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"ifrs-full:Equity", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:USD" } }, "f-278": { "value": "-357700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-279": { "value": "440800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-280": { "value": "1284000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-281": { "value": "
1.1
Corporate
Information
The financial statements of AutoStore Holdings Ltd. and its
subsidiaries (\u201cAutoStore group\u201d, \u201cthe company\u201d or \u201cthe group\u201d) for
the period ended December 31, 2025, were authorized for issue by
the Board of Directors on April 22, 2026. AutoStore Holdings Ltd.
has shares traded on the Oslo Stock Exchange, with the ticker
symbol AUTO. The company\u2019s registered office is located at Park
Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda.
The group\u2019s corporate headquarters is located at
Stokkastrandvegen 85, 5578 Nedre Vats, Norway.
The AutoStore group is an innovative robotic and software
technology provider and a pioneer of cube storage automation.
Operating at the forefront of the rapidly growing cube storage
segment, the group develops future-ready warehouse solutions that
maximize space efficiency and throughput while significantly
reducing labor and energy costs. Through continuous innovation,
AutoStore enables customers to build more efficient, sustainable,
and scalable logistics operations.
As the parent company is incorporated in Bermuda, the Financial
Supervisory Authority of Norway (Finanstilsynet) has granted
AutoStore group an exemption from including the separate
financial statements of AutoStore Holdings Ltd. as part of the
annual report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-282": { "value": "Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-283": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-284": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-285": { "value": "The AutoStore group is an innovative robotic and software technology provider and a pioneer of cube storage automation.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-286": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-289": { "value": "
1.2
Basis of
Preparation
The consolidated financial statements are prepared in accordance
with IFRS Accounting Standards as adopted by the European Union
(\u201cEU\u201d), herein referred to as \u201cIFRS\u201d, and additional requirements in
the Norwegian Securities Trading Act. The financial statements are
prepared based on the going concern assumption.
All figures are presented in millions (000,000), except when
otherwise indicated. In the statement of comprehensive income/
(loss), income/gains are presented as positive amounts and
expenses/costs are presented as negative amounts. In the notes,
both income and expenses are presented as positive numbers,
except for note 2.2, which is presented the same way as in the
statement of comprehensive income/(loss).
AutoStore has selected a presentation in which the description of
accounting policies, as well as estimates, assumptions, and
judgmental considerations, are disclosed in the notes to which the
policies relate.
Presentation and functional currency
The consolidated financial statements are presented in US Dollars
(USD), while the functional currency of the parent company and
some of the largest subsidiaries are in Norwegian kroner (NOK).
Functional currency in each entity of the AutoStore group is
determined based on the primary economic environment in which
the entity operates, i.e. normally the one in which the entity
primarily generates and expends cash. When the factors or
indicators are mixed and the functional currency is not obvious,
management uses its judgment to determine the functional currency
that most faithfully represents the economic effects of the
underlying transactions, events, and conditions. As part of this
approach, management has given priority to the primary indicators
before considering the other indicators, which are designed to
provide additional supporting evidence to determine an entity\u2019s
functional currency.
Climate change
In preparing the consolidated financial statements for the year
ended December 31, 2025, the group has considered the potential
impact of climate risk. Management has specifically considered
how the current valuation of assets and liabilities may be impacted
by risks related to climate change, resource use, carbon footprint,
and circular economy, as well as the group\u2019s plans to mitigate
those risk factors. The assessed climate-related risks included both
physical and transition risks.
As of December 31, 2025, AutoStore has not identified any material
climate-related physical risks for the group\u2019s operations and value
chain arising from exposure to chronic or acute climate-related
hazards.
Among the assessed transition risks related to the group\u2019s
operations and value chain were regulatory, technological, market,
and reputational risks. AutoStore is monitoring several scenarios
that may result in increased risks in the long-term perspective, and
will assess these scenarios further in 2026. Especially, the group\u2019s
assessments have considered the following risks:
\u2013 Heightened stakeholder expectations and the absence of
measurable commitments like decarbonization and transition
plans
\u2013 Higher prices for emission-intensive products due to carbon
pricing mechanisms
\u2013 Environmental regulations related to resource use and
operational circularity, particularly the use of virgin/non-
recycled materials
1.2
Basis of
Preparation
As of December 31, 2025, the identified climate-related risks are not
expected to have a significant impact on the group's assets or
liabilities. However, management will continue to monitor and
assess the actual and potential effects of climate-related risks going
forward, including plans to mitigate these. Although the financial
impact and likelihood of occurrence are considered low in the short-
term perspective, the associated financial risks could become higher
in the medium to long-term perspective without proactive
measures.
In arriving at this conclusion, the group has reviewed each line item
(and related estimates) in the statement of financial position and
identified those line items that could potentially be significantly
impacted by climate-related risks, including the group\u2019s plans to
mitigate those risks. The line items have been mapped and
compared against the climate-related risks identified through the
overall enterprise risk assessment process. Those line items that
have the potential to be significantly impacted are those taking into
consideration forward-looking information.
Such items have been reviewed in detail to confirm:
\u2013 That the projected cash flows and growth rate used for
goodwill impairment assessments are consistent with the
climate-related risk assumptions described above and the
actions that are planned to mitigate against those risks
\u2013 Useful life of intangible assets is appropriate given the risk of
future regulation, taxes, increased carbon prices, or change in
consumer behavior, potentially requiring AutoStore to change
the development and production process (e.g. introduction of
recycled plastic and increased use of other recycled materials
in the production process)
Business impact of global conflicts
Geopolitical tensions, armed conflicts, and evolving trade policies
continue to create uncertainty for global markets and supply
chains. Russia\u2019s invasion of Ukraine continues to contribute to
geopolitical and macroeconomic volatility. In addition, escalating
tensions in the Middle East, including developments involving Iran
and the U.S., may increase uncertainty in global energy markets
and international shipping. AutoStore also continues to monitor
developments related to U.S. tariffs and other potential trade
restrictions. These developments could lead to increased
transportation and input costs, disruptions to supply chains, and
broader macroeconomic uncertainty that may impact the
company\u2019s operations and demand for its products.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-288": { "value": "
1.2
Basis of
Preparation
The consolidated financial statements are prepared in accordance
with IFRS Accounting Standards as adopted by the European Union
(\u201cEU\u201d), herein referred to as \u201cIFRS\u201d, and additional requirements in
the Norwegian Securities Trading Act. The financial statements are
prepared based on the going concern assumption.
All figures are presented in millions (000,000), except when
otherwise indicated. In the statement of comprehensive income/
(loss), income/gains are presented as positive amounts and
expenses/costs are presented as negative amounts. In the notes,
both income and expenses are presented as positive numbers,
except for note 2.2, which is presented the same way as in the
statement of comprehensive income/(loss).
AutoStore has selected a presentation in which the description of
accounting policies, as well as estimates, assumptions, and
judgmental considerations, are disclosed in the notes to which the
policies relate.
Presentation and functional currency
The consolidated financial statements are presented in US Dollars
(USD), while the functional currency of the parent company and
some of the largest subsidiaries are in Norwegian kroner (NOK).
Functional currency in each entity of the AutoStore group is
determined based on the primary economic environment in which
the entity operates, i.e. normally the one in which the entity
primarily generates and expends cash. When the factors or
indicators are mixed and the functional currency is not obvious,
management uses its judgment to determine the functional currency
that most faithfully represents the economic effects of the
underlying transactions, events, and conditions. As part of this
approach, management has given priority to the primary indicators
before considering the other indicators, which are designed to
provide additional supporting evidence to determine an entity\u2019s
functional currency.
Climate change
In preparing the consolidated financial statements for the year
ended December 31, 2025, the group has considered the potential
impact of climate risk. Management has specifically considered
how the current valuation of assets and liabilities may be impacted
by risks related to climate change, resource use, carbon footprint,
and circular economy, as well as the group\u2019s plans to mitigate
those risk factors. The assessed climate-related risks included both
physical and transition risks.
As of December 31, 2025, AutoStore has not identified any material
climate-related physical risks for the group\u2019s operations and value
chain arising from exposure to chronic or acute climate-related
hazards.
Among the assessed transition risks related to the group\u2019s
operations and value chain were regulatory, technological, market,
and reputational risks. AutoStore is monitoring several scenarios
that may result in increased risks in the long-term perspective, and
will assess these scenarios further in 2026. Especially, the group\u2019s
assessments have considered the following risks:
\u2013 Heightened stakeholder expectations and the absence of
measurable commitments like decarbonization and transition
plans
\u2013 Higher prices for emission-intensive products due to carbon
pricing mechanisms
\u2013 Environmental regulations related to resource use and
operational circularity, particularly the use of virgin/non-
recycled materials
1.2
Basis of
Preparation
As of December 31, 2025, the identified climate-related risks are not
expected to have a significant impact on the group's assets or
liabilities. However, management will continue to monitor and
assess the actual and potential effects of climate-related risks going
forward, including plans to mitigate these. Although the financial
impact and likelihood of occurrence are considered low in the short-
term perspective, the associated financial risks could become higher
in the medium to long-term perspective without proactive
measures.
In arriving at this conclusion, the group has reviewed each line item
(and related estimates) in the statement of financial position and
identified those line items that could potentially be significantly
impacted by climate-related risks, including the group\u2019s plans to
mitigate those risks. The line items have been mapped and
compared against the climate-related risks identified through the
overall enterprise risk assessment process. Those line items that
have the potential to be significantly impacted are those taking into
consideration forward-looking information.
Such items have been reviewed in detail to confirm:
\u2013 That the projected cash flows and growth rate used for
goodwill impairment assessments are consistent with the
climate-related risk assumptions described above and the
actions that are planned to mitigate against those risks
\u2013 Useful life of intangible assets is appropriate given the risk of
future regulation, taxes, increased carbon prices, or change in
consumer behavior, potentially requiring AutoStore to change
the development and production process (e.g. introduction of
recycled plastic and increased use of other recycled materials
in the production process)
Business impact of global conflicts
Geopolitical tensions, armed conflicts, and evolving trade policies
continue to create uncertainty for global markets and supply
chains. Russia\u2019s invasion of Ukraine continues to contribute to
geopolitical and macroeconomic volatility. In addition, escalating
tensions in the Middle East, including developments involving Iran
and the U.S., may increase uncertainty in global energy markets
and international shipping. AutoStore also continues to monitor
developments related to U.S. tariffs and other potential trade
restrictions. These developments could lead to increased
transportation and input costs, disruptions to supply chains, and
broader macroeconomic uncertainty that may impact the
company\u2019s operations and demand for its products.", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-287": { "value": "
1.2
Basis of
Preparation
The consolidated financial statements are prepared in accordance
with IFRS Accounting Standards as adopted by the European Union
(\u201cEU\u201d), herein referred to as \u201cIFRS\u201d, and additional requirements in
the Norwegian Securities Trading Act. The financial statements are
prepared based on the going concern assumption.
All figures are presented in millions (000,000), except when
otherwise indicated. In the statement of comprehensive income/
(loss), income/gains are presented as positive amounts and
expenses/costs are presented as negative amounts. In the notes,
both income and expenses are presented as positive numbers,
except for note 2.2, which is presented the same way as in the
statement of comprehensive income/(loss).
AutoStore has selected a presentation in which the description of
accounting policies, as well as estimates, assumptions, and
judgmental considerations, are disclosed in the notes to which the
policies relate.
Presentation and functional currency
The consolidated financial statements are presented in US Dollars
(USD), while the functional currency of the parent company and
some of the largest subsidiaries are in Norwegian kroner (NOK).
Functional currency in each entity of the AutoStore group is
determined based on the primary economic environment in which
the entity operates, i.e. normally the one in which the entity
primarily generates and expends cash. When the factors or
indicators are mixed and the functional currency is not obvious,
management uses its judgment to determine the functional currency
that most faithfully represents the economic effects of the
underlying transactions, events, and conditions. As part of this
approach, management has given priority to the primary indicators
before considering the other indicators, which are designed to
provide additional supporting evidence to determine an entity\u2019s
functional currency.
Climate change
In preparing the consolidated financial statements for the year
ended December 31, 2025, the group has considered the potential
impact of climate risk. Management has specifically considered
how the current valuation of assets and liabilities may be impacted
by risks related to climate change, resource use, carbon footprint,
and circular economy, as well as the group\u2019s plans to mitigate
those risk factors. The assessed climate-related risks included both
physical and transition risks.
As of December 31, 2025, AutoStore has not identified any material
climate-related physical risks for the group\u2019s operations and value
chain arising from exposure to chronic or acute climate-related
hazards.
Among the assessed transition risks related to the group\u2019s
operations and value chain were regulatory, technological, market,
and reputational risks. AutoStore is monitoring several scenarios
that may result in increased risks in the long-term perspective, and
will assess these scenarios further in 2026. Especially, the group\u2019s
assessments have considered the following risks:
\u2013 Heightened stakeholder expectations and the absence of
measurable commitments like decarbonization and transition
plans
\u2013 Higher prices for emission-intensive products due to carbon
pricing mechanisms
\u2013 Environmental regulations related to resource use and
operational circularity, particularly the use of virgin/non-
recycled materials
1.2
Basis of
Preparation
As of December 31, 2025, the identified climate-related risks are not
expected to have a significant impact on the group's assets or
liabilities. However, management will continue to monitor and
assess the actual and potential effects of climate-related risks going
forward, including plans to mitigate these. Although the financial
impact and likelihood of occurrence are considered low in the short-
term perspective, the associated financial risks could become higher
in the medium to long-term perspective without proactive
measures.
In arriving at this conclusion, the group has reviewed each line item
(and related estimates) in the statement of financial position and
identified those line items that could potentially be significantly
impacted by climate-related risks, including the group\u2019s plans to
mitigate those risks. The line items have been mapped and
compared against the climate-related risks identified through the
overall enterprise risk assessment process. Those line items that
have the potential to be significantly impacted are those taking into
consideration forward-looking information.
Such items have been reviewed in detail to confirm:
\u2013 That the projected cash flows and growth rate used for
goodwill impairment assessments are consistent with the
climate-related risk assumptions described above and the
actions that are planned to mitigate against those risks
\u2013 Useful life of intangible assets is appropriate given the risk of
future regulation, taxes, increased carbon prices, or change in
consumer behavior, potentially requiring AutoStore to change
the development and production process (e.g. introduction of
recycled plastic and increased use of other recycled materials
in the production process)
Business impact of global conflicts
Geopolitical tensions, armed conflicts, and evolving trade policies
continue to create uncertainty for global markets and supply
chains. Russia\u2019s invasion of Ukraine continues to contribute to
geopolitical and macroeconomic volatility. In addition, escalating
tensions in the Middle East, including developments involving Iran
and the U.S., may increase uncertainty in global energy markets
and international shipping. AutoStore also continues to monitor
developments related to U.S. tariffs and other potential trade
restrictions. These developments could lead to increased
transportation and input costs, disruptions to supply chains, and
broader macroeconomic uncertainty that may impact the
company\u2019s operations and demand for its products.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-290": { "value": "
The consolidated financial statements are presented in US Dollars
(USD), while the functional currency of the parent company and
some of the largest subsidiaries are in Norwegian kroner (NOK).
Functional currency in each entity of the AutoStore group is
determined based on the primary economic environment in which
the entity operates, i.e. normally the one in which the entity
primarily generates and expends cash. When the factors or
indicators are mixed and the functional currency is not obvious,
management uses its judgment to determine the functional currency
that most faithfully represents the economic effects of the
underlying transactions, events, and conditions. As part of this
approach, management has given priority to the primary indicators
before considering the other indicators, which are designed to
provide additional supporting evidence to determine an entity\u2019s
functional currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-291": { "value": "
1.3
New and
Amended
Standards and
Interpretations
New and amended standards adopted by the group
Below is a list of the amended standards that applied for the first
time in 2025, but did not have any material impact on the
consolidated financial statements of 2025:
\u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability
Standards issued but not yet effective
The group has not early adopted any accounting standard,
interpretation, or amendment that has been issued but is not yet
effective. The group intends to adopt new and amended standards
and interpretations, if relevant, when they become effective.
\u2013 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements.
IFRS 18 will replace IAS 1 Presentation of Financial Statements
and applies for annual periods beginning on or after January 1,
2027. The new standard introduces the requirement to classify
all income and expenses into five categories in the statement
of profit or loss (operating, investing, financing, discontinued
operations, and income tax), management-defined
performance measures (MPMs) to be disclosed in the notes to
the financial statements, and enhanced guidance on how to
group information in the financial statements. In addition, all
entities are required to use the operating profit sub-total as
the starting point for the statement of cash flows when using
the indirect method
The group is still in the process of assessing the impact of the new
standard, particularly with respect to the structure of the group\u2019s
statement of profit or loss and the statement of cash flows and the
additional disclosures required for MPMs.
The following new and amended standards are not yet effective.
The group does not expect any significant effects related to
upcoming standards and amendments.
\u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and
Measurement of Financial Instruments
\u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing
Nature-dependent Electricity
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-292": { "value": "
1.4
Significant
Judgments,
Estimates and
Assumptions
The preparation of the consolidated financial statements in
accordance with IFRS and applying the chosen accounting policies
requires management to make judgments, estimates, and
assumptions that affect the reported amounts of assets, liabilities,
revenues, and expenses. Actual results may differ from these
estimates. The estimates and the underlying assumptions are
reviewed on an ongoing basis.
The accounting policies applied by management, which include a
significant degree of estimates and assumptions or judgments that
may have the most significant effect on the amounts recognized in
the financial statements, are summarized below:
Estimates and assumptions:
\u2013 Useful lives of intangible assets (note 3.4)
\u2013 Impairment testing of value in use (note 3.5)
\u2013 Valuation of share-based payments (note 7.4)
Accounting judgments:
\u2013 Capitalization of development costs (note 3.4)
\u2013 Determination of functional currency (note 1.2)
\u2013 Determination of performance obligations (note 2.1)
A detailed description of the significant accounting estimates and
judgments is included in the individual note where applicable.
Significant accounting estimates and assumptions
Impairment testing of goodwill, trademarks, and internal
development projects in progress
The calculation of value in use for the AutoStore system CGU is
most sensitive to the following assumptions:
\u2013 Compound annual growth rate (CAGR) of sales in the forecast
period
\u2013 Operating cash flow margin
\u2013 Pre-tax discount rate
\u2013 Terminal growth rate
CAGR of sales in the forecast period
The expected growth in operating revenues is based on the
expected growth in the industry and the group\u2019s market share. The
growth forecast is based on management\u2019s expectations of future
conditions in the markets, including the entry of new participants to
the market.
Operating cash flow margin
The operating cash flow margin is determined based on an analysis
of historical levels of revenues, cost of materials, and operating
expenses, while forward-looking estimates are derived using
scenario-weighted assumptions for these profit and loss/cash flow
measures.
Pre-tax discount rate
The pre-tax discount rate, which is set to 12.1% as of December 31,
2025 (11.9% 2024), reflects the current market assessment of the
risks specific to the CGU. The pre-tax discount rate for the group
is estimated based on the weighted average cost of capital
(WACC).
Terminal growth rate
The terminal growth rate, which is set to 2.0% as of December 31,
2025 (2.0% 2024), is the estimated long-term rate of growth in the
economy where the business operates, aligned with long-term
global inflation targets.
Climate-related matters
AutoStore constantly monitors the latest government regulations
concerning climate-related matters. As of December 31, 2025, no
regulation has been passed that is expected to materially impact
the group. The group will adjust the key assumptions used in value
in use calculations and sensitivity to changes in assumptions
should a change be required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-294": { "value": "
2.1
Revenue
The principal business activities of the group are to develop and
manufacture an automated warehouse system based on robotics,
referred to as \u201cthe AutoStore system\u201d. The AutoStore system has a
variety of applications, and the modularity creates high flexibility
and eliminates most limitations to scalability. The AutoStore system
is distributed and sold through distribution partners, where the
distribution partners are the AutoStore group\u2019s customers. The
distribution partners are responsible for the installation of the
system and any subsequent service to the end-user of the
AutoStore system.
The group has opted to present revenue and other operating
income combined in the consolidated statement of comprehensive
income, as other operating income is not material.
Accounting policies
Revenue from contracts with customers \u2013 IFRS 15
Significant accounting judgments
The group\u2019s revenue from contracts with customers, hereunder its
distribution partners, relates to sales of modules and components of
the AutoStore system and related services connected to the
AutoStore system. The group has applied significant judgment in the
determination of performance obligations within contracts and has
evaluated that each component of the AutoStore system represents
distinct performance obligations and should be accounted for
separately.
Revenue streams
AutoStore system
The AutoStore system consists of different modules for warehouse
storage and handling. The AutoStore system includes, but is not
limited to: Grid, Bin, Port, Robot, AutoStore Control System, and
spare parts, referred to as components of the AutoStore system.
Revenue from components of the AutoStore system is recognized
at a point in time when the distribution partner obtains control over
the components, which is generally upon shipment.
The AutoStore Control System consists of technical equipment
with an integrated on-premise software license. The group may
also provide upgrades and maintenance of the AutoStore Control
System component. Revenue from maintenance and upgrades is
recognized over time on a monthly basis over the subscription
license period. The group\u2019s contract liabilities related to upgrades
and maintenance of the AutoStore Control System is presented
under the line \u201cother current liabilities\u201d in the financial position.
The AutoStore group generally acts as a principal. For freight or
shipment of components of the AutoStore system (freight
element), the group acts as an agent in these transactions, as the
nature of the group\u2019s promise is to arrange for the shipping service
on behalf of the distribution partner. Revenue for the shipping
service is recognized at a point in time when the shipping service is
arranged on a net basis (sales freight income less sales freight
expense).
As most of AutoStore\u2019s revenues are recognized and invoiced upon
shipment, the group does not have any significant contract
balances except for trade receivables. The group presents its trade
receivables arising from contracts with customers separately from
other receivables. Accounting policies for trade receivables are
presented in note 2.6.
2.1
Revenue
Warranties
AutoStore typically provides warranties for general repairs of
defects that existed at the time of sale, as required by law. These
assurance-type warranties are accounted for under IAS 37
Provisions, Contingent Liabilities and Contingent Assets. Reference
is made to note 7.1.
Variable consideration
To estimate the variable consideration for discounts, the group
applies the expected value method. The group then applies the
requirements on constraining estimates of variable consideration
and recognizes a refund liability for the discounts.
Rendering of services
Rendering of services consists of services related to the AutoStore
system, such as installation, maintenance, and training of personnel,
in connection with the delivery of components of the AutoStore
system. These services are treated as separate performance
obligations because AutoStore will only provide these services upon
request by the distribution partner, and they are not obligated to
provide the services to fulfill the promises to the end-user. Revenue
from rendering services is recognized as the services are performed.
Remaining performance obligations
The group applies the practical expedient of IFRS 15.121 and does
not disclose information about remaining performance obligations
(RPOs) when the expected duration of the contract is twelve months
or less. As of December 31, 2025, the anticipated amount and date
on which RPOs, with an expected duration over twelve months, will
be recognized as income is USD 31.6 million in 2027. As of
December 31, 2024, the amount was USD 18.6 million in 2026.
Revenue from leases \u2013 IFRS 16
Lease revenue comprises revenue arising from lease contracts
within the scope of IFRS 16 with AutoStore as a lessor. This
includes, but is not limited to, the offering under AutoStore-as-a-
Service. AutoStore accounts for lease revenue when contracts
contain identifiable lease components that are separate from
elements of a contracts within the scope of IFRS 15, and such
amounts are excluded from revenue recognized under IFRS 15.
Such lease revenue is presented under the same line item as IFRS
15 revenue \u2013 \u201cRevenue and other operating income\u201d.
Lease revenue from contracts classified as operating leases is
recognized on a straight-line basis over the lease term starting at
the time the AutoStore system is deployed at the distribution
partner\u2019s customer\u2019s (end-user) site.
Lease contracts classified as finance leases are recognized at the
commencement date as a receivable measured at the net
investment in the lease. Interest income is recognized over the
lease term using the effective interest method and is presented as
lease revenue. As of December 31, 2025, no contract sold fall under
the definition of finance lease under IFRS 16.
AutoStore\u2019s revenue from leases is still immaterial compared to
revenue under the regular CAPEX model (accounted for under IFRS
15). In the table below, revenue from leases have been included in
the lines \u201csale of AutoStore system\u201d and \u201cgoods and services
transferred over time\u201d in respective tables.
2.1
Revenue
Disaggregated revenue information
The group\u2019s revenue has been disaggregated and is presented in the tables below:
USD million
2025
2024
Major products and services
Sale of AutoStore system
540.8
601.8
Rendering of services
0.2
0.5
Total revenue\u00b9
541.0
602.3
Geographic information
Norway
16.3
12.9
Germany
99.1
134.5
Europe, excl. Norway and Germany
246.0
232.6
U.S.
124.8
131.2
Asia
21.2
37.3
Other
33.5
53.8
Total revenue\u00b9
541.0
602.3
Timing of revenue recognition
Goods transferred at a point in time
497.2
576.9
Goods and sevices transferred over time
43.8
25.3
Total revenue\u00b9
541.0
602.3
Other operating income
-2.4
-0.9
Total revenue and other operating income
538.6
601.4
1\u00a0 Excluding other operating income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-293": { "value": "
2.1
Revenue
The principal business activities of the group are to develop and
manufacture an automated warehouse system based on robotics,
referred to as \u201cthe AutoStore system\u201d. The AutoStore system has a
variety of applications, and the modularity creates high flexibility
and eliminates most limitations to scalability. The AutoStore system
is distributed and sold through distribution partners, where the
distribution partners are the AutoStore group\u2019s customers. The
distribution partners are responsible for the installation of the
system and any subsequent service to the end-user of the
AutoStore system.
The group has opted to present revenue and other operating
income combined in the consolidated statement of comprehensive
income, as other operating income is not material.
Accounting policies
Revenue from contracts with customers \u2013 IFRS 15
Significant accounting judgments
The group\u2019s revenue from contracts with customers, hereunder its
distribution partners, relates to sales of modules and components of
the AutoStore system and related services connected to the
AutoStore system. The group has applied significant judgment in the
determination of performance obligations within contracts and has
evaluated that each component of the AutoStore system represents
distinct performance obligations and should be accounted for
separately.
Revenue streams
AutoStore system
The AutoStore system consists of different modules for warehouse
storage and handling. The AutoStore system includes, but is not
limited to: Grid, Bin, Port, Robot, AutoStore Control System, and
spare parts, referred to as components of the AutoStore system.
Revenue from components of the AutoStore system is recognized
at a point in time when the distribution partner obtains control over
the components, which is generally upon shipment.
The AutoStore Control System consists of technical equipment
with an integrated on-premise software license. The group may
also provide upgrades and maintenance of the AutoStore Control
System component. Revenue from maintenance and upgrades is
recognized over time on a monthly basis over the subscription
license period. The group\u2019s contract liabilities related to upgrades
and maintenance of the AutoStore Control System is presented
under the line \u201cother current liabilities\u201d in the financial position.
The AutoStore group generally acts as a principal. For freight or
shipment of components of the AutoStore system (freight
element), the group acts as an agent in these transactions, as the
nature of the group\u2019s promise is to arrange for the shipping service
on behalf of the distribution partner. Revenue for the shipping
service is recognized at a point in time when the shipping service is
arranged on a net basis (sales freight income less sales freight
expense).
As most of AutoStore\u2019s revenues are recognized and invoiced upon
shipment, the group does not have any significant contract
balances except for trade receivables. The group presents its trade
receivables arising from contracts with customers separately from
other receivables. Accounting policies for trade receivables are
presented in note 2.6.
2.1
Revenue
Warranties
AutoStore typically provides warranties for general repairs of
defects that existed at the time of sale, as required by law. These
assurance-type warranties are accounted for under IAS 37
Provisions, Contingent Liabilities and Contingent Assets. Reference
is made to note 7.1.
Variable consideration
To estimate the variable consideration for discounts, the group
applies the expected value method. The group then applies the
requirements on constraining estimates of variable consideration
and recognizes a refund liability for the discounts.
Rendering of services
Rendering of services consists of services related to the AutoStore
system, such as installation, maintenance, and training of personnel,
in connection with the delivery of components of the AutoStore
system. These services are treated as separate performance
obligations because AutoStore will only provide these services upon
request by the distribution partner, and they are not obligated to
provide the services to fulfill the promises to the end-user. Revenue
from rendering services is recognized as the services are performed.
Remaining performance obligations
The group applies the practical expedient of IFRS 15.121 and does
not disclose information about remaining performance obligations
(RPOs) when the expected duration of the contract is twelve months
or less. As of December 31, 2025, the anticipated amount and date
on which RPOs, with an expected duration over twelve months, will
be recognized as income is USD 31.6 million in 2027. As of
December 31, 2024, the amount was USD 18.6 million in 2026.
Revenue from leases \u2013 IFRS 16
Lease revenue comprises revenue arising from lease contracts
within the scope of IFRS 16 with AutoStore as a lessor. This
includes, but is not limited to, the offering under AutoStore-as-a-
Service. AutoStore accounts for lease revenue when contracts
contain identifiable lease components that are separate from
elements of a contracts within the scope of IFRS 15, and such
amounts are excluded from revenue recognized under IFRS 15.
Such lease revenue is presented under the same line item as IFRS
15 revenue \u2013 \u201cRevenue and other operating income\u201d.
Lease revenue from contracts classified as operating leases is
recognized on a straight-line basis over the lease term starting at
the time the AutoStore system is deployed at the distribution
partner\u2019s customer\u2019s (end-user) site.
Lease contracts classified as finance leases are recognized at the
commencement date as a receivable measured at the net
investment in the lease. Interest income is recognized over the
lease term using the effective interest method and is presented as
lease revenue. As of December 31, 2025, no contract sold fall under
the definition of finance lease under IFRS 16.
AutoStore\u2019s revenue from leases is still immaterial compared to
revenue under the regular CAPEX model (accounted for under IFRS
15). In the table below, revenue from leases have been included in
the lines \u201csale of AutoStore system\u201d and \u201cgoods and services
transferred over time\u201d in respective tables.
2.1
Revenue
Disaggregated revenue information
The group\u2019s revenue has been disaggregated and is presented in the tables below:
USD million
2025
2024
Major products and services
Sale of AutoStore system
540.8
601.8
Rendering of services
0.2
0.5
Total revenue\u00b9
541.0
602.3
Geographic information
Norway
16.3
12.9
Germany
99.1
134.5
Europe, excl. Norway and Germany
246.0
232.6
U.S.
124.8
131.2
Asia
21.2
37.3
Other
33.5
53.8
Total revenue\u00b9
541.0
602.3
Timing of revenue recognition
Goods transferred at a point in time
497.2
576.9
Goods and sevices transferred over time
43.8
25.3
Total revenue\u00b9
541.0
602.3
Other operating income
-2.4
-0.9
Total revenue and other operating income
538.6
601.4
1\u00a0 Excluding other operating income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-296": { "value": "
Accounting policies
Revenue from contracts with customers \u2013 IFRS 15
Significant accounting judgments
The group\u2019s revenue from contracts with customers, hereunder its
distribution partners, relates to sales of modules and components of
the AutoStore system and related services connected to the
AutoStore system. The group has applied significant judgment in the
determination of performance obligations within contracts and has
evaluated that each component of the AutoStore system represents
distinct performance obligations and should be accounted for
separately.
Employee benefit expenses comprise all types of remuneration to all
employees of the group (i.e. full-time, part-time, permanent, casual
or temporary staff, and directors and other management personnel)
and are expensed when earned.
Ordinary salaries can be both fixed pay and hourly wages and are
earned and paid periodically. Holiday pay is earned on the basis of
ordinary pay and is normally paid in the holiday months of the
following year. The employer\u2019s national insurance contribution
(social security) is calculated and expensed for all payroll-related
costs, including pensions. Pension contributions are earned on a
monthly basis. Other employee expenses consist of other benefits
such as insurance, cars, and telephones, and remuneration to the
Board of Directors.
Accounting Policies
Expected Credit Losses
AutoStore\u2019s customer base consists of several large customers.
The\u00a0group\u2019s historical defaults have been low. The group updates
its\u00a0provision matrix at each reporting date with the focus on the
forward-looking estimates of each customer. In determining the
forward-looking information, AutoStore considers factors that
impact the customer base the most, i.e. general trends and changes
in the economy, such as inflation/growth rates, unemployment
rates, interest rates, and FX rates. In addition, industry- or
geography-specific indicators that might have a significant impact
on inferring future default levels are considered.
As of December 31, 2025, historical losses are close to zero, and
there is no forward-looking information indicating that this will
change in the near future. The customer base remains unchanged
from previous periods and mainly consists of large companies.
2.6
Trade and
Other
Receivables
Accounting policies
Group as a lessee
At the lease commencement date, the group recognizes a lease
liability and corresponding right-of-use asset for all lease
agreements in which it is the lessee, except for short-term leases
(defined as 12 months or less) and low-value assets.
Measuring the lease liability
The lease liability is initially measured at the present value of the
lease payments for the right to use the underlying asset during the
lease term that is not paid at the commencement date. Lease
payments do not include variable lease payments and non-lease
components, such as payments related to maintenance activities,
including shared costs (e.g. cleaning of shared areas in the building).
The lease liability is subsequently measured by increasing the
carrying amount to reflect interest on the lease liability (effective
interest method), reducing the carrying amount to reflect the lease
payments made, and remeasuring the carrying amount to reflect
any reassessment or lease modifications or to reflect revised in-
substance fixed lease payments. Variable lease payments that are
not included in the lease liability are expensed in the period they
relate to.
AutoStore presents its lease liabilities as separate line items in the
consolidated statement of financial position. Cash flows related to
payments for the principal portion of the lease liability and interest
are classified within financing activities.
Measuring the right-of-use asset
The right-of-use asset is initially measured at cost. The cost of the
right-of-use asset includes the corresponding amount of the initial
measurement of the lease liability, any lease payments made at or
before the commencement date, and initial direct costs incurred.
The right-of-use asset is subsequently depreciated on a straight-
line basis over the lease term and assessed for impairment by
applying the same policies for impairment as for property, plant,
and equipment (note\u00a03.5).
Group as a lessor
The group enters into leases of AutoStore systems under the
AutoStore-as-a-Service model (see also note 2.1). These leases are
classified as operating or finance leases. Whenever the terms of the
lease transfer substantially all the risks and rewards of ownership
to the lessee, the contract is classified as a finance lease. All other
leases are classified as operating leases. As of December 31, 2025,
no lease agreements as part of AutoStore-as-a-Service fall under
the definition of finance lease under IFRS 16.
The group sub leases an office space under a finance lease with an
undiscounted receivable of USD 0.8 million and discounted finance
lease receivable of USD 0.6 million. The term is 6 years. There is no
impairment loss allowance related to the finance lease receivables
in 2025. Credit risk related to the sub lease agreement is
considered low. The effective interest rate is approximately 5.7%.
Recognized goodwill originates from the acquisition of AutoStore
by Thomas H. Lee Partners in 2019 and the acquisition of Locai in
2021. No additional goodwill was recognized during 2024 and 2025.
For the purpose of impairment testing of goodwill
AutoStore performed its annual impairment test for goodwill and
intangible assets with indefinite lives as of December 31, 2025, and
no impairment was recognized. The goodwill acquired in the
business combination of AutoStore by Thomas H. Lee Partners in
2019 and the acquisition of Locai in 2021 was, from the acquisition
date, allocated to the AutoStore system CGU. The key assumptions
used to determine the recoverable amount of the CGU are
disclosed in note 3.5.
Accounting policies
Significant accounting judgments
Capitalization of internal development costs
Development expenditures on an individual project, which
represent new applications/technology, are recognized as an
intangible asset when the group can demonstrate:
\u2013 The technical feasibility of completing the intangible asset so
that the asset will be available for use or sale
\u2013 Its intention to complete and its ability and intention to use or
sell the asset
\u2013 How the asset will generate future economic benefits
\u2013 The availability of resources to complete the asset
\u2013 The ability to measure reliably the expenditure during
development
Other costs are classified as research and are expensed as incurred.
Amortization of the capitalized asset begins when the asset is
available for its intended use and is amortized over the period of
expected future life. When an asset is available for its intended
use, it is reclassified from internal development to the respective
relevant asset class. Initial capitalization of direct costs is based on
management\u2019s judgment that technological and economic
feasibility is confirmed, usually when a product development
project has reached a defined milestone according to an
established project management model. In determining the
amounts to be capitalized, management makes assumptions
regarding the expected future cash generation of the project,
discount rates to be applied, and the expected period of benefits.
The assessment of when product development is capitalized is
highly subjective, as the outcome of these projects may be
uncertain.
Capitalized development is subject to impairment assessment with
references to note 3.5.
Significant accounting estimates and assumptions
Useful lives of intangibles
The useful lives of intangible assets are assessed as either finite or
indefinite, and may in some cases involve considerable judgment.
Intangible assets with indefinite useful lives are tested for
impairment at least annually. Intangible assets with finite useful
lives are amortized over their useful economic life and assessed
for impairment whenever AutoStore finds any indication that the
intangible asset may be impaired. The amortization period and the
amortization method for an intangible asset with a finite useful life
are reviewed at least at the end of each reporting period.
3.4
Other Intangible
Assets
Trademarks that have existed for a long period of time and have a
sound reputation at the time of acquisition are assessed by the
group as having an indefinite useful life, and are not amortized. Only
trademarks that are purchased through the acquisition of
companies are capitalized in the consolidated financial statements.
Reference is made to note 3.5 for impairment considerations and
annual testing of the group\u2019s intangible assets with indefinite useful
lives. No general indicators for impairment of intangible assets were
identified in the current or prior year.
The group\u2019s classification of intangible assets
Software and technology
The value of the group\u2019s intangible assets primarily relates to the
underlying robot/robot technology and the integrated software that
controls and optimizes the performance of every robot and moving
part of the system. The underlying base technology was recognized
through the acquisition of the AutoStore group by Thomas H. Lee
Partners in 2019. Base technology capitalized through the
acquisition is amortized over the expected useful life of 25 years.
New products and features being developed with shorter expected
useful lives using this base technology are generally amortized over
five years.
Internal development
The majority of the ongoing development activities relate to add-on
features and improvements to the base technology. Internally
developed assets are amortized from the time when the asset are
available for use, i.e. when it is in the location and condition
necessary for it to be capable of operating in the manner intended
by management and reclassified to software and technology.
Patents
The patents are intangible assets arising from legal rights.
AutoStore has patents related to IT/communication, Robots,
Ports, Grid, Bins, and system layout. Patents are amortized over
13-18 years, which is the period of the contractual or other legal
rights and the period (determined by economic factors) over
which the group expects to obtain economic benefits from the
asset.
Customer relationships
Customer relationships were recognized through the acquisition of
the AutoStore group in 2019, and represent the value of the
company\u2019s distributor relationships at the time of the acquisition.
Customer relationships are amortized on a straight-line basis over
five years, being the estimated useful life of benefit from the
acquisition date of customer relationships.
Trademarks
Trademarks were recognized through the acquisition of the
AutoStore group in 2019. Trademarks have an indefinite useful life
and are tested for impairment annually.
Accounting policies
AutoStore evaluates external and internal indications of impairment
for property, plant, and equipment (\u201cPP&E\u201d), right-of-use assets,
intangible assets, and goodwill at the reporting date. External
indicators AutoStore monitors include significant decline in asset
value, adverse changes in technological, market, economical or
legal environment, increased interest rates affecting the asset\u2019s
value, and carrying amounts exceeding market capitalization.
AutoStore also monitors internal indicators including physical
damage or obsolescence of the asset, significant adverse changes,
or worse economic performance affecting, or expected to affect,
the asset.
The group tests goodwill and trademarks with indefinite useful lives
(see notes 3.3 and 3.4) and internal development projects for
impairment annually, or more often when circumstances indicate
that the carrying value may be impaired.
Impairment assessment of PP&E, right-of-use assets, and
intangible assets with finite useful life
When reviewing for indication of impairment of PP&E, right-of-use
assets, and intangible assets with finite useful life, AutoStore
considers the relationship between the estimated market
capitalization of the group and its book value. In addition,
AutoStore considers factors such as industry growth, the impact of
general economic conditions, changes to the technological and
legal environment, and the group\u2019s market share and performance
compared to previous forecasts in this assessment, among other
factors.
The impairment of USD 0.9 million disclosed in the note on internal
development follows an assessment related to the decision to
close development projects and the ending of the B1 Robot
business line.
Impairment assessment of goodwill and intangible assets
with indefinite useful life
The group performs the impairment test of goodwill and assets
with indefinite useful life on December 31 or when circumstances
indicate that the carrying value may be impaired. No impairments
have been recognized to the AutoStore group\u2019s goodwill and
intangible assets with indefinite useful life on December 31, 2025.
AutoStore system - Cash-generating unit (\u201cCGU\u201d)
The group is being monitored as one unit by management and
operates as a separate business. Cash flows are reported in the
same format as in the quarterly and annual reports, on a group
level.
Following the acquisition by Thomas H. Lee Partners in July 2019
and the acquisition of Locai in 2021, the goodwill was allocated to
one CGU (the \u201cAutoStore system CGU\u201d). The group has
determined one operating segment, i.e. AutoStore system
according to IFRS 8 Operating Segments, which is the same level
as the CGU determined for the goodwill impairment test. The
AutoStore system is currently the smallest identifiable group of
assets that generates cash inflows to the group, and these are
largely independent of the cash inflows from other assets. As the
group\u2019s trademark is an intangible asset with an indefinite useful
life that does not generate largely independent cash inflows,
impairment is tested based on the AutoStore system CGU, and any
impairment is made proportionate to the asset\u2019s carrying amount.
3.5
Impairment
Considerations
Basis for determining the recoverable amount
The CGU\u2019s recoverable amount has been determined based on its
value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of
money and the risks specific to the asset. The cash flows are
derived from the detailed budget and forecast calculations for the
next three years approved by the Board of Directors of the group.
A\u00a0long-term growth rate is calculated and applied to project future
cash flows after the forecast period.
Classification of financial instruments
All of the group\u2019s financial assets and liabilities are classified at
amortized cost (see table below). Amortized cost is calculated by
taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR (the effective interest
rate method). The amortization is included as a finance expense in
the statement of comprehensive income.
Reference is made to note 2.6 for expected credit losses (ECLs) for
the group\u2019s trade receivables.
Net foreign exchange differences mainly relate to changes in
foreign exchange gain/(loss) on the group\u2019s interest-bearing
liabilities in currencies other than the functional currency (note 4.2).
Interest income and interest expense on interest-bearing liabilities
and receivables are calculated using the effective interest method.
Interest expense mainly relates to interest on the group\u2019s interest-
bearing liabilities (note 4.2).
Interest expense on lease liabilities relates mainly to office buildings
and production facilities in Norway, Poland, the U.S., and Thailand,
as well as vehicles. Interest expense on lease liabilities represents
the interest rate implicit in the lease, or the incremental borrowing
rate used to measure the lease liabilities recognized in the financial
position. For more information, reference is made to note 3.2.
Accounting policies
In determining fair value measurement, AutoStore uses valuation
techniques that are appropriate in the circumstances and for which
sufficient data is available to measure fair value, maximizing the use
of relevant observable inputs and minimizing the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed
in the financial statements are categorized within the fair value
hierarchy based on the lowest level input that is significant to the
fair value measurement as a whole.
Fair value disclosures
Management has assessed that the fair values of cash and short-
term deposits, trade and other receivables, trade payables, and
other current liabilities approximate their carrying amounts largely
due to the short-term maturities of these instruments and the
current risk-free interest rates.
Interest-bearing liabilities
The fair values of the group\u2019s interest-bearing liabilities (Facility B)
are determined by using the Discounted Cash Flow (DCF) method
using a discount rate that reflects the issuer\u2019s borrowing rate as of
the end of the reporting period. The fair values of the group\u2019s
interest-bearing liabilities (Facility B) are in most cases similar to the
carrying amount, as the interest rates are floating and the non-
performance risk as of December 31, 2025, was assessed to be
insignificant. The group\u2019s interest-bearing liabilities (Facility B) are
classified as Level 2 in the fair value hierarchy as the discount rate,
which is considered the lowest level input that is significant to the
fair value measurement, is composed of building blocks such as
market interest (e.g. SOFR) and credit spreads, which are either
directly or indirectly observable.
For the purpose of AutoStore\u2019s capital management, capital
includes issued capital and all other equity reserves attributable to
the equity holders of the parent. The primary objective of the
group\u2019s capital management is to ensure that it maintains healthy
working capital and financial stability to support its growing
business operations and maximize shareholder value.
The group manages its capital structure and makes adjustments in
light of changes in economic conditions. To maintain or adjust the
capital structure, the group may adjust the dividend payment to
shareholders, conduct share buy-backs, issue new shares, perform
prepayments of debt, or draw on short-term credit.
To achieve this overall objective, the group\u2019s capital management,
among other things, aims to ensure that it reinvests or returns
excess cash flows from operations that are not necessary to
maintain a healthy operating working capital to its investors. There
has been no breach of the financial covenants in the current or
previous periods. Reference is made to note 4.2.
Accounting policies
AutoStore classifies provisions in the following categories:
\u2013 Assurance-type warranties: A provision for expected warranty
claims on products sold during the year, based on experience
of the level of repairs and returns.
\u2013 Onerous shared cost: A provision for unfavorable terms
related to the service element (shared cost) in a lease
agreement. The provision includes the expected future
payments above the market rate for these services discounted
to present value.
\u2013 Social security tax for share-based payments: Contains a
provision for the accrued social security tax on share options
and restrictive share units, which will be paid when the
options are exercised.
A provision is made and calculated based on management
assumptions at the time the provision is made and is updated as
and when new information becomes available. All provisions are
reviewed at the end of the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-295": { "value": "
Accounting policies
Revenue from contracts with customers \u2013 IFRS 15
Significant accounting judgments
The group\u2019s revenue from contracts with customers, hereunder its
distribution partners, relates to sales of modules and components of
the AutoStore system and related services connected to the
AutoStore system. The group has applied significant judgment in the
determination of performance obligations within contracts and has
evaluated that each component of the AutoStore system represents
distinct performance obligations and should be accounted for
separately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-297": { "value": "
2.2
Segment
Information
AutoStore has one technology that is developed centrally and sold
in different markets. The technology is sold globally through
AutoStore group\u2019s distribution partners, who in turn sell to the end-
user of the system.
Responsibility for the business is shared by top management. The
chief operating decision maker (CODM) of the AutoStore group,
which is defined as the Board of Directors, monitors the operating
results of the group as one business unit for the purpose of making
decisions about resource allocation and performance assessment,
hence only one segment is reported. Segment performance is
evaluated with a main focus on total revenue, gross profit, and
EBITDA. Total revenue is measured consistently with the total of
revenue and other operating income in the statement of
comprehensive income, while gross profit and EBITDA are defined
below.
Geographical markets
For information on the group\u2019s geographical markets, reference is
made to note 2.1.
Information about major customers
The group has four customers (distribution partners) that
individually contribute more than 10% of the group\u2019s total revenue in
2025 (together these four companies contributed 74% of the
group\u2019s total revenue in 2025 and 65% in 2024).
USD million
2025
2024
Revenue and other operating income
538.6
601.4
Cost of materials
-148.7
-161.6
Gross profit
389.9
439.8
Employee benefit expenses
-114.6
-81.8
Other operating expenses
-72.3
-71.5
EBITDA
203.0
286.4
Gross profit is the group\u2019s revenue and other operating income less
cost of materials.
2.2
Segment
Information
USD million
2025
2024
Profit/(loss) for the period
81.8
136.6
Income tax expense
24.0
39.5
Finance income
-8.1
-11.2
Finance expense
32.4
49.2
Foreign exchange gains/(losses)
10.0
8.4
Depreciation
18.7
15.8
Amortization
42.2
47.0
Impairment
2.0
1.1
EBITDA
203.0
286.4
EBITDA is the group\u2019s profit/(loss) for the period after adding back
the income tax expense, finance costs, depreciation, amortization
and impairment, and deducting the finance income. Foreign
exchange gains/(losses) are deducted or added back based on gain/
(loss) for the period.
2.2
Segment
Information
USD million
31.12.2025
31.12.2024
Balance sheet items
Assets
1,999.6
2,026.0
Liabilities
467.5
742.0
Equity
1,532.1
1,284.0
Non-current operating assets
Located in Norway
1,571.9
1,390.9
Located in foreign countries
91.6
93.0
Total non-current operating assets
1,663.5
1,483.9
In the table, non-current assets are broken down by geographical
areas based on the location of the operations.
Non-current assets for this purpose consist of property, plant and
equipment, right-of-use assets, and intangible assets, including
goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-298": { "value": "
AutoStore has one technology that is developed centrally and sold
in different markets. The technology is sold globally through
AutoStore group\u2019s distribution partners, who in turn sell to the end-
user of the system.
Responsibility for the business is shared by top management. The
chief operating decision maker (CODM) of the AutoStore group,
which is defined as the Board of Directors, monitors the operating
results of the group as one business unit for the purpose of making
decisions about resource allocation and performance assessment,
hence only one segment is reported. Segment performance is
evaluated with a main focus on total revenue, gross profit, and
EBITDA. Total revenue is measured consistently with the total of
revenue and other operating income in the statement of
comprehensive income, while gross profit and EBITDA are defined
below.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-299": { "value": "
2.3
Inventories
USD million
31.12.2025
31.12.2024
Raw materials
38.8
42.4
Work in progress
2.1
0.1
Finished goods
52.1
44.8
Total inventories (gross)
93.0
87.3
Provision for obsolete inventories
10.8
-
Total inventories at the lower of cost and net realizable value
82.2
87.3
During the reporting period, the group has recognized USD 148.7
million of inventories as an expense, compared to USD 161.6 million
in 2024. In 2025, as part of the USD 10.8 million in provision for
obsolete inventories, a provision (and expense) of USD 8.5 million
was recognized in relation to the discontinued B1 Robot. In 2024, a
write-down expense of USD 0.03 million was recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-300": { "value": "148700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-301": { "value": "161600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-303": { "value": "
2.4
Employee
Benefit
Expenses
Employee benefit expenses comprise all types of remuneration to all
employees of the group (i.e. full-time, part-time, permanent, casual
or temporary staff, and directors and other management personnel)
and are expensed when earned.
Ordinary salaries can be both fixed pay and hourly wages and are
earned and paid periodically. Holiday pay is earned on the basis of
ordinary pay and is normally paid in the holiday months of the
following year. The employer\u2019s national insurance contribution
(social security) is calculated and expensed for all payroll-related
costs, including pensions. Pension contributions are earned on a
monthly basis. Other employee expenses consist of other benefits
such as insurance, cars, and telephones, and remuneration to the
Board of Directors.
Pensions
The group offers defined contribution schemes in all markets as
occupational pension plans, ensuring both compliance with local
formal requirements as well as ensuring an attractive overall value
proposition to current and future employees.
The programs are defined contribution plans. Contributions are
paid to pension insurance plans and charged to the income
statement in the period to which the contributions relate. Once the
contributions have been paid, there are no further payment
obligations for the group.
USD million
2025
2024
Salaries
79.8
51.9
Social security costs
14.5
7.7
Pension costs
6.1
4.5
Other employee expenses
14.1
17.7
Total employee benefit expenses
114.6
81.8
Average number of full-time equivalent (FTEs)
1,044
1,025
2.4
Employee
Benefit
Expenses
Remuneration to the Board of Directors
Remuneration to the members of the Board of Directors is
determined by the Annual General Meeting (\u201cAGM\u201d). The
remuneration reflects the Board\u2019s responsibilities, expertise, time,
and commitment. Independent members of the Board of AutoStore
Holdings Ltd. are partly compensated through RSUs (restricted
stock units). Vesting period is two years from grant date.
Remuneration and direct ownership of shares of the co-chairs and
of the Board are disclosed in AutoStore\u2019s Remuneration Report for
2025. The full report can be found on our website in the \u201cReports\u201d
section here.
Remuneration to executive management
Executive management compensation is disclosed in the following
table. The full Remuneration Report for 2025 can be found on our
website in the \u201cReports\u201d section here.
USD million
2025
2024
Salaries
4.4
3.4
Pension costs
0.2
0.2
Other employee expenses
1.2
1.1
Total remuneration to executive management
5.8
4.7
Fee to Board of Directors
0.2
0.2
Total remuneration
6.0
5.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-302": { "value": "
2.4
Employee
Benefit
Expenses
Employee benefit expenses comprise all types of remuneration to all
employees of the group (i.e. full-time, part-time, permanent, casual
or temporary staff, and directors and other management personnel)
and are expensed when earned.
Ordinary salaries can be both fixed pay and hourly wages and are
earned and paid periodically. Holiday pay is earned on the basis of
ordinary pay and is normally paid in the holiday months of the
following year. The employer\u2019s national insurance contribution
(social security) is calculated and expensed for all payroll-related
costs, including pensions. Pension contributions are earned on a
monthly basis. Other employee expenses consist of other benefits
such as insurance, cars, and telephones, and remuneration to the
Board of Directors.
Pensions
The group offers defined contribution schemes in all markets as
occupational pension plans, ensuring both compliance with local
formal requirements as well as ensuring an attractive overall value
proposition to current and future employees.
The programs are defined contribution plans. Contributions are
paid to pension insurance plans and charged to the income
statement in the period to which the contributions relate. Once the
contributions have been paid, there are no further payment
obligations for the group.
USD million
2025
2024
Salaries
79.8
51.9
Social security costs
14.5
7.7
Pension costs
6.1
4.5
Other employee expenses
14.1
17.7
Total employee benefit expenses
114.6
81.8
Average number of full-time equivalent (FTEs)
1,044
1,025
2.4
Employee
Benefit
Expenses
Remuneration to the Board of Directors
Remuneration to the members of the Board of Directors is
determined by the Annual General Meeting (\u201cAGM\u201d). The
remuneration reflects the Board\u2019s responsibilities, expertise, time,
and commitment. Independent members of the Board of AutoStore
Holdings Ltd. are partly compensated through RSUs (restricted
stock units). Vesting period is two years from grant date.
Remuneration and direct ownership of shares of the co-chairs and
of the Board are disclosed in AutoStore\u2019s Remuneration Report for
2025. The full report can be found on our website in the \u201cReports\u201d
section here.
Remuneration to executive management
Executive management compensation is disclosed in the following
table. The full Remuneration Report for 2025 can be found on our
website in the \u201cReports\u201d section here.
USD million
2025
2024
Salaries
4.4
3.4
Pension costs
0.2
0.2
Other employee expenses
1.2
1.1
Total remuneration to executive management
5.8
4.7
Fee to Board of Directors
0.2
0.2
Total remuneration
6.0
5.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-304": { "value": "
Employee benefit expenses comprise all types of remuneration to all
employees of the group (i.e. full-time, part-time, permanent, casual
or temporary staff, and directors and other management personnel)
and are expensed when earned.
Ordinary salaries can be both fixed pay and hourly wages and are
earned and paid periodically. Holiday pay is earned on the basis of
ordinary pay and is normally paid in the holiday months of the
following year. The employer\u2019s national insurance contribution
(social security) is calculated and expensed for all payroll-related
costs, including pensions. Pension contributions are earned on a
monthly basis. Other employee expenses consist of other benefits
such as insurance, cars, and telephones, and remuneration to the
Board of Directors.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-306": { "value": "
2.5
Other
Operating
Expenses
USD million
2025
2024
Meetings, travel and representation expenses
10.2
10.9
Lease expenses
7.0
6.6
Business services expenses
5.7
6.7
IT costs
15.9
14.7
Marketing and distribution expenses
14.3
12.4
Consulting expenses
16.1
15.3
Other operating expenses
3.2
4.9
Total other operating expenses
72.3
71.5
USD million
2025
2024
Audit fee
1.9
2.7
Attestation of sustainability reporting
0.2
0.1
Tax advisory services
-
-
Other advisory services
-
-
Total auditor fees (excl. VAT)
2.1
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-305": { "value": "
2.5
Other
Operating
Expenses
USD million
2025
2024
Meetings, travel and representation expenses
10.2
10.9
Lease expenses
7.0
6.6
Business services expenses
5.7
6.7
IT costs
15.9
14.7
Marketing and distribution expenses
14.3
12.4
Consulting expenses
16.1
15.3
Other operating expenses
3.2
4.9
Total other operating expenses
72.3
71.5
USD million
2025
2024
Audit fee
1.9
2.7
Attestation of sustainability reporting
0.2
0.1
Tax advisory services
-
-
Other advisory services
-
-
Total auditor fees (excl. VAT)
2.1
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-307": { "value": "
2.6
Trade and
Other
Receivables
AutoStore operates in a business-to-business (B2B) market, and the
group sells products to distribution partners. The distribution
partners include some of the largest companies in the automated
warehousing market, including, among others, Swisslog, Bastian
Solutions, Element Logic, Dematic, Fortna, Okamura, and SoftBank
Robotics. The group\u2019s trade receivables consist solely of amounts
receivable from revenue from contracts with customers. Trade
receivables are generally on terms of 30 to 60 days. As most of the
group\u2019s revenue is recognized at a point in time, AutoStore does not
have any significant contract assets (in terms of the distinction
between contract assets and receivables).
Accounting Policies
Expected Credit Losses
AutoStore\u2019s customer base consists of several large customers.
The\u00a0group\u2019s historical defaults have been low. The group updates
its\u00a0provision matrix at each reporting date with the focus on the
forward-looking estimates of each customer. In determining the
forward-looking information, AutoStore considers factors that
impact the customer base the most, i.e. general trends and changes
in the economy, such as inflation/growth rates, unemployment
rates, interest rates, and FX rates. In addition, industry- or
geography-specific indicators that might have a significant impact
on inferring future default levels are considered.
As of December 31, 2025, historical losses are close to zero, and
there is no forward-looking information indicating that this will
change in the near future. The customer base remains unchanged
from previous periods and mainly consists of large companies.
2.6
Trade and
Other
Receivables
USD million
31.12.2025
31.12.2024
Trade receivables from customers at nominal value
121.8
135.7
Allowance for expected credit losses
-
-
Total trade receivables
121.8
135.7
Prepaid rent and other expenses
11.2
2.1
VAT receivables
13.8
4.3
Other receivables
4.1
9.2
Total other receivables
29.2
15.6
As of December 31, the aging analysis of trade receivables is as follows:
USD million
Past due but not impaired
Aging analysis of trade receivables
Not due
< 30 days
31-60 days
> 60 days
Total
Trade receivables at January 1, 2024
93.7
11.8
3.9
1.4
110.7
Trade receivables at December 31, 2024
118.6
13.0
2.5
1.6
135.7
Trade receivables at December 31, 2025
99.1
18.1
1.5
3.2
121.8
For details regarding the group\u2019s procedures for managing credit risk, reference is made to note 4.7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-308": { "value": "
Accounting Policies
Expected Credit Losses
AutoStore\u2019s customer base consists of several large customers.
The\u00a0group\u2019s historical defaults have been low. The group updates
its\u00a0provision matrix at each reporting date with the focus on the
forward-looking estimates of each customer. In determining the
forward-looking information, AutoStore considers factors that
impact the customer base the most, i.e. general trends and changes
in the economy, such as inflation/growth rates, unemployment
rates, interest rates, and FX rates. In addition, industry- or
geography-specific indicators that might have a significant impact
on inferring future default levels are considered.
As of December 31, 2025, historical losses are close to zero, and
there is no forward-looking information indicating that this will
change in the near future. The customer base remains unchanged
from previous periods and mainly consists of large companies.
2.6
Trade and
Other
Receivables
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-309": { "value": "
USD million
31.12.2025
31.12.2024
Trade receivables from customers at nominal value
121.8
135.7
Allowance for expected credit losses
-
-
Total trade receivables
121.8
135.7
Prepaid rent and other expenses
11.2
2.1
VAT receivables
13.8
4.3
Other receivables
4.1
9.2
Total other receivables
29.2
15.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-311": { "value": "
2.7
Trade and
Other
Payables
USD million
31.12.2025
31.12.2024
Trade payables
37.3
41.2
VAT payables
5.4
2.8
Withholding payroll taxes and social security
2.1
3.9
Other payables
3.0
0.8
Total trade and other payables
47.9
48.7
For trade and other payables aging analysis, reference is made to note 4.3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-310": { "value": "
2.7
Trade and
Other
Payables
USD million
31.12.2025
31.12.2024
Trade payables
37.3
41.2
VAT payables
5.4
2.8
Withholding payroll taxes and social security
2.1
3.9
Other payables
3.0
0.8
Total trade and other payables
47.9
48.7
For trade and other payables aging analysis, reference is made to note 4.3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-312": { "value": "
3.1
Property, Plant,
and Equipment
Property, plant, and equipment is stated at cost, net of accumulated
depreciation and impairment losses. Repair and maintenance costs
are recognized in profit or loss as incurred.
USD million
Fixtures
and fittings
Vehicles
Office
machinery
and
equipment
Total
Cost at January 1, 2024
22.5
0.5
18.6
41.5
Additions
6.1
-
9.4
15.6
Currency translation effects
-0.6
-
-1.3
-1.9
Cost at December 31, 2024
28.0
0.5
26.7
55.2
Additions
15.7
-
-
15.7
Reclassification\u00b9
13.6
-
-13.6
-
Currency translation effects
2.3
-
1.2
3.5
Cost at December 31, 2025
59.6
0.5
14.3
74.4
Accumulated depreciation at January 1,\u00a0 2024
7.3
0.3
3.8
11.3
Depreciation for the year
2.5
0.1
4.4
7.0
Currency translation effects
0.1
-
0.1
0.2
Accumulated depreciation at December 31,\u00a0 2024
9.9
0.4
8.3
18.5
Depreciation for the year
7.0
-
2.1
9.1
Impairment for the year
0.1
-
-
0.1
Currency translation effects
-
-
-
-
Accumulated depreciation at December 31,\u00a0 2025
17.0
0.4
10.4
27.7
Carrying amount at December 31, 2024
18.1
0.1
18.4
36.8
Carrying amount at December 31, 2025
42.6
0.1
4.0
46.6
Economic life (years)
3-7
5
3-7
Depreciation plan
Straight-line method
Method of measurement
Cost-model
1 The reclassification relates to changes in category classification and presentation of property, plant, and equipment in the group, partly changes in PPE associated with recurring revenue streams.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-314": { "value": "
Property, plant, and equipment is stated at cost, net of accumulated
depreciation and impairment losses. Repair and maintenance costs
are recognized in profit or loss as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-313": { "value": "
Property, plant, and equipment is stated at cost, net of accumulated
depreciation and impairment losses. Repair and maintenance costs
are recognized in profit or loss as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-315": { "value": "
3.2
Right-of-Use
Assets and
Related Lease
Liabilities
AutoStore mainly has leases related to office buildings and
production facilities in Norway, Poland, the U.S., and Thailand.
Additionally, the group leases a small number of vehicles (cars and
trucks). The group also leases machinery and equipment, however,
these are expensed as incurred as they are either considered short-
term or of low value.
Accounting policies
Group as a lessee
At the lease commencement date, the group recognizes a lease
liability and corresponding right-of-use asset for all lease
agreements in which it is the lessee, except for short-term leases
(defined as 12 months or less) and low-value assets.
Measuring the lease liability
The lease liability is initially measured at the present value of the
lease payments for the right to use the underlying asset during the
lease term that is not paid at the commencement date. Lease
payments do not include variable lease payments and non-lease
components, such as payments related to maintenance activities,
including shared costs (e.g. cleaning of shared areas in the building).
The lease liability is subsequently measured by increasing the
carrying amount to reflect interest on the lease liability (effective
interest method), reducing the carrying amount to reflect the lease
payments made, and remeasuring the carrying amount to reflect
any reassessment or lease modifications or to reflect revised in-
substance fixed lease payments. Variable lease payments that are
not included in the lease liability are expensed in the period they
relate to.
AutoStore presents its lease liabilities as separate line items in the
consolidated statement of financial position. Cash flows related to
payments for the principal portion of the lease liability and interest
are classified within financing activities.
Measuring the right-of-use asset
The right-of-use asset is initially measured at cost. The cost of the
right-of-use asset includes the corresponding amount of the initial
measurement of the lease liability, any lease payments made at or
before the commencement date, and initial direct costs incurred.
The right-of-use asset is subsequently depreciated on a straight-
line basis over the lease term and assessed for impairment by
applying the same policies for impairment as for property, plant,
and equipment (note\u00a03.5).
Group as a lessor
The group enters into leases of AutoStore systems under the
AutoStore-as-a-Service model (see also note 2.1). These leases are
classified as operating or finance leases. Whenever the terms of the
lease transfer substantially all the risks and rewards of ownership
to the lessee, the contract is classified as a finance lease. All other
leases are classified as operating leases. As of December 31, 2025,
no lease agreements as part of AutoStore-as-a-Service fall under
the definition of finance lease under IFRS 16.
The group sub leases an office space under a finance lease with an
undiscounted receivable of USD 0.8 million and discounted finance
lease receivable of USD 0.6 million. The term is 6 years. There is no
impairment loss allowance related to the finance lease receivables
in 2025. Credit risk related to the sub lease agreement is
considered low. The effective interest rate is approximately 5.7%.
3.2
Right-of-Use
Assets and
Related Lease
Liabilities
The group presents its right-of-use assets as separate line items in the
consolidated statement of financial position. The right-of-use assets
recognized are presented in the table below:
USD million
Vehicles
Office buildings
and production
facilities
Total
Carrying amount at January 1, 2024
0.3
50.6
50.8
Additions
0.3
15.1
15.4
Depreciation for the year
-0.2
-8.6
-8.8
Currency translation effects
-
0.1
0.1
Carrying amount at December 31, 2024
0.4
57.2
57.5
Additions
0.1
0.2
0.3
Depreciation for the year
-0.3
-9.4
-9.7
Currency translation effects
0.4
4.5
4.9
Carrying amount at December 31, 2025
0.6
52.5
53.0
Lease term or remaining useful life
2-3 years
2-14 years
Depreciation method
Straight-line method
3.2
Right-of-Use
Assets and
Related Lease
Liabilities
The lease expenses in the period related to short-term leases and low-
value assets are included in other operating expenses in the
consolidated statement of comprehensive income, and the payments
are presented in the group\u2019s operating activities in the consolidated
statement of cash flows.
USD million
2025
2024
Expenses in the period related to practical expedients and variable payments
Short-term lease expenses
4.4
1.4
Low-value assets lease expenses
1.3
1.1
Total lease expenses in the period
5.7
2.5
The group\u2019s lease liabilities:
USD million
31.12.2025
31.12.2024
Total lease liabilities
59.2
63.0
Current lease liabilities in the statement of financial position
12.8
11.7
Non-current lease liabilities in the statement of financial position
46.3
51.3
Undiscounted cash flows from lease liabilities are presented in note 4.3.
3.2
Right-of-Use
Assets and
Related Lease
Liabilities
Inflation adjustments
In addition to the lease liabilities presented above, the group is
committed to paying variable lease payments for its office buildings
and manufacturing facilities, mainly related to future inflation
adjustments in Norway, Poland, the U.S., and Thailand which are not
included in the initial calculation of lease liabilities. The lease liability
and right-of-use asset will be adjusted when the inflation
adjustment has a cash flow effect.
Extension and termination options
AutoStore has certain lease contracts that include extension and
termination options. Management applies judgment in evaluating
whether it is reasonably certain whether or not to exercise the
option to renew or terminate the lease. These options are
negotiated by management to provide flexibility in managing the
group\u2019s business needs. The group includes the renewal period for
leases as a part of the lease term for leases where management is
reasonably certain to exercise the option to renew the leases.
Furthermore, the periods covered by termination options are
included as part of the lease term only when the options are
reasonably certain not to be exercised. As most of the contracts
represent relatively standardized office facilities, extension options
are in most cases not taken into consideration when determining the
lease term when the initial contract term is five years and above.
Lease commitments not yet commenced
As of December 31, 2025, the group has no lease contracts that
have not yet commenced.
Other matters
AutoStore\u2019s leases do not contain provisions or restrictions that
impact the group\u2019s dividend policies or financing possibilities.
Further, the group does not have significant residual value
guarantees related to its leases.
The group does not have any other significant exposure related to
its leases which require further disclosures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-316": { "value": "
Accounting policies
Group as a lessee
At the lease commencement date, the group recognizes a lease
liability and corresponding right-of-use asset for all lease
agreements in which it is the lessee, except for short-term leases
(defined as 12 months or less) and low-value assets.
Measuring the lease liability
The lease liability is initially measured at the present value of the
lease payments for the right to use the underlying asset during the
lease term that is not paid at the commencement date. Lease
payments do not include variable lease payments and non-lease
components, such as payments related to maintenance activities,
including shared costs (e.g. cleaning of shared areas in the building).
The lease liability is subsequently measured by increasing the
carrying amount to reflect interest on the lease liability (effective
interest method), reducing the carrying amount to reflect the lease
payments made, and remeasuring the carrying amount to reflect
any reassessment or lease modifications or to reflect revised in-
substance fixed lease payments. Variable lease payments that are
not included in the lease liability are expensed in the period they
relate to.
AutoStore presents its lease liabilities as separate line items in the
consolidated statement of financial position. Cash flows related to
payments for the principal portion of the lease liability and interest
are classified within financing activities.
Measuring the right-of-use asset
The right-of-use asset is initially measured at cost. The cost of the
right-of-use asset includes the corresponding amount of the initial
measurement of the lease liability, any lease payments made at or
before the commencement date, and initial direct costs incurred.
The right-of-use asset is subsequently depreciated on a straight-
line basis over the lease term and assessed for impairment by
applying the same policies for impairment as for property, plant,
and equipment (note\u00a03.5).
Group as a lessor
The group enters into leases of AutoStore systems under the
AutoStore-as-a-Service model (see also note 2.1). These leases are
classified as operating or finance leases. Whenever the terms of the
lease transfer substantially all the risks and rewards of ownership
to the lessee, the contract is classified as a finance lease. All other
leases are classified as operating leases. As of December 31, 2025,
no lease agreements as part of AutoStore-as-a-Service fall under
the definition of finance lease under IFRS 16.
The group sub leases an office space under a finance lease with an
undiscounted receivable of USD 0.8 million and discounted finance
lease receivable of USD 0.6 million. The term is 6 years. There is no
impairment loss allowance related to the finance lease receivables
in 2025. Credit risk related to the sub lease agreement is
considered low. The effective interest rate is approximately 5.7%.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-317": { "value": "
3.3
Goodwill
Recognized goodwill originates from the acquisition of AutoStore
by Thomas H. Lee Partners in 2019 and the acquisition of Locai in
2021. No additional goodwill was recognized during 2024 and 2025.
For the purpose of impairment testing of goodwill
AutoStore performed its annual impairment test for goodwill and
intangible assets with indefinite lives as of December 31, 2025, and
no impairment was recognized. The goodwill acquired in the
business combination of AutoStore by Thomas H. Lee Partners in
2019 and the acquisition of Locai in 2021 was, from the acquisition
date, allocated to the AutoStore system CGU. The key assumptions
used to determine the recoverable amount of the CGU are
disclosed in note 3.5.
USD million
Goodwill
Cost at January 1, 2024
1,061.9
Additions through acquisition
-
Currency translation effects
-108.8
Cost at December 31, 2024
953.0
Additions through acquisition
-
Currency translation effects
119.4
Cost at December 31, 2025
1,072.4
Carrying amount at January 1, 2024
1,061.9
Carrying amount at December 31, 2024
953.0
Carrying amount at December 31, 2025
1,072.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-318": { "value": "
Recognized goodwill originates from the acquisition of AutoStore
by Thomas H. Lee Partners in 2019 and the acquisition of Locai in
2021. No additional goodwill was recognized during 2024 and 2025.
For the purpose of impairment testing of goodwill
AutoStore performed its annual impairment test for goodwill and
intangible assets with indefinite lives as of December 31, 2025, and
no impairment was recognized. The goodwill acquired in the
business combination of AutoStore by Thomas H. Lee Partners in
2019 and the acquisition of Locai in 2021 was, from the acquisition
date, allocated to the AutoStore system CGU. The key assumptions
used to determine the recoverable amount of the CGU are
disclosed in note 3.5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-319": { "value": "
3.4
Other Intangible
Assets
Nature of the group\u2019s intangible assets
At the acquisition of AutoStore by Thomas H. Lee Partners in 2019,
the group recognized intangible assets for technology, trademarks,
patents, and customer relationships. Subsequently, the group has
recognized intangible assets comprising internal development
projects related to the AutoStore system.
In connection with the acquisition of Locai in 2021, the group has
recognized intangible assets for software and technology.
Accounting policies
Significant accounting judgments
Capitalization of internal development costs
Development expenditures on an individual project, which
represent new applications/technology, are recognized as an
intangible asset when the group can demonstrate:
\u2013 The technical feasibility of completing the intangible asset so
that the asset will be available for use or sale
\u2013 Its intention to complete and its ability and intention to use or
sell the asset
\u2013 How the asset will generate future economic benefits
\u2013 The availability of resources to complete the asset
\u2013 The ability to measure reliably the expenditure during
development
Other costs are classified as research and are expensed as incurred.
Amortization of the capitalized asset begins when the asset is
available for its intended use and is amortized over the period of
expected future life. When an asset is available for its intended
use, it is reclassified from internal development to the respective
relevant asset class. Initial capitalization of direct costs is based on
management\u2019s judgment that technological and economic
feasibility is confirmed, usually when a product development
project has reached a defined milestone according to an
established project management model. In determining the
amounts to be capitalized, management makes assumptions
regarding the expected future cash generation of the project,
discount rates to be applied, and the expected period of benefits.
The assessment of when product development is capitalized is
highly subjective, as the outcome of these projects may be
uncertain.
Capitalized development is subject to impairment assessment with
references to note 3.5.
Significant accounting estimates and assumptions
Useful lives of intangibles
The useful lives of intangible assets are assessed as either finite or
indefinite, and may in some cases involve considerable judgment.
Intangible assets with indefinite useful lives are tested for
impairment at least annually. Intangible assets with finite useful
lives are amortized over their useful economic life and assessed
for impairment whenever AutoStore finds any indication that the
intangible asset may be impaired. The amortization period and the
amortization method for an intangible asset with a finite useful life
are reviewed at least at the end of each reporting period.
3.4
Other Intangible
Assets
Trademarks that have existed for a long period of time and have a
sound reputation at the time of acquisition are assessed by the
group as having an indefinite useful life, and are not amortized. Only
trademarks that are purchased through the acquisition of
companies are capitalized in the consolidated financial statements.
Reference is made to note 3.5 for impairment considerations and
annual testing of the group\u2019s intangible assets with indefinite useful
lives. No general indicators for impairment of intangible assets were
identified in the current or prior year.
The group\u2019s classification of intangible assets
Software and technology
The value of the group\u2019s intangible assets primarily relates to the
underlying robot/robot technology and the integrated software that
controls and optimizes the performance of every robot and moving
part of the system. The underlying base technology was recognized
through the acquisition of the AutoStore group by Thomas H. Lee
Partners in 2019. Base technology capitalized through the
acquisition is amortized over the expected useful life of 25 years.
New products and features being developed with shorter expected
useful lives using this base technology are generally amortized over
five years.
Internal development
The majority of the ongoing development activities relate to add-on
features and improvements to the base technology. Internally
developed assets are amortized from the time when the asset are
available for use, i.e. when it is in the location and condition
necessary for it to be capable of operating in the manner intended
by management and reclassified to software and technology.
Patents
The patents are intangible assets arising from legal rights.
AutoStore has patents related to IT/communication, Robots,
Ports, Grid, Bins, and system layout. Patents are amortized over
13-18 years, which is the period of the contractual or other legal
rights and the period (determined by economic factors) over
which the group expects to obtain economic benefits from the
asset.
Customer relationships
Customer relationships were recognized through the acquisition of
the AutoStore group in 2019, and represent the value of the
company\u2019s distributor relationships at the time of the acquisition.
Customer relationships are amortized on a straight-line basis over
five years, being the estimated useful life of benefit from the
acquisition date of customer relationships.
Trademarks
Trademarks were recognized through the acquisition of the
AutoStore group in 2019. Trademarks have an indefinite useful life
and are tested for impairment annually.
3.4
Other Intangible
Assets
USD million
Trademarks
Software and
technology
Patent rights
Customer
relationships
Internal
development
Total
Cost at January 1, 2024
6.0
450.0
98.5
115.4
45.8
715.8
Additions
-
-
11.2
-
30.8
42.0
Reclassification
-
42.9
-
-
-42.9
-
Currency translation effects
-0.8
-35.6
-8.0
-0.8
-4.2
-49.4
Cost at December 31, 2024
5.2
457.2
101.7
114.6
29.6
708.4
Additions
-
-
12.3
-
32.1
44.4
Reclassification
-
31.2
-
-
-31.2
-
Currency translation effects
0.7
39.7
9.3
-
3.7
53.4
Cost at December 31, 2025
5.9
528.1
123.3
114.6
34.3
806.1
Accumulated amortization at January 1,\u00a0 2024
-
96.8
24.2
102.7
-
223.8
Amortization for the year
-
29.5
5.6
11.9
-
47.0
Currency translation effects
-
0.1
-0.1
-
1.1
1.1
Accumulated amortization at December 31,\u00a0 2024
-
126.4
29.7
114.6
1.1
271.9
Amortization for the year
-
35.3
6.8
-
-
42.1
Impairment for the period
-
-
-
-
0.9
0.9
Currency translation effects
-
-0.1
-
-
-
-0.1
Accumulated amortization at December 31,\u00a0 2025
-
161.7
36.5
114.6
2.0
314.7
Carrying amount at December 31, 2024
5.2
330.8
72.0
-
28.5
436.5
Carrying amount at December 31, 2025
5.9
366.5
86.8
-
32.3
491.4
Economic life (years)
Indefinite
5-25
13-18
5
n.a.
Amortization plan
n.a.
Straight-line method
n.a.
Method of measurement
Cost-model
The group has recognized additions to other intangible assets of USD
44.4 million during the twelve months ended December 31, 2025. Of this
amount, USD 32.1 million relates to internal development and the
remaining USD 12.3 million relates to new patents. USD 31.2 million of
internal development is ready for its intended use and has been
reclassified to software and technology.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-321": { "value": "
Accounting policies
Significant accounting judgments
Capitalization of internal development costs
Development expenditures on an individual project, which
represent new applications/technology, are recognized as an
intangible asset when the group can demonstrate:
\u2013 The technical feasibility of completing the intangible asset so
that the asset will be available for use or sale
\u2013 Its intention to complete and its ability and intention to use or
sell the asset
\u2013 How the asset will generate future economic benefits
\u2013 The availability of resources to complete the asset
\u2013 The ability to measure reliably the expenditure during
development
Other costs are classified as research and are expensed as incurred.
Amortization of the capitalized asset begins when the asset is
available for its intended use and is amortized over the period of
expected future life. When an asset is available for its intended
use, it is reclassified from internal development to the respective
relevant asset class. Initial capitalization of direct costs is based on
management\u2019s judgment that technological and economic
feasibility is confirmed, usually when a product development
project has reached a defined milestone according to an
established project management model. In determining the
amounts to be capitalized, management makes assumptions
regarding the expected future cash generation of the project,
discount rates to be applied, and the expected period of benefits.
The assessment of when product development is capitalized is
highly subjective, as the outcome of these projects may be
uncertain.
Capitalized development is subject to impairment assessment with
references to note 3.5.
Significant accounting estimates and assumptions
Useful lives of intangibles
The useful lives of intangible assets are assessed as either finite or
indefinite, and may in some cases involve considerable judgment.
Intangible assets with indefinite useful lives are tested for
impairment at least annually. Intangible assets with finite useful
lives are amortized over their useful economic life and assessed
for impairment whenever AutoStore finds any indication that the
intangible asset may be impaired. The amortization period and the
amortization method for an intangible asset with a finite useful life
are reviewed at least at the end of each reporting period.
3.4
Other Intangible
Assets
Trademarks that have existed for a long period of time and have a
sound reputation at the time of acquisition are assessed by the
group as having an indefinite useful life, and are not amortized. Only
trademarks that are purchased through the acquisition of
companies are capitalized in the consolidated financial statements.
Reference is made to note 3.5 for impairment considerations and
annual testing of the group\u2019s intangible assets with indefinite useful
lives. No general indicators for impairment of intangible assets were
identified in the current or prior year.
The group\u2019s classification of intangible assets
Software and technology
The value of the group\u2019s intangible assets primarily relates to the
underlying robot/robot technology and the integrated software that
controls and optimizes the performance of every robot and moving
part of the system. The underlying base technology was recognized
through the acquisition of the AutoStore group by Thomas H. Lee
Partners in 2019. Base technology capitalized through the
acquisition is amortized over the expected useful life of 25 years.
New products and features being developed with shorter expected
useful lives using this base technology are generally amortized over
five years.
Internal development
The majority of the ongoing development activities relate to add-on
features and improvements to the base technology. Internally
developed assets are amortized from the time when the asset are
available for use, i.e. when it is in the location and condition
necessary for it to be capable of operating in the manner intended
by management and reclassified to software and technology.
Patents
The patents are intangible assets arising from legal rights.
AutoStore has patents related to IT/communication, Robots,
Ports, Grid, Bins, and system layout. Patents are amortized over
13-18 years, which is the period of the contractual or other legal
rights and the period (determined by economic factors) over
which the group expects to obtain economic benefits from the
asset.
Customer relationships
Customer relationships were recognized through the acquisition of
the AutoStore group in 2019, and represent the value of the
company\u2019s distributor relationships at the time of the acquisition.
Customer relationships are amortized on a straight-line basis over
five years, being the estimated useful life of benefit from the
acquisition date of customer relationships.
Trademarks
Trademarks were recognized through the acquisition of the
AutoStore group in 2019. Trademarks have an indefinite useful life
and are tested for impairment annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-320": { "value": "
Accounting policies
Significant accounting judgments
Capitalization of internal development costs
Development expenditures on an individual project, which
represent new applications/technology, are recognized as an
intangible asset when the group can demonstrate:
\u2013 The technical feasibility of completing the intangible asset so
that the asset will be available for use or sale
\u2013 Its intention to complete and its ability and intention to use or
sell the asset
\u2013 How the asset will generate future economic benefits
\u2013 The availability of resources to complete the asset
\u2013 The ability to measure reliably the expenditure during
development
Other costs are classified as research and are expensed as incurred.
Amortization of the capitalized asset begins when the asset is
available for its intended use and is amortized over the period of
expected future life. When an asset is available for its intended
use, it is reclassified from internal development to the respective
relevant asset class. Initial capitalization of direct costs is based on
management\u2019s judgment that technological and economic
feasibility is confirmed, usually when a product development
project has reached a defined milestone according to an
established project management model. In determining the
amounts to be capitalized, management makes assumptions
regarding the expected future cash generation of the project,
discount rates to be applied, and the expected period of benefits.
The assessment of when product development is capitalized is
highly subjective, as the outcome of these projects may be
uncertain.
Capitalized development is subject to impairment assessment with
references to note 3.5.
Significant accounting estimates and assumptions
Useful lives of intangibles
The useful lives of intangible assets are assessed as either finite or
indefinite, and may in some cases involve considerable judgment.
Intangible assets with indefinite useful lives are tested for
impairment at least annually. Intangible assets with finite useful
lives are amortized over their useful economic life and assessed
for impairment whenever AutoStore finds any indication that the
intangible asset may be impaired. The amortization period and the
amortization method for an intangible asset with a finite useful life
are reviewed at least at the end of each reporting period.
3.4
Other Intangible
Assets
Trademarks that have existed for a long period of time and have a
sound reputation at the time of acquisition are assessed by the
group as having an indefinite useful life, and are not amortized. Only
trademarks that are purchased through the acquisition of
companies are capitalized in the consolidated financial statements.
Reference is made to note 3.5 for impairment considerations and
annual testing of the group\u2019s intangible assets with indefinite useful
lives. No general indicators for impairment of intangible assets were
identified in the current or prior year.
The group\u2019s classification of intangible assets
Software and technology
The value of the group\u2019s intangible assets primarily relates to the
underlying robot/robot technology and the integrated software that
controls and optimizes the performance of every robot and moving
part of the system. The underlying base technology was recognized
through the acquisition of the AutoStore group by Thomas H. Lee
Partners in 2019. Base technology capitalized through the
acquisition is amortized over the expected useful life of 25 years.
New products and features being developed with shorter expected
useful lives using this base technology are generally amortized over
five years.
Internal development
The majority of the ongoing development activities relate to add-on
features and improvements to the base technology. Internally
developed assets are amortized from the time when the asset are
available for use, i.e. when it is in the location and condition
necessary for it to be capable of operating in the manner intended
by management and reclassified to software and technology.
Patents
The patents are intangible assets arising from legal rights.
AutoStore has patents related to IT/communication, Robots,
Ports, Grid, Bins, and system layout. Patents are amortized over
13-18 years, which is the period of the contractual or other legal
rights and the period (determined by economic factors) over
which the group expects to obtain economic benefits from the
asset.
Customer relationships
Customer relationships were recognized through the acquisition of
the AutoStore group in 2019, and represent the value of the
company\u2019s distributor relationships at the time of the acquisition.
Customer relationships are amortized on a straight-line basis over
five years, being the estimated useful life of benefit from the
acquisition date of customer relationships.
Trademarks
Trademarks were recognized through the acquisition of the
AutoStore group in 2019. Trademarks have an indefinite useful life
and are tested for impairment annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-323": { "value": "
3.5
Impairment
Considerations
Accounting policies
AutoStore evaluates external and internal indications of impairment
for property, plant, and equipment (\u201cPP&E\u201d), right-of-use assets,
intangible assets, and goodwill at the reporting date. External
indicators AutoStore monitors include significant decline in asset
value, adverse changes in technological, market, economical or
legal environment, increased interest rates affecting the asset\u2019s
value, and carrying amounts exceeding market capitalization.
AutoStore also monitors internal indicators including physical
damage or obsolescence of the asset, significant adverse changes,
or worse economic performance affecting, or expected to affect,
the asset.
The group tests goodwill and trademarks with indefinite useful lives
(see notes 3.3 and 3.4) and internal development projects for
impairment annually, or more often when circumstances indicate
that the carrying value may be impaired.
Impairment assessment of PP&E, right-of-use assets, and
intangible assets with finite useful life
When reviewing for indication of impairment of PP&E, right-of-use
assets, and intangible assets with finite useful life, AutoStore
considers the relationship between the estimated market
capitalization of the group and its book value. In addition,
AutoStore considers factors such as industry growth, the impact of
general economic conditions, changes to the technological and
legal environment, and the group\u2019s market share and performance
compared to previous forecasts in this assessment, among other
factors.
The impairment of USD 0.9 million disclosed in the note on internal
development follows an assessment related to the decision to
close development projects and the ending of the B1 Robot
business line.
Impairment assessment of goodwill and intangible assets
with indefinite useful life
The group performs the impairment test of goodwill and assets
with indefinite useful life on December 31 or when circumstances
indicate that the carrying value may be impaired. No impairments
have been recognized to the AutoStore group\u2019s goodwill and
intangible assets with indefinite useful life on December 31, 2025.
AutoStore system - Cash-generating unit (\u201cCGU\u201d)
The group is being monitored as one unit by management and
operates as a separate business. Cash flows are reported in the
same format as in the quarterly and annual reports, on a group
level.
Following the acquisition by Thomas H. Lee Partners in July 2019
and the acquisition of Locai in 2021, the goodwill was allocated to
one CGU (the \u201cAutoStore system CGU\u201d). The group has
determined one operating segment, i.e. AutoStore system
according to IFRS 8 Operating Segments, which is the same level
as the CGU determined for the goodwill impairment test. The
AutoStore system is currently the smallest identifiable group of
assets that generates cash inflows to the group, and these are
largely independent of the cash inflows from other assets. As the
group\u2019s trademark is an intangible asset with an indefinite useful
life that does not generate largely independent cash inflows,
impairment is tested based on the AutoStore system CGU, and any
impairment is made proportionate to the asset\u2019s carrying amount.
3.5
Impairment
Considerations
Basis for determining the recoverable amount
The CGU\u2019s recoverable amount has been determined based on its
value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of
money and the risks specific to the asset. The cash flows are
derived from the detailed budget and forecast calculations for the
next three years approved by the Board of Directors of the group.
A\u00a0long-term growth rate is calculated and applied to project future
cash flows after the forecast period.
The table below outlines the carrying amounts of goodwill and
intangible assets with indefinite useful lives and intangible assets
that have not yet begun amortization, which are tested for
impairment annually:
USD million
2025
2024
AutoStore system - CGU
Goodwill
1,072.4
953.0
Trademarks
5.9
5.2
Internal development projects in progress
32.3
28.5
Total carrying amount
1,110.6
986.8
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-322": { "value": "
3.5
Impairment
Considerations
Accounting policies
AutoStore evaluates external and internal indications of impairment
for property, plant, and equipment (\u201cPP&E\u201d), right-of-use assets,
intangible assets, and goodwill at the reporting date. External
indicators AutoStore monitors include significant decline in asset
value, adverse changes in technological, market, economical or
legal environment, increased interest rates affecting the asset\u2019s
value, and carrying amounts exceeding market capitalization.
AutoStore also monitors internal indicators including physical
damage or obsolescence of the asset, significant adverse changes,
or worse economic performance affecting, or expected to affect,
the asset.
The group tests goodwill and trademarks with indefinite useful lives
(see notes 3.3 and 3.4) and internal development projects for
impairment annually, or more often when circumstances indicate
that the carrying value may be impaired.
Impairment assessment of PP&E, right-of-use assets, and
intangible assets with finite useful life
When reviewing for indication of impairment of PP&E, right-of-use
assets, and intangible assets with finite useful life, AutoStore
considers the relationship between the estimated market
capitalization of the group and its book value. In addition,
AutoStore considers factors such as industry growth, the impact of
general economic conditions, changes to the technological and
legal environment, and the group\u2019s market share and performance
compared to previous forecasts in this assessment, among other
factors.
The impairment of USD 0.9 million disclosed in the note on internal
development follows an assessment related to the decision to
close development projects and the ending of the B1 Robot
business line.
Impairment assessment of goodwill and intangible assets
with indefinite useful life
The group performs the impairment test of goodwill and assets
with indefinite useful life on December 31 or when circumstances
indicate that the carrying value may be impaired. No impairments
have been recognized to the AutoStore group\u2019s goodwill and
intangible assets with indefinite useful life on December 31, 2025.
AutoStore system - Cash-generating unit (\u201cCGU\u201d)
The group is being monitored as one unit by management and
operates as a separate business. Cash flows are reported in the
same format as in the quarterly and annual reports, on a group
level.
Following the acquisition by Thomas H. Lee Partners in July 2019
and the acquisition of Locai in 2021, the goodwill was allocated to
one CGU (the \u201cAutoStore system CGU\u201d). The group has
determined one operating segment, i.e. AutoStore system
according to IFRS 8 Operating Segments, which is the same level
as the CGU determined for the goodwill impairment test. The
AutoStore system is currently the smallest identifiable group of
assets that generates cash inflows to the group, and these are
largely independent of the cash inflows from other assets. As the
group\u2019s trademark is an intangible asset with an indefinite useful
life that does not generate largely independent cash inflows,
impairment is tested based on the AutoStore system CGU, and any
impairment is made proportionate to the asset\u2019s carrying amount.
3.5
Impairment
Considerations
Basis for determining the recoverable amount
The CGU\u2019s recoverable amount has been determined based on its
value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of
money and the risks specific to the asset. The cash flows are
derived from the detailed budget and forecast calculations for the
next three years approved by the Board of Directors of the group.
A\u00a0long-term growth rate is calculated and applied to project future
cash flows after the forecast period.
The table below outlines the carrying amounts of goodwill and
intangible assets with indefinite useful lives and intangible assets
that have not yet begun amortization, which are tested for
impairment annually:
USD million
2025
2024
AutoStore system - CGU
Goodwill
1,072.4
953.0
Trademarks
5.9
5.2
Internal development projects in progress
32.3
28.5
Total carrying amount
1,110.6
986.8
3.5
Impairment
Considerations
The recoverable amount is based on revenue growth in the forecast
period, the discount rate, expected future cash flows, and the
terminal growth rate (further described below). The recoverable
amount of the cash-generating unit is higher than its carrying
amount and no impairment loss is recognized during the year. The
carrying amount of the CGU includes goodwill, intangible assets,
and trademarks, together with other operational assets and net
working capital. Management believes that no reasonably possible
change in the key assumptions would cause the carrying amount of
the CGU to materially exceed its recoverable amount. The result of
the annual impairment test is further supported by a price-to-book
(P/B) level of 2.6 on traded shares as of December 31, 2025.
Significant accounting estimates and assumptions
Impairment testing of goodwill, trademarks, and internal
development projects in progress
The calculation of value in use for the AutoStore system CGU is
most sensitive to the following assumptions:
\u2013 Compound annual growth rate (CAGR) of sales in the forecast
period
\u2013 Operating cash flow margin
\u2013 Pre-tax discount rate
\u2013 Terminal growth rate
CAGR of sales in the forecast period
The expected growth in operating revenues is based on the
expected growth in the industry and the group\u2019s market share. The
growth forecast is based on management\u2019s expectations of future
conditions in the markets, including the entry of new participants to
the market.
Operating cash flow margin
The operating cash flow margin is determined based on an analysis
of historical levels of revenues, cost of materials, and operating
expenses, while forward-looking estimates are derived using
scenario-weighted assumptions for these profit and loss/cash flow
measures.
Pre-tax discount rate
The pre-tax discount rate, which is set to 12.1% as of December 31,
2025 (11.9% 2024), reflects the current market assessment of the
risks specific to the CGU. The pre-tax discount rate for the group
is estimated based on the weighted average cost of capital
(WACC).
Terminal growth rate
The terminal growth rate, which is set to 2.0% as of December 31,
2025 (2.0% 2024), is the estimated long-term rate of growth in the
economy where the business operates, aligned with long-term
global inflation targets.
Climate-related matters
AutoStore constantly monitors the latest government regulations
concerning climate-related matters. As of December 31, 2025, no
regulation has been passed that is expected to materially impact
the group. The group will adjust the key assumptions used in value
in use calculations and sensitivity to changes in assumptions
should a change be required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-324": { "value": "
4.1
Overview of
Financial
Instruments
Classification of financial instruments
All of the group\u2019s financial assets and liabilities are classified at
amortized cost (see table below). Amortized cost is calculated by
taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR (the effective interest
rate method). The amortization is included as a finance expense in
the statement of comprehensive income.
Reference is made to note 2.6 for expected credit losses (ECLs) for
the group\u2019s trade receivables.
The carrying amount of the group\u2019s financial assets and liabilities is
presented in the tables below:
USD million
Notes
31.12.2025
31.12.2024
Financial assets at amortized cost
Trade receivables
121.8
135.7
Cash
90.1
296.1
Other non-current assets
7.9
5.6
Total financial assets
219.8
437.4
4.1
Overview of
Financial
Instruments
USD million
Notes
31.12.2025
31.12.2024
Financial liabilities at amortized cost
Non-current interest-bearing liabilities
210.6
418.4
Current interest-bearing liabilities
-
1.2
Other current liabilities
-
61.5
Trade payables
37.3
41.2
Non-current lease liabilities
46.3
51.3
Current lease liabilities
12.8
11.7
Total financial liabilities
307.1
585.3
Significant finance income and finance expense arising from
the group\u2019s financial instruments are disclosed separately in note 4.5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-325": { "value": "
Classification of financial instruments
All of the group\u2019s financial assets and liabilities are classified at
amortized cost (see table below). Amortized cost is calculated by
taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR (the effective interest
rate method). The amortization is included as a finance expense in
the statement of comprehensive income.
Reference is made to note 2.6 for expected credit losses (ECLs) for
the group\u2019s trade receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-326": { "value": "
4.2
Interest-bearing
Liabilities
USD million
Maturity
Interest rate
31.12.2025
31.12.2024
Senior Facilities: Facility B (EUR)
n.a.\u00b9
EURIBOR+2.50%
-
253.4
Senior Facilities: Facility B (USD)
n.a.\u00b9
SOFR+3.25%
-
167.0
Senior Facilities: Bank term loan
05.11.2030
EURIBOR+2.10%
150.0
-
Senior Facilities: Revolving credit facility (multi-currency)
05.11.2030
See below
67.6
-
Capitalized fees
-6.9
-2.0
Total non-current interest-bearing loans and borrowings
210.6
418.4
1Facility B was fully settled in November 2025 and no maturity applies as of December 31, 2025.
On November 5, 2025, the group refinanced and repaid the Senior
Facilities: Facility B. The new 5-year, unsecured syndicated bank
facilities consist of a term loan of USD 150 million (drawn fully in
EUR) and a multi-currency revolving credit facility (RCF) for USD
350 million, maturing on November 5, 2030. The RCF is drawn as
required using short-term loans ranging from 1 week to 6 months.
The interest rates on the drawn RCF loans are currently
SOFR+2.10%, EURIBOR+1.90% or NIBOR+1.90%. This will change to
a margin grid based on net leverage from April 24, 2026.
Management has assessed that the fair value of the interest-bearing
liabilities (Facility B) is not significantly different from their carrying
amounts. Reference is made to note 4.6.
Covenant requirements
The bank facilities (term loan and the RCF) contain a financial
covenant that limits the net leverage to a ratio of 3.75 times
adjusted EBITDA. The financial covenant is tested quarterly on
March 31, June 30, September 30, and December 31. Adjusted
EBITDA excludes exceptional items to the extent that they are
included in calculated adjusted EBITDA in the disclosure of\u00a0
alternative performance measures (reference is made to this
section).
The financial covenant ratio of net debt to adjusted EBITDA was
0.8x as of December 31, 2025. Net debt is defined as total external
borrowings, including liabilities under leases, less cash.\u00a0
4.2
Interest-bearing
Liabilities
USD million
31.12.2025
31.12.2024
Liability related to the settlement of the Ocado Group litigation
Non-current liability
-
-
Current liability
-
61.5
Total
-
61.5
AutoStore recorded a liability related to the settlement with Ocado
Group in 2023. The liability matured in June 2025, and there are no
remaining liabilities towards Ocado Group as of December 31, 2025.
USD million
2025
2024
Analysis of cash flow from settlement with Ocado Group
Payment to Ocado Group in the period
-64.8
-127.8
Finance expense (discounting effect)
1.5
11.4
Currency effects
1.8
0.1
Effect on cash flow from operating activities
-61.5
-116.3
4.2
Interest-bearing
Liabilities
USD million
31.12.2025
31.12.2024
Secured balance sheet liabilities
Non-current interest-bearing liabilities
-
418.4
Balance sheet value of assets pledged as security for secured liabilities
Property, plant and equipment
-
36.8
Right-of-use assets
-
57.5
Intangible assets
-
436.5
Other non-current assets
-
5.6
Inventories
-
87.3
Trade receivables
-
135.7
Other receivables
-
15.6
Cash
-
264.7
Total assets pledged as security for interest-bearing liabilities
-
1,039.8
The new facility is unsecured and no assets of the group have been
pledged as collateral. The group has not provided any guarantees to
or on behalf of third parties in the current or previous periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-327": { "value": "
4.2
Interest-bearing
Liabilities
USD million
31.12.2025
31.12.2024
Secured balance sheet liabilities
Non-current interest-bearing liabilities
-
418.4
Balance sheet value of assets pledged as security for secured liabilities
Property, plant and equipment
-
36.8
Right-of-use assets
-
57.5
Intangible assets
-
436.5
Other non-current assets
-
5.6
Inventories
-
87.3
Trade receivables
-
135.7
Other receivables
-
15.6
Cash
-
264.7
Total assets pledged as security for interest-bearing liabilities
-
1,039.8
The new facility is unsecured and no assets of the group have been
pledged as collateral. The group has not provided any guarantees to
or on behalf of third parties in the current or previous periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-328": { "value": "
The new facility is unsecured and no assets of the group have been
pledged as collateral. The group has not provided any guarantees to
or on behalf of third parties in the current or previous periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-329": { "value": "
4.3
Aging of
Financial
Liabilities
Contractual undiscounted cash flows from financial liabilities are presented below.
USD million
Notes
Less than
6 months
6 to 12
months
1 to 3
years
Over 3
years
Total
Lease liabilities
7.2
7.2
25.6
33.5
73.6
Non-current interest-bearing liabilities
72.9
4.2
25.0
155.6
257.7
Liability related to the settlement of the Ocado litigation
-
-
-
-
0.0
Trade payables
37.3
-
-
-
37.3
Total at December 31, 2025
117.5
11.4
50.6
189.1
368.6
Lease liabilities
6.6
6.6
24.6
33.0
70.8
Non-current interest-bearing liabilities (Facility B)\u00b9
14.0
14.0
436.8
-
464.8
Liability related to the settlement of the Ocado litigation
61.5
-
-
-
61.5
Current interest-bearing liabilities (Facility B)\u00b2
1.2
-
-
-
1.2
Trade payables
41.2
-
-
-
41.2
Total at December 31, 2024
124.6
20.6
461.4
33.0
639.6
1 Cash flows disclosed for non-current interest-bearing liabilities (Facility B) include estimated interest payments based on current level of interest.
2 Current interest-bearing liabilities (Facility B) is presented under the line item \u201cOther current liabilities\u201d in the financial position.
4.3
Aging of
Financial
Liabilities
Reconciliation of changes in liabilities incurred as a result of financing activities in 2025:
Non-cash changes
USD million
Notes
01.01.2025
Cash flow
effect
Foreign
exchange
movement
New
leases
recognized
Other
changes
31.12.2025
Lease liabilities
63.0
-13.3
4.9
0.6
4.1
59.2
Non-current interest-bearing liabilities
418.4
-253.0
45.2
-
-
210.6
Current interest-bearing liabilities
(Facility B)
1.2
-
-
-
-1.2
-
Total liabilities from financing
482.6
-266.3
50.1
0.6
2.8
269.8
Reconciliation of changes in liabilities incurred as a result of financing activities in 2024:
Non-cash changes
USD million
Notes
01.01.2024
Cash flow
effect
Foreign
exchange
movement
New
leases
recognized
Other
changes
31.12.2024
Lease liabilities
57.8
-12.0
-2.5
16.0
3.8
63.0
Non-current interest-bearing liabilities
(Facility B)
432.8
-32.2
17.8
-
-
418.4
Current interest-bearing liabilities
(Facility B)
1.2
-1.2
-
-
1.2
1.2
Total liabilities from financing
491.9
-45.4
15.3
16.0
5.0
482.6
Cash flow effects related to non-current interest-bearing liabilities
disclosed above consist of interest payments. The \u2018Other changes\u2019
column includes the effect of reclassification of non-current portion
of lease liabilities, the effect of accrued interest during the year, and
amortization on interest-bearing liabilities. The group classifies
interest paid as cash flows from financing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-331": { "value": "
4.4
Cash
The group has a cash pool arrangement in DNB held by AutoStore
AS. The arrangement is a multi-currency pool where account
balances are consolidated into a notional master account to
determine the overall pool balance. The cash pool is presented on a
gross basis and classified as bank deposits, unrestricted in the
consolidated statement of financial position.
There is no net credit facility in the group\u2019s cash pool arrangement.
For the group\u2019s revolving credit facility (RCF), reference is made to
note 4.2.
USD million
31.12.2025
31.12.2024
Bank deposits, unrestricted
85.0
292.6
Bank deposits, restricted
5.1
3.4
Total cash
90.1
296.1
Bank deposits, restricted, consist of deposits and employee tax funds.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-330": { "value": "
4.4
Cash
The group has a cash pool arrangement in DNB held by AutoStore
AS. The arrangement is a multi-currency pool where account
balances are consolidated into a notional master account to
determine the overall pool balance. The cash pool is presented on a
gross basis and classified as bank deposits, unrestricted in the
consolidated statement of financial position.
There is no net credit facility in the group\u2019s cash pool arrangement.
For the group\u2019s revolving credit facility (RCF), reference is made to
note 4.2.
USD million
31.12.2025
31.12.2024
Bank deposits, unrestricted
85.0
292.6
Bank deposits, restricted
5.1
3.4
Total cash
90.1
296.1
Bank deposits, restricted, consist of deposits and employee tax funds.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "
4.5
Finance Income
and Finance
Costs
Net foreign exchange differences mainly relate to changes in
foreign exchange gain/(loss) on the group\u2019s interest-bearing
liabilities in currencies other than the functional currency (note 4.2).
Interest income and interest expense on interest-bearing liabilities
and receivables are calculated using the effective interest method.
Interest expense mainly relates to interest on the group\u2019s interest-
bearing liabilities (note 4.2).
Interest expense on lease liabilities relates mainly to office buildings
and production facilities in Norway, Poland, the U.S., and Thailand,
as well as vehicles. Interest expense on lease liabilities represents
the interest rate implicit in the lease, or the incremental borrowing
rate used to measure the lease liabilities recognized in the financial
position. For more information, reference is made to note 3.2.
USD million
Notes
2025
2024
Finance income
Net foreign exchange gain
-
-
Interest income
Financial assets
8.1
11.0
Other financial income
-
0.2
Total finance income
8.1
11.2
Finance expense
Net foreign exchange loss
10.0
8.4
Interest expense
Interest-bearing liabilities
24.4
32.2
Amortization of transaction cost
Interest-bearing liabilities
1.5
2.0
Interest expense on lease liability
Lease liabilities
3.9
3.8
Other financial expenses
Interest-bearing liabilities
2.6
11.1
Total finance expense
42.4
57.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "
4.5
Finance Income
and Finance
Costs
Net foreign exchange differences mainly relate to changes in
foreign exchange gain/(loss) on the group\u2019s interest-bearing
liabilities in currencies other than the functional currency (note 4.2).
Interest income and interest expense on interest-bearing liabilities
and receivables are calculated using the effective interest method.
Interest expense mainly relates to interest on the group\u2019s interest-
bearing liabilities (note 4.2).
Interest expense on lease liabilities relates mainly to office buildings
and production facilities in Norway, Poland, the U.S., and Thailand,
as well as vehicles. Interest expense on lease liabilities represents
the interest rate implicit in the lease, or the incremental borrowing
rate used to measure the lease liabilities recognized in the financial
position. For more information, reference is made to note 3.2.
USD million
Notes
2025
2024
Finance income
Net foreign exchange gain
-
-
Interest income
Financial assets
8.1
11.0
Other financial income
-
0.2
Total finance income
8.1
11.2
Finance expense
Net foreign exchange loss
10.0
8.4
Interest expense
Interest-bearing liabilities
24.4
32.2
Amortization of transaction cost
Interest-bearing liabilities
1.5
2.0
Interest expense on lease liability
Lease liabilities
3.9
3.8
Other financial expenses
Interest-bearing liabilities
2.6
11.1
Total finance expense
42.4
57.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-333": { "value": "
4.5
Finance Income
and Finance
Costs
Net foreign exchange differences mainly relate to changes in
foreign exchange gain/(loss) on the group\u2019s interest-bearing
liabilities in currencies other than the functional currency (note 4.2).
Interest income and interest expense on interest-bearing liabilities
and receivables are calculated using the effective interest method.
Interest expense mainly relates to interest on the group\u2019s interest-
bearing liabilities (note 4.2).
Interest expense on lease liabilities relates mainly to office buildings
and production facilities in Norway, Poland, the U.S., and Thailand,
as well as vehicles. Interest expense on lease liabilities represents
the interest rate implicit in the lease, or the incremental borrowing
rate used to measure the lease liabilities recognized in the financial
position. For more information, reference is made to note 3.2.
USD million
Notes
2025
2024
Finance income
Net foreign exchange gain
-
-
Interest income
Financial assets
8.1
11.0
Other financial income
-
0.2
Total finance income
8.1
11.2
Finance expense
Net foreign exchange loss
10.0
8.4
Interest expense
Interest-bearing liabilities
24.4
32.2
Amortization of transaction cost
Interest-bearing liabilities
1.5
2.0
Interest expense on lease liability
Lease liabilities
3.9
3.8
Other financial expenses
Interest-bearing liabilities
2.6
11.1
Total finance expense
42.4
57.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-332": { "value": "
4.5
Finance Income
and Finance
Costs
Net foreign exchange differences mainly relate to changes in
foreign exchange gain/(loss) on the group\u2019s interest-bearing
liabilities in currencies other than the functional currency (note 4.2).
Interest income and interest expense on interest-bearing liabilities
and receivables are calculated using the effective interest method.
Interest expense mainly relates to interest on the group\u2019s interest-
bearing liabilities (note 4.2).
Interest expense on lease liabilities relates mainly to office buildings
and production facilities in Norway, Poland, the U.S., and Thailand,
as well as vehicles. Interest expense on lease liabilities represents
the interest rate implicit in the lease, or the incremental borrowing
rate used to measure the lease liabilities recognized in the financial
position. For more information, reference is made to note 3.2.
USD million
Notes
2025
2024
Finance income
Net foreign exchange gain
-
-
Interest income
Financial assets
8.1
11.0
Other financial income
-
0.2
Total finance income
8.1
11.2
Finance expense
Net foreign exchange loss
10.0
8.4
Interest expense
Interest-bearing liabilities
24.4
32.2
Amortization of transaction cost
Interest-bearing liabilities
1.5
2.0
Interest expense on lease liability
Lease liabilities
3.9
3.8
Other financial expenses
Interest-bearing liabilities
2.6
11.1
Total finance expense
42.4
57.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "
Net foreign exchange differences mainly relate to changes in
foreign exchange gain/(loss) on the group\u2019s interest-bearing
liabilities in currencies other than the functional currency (note 4.2).
Interest income and interest expense on interest-bearing liabilities
and receivables are calculated using the effective interest method.
Interest expense mainly relates to interest on the group\u2019s interest-
bearing liabilities (note 4.2).
Interest expense on lease liabilities relates mainly to office buildings
and production facilities in Norway, Poland, the U.S., and Thailand,
as well as vehicles. Interest expense on lease liabilities represents
the interest rate implicit in the lease, or the incremental borrowing
rate used to measure the lease liabilities recognized in the financial
position. For more information, reference is made to note 3.2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-338": { "value": "
4.6
Fair Value
Measurement
Accounting policies
In determining fair value measurement, AutoStore uses valuation
techniques that are appropriate in the circumstances and for which
sufficient data is available to measure fair value, maximizing the use
of relevant observable inputs and minimizing the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed
in the financial statements are categorized within the fair value
hierarchy based on the lowest level input that is significant to the
fair value measurement as a whole.
Fair value disclosures
Management has assessed that the fair values of cash and short-
term deposits, trade and other receivables, trade payables, and
other current liabilities approximate their carrying amounts largely
due to the short-term maturities of these instruments and the
current risk-free interest rates.
Interest-bearing liabilities
The fair values of the group\u2019s interest-bearing liabilities (Facility B)
are determined by using the Discounted Cash Flow (DCF) method
using a discount rate that reflects the issuer\u2019s borrowing rate as of
the end of the reporting period. The fair values of the group\u2019s
interest-bearing liabilities (Facility B) are in most cases similar to the
carrying amount, as the interest rates are floating and the non-
performance risk as of December 31, 2025, was assessed to be
insignificant. The group\u2019s interest-bearing liabilities (Facility B) are
classified as Level 2 in the fair value hierarchy as the discount rate,
which is considered the lowest level input that is significant to the
fair value measurement, is composed of building blocks such as
market interest (e.g. SOFR) and credit spreads, which are either
directly or indirectly observable.
Liability related to the settlement with Ocado Group
The fair value of the liability related to the settlement of the Ocado
Group litigation is determined using the Discounted Cash Flow
(DCF) method using a discount rate that reflects the prevailing
market rate of interest for a similar instrument with a similar credit
rating. The liability is classified as Level 2 in the fair value hierarchy
as the discount rate, which is considered the lowest level input that
is significant to the fair value measurement, is composed of building
blocks such as market interest and credit spreads, which are either
directly or indirectly observable.
Set out below is a comparison, by class, of the carrying amounts
and fair values of the group\u2019s financial instruments, other than those
with carrying amounts that are reasonable approximations of fair
values.
4.6
Fair Value
Measurement
USD million
Notes
Date
Carrying
amount
Fair value
Level 1
Level 2
Level 3
Liabilities disclosed at fair value
Interest-bearing liabilities
December 31, 2024
419.6
419.6
X
Interest-bearing liabilities
December 31, 2025
210.6
210.6
X
Liability related to the settlement of
the Ocado Group litigation
December 31, 2024
61.5
61.5
X
Liability related to the settlement of
the Ocado Group litigation
December 31, 2025
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "
4.6
Fair Value
Measurement
Accounting policies
In determining fair value measurement, AutoStore uses valuation
techniques that are appropriate in the circumstances and for which
sufficient data is available to measure fair value, maximizing the use
of relevant observable inputs and minimizing the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed
in the financial statements are categorized within the fair value
hierarchy based on the lowest level input that is significant to the
fair value measurement as a whole.
Fair value disclosures
Management has assessed that the fair values of cash and short-
term deposits, trade and other receivables, trade payables, and
other current liabilities approximate their carrying amounts largely
due to the short-term maturities of these instruments and the
current risk-free interest rates.
Interest-bearing liabilities
The fair values of the group\u2019s interest-bearing liabilities (Facility B)
are determined by using the Discounted Cash Flow (DCF) method
using a discount rate that reflects the issuer\u2019s borrowing rate as of
the end of the reporting period. The fair values of the group\u2019s
interest-bearing liabilities (Facility B) are in most cases similar to the
carrying amount, as the interest rates are floating and the non-
performance risk as of December 31, 2025, was assessed to be
insignificant. The group\u2019s interest-bearing liabilities (Facility B) are
classified as Level 2 in the fair value hierarchy as the discount rate,
which is considered the lowest level input that is significant to the
fair value measurement, is composed of building blocks such as
market interest (e.g. SOFR) and credit spreads, which are either
directly or indirectly observable.
Liability related to the settlement with Ocado Group
The fair value of the liability related to the settlement of the Ocado
Group litigation is determined using the Discounted Cash Flow
(DCF) method using a discount rate that reflects the prevailing
market rate of interest for a similar instrument with a similar credit
rating. The liability is classified as Level 2 in the fair value hierarchy
as the discount rate, which is considered the lowest level input that
is significant to the fair value measurement, is composed of building
blocks such as market interest and credit spreads, which are either
directly or indirectly observable.
Set out below is a comparison, by class, of the carrying amounts
and fair values of the group\u2019s financial instruments, other than those
with carrying amounts that are reasonable approximations of fair
values.
4.6
Fair Value
Measurement
USD million
Notes
Date
Carrying
amount
Fair value
Level 1
Level 2
Level 3
Liabilities disclosed at fair value
Interest-bearing liabilities
December 31, 2024
419.6
419.6
X
Interest-bearing liabilities
December 31, 2025
210.6
210.6
X
Liability related to the settlement of
the Ocado Group litigation
December 31, 2024
61.5
61.5
X
Liability related to the settlement of
the Ocado Group litigation
December 31, 2025
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-339": { "value": "
Accounting policies
In determining fair value measurement, AutoStore uses valuation
techniques that are appropriate in the circumstances and for which
sufficient data is available to measure fair value, maximizing the use
of relevant observable inputs and minimizing the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed
in the financial statements are categorized within the fair value
hierarchy based on the lowest level input that is significant to the
fair value measurement as a whole.
Fair value disclosures
Management has assessed that the fair values of cash and short-
term deposits, trade and other receivables, trade payables, and
other current liabilities approximate their carrying amounts largely
due to the short-term maturities of these instruments and the
current risk-free interest rates.
Interest-bearing liabilities
The fair values of the group\u2019s interest-bearing liabilities (Facility B)
are determined by using the Discounted Cash Flow (DCF) method
using a discount rate that reflects the issuer\u2019s borrowing rate as of
the end of the reporting period. The fair values of the group\u2019s
interest-bearing liabilities (Facility B) are in most cases similar to the
carrying amount, as the interest rates are floating and the non-
performance risk as of December 31, 2025, was assessed to be
insignificant. The group\u2019s interest-bearing liabilities (Facility B) are
classified as Level 2 in the fair value hierarchy as the discount rate,
which is considered the lowest level input that is significant to the
fair value measurement, is composed of building blocks such as
market interest (e.g. SOFR) and credit spreads, which are either
directly or indirectly observable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-341": { "value": "
4.7
Financial Risk
Overview
AutoStore is exposed to a range of financial risks affecting its
financial performance, including market risk, financial risk, credit
risk, and liquidity risk. The group seeks to minimize potential
adverse effects of such risks through sound business practice, risk
management, and hedging. At the current time, the liquidity risk of
the group is assessed to be low based on the operating cash flows,
scheduled repayments of debt, and the availability of credit
facilities.
Risk management is carried out by the group\u2019s management under
policies approved by the Chief Executive Officer. The Board
reviews and agrees on policies for managing each of these risks,
which are summarized below.
Market risks
AutoStore is exposed to the risk that the fair value or future cash
flows of a financial instrument will fluctuate because of changes in
market prices. Market risk includes interest rate risk and foreign
currency risk.
Interest rate risk
AutoStore\u2019s exposure to the risk of changes in market interest rates
relates primarily to the group\u2019s Senior Facilities, which have base
interest rates in SOFR, EURIBOR, and NIBOR. The group does not
currently hedge the base interest rates.
Interest rate sensitivity
The table below shows the sensitivity of the group\u2019s Senior
Facilities. The sensitivity to a possible change in interest rates, with
all other variables held constant, on the group\u2019s profit before tax, is
illustrated below. In calculating the sensitivity analyses, the group
assumes that the sensitivity of the relevant statement of profit or
loss item is the effect of the assumed changes in respective financial
risks.
USD million
Increase/decrease
in basis points\u00b9
Increase/decrease
in profit before tax
Increase/decrease in
equity (OCI effects)\u00b2
December 31, 2025
+/-100
2.2
-
December 31, 2024
+/-100
4.8
-
1 100 bps was selected by forecasting the future interest rate change.
2 The group has no financial instruments through OCI and hence the effects on equity are zero.
4.7
Financial Risk
Foreign currency risk
The group\u2019s international business activities, supply chain, and
global distribution network expose it to foreign exchange
transaction risk and translation risk. The group\u2019s risk of changes in
foreign exchange rates relates primarily to the group\u2019s operating
activities (revenues and expenses denominated in a foreign
currency), external financing through interest-bearing liabilities, and
the group\u2019s net investment in foreign subsidiaries.
The group\u2019s presentation currency is USD. Accordingly, changes in
the value of the currencies in which it generated revenues and
incurs costs in relation to USD affect the group\u2019s overall revenue,
profit or loss, and financial position. Transactional risk arises when
the group\u2019s entities enter into transactions in currencies different
than the entities\u2019 functional currencies. A significant part of
revenues are denominated in EUR and USD. Furthermore, a
significant amount of the materials used in the group\u2019s production
are sourced from suppliers located in countries that have adopted
PLN and EUR. The group\u2019s suppliers are generally paid in EUR in
addition to PLN; as such, the group has significant costs in EUR and
PLN. Aluminum is a key material which follows global market prices
set in USD. A large portion of the group\u2019s operations are conducted
in Norway, where transactions to a large extent are made in NOK
and, as such, the group has significant costs in NOK.
In case of unfavorable exchange rate fluctuations, such as a strong
currency in the country of a supplier, and AutoStore due to
competitive pressure being unable to raise its prices, the group may
face reduced gross margins, leading to a decline in net results and a
competitive disadvantage. Products and services provided and
invoiced by the group in markets with weaker local currencies may
also lead to lower profit margins, which could have an adverse
effect on the group\u2019s business, results of operations, financial
position, and cash flows.
AutoStore tries to limit its foreign currency exposure through having
similar currencies for its revenues and operating expenses. The
group\u2019s interest-bearing liabilities are also denominated in the
foreign currencies, EUR and USD, thus, the group has a natural
hedge which reduces the impact from currency fluctuations in these
currencies. The group does not hedge currency exposure with the
use of financial instruments at the current time, but monitors the net
exposure over time.
4.7
Financial Risk
Foreign currency sensitivity
The following table illustrates the sensitivity of AutoStore\u2019s interest-
bearing liabilities denominated in USD and EUR to a hypothetical
increase or decrease in the foreign exchange rates in the period,
holding all other variables constant.
USD million
Date
Change in
FX rate
Increase/decrease
in profit before tax
Increase/decrease
in equity (OCI
effects) \u00b9
Increase/decrease in NOK/USD
December 31, 2025
+/- 10%
3.3
-
Increase/decrease in NOK/EUR
December 31, 2025
+/- 10%
17.3
-
USD million
Date
Change in
FX rate
Increase/decrease
in profit before tax
Increase/decrease
in equity (OCI
effects) \u00b9
Increase/decrease in NOK/USD
December 31, 2024
+/- 10%
16.7
-
Increase/decrease in NOK/EUR
December 31, 2024
+/- 10%
25.3
-
1 The group has no financial instruments through OCI and hence the effects on equity are zero.
4.7
Financial Risk
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a
financial loss. The group is mainly exposed to credit risk from its
operating activities.
In order to offset the risk on trade receivables, the company has
entered into a credit insurance agreement. Additionally, the group
manages its credit risks by trading only with recognized,
creditworthy third parties (mainly distributors/partners). It is the
group\u2019s policy that all customers wishing to trade on credit terms
are subject to credit verification procedures, which include an
assessment of credit rating, short-term liquidity, and financial
position. The group obtains sufficient collateral (where appropriate)
from customers as a means of mitigating the risk of financial loss
from defaults. In addition, receivable balances are monitored on an
ongoing basis, with the result that the group\u2019s exposure to losses
has been insignificant and the overall credit risk is assessed as low
(i.e. the group has not experienced any losses in the past).
For an overview of the aging of trade receivables and the expected
credit losses recognized for trade receivables, reference is made to
note 2.6.
Liquidity risk
Liquidity risk is the risk that the group will encounter difficulty in
meeting obligations associated with financial liabilities that are
settled by delivering cash or another financial asset. The group
monitors its risk of a shortage of funds by monitoring its working
capital, overdue trade receivables, and establishing credit facilities.
The group\u2019s business requires access to significant credit and
guarantee lines and other financing instruments. The business could
be negatively affected if the group is unable to meet its capital
requirements in the future, for example as a result of a weak
financial market environment, a significant deterioration of its credit
standing, a breach of or default under a credit facility agreement, or
if access to capital becomes cost-prohibitive. The group\u2019s business
activities could also be negatively affected if its customers or
suppliers do not have access to financing on economically viable
terms.
The group\u2019s objective is to maintain a balance between continuity of
funding and flexibility through the use of credit facilities and the
Senior Facilities agreement to finance working capital and
investments. The group has flexible debt financing through a
revolving credit facility as part of the Senior Facilities and may
further draw funds or establish additional incremental revolving
facilities if deemed necessary (note 4.2). Additionally, the group has
a significant positive cash flow from operating activities, which
limits its liquidity risk.
An overview of the maturity profile of the group\u2019s financial liabilities
with corresponding cash flow effects is presented in note 4.3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-340": { "value": "
4.7
Financial Risk
Overview
AutoStore is exposed to a range of financial risks affecting its
financial performance, including market risk, financial risk, credit
risk, and liquidity risk. The group seeks to minimize potential
adverse effects of such risks through sound business practice, risk
management, and hedging. At the current time, the liquidity risk of
the group is assessed to be low based on the operating cash flows,
scheduled repayments of debt, and the availability of credit
facilities.
Risk management is carried out by the group\u2019s management under
policies approved by the Chief Executive Officer. The Board
reviews and agrees on policies for managing each of these risks,
which are summarized below.
Market risks
AutoStore is exposed to the risk that the fair value or future cash
flows of a financial instrument will fluctuate because of changes in
market prices. Market risk includes interest rate risk and foreign
currency risk.
Interest rate risk
AutoStore\u2019s exposure to the risk of changes in market interest rates
relates primarily to the group\u2019s Senior Facilities, which have base
interest rates in SOFR, EURIBOR, and NIBOR. The group does not
currently hedge the base interest rates.
Interest rate sensitivity
The table below shows the sensitivity of the group\u2019s Senior
Facilities. The sensitivity to a possible change in interest rates, with
all other variables held constant, on the group\u2019s profit before tax, is
illustrated below. In calculating the sensitivity analyses, the group
assumes that the sensitivity of the relevant statement of profit or
loss item is the effect of the assumed changes in respective financial
risks.
USD million
Increase/decrease
in basis points\u00b9
Increase/decrease
in profit before tax
Increase/decrease in
equity (OCI effects)\u00b2
December 31, 2025
+/-100
2.2
-
December 31, 2024
+/-100
4.8
-
1 100 bps was selected by forecasting the future interest rate change.
2 The group has no financial instruments through OCI and hence the effects on equity are zero.
4.7
Financial Risk
Foreign currency risk
The group\u2019s international business activities, supply chain, and
global distribution network expose it to foreign exchange
transaction risk and translation risk. The group\u2019s risk of changes in
foreign exchange rates relates primarily to the group\u2019s operating
activities (revenues and expenses denominated in a foreign
currency), external financing through interest-bearing liabilities, and
the group\u2019s net investment in foreign subsidiaries.
The group\u2019s presentation currency is USD. Accordingly, changes in
the value of the currencies in which it generated revenues and
incurs costs in relation to USD affect the group\u2019s overall revenue,
profit or loss, and financial position. Transactional risk arises when
the group\u2019s entities enter into transactions in currencies different
than the entities\u2019 functional currencies. A significant part of
revenues are denominated in EUR and USD. Furthermore, a
significant amount of the materials used in the group\u2019s production
are sourced from suppliers located in countries that have adopted
PLN and EUR. The group\u2019s suppliers are generally paid in EUR in
addition to PLN; as such, the group has significant costs in EUR and
PLN. Aluminum is a key material which follows global market prices
set in USD. A large portion of the group\u2019s operations are conducted
in Norway, where transactions to a large extent are made in NOK
and, as such, the group has significant costs in NOK.
In case of unfavorable exchange rate fluctuations, such as a strong
currency in the country of a supplier, and AutoStore due to
competitive pressure being unable to raise its prices, the group may
face reduced gross margins, leading to a decline in net results and a
competitive disadvantage. Products and services provided and
invoiced by the group in markets with weaker local currencies may
also lead to lower profit margins, which could have an adverse
effect on the group\u2019s business, results of operations, financial
position, and cash flows.
AutoStore tries to limit its foreign currency exposure through having
similar currencies for its revenues and operating expenses. The
group\u2019s interest-bearing liabilities are also denominated in the
foreign currencies, EUR and USD, thus, the group has a natural
hedge which reduces the impact from currency fluctuations in these
currencies. The group does not hedge currency exposure with the
use of financial instruments at the current time, but monitors the net
exposure over time.
4.7
Financial Risk
Foreign currency sensitivity
The following table illustrates the sensitivity of AutoStore\u2019s interest-
bearing liabilities denominated in USD and EUR to a hypothetical
increase or decrease in the foreign exchange rates in the period,
holding all other variables constant.
USD million
Date
Change in
FX rate
Increase/decrease
in profit before tax
Increase/decrease
in equity (OCI
effects) \u00b9
Increase/decrease in NOK/USD
December 31, 2025
+/- 10%
3.3
-
Increase/decrease in NOK/EUR
December 31, 2025
+/- 10%
17.3
-
USD million
Date
Change in
FX rate
Increase/decrease
in profit before tax
Increase/decrease
in equity (OCI
effects) \u00b9
Increase/decrease in NOK/USD
December 31, 2024
+/- 10%
16.7
-
Increase/decrease in NOK/EUR
December 31, 2024
+/- 10%
25.3
-
1 The group has no financial instruments through OCI and hence the effects on equity are zero.
4.7
Financial Risk
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a
financial loss. The group is mainly exposed to credit risk from its
operating activities.
In order to offset the risk on trade receivables, the company has
entered into a credit insurance agreement. Additionally, the group
manages its credit risks by trading only with recognized,
creditworthy third parties (mainly distributors/partners). It is the
group\u2019s policy that all customers wishing to trade on credit terms
are subject to credit verification procedures, which include an
assessment of credit rating, short-term liquidity, and financial
position. The group obtains sufficient collateral (where appropriate)
from customers as a means of mitigating the risk of financial loss
from defaults. In addition, receivable balances are monitored on an
ongoing basis, with the result that the group\u2019s exposure to losses
has been insignificant and the overall credit risk is assessed as low
(i.e. the group has not experienced any losses in the past).
For an overview of the aging of trade receivables and the expected
credit losses recognized for trade receivables, reference is made to
note 2.6.
Liquidity risk
Liquidity risk is the risk that the group will encounter difficulty in
meeting obligations associated with financial liabilities that are
settled by delivering cash or another financial asset. The group
monitors its risk of a shortage of funds by monitoring its working
capital, overdue trade receivables, and establishing credit facilities.
The group\u2019s business requires access to significant credit and
guarantee lines and other financing instruments. The business could
be negatively affected if the group is unable to meet its capital
requirements in the future, for example as a result of a weak
financial market environment, a significant deterioration of its credit
standing, a breach of or default under a credit facility agreement, or
if access to capital becomes cost-prohibitive. The group\u2019s business
activities could also be negatively affected if its customers or
suppliers do not have access to financing on economically viable
terms.
The group\u2019s objective is to maintain a balance between continuity of
funding and flexibility through the use of credit facilities and the
Senior Facilities agreement to finance working capital and
investments. The group has flexible debt financing through a
revolving credit facility as part of the Senior Facilities and may
further draw funds or establish additional incremental revolving
facilities if deemed necessary (note 4.2). Additionally, the group has
a significant positive cash flow from operating activities, which
limits its liquidity risk.
An overview of the maturity profile of the group\u2019s financial liabilities
with corresponding cash flow effects is presented in note 4.3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-342": { "value": "market risk, financial risk, credit
risk, and liquidity risk. The group seeks to minimize potential
adverse effects of such risks through sound business practice, risk
management, and hedging. At the current time, the liquidity risk of
the group is assessed to be low based on the operating cash flows,
scheduled repayments of debt, and the availability of credit
facilities.
Risk management is carried out by the group\u2019s management under
policies approved by the Chief Executive Officer. The Board
reviews and agrees on policies for managing each of these risks,
which are summarized below.
Market risks
AutoStore is exposed to the risk that the fair value or future cash
flows of a financial instrument will fluctuate because of changes in
market prices. Market risk includes interest rate risk and foreign
currency risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-343": { "value": "
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a
financial loss. The group is mainly exposed to credit risk from its
operating activities.
In order to offset the risk on trade receivables, the company has
entered into a credit insurance agreement. Additionally, the group
manages its credit risks by trading only with recognized,
creditworthy third parties (mainly distributors/partners). It is the
group\u2019s policy that all customers wishing to trade on credit terms
are subject to credit verification procedures, which include an
assessment of credit rating, short-term liquidity, and financial
position. The group obtains sufficient collateral (where appropriate)
from customers as a means of mitigating the risk of financial loss
from defaults. In addition, receivable balances are monitored on an
ongoing basis, with the result that the group\u2019s exposure to losses
has been insignificant and the overall credit risk is assessed as low
(i.e. the group has not experienced any losses in the past).
For an overview of the aging of trade receivables and the expected
credit losses recognized for trade receivables, reference is made to
note 2.6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-345": { "value": "
4.8
Equity and
Shareholders
For the purpose of AutoStore\u2019s capital management, capital
includes issued capital and all other equity reserves attributable to
the equity holders of the parent. The primary objective of the
group\u2019s capital management is to ensure that it maintains healthy
working capital and financial stability to support its growing
business operations and maximize shareholder value.
The group manages its capital structure and makes adjustments in
light of changes in economic conditions. To maintain or adjust the
capital structure, the group may adjust the dividend payment to
shareholders, conduct share buy-backs, issue new shares, perform
prepayments of debt, or draw on short-term credit.
To achieve this overall objective, the group\u2019s capital management,
among other things, aims to ensure that it reinvests or returns
excess cash flows from operations that are not necessary to
maintain a healthy operating working capital to its investors. There
has been no breach of the financial covenants in the current or
previous periods. Reference is made to note 4.2.
The shares are issued and fully paid, and include a total of
65,676,623 treasury shares as of December 31, 2025. The
authorized share capital of AutoStore Holdings Ltd. is USD
42,500,000, consisting of 4,250,000,000 shares.
Reconciliation of the group\u2019s equity is presented in the statement of
changes in equity.
Issued capital and reserves
Share capital in AutoStore Holdings Ltd.
Number of shares
issued and fully paid
Par value per
share (USD)
Financial position
(USD)
January 1, 2024
3,428,540,429
0.01
34.29
December 31, 2024
3,428,540,429
0.01
34.29
December 31, 2025
3,428,540,429
0.01
34.29
4.8
Equity and
Shareholders
Shareholders of the group
(AutoStore Holdings Ltd.)
Country
Account type
Total shares
Ownership
Voting rights
The Bank of New York Mellon
U.S.
Nominee
1,314,076,591
38.3%
38.3%
Citibank, N.A.
Ireland
Nominee
956,275,488
27.9%
27.9%
Folketrygdfondet
Norway
Ordinary
126,569,256
3.7%
3.7%
Verdipapirfond Odin Norge
Norway
Ordinary
104,732,642
3.1%
3.1%
Alecta Tjanstepension Omsesidigt
Luxembourg
Ordinary
67,454,394
2.0%
2.0%
AutoStore Holdings Ltd.
Norway
Ordinary
65,676,623
1.9%
1.9%
The Bank of New York Mellon
U.S.
Nominee
41,405,893
1.2%
1.2%
Skandinaviska Enskilda Banken AB
Sweden
Nominee
36,803,050
1.1%
1.1%
The Northern Trust Comp
UK
Nominee
22,038,090
0.6%
0.6%
The Northern Trust Comp
UK
Nominee
18,898,968
0.6%
0.6%
Lyngneset Invest AS
Norway
Ordinary
18,183,898
0.5%
0.5%
The Bank of New York Mellon
U.S
Nominee
16,275,460
0.5%
0.5%
VPF DNB Norge selektiv
Norway
Ordinary
16,229,392
0.5%
0.5%
Euroclear Bank S.A./N.V.
Belgium
Nominee
15,798,530
0.5%
0.5%
JPMorgan Chase Bank, N.A., London
UK
Nominee
15,665,491
0.5%
0.5%
Jakob Hatteland Holding AS
Norway
Ordinary
14,680,452
0.4%
0.4%
Verdipapirfondet KLP Aksjenorge
Norway
Ordinary
14,608,134
0.4%
0.4%
VPF DNB AM Norge aksjer
Norway
Ordinary
13,013,783
0.4%
0.4%
BNP Paribas
France
Nominee
12,826,466
0.4%
0.4%
Brown Brothers Harriman & Co.
U.S
Nominee
12,334,591
0.4%
0.4%
Other shareholders
524,993,237
15.3%
15.3%
At December 31, 2025
3,428,540,429
100.0%
100.0%
The shareholder information disclosed is from the Euronext VPS share register.
4.8
Equity and
Shareholders
The group did not pay dividends to shareholders during the twelve-
month period ended December 31, 2025 or the twelve-month period
ended December 31, 2024. There are no proposed dividends as of
the date of authorization of this annual report.
For information on the employee share purchase plan (ESPP) and
the share-based bonus program (SBP), and long-term incentive
program (LTIP), reference is made to note 7.4, the Remuneration
Policy, and the Remuneration Report for 2025.
Share price information
31.12.2025
Share price (NOK)
11.81
Number of shares
3,428,540,429
Market capitalization (NOK)
40,491,062,466
USD/NOK exchange rate
10.08
Market capitalization (USD)
4,017,329,173
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-344": { "value": "
4.8
Equity and
Shareholders
For the purpose of AutoStore\u2019s capital management, capital
includes issued capital and all other equity reserves attributable to
the equity holders of the parent. The primary objective of the
group\u2019s capital management is to ensure that it maintains healthy
working capital and financial stability to support its growing
business operations and maximize shareholder value.
The group manages its capital structure and makes adjustments in
light of changes in economic conditions. To maintain or adjust the
capital structure, the group may adjust the dividend payment to
shareholders, conduct share buy-backs, issue new shares, perform
prepayments of debt, or draw on short-term credit.
To achieve this overall objective, the group\u2019s capital management,
among other things, aims to ensure that it reinvests or returns
excess cash flows from operations that are not necessary to
maintain a healthy operating working capital to its investors. There
has been no breach of the financial covenants in the current or
previous periods. Reference is made to note 4.2.
The shares are issued and fully paid, and include a total of
65,676,623 treasury shares as of December 31, 2025. The
authorized share capital of AutoStore Holdings Ltd. is USD
42,500,000, consisting of 4,250,000,000 shares.
Reconciliation of the group\u2019s equity is presented in the statement of
changes in equity.
Issued capital and reserves
Share capital in AutoStore Holdings Ltd.
Number of shares
issued and fully paid
Par value per
share (USD)
Financial position
(USD)
January 1, 2024
3,428,540,429
0.01
34.29
December 31, 2024
3,428,540,429
0.01
34.29
December 31, 2025
3,428,540,429
0.01
34.29
4.8
Equity and
Shareholders
Shareholders of the group
(AutoStore Holdings Ltd.)
Country
Account type
Total shares
Ownership
Voting rights
The Bank of New York Mellon
U.S.
Nominee
1,314,076,591
38.3%
38.3%
Citibank, N.A.
Ireland
Nominee
956,275,488
27.9%
27.9%
Folketrygdfondet
Norway
Ordinary
126,569,256
3.7%
3.7%
Verdipapirfond Odin Norge
Norway
Ordinary
104,732,642
3.1%
3.1%
Alecta Tjanstepension Omsesidigt
Luxembourg
Ordinary
67,454,394
2.0%
2.0%
AutoStore Holdings Ltd.
Norway
Ordinary
65,676,623
1.9%
1.9%
The Bank of New York Mellon
U.S.
Nominee
41,405,893
1.2%
1.2%
Skandinaviska Enskilda Banken AB
Sweden
Nominee
36,803,050
1.1%
1.1%
The Northern Trust Comp
UK
Nominee
22,038,090
0.6%
0.6%
The Northern Trust Comp
UK
Nominee
18,898,968
0.6%
0.6%
Lyngneset Invest AS
Norway
Ordinary
18,183,898
0.5%
0.5%
The Bank of New York Mellon
U.S
Nominee
16,275,460
0.5%
0.5%
VPF DNB Norge selektiv
Norway
Ordinary
16,229,392
0.5%
0.5%
Euroclear Bank S.A./N.V.
Belgium
Nominee
15,798,530
0.5%
0.5%
JPMorgan Chase Bank, N.A., London
UK
Nominee
15,665,491
0.5%
0.5%
Jakob Hatteland Holding AS
Norway
Ordinary
14,680,452
0.4%
0.4%
Verdipapirfondet KLP Aksjenorge
Norway
Ordinary
14,608,134
0.4%
0.4%
VPF DNB AM Norge aksjer
Norway
Ordinary
13,013,783
0.4%
0.4%
BNP Paribas
France
Nominee
12,826,466
0.4%
0.4%
Brown Brothers Harriman & Co.
U.S
Nominee
12,334,591
0.4%
0.4%
Other shareholders
524,993,237
15.3%
15.3%
At December 31, 2025
3,428,540,429
100.0%
100.0%
The shareholder information disclosed is from the Euronext VPS share register.
4.8
Equity and
Shareholders
The group did not pay dividends to shareholders during the twelve-
month period ended December 31, 2025 or the twelve-month period
ended December 31, 2024. There are no proposed dividends as of
the date of authorization of this annual report.
For information on the employee share purchase plan (ESPP) and
the share-based bonus program (SBP), and long-term incentive
program (LTIP), reference is made to note 7.4, the Remuneration
Policy, and the Remuneration Report for 2025.
Share price information
31.12.2025
Share price (NOK)
11.81
Number of shares
3,428,540,429
Market capitalization (NOK)
40,491,062,466
USD/NOK exchange rate
10.08
Market capitalization (USD)
4,017,329,173
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-346": { "value": "
For the purpose of AutoStore\u2019s capital management, capital
includes issued capital and all other equity reserves attributable to
the equity holders of the parent. The primary objective of the
group\u2019s capital management is to ensure that it maintains healthy
working capital and financial stability to support its growing
business operations and maximize shareholder value.
The group manages its capital structure and makes adjustments in
light of changes in economic conditions. To maintain or adjust the
capital structure, the group may adjust the dividend payment to
shareholders, conduct share buy-backs, issue new shares, perform
prepayments of debt, or draw on short-term credit.
To achieve this overall objective, the group\u2019s capital management,
among other things, aims to ensure that it reinvests or returns
excess cash flows from operations that are not necessary to
maintain a healthy operating working capital to its investors. There
has been no breach of the financial covenants in the current or
previous periods. Reference is made to note 4.2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-349": { "value": "
5.1
Tax
AutoStore Holdings Ltd. is considered a Norwegian entity for
taxation purposes.
Accounting policies
The tax charge represents the sum of current tax payable and
effects of changes in deferred tax amounts. Tax is recognized in the
income statement except to the extent that it relates to items
recognized in other comprehensive income or equity, in which case
it is recognized in other comprehensive income or equity as
appropriate.
Current tax consists of the expected tax payable for the year and
any adjustment to tax payable for previous years.
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the carrying
amounts of existing assets and liabilities and their respective tax
bases, and on unused tax losses and credits carried forward,
subject to the initial recognition exemption. A deferred tax asset is
recognized only to the extent that it is probable that future taxable
income will be available against which the asset can be utilized.
Deferred tax assets and liabilities are offset to the extent that the
deferred taxes relate to the same fiscal authority, and there is a
legally enforceable right to offset current tax assets against current
tax liabilities.
USD million
2025
2024
Income tax expense
Current income tax expense
36.4
51.5
Prior period adjustments
0.3
-
Current income tax expense
36.7
51.5
Origination and reversal of temporary differences
-12.7
-12.0
Change in deferred tax recognition
-
-
Prior period adjustments
-
-
Deferred tax income
-12.7
-12.0
Income tax expense
24.0
39.5
5.1
Tax
USD million
2025
2024
Deferred tax assets
Property, plant and equipment (including leased assets)
-0.3
-0.4
Other current assets
-1.5
-2.4
Provisions
-20.8
-
Liabilities
-0.3
-4.4
Losses carried forward (including tax credit)
-
-
Basis for deferred tax assets
-22.9
-7.1
Calculated deferred tax assets
5.0
1.8
- Deferred tax assets, not recognized
-
-
Net deferred tax assets recognized in balance sheet
5.0
1.8
Deferred tax liabilities
Property, plant and equipment (including leased assets)
0.7
0.3
Intangible assets
349.8
328.0
Other current assets
2.9
-
Basis for deferred tax liabilities
353.4
328.4
Calculated deferred tax liabilities
77.2
72.2
- Deferred tax, not recognized
-
-
Net deferred tax liabilities recognized in balance sheet
77.2
72.2
Deferred tax liabilities mainly relate to intangible assets recognized through the acquisition of AutoStore group in 2019 (refer to note 3.4)
5.1
Tax
The group's operations are subject to income tax in various foreign
jurisdictions. The statutory income tax rates vary from 17% to 30%,
which results in a difference between the statutory income tax rate
in Norway and the average tax rate applicable to the group. The
average tax rate for the group's deferred tax liabilities is 21.8% for
2025 and 22.0% for 2024. The average tax rate for the group's tax
expense is 22.7% for 2025 and 22.4% for 2024. A reconciliation of
the differences between the theoretical tax expense under the rate
applicable in Norway and the actual tax expense is presented in the
table below.
Pillar Two: Global Minimum Taxation
Pillar Two introduces a global minimum Effective Tax Rate (ETR)
via a system where multinational groups with consolidated
revenue over \u20ac750m are subject to a minimum ETR of 15% on
income arising in low-tax jurisdictions. AutoStore is currently
below the threshold.
USD million
2025
2024
Profit/(loss) before tax
105.8
176.1
Tax expense 22% (Norwegian tax rate)1
23.3
38.7
Permanent differences
0.6
1.6
Change to prior year tax expense
0.3
-
Effects of foreign tax rates
0.2
-0.8
Deferred tax, not recognized
-0.6
-
Other adjustments
0.2
-
Recognized income tax expense
24.0
39.5
1 The corporate tax rate in Norway (22%) is used as a starting point, as the parent company AutoStore Holdings Ltd. is considered a Norwegian entity for taxation purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-348": { "value": "
5.1
Tax
AutoStore Holdings Ltd. is considered a Norwegian entity for
taxation purposes.
Accounting policies
The tax charge represents the sum of current tax payable and
effects of changes in deferred tax amounts. Tax is recognized in the
income statement except to the extent that it relates to items
recognized in other comprehensive income or equity, in which case
it is recognized in other comprehensive income or equity as
appropriate.
Current tax consists of the expected tax payable for the year and
any adjustment to tax payable for previous years.
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the carrying
amounts of existing assets and liabilities and their respective tax
bases, and on unused tax losses and credits carried forward,
subject to the initial recognition exemption. A deferred tax asset is
recognized only to the extent that it is probable that future taxable
income will be available against which the asset can be utilized.
Deferred tax assets and liabilities are offset to the extent that the
deferred taxes relate to the same fiscal authority, and there is a
legally enforceable right to offset current tax assets against current
tax liabilities.
USD million
2025
2024
Income tax expense
Current income tax expense
36.4
51.5
Prior period adjustments
0.3
-
Current income tax expense
36.7
51.5
Origination and reversal of temporary differences
-12.7
-12.0
Change in deferred tax recognition
-
-
Prior period adjustments
-
-
Deferred tax income
-12.7
-12.0
Income tax expense
24.0
39.5
5.1
Tax
USD million
2025
2024
Deferred tax assets
Property, plant and equipment (including leased assets)
-0.3
-0.4
Other current assets
-1.5
-2.4
Provisions
-20.8
-
Liabilities
-0.3
-4.4
Losses carried forward (including tax credit)
-
-
Basis for deferred tax assets
-22.9
-7.1
Calculated deferred tax assets
5.0
1.8
- Deferred tax assets, not recognized
-
-
Net deferred tax assets recognized in balance sheet
5.0
1.8
Deferred tax liabilities
Property, plant and equipment (including leased assets)
0.7
0.3
Intangible assets
349.8
328.0
Other current assets
2.9
-
Basis for deferred tax liabilities
353.4
328.4
Calculated deferred tax liabilities
77.2
72.2
- Deferred tax, not recognized
-
-
Net deferred tax liabilities recognized in balance sheet
77.2
72.2
Deferred tax liabilities mainly relate to intangible assets recognized through the acquisition of AutoStore group in 2019 (refer to note 3.4)
5.1
Tax
The group's operations are subject to income tax in various foreign
jurisdictions. The statutory income tax rates vary from 17% to 30%,
which results in a difference between the statutory income tax rate
in Norway and the average tax rate applicable to the group. The
average tax rate for the group's deferred tax liabilities is 21.8% for
2025 and 22.0% for 2024. The average tax rate for the group's tax
expense is 22.7% for 2025 and 22.4% for 2024. A reconciliation of
the differences between the theoretical tax expense under the rate
applicable in Norway and the actual tax expense is presented in the
table below.
Pillar Two: Global Minimum Taxation
Pillar Two introduces a global minimum Effective Tax Rate (ETR)
via a system where multinational groups with consolidated
revenue over \u20ac750m are subject to a minimum ETR of 15% on
income arising in low-tax jurisdictions. AutoStore is currently
below the threshold.
USD million
2025
2024
Profit/(loss) before tax
105.8
176.1
Tax expense 22% (Norwegian tax rate)1
23.3
38.7
Permanent differences
0.6
1.6
Change to prior year tax expense
0.3
-
Effects of foreign tax rates
0.2
-0.8
Deferred tax, not recognized
-0.6
-
Other adjustments
0.2
-
Recognized income tax expense
24.0
39.5
1 The corporate tax rate in Norway (22%) is used as a starting point, as the parent company AutoStore Holdings Ltd. is considered a Norwegian entity for taxation purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-347": { "value": "
5.1
Tax
AutoStore Holdings Ltd. is considered a Norwegian entity for
taxation purposes.
Accounting policies
The tax charge represents the sum of current tax payable and
effects of changes in deferred tax amounts. Tax is recognized in the
income statement except to the extent that it relates to items
recognized in other comprehensive income or equity, in which case
it is recognized in other comprehensive income or equity as
appropriate.
Current tax consists of the expected tax payable for the year and
any adjustment to tax payable for previous years.
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the carrying
amounts of existing assets and liabilities and their respective tax
bases, and on unused tax losses and credits carried forward,
subject to the initial recognition exemption. A deferred tax asset is
recognized only to the extent that it is probable that future taxable
income will be available against which the asset can be utilized.
Deferred tax assets and liabilities are offset to the extent that the
deferred taxes relate to the same fiscal authority, and there is a
legally enforceable right to offset current tax assets against current
tax liabilities.
USD million
2025
2024
Income tax expense
Current income tax expense
36.4
51.5
Prior period adjustments
0.3
-
Current income tax expense
36.7
51.5
Origination and reversal of temporary differences
-12.7
-12.0
Change in deferred tax recognition
-
-
Prior period adjustments
-
-
Deferred tax income
-12.7
-12.0
Income tax expense
24.0
39.5
5.1
Tax
USD million
2025
2024
Deferred tax assets
Property, plant and equipment (including leased assets)
-0.3
-0.4
Other current assets
-1.5
-2.4
Provisions
-20.8
-
Liabilities
-0.3
-4.4
Losses carried forward (including tax credit)
-
-
Basis for deferred tax assets
-22.9
-7.1
Calculated deferred tax assets
5.0
1.8
- Deferred tax assets, not recognized
-
-
Net deferred tax assets recognized in balance sheet
5.0
1.8
Deferred tax liabilities
Property, plant and equipment (including leased assets)
0.7
0.3
Intangible assets
349.8
328.0
Other current assets
2.9
-
Basis for deferred tax liabilities
353.4
328.4
Calculated deferred tax liabilities
77.2
72.2
- Deferred tax, not recognized
-
-
Net deferred tax liabilities recognized in balance sheet
77.2
72.2
Deferred tax liabilities mainly relate to intangible assets recognized through the acquisition of AutoStore group in 2019 (refer to note 3.4)
5.1
Tax
The group's operations are subject to income tax in various foreign
jurisdictions. The statutory income tax rates vary from 17% to 30%,
which results in a difference between the statutory income tax rate
in Norway and the average tax rate applicable to the group. The
average tax rate for the group's deferred tax liabilities is 21.8% for
2025 and 22.0% for 2024. The average tax rate for the group's tax
expense is 22.7% for 2025 and 22.4% for 2024. A reconciliation of
the differences between the theoretical tax expense under the rate
applicable in Norway and the actual tax expense is presented in the
table below.
Pillar Two: Global Minimum Taxation
Pillar Two introduces a global minimum Effective Tax Rate (ETR)
via a system where multinational groups with consolidated
revenue over \u20ac750m are subject to a minimum ETR of 15% on
income arising in low-tax jurisdictions. AutoStore is currently
below the threshold.
USD million
2025
2024
Profit/(loss) before tax
105.8
176.1
Tax expense 22% (Norwegian tax rate)1
23.3
38.7
Permanent differences
0.6
1.6
Change to prior year tax expense
0.3
-
Effects of foreign tax rates
0.2
-0.8
Deferred tax, not recognized
-0.6
-
Other adjustments
0.2
-
Recognized income tax expense
24.0
39.5
1 The corporate tax rate in Norway (22%) is used as a starting point, as the parent company AutoStore Holdings Ltd. is considered a Norwegian entity for taxation purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-350": { "value": "
The tax charge represents the sum of current tax payable and
effects of changes in deferred tax amounts. Tax is recognized in the
income statement except to the extent that it relates to items
recognized in other comprehensive income or equity, in which case
it is recognized in other comprehensive income or equity as
appropriate.
Current tax consists of the expected tax payable for the year and
any adjustment to tax payable for previous years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-351": { "value": "
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the carrying
amounts of existing assets and liabilities and their respective tax
bases, and on unused tax losses and credits carried forward,
subject to the initial recognition exemption. A deferred tax asset is
recognized only to the extent that it is probable that future taxable
income will be available against which the asset can be utilized.
Deferred tax assets and liabilities are offset to the extent that the
deferred taxes relate to the same fiscal authority, and there is a
legally enforceable right to offset current tax assets against current
tax liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-354": { "value": "
6.1
Interest in
Other
Entities
The subsidiaries of AutoStore Holdings Ltd. are presented below:
Consolidated entities
Office
Currency
Shareholding
Group's voting
ownership
share
Automate Intermediate Holdings II S.\u00e0 r.l.
Luxembourg
EUR
100%
100%
Automate HoldCo I AS
Norway
NOK
100%
100%
AutoStore Business Services AS
Norway
NOK
100%
100%
AutoStore AS
Norway
NOK
100%
100%
AutoStore Technology AS
Norway
NOK
100%
100%
AutoStore Sp. Z o.o.
Poland
PLN
100%
100%
AutoStore System Inc.
U.S.
USD
100%
100%
AutoStore System Limited
UK
GBP
100%
100%
AutoStore System SAS
France
EUR
100%
100%
AutoStore System GmbH
Germany
EUR
100%
100%
AutoStore System K.K.
Japan
JPY
100%
100%
AutoStore System Co., Ltd.
South Korea
KRW
100%
100%
AutoStore System AT GmbH
Austria
EUR
100%
100%
AutoStore System S.r.l.
Italy
EUR
100%
100%
AutoStore System S.L.
Spain
EUR
100%
100%
AutoStore System AB
Sweden
SEK
100%
100%
AutoStore System Pte. Ltd.
Singapore
SGD
100%
100%
Locai Solutions Inc.
U.S.
USD
100%
100%
AutoStore Co., Ltd.
Thailand
THB
100%
100%
PIO Inc. 1
U.S.
USD
100%
100%
1\u00a0 Owned 100% by AutoStore Business Services AS.
All subsidiaries are included in the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-353": { "value": "
6.1
Interest in
Other
Entities
The subsidiaries of AutoStore Holdings Ltd. are presented below:
Consolidated entities
Office
Currency
Shareholding
Group's voting
ownership
share
Automate Intermediate Holdings II S.\u00e0 r.l.
Luxembourg
EUR
100%
100%
Automate HoldCo I AS
Norway
NOK
100%
100%
AutoStore Business Services AS
Norway
NOK
100%
100%
AutoStore AS
Norway
NOK
100%
100%
AutoStore Technology AS
Norway
NOK
100%
100%
AutoStore Sp. Z o.o.
Poland
PLN
100%
100%
AutoStore System Inc.
U.S.
USD
100%
100%
AutoStore System Limited
UK
GBP
100%
100%
AutoStore System SAS
France
EUR
100%
100%
AutoStore System GmbH
Germany
EUR
100%
100%
AutoStore System K.K.
Japan
JPY
100%
100%
AutoStore System Co., Ltd.
South Korea
KRW
100%
100%
AutoStore System AT GmbH
Austria
EUR
100%
100%
AutoStore System S.r.l.
Italy
EUR
100%
100%
AutoStore System S.L.
Spain
EUR
100%
100%
AutoStore System AB
Sweden
SEK
100%
100%
AutoStore System Pte. Ltd.
Singapore
SGD
100%
100%
Locai Solutions Inc.
U.S.
USD
100%
100%
AutoStore Co., Ltd.
Thailand
THB
100%
100%
PIO Inc. 1
U.S.
USD
100%
100%
1\u00a0 Owned 100% by AutoStore Business Services AS.
All subsidiaries are included in the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-352": { "value": "
6.1
Interest in
Other
Entities
The subsidiaries of AutoStore Holdings Ltd. are presented below:
Consolidated entities
Office
Currency
Shareholding
Group's voting
ownership
share
Automate Intermediate Holdings II S.\u00e0 r.l.
Luxembourg
EUR
100%
100%
Automate HoldCo I AS
Norway
NOK
100%
100%
AutoStore Business Services AS
Norway
NOK
100%
100%
AutoStore AS
Norway
NOK
100%
100%
AutoStore Technology AS
Norway
NOK
100%
100%
AutoStore Sp. Z o.o.
Poland
PLN
100%
100%
AutoStore System Inc.
U.S.
USD
100%
100%
AutoStore System Limited
UK
GBP
100%
100%
AutoStore System SAS
France
EUR
100%
100%
AutoStore System GmbH
Germany
EUR
100%
100%
AutoStore System K.K.
Japan
JPY
100%
100%
AutoStore System Co., Ltd.
South Korea
KRW
100%
100%
AutoStore System AT GmbH
Austria
EUR
100%
100%
AutoStore System S.r.l.
Italy
EUR
100%
100%
AutoStore System S.L.
Spain
EUR
100%
100%
AutoStore System AB
Sweden
SEK
100%
100%
AutoStore System Pte. Ltd.
Singapore
SGD
100%
100%
Locai Solutions Inc.
U.S.
USD
100%
100%
AutoStore Co., Ltd.
Thailand
THB
100%
100%
PIO Inc. 1
U.S.
USD
100%
100%
1\u00a0 Owned 100% by AutoStore Business Services AS.
All subsidiaries are included in the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-355": { "value": "
6.2
Earnings
per Share
Basic EPS is calculated by dividing the profit for the year
attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to
ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during the year, plus the
weighted average number of ordinary shares that might be issued
under any of the group\u2019s compensation programs which are equity
settled.
In 2025, this applied to the group\u2019s long-term incentive plan and
the employee share purchase plan, which may be settled using the
group\u2019s treasury shares. Reference is made to note\u00a07.4 for further
details on the group\u2019s share-based payment programs.
The following table reflects the income and share data used in the
basic and diluted EPS calculations.
USD million and shares outstanding (in millions)
2025
2024
Profit/(loss) for the period attributable to ordinary equity holders of the parent for basic earnings
81.8
136.6
Weighted average number of ordinary shares for basic EPS
3,360.8
3,358.6
Weighted average number of ordinary shares adjusted for the effect of dilution
3,441.2
3,431.7
Basic earnings per share (USD)
0.024
0.041
Diluted earnings per share (USD)
0.024
0.040
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-356": { "value": "
Basic EPS is calculated by dividing the profit for the year
attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to
ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during the year, plus the
weighted average number of ordinary shares that might be issued
under any of the group\u2019s compensation programs which are equity
settled.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-358": { "value": "
7.1
Provisions
Accounting policies
AutoStore classifies provisions in the following categories:
\u2013 Assurance-type warranties: A provision for expected warranty
claims on products sold during the year, based on experience
of the level of repairs and returns.
\u2013 Onerous shared cost: A provision for unfavorable terms
related to the service element (shared cost) in a lease
agreement. The provision includes the expected future
payments above the market rate for these services discounted
to present value.
\u2013 Social security tax for share-based payments: Contains a
provision for the accrued social security tax on share options
and restrictive share units, which will be paid when the
options are exercised.
A provision is made and calculated based on management
assumptions at the time the provision is made and is updated as
and when new information becomes available. All provisions are
reviewed at the end of the financial year.
7.1
Provisions
Reconciliation of provisions:
USD million
Assurance-
type
warranties
Onerous
shared
cost
Social
security tax
for share-
based
payments
Salary-
related
costs
Other
provisions
Total
At January 1, 2024
0.2
3.1
16.1
-
0.4
19.8
Additional provisions made
0.4
-
0.1
1.5
3.9
5.8
Remeasurement
-
-
-
-
-
-
Amounts used
-
-0.8
-9.2
-
-0.2
-10.2
Currency translation effects
-
-
-0.6
-
-
-0.6
At December 31, 2024
0.6
2.3
6.3
1.5
4.1
14.9
Additional provisions made
-
-
0.2
-
1.2
1.4
Remeasurement
-
-
-
-
-
-
Amounts used
-0.1
-0.2
-
-0.7
-
-1.0
Currency translation effects
-
-
-
-
-
-
At December 31, 2025
0.5
2.1
6.5
0.8
5.3
15.2
Current provisions
0.5
0.3
6.5
0.8
0.2
8.3
Non-current provisions
-
1.8
-
-
5.1
6.9
Changes in the provision of social security tax include the
revaluation resulting from the underlying share price. The\u00a0provision
for social security tax for share-based payments will be settled
when the options are exercised. Reference is made to note\u00a07.4.
The onerous shared cost provision is expected to be settled at the end
of 2028 with approximately similar amounts each year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-357": { "value": "
7.1
Provisions
Accounting policies
AutoStore classifies provisions in the following categories:
\u2013 Assurance-type warranties: A provision for expected warranty
claims on products sold during the year, based on experience
of the level of repairs and returns.
\u2013 Onerous shared cost: A provision for unfavorable terms
related to the service element (shared cost) in a lease
agreement. The provision includes the expected future
payments above the market rate for these services discounted
to present value.
\u2013 Social security tax for share-based payments: Contains a
provision for the accrued social security tax on share options
and restrictive share units, which will be paid when the
options are exercised.
A provision is made and calculated based on management
assumptions at the time the provision is made and is updated as
and when new information becomes available. All provisions are
reviewed at the end of the financial year.
7.1
Provisions
Reconciliation of provisions:
USD million
Assurance-
type
warranties
Onerous
shared
cost
Social
security tax
for share-
based
payments
Salary-
related
costs
Other
provisions
Total
At January 1, 2024
0.2
3.1
16.1
-
0.4
19.8
Additional provisions made
0.4
-
0.1
1.5
3.9
5.8
Remeasurement
-
-
-
-
-
-
Amounts used
-
-0.8
-9.2
-
-0.2
-10.2
Currency translation effects
-
-
-0.6
-
-
-0.6
At December 31, 2024
0.6
2.3
6.3
1.5
4.1
14.9
Additional provisions made
-
-
0.2
-
1.2
1.4
Remeasurement
-
-
-
-
-
-
Amounts used
-0.1
-0.2
-
-0.7
-
-1.0
Currency translation effects
-
-
-
-
-
-
At December 31, 2025
0.5
2.1
6.5
0.8
5.3
15.2
Current provisions
0.5
0.3
6.5
0.8
0.2
8.3
Non-current provisions
-
1.8
-
-
5.1
6.9
Changes in the provision of social security tax include the
revaluation resulting from the underlying share price. The\u00a0provision
for social security tax for share-based payments will be settled
when the options are exercised. Reference is made to note\u00a07.4.
The onerous shared cost provision is expected to be settled at the end
of 2028 with approximately similar amounts each year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "Assurance-type warranties: A provision for expected warranty
claims on products sold during the year, based on experience
of the level of repairs and returns.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "
7.2
Other
Commitments
and
Contingencies
Other commitments
The group does not have other significant commitments to be
disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
7.2
Other
Commitments
and
Contingencies
Other commitments
The group does not have other significant commitments to be
disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "
7.2
Other
Commitments
and
Contingencies
Other commitments
The group does not have other significant commitments to be
disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "
7.3
Related-party
Transactions
Related parties are group companies, major shareholders, members
of the Board, executive management in the parent company, and
the group subsidiaries. Notes 6.1 and 4.8 provide information about
the group structure, including details of the subsidiaries and the
holding company. Significant agreements and remuneration paid to
the Board for the current and prior period appear in note\u00a02.4.
Fortna, Inc. is a global distribution partner of AutoStore systems.
Thomas H. Lee Advisors LLC. (THL) is considered an associate of
both AutoStore Holdings Ltd. and Fortna, Inc., therefore Fortna, Inc.
is considered a related party. Sales of goods and services to Fortna,
Inc. were USD 7.4 million in 2025 and USD 26.4 million in 2024.
Trade receivables as of December 31, 2025 were USD 0.9 million
and as of December 31, 2024 USD 6.9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "
7.3
Related-party
Transactions
Related parties are group companies, major shareholders, members
of the Board, executive management in the parent company, and
the group subsidiaries. Notes 6.1 and 4.8 provide information about
the group structure, including details of the subsidiaries and the
holding company. Significant agreements and remuneration paid to
the Board for the current and prior period appear in note\u00a02.4.
Fortna, Inc. is a global distribution partner of AutoStore systems.
Thomas H. Lee Advisors LLC. (THL) is considered an associate of
both AutoStore Holdings Ltd. and Fortna, Inc., therefore Fortna, Inc.
is considered a related party. Sales of goods and services to Fortna,
Inc. were USD 7.4 million in 2025 and USD 26.4 million in 2024.
Trade receivables as of December 31, 2025 were USD 0.9 million
and as of December 31, 2024 USD 6.9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "
Related parties are group companies, major shareholders, members
of the Board, executive management in the parent company, and
the group subsidiaries. Notes 6.1 and 4.8 provide information about
the group structure, including details of the subsidiaries and the
holding company. Significant agreements and remuneration paid to
the Board for the current and prior period appear in note\u00a02.4.
Fortna, Inc. is a global distribution partner of AutoStore systems.
Thomas H. Lee Advisors LLC. (THL) is considered an associate of
both AutoStore Holdings Ltd. and Fortna, Inc., therefore Fortna, Inc.
is considered a related party. Sales of goods and services to Fortna,
Inc. were USD 7.4 million in 2025 and USD 26.4 million in 2024.
Trade receivables as of December 31, 2025 were USD 0.9 million
and as of December 31, 2024 USD 6.9 million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
7.4
Share-based
Payments
Accounting policies
The group has share-based programs for its key employees, which
are accounted for as equity-settled transactions. The share option
program for key employees gives the employee the right to
purchase shares in the ultimate parent company AutoStore Holdings
Ltd.
The fair value of equity\u2011settled awards is measured at grant date
and recognized as an employee benefit expense over the vesting p\u00a0
eriod, with a corresponding increase in equity. The expense reflects
the group\u2019s estimate of the number of awards expected to vest.
Reference is made to note 6.2 for the potential impact of share
options on the group\u2019s earnings per share.
Significant accounting estimates and assumptions
Social security contributions
The group recognizes a liability for social security contributions
with respect to options to be exercised (vesting conditions are
taken into account). The expense is allocated over the period from
the grant date to the end of the vesting period. From the end of the
vesting period to the date of actual exercise, the liability is adjusted
by reference to the current market value of the shares. Social
security contribution is calculated for the intrinsic value of the
options (share price \u2013 strike value) over the vesting period.
Valuation assessment
The group has performed valuation calculations for the option
program for both the fair value at grant date, subsequent
measurement, and the ongoing calculation for social security
contribution. Valuation models applied include
Black\u2011Scholes\u2011Merton and Monte Carlo simulations, depending on
the characteristics of the awards. Reference is made to below for a
summary for the various programs.
7.4
Share-based
Payments
Option programs
2019-2020 incentive program
In 2019, the group entered into option agreements, awarding non-
transferable options to certain key employees. In total, 163,338,159
options have been issued to 25 option-holders and are divided into
service (33%) and performance (67%) options. Of these, 65,471,459
are fully vested and not exercised.
Long-term incentive plan (\u201cLTIP\u201d)
In 2022, the group introduced a long-term incentive plan (\u201cLTIP\u201d)
for certain members of the company\u2019s management and other
leading employees. Under the LTIP program, the executives are
awarded a conditional grant of share options, performance share
units (\u201cPSUs\u201d), and/or restricted stock units (\u201cRSUs\u201d).
In 2025, the group approved new grants under the LTIP, resulting in
total new grants under the LTIP of 12,832,083. The instruments
under the LTIP for 2025 shall vest on September 14, 2028, subject to
continued employment on each vesting date.
Options awarded under LTIP
Of the 12,832,083 new grants under the LTIP, 4,457,588 were share
options, where each instrument will give the holder the right to
acquire one AutoStore share from the company.
PSUs awarded under LTIP
The total number of PSUs granted under the LTIP in 2025 was
4,161,403. Vesting of the PSUs is based on service criteria and the
achievement of financial or other performance goals, with the time-
based vesting criteria matching the vesting schedule of the share
options. Once vested, each PSU will award the holder with one
AutoStore share (settled through treasury shares).
RSUs awarded under LTIP
The total number of RSUs granted under the LTIP in 2025 was
4,216,092. The RSUs are subject to a time-based vesting. Once
vested, each RSU will award the holder with one AutoStore share
(settled through treasury shares).
Shares acquired by permanent employees
Starting in 2023, certain permanent employees in the group were
given the opportunity to participate in the employee share
purchase plan (\u201cESPP\u201d). The total amount of ESPP shares awarded
in 2025 was 1,268,735 (treasury shares at a purchase price of NOK
5.30) and 506,974 (treasury shares at a purchasing price of NOK
6.47). The ESPP shares are subject to a two-year lock-up period.
Annual share-based bonus program
The annual share-based bonus program (\u201cSBP\u201d) entitles permanent
employees, not on existing individual short term incentives
schemes, to be eligible for a bonus linked to the company meeting
annual financial performance targets. If the company achieves the
annual financial performance targets, eligible employees are
granted shares calculated as a defined percentage of their base
salary. In 2025 and in 2024, the financial targets were not met, and
the associated cost was subsequently reversed.
7.4
Share-based
Payments
USD million
2025
2024
Expenses arising from equity-settled share-based payment transactions
-4.1
-2.3
Total expenses arising from share-based payment transactions
-4.1
-2.3
USD 4.1 million is the IFRS 2 cost of the options. The expense is based on estimated fair value of the options on grant date and recognized over
the vesting period.
Movements during the year
The following table illustrates the number and movements in share options during the year.
Number of and movements in share options
2025
2024
Outstanding at 1 January
76,691,093
73,591,851
Granted during the period
14,543,446
6,302,190
Exercised during the period
-1,298,230
-3,108,449
Adjusted during the period
-909,293
-
Released during the period
-865,283
-72,580
Terminated during the year
-847,136
-21,919
Outstanding at December 31
87,314,597
76,691,093
Fully vested, not yet exercised at December 31
66,875,441
66,585,655
7.4
Share-based
Payments
The following tables list the inputs to the models used for the option program for the year ended December 31, 2025:
2019-2020 incentive program
2019-2020
Service
options
2019-2020
Performance
options
Weighted avg. fair values at the measurement date
\u20ac0.07
\u20ac0.03
Dividend (%)
-
-
Expected volatility
25%
25%
Risk-free interest rate
1.19%
1.25%
Expected life of share options (years)
4.3
5.0
Weighted average share price
\u20ac0.33
\u20ac0.33
Model used
Black-Scholes Merton
The incentive program is presented in EUR as this program was originally denominated in EUR.
RSU board incentive program
2025
RSU
2024
RSU
2023
RSU
Weighted avg. fair values at the measurement date
$1.08
$0.92
$1.07
Dividend (%)
-
-
-
Expected volatility
68%
66%
72%
Risk-free interest rate
3.79%
3.83%
4.02%
Expected life of share options (years)
3.0
3.0
3.0
Weighted average share price
$1.08
$0.92
$1.07
Model used
Black-Scholes Merton
7.4
Share-based
Payments
2025 LTI program
2025
PSU and
options
2025
RSU
Weighted avg. fair values at the measurement date
$0.69
$0.91
Dividend (%)
-
-
Expected volatility
69%
69%
Risk-free interest rate
3.76%
3.76%
Expected life of share options (years)
4.0
4.0
Weighted average share price
$0.80
$0.91
Model used
Black-Scholes Merton
2024 LTI program
2024
PSU and
options
2024
RSU
Weighted avg. fair values at the measurement date
$0.53
$1.13
Dividend (%)
-
-
Expected volatility
62%
62%
Risk-free interest rate
3.03%
3.03%
Expected life of share options (years)
4.0
4.0
Weighted average share price
$1.24
$1.13
Model used
Black-Scholes Merton
The expected life of the share options is based on historical data
and current expectations and is not necessarily indicative of
exercise patterns that may occur.
The expected volatility is based on historical data for comparable
companies, as the group has a limited number of share
transactions. The expected volatility reflects the assumption that
the historical volatility over a period similar to the life of the options
is indicative of future trends, which may not necessarily be the
actual outcome.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
Accounting policies
The group has share-based programs for its key employees, which
are accounted for as equity-settled transactions. The share option
program for key employees gives the employee the right to
purchase shares in the ultimate parent company AutoStore Holdings
Ltd.
The fair value of equity\u2011settled awards is measured at grant date
and recognized as an employee benefit expense over the vesting p\u00a0
eriod, with a corresponding increase in equity. The expense reflects
the group\u2019s estimate of the number of awards expected to vest.
Reference is made to note 6.2 for the potential impact of share
options on the group\u2019s earnings per share.
Significant accounting estimates and assumptions
Social security contributions
The group recognizes a liability for social security contributions
with respect to options to be exercised (vesting conditions are
taken into account). The expense is allocated over the period from
the grant date to the end of the vesting period. From the end of the
vesting period to the date of actual exercise, the liability is adjusted
by reference to the current market value of the shares. Social
security contribution is calculated for the intrinsic value of the
options (share price \u2013 strike value) over the vesting period.
Valuation assessment
The group has performed valuation calculations for the option
program for both the fair value at grant date, subsequent
measurement, and the ongoing calculation for social security
contribution. Valuation models applied include
Black\u2011Scholes\u2011Merton and Monte Carlo simulations, depending on
the characteristics of the awards. Reference is made to below for a
summary for the various programs.
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7.5
Events After the
Reporting
Period
No material events have occurred after the reporting period that
require adjustment to or disclosure in the Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300KYN3M0LSM5A413", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }