has been used (2024: 3%). The long-term growth rate used for the impairment testing of goodwill does not reflect long-term planning assumptions used by the Group for investment proposals. Budgeted cash flows for the first 12 months are determined by local management based on experience and market conditions. These are included in the Group\u2019s consolidated budget. The group forecasts five-year cash flows. Forecasts for years 2-5 are developed by Group management with input from local management. Sensitivity analysis The table below shows the impairment of goodwill and acquisition-related intangible assets under reasonable possible changes in key estimates, assuming the remaining assumptions are constant. Impairment sensitivity to In EUR thousandChange changes in key estimates Revenue growth -20%335 EBIT margin -3% point2 678 Discount rate +2% point13 A reduction in forecasted revenues of 20% leads to an impairment of goodwill of EUR 335 thousand (2024: nil). Assuming higher operating expenses by reducing the EBIT margin with 3 percentage points leads to an impairment of goodwill of EUR 2.7 million (2024: nil). Increasing the pre-tax discount rate with 2 percentage points leads to an impairment of goodwill of EUR 13 thousand (2024: nil). The offshore wind market experienced somewhat higher levels of market uncertainty in 2025, particularly at the beginning of the year. Whilst the long-term outlook remains strong, with a pipeline of development projects, auctions and political ambitions, short-term uncertainty has led to risk adjustments to forecast growth and margins, reducing headroom in the goodwill impairment testing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__74": {
"value": "NOTE 10 INTANGIBLE ASSETS Other intangible 2025 In EUR thousandGoodwill assets Total Cost 1 January 5 003 1 996 6 999 Additions - - - Disposals --509-509Currency translation differences -8-2-10Cost 31 December 4 995 1 485 6 480 Accumulated amortisation 1 January --993-993Amortisation --149-149Disposals -509509 Currency translation differences -11 Accumulated amortisation 31 December--632-632Carrying amount 31 December4 9958535 848Other intangible 2024 In EUR thousandGoodwill assets Total Cost 1 January 5 006 1 998 7 004 Additions - - - Disposals - - - Currency translation differences -3-2-5Cost 31 December 5 003 1 996 6 999 Accumulated amortisation 1 January --846-846Amortisation --148-148Disposals - - - Currency translation differences -11 Accumulated amortisation 31 December --993-993Carrying amount 31 December 5 003 1 003 6 006 Goodwill is included in intangible assets in the balance sheet and consists of goodwill from the acquisitions of ProCon EUR 3,887 thousand (2024: EUR 3,893 thousand) and Green Ducklings EUR 1,108 thousand (2024: EUR 1,110 thousand). Other intangible assets consist of acquisition-related intangibles with definite lives. These assets are amortised over their expected useful lives, which do not exceed ten years. The net book value of other intangible assets consists of customer relationships in ProCon of EUR 853 thousand (2024: EUR 1,003 thousand). Impairment review \u2013 goodwill Goodwill is, for impairment testing, allocated to the ProCon and Green Ducklings CGUs. 2025 2024 Pre-tax Pre-tax Carrying discount Carrying discount amount rate amount rate Goodwill allocated to each of the CGUs EUR thousand%EUR thousand % ProCon 3 887 11.8 3 893 11.2 Green Ducklings 1 108 10.8 1 110 10.1 Total 4 995 5 003 At the end of each reporting period, goodwill is reviewed to identify any indication that it may be impaired. The annual test has not indicated any impairment loss to be recognised for 2025. The recoverable amounts of cash-generating units have been determined on a value-in-use basis. The key assumptions for the recoverable amounts are budgeted revenue, EBIT margins, and discount rates. Pre-tax discount rates were used in the impairment testing. The discount rates are calculated using market-related risk premiums derived from external sources. The long-term growth rates and discount rates have been applied to the budgeted cash flows of each cash-generating unit. A long-term growth rate of 3% has been used (2024: 3%). The long-term growth rate used for the impairment testing of goodwill does not reflect long-term planning assumptions used by the Group for investment proposals. Budgeted cash flows for the first 12 months are determined by local management based on experience and market conditions. These are included in the Group\u2019s consolidated budget. The group forecasts five-year cash flows. Forecasts for years 2-5 are developed by Group management with input from local management. Sensitivity analysis The table below shows the impairment of goodwill and acquisition-related intangible assets under reasonable possible changes in key estimates, assuming the remaining assumptions are constant. Impairment sensitivity to In EUR thousandChange changes in key estimates Revenue growth -20%335 EBIT margin -3% point2 678 Discount rate +2% point13 A reduction in forecasted revenues of 20% leads to an impairment of goodwill of EUR 335 thousand (2024: nil). Assuming higher operating expenses by reducing the EBIT margin with 3 percentage points leads to an impairment of goodwill of EUR 2.7 million (2024: nil). Increasing the pre-tax discount rate with 2 percentage points leads to an impairment of goodwill of EUR 13 thousand (2024: nil). The offshore wind market experienced somewhat higher levels of market uncertainty in 2025, particularly at the beginning of the year. Whilst the long-term outlook remains strong, with a pipeline of development projects, auctions and political ambitions, short-term uncertainty has led to risk adjustments to forecast growth and margins, reducing headroom in the goodwill impairment testing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__77": {
"value": "NOTE 11 EQUITY-ACCOUNTED INVESTEES In EUR thousand2025 2024 PEAK Wind Group ApS (associated company) 24 021 24 244 Havfram Fleet Management AS (joint venture) 59 31 Book value 31.12 24 080 24 275 PEAK Wind Group ApS IWS owns 49% of the shares in PEAK Wind Group ApS, a Danish non-listed company providing operations and asset management advisory and services for the offshore wind sector globally. IWS exercised its fixed-price option to increase its ownership of PEAK Wind Group ApS from 30% to 49% in September 2024 (pre-dilution from the share-based option program to key employees). Gross consideration for the additional 19% ownership amounted to EUR 9.5 million. Furthermore, the previously recognised fair value of the fixed-price option, EUR 1.2 million, was added to the carrying value of the investment. The investment in PEAK Wind Group ApS is classified as an associated company and accounted for using the equity method of accounting. In EUR thousand 2025 2024 Book value 01.01 24 243 13 096 Purchase price of additional shares (19%) - 10 732 Share of profit 359 1 052 Depreciation excess values -544 -390 Dividends received - -241 Exchange rate differences -37 -5 Book value 31.12 24 021 24 244 Peak Wind Group ApS net assets (100% basis) 17 486 17 894 Group\u2019s share of net assets (49%) 8 568 8 768 Goodwill 15 453 15 476 Book value 31.12 24 021 24 244 The PEAK Wind group encompasses the parent company PEAK Wind Group ApS and in total six subsidiaries. Havfram Fleet Management AS IWS owns 50% of the shares in the joint venture Havfram Fleet Management AS, a technical ship management company, which is accounted for using the equity method of accounting. In EUR thousand 2025 2024 Book value 01.01 31 31 Share of profit 28 - Book value 31.12 59 31",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__79": {
"value": "NOTE 12 INCOME TAXES Income tax expense In EUR thousand 2025 2024 Current income tax -233 -1 064 Changes in deferred tax 868 223 Total income tax (expense)/income 635 -841 Reconciliation of effective tax rate In EUR thousand 2025 2024 Pre-tax profit 22 285 7 149 Share of net profit of equity-accounted investees -158 661 Pre-tax profit, excluding net profit of equity-accounted investees 22 443 6 488 Income taxes calculated at 22% -4 937 -1 427 Adjustment in respect of current income tax of previous years -57 -76 Profit/loss subject to tonnage tax 5 617 1 250 Changes in unrecognised deferred tax asset -125 218 Other 137 -806 Tax expense 635 -841 The Group\u2019s ship-owning companies are taxed in accordance with the tonnage tax regime. Deferred tax relates to the following In EUR thousand 2025 2024 Intangible assets -694 -644 Other temporary differences - -387 Losses available for offsetting against future taxable income 1 717 946 Not recognised deferred tax asset on losses -125 - Net deferred tax asset/(liability) 898 -85 The calculated net deferred tax asset of EUR 898 thousand (2024: EUR 85 thousand liability) includes deferred tax assets of EUR 1,086 thousand and deferred tax liability of EUR 188 thousand (2024: EUR 523 thousand and EUR 608 thousand, respectively). Recognition of deferred tax assets is subject to strict requirements with respect to the ability to substantiate that sufficient taxable profit will be available against which the unutilised tax losses can be used. The utilisation of the tax loss carry forward is not limited in time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__78": {
"value": "NOTE 12 INCOME TAXES Income tax expense In EUR thousand 2025 2024 Current income tax -233 -1 064 Changes in deferred tax 868 223 Total income tax (expense)/income 635 -841 Reconciliation of effective tax rate In EUR thousand 2025 2024 Pre-tax profit 22 285 7 149 Share of net profit of equity-accounted investees -158 661 Pre-tax profit, excluding net profit of equity-accounted investees 22 443 6 488 Income taxes calculated at 22% -4 937 -1 427 Adjustment in respect of current income tax of previous years -57 -76 Profit/loss subject to tonnage tax 5 617 1 250 Changes in unrecognised deferred tax asset -125 218 Other 137 -806 Tax expense 635 -841 The Group\u2019s ship-owning companies are taxed in accordance with the tonnage tax regime. Deferred tax relates to the following In EUR thousand 2025 2024 Intangible assets -694 -644 Other temporary differences - -387 Losses available for offsetting against future taxable income 1 717 946 Not recognised deferred tax asset on losses -125 - Net deferred tax asset/(liability) 898 -85 The calculated net deferred tax asset of EUR 898 thousand (2024: EUR 85 thousand liability) includes deferred tax assets of EUR 1,086 thousand and deferred tax liability of EUR 188 thousand (2024: EUR 523 thousand and EUR 608 thousand, respectively). Recognition of deferred tax assets is subject to strict requirements with respect to the ability to substantiate that sufficient taxable profit will be available against which the unutilised tax losses can be used. The utilisation of the tax loss carry forward is not limited in time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__100": {
"value": "NOTE 13 RECEIVABLES In EUR thousand 31.12.2025 31.12.2024 Undue 19 436 10 418 0-30 days 2 215 5 780 31-60 days 1 272 1 043 61-90 days 382 1 120 > 90 days 554 192 Total gross trade receivables 23 859 18 553 Allowance for doubtful debt -4 -25 Trade receivables carrying value 23 855 18 528 Other receivables 3 154 3 503 Total receivables 27 009 22 031 No losses have been realised on trade receivables in 2025 or 2024. See Note 19 for information about the Group\u2019s policies related to credit risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__80": {
"value": "NOTE 13 RECEIVABLES In EUR thousand 31.12.2025 31.12.2024 Undue 19 436 10 418 0-30 days 2 215 5 780 31-60 days 1 272 1 043 61-90 days 382 1 120 > 90 days 554 192 Total gross trade receivables 23 859 18 553 Allowance for doubtful debt -4 -25 Trade receivables carrying value 23 855 18 528 Other receivables 3 154 3 503 Total receivables 27 009 22 031 No losses have been realised on trade receivables in 2025 or 2024. See Note 19 for information about the Group\u2019s policies related to credit risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__81": {
"value": "NOTE 14 CASH AND CASH EQUIVALENTS Cash and cash equivalents per currency 31.12.2025 31.12.2024 In EUR thousand Deposits Deposits NOK 3 683 5 170 DKK 1 130 2 941 EUR 39 814 21 997 GBP 4 423 1 357 Other 3 029 992 Total cash and cash equivalents 52 079 32 457 Restricted cash and cash equivalents In EUR thousand 31.12.2025 31.12.2024 Restricted cash and cash equivalents 206 161 Unrestricted cash and cash equivalents 51 873 32 296 Total cash and cash equivalents52 07932 457The restricted cash and cash equivalents include withholding tax from the employees\u2019 salaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__82": {
"value": "Restricted cash and cash equivalents In EUR thousand 31.12.2025 31.12.2024 Restricted cash and cash equivalents 206 161 Unrestricted cash and cash equivalents 51 873 32 296 Total cash and cash equivalents52 07932 457The restricted cash and cash equivalents include withholding tax from the employees\u2019 salaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__84": {
"value": "NOTE 15 FINANCIAL INSTRUMENTS Financial assets Fair value of trade receivables, other short-term assets, cash and cash equivalents approximate their carrying amounts, due to the short-term maturities of these instruments, all categorised in fair value level 2. Financial liabilities The fair value of trade payables approximates their carrying amounts due to the short-term maturities of these instruments, all of which are categorised in fair value level 2. The fair value of other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of these approximates the carrying amounts. Debt instruments In EUR thousand CurrencyInterest rateMaturity31.12.202531.12.2024from 2.5% to Green Senior Secured Credit Facility EUR Dec 2030 -186 313 -111 044EURIBOR + 2.2% Sydbank overdraft facility DKK 4.9% --4 538-1 196Lease liabilities -851-1 203Total interest-bearing debt-191 702-113 443The Green Senior Secured Credit Facility with Skandinaviska Enskilda Banken AB (\u201cSEB\u201d), SpareBank 1 S\u00f8r-Norge, Export Finance Norway (\u201cEksfin\u201d) and Nordic Investment Bank (\u201cNIB\u201d) was amended in December 2025 to improve commercial terms, increase the facility amount, and include a EUR 20 million revolving credit facility (\u201cRCF\u201d). The RCF remained undrawn at the end of 2025. The final maturity of the commercial tranche with SEB and SpareBank 1 S\u00f8r-Norge is in December 2030. The final maturity of the EUR 82.6 million Eksfin tranche, for which SEB and SpareBank 1 S\u00f8r-Norge have provided bank guarantees of EUR 28.0 million, is in 2035, subject to the refinancing of the commercial tranche and bank guarantees. The final maturity of the EUR 50.0 million NIB tranches is in 2037, subject to the refinancing of the commercial tranche. The Eksfin tranche qualifies for an attractive 12-year fixed interest rate with the Commercial Interest Reference Rates (\u201cCIRR\u201d) prevalent when the contracts and subcontracts for the vessels were signed. The Facility is subject to complying with conditions specified in the loan agreement (covenants). Non-compliance with covenants could lead to the Facility becoming repayable within 12 months of the reporting period. The Facility is also subject to a customary security package, including mortgages over the vessels, and security over earnings accounts. Financial covenants are reported quarterly and relate to the following: Minimum Cash and cash equivalents of the IWS Fleet group shall, on a consolidated basis, at all times be at least the higher Liquidity of EUR 1.5 million per vessel and 7.5% of the interest-bearing debt. Working Capital The working capital of the IWS Fleet group shall, on a consolidated basis, be positive at all times. Equity Ratio The equity ratio of the IWS Fleet group shall, on a consolidated basis, be a minimum 30% at all times. Leverage Ratio The ratio of net interest-bearing debt to EBITDA calculated on a twelve-month rolling basis (excluding interest-bearing debt and EBITDA relating to a vessel for the first 12 months\u2019 period after delivery of the vessel) shall not exceed: \u2022 For Q2-Q4 2025: 5.5x\u2022 For Q1-Q4 2026: 5.3x\u2022 For Q1-Q4 2027: 5.1x\u2022 For Q1 2028: 4.9xFurthermore, the facility is subject to certain customary vessel covenants that are reported quarterly, related to inter alia insurance, compliance with laws, classification and repairs and minimum market value of vessels (the consolidated market value of the vessels shall not at any time be less than 130% of the outstanding amount under the Facility). The Group was in compliance with all covenants throughout 2025 and at the year-end 2025. The Sydbank overdraft facility has an approved limit of EUR 8.0 million. Debt repayment schedule In EUR thousand 31.12.2025 31.12.2024 Within one year -12 187-15 050Between one and two years -7 830-11 041Between two and three years -21 385-9 141Between three and four years -21 417-78 209Between four and five years -128 883-2Beyond five years - - Total interest-bearing debt-191 702-113 443Net interest-bearing debt In EUR thousand 31.12.202531.12.2024Non-current interest-bearing debt -179 515-98 393Current interest-bearing debt -12 187-15 050Total interest-bearing debt -191 702-113 443Cash and cash equivalents 52 079 32 457 Net interest-bearing debt -139 623-80 986Changes in liabilities arising from financing activities Non-current interest-bearing Current interest-2025 In EUR thousanddebt bearing debt Total Balance as at 1 January 2025 -98 393-15 050-113 443Proceeds from borrowings -87 509-8 460-95 968Repayment of borrowings -16 05416 054 Reclassifications 5 937 -5 937- Payment of lease liabilities -351351 Non-cash movements 450 855 1 305 New leases - - - Total changes from financing cash flow -81 1222 863 -78 259Foreign exchange adjustments - - - Balance as at 31 December 2025 -179 515-12 187-191 702Non-current interest-bearing Current interest-2024 In EUR thousand debt bearing debt Total Balance as at 1 January 2024 -25 658 -4 240 -29 898 Proceeds from borrowings -83 413 -9 843 -93 256 Repayment of borrowings - 8 519 8 519 Reclassifications 9 901 -9 901 - Payment of lease liabilities - 416 416 Non-cash movements 759 - 759 New leases 18 9 27 Total changes from financing cash flow -72 735 -10 800 -83 535 Foreign exchange adjustments - -10 -10 Balance as at 31 December 2024 -98 393 -15 050 -113 443 Commitments on mortgages IWS Services has ownership mortgages totalling EUR 4.7 million on goods receivables, inventory, intellectual property rights, and other tangible fixed assets, with a total carrying amount of EUR 7.9 million (2024: EUR 2.3 million in mortgages on assets with a carrying amount of EUR 10.3 million). Bank guarantees on advance payments, performance guarantees and vendor credit IWS Services has signed advance payments and performance bank guarantees for contracted projects totalling EUR 5.9 million (2024: EUR 9.3 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__83-1": {
"value": "NOTE 15 FINANCIAL INSTRUMENTS Financial assets Fair value of trade receivables, other short-term assets, cash and cash equivalents approximate their carrying amounts, due to the short-term maturities of these instruments, all categorised in fair value level 2. Financial liabilities The fair value of trade payables approximates their carrying amounts due to the short-term maturities of these instruments, all of which are categorised in fair value level 2. The fair value of other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of these approximates the carrying amounts. Debt instruments In EUR thousand CurrencyInterest rateMaturity31.12.202531.12.2024from 2.5% to Green Senior Secured Credit Facility EUR Dec 2030 -186 313 -111 044EURIBOR + 2.2% Sydbank overdraft facility DKK 4.9% --4 538-1 196Lease liabilities -851-1 203Total interest-bearing debt-191 702-113 443The Green Senior Secured Credit Facility with Skandinaviska Enskilda Banken AB (\u201cSEB\u201d), SpareBank 1 S\u00f8r-Norge, Export Finance Norway (\u201cEksfin\u201d) and Nordic Investment Bank (\u201cNIB\u201d) was amended in December 2025 to improve commercial terms, increase the facility amount, and include a EUR 20 million revolving credit facility (\u201cRCF\u201d). The RCF remained undrawn at the end of 2025. The final maturity of the commercial tranche with SEB and SpareBank 1 S\u00f8r-Norge is in December 2030. The final maturity of the EUR 82.6 million Eksfin tranche, for which SEB and SpareBank 1 S\u00f8r-Norge have provided bank guarantees of EUR 28.0 million, is in 2035, subject to the refinancing of the commercial tranche and bank guarantees. The final maturity of the EUR 50.0 million NIB tranches is in 2037, subject to the refinancing of the commercial tranche. The Eksfin tranche qualifies for an attractive 12-year fixed interest rate with the Commercial Interest Reference Rates (\u201cCIRR\u201d) prevalent when the contracts and subcontracts for the vessels were signed. The Facility is subject to complying with conditions specified in the loan agreement (covenants). Non-compliance with covenants could lead to the Facility becoming repayable within 12 months of the reporting period. The Facility is also subject to a customary security package, including mortgages over the vessels, and security over earnings accounts. Financial covenants are reported quarterly and relate to the following: Minimum Cash and cash equivalents of the IWS Fleet group shall, on a consolidated basis, at all times be at least the higher Liquidity of EUR 1.5 million per vessel and 7.5% of the interest-bearing debt. Working Capital The working capital of the IWS Fleet group shall, on a consolidated basis, be positive at all times. Equity Ratio The equity ratio of the IWS Fleet group shall, on a consolidated basis, be a minimum 30% at all times. Leverage Ratio The ratio of net interest-bearing debt to EBITDA calculated on a twelve-month rolling basis (excluding interest-bearing debt and EBITDA relating to a vessel for the first 12 months\u2019 period after delivery of the vessel) shall not exceed: \u2022 For Q2-Q4 2025: 5.5x\u2022 For Q1-Q4 2026: 5.3x\u2022 For Q1-Q4 2027: 5.1x\u2022 For Q1 2028: 4.9xFurthermore, the facility is subject to certain customary vessel covenants that are reported quarterly, related to inter alia insurance, compliance with laws, classification and repairs and minimum market value of vessels (the consolidated market value of the vessels shall not at any time be less than 130% of the outstanding amount under the Facility). The Group was in compliance with all covenants throughout 2025 and at the year-end 2025. The Sydbank overdraft facility has an approved limit of EUR 8.0 million. Debt repayment schedule In EUR thousand 31.12.2025 31.12.2024 Within one year -12 187-15 050Between one and two years -7 830-11 041Between two and three years -21 385-9 141Between three and four years -21 417-78 209Between four and five years -128 883-2Beyond five years - - Total interest-bearing debt-191 702-113 443Net interest-bearing debt In EUR thousand 31.12.202531.12.2024Non-current interest-bearing debt -179 515-98 393Current interest-bearing debt -12 187-15 050Total interest-bearing debt -191 702-113 443Cash and cash equivalents 52 079 32 457 Net interest-bearing debt -139 623-80 986Changes in liabilities arising from financing activities Non-current interest-bearing Current interest-2025 In EUR thousanddebt bearing debt Total Balance as at 1 January 2025 -98 393-15 050-113 443Proceeds from borrowings -87 509-8 460-95 968Repayment of borrowings -16 05416 054 Reclassifications 5 937 -5 937- Payment of lease liabilities -351351 Non-cash movements 450 855 1 305 New leases - - - Total changes from financing cash flow -81 1222 863 -78 259Foreign exchange adjustments - - - Balance as at 31 December 2025 -179 515-12 187-191 702Non-current interest-bearing Current interest-2024 In EUR thousand debt bearing debt Total Balance as at 1 January 2024 -25 658 -4 240 -29 898 Proceeds from borrowings -83 413 -9 843 -93 256 Repayment of borrowings - 8 519 8 519 Reclassifications 9 901 -9 901 - Payment of lease liabilities - 416 416 Non-cash movements 759 - 759 New leases 18 9 27 Total changes from financing cash flow -72 735 -10 800 -83 535 Foreign exchange adjustments - -10 -10 Balance as at 31 December 2024 -98 393 -15 050 -113 443 Commitments on mortgages IWS Services has ownership mortgages totalling EUR 4.7 million on goods receivables, inventory, intellectual property rights, and other tangible fixed assets, with a total carrying amount of EUR 7.9 million (2024: EUR 2.3 million in mortgages on assets with a carrying amount of EUR 10.3 million). Bank guarantees on advance payments, performance guarantees and vendor credit IWS Services has signed advance payments and performance bank guarantees for contracted projects totalling EUR 5.9 million (2024: EUR 9.3 million). NOTE 19 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES Financial risk management The Group is exposed to market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates, and implements necessary actions to manage and mitigate these risks, and the Board of Directors reviews and agrees to the policies for managing them. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, debt and equity investments, and derivative financial instruments. Interest rate risk At year-end 2025, the Group had interest-bearing debt of EUR 191.7 million consisting of a senior secured credit facility, a bank overdraft facility and lease liabilities (EUR 113.4 million in 2024). A change in the interest rate of +/- 100 bps would impact the interest expense for the Group with approximately EUR 0.7 million per year (EUR 0.3 million in 2024). The Group also had bank deposits of EUR 52.1 million (2024: EUR 32.5 million) with a floating interest rate which is impacted mainly by the development in the Euro Interbank Offered Rate (EURIBOR). The Group continually assesses the need for hedging its interest rate risk exposure. At year-end 2025 and 2024, the Group had no interest rate hedging contracts. Foreign currency risk The Group is subject to foreign currency risk from contracts with customers. Contracts with customers are denominated primarily in EUR, GBP, and DKK. The currency risk exposure is assessed individually for each major contract, and currency hedging contracts are signed when the risk is deemed unacceptably high. At year-end 2025, the Group did not have any currency hedging contracts, as revenue denominated in USD and the related currency hedging contracts were completed in 2024. Financial instruments denominated in currencies other than the functional currencies of the companies at 31 December 2025 include bank deposits, trade debtors, and trade creditors. A 10% strengthening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.0 million lower (EUR 1.2 million in 2024) and has no impact on other comprehensive income (2024: nil). A 10% weakening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.0 million higher (EUR 1.2 million in 2024) and has no impact on other comprehensive income (2024: nil). Financial assets and liabilities held in the functional currency of the Group\u2019s subsidiaries, as well as non-financial assets and liabilities and translation risk, are not included in the analysis. Commodity price risk The Group has, in 2025 and 2024, had limited direct exposure to risks associated with price fluctuations on commodities. Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations, resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables, contract assets, and from its financing activities, including deposits with banks. The Group aims to do business only with creditworthy counterparties. Before entering into a customer contract, the Group evaluates the customer's credit quality, financial position, credit rating, and other factors. If the counterparty is assessed as not having adequate credit quality, the Group may demand guarantees, prepayments or alternative security to reduce credit risk to an acceptable level. The group has applied the practical simplified approach in accordance with IFRS 9 to calculate loss on receivables. When calculating loss provisions, receivables are reviewed and assessed on an individual basis, taking into account the facts and circumstances of each customer. A loss provision of EUR 4 thousand has been recognised for receivables in 2025 (EUR 21 thousand in 2024). Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, to the extent possible, that it has sufficient liquidity and undrawn committed credit facilities at all times to meet its short- and medium-term obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Management monitors monthly forecasts of the Group\u2019s liquidity reserve based on expected cash flows. In December 2025, IWS signed an amendment to its Green Senior Secured Credit Facility. The undrawn amount of the facility at 31 December 2025 amounts to EUR 20.0 million, in the form of a revolving credit facility. The Green Senior Secured Credit Facility is subject to complying with conditions specified in the loan agreement (covenants) as disclosed in Note 15. Non-compliance with covenants could lead to the facility becoming repayable within twelve months after the reporting period. The Group was in compliance with all covenants throughout 2025 and at the year-end 2025. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments as at 31 December 2025 and 31 December 2024 at the interest rates prevailing at the balance sheet dates. Undiscounted cash flows for financial liabilities 31.12.2025In EUR thousand < 1 year 1-2 years2-5 years> 5 yearsTotal Trade payables 8 140 - - - 8 140 Interest-bearing debt 12 422 8 261 172 373 -193 056Lease liabilities 394 387 152 -933Minimum interest payment 6 835 6 770 17 475 -31 080Total 27 791 15 418 190 000 -233 209Undiscounted cash flows for financial liabilities 31.12.2024In EUR thousand < 1 year 1-2 years2-5 years> 5 yearsTotal Trade payables 8 776 - - - 8 776 Interest-bearing debt 14 634 11 435 87 356 -113 425Lease liabilities 431 394 538 -1 363Minimum interest payment 3 687 3 140 3 637 -10 464Total27 52814 96991 531-134 028",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__102": {
"value": "Commitments on mortgages IWS Services has ownership mortgages totalling EUR 4.7 million on goods receivables, inventory, intellectual property rights, and other tangible fixed assets, with a total carrying amount of EUR 7.9 million (2024: EUR 2.3 million in mortgages on assets with a carrying amount of EUR 10.3 million). Bank guarantees on advance payments, performance guarantees and vendor credit IWS Services has signed advance payments and performance bank guarantees for contracted projects totalling EUR 5.9 million (2024: EUR 9.3 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__101": {
"value": "Commitments on mortgages IWS Services has ownership mortgages totalling EUR 4.7 million on goods receivables, inventory, intellectual property rights, and other tangible fixed assets, with a total carrying amount of EUR 7.9 million (2024: EUR 2.3 million in mortgages on assets with a carrying amount of EUR 10.3 million). Bank guarantees on advance payments, performance guarantees and vendor credit IWS Services has signed advance payments and performance bank guarantees for contracted projects totalling EUR 5.9 million (2024: EUR 9.3 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__87": {
"value": "NOTE 16 SHARE CAPITAL AND EARNINGS PER SHARE Share capital Number Par Share Paid-in Total paid-in In EUR thousand, unless stated otherwise of shares value capital premium capital Share capital 1 January 2024 39 144 258 NOK 2.00 7 703 126 809 134 512 Share capital 31 December 2024 39 144 258 NOK 2.00 7 703 126 809 134 512 Share capital 1 January 2025 39 144 258 NOK 2.00 7 703 126 809 134 512 Share capital increase 31.01.2025 810 800 NOK 2.00 138 2 246 2 384 Share capital 31 December 2025 39 955 058 NOK 2.00 7 841 129 055 136 896 All issued shares have a par value of NOK 2.00 and are of equal rights. The share capital is denominated in NOK. On 31 January 2025, IWS completed a share issue targeted towards retail investors to ensure compliance with the minimum number of shareholders required for an uplisting to Euronext Oslo B\u00f8rs. The Company issued 810,800 shares, increasing the total number of shares outstanding to 39,955,058. The Board authorised the payment of dividends of NOK 3.00 per share on 24 February 2026, considered repayment of paid-in capital for Norwegian tax purposes, refer to Note 22 Events after the reporting date for additional details. Earnings per share Basic earnings per share are calculated by dividing profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary shares to ordinary shares. The Company did not have any potentially dilutive ordinary shares as per 31 December 2025 or 31 December 2024. 2025 2024 Profit attributable to equity holders of the Parent Company (in EUR thousand) 16 746 4 285 Weighted average number of shares outstanding, basic and diluted 39 886 196 39 144 258 Basic and diluted earnings per share (EUR) 0.42 0.11",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__86": {
"value": "NOTE 16 SHARE CAPITAL AND EARNINGS PER SHARE Share capital Number Par Share Paid-in Total paid-in In EUR thousand, unless stated otherwise of shares value capital premium capital Share capital 1 January 2024 39 144 258 NOK 2.00 7 703 126 809 134 512 Share capital 31 December 2024 39 144 258 NOK 2.00 7 703 126 809 134 512 Share capital 1 January 2025 39 144 258 NOK 2.00 7 703 126 809 134 512 Share capital increase 31.01.2025 810 800 NOK 2.00 138 2 246 2 384 Share capital 31 December 2025 39 955 058 NOK 2.00 7 841 129 055 136 896 All issued shares have a par value of NOK 2.00 and are of equal rights. The share capital is denominated in NOK. On 31 January 2025, IWS completed a share issue targeted towards retail investors to ensure compliance with the minimum number of shareholders required for an uplisting to Euronext Oslo B\u00f8rs. The Company issued 810,800 shares, increasing the total number of shares outstanding to 39,955,058. The Board authorised the payment of dividends of NOK 3.00 per share on 24 February 2026, considered repayment of paid-in capital for Norwegian tax purposes, refer to Note 22 Events after the reporting date for additional details. Earnings per share Basic earnings per share are calculated by dividing profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary shares to ordinary shares. The Company did not have any potentially dilutive ordinary shares as per 31 December 2025 or 31 December 2024. 2025 2024 Profit attributable to equity holders of the Parent Company (in EUR thousand) 16 746 4 285 Weighted average number of shares outstanding, basic and diluted 39 886 196 39 144 258 Basic and diluted earnings per share (EUR) 0.42 0.11",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__85": {
"value": "Earnings per share Basic earnings per share are calculated by dividing profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary shares to ordinary shares. The Company did not have any potentially dilutive ordinary shares as per 31 December 2025 or 31 December 2024. 2025 2024 Profit attributable to equity holders of the Parent Company (in EUR thousand) 16 746 4 285 Weighted average number of shares outstanding, basic and diluted 39 886 196 39 144 258 Basic and diluted earnings per share (EUR) 0.42 0.11",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__88": {
"value": "NOTE 17 GOVERNMENT GRANTS Government Grants In EUR thousand 2025 2024 At 1 January 525 1 275 Received during the year 2 414 1 123 Released to the Income Statement - - Released as a reduction of vessel cost price -2 939 -1 872 Currency translation differences - -1 At 31 December - 525 Current liabilities - 525 Non-current liabilities - - Grants from Enova The Group has been awarded grants by the Norwegian state enterprise Enova for advanced technology to support environmental initiatives that will help reduce CO2 emissions of the Group\u2019s first six newbuildings (2024: EUR 4,715 thousand). In 2025, IWS received the final EUR 2,414 thousand of the grants (EUR 1,123 thousand in 2024). The grants were recorded as liabilities until it was reasonably certain that the Group would comply with the conditions of the grants. Enova grants were reclassified from liabilities and deducted from the cost of vessels/vessels under construction upon the approval of the project reports. In 2025, EUR 2,939 thousand was reclassified from current liabilities and deducted from the cost of vessels/vessels under construction (2024: EUR 1,872 thousand). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__89-1": {
"value": "NOTE 18 LEASES Leases as a lessee The group leases offices, office equipment and vehicles. Rental contracts are for periods of up to five years. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases and/or leases of low-value items. Leases for which the Group is a lessee are presented as part of Other fixed assets in the balance sheet, with a reconciliation presented in note 9. Amounts recognised in the income statement In EUR thousand 2025 2024 Interest on lease liabilities 79 104 Expenses relating to short-term leases and leases of low-value items 290 357 Total 369 461 Maturity analysis of lease liabilities is presented in note 15. NOTE 9 PROPERTY, PLANT AND EQUIPMENT Vessels Leased Other under tangible tangible 2025 In EUR thousand Vessels construction assets assets Total Cost 1 January 148 417 79 869 1 759 514 230 559 Additions 48 92 268 - 1 542 93 858 Reclassification 169 198 -172 137 - - -2 939 Disposals - - -66 -52 -118 Currency translation differences - - -1 -4 -5 Cost 31 December 317 663 - 1 693 2 000 321 356 Accumulated depreciation 1 January -2 780 - -614 -282 -3 676 Depreciation -8 233 - -369 -86 -8 688 Disposals - - 66 25 91 Currency translation differences - - - -5 -5 Accumulated depreciation 31 December -11 013 - -917 -348 -12 278 Carrying amount 31 December 306 650 - 776 1 652 309 078 Vessels Leased Other under tangible tangible 2024 In EUR thousandVessels construction assets assets Total Cost 1 January -95 6721 755 410 97 837 Additions 376 134 110 37 103 134 626 Reclassification 148 041 -149 913-- -1 872Disposals - - -33 --33Currency translation differences - - - 1 1 Cost 31 December 148 417 79 869 1 759 514 230 559 Accumulated depreciation 1 January - - -272 -201-473Depreciation -2 780--374-82-3 236Disposals - - 32 -32Currency translation differences - - - 1 1 Accumulated depreciation 31 December -2 780--614-282-3 676Carrying amount 31 December 145 637 79 869 1 145 232 226 883 The carrying value of vessels under construction includes yard instalments, other directly attributable project costs, guarantee fees and capitalised borrowing costs. Borrowing costs of EUR 3.7 million relating to the Green Senior Secured Credit Facility have been capitalised in 2025 (EUR 2.8 million in 2024). General borrowing costs have been capitalised using the effective interest rate of 4.0% (2024: 4.1%). Enova grants of EUR 2.9 million were reclassified from liabilities and deducted from the cost of vessels/vessels under construction upon the approval of the Enova project reports for IWS Seawalker, IWS Starwalker, IWS Moonwalker and IWS Sunwalker in 2025 (2024: 1.9 million for IWS Skywalker and IWS Windwalker). Refer to Note 17 for additional details. Impairment indicators Identification of impairment indicators for the Group\u2019s vessels is based on developments in market rates, forecasted operating expenses, technological developments, changes in regulatory requirements, and interest rates. Demand for CSOVs remains strong, as reflected in day rates, and is forecast to continue to outstrip supply. Furthermore, transactions in the second-hand market for CSOVs support the conclusion that no impairment indicators have been identified as of 31 December 2025. Commitments on shipbuilding contracts The Group has no commitments under shipbuilding contracts (2024: EUR 40 million of remaining yard instalments for IWS Moonwalker and IWS Sunwalker.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__91": {
"value": "NOTE 19 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES Financial risk management The Group is exposed to market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates, and implements necessary actions to manage and mitigate these risks, and the Board of Directors reviews and agrees to the policies for managing them. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, debt and equity investments, and derivative financial instruments. Interest rate risk At year-end 2025, the Group had interest-bearing debt of EUR 191.7 million consisting of a senior secured credit facility, a bank overdraft facility and lease liabilities (EUR 113.4 million in 2024). A change in the interest rate of +/- 100 bps would impact the interest expense for the Group with approximately EUR 0.7 million per year (EUR 0.3 million in 2024). The Group also had bank deposits of EUR 52.1 million (2024: EUR 32.5 million) with a floating interest rate which is impacted mainly by the development in the Euro Interbank Offered Rate (EURIBOR). The Group continually assesses the need for hedging its interest rate risk exposure. At year-end 2025 and 2024, the Group had no interest rate hedging contracts. Foreign currency risk The Group is subject to foreign currency risk from contracts with customers. Contracts with customers are denominated primarily in EUR, GBP, and DKK. The currency risk exposure is assessed individually for each major contract, and currency hedging contracts are signed when the risk is deemed unacceptably high. At year-end 2025, the Group did not have any currency hedging contracts, as revenue denominated in USD and the related currency hedging contracts were completed in 2024. Financial instruments denominated in currencies other than the functional currencies of the companies at 31 December 2025 include bank deposits, trade debtors, and trade creditors. A 10% strengthening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.0 million lower (EUR 1.2 million in 2024) and has no impact on other comprehensive income (2024: nil). A 10% weakening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.0 million higher (EUR 1.2 million in 2024) and has no impact on other comprehensive income (2024: nil). Financial assets and liabilities held in the functional currency of the Group\u2019s subsidiaries, as well as non-financial assets and liabilities and translation risk, are not included in the analysis. Commodity price risk The Group has, in 2025 and 2024, had limited direct exposure to risks associated with price fluctuations on commodities. Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations, resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables, contract assets, and from its financing activities, including deposits with banks. The Group aims to do business only with creditworthy counterparties. Before entering into a customer contract, the Group evaluates the customer's credit quality, financial position, credit rating, and other factors. If the counterparty is assessed as not having adequate credit quality, the Group may demand guarantees, prepayments or alternative security to reduce credit risk to an acceptable level. The group has applied the practical simplified approach in accordance with IFRS 9 to calculate loss on receivables. When calculating loss provisions, receivables are reviewed and assessed on an individual basis, taking into account the facts and circumstances of each customer. A loss provision of EUR 4 thousand has been recognised for receivables in 2025 (EUR 21 thousand in 2024). Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, to the extent possible, that it has sufficient liquidity and undrawn committed credit facilities at all times to meet its short- and medium-term obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Management monitors monthly forecasts of the Group\u2019s liquidity reserve based on expected cash flows. In December 2025, IWS signed an amendment to its Green Senior Secured Credit Facility. The undrawn amount of the facility at 31 December 2025 amounts to EUR 20.0 million, in the form of a revolving credit facility. The Green Senior Secured Credit Facility is subject to complying with conditions specified in the loan agreement (covenants) as disclosed in Note 15. Non-compliance with covenants could lead to the facility becoming repayable within twelve months after the reporting period. The Group was in compliance with all covenants throughout 2025 and at the year-end 2025. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments as at 31 December 2025 and 31 December 2024 at the interest rates prevailing at the balance sheet dates. Undiscounted cash flows for financial liabilities 31.12.2025In EUR thousand < 1 year 1-2 years2-5 years> 5 yearsTotal Trade payables 8 140 - - - 8 140 Interest-bearing debt 12 422 8 261 172 373 -193 056Lease liabilities 394 387 152 -933Minimum interest payment 6 835 6 770 17 475 -31 080Total 27 791 15 418 190 000 -233 209Undiscounted cash flows for financial liabilities 31.12.2024In EUR thousand < 1 year 1-2 years2-5 years> 5 yearsTotal Trade payables 8 776 - - - 8 776 Interest-bearing debt 14 634 11 435 87 356 -113 425Lease liabilities 431 394 538 -1 363Minimum interest payment 3 687 3 140 3 637 -10 464Total27 52814 96991 531-134 028",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__93": {
"value": "Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, debt and equity investments, and derivative financial instruments. Interest rate risk At year-end 2025, the Group had interest-bearing debt of EUR 191.7 million consisting of a senior secured credit facility, a bank overdraft facility and lease liabilities (EUR 113.4 million in 2024). A change in the interest rate of +/- 100 bps would impact the interest expense for the Group with approximately EUR 0.7 million per year (EUR 0.3 million in 2024). The Group also had bank deposits of EUR 52.1 million (2024: EUR 32.5 million) with a floating interest rate which is impacted mainly by the development in the Euro Interbank Offered Rate (EURIBOR). The Group continually assesses the need for hedging its interest rate risk exposure. At year-end 2025 and 2024, the Group had no interest rate hedging contracts. Foreign currency risk The Group is subject to foreign currency risk from contracts with customers. Contracts with customers are denominated primarily in EUR, GBP, and DKK. The currency risk exposure is assessed individually for each major contract, and currency hedging contracts are signed when the risk is deemed unacceptably high. At year-end 2025, the Group did not have any currency hedging contracts, as revenue denominated in USD and the related currency hedging contracts were completed in 2024. Financial instruments denominated in currencies other than the functional currencies of the companies at 31 December 2025 include bank deposits, trade debtors, and trade creditors. A 10% strengthening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.0 million lower (EUR 1.2 million in 2024) and has no impact on other comprehensive income (2024: nil). A 10% weakening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.0 million higher (EUR 1.2 million in 2024) and has no impact on other comprehensive income (2024: nil). Financial assets and liabilities held in the functional currency of the Group\u2019s subsidiaries, as well as non-financial assets and liabilities and translation risk, are not included in the analysis. Commodity price risk The Group has, in 2025 and 2024, had limited direct exposure to risks associated with price fluctuations on commodities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s8__6__94": {
"value": "Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations, resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables, contract assets, and from its financing activities, including deposits with banks. The Group aims to do business only with creditworthy counterparties. Before entering into a customer contract, the Group evaluates the customer's credit quality, financial position, credit rating, and other factors. If the counterparty is assessed as not having adequate credit quality, the Group may demand guarantees, prepayments or alternative security to reduce credit risk to an acceptable level. The group has applied the practical simplified approach in accordance with IFRS 9 to calculate loss on receivables. When calculating loss provisions, receivables are reviewed and assessed on an individual basis, taking into account the facts and circumstances of each customer. A loss provision of EUR 4 thousand has been recognised for receivables in 2025 (EUR 21 thousand in 2024). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__95": {
"value": "Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, to the extent possible, that it has sufficient liquidity and undrawn committed credit facilities at all times to meet its short- and medium-term obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Management monitors monthly forecasts of the Group\u2019s liquidity reserve based on expected cash flows. In December 2025, IWS signed an amendment to its Green Senior Secured Credit Facility. The undrawn amount of the facility at 31 December 2025 amounts to EUR 20.0 million, in the form of a revolving credit facility. The Green Senior Secured Credit Facility is subject to complying with conditions specified in the loan agreement (covenants) as disclosed in Note 15. Non-compliance with covenants could lead to the facility becoming repayable within twelve months after the reporting period. The Group was in compliance with all covenants throughout 2025 and at the year-end 2025. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments as at 31 December 2025 and 31 December 2024 at the interest rates prevailing at the balance sheet dates. Undiscounted cash flows for financial liabilities 31.12.2025In EUR thousand < 1 year 1-2 years2-5 years> 5 yearsTotal Trade payables 8 140 - - - 8 140 Interest-bearing debt 12 422 8 261 172 373 -193 056Lease liabilities 394 387 152 -933Minimum interest payment 6 835 6 770 17 475 -31 080Total 27 791 15 418 190 000 -233 209Undiscounted cash flows for financial liabilities 31.12.2024In EUR thousand < 1 year 1-2 years2-5 years> 5 yearsTotal Trade payables 8 776 - - - 8 776 Interest-bearing debt 14 634 11 435 87 356 -113 425Lease liabilities 431 394 538 -1 363Minimum interest payment 3 687 3 140 3 637 -10 464Total27 52814 96991 531-134 028",
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"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__96": {
"value": "NOTE 20 RELATED PARTY TRANSACTIONS Address commission The Group has had agreements with its largest shareholder, Awilco AS, to pay an address commission for services in assisting IWS with the conclusion and execution of the first six vessels only. The address commission amounted to 1% of the yard price and was payable to Awilco AS on the same payment schedule as payments to the yard. Address commission was capitalised as part of the acquisition costs of the vessels under construction and constituted EUR 0.8 million for the year ended 2025 (2024: EUR 1.2 million). Technical services IWS provides technical management services to Awilco LNG Technical Management AS (which is indirectly 38.6% owned by Awilco AS). For these services, Awilco LNG Technical Management AS pays IWS a management fee based on an hourly rate. Purchases and sales to/from related parties 2025 2024 In EUR thousandSales Purchases Sales Purchases Awilco AS -788-1 160Awilhelmsen Management AS -3-1Awilco Technical Services AS - - - 3 Awilco LNG Technical Management AS 809 12 494 18 Awilco LNG ASA - - - 1 Havfram Fleet Management AS 718 -285- Total1 5278037791 183Balances with related parties 31.12.2025 31.12.2024 Receivables/ Payables/ Receivables/ Payables/ In EUR thousandassets liabilities assets liabilities Awilco LNG Technical Management AS 234 -152- Havfram Fleet Management AS 261 -402- Total495-554-",
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"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__98": {
"value": "NOTE 21 SUBSIDIARIES The consolidated financial statements include the financial statements of Integrated Wind Solutions ASA and its subsidiaries listed in the tables below. Companies owned by Integrated Wind Solutions ASA Ownership/ Company Country Date of acquisition Nature of business voting rights 1)IWS Fleet ASNorway 23 July 2020 Commercial- and technical 74.62% management 2)IWS Services A/SDenmark 29 June 2021 Consulting and advisory services 100% Companies owned by IWS Fleet AS Ownership/ Company Country Date of acquisition Nature of business voting rights Awind 1 AS Norway 25 January 2021 Vessel owner 100% Awind 2 AS Norway 25 January 2021 Vessel owner 100% Awind 3 AS Norway 25 January 2021 Vessel owner 100% Awind 4 AS Norway 1 January 2021 Vessel owner 100% Awind 5 AS Norway 1 January 2021 Vessel owner 100% Awind 6 AS Norway 1 January 2021 Vessel owner 100% IWS Fleet Management AS Norway 30 April 2022 Technical management 100% Companies owned by IWS Services A/S Company Country Date of acquisition Nature of business Ownership IWS Services Inc. USA 17 September 2021 Consulting and advisory services 100% 3)Green Ducklings A/S Denmark 15 July 2021 Consulting and advisory services 82%3)Green Ducklings Limited UK 18 September 2023 Consulting and advisory services 82%4)ProCon Group ApS Denmark 17 September 2021 Holding company 75%4)ProCon Technic A/S Denmark 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy A/S Denmark 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Taiwan Co., Ltd Taiwan 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Ltd UK 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Sp. z o.o. Poland 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy GmbH Germany 17 September 2021 Electrical- and technical solutions 75%1) IWS\u2019s ownership decreased from 100% to 74.62% on 12 June 2024 when IWS and Sumitomo Corporation commenced astrategic partnership whereby Sumitomo Corporation invested EUR 60 million in IWS Fleet.2) IWS\u2019s ownership of IWS Services A/S increased from 97% to 100% on 20 December 2024 when IWS Services repurchasedshares owned by non-controlling interests.3) 18% of Green Ducklings A/S has been sold to members of Green Ducklings management.4) 100% of voting rights. Ownership reduced from 75% to 52.5% following the Hyndla transaction on 5 January 2026. See note22 for more information.All subsidiaries are included in the consolidated financial statement from their respective acquisition dates. There have been no changes to the ownership/voting rights since the date of acquisition, other than ProCon group companies, as described in Note 22. ",
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"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__97": {
"value": "NOTE 21 SUBSIDIARIES The consolidated financial statements include the financial statements of Integrated Wind Solutions ASA and its subsidiaries listed in the tables below. Companies owned by Integrated Wind Solutions ASA Ownership/ Company Country Date of acquisition Nature of business voting rights 1)IWS Fleet ASNorway 23 July 2020 Commercial- and technical 74.62% management 2)IWS Services A/SDenmark 29 June 2021 Consulting and advisory services 100% Companies owned by IWS Fleet AS Ownership/ Company Country Date of acquisition Nature of business voting rights Awind 1 AS Norway 25 January 2021 Vessel owner 100% Awind 2 AS Norway 25 January 2021 Vessel owner 100% Awind 3 AS Norway 25 January 2021 Vessel owner 100% Awind 4 AS Norway 1 January 2021 Vessel owner 100% Awind 5 AS Norway 1 January 2021 Vessel owner 100% Awind 6 AS Norway 1 January 2021 Vessel owner 100% IWS Fleet Management AS Norway 30 April 2022 Technical management 100% Companies owned by IWS Services A/S Company Country Date of acquisition Nature of business Ownership IWS Services Inc. USA 17 September 2021 Consulting and advisory services 100% 3)Green Ducklings A/S Denmark 15 July 2021 Consulting and advisory services 82%3)Green Ducklings Limited UK 18 September 2023 Consulting and advisory services 82%4)ProCon Group ApS Denmark 17 September 2021 Holding company 75%4)ProCon Technic A/S Denmark 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy A/S Denmark 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Taiwan Co., Ltd Taiwan 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Ltd UK 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Sp. z o.o. Poland 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy GmbH Germany 17 September 2021 Electrical- and technical solutions 75%1) IWS\u2019s ownership decreased from 100% to 74.62% on 12 June 2024 when IWS and Sumitomo Corporation commenced astrategic partnership whereby Sumitomo Corporation invested EUR 60 million in IWS Fleet.2) IWS\u2019s ownership of IWS Services A/S increased from 97% to 100% on 20 December 2024 when IWS Services repurchasedshares owned by non-controlling interests.3) 18% of Green Ducklings A/S has been sold to members of Green Ducklings management.4) 100% of voting rights. Ownership reduced from 75% to 52.5% following the Hyndla transaction on 5 January 2026. See note22 for more information.All subsidiaries are included in the consolidated financial statement from their respective acquisition dates. There have been no changes to the ownership/voting rights since the date of acquisition, other than ProCon group companies, as described in Note 22. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s8__6__99": {
"value": "NOTE 22 EVENTS AFTER THE REPORTING DATEDividend Policy The Board of Directors has approved a dividend policy for the Company. IWS\u2019s objective is to provide shareholders with a competitive return over time through a combination of increasing value of the IWS share and regular distributions to the shareholders. The Company\u2019s ambition is to distribute a minimum of 50% of annual net profit as dividends over time, subject to market conditions and investment opportunities. Subject to the continuing authorisations of the Annual General Meetings: \u2022 Ordinary dividends will be paid quarterly\u2022 Extraordinary dividends will be assessed and paidannually in Q1 when the Company has excesscapital beyond what is needed to support itsstrategy and financial flexibility\u2022 Share buybacks may be initiated, at any time, as analternative or supplement to cash dividendsThe full dividend policy can be found on the Company\u2019s website. Dividend Payment in Q1 A cash dividend of NOK 3.00 per share was declared on 24 February 2026 and paid on 11 March 2026, consisting of an ordinary quarterly dividend of NOK 1.00 per share and an extraordinary dividend of NOK 2.00 per share. The dividend is in accordance with the authorisation provided by the annual general meeting held on 27 May 2025. IWS Services ProCon Group ApS completed an all-share merger with Hyndla AS on 5 January 2026, creating a premier integrated partner in the global offshore wind supply chain. This strategic combination brings together ProCon\u2019s expertise in electrical outfitting and installation with Hyndla\u2019s specialised engineering capabilities in Low Voltage (\u201cLV\u201d) electrical systems and High Voltage (\u201cHV\u201d) cable management structures. The parent company will continue to operate under the ProCon brand. After the completion of the transaction, IWS Services owns 52.5% of the combined entity and 100% of the voting shares. The merged business has signed new contracts totalling more than EUR 20 million after the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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}
}