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ANNUAL
REPORT 2025
Board of Directors' Report
Contents
Introduction
4
About the Report
5
Key Figures
6
Highlights of the Year
8
Key Events
10
About Color Group
12
This is Color Group
13
Corporate Governance
18
Sustainability
21
General Information
23
Environmental Information
40
Social Information
80
Governance Information
101
ESRS Appendix
110
Financials
118
Comments on the Financial Statements
119
Consolidated Financial Statements
122
Parent Company Financial Statements
152
Appendices
166
Report on Corporate Governance
167
Statement from the Board and CEO
169
Auditor’s Report
170
Auditor’s Limited Assurance Report
173
Photo: Anders Martinsen, Arild Danielsen, Color Line AS, Gettyimages,
Glenn Walmann, Jarle Nyttingnes, Octocopter Film, Trine Hisdal,
Vibeke S. Aubert, Øivind Haug and Øyvind Ganesh Eknes
Color Group Annual Report 2025Color Group Annual Report 2025
33
INTRODUCTION
About the Report
5
Key Figures
6
Highlights of the Year
8
Key Events
10
Color Group Annual Report 2025Color Group Annual Report 2025
44 IntroductionIntroduction Introduction
ABOUT THE REPORT
COLOR GROUP’S ANNUAL REPORT FOR 2025
This report constitutes the statutory Annual Report in accordance
with Norwegian requirements for Color Group AS for the year ending
31 December 2025. The report is filed with the Norwegian Register
of Company Accounts. The version prepared in accordance with the
European Single Electronic Format (“ESEF”), filed with the Oslo Stock
Exchange (“Euronext Oslo Børs”), is the official version of the Company’s
Annual Report, and the ESEF version prevails in case of any questions or
conflicts with other versions.
This report presents the
• Board of Directors’ report, consisting of the sections ’About Color
Group’ ’Sustainability’ and ’Comments on the Financial Statements
• Consolidated financial statements for the Group
• Parent company financial statements for Color Group AS
Color Group Annual Report 2025Color Group Annual Report 2025
55 IntroductionIntroduction | About the ReportIntroduction | About the Report
2025 2024 2023 2022 2021
Key activity data
Vessels 5 5 5 7 7
Number of sailings 4 712 4 670 4 557 5 793 3 803
Passengers 3 593 804 3 675 249 3 548 821 3 599 293 1 143 480
Freight units (12m-equivalents) 149 548 157 121 179 133 189 658 180 850
2025 2024
1
2023 2022 2021
2025 (in EUR million)
Financials (NOK million)
Total operating income 6 724 6 684 6 306 5 752 2 614 569
EBITDA 1 156 1 391 1 399 1 222 211 98
Operating profit 562 808 819 598 -386 48
Profit for the period 160 486 358 282 -458 14
Total assets 9 249 9 016 8 922 8 797 9 514 782
Total equity 1 984 2 087 1 687 1 641 1 373 168
Equity ratio (%) 21 23 19 19 14
Available liquidity 2 090 1 741 1 100 760 720 177
Net interest-bearing debt 3 746 3 613 3 749 4 404 5 371 317
1
Including one-off effects from ONS Ship Finance transaction
KEY FIGURES
20252024
1
202320222021
1 156
1 391
1 399
1 222
211
20252024
1
202320222021
3 746
3 749 3 613
4 404
5 371
EBITDA
NOK million
NET INTEREST-BEARING DEBT
NOK million
Color Group Annual Report 2025Color Group Annual Report 2025
66 IntroductionIntroduction | Key FiguresIntroduction | Key Figures
2025 2024 2023 2022 2021
Key sustainability data
Scope 1 emissions tCO
2
e 340 093 346 399 345 474 397 545 296 314
Scope 2 emissions (location) tCO
2
e 1 444 1 666
1
1 790
2
1 956 1 923
CO
2
e intensity of fleet (cgdist) gCO
2
/GT × nm 11.95 12.17 12.24 13.3 14.2
Total energy consumption MWh 1 270 565 1 287 181
3
1 284 438
4
- -
Employees end of year – total FTE 2 205 2 191 2 176 2 125 1 425
Ratio of seafaring/land-based employees in total workforce % FTE 78 / 22 77 / 23 77 / 23 78 / 22 72 / 28
Ratio of women/men in total workforce % FTE 44 / 56 43 / 57 42 / 58 42 / 58 44 / 56
Ratio of women/men in management positions % headcount 29 / 71 30 / 70 34 / 66 31 / 69 29 / 71
Absence due to sickness % 6.3 7.0 6.9 7.3 8.7
Total recordable injury rate (TRIR) employees Incident per million hours 24.10 25.28 26.16 - -
1
Restated due to changing the calculation methodology from using a general factor for the Nordic countries to country-specific emission factors for Scope 2 emissions.
2
See footnote 1.
3
Restated due to minor changes to calculation of total energy consumption.
4
See footnote 3.
CO
2
E INTENSITY OF FLEET (CGDIST)
gCO
2
/GT × nm
RATIO OF SEAFARING/
LAND-BASED EMPLOYEES
IN TOTAL WORKFORCE
% FTE
78% seafaring
22% land-based
RATIO OF WOMEN/
MEN IN TOTAL
WORKFORCE
% FTE
44% women
56% men
RATIO OF WOMEN/
MEN IN MANAGEMENT
POSITIONS
% headcount
29% women
71% men
20252024202320222021
11.912.2
13.3
14.2
12.2
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77 IntroductionIntroduction | Key FiguresIntroduction | Key Figures
HIGHLIGHTS OF THE YEAR
Color Group delivered satisfactory results in 2025, considering a moderation in travel and
freight markets, elevated investment activity, environmental fleet upgrades and ongoing digital
transformation initiatives. Performance was also affected by continued inflationary pressures and
currency-related effects, while a growing passenger yield contributed positively to the results.
Color Group reported earnings before interest,
taxes, depreciation and amortization (EBITDA)
of NOK 1.2 billion in 2025, compared with
NOK 1.4 billion in 2024, after carrying a total of
3.6 million passengers and 150 000 freight units
(12m equivalents) between Norway, Denmark,
Sweden and Germany. The company had an
operating profit (EBIT) of NOK 562 million in
2025, against NOK 808 million in 2024.
The 2025 results were supported by continued
operational improvements, and high levels of
satisfaction and loyalty across all customer
segments. However, results were also impacted
by rising operational costs, mainly related to
climate-related compliance costs in Europe,
wage inflation and high investments both in
ongoing digital transformation of the company
and upgrading of onboard scrubber systems.
Within Color Group’s travel segments, the
company enjoys a high degree of overall resil-
ience, with the weakening of the Norwegian
krone also serving to incentivize northbound
traffic to Norway. The key German market still
showed signs of slowing down in 2025, due to
the stagnation of Europe’s largest economy.
Freight activity remained weak across Europe
due to low activity levels caused by geopolitical
unrest and macroeconomic uncertainty.
Color Group’s business model and purpose
is to serve as a floating bridge between the
Norwegian peninsula and Northern Europe for
passengers and cargo, with daily, year-round
services offering customers a high degree
of quality, flexibility and predictability. This
builds on long-standing traditions in Norway,
with many of the greatest challenges of our
time also re presenting commercial short-sea
opportunities.
However, as the only shipping company oper-
ating in international freight and passenger
transport to and from Norway using Norwegian-
registered ships crewed largely by Norwegian
personnel, Color Group is dependent on compet-
itive domestic framework conditions. These
have been significantly weakened in recent
years, including in 2025, widening the gap
between Norway and other seafaring nations.
This gives cause for concern over Norway’s
future position as a major maritime power.
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88 IntroductionIntroduction | Highlights of the YearIntroduction | Highlights of the Year
EUROPEAN CLIMATE PARADOX
Color Group is well-positioned to realize its
green transition in line with European goals, with
a detailed transition plan towards 2050. Color
Group continues to implement energy- efficiency
projects across its fleet and routes, including
silicon-based hull coating and phasing-in of
responsible biofuel. Consequently, by the end of
2025, the company had reduced overall climate
emissions in its transport work by more than
45%
1
since 2000. Color Group continues to
explore a broad range of future options under
its sustainability strategy, including electrifi-
cation of its shorter transport routes.
However, it remains paradoxical that resources
needed for maritime decarbonization are
diverted from shipping companies to cover
rapidly rising climate-related compliance costs
under the European Trading System (EU ETS),
especially as road transport continues to be
exempt. To prevent future carbon leakage
from sea to road, European climate regulations
should therefore be aligned across modal forms.
Despite a more challenging 2025, Color Group
demonstrated yet again its ability to drive
operational improvements and deliver tailored
products and services that meet and exceed
expectations, both with regard to passengers
and freight customers. Going forward, Color
Group will focus on growing its customer base
and exercise firm cost control to safeguard
profitability, quality and customer excellence.
1
Measured as overall GHG intensity (cgDIST).
Color Group Annual Report 2025
99 IntroductionIntroduction | Highlights of the YearIntroduction | Highlights of the Year
Docking of M/S Color
Magic: Work included full
renovation of the Mama
Bella pizza restaurant,
Boutique fashion store
and the Teens’ Plaza.
Additionally, the ship
received the same
upgrade to its scrubber
system and new onboard
waste system as M/S
Color Fantasy and M/S
SuperSpeed 2.
Large-scale inter disci plinary
fire drill conducted onboard
and around M/S Color
Hybrid, in cooperation with
Larvik Fire Department and
Norwegian rescue helicopters.
Color Hotel Skagen opens
an entire new wing with
32 deluxe rooms.
The annual cycling event
Color Line Tour from
Kristiansand to Hovden in
southern Norway is staged
for the 39
th
time.
Docking of M/S Color
Fantasy: Work included an
upgrade from open-loop
to closed-loop scrubber
system and implementation
of new onboard waste-
separation system.
Docking of M/S Super-
Speed 2: Work included
establishment of a new
seating area in the
Blue fins Bar & Lounge
and a new sleeping area
for professional drivers.
Additionally, the ship
received the same upgrade
to its scrubber system and
new onboard waste system
as M/S Color Fantasy.
Docking of M/S
SuperSpeed 1: Work
included the same
upgrade to its scrubber
system and new onboard
waste system as M/S
Color Fantasy, M/S
SuperSpeed 2 and M/S
Color Magic.
New check-in booths
opened in Kristiansand
as part of an ongoing
port renewal.
Handwritten logs
replaced by a digital
system onboard M/S
Color Fantasy, bringing
to an end a more than
400-year-old tradition.
KEY EVENTS
JANUARY FEBRUARY MARCH APRIL JUNE JU LY
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AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
Implementation of a
Digital Experience
Platform (DXP) that will
serve as the foundation
for seamless and
personalized digital
customer experiences
as part of Color
Lines’ ongoing digital
transformation.
Color Line awarded Best
Ferry Operator at Visit
Denmark’s annual Visit
Awards.
Recycling operators are
employed on board both
vessels to manage waste
and recycling operations.
Color Line and Capgemini
enter broad, multi-year
digital transformation
partnership.
Colorline.se was launched
on the new Digital
Experience Platform.
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1111 IntroductionIntroduction | Key EventsIntroduction | Key Events
Part of the Board of Directors’ Report
ABOUT
COLOR GROUP
This is Color Group
13
Corporate Governance
18
Color Group Annual Report 2025
12 About Color GroupAbout Color Group
Part of the Board of Directors’ Report
THIS IS COLOR GROUP
BUSINESS AND STRATEGY
Color Group’s main business activities, operating under the
name ’Color Line’, consist of international transport of cargo and
passengers, together with related service offerings. This activity is
managed by the company’s fully-owned subsidiary Color Line AS.
The Group also owns and operates the 4-star Color Hotel Skagen in
Denmark.
Color Group AS was established in 1990 and is Norway’s largest
and one of Europe’s leading cruise and transport companies.
Color Line operates a fleet of five custom-built RoPax vessels
transporting passengers and cargo on four international routes
between seven ports in Norway, Denmark, Germany, and Sweden.
The company employs around 3 000 people (2 205 full-time
equivalents) in four countries.
Color Group provides daily, year-round services between the four
Norwegian ports of Oslo, Sandefjord, Larvik and Kristiansand,
and one port in each destination country – Hirtshals in Denmark,
Strömstad in Sweden and Kiel in Germany. In 2025, the company
transported around 3.6 million passengers and 150 000 cargo units
(12m equivalents).
Color Group AS (’Parent
Company’) together with all
subsidiaries constitutes the
consolidated group (’Color Group’
or ’the Group’).
Color Group AS is a Norwegian
limited company headquartered
in Norway at Bryggegata 3, Oslo.
The company’s main activities
include ownership management
and central finance and treasury
functions for the Group. Color
Group AS is fully owned by
ONS Invest II AS, which in turn
is fully owned by Board Director
Olav Nils Sunde and his family.
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Part of the Board of Directors’ Report
The company operates the sister ships M/S Color Fantasy
and M/S Color Magic on the Oslo–Kiel route, which remain the
largest vessels in the world within their category, offering a full
cruise experience between Norway and mainland Europe. The
sister ships M/S SuperSpeed 1 and M/S SuperSpeed 2 operate
between the Norwegian ports of Kristiansand and Larvik and
Hirtshals in Denmark, providing highly efficient transport
solutions. On the ’shortcut to Sweden’ between Sandefjord and
Strömstad, Color Group operates M/S Color Hybrid, which was
launched as the world’s largest plug-in hybrid ship in 2019.
With more than three-quarters of its people employed at sea,
Color Group ranks among the biggest employers of Norwegian
maritime personnel. The company regards its people as its
most valuable asset, and the high level of customer satisfaction
and loyalty the company enjoys is primarily attributable to the
commitment, motivation and expertise of its employees. Color
Group prioritizes health, safety and the environment, and works
to secure a strong and positive corporate culture. The Group
has a zero-tolerance policy towards behavior and incidents
in breach of the company’s strategy for safety and health,
including bullying and harassment. Color Group takes active
steps to strengthen diversity by increasing the pro portion
of female employees within the company and the maritime
industry in general.
Color Group creates value through the payment of taxes and duties
to the authorities, remuneration to its employees and, indirectly,
through the purchase of goods and services from various suppliers
and service providers in Norway and destination countries. Color
Group is one of the Nordic region’s most important travel and
tourism operators and plays a major role in the development of
year-round activity both in Norway and its destination countries.
Color Group’s purpose is to utilize the sea to provide a bridge
between the Norwegian peninsula and its neighboring countries.
Based on tailored, high-quality services for both passengers
and cargo, the company continuously develops and renews its
product portfolio to ensure efficient, reliable, safe, modern and
comfortable operations across customer segments on all routes.
Ensuring that guests have a great customer experience is central
to Color Group’s business model and is integrated in the company’s
values and culture. The company has measures in place to provide
positive customer experiences, including training for all employees
engaged in interaction with customers, building a customer-centric
culture and conducting customer surveys to receive relevant feed-
back as part of the company’s policy of continuous improvement.
Color Group aims to gradually transform all its operations in
line with the ambition to achieve a low-carbon society, while
utilizing new opportunities arising from digitalization to enhance
cyber- security, reduce costs and improve customer experiences.
For details on Color Group’s ESG strategy and follow-up, see
’General information’.
OUR VALUES
Inspirator Role model Driving force
WE CARE WE BUILD TRUST WE FORGE AHEAD
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Part of the Board of Directors’ Report
BUSINESS MODEL
AND VALUE CHAIN
Color Group’s business model revolves around its
five RoPax-ships offering high-frequency services
for passengers and cargo between Norway and
neighboring countries in Northern Europe, as well
as operation of Color Hotel Skagen in Denmark.
These daily, year-round services require a broad
range of input factors and result in a wide variety
of outcomes. Operations also depend on several
support functions across the value chain, ranging
from procurement and IT-services to logistics and
waste management.
• Production of interior
decoration and input factors
• Yard and maintenance services
• Ship building and port development
• Extraction and production of fuel and energy
• Operation and maintenance of ships
(fuel and energy consumption)
• Contracting of ships and port development
• Resale and reuse of interior decorations,
technical spare parts and other input factors
• Transport (passengers, cargo and goods)
• Production of food, drinks, cosmetics,
clothing and other retail goods
• Production of goods for hotel operation
• Travel and tourism
• Local community value creation
• Transport of passengers and cargo
• Consumption of retail products
DOWNSTREAMUPSTREAM
Shipyard services: Northern Europe
Technical procurement: Central and Northern Europe
Commercial procurement: Europe, South America
Customer base: Northern Europe
Cargo origins: Europe
Route destinations: Norway, Denmark, Sweden and Germany Cargo destinations: Europe
Passenger destinations: Central and Northern Europe
OWN ACTIVITY
• Transport of cargo, people and private vehicles
• Restaurant and bars (food and beverage)
• Shops and outlets (cosmetics,
food, drinks, clothing and other retail products)
• Casino, spa and entertainment
• Hotel services (on board and
Color Hotel Skagen)
• Customs services
• Port and terminal handling
MARITIME TECHNICAL OPERATION AND MAINTENANCE
PASSENGER AND CARGO TRANSPORT AND ACCOMODATION
MAIN GEOGRAPHICAL AREAS
SUPPORT OPERATIONS
• Administration,
crewing, sales and
marketing
• IT infrastructure
• Procurement
• Waste
management
• Logistics and storage
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1515 About Color GroupAbout Color Group | This is Color GroupAbout Color Group | This is Color Group
Part of the Board of Directors’ Report
BUSINESS STRUCTURE
Color Group’s management is comprised of its CEO, CFO and Finance Manager, while its fully-owned
subsidiary Color Line is organized into four business areas and six staff and support functions:
Commercial areas onboard
Responsible for creating uniform, attractive
and service-supported travel, hotel and retail
experiences onboard the ships.
Commercial areas onshore
Responsible for sales and marketing,
conceptualization and making the shipping
company’s capacity available.
Cargo
Responsible for sales, handling and follow-up of
freight and customs clearance-related products.
Maritime
Responsible for operating and maintaining the
shipping company’s five ships, port and tonnage
development, as well as process responsibility
when new ships are contracted.
Staff and support functions
Include dedicated departments within the
areas of economy, IS/IT, human resources,
sustainability and compliance, communication
and public relations, and strategy and business
development.
Each department is represented by an Executive
Vice President (EVP) within Color Line’s Executive
Management, headed by Color Line’s President and CEO.
While the directors have overall responsibility within
the four business areas, the individual staff and support
functions are responsible for managing and controlling
their respective areas of responsibility and for providing
assistance to the business areas, the President and CEO
and the Board of Directors. Both Color Group and Color
Line are headquartered in Oslo.
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1616 About Color GroupAbout Color Group | This is Color GroupAbout Color Group | This is Color Group
OSLO
SANDEFJORD
LARVIK
KRISTIANSAND
HIRTSHALS
KIEL
STRÖMSTAD
Part of the Board of Directors’ Report
FLEET
Build year: 2008 (2011)
Tonnage: 36,822 GRT
Length: 211.3 metres
Beam: 26 metres
Draft: 6.5 metres
Max. capacity: 2,400
Passenger cars: 750
Trailers lane metres: 1,990
M/S SUPERSPEED 1
KRISTIANSAND–HIRTSHALS
CRUISE,
TRANSPORT
AND CARGO
TRANSPORT
AND CARGO
Build year: 2004
Tonnage: 75,027 GRT
Length: 224 metres
Beam: 35 metres
Draft: 6.8 metres
Max. capacity: 2,605 persons
Passenger cars: 750
Trailers lane metres: 1,270
Build year: 2007
Tonnage: 75,100 GRT
Length: 224 metres
Beam: 35 metres
Draft: 6.8 metres
Max. capacity: 2,812 persons
Passenger cars: 550
Trailers lane metres: 1,270
M/S COLOR FANTASY
OSLO–KIEL
M/S COLOR MAGIC
OSLO–KIEL
Build year: 2008
Tonnage: 33,500 GRT
Length: 211.3 metres
Beam: 26 metres
Draft: 6.5 metres
Max. capacity: 2,000
Passenger cars: 764
Trailers lane metres: 2,036
M/S SUPERSPEED 2
LARVIK–HIRTSHALS
Build year: 2019
Tonnage: 27,000 GRT
Length: 160 metres
Beam: 27.10 metres
Draft: 6.0 metres
Max. capacity: 2,000
Passenger cars: 500
Trailers lane metres: 760
M/S COLOR HYBRID
SANDEFJORD–STRÖMSTAD
Build year: 1968–2001
Adress: Gl. Landevej 39,
9990 Skagen
Size: 149 rooms
Max. capacity: 400 guests
Facilities: Conferences,
functions, restaurant, café, bar,
gardens, outdoor heated
swimming pool, spa, sauna
and fitness room
COLOR HOTEL SKAGEN 4-star hotel
SKAGEN, DENMARK
COLOR
HOTEL
SKAGEN
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Part of the Board of Directors’ Report
CORPORATE GOVERNANCE
GOVERNANCE MODEL
Color Group’s purpose is to utilize the sea to provide
a bridge between the Norwegian peninsula and its
neighboring countries for people and cargo, which
requires that the company protects and enhances
stakeholder value through profitable development in
a long-term perspective.
Good governance and corporate management reduce
Color Group’s business-related risk, and the company
strives to utilize its resources in an effective and
sustainable manner. Color Group safeguards its goals
through further development of competence centers,
deliveries of market-leading systems, products and
services across its market segments and throughout
the customer journey, and by operating in an ethical,
sustainable and socially responsible manner.
Color Group has bond loans listed on the Oslo Stock
Exchange and is subject to Norwegian securities legis-
lation and stock exchange regulations. Color Group
reports its policies and practice on corporate govern-
ance in accordance with Section 2-9 of the Norwegian
Accounting Act (also see ’Report on Corporate
Governance’).
OWNERS BOARD MANAGEMENT
Annual general
assembly meeting
The general assembly elects the company’s
Board of Directors, which shall consist of
3 to 8 members. Personal deputies may be
elected for the Board members.
Audit Committee
1
The Board decides in all significant matters
and has overall responsibility for the
strategy and management of The Group.
Management Color Group
1
Responsible for both financial and sustainability audit matters.
Corporate Executive
Management Color Line
Strategy and operational management.
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Part of the Board of Directors’ Report
MANAGEMENT
COLOR GROUP
BOARD COLOR GROUP CORPORATE EXECUTIVE MANAGEMENT COLOR LINE
Chairman
Morten Garman
CFO
Christian Arndt
Finance Manager
Andreas Ringen
Director
Olav Nils Sunde
Director
Camilla Sunde
CEO
Olav Nils Sunde
President & CEO
Trond Kleivdal
EVP
Human Resources
Einar Monstad
EVP
Strategy & Business
Development
Boge Gulbrandsen
EVP
Economy
Mette Krabberød
EVP
Communication
& Public Affairs
Erik Brynhildsbakken
EVP
Sustainability
& Compliance
Anette Aaser-Stene
EVP
Chief Information Officer
Brage Galtestad
EVP
Commercial & Hotel
Operation on board
Thomas Gudbjerg
EVP
Cargo
Trond Tønjum
EVP
Sales & Marketing
Marianne Borchgrevink
EVP
Technical Maritime
Operation
Per Erik Olsen
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Part of the Board of Directors’ Report
GOVERNANCE PRACTICES
Color Group’s Board of Directors is responsible for the Group’s risk
management strategy, framework conditions and processes, and
adopts decisions around risk management and internal control
systems in consultation with the Audit Committee. Color Group
is committed to having effective processes in place to ensure
compliance with applicable laws, regulations and industry standards.
The Executive Management of subsidiary Color Line is responsible
for day-to-day risk management, and for developing the systems
around monitoring and managing risk within the business. Color
Line has a compliance function which is organized independently
of the business units, and reports in parallel both to Color Line’s
President and CEO and to the Board of Directors.
The compliance function focuses on ensuring monitoring and
follow-up of relevant national and international legislations
and regulations, as well as making sure the company’s internal
guidelines are followed. Work is conducted on a continuous basis
to assess the best possible adaptation to new regulations and
new rules to safeguard both compliance and the effectiveness
of the organization. New rules and regulations are implemented
through Color Line’s steering documents and procedures.
A continuous focus on significant compliance risks by the
management serves to strengthen compliance and increase
awareness within the enterprise.
The company is a member of several boards and committees,
which enables it to play an active role in discussions around
framework conditions, legislative issues and changes within
the industry. Memberships include the Norwegian Shipowners’
Association, the Norwegian Logistics and Freight Association,
the Foundation for Norwegian Maritime Expertise, the Nordic
Committee for Passenger Ships, Interferry and DNV’s Ferry
Committee. Furthermore, the company is represented in the
Norwegian-German Chamber of Commerce and the Trade
Council for Germany, and in the network-based Norwegian
Tourism Partners.
RISK MANAGEMENT AND
INTERNAL CONTROL
Color Group is exposed to various forms of risk and therefore
strives to maintain a healthy balance between the company’s
overall risk exposure and risk-bearing capacity. Color Group
routinely performs risk analyses in connection with major invest-
ments and contracts, strategic initiatives and when businesses are
acquired or sold, and as required based on risk assessments.
Handling risk forms an integral part of Color Group’s business
management and strategy. The function of Color Group’s risk and
control management is to minimize risk and identify potential
opportunities. The Executive Management of Color Line has the
delegated responsibility for day-to-day risk management and
development of monitoring systems.
The Board conducts an annual review of the company’s internal
control procedures and monitors the main areas of risk on a
continuous basis. Color Group is committed to having effective
processes in place to ensure compliance with applicable laws,
regulations and industry standards. The compliance function
focuses on ensuring that applicable national and international laws
and regulations, as well as the company’s internal guidelines, are
followed. Compliance risk in this respect refers to the risk of Color
Group incurring legal or regulatory sanctions, suffering financial
loss or reputational damage as a consequence of failure to comply
with laws, regulations or governing documents.
Governing documentation is handled systematically in subsid-
iary Color Line’s quality system, which ensures both access
management, change logging and deviation processing in relation
to documented routines and guidelines, as well as input for improve-
ments. This is an important part of the company’s ongoing learning
and improvement work. The respective Executive Vice Presidents in
Color Line are responsible for both implementation and follow-up of
governing documents. Deviations from policies and procedures are
documented and followed up through the quality system to ensure
an effective and functional framework for compliance.
Color Group performs regular assessments of relevant risk
elements and reports measures and actions to the Board of
Directors as and when appropriate.
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Part of the Board of Directors’ Report
SUSTAINABILITY
General Information
23
Environmental Information
40
Social Information
80
Governance Information
101
ESRS Appendix
110
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For 2025, Color Group’s sustainability statement
is presented in alignment with the requirements of
the Corporate Sustainability Reporting Directive
(CSRD) and the European Sustainability Reporting
Standards (ESRS).
Color Group’s CSRD disclosures are included within the sustainability statement,
in other sections of the annual report and in appendices commensurate with the
company exercising the option of incorporation by reference. The disclosures
outside of the statement are referenced within the sustainability statement. Color
Group has chosen to exclude voluntary and phase-in disclosures for 2025. In
future, the company will include these disclosures when applicable and relevant.
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GENERAL
INFORMATION
Basis for Preparation
24
Sustainability Governance
25
Management of Sustainability Risk
27
Statement on Due Diligence
28
Sustainability Strategy
29
Stakeholder Engagement
31
Double Materiality Assessment
32
Material Impacts, Risks and Opportunities
34
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BASIS FOR PREPARATION
ESRS 2 BP-1 General basis for preparation of the sustainability statement
The sustainability statement includes information for Color Group
and all of its subsidiaries and has been prepared on the same con -
solidated basis as the 2025 financial statements for Color Group.
The double-materiality assessment described in IRO-1 includes
impacts, risks and opportunities relating to Color Group’s own
operations, together with its upstream and downstream value
chain. For policies, actions, metrics and targets, the scope is
described in the topic sections.
No information corresponding to intellectual property, know-how
or the results of innovation has been omitted from the sustain-
ability statement. No exemptions from disclosure of impending
developments or matters still under negotiation have been applied.
ESRS 2 BP-2 Disclosures in relation to specific circumstances
Changes in the Preparation or Presentation
of the Sustainability Statement
For the 2025 reporting year no significant changes to the
preparation or presentation of the sustainability statement have
been made. Smaller updates include:
• An updated double-materiality assessment performed in
accordance with the ESRS.
• An updated climate risk analysis conducted in accordance with
the ESRS.
• Some calculation methodologies have been updated in 2025
resulting in the 2024-value of certain metrics being restated to
ensure comparability
Reporting Errors in Prior Periods
Color Group has not identified any material errors in the published
annual report for the financial year 2025.
Updating Disclosures about Events after
the end of the Reporting Period
Information on material events that occurred after the 2025
reporting period and prior to the publication date has been
included where relevant.
Estimation of Metrics
Where metrics have been estimated, the methodology and
corresponding level of accuracy are described in the relevant
accounting policy or in the associated text.
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SUSTAINABILITY GOVERNANCE
ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies
ESRS 2 GOV-2 Information provided to and sustainability matters addressed by
the undertaking’s administrative, management and supervisory bodies
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive
schemes
Responsibility for sustainability matters in Color Group resides
with the Board of Directors, which has delegated authority in this
area to the President and CEO of Color Line and his Executive
Management team.
Sustainability targets are included in the strategic objectives, with
efforts and target achievement tracked as part of operational
management. The variable portion of management compen sation
is determined according to the organization’s performance,
considering sustainability objectives as part of the evaluation
criteria. However, explicit compensation parameters directly linked
to specific sustainability goals have not been established.
The Board and the Audit Committee receive regular updates
on material sustainability information, and have approved this
sustainability statement and the material topics identified in the
double-materiality analysis.
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Board of Directors
The Board of Directors has the overarching responsibility for the
Group’s risk management, strategy and internal control processes,
including sustainability matters. The Board receives updates from
the President and CEO of Color Line and his Executive Management
team on material sustainability matters on a quarterly basis.
At the end of 2025, the Board of Directors was comprised of the
Executive Chairman and two members, one of whom is a non-ex-
ecutive and independent member. One of three members of the
Board is female (33% female membership). There are no employee
representatives on the Board. There have been no changes in
board members from 2024 to 2025.
The Board has general knowledge about sustainability issues, and
in-depth knowledge about material matters that are relevant for
Color Group.
Audit Committee
The Audit Committee is a sub-committee of the Board of Directors
and oversees the general risk management and internal controls in
Color Group, including those pertaining to sustainability concerns.
The Committee is also responsible for the Group’s external
reporting, while operational responsibility has been delegated to
the Executive Management of Color Line. The Audit Committee has
had close communication with relevant persons in the Executive
Management of Color Line regarding the CSRD reporting process,
materiality assessments and the contents of the final report.
To leverage knowledge on ESG matters, the Audit Committee has
prioritized ESG as one of its primary focus areas in the last few
years. Its focus on strategic ESG-related topics has been aligned
with the overall ESG strategy, including climate change, safety,
diversity, equity and inclusion, and business conduct. The Audit
Committee oversees sustainability reporting in relation to areas
such as discussion of Color Group’s CSRD double- materiality
assessment. To enhance committee members’ insight and
expertise regarding material impacts, risks and opportunities
related to sustainability, the Audit Committee has had dedicated
sessions on CSRD and double-materiality assessment. Input to
these sessions has been prepared in collaboration with external
CSRD specialists and an independent auditor.
Corporate Executive Management Color Line
The ongoing strategic and operational responsibility for
sustainability has been delegated to the Executive Management
of Color Line. This involves setting sustainability targets in
line with the sustainability strategy and monitoring progress.
The role of EVP Sustainability and Compliance in Color Line
was established in 2023, with dedicated responsibility for the
sustainability strategy, sustainability project program, sustain-
ability reporting and to support the Executive Management of
Color Line in strategic and operational sustainability efforts. The
position reports directly to the President and CEO of Color Line.
Furthermore, EVPs of each business area and support function
are designated as project owners for all respective projects in
Color Line’s Sustainability Program. The Executive Management
comprises diverse profiles in terms of knowledge and experience.
All members of the Executive Management have basic sustain-
ability knowledge and receive monthly ESG updates from the
EVP Sustainability and Compliance. Two of the EVPs have
recently completed an executive master degree covering specific
courses within sustainable development and sustainable business
modelling alongside their professional role.
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MANAGEMENT OF SUSTAINABILITY REPORTING RISK
ESRS 2 GOV-5 Risk management and internal controls over sustainability reporting
Color Group’s sustainability reporting is exposed to the risk of significant inaccuracies due to
human error or incomplete data. To manage this risk, the company has implemented several
mitigating measures:
• Support, guidance and quality assurance in the preparation of the report from external
CSRD specialists (external audit and consulting firm).
• Limited assurance from external auditor (see assurance statement).
• Internal control mechanisms:
– Centralized responsibility for sustainability reporting has been delegated to the EVP for
Sustainability and Compliance in Color Line.
– Dedicated reporting teams for each ESRS, with internal control routines established
engaging both relevant directors and business unit EVPs in Color Line in quality assurance.
– Every datapoint is controlled by several members of the internal reporting project group.
• Focus on continuous improvement of data quality through optimizing data collection
processes, closing knowledge gaps and identifying where to introduce improved tools.
• GHG emissions accounting is performed using specialized software to ensure verified
emissions factors and transparency of data.
• Accounting policies have been established for each topic in line with ESRS requirements.
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STATEMENT ON DUE DILIGENCE
ESRS 2 GOV-4 Statement on due diligence
The increasing complexity of regulatory requirements is challenging for many
companies with global supply chains. Color Group aims to further mature internal
processes over the coming years to ensure that human rights and environmental
considerations are fully integrated into the company’s due diligence processes
and ESG governance mechanisms. Due diligence in Color Group is integrated into
several internal processes to identify, prevent and mitigate negative impacts
arising from the company’s operations and value chain. These processes include
material impacts assessment and value chain assessment of human rights impacts.
Please see the illustration of the Group's ESG due diligence methodology:
1
Embed responsible business
conduct in operations
Color Group’s guiding documents
– the Employee Code of Conduct and
Supplier Code of Conduct, outline the
Core Values and policies.
2
Identify and assess material impacts
Material impacts are identified through
the DMA, based on engagement with
both internal and external stakeholders.
See double materiality assessment
See stakeholder engagement
4
Track implementation and results
Color Group measures progress
and tracks performance against
strategic targets through KPI- and
ESG projectprogram reporting.
See sustainability strategy
5
Communicate how impacts
are addressed
Color Group communicates
progress across ESG categories
as part of the Annual Report
and through participation
in selected ESG ratings.
See sustainability strategy
3
Cease, prevent or mitigate impact
Material impacts are managed through
the company’s ESG projectprogram and
through various cross-functional processes,
providing for remediation when appropriate.
See relevant sustainability chapters
See sustainability governance
Approach to ESG Due Diligence
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SUSTAINABILITY STRATEGY
ESRS 2 SBM-1 Strategy, business model and value chain
For a description of the Group business strategy and
business model, see ’This is Color Group’.
The company has chosen to prioritize eight of the UN’s
Sustainable Development Goals (SDGs) that have been
designated particular focus in its ongoing sustainability
work. These are areas in which Color Group can contri-
bute to making a positive difference, with targets that
cover climate, environmental, social and governance
issues. Taking the prioritized SDGs as its point of de -
parture, subsidiary Color Line has moreover structured
its sustainability strategy within seven strategic focus
areas reflecting the entire scope of the company’s
business within transport, freight shipment, travel and
tourism and retail sales, local value creation, diversity
and social inclusion.
The focus areas ’Towards emission-free operations’ and
’Blue ocean, green solutions’ encompass climate and
environmental issues, while ’Great experiences, small
footprints’ highlights the travel and tourism dimension.
’Our people is our most important asset’ focuses on
the company’s role as an employer, ’Responsible
procurement, consumption and waste management’
on purchasing, consumption and the circular economy.
1. Towards emission-free operations
Promoting renewable energy solutions and climate-efficient operations
2. Blue ocean, green solutions
Safeguarding sustainable utilization of the ocean and the environment
3. Great experiences, small footprints
Being a catalyst for more sustainable travel and tourism
4. Our people is our most important asset
Offering an attractive and inclusive workplace with room for growth and development
5. Responsible procurement, consumption and waste management
Contributing towards responsible procurement and promote sustainable consumption and the circular economy
6. From road to sea
Providing safe and reliable transport and transferring more freight from road to sea
7. Stronger together
Driving cooperation and collaboration
ESG Strategic Focus Areas
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’From road to sea’ and ’Stronger together’ focus respectively on
the transport function and collaboration across industry, business
and public agencies.
Color Group has defined sustainability-related activities, measures,
and goals within these seven strategic focus areas that the
company will emphasize going forward. The focus areas range from
establishing sustainable travel ’From A to Z’ to securing responsible
value chains, reducing food waste, enhancing waste management,
and promoting diversity, equality, training and skills development.
Many of the measures will be based on active collaboration with
other businesses, authorities and civil society. The key to success
lies in collective effort through cross-industry collaboration with
participants spanning global suppliers and shippers, the travel
and tourism industry, local ports and authorities to organizations
such as Bellona, Zero and NIVA (Norwegian Institute for Water
Research), as well as associations and networks including the
Norwegian Shipowners’ Association, the Green Shipping Program
and the Green Road Transport Program.
These sustainability focus areas are supported by clear, verifiable
goals that are followed up and reported on internally. Color
Group also reports externally on the status and progress made
in its sustainability work in accordance with the CSRD, thereby
enabling investors, partners, customers and other stakeholders to
monitor the Group’s performance and verify that its ESG mission is
undertaken in a sustainable manner.
STAKEHOLDER ENGAGEMENT
ESRS 2 SBM-2 Interests and views of stakeholders
Understanding the perspectives and needs of stakeholders is
crucial to the success of Color Group’s business and to ensure a
seamless transition to more sustainable operations. Engagement
with stakeholders informs the company’s strategy and business
model in several ways. It helps Color Group create a positive work
environment for employees, find solutions to reduce emissions
together with suppliers, and ensure the company operates with a
high level of integrity in all markets.
Engagement with key stakeholder groups is anchored within the
relevant business functions across Color Group whose employees
regularly engage with the company’s various stakeholders. The HR
organization in subsidiary Color Line has a particular responsibility
to engage with employees, whereas engagement with the financial
stakeholders is anchored within the finance organization in both
Color Group and Color Line. The Executive Management in Color
Line receives regular updates from the relevant business function
directors on topics that are of interest to and raised by various
stakeholders.
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Key Stakeholders and Engagement Processes
Key stakeholders Engagement and purpose How stakeholder input is used
Customers The company engages with guests and cargo customers daily in
operations as a customer-centric organization, and through feedback
schemes after travel - continuously receiving feedback through
interactions. In addition, studies focusing on future customer preferences
including actual customers have been performed in collaboration with
universities and research organizations.
• Product and service improvements.
• Adaptation of strategies.
• Reduction in emissions related to guest behavior onboard the ships.
Employees Employees are the most important resource, and Color Group is
committed to providing an engaging, developing and inclusive workplace.
Color Group engages with employees in several ways, including through
employee representation, performance and development reviews,
training, surveys, and the whistle-blower channel.
• Adaptation to strategies.
• Product and service improvements.
• Employee preferences and behavior.
• Building a culture to be proud of.
• High level of health and safety.
Suppliers The company is dependent on suppliers to achieve net-zero operations
and protect the human and working rights of workers in the value chain.
Color Group engages with suppliers through the supplier code of conduct,
memberships in a variety of trade organizations, and direct partnerships
with some key suppliers.
• Adherence to the supplier code of conduct and procurement policy.
• Risk assessment in line with the Norwegian Transparency Act.
• Reduction in emissions in own operations and the supply chain.
Owner The owner receives regular updates through board meetings, the annual
reporting process, and general briefings.
• Alignment on risk management, strategy, targets and performance.
Financial stakeholders
(investors, banks, etc.)
Color Group engages with financial stakeholders through annual reports,
regular presentations and briefings.
• Securing financing.
• Providing information on sustainability reporting to financial
stakeholders to meet their needs.
Regulators/authorities Color Group follows updates from regulators and other relevant public
authorities (such as the Norwegian government, the EU and the IMO).
• Ensuring regulatory compliance with the markets in which the
company operates.
The following table provides an overview of how Color Group
engages with stakeholders, the purpose of these engagements and
how stakeholder input is used in the company. The perspectives
and views of stakeholders inform the materiality assessment and
the due diligence process. Color Group actively seeks input across
stakeholder groups. Examples include meetings with investors and
partners to understand their expectations of transparency and
reporting on ESG-related matters, and with suppliers to understand
their challenges and explore common commercial opportunities
within an ESG framework. Color Group also has a close dialogue
with port authorities on the topics of ESG performance expectations
and measures to improve both climate change mitigation and
adaptation in ports. In addition, the company participates in several
research partnerships to better understand impacts on the local
environment and ocean quality, as well as customer preferences on
the climate impact of future transport solutions. The interests of
employees are taken into account through interviews with repre-
sentatives from unions, and regular surveys that cover everything
from employees’ expectations towards Color Group’s ESG work to
evaluations of experienced leadership.
Color Group ensures that the views and interests of affected
stakeholders regarding impacts, risks and opportunities are
communicated regularly to the relevant business function director
through meetings and written updates.
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DOUBLE-MATERIALITY ASSESSMENT
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts,
risks and opportunities
In 2023, Color Group conducted the first ESRS-aligned double-
materiality analysis (DMA). This was based on a previous
single-materiality analysis that was initiated in 2020. The analysis
has been continuously reviewed and updated throughout 2024
and 2025 to reflect new implementation guidance from EFRAG and
knowledge gained by the organization through working with the
ESRS-aligned sustainability statement.
Identifying Impacts, Risks and Opportunities
The double-materiality analysis is based on the guidance made
available in the ESRS disclosure requirements. To identify relevant
impacts, risks and opportunities for Color Group, a four-step
process was followed. In the first step, the main activities of
Color Group’s business model, value chain and interactions with
stakeholders were mapped out. In addition, assessment boundaries,
thresholds and stakeholder involvement were defined. In the
second step, impact, risks and opportunities were identified and
mapped with the help of various stakeholders. In the third step,
the identified impacts, risks and opportunities were evaluated,
scored and prioritized to determine materiality. As part of this
step, a mapping of the risks and opportunities that may arise as a
result of identified impacts and dependencies was conducted. In
the final step, the materiality assessment was validated, refined,
documented and translated to specific datapoints in the ESRS
disclosure requirements. Identified risks were integrated in the
Group risk follow-up processes. In 2025, an analysis comparing
Color Group’s material topics to that of relevant companies (such
as other ferry companies, shipping companies, hotels, retailers,
etc.) was conducted and formed the basis for updating the
identification and assessment of impacts, risks and opportunities.
All topics listed in ESRS 1 AR 16 have been assessed and reviewed.
There are currently no sector-specific topics that have been
identified as relevant for Color Group’s operations. The company has
identified three entity-specific topics that have been placed under G1.
Relevant minimum disclosure requirements have been applied as a
foundation for reporting on policies, actions, targets and metrics.
Stakeholder Engagement
As a part of the double-materiality assessment, Color Group has
mapped out which stakeholder groups are relevant in terms of the
company’s ESG work, including both affected stakeholders and
users of reporting information. The stakeholder groups identified
under stakeholder engagement were involved in the double-
materiality assessment through various input channels, with some
examples being described in the aforementioned section. Inputs
and views from stakeholders informed and enriched the process of
assessing impacts, risks and opportunities through providing more
context in which to evaluate each point. It was important for Color
Group to include key people in the organization with deep know-
ledge of the company’s business areas and external connections.
Due to the complexity and number of topics, a project team made
an initial list of potential impacts, risks and opportunities, based
on available data and previous external interviews, which was
then reviewed and assured by representatives from all business
areas. The final list, with scoring, was presented to, reviewed and
approved by the Executive Management in Color Line and the
Board in several workshops, taking into account their input and
assessments of materiality. These reviews by the highest bodies
in the company also served as control and decision-making points
for methods used throughout the process and in determination
of the final results. The updated materiality assessment was also
presented, reviewed and approved by the Executive Management
in Color Line and the Board in august 2025.
Scoring Approach
The scoring methodology and criteria for the materiality
assessment are in accordance with the requirements in ESRS 1,
focusing especially on impact and financial materiality.
Impact materiality: The consequences of the identified impacts
were determined according to scale, scope and irremediability.
These were assessed on a scale from 1 to 5, ranging from very low
impact (1) to very high impact (5). Together with likelihood, which
was also scored on a range from 1 to 5, these scores determine the
materiality of impacts. An average of all the factors was calculated
to determine the final score for a topic. For human rights-related
impacts, severity (the combination of scale, scope and irreme-
diability) takes precedence over likelihood when calculating the
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average in accordance with ESRS 1 requirements. A threshold was
established, and where impacts scored above the threshold, they
were considered impact material.
Financial materiality: The financial consequence of the risk/
opportunity and the likelihood of it occurring determined the
materiality of the identified risks and opportunities, in accordance
with ESRS standards. The likelihood scoring equals that of impact
materiality, and the score given to financial consequence is aligned
with the financial audit materiality thresholds of Color Group. A
threshold was established, and where impacts scored above the
threshold, they were considered financially material.
The highest score for each subject matter determines the materi-
ality. The assessment of impacts and risks/opportunities are kept
separate, to identify whether a subject matter is impact, financial
or double material. Subject matters where no related IROs are
identified and/or all IROs are below the thresholds, are deemed
non-material. Financial audit materiality has also been taken into
account. The list of material topics resulting from the quantitative
scoring is then subjected to a qualitative assessment, incorporating
aspects such as stakeholder expectations, before being presented
and approved as the final list.
Future Steps
Color Group will review the DMA periodically to ensure its rele-
vance, considering evolving contexts and trends, new regulatory
requirements and updated knowledge. Color Group will monitor
how interpretations of sub-topics and sub-subtopics evolve and are
handled by comparable companies and regulatory bodies in the
near future.
IMPACT MATERIAL DOUBLE MATERIAL
NOT MATERIAL FINANCIALLY MATERIAL
Pollution of water (E2)
Water (E3)
Waste (E5)
Working conditions (S1)
Equal treatment and opportunities for all (S1)
Other work-related rights (S1)
Working conditions (S2)
Personal safety of consumers and/or end-users (S4)
Protection of whistleblowers (G1)
Management of relationships with suppliers (G1)
Corruption and bribery (G1)
Pollution of soil (E2)
Pollution of living organisms (E2)
Substances of concern (E2)
Substances of very high concern (E2)
Microplastics (E2)
Marine resources (E3)
Direct impact drivers on biodiversity loss (E4)
Impact on the state of species (E4)
Impact on the extent and condition of ecosystems (E4)
Impact and dependencies on ecosystem services (E4)
Resource inflows and usage (E5)
Resource outflows related to products and services (E5)
Equal treatment and opportunities for all (S2)
Other work-related rights (S2)
Economic, social and cultural rights (S3)
Civil and political rights (S3)
Rights of indigenous peoples (S3)
Information-related impacts for consumers and/or end-users (S4)
Social inclusion of consumers and/or end-users (S4)
Corporate culture (G1)
Animal welfare (G1)
Political engagement and lobbying activities (G1)
Environmental
Social
Governance
Climate change mitigation (E1)
Climate change adaptation (E1)
Energy (E1)
Pollution of air (E2)
Temporary border control (G1)
1
Responsible provision of gambling (G1)
1
Responsible sale of alcohol and tobacco (G1)
1
1
Entity-specific topic
Materiality Matrix
The materiality distribution of the ESRS topics is presented in the matrix.
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MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
The material impacts, risks and opportunities identified in the double-materiality analysis for Color Group
are presented below. The double-materiality analysis and the resulting impacts, risks and opportunities
are revised every year, resulting in some changes from 2024 to 2025. The most significant changes are
the exclusion of sub-topics Pollution of living organisms under E2 and Equal treatment and opportunities
for all and Other work-related rights under S2 that are no longer considered to be material. Others have
been reworded to some extent to improve their clarity and accuracy.
Color Group’s resilience in terms of the company’s capacity to address the identified impacts, risks and
opportunities is described within each topic, and in particular detail for E1 under ‘Climate-related risk and
resilience analysis’.
E1 Climate change
Type IRO Description
Location in
value chain Time frame
Climate change mitigation
Actual negative
impact
Color Group’s ships
directly emit greenhouse
gases (CO
2
, CH
4
, N
2
O)
The main source of the company’s GHG
emissions is the use of fossil fuels to power
ships.
Own
operations
All
Actual negative
impact
Color Group’s hotel- and
supporting operations
on land directly
and indirectly emit
greenhouse gases
(CO
2
, CH
4
, N
2
O)
Sources include operation of port vehicles,
company cars, leakage of refrigerants, and
production of electricity.
Own
operations
and upstream
value chain
All
Actual negative
impact
Value chain emissions
from production of fuel
and purchased goods
and services
The largest value-chain emissions stem from
the production and distribution of fossil fuels
for ships, and the production and distribution of
purchased goods and services.
Upstream
value chain
All
Type IRO Description
Location in
value chain Time frame
Risk Development of
maritime regulation
that increases costs of
emissions
Required purchase of CO
2
quotas, caps on
energy intensity and fees/sanctions have
financial implications for ship operators and
owners and act as an incentive to reduce
emissions.
Own
operations
All
Risk New technological
developments are
needed to meet the
company’s long-term
emission targets
Full decarbonization of the fleet is not possible
with the existing technology on the market. The
company is expecting an 'innovation wave' in
the 2030s that will solve the issues currently
faced by Color Group.
Own
operations
Long-term
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Type IRO Description
Location in
value chain Time frame
Climate change adaptation
Potential
positive impact
Route adaptations
to secure important
transport infrastructure
between Europe and
Norway in high-emission
scenarios
Color Group’s routes are important
infrastructure for Norway as they are key
transport corridors for goods and passengers
between Norway and Europe. Weather planning
and adaptation of the routes to reduce the
number of cancellations in high-emissions
scenarios will have a positive impact.
Own
operations
Medium-
and
long-term
Opportunity Changes in tourism and
preferred destinations
as a result of climate
change that favors the
Nordics
Global climate change is likely to result in
comparative advantages for the Nordics in
terms of “coolcations”, prolonged summer- and
shoulder seasons, and being one of the last
places in Europe with secure snow destinations
during winter.
Own
operations
All
Energy
Actual negative
impact
A business model
requiring high energy
consumption in own
operations and value
chain
Most of Color Group’s energy consumption
stems from ship operations. Even though
propulsion sources gradually will be shifted from
conventional fuels to zero-emission sources,
the total need for energy will be high. Energy
efficiency measures are therefore a priority.
Own
operations
All
Potential
positive impact
Increased use of
biofuels contributes
to stimulating the
developing market for
renewables
The current and expected large increase in the
use of biofuel for Color Group’s ships support
the maturation of a market for these fuels in the
Nordics.
Own
operations
All
E2 Pollution
Type IRO Description
Location in
value chain Time frame
Pollution of air
Actual negative
impact
Air pollution from ship
operations in ports (NO
x
,
SO
2
) harms local air
quality
Emissions while entering and exiting a port
can harm local air quality in Color Group’s
destination ports.
Own
operations
All
Actual negative
impact
Air pollution from value
chain activities harms
local air quality
Air pollution can harm local air quality at several
locations in the value chain.
Upstream
value chain
All
Risk Stricter regulations on
NO
x
and SO
2
emissions
from ships can lead to
significant investment
costs
May result in significant investment costs
for shipowners and operators to comply with
continuously evolving regulations.
Own
operations
Medium-
and
long-term
Pollution of water
Potential
negative impact
Water pollution from
accidental oil spills
May negatively affect local marine biodiversity if
spills occur.
Own
operations
All
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E3 Water and marine resources
Type IRO Description
Location in
value chain Time frame
Water
Actual negative
impact
Water consumption
for hygiene, food
preparation,
maintenance, and
cleaning onboard
Ships fill water in their Norwegian home ports
from the municipal grid, which may affect the
water supply of those cities.
Own
operations
All
Actual negative
impact
Water consumption in
production of goods
for resale and own use,
including raw material
extraction
Certain product groups used in operations and
sold onboard, have water-intense production
methods.
Upstream
value chain
All
Potential
negative impact
Discharge to the ocean
of various treated
wastewaters, including
scrubber water
Treated wastewater from ships, such as
greywater, scrubber-water and blackwater, are
discharged in accordance with regulations.
Own
operations
All
Actual positive
impact
Contributing to research
by monitoring the sea
and collecting data
Color Group is collaborating with NIVA to gather
real-time data on the water quality along the
Oslo-Kiel route.
Own
operations
All
Risk Rapid regulatory
changes to allowed
discharges in Color
Group’s regional waters
make compliance
difficult and can
represent a significant
investment cost
The introduction of differing legislation on water
discharges with short implementation periods by
regional governments can lead to sub-optimal
investment decisions to ensure short-term
compliance.
Own
operations
All
E5 Circular economy
Type IRO Description
Location in
value chain Time frame
Waste
Actual negative
impact
Generation and
handling of waste from
maintenance activities at
shipyards
Ship maintenance generates waste, but many
materials can be recycled. Color Group is looking
into improving routines and partnerships
with yards to increase the rate of reuse and
recycling.
Upstream
value chain
All
Actual negative
impact
Generation and
handling of waste in the
production of products
for resale and own use
The company’s value chain generates various
types of waste, such as packaging and
leftover materials, both in the production and
transportation of goods.
Upstream
value chain
All
Actual negative
impact
Waste generated across
own operations
Color Group’s operations generate waste
through several waste streams, including food
waste, packaging waste and ship maintenance
waste. The company is actively working on
increasing the amount of waste that is sorted, as
well as the rates of reuse and recycling.
Own
operations
All
Actual negative
impact
Generation and handling
of waste from sold
products
The products Color Group sells onboard ships
generate waste when consumed and disposed
of. The company is looking into how to reduce
waste from sold products.
Value chain All
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S1 Own workforce
Type IRO Description
Location in
value chain Time frame
Working conditions
Actual positive
impact
Beneficial working
conditions for employees
Color Group has high job security and a
high rate of tariff-protected employees with
beneficial conditions. The company has routines
to engage with workers’ unions for both land-
based and seafaring employees.
Own
operations
All
Potential
negative impact
Health and safety
for employees when
working in higher-risk
environments
Due to the nature of Color Group’s operations,
there is a risk to employee safety in the case
of acute sickness or accidents onboard since
emergency help is less available at sea. Safety
at sea for all employees is top priority and
something to work on every day. Some roles
have physically demanding tasks, long workdays
and rotational schedules which increase the risk
of work-related injuries and health issues.
Own
operations
All
Type IRO Description
Location in
value chain Time frame
Equal treatment and opportunities for all
Actual positive
impact
Career advancement
through training and
development
The apprenticeship and cadet programs provide
opportunities for career advancement for young
people interested in the restaurant, hotel and
maritime sectors. The leader program aims to
develop great leaders and provide advancement
opportunities.
Own
operations
All
Actual positive
impact
Diverse employees
create a richer company
culture and a better
product
A multidisciplinary business model attracts
people with a wide variety of backgrounds,
resulting in a richer company culture and a
better product for our customers
Own
operations
All
Potential
negative impact
Higher risk of
discrimination and
harassment for
employees in certain
positions
Experience discrimination for female employees
based on gender in maritime, technical and male
dominated roles is a challenge for the maritime
sector. There is also a higher risk for employees
in certain customer-facing roles to experience
harassment from some guests due to the
influence of alcohol on behavior.
Own
operations
All
Risk Access to the right
expertise to meet
evolving needs for
competence
Rapid changes in operating conditions are
driving the need for new competence, including
digital capabilities and sustainability expertise.
In addition, access to enough future maritime
professionals is critical.
Own
operations
All
Other work-related rights
Potential
negative impact
Personal data breach for
employees
As an employer, Color Group has access to
personal data of employees. There is always a
risk of data breaches, which could negatively
impact employees.
Own
operations
All
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S2 Workers in the value chain
Type IRO Description
Location in
value chain Time frame
Working conditions
Potential
negative impact
Lower influence on
working conditions
for workers at Color
Group’s premises when
using service providers
compared to own
employees
The use of service providers on Color Group’s
premises instead of own employees can result in
lower influence over working conditions for the
relevant workers such as secure employment,
working time, adequate wages and work-life
balance.
Own
operations
All
Potential
negative impact
Lack of secure
employment and
regulated workers’ rights
for workers in the value
chain
Some of the value chain industries are at higher
risk of breaking workers’ rights for workers in
the value chain. Color Group is monitoring these
risks routinely.
Upstream
value chain
All
Potential
negative impact
Health and safety for
workers in the value
chain working in higher-
risk environments
Shipyards are places with higher risk for injuries.
Ensuring the company chooses shipyards that
protect their workers is a top priority.
Upstream
value chain
All
S4 Consumers and end-users
Type IRO Description
Location in
value chain Time frame
Personal safety of consumers and/or end-users
Potential
negative impact
Safety at sea for
passengers
Due to the nature of Color Group’s operations,
there is a risk to passenger safety in the case
of acute sickness or accidents onboard since
emergency help is less available at sea. Safety
at sea for all passengers is top priority and
something the company works on every day.
Own
operations
All
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G1 Business conduct
Type IRO Description
Location in
value chain Time frame
Protection of whistle-blowers
Potential
negative impact
Lack of protection of
whistle-blowers for
employees, contracted
labor and value chain
Lack of protection of whistle-blowers may result
in negative impacts for individuals, culture and
company.
All All
Management of relationships with suppliers
Potential
positive impact
Focus on sustainability
and good business
conduct can affect
suppliers positively
Setting sustainability requirements for suppliers
and asking the right questions can have a
positive impact on suppliers’ sustainability
work – both social and environmental.
Upstream
value chain
All
Potential
negative impact
Undue cost or delivery
time requirements in
procurement processes
can affect suppliers
negatively
Setting unrealistic time and cost expectations
can negatively affect smaller suppliers. Acting
responsibly as a customer is important to foster
good business relationships.
Upstream
value chain
All
Anti-corruption and bribery
Potential
negative impact
Higher risk of incidents
of corruption in certain
geographical areas
Some countries and industries in the Groups’
value chain represent a higher risk of incidents
of corruption and bribery being present. The
company screens suppliers on these parameters
when performing due diligence.
Upstream
value chain
All
Risk Reputational damage
and fines as a result of
suspicions/investigations
of anti-corruption
regulations being violated
Not performing proper screenings of new
and existing suppliers can result in fines and
a damaged reputation by being involved in
corruption or bribery cases.
Own
operations
All
Type IRO Description
Location in
value chain Time frame
Temporary border control (entity-specific)
Potential
negative impact
Wrongfully executed
border control activities
can weaken Norway’s
borders
Wrongfully/non-executed temporary border
control could weaken quality of regional
Norwegian border control.
Own
operations
All
Responsible provision of gambling (entity-specific)
Risk Non-compliance with
regulations can result in
revocation of permits to
be a gambling provider
A breach of regulated responsible gambling
obligations may result in reputational damage
and/or the revocation of permits, which would
result in a loss of income.
Own
operations
All
Responsible sale of alcohol and tobacco (entity-specific)
Risk Non-compliance with
regulations can result in
revocation of permits to
sell alcohol and tobacco
through the duty-free
scheme
A breach of regulated responsible alcohol-
and tobacco sales obligations may result in
reputational damage and/or the revocation of
permits, which would result in a loss of income.
Own
operations
All
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ENVIRONMENTAL
INFORMATION
EU Taxonomy
41
E1 Climate Change
49
E2 Pollution
67
E3 Water and Marine Resources
71
E5 Resource Use and Circular Economy
75
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EU Taxonomy
The EU Taxonomy is a classification system that defines which
economic activities can be considered environmentally sustainable
as part of the EU’s Green Deal. The EU Taxonomy consists of the
following six environmental objectives:
• Climate change mitigation (CCM)
• Climate change adaptation (CCA)
• Sustainable use and protection of water and marine resources
(W&M)
• Transition to a circular economy (CE)
• Pollution prevention and control (PPC)
• Protection and restoration of biodiversity and ecosystems (BIO)
The EU Taxonomy identifies economic activities that contribute to
the environmental objectives, referred to as “eligible” activities. In
addition, it defines technical screening criteria that need to be met
and requirements for minimum safeguards to ensure an activity is
“aligned”.
Eligible Economic Activities
Color Group has assessed the eligibility of each of its business
activities in relation to the six environmental objectives for
economic activities within the framework of the EU Taxonomy
(Regulation 2020/852).
Color Group identified five eligible activities, of which two were
deemed material based on the cumulative materiality limit of 10%
of CapEx, OpEx and Turnover:
• Sea and coastal freight water transport vessels for port
operations and auxiliary activities (CCM 6.10)
• Acquisition and ownership of buildings (CCM 7.7)
The non-material activities were below the cumulative limit of 10%
for each KPI and are not a part of the core operations of Color
Group. The activities considered non-material in 2025 are:
• Hotels, holiday, camping grounds and similar accommodations
(BIO 2.1)
• Construction of new buildings (CCM 7.1)
• Installation, maintenance, and repair of energy efficiency
equipment (CCM 7.7)
In 2025, the eligible share of Turnover was 44.7%, the eligible
share of OpEx was 99.7%, and the eligible share of CapEx was
94.1%.
Aligned Economic Activities
Color Group evaluated alignment of each of the eligible activities
according to the relevant criteria for Substantial Contribution
(SC), Do No Significant Harm (DNSH) and minimum safeguards. In
those cases where an asset did not comply with the SC criteria, the
assessment of DNSH was not performed.
The result was alignment within two economic activities:
• Sea and coastal freight water transport vessels for port
operations and auxiliary activities (CCM 6.10)
• Acquisition and ownership of buildings (CCM 7.7)
Alignment represents 0.9% of Turnover, 11.7% of OpEx, and 2.1%
of CapEx. For information on calculation practices, see ‘Accounting
Policies’.
Overview of Eligibility and Alignment of Economic Activities
Economic activity
Environmental
objective
Eligible/
aligned
Sea and coastal freight water transport vessels
for port operations and auxiliary activities
CCM Aligned
CCA Not eligible
Acquisition and ownership of buildings CCM Aligned
CCA Not eligible
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Changes in Reporting Practices
Interpretation of economic activities under the EU Taxonomy is continuously evolving with additions of FAQs, updates to reporting practices and changes to the regulation itself. In 2025, the company therefore
re-evaluated the eligible activities that were the basis for reporting in 2024. This re-evaluation was completed in accordance with the updated regulations (2026/73) and considered the new cumulative materiality limit
of 10% introduced in 2025. KPIs from previous years presented in this statement were calculated based on applicable regulations at that time.
Color Group expects ongoing development of the company’s reporting to remain synchronized with changes made to the EU Taxonomy to promote simplification.
2025 Breakdown by environmental objectives of Taxonomy-aligned activities
Proportion of Taxonomy
eligible activities (3)
Taxonomy aligned
activities (4)
Proportion of Taxonomy
aligned activities (5)
Climate Change
Mitigation (6)
Climate Change
Adaptation (7)
Water (8)
Circular Economy (9)
Pollution (10)
Biodiversity (11)
Proportion of enabling
activities (12)
Proportion of transitional
activities (13)
Not assessed activities
considered non-material
(14)
Taxonomy aligned
activities in previous
financial year (N-1) (15)
Proportion of Taxonomy
aligned activities in
previous financial year
(N-1) (16)
KPI (1) Code (2)
TNOK % TNOK % % % % % % % % % % TNOK %
Turnover 6 713 745 44.7% 58 690 0.9% 0.9% 0% 0% 0% 0% 0% 0% 100% 1.0% 61 789 0.9%
CapEx 531 964 94.1% 11 293 2.1% 2.1% 0% 0% 0% 0% 0% 0% 100% 5.9% 12 094 3.7%
OpEx 427 353 99.7% 49 787 11.7% 11.7% 0% 0% 0% 0% 0% 0% 100% 0.3% 60 477 15.5%
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Minimum Safeguards
The EU Taxonomy specifies minimum safeguards for social and
governance conditions, which must be evaluated to ensure adher-
ence to international standards and guidelines, including:
• The OECD Guidelines for Multinational Enterprises (OECD
Guidelines for MNE).
• The UN Guiding Principles on Business and Human Rights
(UNGPs), including the principles and rights set out in eight of the
ten fundamental conventions identified in the International Labor
Organization (ILO) Declaration of the Fundamental Principles and
Rights at Work.
• The International Bill of Human Rights.
The minimum safeguards establish social and governance criteria to
ensure that environmentally beneficial activities do not negatively
impact broader objectives. Color Group’s disclosures, such as the
Code of Conduct, outline the company’s policies on internationally
recognized human rights and the OECD Guidelines for Multinational
Enterprises (MNEs).
Color Group’s assessment is that the activities of the company are
in compliance with the minimum safeguards as detailed in the EU
Taxonomy at Group level. This conclusion is based on the following
assessments:
Human rights: To ensure compliance with due diligence on
Responsible Business Conduct Principles pursuant to the OECD
Guidelines for MNEs, Color Group’s policies are readily accessible
to employees and stakeholders on colorline.no. Additionally,
employees receive annual training on relevant topics, including
the Color Group Code of Conduct, Human & Labor Rights, and
Diversity, Equality & Inclusion (DEI).
Anti-bribery and corruption: Color Group has a zero-tolerance
policy on corruption and has strict guidelines in place to prevent it.
There were no known cases related to corruption within the Group
in 2025.
Tax compliance: Color Group has a tax policy that describes
ownership and principles for handling taxes. The Group has not
been convicted of any violations of tax laws in 2025.
Fair business practices: Relevant key personnel have received
necessary training in fair competition and competition law. The
Group does not have any disputes related to competition law
regulations in 2025.
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Turnover
2025 Environmental objective of Taxonomy aligned activities
Taxonomy eligible KPI
(Proportion of Taxonomy
eligible Turnover) (3)
Taxonomy aligned KPI
(monetary value of
Turnover) (4)
Taxonomy aligned KPI
(Proportion of Taxonomy
aligned Turnover) (5)
Climate Change
Mitigation (6)
Climate Change
Adaptation (7)
Water (8)
Circular Economy (9)
Pollution (10)
Bio diversity (11)
Enabling
activity (12)
Transitional activity (13)
Proportion of Taxonomy
aligned in Taxonomy
eligible (14)
Economic Activities (1) Code (2)
% TNOK % % % % % % %
(E where
applicable)
(T where
applicable)
%
Sea and coastal freight water transport vessels for port operations and auxiliary activities CCM 6.10 44.7% 58 690 0.9% 0.9% T 2.0%
Acquisition and ownership of buildings CCM 7.7 0.0% - 0.0% T 0.0%
Sum of alignment per objective 0.9% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Turnover 0.9% 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 2.0%
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CapEx
2025 Environmental objective of Taxonomy aligned activities
Taxonomy eligible KPI
(Proportion of Taxonomy
eligible CapEx) (3)
Taxonomy aligned KPI
(monetary value of
CapEx) (4)
Taxonomy aligned KPI
(Proportion of Taxonomy
aligned CapEx) (5)
Climate Change
Mitigation (6)
Climate Change
Adaptation (7)
Water (8)
Circular Economy (9)
Pollution (10)
Biodiversity (11)
Enabling activity (12)
Transitional activity (13)
Proportion of Taxonomy
aligned in Taxonomy
eligible (14)
Economic Activities (1) Code (2)
% TNOK % % % % % % %
(E where
applicable)
(T where
applicable)
%
Sea and coastal freight water transport vessels for port operations and auxiliary activities CCM 6.10 88.9% 11 293 2.1% 2.1% T 2.4%
Acquisition and ownership of buildings CCM 7.7 5.2% - 0.0% T 0.0%
Sum of alignment per objective 2.1% 0.0% 0.0% 0.0% 0.0% 0.0%
Total CapEx 2.1% 2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 2.4%
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OpEx
2025 Environmental objective of Taxonomy aligned activities
Taxonomy eligible KPI
(Proportion of OpEx) (3)
Taxonomy aligned KPI
(monetary value of
OpEx) (4)
Taxonomy aligned KPI
(Proportion of Taxonomy
aligned OpEx) (5)
Climate Change
Mitigation (6)
Climate Change
Adaptation (7)
Water (8)
Circular Economy (9)
Pollution (10)
Biodiversity (11)
Enabling activity (12)
Transitional activity (13)
Proportion of Taxonomy
aligned in Taxonomy
eligible (14)
Economic Activities (1) Code (2)
% TNOK % % % % % % %
(E where
applicable)
(T where
applicable)
%
Sea and coastal freight water transport vessels for port operations and auxiliary activities CCM 6.10 88.9% 49 787 11.7% 11.7% T 13.1%
Acquisition and ownership of buildings CCM 7.7 10.7% - 0.0% T 0.0%
Sum of alignment per objective 11.7% 0.0% 0.0% 0.0% 0.0% 0.0%
Total KPI OpEx 11.7% 11.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 13.1%
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Assessment of Activities
Economic activity
Type of
assessment Interpretation and assessment Conclusion
Sea and coastal freight water
transport vessels for port
operations and auxiliary
activities (CCM 6.10)
Eligibility This activity includes sea transport services (passengers and freight) from Color
Group’s RoPax ships. Revenue from transport of passengers and cargo is eligible.
Color Group’s fleet of ships is eligible under this activity, consisting of M/S
SuperSpeed 1, M/S SuperSpeed 2, M/S Color Hybrid, M/S Color Magic and M/S
Color Fantasy.
Aligned (M/S
Color Hybrid)
SC M/S Color Hybrid was built in 2017-2019 and is subject to the Energy Efficiency
Design Index (EEDI). According to the EU Taxonomy criterion, the attained EEDI
for the ship shall be 10% lower than the EEDI requirements that came into force
on 1 April 2022 until 31 December 2025. With the update on 1 April 2022, Phase 3
was brought forward for several ship types, but not for RoRo passenger ships like
M/S Color Hybrid.
The phase to be used as the basis for calculating the reduction factor is based
on the date of the ship’s construction contract. M/S Color Hybrid has a contract
date for the construction contract of February 2017, which falls in the period from
1 January 2015 to 31 December 2019, and is therefore in Phase 1.
According to the EU Taxonomy, the reference value should first be reduced by
the reduction factor of 5% for Phase 1 RoPax passenger ships. An additional
reduction of 10% should then be applied according to the EU Taxonomy. This
increases to 20% from 1 January 2026, according to requirement 1e.
M/S Color Hybrid’s attained EEDI is below 10% of the required EEDI for the
2024/2025 criterion and complies with the 2026 criterion. The ship is able to
run on fuels from renewable sources. For M/S Color Hybrid, the substantial
contribution criteria are assessed as compliant.
M/S SuperSpeed 1, M/S SuperSpeed 2, M/S Color Fantasy, and M/S Color Magic
do not meet one or more requirements under SC. These four ships are therefore
assessed as not aligned with the EU Taxonomy requirements.
Economic activity
Type of
assessment Interpretation and assessment Conclusion
DNSH CCA: A climate risk assessment has been performed in accordance with Appendix
A of the EU Taxonomy and Color Group has measures in place to meet the
adaptation requirements. This includes energy efficiency improvements, route
planning and dialogue with relevant authorities and ports. No material physical
climate risks have been identified. The criteria for CCA are met.
W&M: M/S Color Hybrid complies with environmental standards set by MARPOL
and IMO, and it does not use scrubbers, complying with the criteria for W&M.
CE: Color Group meets the requirements for circular economy through clear
guidelines and procedures for waste management both onboard the ship and on
land, as well as clauses in ship sales contracts that ensure that ships are not sent
for scrapping (continuous trade).
PPC: Color Group meets the requirements with M/S Color Hybrid for the
prevention and control of pollutions related to SO
x
, anti-fouling and water
discharges, and has certificates documenting this. M/S Color Hybrid is a hybrid
ship that runs on electricity and Marine Gas Oil (MGO) and does not use scrubbers.
M/S Color Hybrid sails between Sandefjord, Norway, and Strömstad, Sweden,
an area classified as an Emission Control Area (ECA). The ship runs on fuel that
contains less than 0.1% sulphate, which is the requirement for ECA.
BIO: An assessment has been performed in accordance with Appendix D of the
EU Taxonomy. Color Group meets the requirements through the use of certified
products on the ship, verification of ballast water management procedures from
DNV, and compliance with IMO guidelines for noise and vibrations.
Aligned (M/S
Color Hybrid)
7.7 Acquisition and ownership of
buildings (CCM)
Eligibility This activity covers ownership and operation (where there is a right-of-use asset,
according to IFRS 16) of buildings such as office buildings, warehouses, terminals
etc. Color Group has several buildings that are covered by this activity.
Aligned
(Central
warehouse
Hirtshals, DK)
SC The Central Warehouse Hirtshals, Denmark, is assessed as compliant with
relevant criteria. The Central Warehouse holds an Energy Performance Certificate
class A. The other buildings Color Group operates are currently not considered
aligned with the SC criteria.
DNSH CCA: A climate risk assessment has been performed in accordance with Appendix
A of the EU Taxonomy and Color Group has measures in place to meet the
adaptation requirements. This includes energy efficiency improvements, route
planning and dialogue with relevant authorities and ports. No material physical
climate risks have been identified. The criteria for CCA are met.
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Accounting Policies
Calculation of KPIs
The accounting methodology for calculating and
determining the key performance indicators
(KPIs) disclosed under the EU Taxonomy
Regulation adheres to the requirements set forth
in the EU Commission Delegated Regulation
2021/2178. In accordance with this regulation,
Color Group reports on Turnover, CapEx and
OpEx for each of the economic activities divided
into three categories: Taxonomy aligned (A.1),
Taxonomy eligible but not aligned (A.2), and
Taxonomy non-eligible activities (B). By dividing
the calculations into these three groups, it shows
how much of the Group’s Turnover, CapEx and
OpEx, is classified as sustainable.
Calculation of Turnover
The share of aligned and eligible Turnover
is calculated as the net turnover derived
from products and services associated with
aligned and eligible turnover, divided by Color
Group’s total net turnover, as defined in the EU
Commission Delegated Act 2021/2178.
The numerator for the Turnover KPI includes
net revenues from services that are related to
eligible and aligned activities. The denominator
includes all revenue in the Group recognized
according to IAS 1, paragraph 82(a), IFRS 15
and IFRS 16. For Color Group, this is revenue
mainly associated with economic activity
6.10 — transporting passengers and freight by
ships. Revenue from ship operations includes
only ticket revenue from transport and freight
journeys. See note 5 in the Group’s consolidated
financial statements for further information. In
the consolidated financial statements, revenue
from ticket sales and revenue from onboard
purchases are recorded separately, each with
distinct performance obligations under IFRS 15.
Calculation of CapEx
The share of aligned and eligible CapEx is calcu-
lated as CapEx derived from aligned and eligible
CapEx divided by Color Group’s total CapEx, as
defined in the EU Commission Delegated Act
2021/2178. The numerator in the calculations
includes eligible and aligned CapEx additions
in 2025. CapEx includes additions to tangible
and intangible assets during the financial year,
considered before depreciation, amortization,
and any re-measurement, including those
resulting from revaluations and impairments.
Consequently, CapEx encompasses costs
accounted for under the following IFRS stand-
ards: IAS 16 Property, Plant and Equipment, IAS
38 Intangible Assets, and IFRS 16 Leases. These
standards have been the basis for Color Group’s
allocation of CapEx to both the denominator
and numerator. For related information, refer to
notes 11, 12, and 13 in the consolidated financial
statement. Color Group does not currently have
any material capital expenditures related to a
CapEx plan.
Calculation of OpEx
The share of Color Group’s aligned and eligible
OpEx is calculated as OpEx derived from aligned
and eligible OpEx divided by Color Group’s
total OpEx, as defined in the EU Commission
Delegated Act 2021/2178. The EU Taxonomy
has a narrow definition of OpEx that includes
direct non-capitalized costs that relate to
research and development, building renovation
measures, short-term lease, maintenance and
repair, and any other direct expenditures relating
to the undertaking, or third parties to whom
activities are outsourced, day-to-day servicing
of assets to property, plant and equipment,
that are necessary to ensure the continued and
effective functioning of such assets. For Color
Group, OpEx is part of the consolidated income
statement line item ‘Other operating expenses’.
See note 8 to the Group’s consolidated financial
statements for more details. Color Group does
not currently have any material operational
expenses related to a CapEx plan.
Risk of Double Counting
To comply with the EU Taxonomy Regulation,
preventative measures have been implemented
to preclude double counting in reporting of
Turnover, CapEx and OpEx. For economic
activities that have the potential to contribute to
multiple environmental objectives, eligibility has
been assessed against each objective, as well
as alignment for climate change mitigation and
climate change adaptation. Any intercompany
transactions have been identified and excluded
from the KPIs.
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E1 Climate Change
Color Group aims to deliver great
experiences with a progressively
lower carbon footprint and thereby
strengthen the role of the sea as the
most sustainable transport route.
Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
Type Material impact/risk/opportunity Location in value chain Time frame
Climate change mitigation
Actual negative impact Color Group’s ships directly emit greenhouse gases (CO
2
, CH
4
, N
2
O). Own operations All
Actual negative impact Color Group’s hotel and supporting operations on land directly and indirectly emit greenhouse
gases (CO
2
, CH
4
, N
2
O).
Own operations and upstream
value chain
All
Actual negative impact Value chain emissions from production of fuel and purchased goods and services. Upstream value chain All
Risk Development of maritime regulation that increases costs of emissions. Own operations All
Risk New technological developments are needed to meet the company’s long-term emission targets. Own operations Long-term
Climate change adaptation
Potential positive impact Route adaptations to secure important transport infrastructure between Europe and Norway in
high-emission scenarios.
Own operations Medium- and
long-term
Opportunity Changes in tourism and preferred destinations as a result of climate change that favors the
Nordics.
Own operations All
Energy
Actual negative impact A business model requiring high energy consumption in own operations and value chain. Own operations All
Potential positive impact Increased use of biofuels contributes to stimulating the developing market for renewables. Own operations All
The process to identify and assess climate-related impacts is based on the double-materiality assessment, which is described under ESRS
2 ‘Double-Materiality Assessment’. The process of identifying and assessing climate-related risks and opportunities, as well as resilience,
is described under ‘Climate-related Risk and Resilience Analysis’ in this section.
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Policies and Approach
Extensive operational changes will be required in the coming
decades towards 2050 to align with Color Group’s ambition to be the
leading provider of sustainable cruise and cargo services in Europe.
Climate-related Risk and Resilience Analysis
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
ESRS 2 IRO-1 Description of the processes to identify and assess material climate-
related impacts, risks and opportunities
The climate-related risk and resilience analysis is based on
three climate scenarios from the sixth assessment report by
the Intergovernmental Panel on Climate Change (IPCC). Each
scenario consists of a Shared Socioeconomic Pathway (SSP) and a
Representative Concentration Pathway (RCP). Color Group believes
that these scenarios cover the company’s potential climate-related
risks and opportunities. The 1.5°C scenario, a combination of SSP 1 and
RCP 1.9, covers a low-emission economy. The 2°C scenario, SSP 2 and
RCP 2.6, represents a middle scenario. Lastly, the 4°C scenario, SSP
3 and RCP 7.0, is a high-emission scenario. The scenarios are based
on national and regional-level data in terms of expected physical
changes. The same scenarios form the basis for financial assessments
of climate risks described in Note 4 in the financial statement.
Limiting global warming to 1.5° (SSP1-1.9)
In the lowest emissions scenario of 1.5°C, the
world reaches net zero around 2050. This means
that physical risks are low and transition risks
(and consequently opportunities) are high on a
general basis. This scenario is a result of massive,
immediate, coordinated, and uncompromising
political will in the EU and the rest of the world to
develop policies and incentives, and to allocate
R&D resources to limit climate change and
mitigate risks.
Limiting global warming to 2°C (SSP2-2.6)
In the moderate scenario of 2°C, global
greenhouse gas emissions are substantially
reduced, but not as rapidly, so that net zero is
only achieved post-2050. This scenario envisions
a greater adherence to historical societal
development, where a lack of strong coordination
across different regions, countries and sectors
results in significant variation in emission
reductions globally. The result is that it takes
longer to reach net zero. In this scenario, both
physical risks and transition risks are moderate
on a general basis.
Limiting global warming to 4°C (SSP3-7.0)
In the warmest scenario of 4°C, emissions and
temperatures steadily increase towards the end
of the century. CO
2
emissions double from
today’s levels by 2100. Nations become more
concerned with competing against each other,
with focus shifting towards national security and
securing food for their own populations. Sea
levels rise, with persistent drought in many places
and extreme precipitation in others. There are
massive disparities in emissions between sectors
and countries. In this scenario, the physical
risks are very high, and the transition risks are
moderate on a general basis.
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Risk and Resilience Analysis
The IPCC scenarios described above informed the process of
identifying and evaluating relevant climate-related risks and
opportunities for Color Group. The climate-related risk and
resilience analysis covers all of Color Group’s own operations, in
addition to material parts of the value chain – both upstream and
downstream. The analysis was updated and extended in 2025
through a collective effort involving the company’s Strategy and
Sustainability departments, with the Board of Directors engaged
in the process to ensure that results are integrated in strategy
development going forward. This analysis will continue to evolve
as policies and macro trends develop, and as the company learns
more about climate-related risks to which its own operations
and value chain are exposed. Consequently, the way in which
the identified risks inform and are integrated into Color Group’s
strategy and business model will evolve with the analysis to ensure
the company will be prepared to mitigate new risks and capture
new opportunities. Currently, both the strategy and business model
of the Group are considered resilient in addressing the identified
risks and opportunities.
Below is a summary of the most significant risks and opportunities
that were identified, along with a description of the respective
resilience of Color Group’s strategy and business model.
Assessment of materiality
When assessing the materiality of climate-related physical risks, the likelihood,
severity and duration of potential events in each IPCC scenario were
considered, in addition to the effect the incident would have on operations.
The materiality assessment of the transitional risks and opportunities also
took into account the likelihood, magnitude and duration of events. Some
transitional events are more uncertain than others, for example changes
related to consumer preferences, general market trends and reputational
effects. Other transitional events are more certain, such as policy and legal
changes, with draft texts and timelines being known, making it easier to
accurately assess materiality and to plan mitigating efforts.
Time frames
Color Group has defined the short-term time frame as one year, medium-term
time frame as two-to-five years, and the long-term time frame as more than
five years. This is aligned with the strategic planning horizons of ’before 2030’
and ’after 2030’, as well as with the company’s financial planning cycles.
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Summary of the Climate-related Risk and Resilience Analysis
Type Risk/opportunity Time horizon Value chain
Description of risk/opportunity in low scenario
1.5°C (SSP1-1.9)
Description of risk/opportunity in medium scenario 2°C
(SSP2-2.6)
Description of risk/opportunity in high scenario
4°C (SSP3-7.0)
Resilience
Description of resilience to risk/opportunity
Climate-related physical risks
Acute Extreme
weather
events
Medium- and
long-term
Own
operations
More frequent and stronger storms can lead
to an increase in cancellations for routes to
Hirtshals as high winds and large waves can
pose access challenges at this port. Limited
financial impact.
More frequent and stronger storms can lead
to increase in cancellations for routes to/from
Hirtshals as high winds and large waves can
pose access challenges at this port. Limited
financial impact.
A significant increase in the frequency and
strength of storms can lead to an increase
in cancellations for routes to Hirtshals as
high winds and large waves can pose access
challenges at this port. Limited financial impact.
The port of Hirtshals will be upgraded in 2027,
which will reduce the number of cancellations
by 50%. Financial investments related to
adaptation of ports is not within Color Group’s
operational control. Together with robust ships
and highly detailed weather prognosis for each
leg, the routes are resilient to an increase in
extreme weather events in all scenarios.
Value chain Rising extreme weather events can cause
disruptions and delays in deliveries of certain
goods for retail and own use from selected
geographical areas. This can lead to a slight
increase in cost for some goods.
Rising extreme weather events can cause
disruptions and delays in deliveries of various
goods for retail and own use. This can lead to
an increase in cost for various goods.
A significant rise in the frequency and strength
of extreme weather events can destroy food
production areas with short intervals, causing
a reduction in the world’s total food production
capacity. This can result in significant price
increases for most goods.
Geographical diversification of suppliers
can help mitigate the risk of disruptions and
increased prices due to climate change. The
potential price increases will cover all markets,
making it possible for Color Group to maintain
the company’s reduced prices on goods sold
onboard relative to prices on land.
Chronic Changes
in climate
patterns
(temperature,
precipitation,
etc.)
Medium- and
long-term
Own
operations
Changes in wind patterns lead to slightly more
wind in Denmark across scenarios (1–2%), which
could lead to more cancellations for routes to/
from Hirtshals and/or lower fuel efficiency.
Moderate financial impact depending on
effect on fuel efficiency. Higher temperatures
throughout the summer can lead to a slight
increase in energy use for cooling onboard.
Changes in wind patterns lead to slightly more
wind in Denmark across scenarios (1–2%), which
could lead to more cancellations for routes to/
from Hirtshals and/or lower fuel efficiency.
Moderate financial impact depending on
effect on fuel efficiency. Higher temperatures
throughout the summer can lead to an increase
in energy use for cooling onboard.
Changes in wind patterns lead to slightly more
wind in Denmark across scenarios (1–2%),
which could lead to more cancellations for
routes to Hirtshals and/or lower fuel efficiency.
Moderate financial impact depending on effect
on fuel efficiency. Extremely high temperatures
throughout the summer can lead to a
significant increase in energy use for cooling
onboard.
The port of Hirtshals will be upgraded in 2027,
which will reduce the number of cancellations
by 50%. Route planning and sailing optimization
processes are continously developed to
maximize fuel efficiency and will take into
consideration changes in wind patterns. Plans to
analyse and increase energy efficiency onboard
can compensate for an increase in energy use
related to cooling.
Value chain Suppliers in geographical areas traditionally
suited for cultivation of certain crops can face
volume and quality challenges. This can result
in higher prices for certain goods.
Suppliers in geographical areas traditionally
suited for cultivation of crops can face volume
and quality challenges. This can result in higher
prices for certain goods.
Suppliers in geographical areas traditionally
suited for cultivation of crops and food
production can face severe challenges with
production, both in terms of volume and
quality, forcing them to relocate. This can result
in significantly higher prices for almost all food
and beverages.
Geographical diversification of suppliers
can help mitigate the risk of disruptions and
increased prices due to climate change. The
potential price increases will cover all markets,
making it possible for Color Group to maintain
the company’s reduced prices on goods sold
onboard relative to prices on land.
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Type Risk/opportunity Time horizon Value chain
Description of risk/opportunity in low scenario
1.5°C (SSP1-1.9)
Description of risk/opportunity in medium scenario 2°C
(SSP2-2.6)
Description of risk/opportunity in high scenario
4°C (SSP3-7.0)
Resilience
Description of resilience to risk/opportunity
Climate-related transitional risks
Policy and
legal
Mandatory
GHG
emissions
reductions by
IMO and EU
All Own
operations
Mandatory emission reductions through
regulations such as the IMO's Carbon Intensity
Indicator (CII), EU Emissions Trading System
(EU ETS) and FuelEU Maritime greatly increase
the cost of operating fossil-fuelled ships. To
stay within 1.5°C, further drastic action is
needed by international bodies such as the
IMO, which could result in additional costs
for shipowners (eg. the proposed Net-Zero
Framework).
Mandatory emission reductions through
regulations such as CII, EU ETS and FuelEU
Maritime greatly increase the cost of operating
fossil-fuelled ships.
Due to the EU's increased focus on
competitiveness and strong backlash from
shipowners against the IMO's CII regulation, the
scope and impact of the regulatory frameworks
are reduced significantly in this scenario. The
financial impact of operating fossil-fuelled ships
is moderate and a result of a general increase
in energy and fuel prices.
The significant costs of fossil-fuelled ship
operations help strengthen the business
case for larger retrofits of existing ships and/
or newbuilds to reach net zero by 2050 in
accordance with Color Group's transition plan.
Short-term compliance is made possible by
energy-efficiency projects and use of biofuel.
Technology Access
to biofuel
and green
electricity
Medium- term Own
operations
Limited production of green electricity and
biofuel together with an expected significant
increase in demand in the medium-term create
uncertainty about access to critical instruments
for decarbonization before 2030. Green
electricity is also key in realizing long-term
decarbonization plans for ship transport. In this
scenario, measures such as rapid and massive
investment in increasing production capacity
of green energy and/or restrictions on use of
large amounts of energy would be needed to
stay within 1.5°C.
Limited production of green electricity and
biofuel together with an expected significant
increase in demand in the medium-term create
uncertainty about access to critical instruments
for decarbonization before 2030. Green
electricity is also key in realizing long-term
decarbonization plans for ship transport.
Due to a lesser scope and impact of regulatory
frameworks for emissions reduction, the need
for green electricity and biofuel to reach
compliance is significantly reduced.
Color Group is securing access to the necessary
amount of biofuel for the next couple of years
to ensure short-term compliance. Conversations
with relevant stakeholders to secure necessary
access to green electricity in the medium- and
long-term are well underway.
Dependency
on
innovations
in green
maritime
technology
Long-term Own
operations
Color Group is dependent on further
development and upscaling of relevant green
fuel technologies, alongside development of
the required port infrastructure, to reach net
zero in 2050. In this scenario, measures such
as rapid and massive investment in developing
green fuel technologies for the maritime sector
and/or restrictions on use of fossil fuels would
be needed to stay within 1.5°C.
Color Group is dependent on further
development and upscaling of relevant green
fuel technologies, alongside development of the
required port infrastructure, to reach net zero
in 2050.
Due to the reduction in scope and impact of
emission reduction frameworks, the need for
innovations within green fuel technology to
reach compliance long-term is significantly
reduced.
An “innovation wave” is expected within this
field as the world fleet is being subjected to
stricter emissions reductions requirements.
Color Group monitors developments within a
broad range of potential zero and near-zero
fuels, and remains an active contributor in
the maritime cluster through participation in
relevant networks and organizations. These
activities also serve the purpose of informing
key stakeholders on the requirements of the
company and wider maritime sector in relation
to decarbonization.
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Type Risk/opportunity Time horizon Value chain
Description of risk/opportunity in low scenario
1.5°C (SSP1-1.9)
Description of risk/opportunity in medium scenario 2°C
(SSP2-2.6)
Description of risk/opportunity in high scenario
4°C (SSP3-7.0)
Resilience
Description of resilience to risk/opportunity
Market Changes in
customer
preferences
and behavior
Medium- and
long-term
Own
operations
All customer segments are expected to become
increasingly climate-conscious, and Color
Group must conform with this development
in time to maintain and increase its market
attractiveness. For B2B customer segments,
there are strict requirements for value-chain
decarbonization that is highly likely to impact
their decision-making when choosing a
transport provider or conference location. A
potential significant loss of volume due to a
delayed decarbonization pathway could affect
EBITDA negatively.
All customer segments are expected to become
increasingly climate-conscious, and Color
Group must conform with this development
to maintain and increase its market
attractiveness. For B2B customer segments,
there are requirements for value-chain
decarbonization that may impact their decision-
making when choosing a transport provider or
conference location. A potential loss of volume
due to a delayed decarbonization pathway
could affect EBITDA negatively.
Due to a reduced focus on sustainability and
lower purchasing power overall, private guests,
conference guests and cargo customers are
likely to choose the cheapest alternative
when looking for holiday/transport options,
conference locations and transport-providers.
The total travel market is expected to be
significantly reduced in this scenario, but as a
low-cost provider Color Group is expected to
take a larger market share.
The expected negative commercial effects
of continued fossil-fuelled ship operations
long-term help strengthen the business case
for larger retrofits of existing ships and/
or newbuilds to reach net zero by 2050 in
accordance with Color Group's transition plan.
Reputation Sector-wide
stakeholder
concern
All Own
operations
Media and climate activists may paint the
maritime sector and Color Group as a “climate
enemy” in the short- and medium-term before
investment plans and detailed transition plans
are made public. This could result in a negative
reputation for the whole sector and a loss of
goodwill with stakeholders, which could harm
the viability of companies' transition plans.
Media and climate activists may paint the
maritime sector and Color Group as a “climate-
enemy” in the short- and medium-term before
investment plans and detailed transition plans
are made public. This could result in a negative
reputation for the whole sector and a loss of
goodwill with stakeholders, which could harm
the viability of companies' transition plans.
Media is likely to be more interested in covering
the negative developments in purchasing
power and security/preparedness questions
rather than pointing fingers at potential climate
polluters. In this scenario, Color Group is likely
to be viewed as an important conduit to Europe
for the flow of critical goods and passengers in
an uncertain and unstable world.
The expected negative reputational and
goodwill effects of continued fossil-fuelled
ship operations long-term help strengthen the
business case for larger retrofits of existing
ships and/or newbuilds to reach net zero
by 2050 in accordance with Color Group's
transition plan. Publishing a more detailed
transition plan as soon as possible is likely to
help reduce negative attention based on climate
emissions.
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Type Risk/opportunity Time horizon Value chain
Description of risk/opportunity in low scenario
1.5°C (SSP1-1.9)
Description of risk/opportunity in medium scenario 2°C
(SSP2-2.6)
Description of risk/opportunity in high scenario
4°C (SSP3-7.0)
Resilience
Description of resilience to risk/opportunity
Climate-related opportunities
Market Changes in
customer
preferences
and behavior
Medium- and
long-term
Own
operations
All customer segments are expected to become
increasingly climate-conscious, and choose
travel destinations that are closer to home and
with a lower carbon footprint. Decarbonizing
comparable routes is likely to be more rapid for
the maritime sector than the aviation industry.
Some physical climate changes could lead to a
slight rise in “coolcations” during the summer
and “snow-safe” destinations in winter, both
favoring Scandinavia. The shoulder seasons are
likely to be extended slightly as well, increasing
travel demand year round and somewhat
smoothing out the volume differences between
peak and low seasons. A potential increase
in year-round volume could affect EBITDA
positively.
All customer segments are expected to become
increasingly climate-conscious, and choose
travel destinations that are closer to home and
with a lower carbon footprint. Decarbonizing
comparable routes is likely to be more rapid for
the maritime sector than the aviation industry.
Physical climate changes could lead to a rise in
“coolcations” during the summer and “snow-
safe” destinations in winter, both favoring
Scandinavia. The shoulder seasons are likely to
be extended as well, increasing travel demand
year round and smoothing out the volume
differences between peak and low seasons. A
potential increase in volume year-round could
affect EBITDA positively.
Due to a reduced focus on sustainability and
lower purchasing power overall, private guests,
conference guests and cargo-customers are
likely to choose the cheapest alternative
when looking for holiday/transport options,
conference locations and transport-providers.
Extreme physical climate changes could
increase the number of guests from Europe
traveling north to escape the heat during the
long summer season. The total travel market
is expected to be significantly reduced in this
scenario, but as a low-cost provider Color
Group is expected to take a larger market
share, which could affect EBITDA positively.
The expected positive commercial effects of
changes in customer preferences in a warmer
world and net-zero operations long-term help
strengthen the business case for larger retrofits
of existing ships and/or newbuilds to reach net
zero by 2050 in accordance with Color Group's
transition plan. The ships are dimensioned for
a potential volume increase, and year-round
departures ensure preparedness for a more
even distribution of passengers throughout the
year.
Reputation Sector-wide
stakeholder
attention
Medium- and
long-term
Own
operations
Media and climate activists are likely to focus
on “value creation per tCO
2
e” of different
tourists travelling to Norway to ensure the
country receives value in return for the
increase in emissions that tourists represent.
Color Group has a positive profile in these
reports in terms of value creation in the
medium-term, and both value creation and
tCO
2
e in the long-term, compared with other
travel and transport sectors. This could result
in a positive reputation and an increase in
goodwill with stakeholders.
Media and climate activists are likely to focus
on “value creation per tCO
2
e” of different
tourists traveling to Norway to ensure the
country receives value in return for the
increase in emissions that tourists represent.
Color Group has a positive profile in these
reports in terms of value creation in the short-
and medium-term, and both value creation and
tCO
2
e in the long-term, compared with other
travel and transport sectors. This could result
in a positive reputation and an increase in
goodwill with stakeholders.
Media is likely to be more interested in covering
the negative developments in purchasing
power and security/preparedness questions
rather than pointing fingers at potential climate
polluters. In this scenario, Color Group is likely
to be viewed as an important conduit to Europe
for the flow of critical goods and passengers in
an uncertain and unstable world.
The expected positive reputational and goodwill
effects of net-zero operations long-term help
strengthen the business case for larger retrofits
of existing ships and/or newbuilds to reach net
zero by 2050 in accordance with Color Group's
transition plan. Publishing a more detailed
transition plan as soon as possible is likely
to help increase positive attention based on
planned emissions reductions.
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Transition Plan
E1-1 Transition plan for climate change mitigation
The green transition will require significant changes for the
maritime industry to adapt to new regulatory, technological and
market developments – and Color Group is no exception. The Group
acknowledges the potential locked-in GHG emissions associated
with the company’s key assets, given the company’s five ships are
designed to operate on fossil fuels that will contribute to emissions
throughout their lifespan. In 2024, the company developed its
first transition plan that includes high-level strategies on how it
plans to reach net zero by 2050. The plan will be continuously
adapted to new realities brought forward by new technologies,
regulatory changes and changing customer preferences. Although
no major changes to the plan have been made in 2025, actions
and performance data have been updated. Color Group’s transition
plan is currently not compatible with the target of limiting global
warming to 1.5°C outlined in the Paris agreement. Color Group is
not excluded from the EU Paris-aligned Benchmark.
Emission Pathways to 2050
Using 2023 as a base-year, Color Group aims to reduce emissions
(scope 1, 2 and 3) by 18% by 2030, 58% by 2040 and achieve
net-zero operations by 2050. The company’s largest emission
reductions will be realized in the 2030–2050 period, based on fleet
renewal through retrofits and/or newbuilds.
Color Group’s climate emission reduction targets are aligned with
the main physical and financial decarbonization pathways of the
IMO and the EU:
• The FuelEU Maritime directive (EU), introduced on 1 January
2025, aims to increase demand for renewable and low-carbon
fuels in the maritime sector by setting progressively lower limits
towards 2050 on the GHG intensity of the energy used by ships
calling at European ports. The directive is currently not ratified
by the EEA and, consequently, Norwegian ports are treated as
third-country ports for the time being. The result is that only half
of the energy consumed on sailings between a Norwegian and an
EU port will fall under the scope of the directive.
• The Carbon Intensity Indicator (CII) regulation (IMO) measures
and sets limits on the carbon intensity of ships, calculated based
on CO
2
emissions per cargo-carrying capacity and nautical mile
travelled.
• The EU Emissions Trading System (EU ETS) (EU) is a cap- and-
trade scheme with carbon allowances that limits emissions
from specified sectors, covering almost half of GHG emissions
in the EU. This is being phased in for shipping over a three-year
period, rising from 40% emissions liability in 2024 to 70% in
2025 and 100% in 2026. Furthermore, the EU plans to reduce
the total volume of allowances in line with the EU’s climate
target at a pace determined by an annual reduction factor. This
linear reduction factor is set at 4.3% per year over the period
2024–2027 and 4.4% per year from 2028, gradually removing
available carbon allowances and thereby lowering the overall
emissions from sectors and industries within the regulatory
scope. The financial effects of the EU ETS are described in
Notes 4, 6 and 16 in the financial statement.
However, the defined target levels and time periods of these
pathways are currently not aligned with limiting global warming to
1.5°C, nor with the transitional pathway defined for the maritime
sector by the Science-Based Targets Initiative. For more infor-
mation regarding emissions targets, see E1-4 under 'Emissions'.
Embedded in Strategy and Business Model
Color Group’s transition plan is embedded in the company’s
sustainability strategy, which is integrated into its business
strategy, annual financial planning processes and long-term
investment plan and approved by the Board of Directors. The
President and CEO of Color Line is responsible for ensuring the
transition plan is implemented and has delegated authority to the
relevant Executive Vice Presidents. Color Group’s transition plan
supports the company’s ambition of becoming Europe’s leading
provider of cruise and cargo services with the aim of reaching net
zero by 2050, underpinning politically-backed efforts to shift more
transportation from road to sea.
Color Group has a sustainability strategy covering all main ESG
aspects for the company and its operations. The top priority
among climate-related initiatives within the strategic focus
areas is 'Towards emission-free operations', in which the gradual
conversion of the fleet towards net-zero propulsion by 2050 is
considered fundamental from a strategic, operational, financial and
regulatory perspective.
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0
100 000
200 000
300 000
400 000
500 000
2050
emissions
2040
emissions
2030
emissions
Scope 3
Other
Scope 3
Ship emissions
Scope 2
Other
Scope 2
Ship emissions
Scope 1
Other
Scope 1
Ship emissions
2025
emissions
2024
emissions
2023
emissions
494 744
467 447
1
454 937
39 007 515
157
59 4 719
6 119
404 675
210 165
ROADMAP TO REDUCE EMISSIONS BEFORE 2030
Scope 1
Scope 2
Scope 3
THE THREE MAIN DECARBONIZATION LEVERS ARE MADE UP
OF A COMBINATION OF SCOPE 1, 2 AND 3 EMISSIONS.
Lever 1 – A net-zero fleet This is comprised of Scope 1 Ship emissions, Scope 3 Ship Emissions and
Scope 2 Ship emissions
Lever 2 – Zero-emission and energy-efficient operations This consists of Scope 1 Other (direct
emissions from support operations on land) and Scope 2 Other (indirect emissions from energy used
for terminals, offices and warehouses).
Lever 3 – Decarbonizing the supply chain This is represented by Scope 3 Other
74 . 8 %340 093
1 444
113 401
0.3%
24.9%
EMISSIONS 2025
tCO
2
e, %
Scope 1
Scope 2
Scope 3
1
2024 emissions have been restated due to changes in calculation methodologies and emission factors.
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Decarbonization Levers
E1-1 Transition plan for climate change mitigation
E1-3 Actions and resources in relation to climate change policies
Color Group’s transition plan is focused on decarbonizing
direct fleet emissions, as these represent the majority of total
emissions within the company’s immediate control. However,
to reach net zero, Color Group must decarbonize all operations
and its value chain. The transition plan is achieved through the
following decarbonization levers:
• A net-zero fleet.
• Zero-emission and energy-efficient logistic and commercial
operations.
• Decarbonizing the supply chain.
A Net-zero Fleet
Color Group is closely monitoring developments within a broad
range of technologies and alternative fuel options for maritime
decarboni zation, although technical maturity and market
availability remain limited for several of these potential options.
The company has led two key studies under the Norwegian Green
Shipping Program – the first on ammonia in 2017 and the second
as a multi-fuel study to realize zero-emission propulsion for fast
ferries in 2022 – providing key knowledge both to Color Group and
the broader maritime cluster. There is a natural interplay between
the Group’s transition plan and its EU taxonomy reporting as the
alignment percentage for activity 6.10 will increase at the pace of the
transition plan.
Reductions to 2030
Ahead of 2030 the company’s focus will be on reducing fuel-
consumption year-on-year through energy-efficiency measures
and use of biofuel, which will reduce both Scope 1 emissions and
Scope 3 fuel emissions. Energy-efficiency measures include route
optimization, experimenting with different types of anti-fouling,
hull-form optimization, customized propulsion, route schedule
adjustments and regular hull cleaning to reduce water resistance,
as well as small retrofits to optimize engine functionality.
In 2024, M/S Color Fantasy was coated with silicon, after M/S
Color Magic and M/S Superspeed 1 received similar coatings in
the period 2019-2023. M/S Superspeed 1 and M/S Superspeed 2
have also experimented with biofuel usage and route schedule
changes in the off and shoulder seasons over the last couple of
years to reduce fuel consumption. Going forward, biofuel will also
be a component of the energy mix. In 2026, M/S Superspeed 1 will
be fitted with a new propeller adapted to actual cruising speed to
reduce emissions, with M/S Superspeed 2 following suit in 2027.
Shorepower supply is available for the company’s ships to plug
into while berthed at all Norwegian ports and the port of Kiel to
cut emissions. The company is also working closely with the ports
of Hirtshals and Strömstad to ensure availability of shorepower by
2030, leading to further emission reductions on these routes.
Investments needed to achieve the expected emission reductions
by 2030 have been included in Color Group’s five-year investment
plan approved by its Board of Directors. The magnitude of the
necessary financial resources is estimated to be in the region
of NOK 35 million per year in capital expenditure. Operational
expenses will vary between NOK 40–130 million per year,
depending on the volume of biofuel used each year. Color Group
currently does not have a CapEx plan aligned with the criteria in
the EU Taxonomy. More information on ship alignment with the
taxonomy is provided under ‘EU Taxonomy’.
Pathway to 2050
Beyond 2030, Color Group will employ several measures to gradually
reduce fleet emissions to reach the target of net zero in 2050 and is
currently exploring a range of different technologies, both in relation
to retrofit solutions and newbuilds. Color Group is planning to
execute its post-2030 transition plan in two broad tranches, focusing
on the three shorter transportation routes between Norway–
Denmark and Norway–Sweden in the period 2030–2040, and on
the Oslo–Kiel route in the period 2040–2050. While no investment
decisions have yet been made for the period 2030–2050, Color
Group is currently in an early feasibility phase regarding the first
tranche, which involves exploring hybridization on the two routes
between Norway and Denmark and increasing battery capacity on
M/S Color Hybrid between Norway and Sweden.
For the possible hybridization of Color Group’s two routes between
Norway and Denmark, the company would first need to verify both
the feasibility of extensive shore-based infrastructure as well as
large-scale onboard battery capacity – either through retrofitting
existing ships or through newbuilds. In addition to sourcing large
amounts of power, the shore-based infrastructure will require access
to significant grid capacity and charging facilities, and possibly
also dedicated battery energy storage systems (BESS) in port.
The ships would need to be able to carry the weight and volume of
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large-scale batterypacks, combined with multi-fuel machinery to
support propulsion and redundancy, based on zero or near-zero
fuel alternatives. Color Group is exploring all main elements of
the possible first-tranche (2030–2040) initiative from a technical,
regulatory and financial standpoint. While all the required techno
-
logical elements have reached maturity, further work is required in
order to determine the viability of combining these at such scale.
This is also dependent on extensive cooperation among several
industry-leading actors within the areas of battery technology and
supporting infrastructure on land and onboard, as well as successful
regulatory processes in all relevant ports (Kristiansand and Larvik
in Norway; Hirtshals in Denmark). Prospective investments and
operating costs for this initiative have yet to be established by the
company. However, a qualified assumption indicates that, although
capital expenditure requirements may be significantly higher than
conventional solutions, overall operating costs would become
increasingly competitive versus conventional fuel propulsion, mainly
due to climate-related costs. Furthermore, electric propulsion should
also remain competitive vis-à-vis other zero or near-zero fuels, since
these would need to be largely based on renewable energy with
energy losses throughout their value chain.
The remaining first-tranche initiatives relating to M/S Color Hybrid
are technically most dependent on access to the required onshore
grid capacity for charging power in both Sandefjord, Norway and
Strömstad, Sweden, as the ship has built-in optionality to extend
its current onboard battery capacity. In this case, technical and
regulatory uncertainties are considerably lower, while there is a
more limited requirement for investment compared to the possible
hybridization of the two Norway-Denmark routes. The company is
in ongoing dialogue with relevant Swedish authorities regarding
establishment of shore and charging power in the port of Strömstad.
The second-tranche transition (2040–2050) is dependent on
further technological development for larger ships sailing longer
routes to provide further clarity on the technical, regulatory and
financial feasibility of either converting the existing ships to carbon-
neutral propulsion or replacing the current ships with emission-free
newbuilds of similar size and capacity. Color Group is closely
monitoring developments within this field and is an active participant
in relevant Norwegian and European networks.
Zero-emission and Energy-efficient Operations
Besides the ships, the remaining Scope 1 emissions stem from
minor leakage of refrigerants from closed systems (onboard ships),
and the fuel combustion of company cars and vehicles used for
loading and unloading goods and cargo in ports. The company
will work to reduce leakages of refrigerants through surveillance,
maintenance measures and new technical solutions. By 2030, all
leased company cars and port vehicles will be low or zero-emission
vehicles. In 2025, 72% of leased company cars were fully electric
and 23% were hybrid, resulting in only 5% being fully fossil-fuelled.
Color Group aims to gradually reduce energy demand within its
building portfolio through energy-efficiency measures implemented
at older terminals and offices in the last few years, such as
upgrading ventilation systems, switching to LED lightbulbs and
installing new windows. The company will continue to explore new
ways to increase energy efficiency in all buildings. Newer buildings,
such as the logistics warehouse in Hirtshals and the new wing at
Color Hotel Skagen, are highly energy-efficient and the warehouse
is taxonomy-aligned. For more information on resource need and
investments connected to energy-efficient buildings, see the EU
Taxonomy description. By 2050 all remaining necessary energy
used in Color Group’s operations will be net-zero.
Decarbonizing the Supply Chain
Color Group presented its first complete climate account in 2024,
which included all relevant Scope 3 categories for operations.
This provided a more granular understanding of prioritizations
and focus areas to reduce emissions within the company’s supply
chain. In 2025, this work has been continued through a focus
on increasing data quality, better internal control and building
capacity in the organization to receive and act on emissions data
from the company’s supply chain. For Color Group, the focus
needs to be on ’fuel and energy-related activities’ (55% of Scope
3; 14% of total GHG emissions) and ’purchased goods and services’
(34% of Scope 3; 10% of total GHG emissions). Through stronger
sustainability requirements in procurement policies and strategic
partnerships with large-scale suppliers, the company aims to
further reduce Scope 3 emissions from purchased goods and
services going forward. The company has initiated dialogue with
its largest commercial supplier on how to improve data quality
and realize emission cuts within the purchased goods and services
category.
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Climate-related Policies
E1-2 Policies related to climate change mitigation
In addition to complying with international maritime regulations,
the organization has implemented policies specifically to address
climate change, energy efficiency and climate-change adaptation.
Color Group’s policies ensure sustainable, efficient and safe mari-
time operations, while focusing on reducing the carbon footprint
and enhancing energy efficiency in land and sea operations.
In 2024, Color Group created an overarching climate and environ-
ment policy to consolidate the climate-related principles that
were dispersed across various existing policies and procedures.
The aim of this policy is to reduce emissions, mitigate risk and
capture opportunities in the areas of climate change, pollution
and water. The policy covers all of Color Group’s own operations,
both at sea and on land, in addition to the company’s value chain.
Responsibility for implementing and following up the policy is dele-
gated to the President and CEO of Color Line. It is underpinned by a
comprehensive deck of detailed policies, guidelines and procedures
that ensure safe port operations and effective route planning.
To enhance climate adaptation, Color Group’s policies specify that
the company maintains infrastructure and ships designed to with-
stand harsh weather conditions and integrates real-time weather
monitoring systems to ensure operational resilience. Color Group’s
climate policy and procedures also describe how to ensure an
increase in energy efficiency across operations, both in terminals/
warehouses and on ships, to minimize energy consumption. The
overarching climate and environment policy specifies that Color
Group shall also increase the use of renewable energy sources.
To mitigate climate change through emission reductions in the
company’s value chain, Color Group has included environmental
requirements both in its Supplier Code of Conduct (SCoC) and
procurement policy. Furthermore, the procurement policy
includes a requirement that sustainability should be weighted in
procurement decisions when the value exceeds NOK 150 000. To
define sustainability in the context of Color Group, the company
has leading sustainability principles for each relevant procurement
category that will be updated and expanded over time.
Color Group’s climate-related policies are monitored, accounted
for and made available to stakeholders in the same manner as any
other policy in the company. These processes are described in
’Corporate Governance’. In addition, the main goals and focus of
the climate and environment policy are included in Color Group’s
sustainability strategy, which is communicated widely in ongoing
dialogues with various stakeholders.
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Performance, Metrics and Targets
E1-4 Targets related to climate change mitigation and adaptation
E1-5 Energy Consumption and Mix
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions
Color Group’s material impacts, risks and opportunities related to
climate change mitigation and adaptation are evaluated based on
the metrics presented in this section. The methodologies used to
calculate or measure GHG emissions are provided in ’Accounting
Policies’. Targets related to GHG emissions have been set by the
Executive Management of Color Line, in cooperation with the
affected departments for each relevant target, and have been
approved by the Board. Information on target alignment with
the Paris Agreement, international, regional and national policy
goals and climate scenarios is provided under E1-1. Descriptions of
expected decarbonization levers and their contributions to achieve
the company’s emission targets are also provided under E1-1.
Color Group’s total GHG emissions in 2025 were 454 937 tCO
2
e
(location-based), of which Scope 1 accounts for 74.7% of emissions,
Scope 2 (location-based) 0.3% and Scope 3 25%. This represents
a 2.7% reduction from 2024, where the total was 467 447 tCO
2
e.
This change is for the most part due to emission reductions from
ships under Scope 1 and changes in Scope 3 emission factors.
Scope 1
Color Group’s Scope 1 emissions encompass all direct GHG emis-
sions from sources owned or controlled by the company, including
fuel consumption, refrigerant (HFCs) leakage, and emissions from
company-controlled transportation. In 2025, total Scope 1 emis-
sions were 340 093 tCO
2
e.
Ship fuel consumption accounted for the largest share of the
company’s Scope 1 emissions, comprising 99.3% of the total.
This reflects the significant energy demands of ship operations,
which predominantly rely on fossil fuels. Refrigerant leakage from
cooling and air conditioning systems represented 0.6% of Scope
1 emissions, and heating oil represented 0.01%. Lastly, company-
operated transportation, such as vehicles used in port operations
and land-based logistics represented 0.09%.
Targets for reducing Scope 1 emissions are derived from the transi-
tion plan, and more information on how they have been developed
is provided under E1-1. Color Group’s compliance pathway follows
periodic percentage reductions set by the EU and IMO until 2050.
From 2024 to 2025, Color Group reduced emissions from compa-
ny-operated transportation by 11%. This was due to reductions
in diesel and petrol consumption of company cars and vehicles
used in port operations of 56% and 7%, respectively. These
reductions are in line with the overall target of zero GHG emissions
from company-controlled transportation by 2030. However,
the company did see an increase in emissions from refrigerant
leakages by 11% in the same period, which explains the overall
increase in Scope 1 emissions from sources other than ships.
Color Group’s efforts to reduce marine fuel consumption, as part
of the transition plan to reach the company’s 2030 goals, is well
underway. From 2024 to 2025, total emissions from the company’s
fleet decreased by 2%. The overall GHG intensity (cgDIST) also
decreased from 12.17 to 11.95, showing that the reduction is due
to energy-efficiency measures, not a decrease in the number of
sailings or nautical miles.
In 2025, 69.5% of Scope 1 GHG emissions were covered by the
regulated emission trading scheme EU ETS implemented for
shipping. This percentage is directly linked to the 70% of fleet
fuel consumption subject to the EU ETS in 2025, which is set to
increase in 2026 in line with escalation of the regulation. Currently,
Scope 1 GHG emissions reporting under the EU ETS excludes
methane (CH
4
) and nitrous oxide (N
2
O), in accordance with the
regulatory timeline. However, starting in 2026, Color Group will
include these emissions in the company’s EU ETS reporting as part
of the EU’s phased approach to implementation of the emissions
regulation.
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Scope 2
Color Group’s Scope 2 emissions represent the indirect GHG
emissions resulting from the purchase of electricity (buildings and
shorepower) and district heating in Norway, Sweden, Denmark and
Germany. Color Group does not have any guarantees of origin or
energy attribution certificates for the electricity consumed in 2025.
In 2025, Scope 2 emissions under the location-based method
were 1 444 tCO
2
e, reflecting the average energy mix of the grid in
the respective countries. Under the market-based method, which
accounts for specific energy procurement choices (eg. renewable
energy contracts or supplier agreements), the Scope 2 emissions
were 12 712 tCO
2
e. This is a reduction from 2024 by 13% under the
location-based method and an increase of 2% under the market-
based method. These changes are mainly due to the positive
effect of increased renewables usage on energy mix emission
factors in Color Group’s operating countries, as well as the switch
from a general factor for the Nordic countries to country- specific
factors. Since most of Color Group’s energy consumption stems
from Norway, with a lower location-based emission factor than the
average Nordic mix, this explains the sig nificant reduction seen with
the location-based method. The actual consumption of purchased
electricity and district heating increased from 2024 to 2025. This is
mostly due to normalization of shorepower consumption for ships
after some technical issues with the connection in several ports in
2024. This is aligned with the transition plan, as electricity usage
related to ship operations is expected to rise with the phase-out of
conventio nal fuel. Total electricity consumption from all locations
on land was reduced by 6%, and total consumption of district
heating was reduced by 8%.
Scope 3
All 15 Scope 3 categories have been assessed for relevance and
significance, resulting in eight categories being calculated and
reported on. The entirety of Color Group’s operations is included
in Scope 3 calculations, including relevant and material parts
of the value chain. More information on these assessments and
calculation methods can be found under ’Accounting Policies’.
The most significant categories are ’purchased goods and services’
and ’fuel and energy-related activities’, which respectively make
up 34% and 55% of total Scope 3 emissions. Color Group is
continuously working on improving data quality to ensure accurate
reporting of emissions, especially for the most significant categories.
The Group’s Scope 3 fuel targets directly follow emission targets
defined for Scope 1 Ship emissions since emissions from this
category are a result of the fleet fuel consumption and a fixed
factor. The company has separate targets for the rest of the Scope
3 categories, Scope 3 Other, which were set in accordance with
expected decarbonization pathways for the various sectors and
dialogue with main suppliers.
In comparing emissions between 2025 and 2024, Scope 3 emis-
sions were reduced by 5% last year, with the biggest reductions
stemming from purchased goods and services, waste, and
employee commuting, and the main increases stemming from
capital goods and upstream transportation. These categories,
with the exception of waste and employee commuting, are all
calculated using the spend-based method, which is sensitive
to fluctuations in exchange rates and market developments in
general. The reductions in these categories are mainly due to
changes in such factors from 2024 to 2025, as the spend-based
amounts are quite similar. The decrease in emissions from waste
generated in operations is likely due to changes in handling
methods effected with new sorting procedures implemented
in the spring/summer of 2025. For more information on this
project, please see E5-2 ‘Key Actions’. The reduction in employee
commuting is a direct effect of changes to the total number of
employees.
Energy Mix and Consumption
Color Group’s material impacts, risks and opportunities related to
energy are evaluated based on the metrics presented in this section.
Energy consumption is primarily driven by the use of fuel, electricity
and heating across operations. In 2025, total energy consumption
amounted to 1 270 565 MWh, with approximately 98% derived from
fuel used aboard the ships – pre dominantly crude oil and petroleum
products. In total numbers, there have been no major changes in
energy consumption from 2024 to 2025. However, there has been
a large increase in the share of renewable energy compared with
2024, which can be attributed to an increased share of renewables
in the energy mixes of the Group’s operating countries, as well as
consumption changes that are explained in more detail under E1-6
and Scope 2.
The high climate-impact sector that is used to determine Color
Group’s energy intensity is transportation. This economic activity
covers almost all of Color Group’s energy consumption and
revenue sources. Energy consumption and revenue from Color
Hotel Skagen, which falls under the hotel and accommodation
sector, is not included as this economic activity is not defined as
a high climate-impact sector.
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Retrospective Milestones and target years
Unit
Base year
(2023) 2024 2025 %N/N-1 2030 2050
Annual %
target/base
year
Scope 1 GHG emissions
Gross scope 1 GHG emissions tCO
2
e 345 474 346 399 340 093 -1.8% -13% -100% 2%
Percentage of scope 1 GHG emissions from regulated emission trading
schemes % 39.6% 39.7% 69.5% 74.9% 0% 0% N/A
Biogenic scope 1 emissions of CO
2
from the combustion of biomass tCO
2
e 0 0 0 - N/A N/A N/A
Scope 2 GHG emissions
Gross location-based scope 2 GHG emissions tCO
2
e 1 790
1
1 666
1
1 444 -13.3% -14% -100% 2%
Gross market-based scope 2 GHG emissions tCO
2
e 9 415
1
12 404
1
12 712 2.5% -14% -100% 2%
Scope 3 GHG emissions
Total gross indirect (scope 3) emissions tCO
2
e 147 480 119 382
2
113 401 -5.0% -30% -100% 4%
1 Purchased goods and services tCO
2
e 70 702 47 054
2
39 093 -16.9% N/A -100% N/A
2 Capital goods tCO
2
e 7 428 5 267
2
7 947 50.9% N/A -100% N/A
3 Fuel and energy-related activities tCO
2
e 62 518 62 763 62 034 -1.2% -8% -100% 1%
4 Upstream transportation and distribution tCO
2
e 2 977 1 340
2
1 563 16.6% N/A -100% N/A
5 Waste generated in operations tCO
2
e 2 075 1 382 1 299 -6.0% N/A -100% N/A
6 Business travel tCO
2
e 113 121 117 -2.9% N/A -100% N/A
7 Employee commuting tCO
2
e 1 299 1 109 1 016 -8.4% N/A -100% N/A
12 End-of-life treatment of sold products tCO
2
e 368 346 331 -4.3% N/A -100% N/A
Total GHG emissions
Total GHG emissions (location-based) tCO
2
e 494 744
3
467 447
4
454 937 -2.7% -18% -100% 3%
Total GHG emissions (market-based) tCO
2
e 502 369
3
478 185
4
466 205 -2.5% -18% -100% 3%
GHG intensity per net revenue 2025 2024 %N/N-1
Total GHG emissions (location-based) per net
revenue (tCO
2
eq/monetary unit) 67.8 70.6
1
-4%
Total GHG emissions (market-based) per net
revenue (tCO
2
eq/monetary unit) 69.4 72.2 -4%
1
Restated due to changes in total location-based GHG emissions for 2024. Decreased by 1%.
Connectivity of GHG intensity based on revenue with
financial reporting information (MNOK) 2025 2024
Net revenue used to calculate GHG intensity 6 714 6 624
Net revenue (other) 0 0
Total net revenue (financial statements) 6 714 6 624
Biogenic emissions from
transportation Unit 2025 2024
Base year
(2023) %N/N-1
Biodiesel ME tCO
2
e 4 975 2 251 2 452 +121%
Biodiesel HVO tCO
2
e 21 1 28
+2 000%
Bioethanol tCO
2
e 1 22 2 -95%
Total biogenic emissions tCO
2
e 4 996 2 274 2 482 +120%
1
Restated due to change in emission factors from “Nordic mix” to country specific.
2
Restated due to change in calculation methodology. Decreased by 3%, 6%, 0.1% and 16% respectively. 2023 has not been recalculated with the new methodology.
3
Restated due to changes as described in footnote 1.
4
Restated due to changes as described in footnote 1 and 2.
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Energy consumption and mix 2025 2024 %N/N-1
(1) Fuel consumption from coal and coal products (MWh) N/A N/A N/A
(2) Fuel consumption from crude oil and petroleum products (MWh) 1 227 300 1 256 070
1
-2.3%
(3) Fuel consumption from natural gas (MWh) N/A N/A N/A
(4) Fuel consumption from other fossil sources (MWh) N/A N/A N/A
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 17 803 18 529
2
-3.9%
(6) Total fossil energy consumption (MWh) 1 245 103 1 274 599
3
-2.3%
Share of fossil sources in total energy consumption (%) 98% 99% -1.0%
(7) Consumption from nuclear sources (MWh) 3 440 1 976
4
+74.1%
Share of consumption from nuclear sources in total energy consumption (%) 0.3% 0.2% +76.3%
(8) Fuel consumption from renewable sources, including biomass (also comprising industrial and municipal waste of biological origin, biogas, renewable hydrogen, etc.) (MWh) 19 085 8 632 +121.1%
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 2 938 1 974 +48.8%
(10) The consumption of self-generated non-fuel renewable energy (MWh) 0 0 -
(11) Total renewable energy consumption (MWh) 22 022 10 606 +107.6%
Share of renewable sources in total energy consumption (%) 1.7% 0.8% +110.4%
Total energy consumption (MWh) 1 270 565 1 287 181
5
-1.3%
1
Restated due to wrong number published in last year’s report. Decreased by 0.05%.
2
Restated due to the wrong percentages for energy mix in the operating countries being used in last year’s report.
3
Restated due to changes described in footnotes 1 and 2.
4
Restated due to the wrong percentages for energy mix in the operating countries being used in last year’s report.
5
Restated due to changes described in footnotes 1–4.
Energy intensity of activities in high climate-impact sectors 2025 2024 %N/N-1
Total energy consumption from activities in high climate-impact sectors per net revenue from activities in high climate-impact sectors (MWh/TNOK) 0.191 0.196 -2.6%
Connectivity of energy intensity based on net revenue with financial reporting information (MNOK) 2025 2024
Net revenue from activities in high climate-impact sectors used to calculate energy intensity 6 644 6 558
Net revenue (other) 70 66
Total net revenue (financial statements) 6 714 6 624
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Accounting Policies
Disclosure requirement Accounting policy
Scope of climate accounting In terms of climate accounting, operational control over emissions is equal to financial control, and vice versa. Color Group’s
climate accounting includes all activities under the company’s operational and financial control. GHG emission calculations
follow the same consolidation principles as the financial statement, in accordance with ESRS 1, paragraph 62-67.
Tons Tons = metric tons
Scope 1 Scope 1 emissions encompass those generated from the combustion of fuel by Color Group. Direct carbon emissions from
ships, company cars, tug masters, trucks, reach stackers, heating oil and refrigerants are calculated based on the amount
consumed, multiplied by the corresponding emission factor for each fuel type. The emission factors for the fuels used on the
ships, heavy fuel oil (HFO) and marine gas oil (MGO), are from the FuelEU Directive. These emissions and factors are validated
by DNV in April the following year. Emission factors for company cars, tug masters, trucks, reach stackers, heating oil and
refrigerants are derived from DEFRA 2025 standards. Factors used to convert CH
4
and N
2
O emissions to CO
2
e are also taken
from DEFRA 2025.
The company’s ships are covered by the EU ETS, meaning that Scope 1 ship emissions are calculated based on the EU ETS
methodology, in accordance with E1-6 AR 43 (e). This means that any biofuel used by the ships has an emission factor of zero,
in accordance with the goal of the EU ETS to encourage transition towards renewable fuels. Emissions of CH
4
and N
2
O will
only be included in Scope 1 from 2026, in line with the planned phase-in of the scheme.
Scope 2 Scope 2 emissions include indirect greenhouse gas emissions from the generation of electricity and heat purchased and
consumed by Color Group. These emissions are calculated by multiplying the purchased volumes of electricity and district
heating (kWh) by country-specific emission factors.
The factors used for electricity differ between location-based and market-based emissions. Location-based emissions are
calculated using emission factors from the IEA (2025), while market-based emissions utilize factors provided by AIB (2024).
The factors used to calculate district heating are taken directly from the supplier for each location.
Disclosure requirement Accounting policy
Scope 3 The calculation of Scope 3 emissions follows the same reporting parameters as the rest of the report. Color Group assessed
its total Scope 3 emissions based on the categories (C1-C15) defined in the GHG Protocol Corporate Value Chain (Scope 3)
Accounting and Reporting Standard. The relevant categories identified for Color Group are C1-C7 and C12.
The calculation methods used are mostly based on spend data (42%) and average data (56%). Supplier-specific data
makes up 0.4% and waste-type-specific data makes up 1.5% of emissions. Color Group is already working on improving the
calculation methods and data quality and will gradually move away from the spend-based method.
The company has calculated most of the categories with the help of software from CEMAsys and its emission factors.
• Category 1: Calculated using categorized spend data (purchased goods and services) multiplied by relevant emission factors.
• Category 2: Calculated using categorized spend-data (activated capital goods) multiplied by relevant emission factors.
Emissions have been calculated for all new capital goods purchased or acquired in 2025.
• Category 3: Calculated in the same way as Scope 1 and Scope 2, but using well-to-tank factors from FuelEU Maritime for
ship fuel and DEFRA for the remaining fuel types, electricity and district heating.
• Category 4: Calculated using categorized spend data (transport and freight activities) multiplied by relevant emission
factors. Emissions have been calculated for all purchased transport activities in 2025. A challenge with this spend data is
that not all suppliers separate the cost of transport and the cost of goods in their invoices, resulting in a strong likelihood
that there are ’hidden’ transport costs under C1.
• Category 5: Calculated using waste-type-specific weight data and handling method from each supplier, multiplied by the
relevant emission factors for each waste type.
• Category 6: Calculated using a mix of supplier-specific data (mainly flights), average data (hotel nights and train trips) and
distance-based data (car travel). The average and distance-based data are multiplied by relevant emission factors.
• Category 7: Calculated using a mix of supplier-specific data (leased cars and flights), average data (general commuting) and
distance-based data (car travel). The average and distance-based data are multiplied by relevant emission factors.
• Category 8: Not relevant. Any activity that may fall under this category is already included in other categories or in Scope 1
(such as leasing of trucks and company cars).
• Category 9: Not relevant. The company has no downstream distribution of sold products, as they are sold onboard the ships.
• Category 10: Not relevant. Color Group does not sell any ’intermediate products’.
• Category 11: Not relevant. Color Group mainly sells products in the ’indirect use-phase emissions’ category, with a level of
emissions that is not significant for the business.
• Category 12: Calculated based on sales data, using statistical data to get an average weight of waste per category,
multiplied by relevant emission factors.
• Category 13: Not relevant. Color Group does not lease assets downstream.
• Category 14: Not relevant. Color Group does not have any franchises.
• Category 15: Not relevant. Color Group is not a financial institution, nor does the company have any significant investments
beyond own operations.
Total GHG emissions Total GHG emissions are determined by combining Scope 1, Scope 2, and Scope 3 emissions.
cgDIST GHG intensity of ship operations. Calculated by the following formula: direct ship emissions / (nautical miles sailed * gross
tonnage).
GHG intensity per net revenue Total GHG emissions per net revenue have been calculated by dividing total GHG emissions with net revenue.
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Fuel consumption from crude
oil and petroleum products
Includes the consumption of Marine Gas Oil (MGO) and Heavy Fuel Oil (HFO) of ships, the petrol and diesel consumption of
leased company cars, and the diesel consumption of port vehicles such as trucks, tug masters and reach stackers. Factors
from DEFRA 2025 and Statistics Norway (SSB) were used to convert consumption from liters and tons to megawatthours.
Consumption of purchased
or acquired electricity, heat,
steam and cooling from fossil
sources
Includes the consumption of electricity and district heating in all locations, heating oil and shorepower used by ships,
stemming from fossil sources. This calculation is based on the share of fossil sources in the market-based mix of electricity in
the operating countries. The percentage shares are taken from AIB 2024 using their residual mix. The fossil percentage from
district heating was taken directly from the supplier in each region.
Consumption from nuclear
sources
Includes the consumption of electricity and district heating in all locations, and shorepower used by the ships, stemming
from nuclear sources. This calculation is based on the share of nuclear sources in the market-based mix of electricity in the
operating countries. The percentage shares are taken from AIB 2024 using their residual mix. The nuclear percentage from
district heating was taken directly from the supplier in each region.
Fuel consumption from
renewable sources
Includes the consumption of biofuel (FAME) of ships and company-operated transportation. Factors from the supplier were
used to convert consumption from tons to megawatt-hours.
Consumption of purchased
or acquired electricity, heat,
steam and cooling from
renewable sources
Includes the consumption of electricity and district heating at all company locations, and shorepower used by the company’s
ships, stemming from renewable sources. This calculation is based on the share of renewable sources in the market-based
mix of electricity in the company’s operating countries. The percentage shares are taken from AIB 2024 using their residual
mix. The renewable percentage from district heating was taken directly from the supplier in each region.
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E2 Pollution
Color Group takes a dedicated and proactive
approach to preventing and minimizing
the environmental impacts of the pollution
associated with the company’s operations.
Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
Type Material impact/risk/opportunity Location in value chain Time frame
Pollution of air
Actual negative impact Air pollution from ship operations in ports (NO
x
, SO
2
) harms local air quality. Own operations All
Actual negative impact Air pollution from value-chain activities harms local air quality. Upstream value chain All
Risk Stricter regulations on NO
x
and SO
2
emissions from ships can lead to significant
investment costs.
Own operations Medium- and
long-term
Pollution of water
Potential negative impact Water pollution from accidental oil spills. Own operations All
In the process of identifying material pollution-related impacts, risks and opportunities, a general analysis covering Color Group’s operations
and value chain was conducted. However, this did not include detailed screening of specific site locations and business activities, or
consultations with affected communities. The company acknowledges these gaps in the analysis and is committed to gradually enhancing the
process going forward. Color Group has considered the resilience of the business model and strategy in regard to addressing the identified
impacts, risks and opportunities for E2 Pollution when setting targets and prioritizing actions. The resulting targets and actions are described
under ‘Key Actions’ and ‘Performance, Metrics and Targets’ in this section.
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Policies and Approach
E2-1 Policies related to pollution
Color Group aims to minimize the impact on the ocean and
environment from pollution resulting from the company’s
operations and associated activities.
Color Group has implemented policies aimed at preventing
pollution, adhering to international maritime standards including
the IMO’s MARPOL convention and taking additional steps to
protect marine ecosystems. Responsibility for implementation
of these policies is delegated to the EVP Technical Maritime
Operation. The topic of pollution is also subject to the overarching
climate and environment policy described in E1 under ’Policies and
approach’.
The pollution-related policies include strict measures to control
air pollution, targeting reductions in nitrogen oxide (NO
x
) and
sulfur oxide (SO
x
) emissions. Detailed checklists and procedures
are in place to prevent and respond to oil spills, including regular
main tenance and inspection of equipment, crew training, and
emergency response plans to contain and mitigate the effects of
any oil spill, in line with MARPOL Annex I regulations. Color Group
has also included requirements in the company’s supplier code of
conduct to mitigate air pollution in the supply chain.
Color Group’s pollution-related policies are monitored, accounted
for and made available to stakeholders in the same manner as any
other policy in the company. These processes are described under
’Corporate Governance’. In addition, the main goals and focus of
the climate and environment policy are included in Color Group’s
sustainability strategy, which is communicated widely in ongoing
dialogues with various stakeholders.
Key Actions
E2-2 Actions and resources related to pollution
Color Group’s continuous actions ensure alignment with relevant
regulations on pollution. The company’s policies and procedures for
preventing oil spills result in actions such as close monitoring and
recording of every incidence of oil onboard and when filling.
The company monitors NO
x
and SO
x
emissions regularly. Low
levels of NO
x
and SO
x
are achieved by low-sulfur fuels and alter-
native fuels such as BIO 100, ensuring compliance with MARPOL
Annex VI standards. Additional reductions are achieved through
exhaust gas cleaning systems (scrubbers), ensuring compliance
with MEPC 340(77).
Color Group has not experienced any major incidents or deposits
related to pollution in 2025, and hence has not incurred any
operational or capital expenditures in conjunction with this.
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Performance, Metrics and Targets
E2-3 Targets related to pollution
E2-4 Pollution of air, water and soil
Color Group’s material impacts, risks and opportunities related to
pollution are evaluated against the metrics presented in this section.
In addition to GHG emissions, Color Group also emits pollutants
such as nitrogen oxides (NO
x
) and sulfur oxides (SO
x
), which are
listed in Annex II of Regulation (EC) No 166/2006 of the European
Parliament and of the Council 64 (European Pollutant Release
and Transfer Register ’E-PRTR Regulation’). These pollutants
primarily result from fuel combustion (NO
x
and SO
x
). Monitoring
and reduction of these emissions are central to the company’s
environmental management efforts. Color Group saw a slight
decrease in the volumes of SO
x
and NO
x
emitted from 2024 to
2025, commensurate with the slight decrease in GHG emissions
and fuel consumption – a trend in line with relevant targets. For a
more detailed explanation of the volume changes in SO
x
and NO
x
,
information is provided under E1-6 ’Performance, Metrics and
Targets’.
Color Group aims for its SO
x
and NO
x
air pollution to follow the
same reduction pathways laid out for the company’s GHG emissions
reductions, as these correlate with its consumption of maritime
fuels. For more information on these pathways, see E1-1 and E1-4.
The company’s approach to avoiding accidental oil spills is based
on remaining compliant with strict laws and regulations. Color
Group does not currently have any targets or ambitions for
performing beyond the relevant laws and regulations in this area.
Pollution of air and water 2025 2024 %N/N-1
SO
x
108 110 -2%
No
x
5 717 5 723 -0%
Targets for SO
x
Targets for NO
x
Year Tonn % Tonn %
2023 (base) 109 5 687
2030 97 -11% 5 061 -11%
2035 82 -25% 4 265 -25%
2040 56 -49% 2 900 -49%
2045 32 -71% 1 649 -71%
2050 0 -100% 0 -100%
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Accounting Policies
Disclosure requirement Accounting policy
SO
x
The following method has been used to calculate SO
x
emissions:
Total fuel consumption (MGO and HFO in tons) multiplied by
the SECA limit of 0.10% (m/m).
The method for calculating SO
x
emissions from the consumption of HFO and MGO is in accordance with SECA regulations.
This metric has not been validated by any external bodies.
Source: ‘IMO – the 2020 global sulfur limit.’
NO
x
NO
x
emissions are the total amount of nitrogen oxides emitted, measured in tons.
The general method that has been used to calculate NO
x
emissions (ton NO
x
) is fuel consumption (HFO, MGO, BIO in tons)
multiplied by a NO
x
factor divided by 1000.
Sources for NO
x
factor:
BIO: Norwegian Environment Agency report “Utslipp til luft fra Biodrivstoff” (07.12.2021)
Boiler: “Forskrift om særavgifter - 3-19. Avgift på utslipp av NO
x
”, lovdata.no
For Main and Aux engines, the following formula has been used to calculate the NO
x
factor:
Weighted NO
x
value (in g/kWh) multiplied by 1000, divided by the specific fuel consumption (in g/kWh)
Weighted NO
x
Value (g/kWh): This is the NO
x
emission factor derived from the EAIPP certificate, reflecting the emissions
produced per kilowatt-hour of energy generated.
Specific fuel consumption (g/kWh): This indicates the amount of fuel consumed per kilowatt-hour of energy produced,
measured in grams.
Assumptions
The specific fuel consumption is assumed to be 230 g/kWh (0.23) based on historical average values, as precise measurement
methods have not been consistently available. This value is defined in the technical files and is derived from engine testing.
It is important to note that these figures may vary between different engine types, and the values in the technical files are
theoretical. These may change under different operational conditions onboard a vessel. Therefore, while this assumption
provides a useful estimate, actual fuel consumption may differ based on specific circumstances and variations in engine
performance.
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E3 Water and
Marine Resources
Water is an essential resource for
Color Group’s own operations and
a key input in many of the goods
manufactured in the company’s
supply chain.
Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
Type Material impact/risk/opportunity Location in value chain Time frame
Water
Actual negative impact Water consumption for hygiene, food preparation, maintenance, and cleaning onboard. Own operations All
Actual negative impact Water consumption in production of goods for resale and own use, including raw material
extraction.
Upstream value chain All
Potential negative impact Discharge to the ocean of various treated wastewaters, including scrubber water. Own operation All
Actual positive impact Contributing to research by monitoring the sea and collecting data. Own operation All
Risk Rapid regulatory changes to allowed discharges in Color Group’s regional waters may challenge
compliance and can represent a significant investment cost
Own operation All
In the process of identifying material water-related impacts, risks and opportunities, a general analysis covering Color Group’s operations and
value chain was conducted. However, this did not include detailed screening of assets and business activities, or consultations with affected
communities. The company acknowledges these gaps in the analysis and is committed to gradually improving the process going forward. Color
Group has considered the resilience of the business model and strategy in regard to addressing the identified impacts, risks and opportunities
for E3 Water and marine resources when setting targets and prioritizing actions. The resulting targets and actions are described under ‘Key
Actions’ and ‘Performance, Metrics and Targets’ in this section.
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Policies and Approach
E3-1 Policies related to water and marine resources
Although water usage has not traditionally been a focus area for
Color Group, the company is committed to addressing, monitoring
and reducing water consumption. Color Group has put in place
policies and procedures that seek to reduce water consumption
and ensure efficient usage across the company’s maritime and
land-based operations. Within this policy framework, Color Group
also has a commitment to contribute to data collection onboard the
company’s ships for scientific purposes. The ships fill their water
tanks in the Norwegian home ports of Oslo, Larvik, Kristiansand,
and Sandefjord with water from the grid supply for the munici-
pality. The company does not currently have a policy on water
treatment to reduce total consumption.
Color Group has implemented policies for treatment of greywater,
blackwater, and scrubber-water to prevent environmental pollution,
in line with applicable international and regional regulations. These
policies include a strict prohibition on the discharge of untreated
wastewater. Additionally, the company has established procedures
for the proper management and disposal of sewage from ships,
ensuring compliance with MARPOL Annex IV regulations. The
policies related to water are subject to the overarching climate and
environment policy described in E1 under ’Policies and Approach’.
Policies related to water pollution are covered by E2 under ’Policies
and Approach’.
To tackle water usage in the value chain, Color Group has updated
its procurement policy to include ESG principles that will be
weighed in procurement decisions. Responsibility for this policy is
delegated to the EVP Commercial and Hotel Operation Onboard
of Color Line. In procurement processes where water is a large
input resource for suppliers, the assessment must consider water
consumption and reuse solutions. This criterion will be especially
relevant for suppliers in water-intensive industries located in areas
of water risk and can be used actively to reduce water consumption
in areas of water risk in the company’s value chain.
Color Group’s water-related policies are monitored, accounted for
and made available to stakeholders in the same manner as any
other policy in the company. These processes are described in
’Corporate Governance’. In addition, the main goals and focus of
the climate and environment policy are included in Color Group’s
sustainability strategy, which is communicated widely in ongoing
dialogues with various stakeholders.
Key Actions
E3-2 Actions and resources related to water and marine resources
2024 was the first year with complete measurement and monitor-
ing of water usage for the fleet, as well as for all land-based
locations. The company is establishing routines to ensure that
accurate data is collected and analyzed in a timely manner. The
most important actions for Color Group in this respect are to
analyze water consumption, set targets for water usage and define
focused measures geared to achieving these targets. Color Group
does not directly operate in any areas of water risk, but some parts
of the value chain may be located in areas with higher water stress.
To reduce water consumption in the value chain, the company’s
most important contribution is through procurement decisions.
Water is included as an assessment criterion in the procurement
policy, as described under ’Policies and Approach’.
Color Group is continuously monitoring the company’s discharges
to water to ensure the company remains compliant with any
updated regulations. When cleaning ship hulls, the company
is using clean freshwater, avoiding any chemicals. In addition,
treatment systems onboard for blackwater and greywater are
highly efficient and ensure discharges are within permitted limits.
Color Group installed scrubber technology on all ships in the
mid-2010s, while this technology was relatively new within ship-
ping. All ships, besides M/S Color Hybrid from 2019, therefore had
open-loop scrubbers installed. In early 2025, Color Group upgraded
the scrubber systems on M/S Color Magic, M/S Color Fantasy, M/S
SuperSpeed 1 and M/S SuperSpeed 2 to more advanced systems.
These extensive technological upgrades enable the ships to first
operate the scrubber systems in hybrid mode (open/closed), and
later in net-zero discharge mode (ie. without ’bleed-off’). This will
ensure compliance with new national regulations in Denmark and
Sweden that exceed international regulations in this area, initially
requiring closed-loop operations in territorial waters from 1 July
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2025 and then net-zero discharge from 2029. The scrubber retrofit
represented approximately NOK 260 million in capital expenditures
in 2024 and 2025, financed through earnings.
Color Group has contributed to ocean research since 2000 through
a partnership with the NIVA research institute for water and the
environment. The partnership enabled the installation and manage-
ment of the water monitoring equipment FerryBox onboard M/S
Color Fantasy. The data collected through these monitoring instal-
lations is used actively in water and ocean research performed
by NIVA and partners. In 2025, similar FerryBox monitoring
equipment was installed on M/S Color Hybrid on the Sandefjord-
Strömstad route, which traverses three national parks – Ytre
Hvaler, Færder and Kosterhavet.
Color Group does not currently have an action plan with a related
investment plan for mitigating risk and negative impacts and/or
capturing opportunities in connection with water consumption and
discharges to the ocean.
Performance, Metrics and Targets
E3-3 Targets related to water and marine resources
E3-4 Water consumption
Color Group does not currently have targets for reducing water
consumption as the company is still in the process of establishing
routines and improving data accuracy. Nevertheless, consumption
was tracked yearly in 2025 and will be tracked monthly from
January 2026. The company plans to develop relevant water
consumption targets as soon as the data is on a granularity level
that can track the effects of targeted measures accurately. The
company does not have any targets related to water consumption
in the value chain. In terms of discharges to water, the company
does not have targets beyond the scope of operating in accordance
with laws and regulations. Color Group does have a target to fully
utilize the ships for continuous monitoring of the ocean to further
oceanographic research. More information about this process is
provided under 'Key Actions'.
Color Group’s material impacts, risks and opportunities related to
water are evaluated based on the metrics presented in this section.
The company’s water consumption encompasses usage from
various sources within the organization’s operations. The largest
proportion of water consumption is dedicated to filling ships with
potable water, ensuring the onboard needs of hotel and accommo-
dation services for both passengers and crew are met. Water is also
utilized in Color Hotel Skagen and the company’s central logistical
warehouse in Denmark, as well as in terminals and buildings across
its operations.
Water consumption 2025 2024 %N/N-1
Total water consumption (m
3
) 255 574 266 593
1
-4%
Water intensity (m
3
/MNOK) 38 40 -5%
Total water consumption in areas of water risk 0 0 -
Total amount of water recycled and reused 0 0 -
Total amount of water stored 0 0 -
1
Restated due to methodology change. Increased by 1%.
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Accounting Policies
Disclosure requirement Accounting policy
Total water consumption Calculated by adding together the water consumption specified on invoices from all suppliers in every location for 2025.
Some of these amounts are estimated by the supplier as accurate measurements were not available in time for publication of
this report due to the use of advance payment schemes. This metric is not validated by an external body.
Water intensity Total water consumption in m
3
divided by net revenue in NOK million. This metric is not validated by an external body.
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E5 Circular Economy
Color Group is a part of long and
complex value chains, both upstream and
downstream, making its sustainability
impact both direct and indirect. While the
company's operations include various
initiatives for waste handling, it is essential
to recognize that the majority of its
material impacts concerning E5 are linked
to waste management throughout the
entire value chain.
Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
Type Material impact/risk/opportunity Location in value chain Time frame
Waste
Actual negative impact Generation and handling of waste from maintenance activities of the ships in shipyards. Upstream value chain All
Actual negative impact Generation and handling of waste in the production of products for resale and own use. Upstream value chain All
Actual negative impact Waste generated across own operations. Own operations All
Actual negative impact Generation and handling of waste from sold products. Upstream value chain All
In the process of identifying material impacts, risks and opportunities related to resource use and the circular economy, a general analysis
covering Color Group’s operations and value chain was conducted. However, this did not include detailed screening of assets and business
activities, or consultations with affected communities. The company acknowledges these gaps in the analysis and is committed to gradually
improving the process going forward. The analysis identified waste management as Color Group’s material topic within E5, across both
the company’s own operations and value chain. Color Group has considered the resilience of the business model and strategy in regard to
addressing the identified impacts, risks and opportunities for E5 Waste when setting targets and prioritizing actions. The resulting targets and
actions are described under ‘Key Actions’ and ‘Performance, Metrics and Targets’ in this section.
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Policies and Approach
E5-1 Policies related to resource use and circular economy
Color Group has a waste management plan per ship to ensure
compliance with MARPOL Annex V, including the amendments in
resolution MEPC.201(62). This plan adheres to the International
Maritime Organization’s (IMO) guidelines, specifically those
outlined in MEPC.201(62), MEPC.219(63) 2012 Guidelines for the
Implementation of MARPOL Annex V, and MEPC.220(63) 2012
Guidelines for the Development of Garbage Management Plans.
The plan also incorporates local and national requirements, such as
the Norwegian Maritime Authority’s interpretation of MARPOL V
and MEPC.201(62). Color Group also has waste management proce-
dures on all ships and land locations. These focus on enhancing
sorting practices, reducing waste and ensuring the proper
treatment of waste materials through suitable routines, equip-
ment, training and communication for crew, land personnel and
passengers. The procedures aim to clarify responsibilities related
to waste management, contributing to Color Group’s sustainability
strategy and ensuring compliance with Norwegian law’s Regulation
on the Recycling and Treatment of Waste (Waste Regulations)
Chapter 10a. The procedures are tailored for different departments
on board and are organized by waste type, detailing the specific
actions required for handling each relevant waste type, such as
plastics, food waste, ship maintenance waste, textiles, electronic
waste, residual waste etc.
The majority of Color Group’s impacts within E5 are linked to waste
management within its value chain. In recognition of this significant
influence, the procurement policy specifies waste handling as a
focus area in ESG procurement evaluations. This commitment
ensures that sustainability considerations are integrated into
purchasing decisions, promoting responsible waste management
practices across all operations.
In terms of stakeholder involvement and availability of the policy,
these processes are standardized and explained under ’Corporate
Governance’. Responsibility for implementing and following up
these policies is delegated to the President and CEO of Color Line.
Key Actions
E5-2 Actions and resources related to resource use and circular economy
Early in 2025, Color Group upgraded all ships and terminals with
new waste-sorting facilities to meet the upcoming waste directive
from the Norwegian government, alongside the corresponding
Waste Framework Directive of the EU. This initiative involved NOK 16
million in capital expenditure and NOK 7 million in operating expend-
iture to implement source separation across all ships, ensuring
effective waste management practices. To support implementation
of new procedures and equipment, Color Group provides information
and training for employees and passengers. This training ensures
that all individuals onboard are aware of waste management poli-
cies and understand their roles and responsi bilities in adhering to
relevant procedures. Going forward, Color Group will be able to sort
waste generated in its operations to a larger degree, aligning with its
targets and reducing Scope 3 emissions in the waste category.
Color Group continued the work on reducing food waste in 2025,
focusing on optimization of food waste sorting through the Winnow
measuring system. Food waste generated onboard all ships is
weighed and categorized. The data collected through Winnow are
critical for implementing targeted measures such as plate size,
serving methods and food waste communication in all restaurants
and crew galleys going forward. In addition, action plans for food
waste detailing risk assessments, actions and monitoring routines
have been written per ship and for Color Group as a whole, and
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will enter into force in January 2026. These allow the company to
monitor actions and development more closely.
Color Group is exploring new ways of recycling resources to
minimize waste through partnerships that allow for reuse of
leftover materials and worn furniture. In 2025, Color Group
established a partnership with Leftovers AS, through which the
company has already given a second life to worn, but high-quality,
chairs through reupholstering, and recycled old uniforms as tote
bags for employees. The company is continuing to explore new
ways to divert resources from the waste stream.
Performance, Metrics and Targets
E5-3 Targets related to resource use and circular economy
E5-5 Resource outflows
Color Group’s material impacts, risks, and opportunities related to
waste are evaluated based on the metrics presented in this section.
By 2030, Color Group’s target is that waste generated through
its own business shall be sorted according to best practices in the
respective countries, and that food waste shall be reduced by 40%
compared to 2022.
Additionally, Color Group aims for 100% source separation of
waste by 2030. As this will also require a maturation journey
among passengers, the company will focus on providing effective
information and training both for employees and passengers to
ensure successful implementation of these initiatives.
Color Group’s waste management targets are designed to align
with national legislation in Norway and the EU Waste Directive,
highlighting the importance of effective waste handling in achieving
net-zero emissions. Furthermore, these targets support the goals
for the waste category outlined in Scope 3 of the transition plan.
The involvement of waste providers and employees has been
crucial in setting these targets through exploration of potential
opportunities for improvement. Targets have been established in
consultation with specialists from Norsk Gjenvinning’s (Norwegian
Recycling) consulting unit, based on analyses of the sorting rates
of waste (2023 data) and knowledge of best practices and oppor-
tunities for a company like Color Group. While these targets are
ambitious and reflect Color Group’s commitment to sustainability,
it is important to note that they are voluntary and not based on
conclusive scientific evidence. To ensure progress towards these
targets, Color Group has implemented quarterly reporting and KPI
tracking to monitor waste generation and management.
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Activity data related to waste types and quantities has been collected from waste operators in each regional area of operation.
Overview of waste generated in our operations Unit 2025 2024 %N/N-1
Total amount of waste Ton 5 423 5 658
1
-4%
Amount of food waste Ton 177 338 -48%
Total amount of non-recycled waste Ton 3 431 4 117
2
-17%
Total percentage of non-recycled waste % 63% 73% -13%
Total amount of hazardous waste
3
and radioactive waste
4
generated by the undertaking Ton 1 527 2 031
5
-25%
Amount by weight diverted from disposal Waste type Unit 2025 2024 %N/N-1
Preparation for reuse
Hazardous waste Ton 0 0 -
Non-hazardous waste Ton 0 0 -
Recycling
Hazardous waste Ton 104 97 +7%
Non-hazardous waste Ton 1 717 1 247 +37%
Other recovery operations
Hazardous waste Ton 0 0 -
Non-hazardous waste Ton 171 196
6
-12%
Amount by weight directed to disposal by waste treatment type Waste type Unit 2025 2024 %N/N-1
Incineration
Hazardous waste Ton 245 286 -15%
Non-hazardous waste Ton 1 996 2 142 -7%
Landfill
Hazardous waste Ton 4 1 +687%
Non-hazardous waste Ton 12 6 +121%
Other disposal operations
Hazardous waste Ton 1 174 1 646 -29%
Non-hazardous waste Ton 0 0 -
1
Restated due to the wrong factor being used to convert food waste from m
3
to metric tons in
previous reporting. Increased by 2%.
2
Restated due to small errors found in previous reporting, increased by 1%.
3
Waste which displays one or more of the hazardous properties listed in Annex III of Directive
2008/98/EC of the European Parliament and of the Council on waste.
4
Radioactive waste is defined in Article 3(7) of Council Directive 2011/70/Euratom
5
Restated due to wrong classification of waste type as non-hazardous in previous reporting.
Increased by 1 646 ton.
6
Restated due to the wrong factor being used to convert food waste from m
3
to metric tons in
previous reporting. Increased by 105 ton.
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Accounting Policies
Disclosure requirement Accounting policy
Total amount of waste Calculated by adding together the amount of waste recorded by all waste handlers in every location for 2025. This metric is
not validated by an external body.
Amount of food waste Calculated by adding the total amount of food waste. This is recorded by suppliers and in Winnow, and reconciled before
being calculated. This metric is not validated by an external body.
Total amount of non-recycled
waste
Calculated by adding the total amount of waste that is incinerated, placed in landfill or in other ways disposed of, ie. not
prepared for reuse, recycled or recovered. This metric is not validated by an external body.
Total percentage of
non-recycled waste
Calculated by dividing the total amount of non-recycled waste on the total amount of waste. This metric is not validated by an
external body.
Total amount of hazardous
and radioactive waste
generated by the undertaking
Calculated by adding the total amount of hazardous and radioactive waste recorded by all waste handlers in every location
for 2025. This metric is not validated by an external body.
Waste diverted from disposal Waste undergoing treatment methods that ensure that products, components of products, or materials that have become
waste can fulfill a new purpose and thereby replace the use of new products.
Preparation for reuse Inspection, cleaning, or repair of products or product components that have become waste and preparing them to be used for
the same purpose for which they were originally intended.
Recycling Reprocessing of products or product components that have become waste to create new materials. Material recycling of
waste enables the materials to be used as raw materials in the production of new products.
Other recovery operations Other treatment methods that ensure resources are kept within the cycle, including by using waste as a substitute for new
materials. For example, using excavated masses as filling material in construction projects for new roads, rather than placing
the masses in a landfill.
Waste directed to disposal Waste undergoing any operation that does not allow the product to be reused in any way, even if the treatment method has a
secondary consequence such as energy recovery.
Incineration Incineration of waste with or without energy recovery.
Landfill Final disposal of solid waste on, below, or above ground level at designated landfill sites.
Other disposal operations Other types of disposal such as dumping, open burning, or deep well injection.
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S1 Own Workforce
81
S2 Workers in the Value Chain
94
S4 Consumers and End-users
98
SOCIAL
INFORMATION
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S1 Own Workforce
Color Group works actively to ensure a safe
and inclusive workplace where all employees
can thrive, building on the foundation of the
company’s core values: ‘We care, we build
trust, and we forge ahead.’
Advancement of the workforce is based on
the following key success factors:
• Ensuring Diversity, Equality and Inclusion
(DEI) among employees.
• Working systematically in a long-term
manner on skills and career development.
• Fostering and maintaining job satisfaction
and engagement.
Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
Type of IRO Material impact/risk/opportunity Location in value chain Time frame
Working conditions
Actual positive impact Beneficial working conditions for employees. Own operations All
Potential negative impact Health and safety for employees when working in higher-risk environments. Own operations All
Equal treatment and opportunities for all
Actual positive impact Career advancement through training and development. Own operations All
Actual positive impact Diverse employees create a richer company culture and a better product Own operations All
Potential negative impact Higher risk of discrimination and harassment for employees in certain positions. Own operations All
Risk Access to the right expertise to meet evolving needs for competence. Own operations All
Other work-related rights
Potential negative impact Personal data breach for employees. Own operations All
All employees of Color Group who could be materially impacted by the company’s own operations and activities in the value chain are included
in the scope of identifying and assessing material impacts, risks and opportunities.
Negative impact occurrences are typically individual incidents, rather than systemic or widespread. The material positive impacts, which could
affect all employees, are a result of Color Group’s sustained efforts to be a responsible employer and an important training organization for
people pursuing a career within the maritime sector.
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In terms of risk management related to ensuring the health and
safety of Color Group’s employees, the company’s workforce
is typically divided into two main categories – land-based and
seafaring personnel. Seafaring employees may in general be more
exposed to safety risks than land-based employees.
Color Group has considered the resilience of the business model
and strategy in relation to addressing the identified impacts, risks
and opportunities for S1 own workforce when setting targets and
prioritizing actions. The resulting targets and actions are described
under ‘Key Actions’ and ‘Performance, Metrics and Targets’. For
more information on the process and the material impacts, risks,
and opportunities identified for S1, see ESRS 2 Material Impacts,
Risks and Opportunities.
The disclosures are divided into four overarching topics: Safety
First; Training and Development; Diversity, Equality and Inclusion;
and Working Conditions and Employee Wellbeing.
Engaging with Employees about Impacts
S1-2 Processes for engaging with own workforce and workers’ representatives
about impacts
S1-3 Processes to remediate negative impacts and channels for own workforce to
raise concerns
Color Group has regular and ongoing engagement with employees
to achieve a wide range of objectives. Engagement and dialogue
are conducted in various ways, covering diverse topics in different
forums corresponding to the relevant objective. Overall respon-
sibility for dialogue with the company’s workforce is delegated to
the Executive Management in Color Line, with this responsibility
managed in daily operations by the company’s EVP HR, HR depart-
ment and line managers.
Dialogue with individual employees is primarily conducted by
their immediate manager. Guidelines for managers’ follow-up and
dialogue with employees are outlined in Color Group’s leadership
handbook. Additionally, the HR department in Color Line conducts
regular surveys, the results of which form the basis for follow-up
and improvement in consultation with line managers.
Workers’ representatives represent both unionized and non-un-
ionized employees. During these meetings, representatives
provide relevant information and discuss matters of importance in
connection with employees’ working conditions. Topics related to
Color Group’s transition to more sustainable operations are also
discussed in these meetings and the company has also developed a
platform to communicate with all employees on this transition.
Color Group is continually working to actively promote equality
and prevent discrimination through collaborative dialogue with
employee representatives, providing an arena to gain insight into
the perspectives of workers who may be particularly vulnerable.
Color Group also holds information and discussion meetings that
serve to prevent discrimination and harassment, as well as high-
light the importance of diversity within the organization.
Subsidiary Color Line is an engaged member of the Norwegian
Shipowners’ Association (NSA), with representatives on both the
NSA board and the negotiation committee for salary and collec-
tive bargaining agreements (CBAs). This committee serves as a
common platform where employee and employer representatives
can come together to discuss and negotiate their respective rights
and obligations.
The parent company of Color Group has established frameworks
to facilitate cooperation, information-sharing, and discussions
between the entities in the corporation and their employees.
The corporate cooperation body addresses topics that could
significantly impact employment across entities, such as plans for
expansion, rationalization or reorganization.
Color Group has established whistle-blowing procedures for internal
and external stakeholders to report illegal activities, breaches of
Color Group’s Supplier Code of Conduct (SCoC), human rights viola-
tions, indecent working conditions and other unacceptable situations.
Further information about Color Group’s processes and channels for
stakeholders to raise concerns is described in G1 ‘Whistle-blowing’.
Employees also have several other channels available to raise
and address concerns regarding their employment. Additionally,
Color Group has implemented a separate grievance mechanism for
seafarers that facilitates broader rights to raise complaints about
maritime services and working conditions in general.
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SAFETY FIRST
Policies and Approach
S1-1 Policies related to own workforce
Safety is a top priority for Color Group with zero tolerance for
behavior and incidents that contravene the health and safety
strategy and procedures. Color Group’s core business of ship oper-
ation is governed by strict international and national regulations
that prioritize health and safety. Color Group complies with all
relevant health and safety regulations and requirements, both at
sea and on land.
Color Group’s maritime operations company (ISM code company)
is Color Line Marine AS (CLM), part of subsidiary Color Line, which
is responsible for ensuring that ship operations comply with appli-
cable laws, regulations and the company’s safety policy across the
entire fleet, under the overall responsibility of CLM’s CEO. Its remit
also covers prevention, monitoring and investigation of situations
that could cause injury or death. Overall responsibility for safe
operation of the vessel is held by the captain onboard ship. In addi-
tion, water and food safety is the responsibility of defined resource
personnel who follow up issues, planning and legislative changes on
an ongoing basis.
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Risks associated with maritime operations are formally evaluated
and categorized using a risk matrix. In addition, ’safe job’ analyses
are conducted for non-routine tasks. Employees must not perform
work that is determined unsafe, and health and safety representa-
tives are obligated to halt any activity that is considered to pose an
immediate risk to an employee’s life or health. Identified incidents
related to maritime operations are recorded in the company’s
health and safety management system (TQM) and followed up
immediately. This system also acts as an incident prevention
management system and is certified in accordance with the ISM
code. Implementation of corrective actions is followed by results
being communicated to the relevant departments as part of the
ongoing improvement process.
Color Group has several health and safety representatives who are
in ongoing dialogue with the company regarding employees’ health,
safety and environment. The health and safety representatives are
part of the company’s Working Environment Committee (’AMU’)
that is tasked with ensuring a safe and secure working environment
within the company.
Engagement between the crew onboard and the company’s
management regarding health, safety and environment is further
ensured through communication of information by designated
persons who have direct contact with management.
Key Actions
S1-4 Taking action on material impacts on own workforce, and approaches
to managing risks and pursuing opportunities related to own workforce, and
effectiveness of those actions
Color Group has dedicated procedures and systems for emergency
preparedness, with specialized emergency and operations teams
that conduct regular training and drills, both at sea and on land. All
safety equipment is monitored, tested and updated in accordance
with regulations and Color Group’s safety policy. Basic emergency
medical assistance is also available onboard ships for both
employees and passengers.
All seafaring employees receive health and safety training on
commencing employment and must retake such courses regularly
to refresh their competence. Color Group has defined qualification
frameworks outlining mandatory courses for all employees,
including safety onboard and first aid.
Six safety and environment meetings (AMU meetings) are held
annually on every ship. Additionally, quarterly health and safety
inspections are conducted on all ships, with participation by the
safety officer, health and safety representative, and ship manage-
ment. Annual health and safety inspections are also carried out in all
offices by the occupational health service (‘Bedriftshelsetjenesten’),
forming the basis for annual action plans. The Working Environment
Committee for land-based employees, consisting of managers
and employee representatives from all locations in Norway, holds
a minimum of four meetings each year. The results of safety
inspections and upcoming action plans are reviewed during these
meetings. Color Group is represented in national and international
forums working to promote safety and environmental matters in a
maritime context. Furthermore, the company promotes common
implementation and enforcement of new rules and regulations
across European shipping markets and sailing routes.
Emergency planning and training are high on the list of priorities of
public authorities in these uncertain times. Color Group supports
these efforts by making its ships available for annual exercises
by the armed forces, police, Joint Rescue Coordination Centre,
local authorities and other agencies to practice handling critical
situations, accidents or terrorism scenarios. These exercises
provide essential training that enables participants to handle
critical situations through an effective and coordinated response.
The expected outcomes of all key actions in this section is to
reduce the probability of safety incidents occurring onboard Color
Group’s ships and mitigate their potential consequences.
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Performance, Metrics and Targets
S1-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
S1-14 Health and safety metrics
Color Group’s health and safety targets specify zero fatalities and
fewer than 100 injuries per year across all shipboard employees,
with a base year of 2024. These targets, applicable on an annual
basis, support the company’s ‘Zero vision’ in terms of workplace-
related injuries and the fundamental value that Color Group
shall be a safe workplace for all employees. They have been
developed by the Executive Management in Color Line and the
Safety Department in alignment with the IMO’s safety goals for the
maritime sector. The targets are followed up closely through the
health and safety management system.
Color Group has entity-specific metrics to measure the number of
conducted port state controls (PSC) and any identified deviations
resulting from these. A port state control is an inspection
conducted by authorities to ensure foreign ships entering a
country’s ports are in compliance with international standards for
safety, pollution prevention and crew welfare. Color Group’s target
is to have less than one deviation per inspection, which is lower
than the industry average of approximately 3.0 deviations per
inspection for RoPax ships in Europe.
2025 2024 %N/N-1
Employees Percentage of employees covered by the health and safety management system 100% 100% -
Number of fatalities 0 0 -
Number of recordable work-related accidents 105 113 -7%
Total recordable injury rate (TRIR) 24.1 25.3 -5%
Non-employees Percentage of non-employees covered by the health and safety management system 100% 100% -
Number of fatalities 0 0 -
Number of recordable work-related accidents 2 3
1
-82%
Total recordable injury rate (TRIR) 6.0 8.9 -53%
Entity-specific Target 2025 2024 %N/N-1
Port state controls N/A 8 9 -11%
Identified deviations N/A 3 10 -70%
Average number of deviations per inspection <1 0.4 1.1 -64%
1
Restated due to methodology change. In last year’s report the number included both non-employees and value chain workers at Color Group’s premises. In this year’s report the number only includes
non-employees as value chain workers are reported under S2. This change also applies to TRIR for 2024.
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TRAINING AND DEVELOPMENT
Policies and Approach
S1-1 Policies related to own workforce
To ensure that Color Group attracts and retains the right talent, the
company is committed to creating an engaging work environment
in which all employees can develop and thrive.
Color Group aims to support employee training and development
by offering opportunities for career advancement within a safe
working environment. The code of ethics and objectives are
outlined in the company’s values, leadership principles, vision and
policies. Developing and clarifying the leadership role is important
to support the company’s vision and values, and defined processes
are in place to ensure leadership continuity through solid training
and development for the relevant positions.
Recruitment and training are key elements in the company’s efforts
to secure the availability of seafarers and land-based employees
with the necessary competence at all levels. The company focuses
on recruiting seafarers with education from both vocational schools
and universities. There are specific competence matrices and
training programs for both seafarers and land-based employees.
Key Actions
S1-4 Taking action on material impacts on own workforce, and approaches
to managing risks and pursuing opportunities related to own workforce, and
effectiveness of those actions
Color Group works systematically with training and competence
development to ensure compliance with statutory requirements,
as well as to meet the company’s own needs related to skills
enhancement and leadership training. Course requirements are
managed according to competency matrices for both seafaring
and land-based employees. Completed courses are recorded
in the company’s HR system to ensure tracking of certificates
and course completion for each employee. The course portfolio
includes a range of both physical and digital courses, which are
conducted at fixed intervals.
Courses can be divided into two main categories, with the largest
volume of courses focusing on safety and emergency prepared-
ness. The second category consists of courses related to specific
professional skills for both seafaring and land-based employees.
Color Group has routines and systems in place for employee evalu-
ations, which are an essential part of the company’s training and
development efforts. Annual performance reviews are conducted
for all permanent employees. These meetings are an important
element in building strong work relationships and form the basis for
evaluations and career planning. There are dedicated evaluation
routines for permanent employees, as well as a similar routine for
temporary employees.
Since 1996, Color Group has taken on nearly 1 150 apprentices.
These are mainly employees in the deck and engine departments,
but apprentices have also been recruited within the kitchen, waiter
and receptionist professions. In 2022, Color Group began recruiting
cadets on a year-round basis to establish a solid foundation for
internal recruitment to permanent positions within the maritime
professions, and the company has a dedicated program for cadets
during the summer months.
Color Group is the largest contributor to the Norwegian Maritime
Competence Foundation. Through the subsidy scheme for inter-
national ferries in the Norwegian Ordinary Ship Register (NOR),
Color Group is committed to making monthly contributions to the
foundation. Over the past 10 years, the company has contributed
just over NOK 93 million. The foundation was established to
provide apprentices and cadets with opportunities in the maritime
industry. The funds are also used for training and development,
recruitment initiatives, and projects related to health and safety in
the maritime sector.
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Performance, Metrics and Targets
S1-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
To ensure that policies and guidelines are enforced consistently
for all employees and that leaders have equal opportunities for
development, Color Group has set an objective for all leaders – both
land and sea-based – to complete the same leadership course and
receive the same training. This is a core tenet of the knowledge
and development section of the company’s business strategy and
encompasses all leaders in Color Group. The target has been set by
the Executive Management in Color Line in cooperation with the HR
business function in the subsidiary. In 2025, 23 leaders completed
the course, adding to the 46
1
who completed it in 2024 to give a
total of 69 leaders. Another 43 will complete the course in 2026.
Color Group continually strives to ensure a high-quality education
and practical tenure for the new generation of seafarers and land-
based employees. For land-based apprentices, the target is to offer
12 places every year; for seafaring apprentices, 76 places per year;
and, for cadets, eight places per year. These targets, which have
been jointly formulated by HR, the commercial function and the tech-
nical maritime function in Color Line, support the company’s values
and vision, and the policy of securing education within the maritime
sector. The target for seafaring apprentices is closely connected with
the company’s need for skilled seafarers and has been determined
according to Color Group’s recruitment needs and training capacity.
The goal going forward is therefore to maintain the volume of
places the company can offer to apprentices and cadets to ensure
availability of high-quality trained employees in the future. For 2025,
Color Group had 12 land-based apprentices, 76 seafaring apprentices
and four cadets. In 2024, the base year, there were four land-based
apprentices, 71 seafaring apprentices, and seven cadets.
DIVERSITY, EQUALITY AND INCLUSION
Policies and Approach
S1-1 Policies related to own workforce
Color Group aims to be an inclusive workplace where everyone has
equal opportunities to reach their potential, regardless of gender,
age, personality, ethnicity, political affiliation, religion, sexual
orientation or physical challenges. These values apply to all aspects
of work, including recruitment, distribution of responsibilities/
tasks, training and development, salary and working conditions,
and staff reduction. Guidelines related to inclusion and diversity are
described and made available in the code of conduct, employee and
leadership handbooks.
Color Group views diversity as a strength and has a zero-tolerance
policy for discrimination and harassment. All whistle-blower cases
are taken very seriously and are followed up in accordance with
established whistle-blowing procedures.
1
Restated due to wrong number being published in last year’s report.
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Key Actions
S1-4 Taking action on material impacts on own workforce, and approaches
to managing risks and pursuing opportunities related to own workforce, and
effectiveness of those actions
Color Group’s most important measure is to strengthen and
preserve the unique corporate culture and the existing diversity
within the company.
Color Group is dedicated to promoting gender equality, especially
in technical and maritime roles, which have historically had a low
representation of women. The company places significant emphasis
on fulfilling the objectives of the Equality and Anti-Discrimination
Act, both for existing employees and when recruiting for depart-
ments that have traditionally been dominated by either men or
women. For information on processes for engaging with employees
on these topics, see S1-2. The company is working on achieving
equal salaries for all, regardless of gender. For seafaring employees,
this is ensured through the fact that all positions are governed
by collective bargaining agreements. This is also the case for a
large portion of positions on land. In addition, salary surveys are
conducted every two years to uncover any potential gender pay
gaps in Norway.
In Color Group, there is a strong focus on precautionary efforts to
prevent harassment and discrimination. To fulfill the company’s
obligations related to equality and anti-discrimination, targeted
measures have been implemented, and system tools have been
acquired to monitor this work within the organization. For more
details on identified risks and measures, see Color Group’s
due diligence reports. In spring 2023, a series of workshops on
discrimination and harassment were held for all employees after
surveys in the Norwegian maritime sector that revealed one in four
Norwegian seafarers experienced bullying and/or harassment and
15% experienced sexual harassment at work. In 2025, Color Group
revisited these topics by hosting compulsory workshops with all the
managers in the company to determine the factors that constitute
discrimination and harassment, and how to navigate potential
situations. The managers then had to tailor and facilitate a version
of the same workshop for their own team. In addition, selected
management groups have received training on how to handle
whistle-blowing cases correctly.
In 2023, Color Group established a partnership with local branches
of the Norwegian Labour and Welfare Administration (NAV) in
relevant regions to provide annual work trials for individuals who
have become excluded from the workforce. These work trials take
place in selected departments within the land-based organization.
Color Group aims to gradually expand this initiative in the coming
years to help more people re-enter the workforce.
Performance, Metrics and Targets
S1-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
S1-6 Characteristics of the undertaking’s employees
S1-9 Diversity metrics
S1-16 Remuneration metrics (pay gap and total remuneration)
Color Group has several targets in place to make progress towards
a diverse, equitable and inclusive company culture.
One of the company’s targets is to be a workplace with complete
gender equality between women and men. There should be no
pay gap between employees in the same role. To contribute
to gender equality in the maritime sector, Color Group aims to
have at least a 35% share of women in leading roles onboard all
ships by 2030, and a 40% share of female apprentices within
technical and maritime roles by 2026. These targets are a part
of Color Group’s sustainability strategy and support national
and international ambitions of gender equality, such as the UN
Sustainable Development Goals. The targets have been set by the
HR Department in cooperation with the Executive Management
of Color Line. The target of 35% female employees in leading
roles on ships is followed up by the project for gender equality
in the sustainability program with monthly reporting. The target
to increase the percentage of female apprentices is followed
up together with the Norwegian Shipowners’ Association, the
Norwegian Maritime Competence Foundation, and various schools
and unions. For 2025 progress, see ’Key Metrics’.
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Color Group also takes harassment and discrimination seriously,
with a target to have zero harassment incidents and zero
harassment/discrimination incidents reported to The Equality
and Anti-Discrimination Ombudsman (LDO) each year. This target
covers all employees in Color Group and is set by HR and the
Compliance departments in Color Line to deliver on the company’s
‘zero vision’ for bullying and harassment. The target is monitored in
the mapping of all ongoing whistle-blowing cases, where cases are
marked in the event they have been escalated externally to LDO. In
2025, zero cases were reported to LDO.
In addition, Color Group works towards offering job training
opportunities at all land-based locations and onboard ships, where
this is practically feasible, for at least ten individuals per year.
The target is set based on the company’s sustainability strategy
and followed up through the project focusing on equality and
diversity in the sustainability program. The target is set by HR in
Color Line, in cooperation with the Norwegian Labour and Welfare
Administration that has a political goal to focus on this issue. In
2025, Color Group had five individuals in seafaring positions and
four individuals in land-based positions, compared to three and
three respectively in the base year 2024. More information about
the program is disclosed under ’Key Actions’.
Number of employees Permanent employees Temporary employees
Employees with
non-guaranteed hours
Contract type by country and gender
1
2025 2024 2025 2024 2025 2024 2025 2024
In total 3 082 3 097 2 160 2 093 922 1 004 5 6
Country
Norway 2 751 2 734 1 880 1 820 871 914 0 0
Denmark 253 274 215 204 38 70 0 0
Sweden 35 39 25 21 10 18 5 6
Germany 43 50 40 48 3 2 0 0
Gender
Female 1 392 1 350 903 836 489 514 3 4
Male 1 690 1 747 1 257 1 257 433 490 2 2
Other
2
0 0 0 0 0 0 0 0
1
The total number of employees can also be found in Note 5 in the financial statement. The numbers differ as the one presented in the financial statement is calculated in FTEs, while the one presented
here is based on headcount.
2
Color Group's HR system does not have 'other' as a gender option, due to national and international maritime safety legislation rooted in safety, search and rescue concerns requiring registration of all
passengers and employees as male or female
Turnover 2025 2024 %N/N-1
Employee turnover (headcount) 235 220 +7%
Employee turnover rate (%) 10.9% 10.5% +4%
Employees by age group 2025 2024 %N/N-1
Under 30 years old 1 111 1 151 -3%
Between 30-50 years old 1 079 1 089 -1%
Over 50 years old 892 857 +4%
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Gender diversity 2025 2024 %N/N-1
Women on the Board 1 (33%) 1 (33%) -
Women in senior management 4 (27%) 4 (27%) -
Women in management at sea 20% 22% -9%
Women in management on land 48% 50% -4%
Female apprentices in technical/
maritime positions 8% 14% -43%
Gender pay gap (% of average male pay level ) 2025 2024 %N/N-1
Norway 83% 81% +2%
Sweden 93%
90%
+3%
Denmark 91% +1%
Germany 82% -9%
CEO pay ratio
1
2025 2024 %N/N-1
Norway 13.0 14.0 -7%
Sweden 20.6
16.3
+26%
Denmark 13.8 -15%
Germany 18.9 +16%
1
The ratio is affected by variations in bonus payments from year to year.
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WORKING CONDITIONS AND EMPLOYEE WELLBEING
Policies and Approach
S1-1 Policies related to own workforce
Color Group operates in line with the principles of the UN Global
Compact and the OECD Guidelines for Multinational Enterprises,
the most widely recognized global initiatives for corporate
social responsibility. Furthermore, Color Group operates in
accordance with relevant industry-specific regulations, such as
the International Ship & Port Facility Security (ISPS) Code, the
International Safety Management (ISM) Code, and the International
Labour Organization’s Maritime Labour Convention (MLC). Color
Group respects and actively works to uphold fundamental human
rights and decent working conditions within its own operations. At
Color Group, this work is embedded in the organization’s highest
governing bodies and guidance documents. Color Group takes
a systematic, continuous and risk-based approach to ensuring
human rights and decent working conditions for its own employees,
making it an intrinsic part of the company’s daily activities.
Color Group has clear guidelines and directives on working con -
ditions and work-related rights that apply to all employees across
borders, based on international maritime regulations, local regula-
tions and the company’s own values and code of conduct. Some of
the specific maritime regulations are described in separate docu-
ments that are available in Color Group’s quality management and
safety systems. The remaining regulations are primarily outlined
in employee handbooks for seafaring and land-based employees,
as well as the leadership handbook. Color Group ensures these
handbooks are available digitally via mobile phones to make the
information and guidelines easily accessible to all employees.
The responsibility to protect employees’ privacy and right to confi-
dentiality is taken very seriously by Color Group. The President and
CEO of Color Line has delegated responsibility for data privacy,
supported by the compliance function in Color Line, including
the Data Protection Officer. An overview is maintained of the
company’s processing of personal data, and a range of governance
documents have been established to safeguard employee privacy.
These documents include, among other things, a privacy calendar
with control activities, incident management, risk assessment,
data-sharing, deletion, camera surveillance, etc. Color Group also
has dedicated contract templates to ensure adequate data protec-
tion with subcontractors (data processors) and independent data
controllers when necessary.
Key Actions
S1-4 Taking action on material impacts on own workforce, and approaches
to managing risks and pursuing opportunities related to own workforce, and
effectiveness of those actions
To ensure employees have a positive and supportive working
en vironment, HR in Color Line holds quarterly meetings with
employee representatives for both seafaring and land-based staff.
In these meetings, representatives from both sides can present
and discuss issues related to working conditions and the working
environment. Color Group considers strong collaboration and open
dialogue with employees as vital to foster long-term wellbeing. For
more information on how Color Group engages with employees
about working conditions and work-related rights, see S1-2.
Employee health and welfare are top priorities. Color Group has an
external partner for occupational health services, and land-based
employees in Norway, Denmark and Sweden are offered medical
check-ups. As part of efforts to prevent strain injuries and reduce
sick leave, Color Group provides monetary support for treatments
by chiropractors, physiotherapists, and naprapaths for most
personnel. Color Group also covers annual optional flu vaccines,
and all ships are equipped with fitness facilities to promote physical
exercise among all seafaring employees.
In recent years, Color Group has worked systematically on data
privacy and compliance with the company’s obligations under the
Personal Data Act and GDPR. Privacy is an integral part of Color
Group’s internal control and risk management systems. All systems
have been assessed for privacy risks, and measures have been put
in place to secure employees’ personal information. All employees
are required to complete a data privacy training course during
onboarding, with mandatory annual refreshers.
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Performance, Metrics and Targets
S1-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
S1-8 Collective bargaining coverage and social dialogue
S1-10 Adequate wages
S1-11 Social protection
S1-17 Incidents, complaints and severe human rights impacts
The results from an HR survey of Color Line employees
(’medarbeiderundersøkelse’) represent important data points for
implementation of targeted measures. Color Group’s targets are a
minimum 4.2 leader score and a minimum 4.3 employee score out
of five, which support the company’s policy of securing a safe and
positive working environment for all employees. The target levels
have been set by HR in Color Line in cooperation with the Executive
Management in Color Line and have been informed by, among
other things, the survey provider’s recommendations. This survey
is completed every other year and was not completed in 2025. In
2024, these scores were 4.1 and 4.2. The results from the survey
are communicated to all departmental leaders in Color Line with
more than five employees, to ensure anonymity, and are used to
implement measures to maintain the aspects that received positive
feedback and improve the aspects that received negative feedback.
Color Group also has targets in place to minimize sick leave. For
land-based employees, the target is for sick leave to be lower than
4% and for seafaring employees to be lower than 8%, with 2024
as the baseline year. These targets are set by the HR function in
Color Line and are based on national averages for comparable
organizations, supporting the company’s vision of a safe and
positive working environ ment. The targets are followed up on a
monthly basis by HR in Color Line through reporting on status to
departmental leaders and implement ing measures as necessary.
Color Group has been working closely with the Norwegian Labour
and Welfare Administration (NAV) during 2025 to reduce sick
leave. The involvement of worker representatives and health and
safety representatives has been an important factor in this effort.
For more information on how the metrics have been calculated, see
the relevant accounting policy for S1 ‘Own workforce’.
Sick leave 2025 2024 %N/N-1
Sick leave land-based employees 3.8% 4.5% -16%
Sick leave seafaring employees 8.4% 9.0% -7%
Another target is to have valid special agreements (‘særavtaler’)
for all relevant areas to ensure that special conditions applicable
to the maritime industry and all represented professions are
safeguarded. For 2025, Color Group had special agreements in
place for six areas, where three covered land-based employees
in Norway and three covered employees in Denmark. All other
employees are covered by associated main agreements applicable
to each area. The target number of special agreements is assessed
based on dialogue between Color Group and the relevant unions.
All employees in Color Group in all operating countries have
collective bargaining coverage and workplace representation to
ensure social dialogue. The wages for all seafaring employees are
determined based on collective bargaining agreements. This also
applies to a large proportion of land-based positions. Color Group
participates in central wage negotiations for seafaring employees.
For land-based employees, Color Group conducts local wage negoti-
ations with employee representatives, based on central agreements.
2025 Collective bargaining coverage Social dialogue
Coverage rate
EEA countries > 10% Non-EEA countries > 10% EEA countries > 10%
80-100% NO, DE, DK, SE NO, DE, DK, SE
All of Color Group’s employees are located in European countries and
are thereby also covered by social protection through national public
programs for major life events such as sickness, unemploy ment,
parental leave and retirement. In addition, seafaring em ployees and
Norwegian employees are entitled to parental leave wages beyond
the wage support provided by the authorities. All employees in
Norway, Sweden and Germany are paid an adequate wage in line
with the ESRS definition (DR S1-10 AR 73). In Denmark, 19 out of
215 employees were not paid an adequate wage in 2025, with their
salary being 1 188 DKK per month below 50% of an average Danish
salary. This is due to the average Danish salary increasing by 6%
from 2024 to 2025, and the fact 16 out of these 19 employees were
working part-time. In 2024, all employees in all countries were paid
an adequate wage in line with the ESRS definition.
Incidents and complaints 2025 2024 %N/N-1
Total number of incidents of discrimination,
including harassment
1
19 18 +6%
The number of complaints filed through channels
for people in the undertaking’s own workforce 29 26 +12%
Total amount of fines, penalties and
compensation for damages 0 0 -
1
Included in ‘The number of complaints filed through channels for people in the undertaking’s
own workforce'
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Accounting Policies
Disclosure requirement Accounting policy
Total number of employees Employee data is taken from Color Group’s HR system. The total number of employees is expressed on a headcount basis.
The data represents status at year end (31 December 2025).
Permanent employees Employee data is taken from Color Group’s HR system. The total number of permanent employees is expressed on a
headcount basis. The data represents status at year end (31 December 2025).
Temporary employees Employee data is taken from Color Group’s HR system. The total number of temporary employees is expressed on a
headcount basis. The data represents status at year-end (31 December 2025).
Employee turnover The number of employees who left during the year. This includes employees who left voluntarily, due to dismissal, and
retirement. All numbers are given on headcount basis.
Employee turnover rate The employee turnover rate was calculated using the following formula: Employees who left the company in the reporting
period/number of employees at the end of the reporting period. All numbers are given on headcount basis.
Women in senior management Includes women in Color Group’s Board of Directors as well as country leaders, and the general manager of Color Hotel Skagen.
Age distribution Calculations include all employees and data is given on a headcount basis.
Adequate wage Calculated by taking the difference between the lowest monthly salary paid in each country and the median and/or average
monthly salary in that country.
Social protection Social protection includes all the measures that provide access to health care and income support in cases of challenging life
events such as the loss of a job, being sick and in need of medical care, giving birth and raising a child, or retiring and in need
of a pension.
Gender pay gap Gender pay gap is calculated as difference of average pay levels between female and male employees, expressed as a
percentage of the average pay level of male employees.
Disclosure requirement Accounting policy
Remuneration ratio
(CEO pay ratio)
The ratio is calculated using the following formula: Yearly base salary of the highest paid employee/Yearly base salary of the
median employee.
Number of fatalities A fatality is a work-related injury that results in death.
Number of recordable
work-related accidents
Total number of work-related incidents that resulted in injury recorded in the health and safety management system during
the year.
Total recordable injury rate
(TRIR)
Total Recordable Incident Rate (TRIR) measures the frequency of all work-related injuries and fatality incidents per million hours.
Incidents of discrimination,
including harassment
The number of discrimination-related complaints filed through Color Group’s complaint mechanism. These are incidents
or complaints of ill-treatment on the grounds of gender, racial or ethnic origin, nationality, religion or belief, disability, age,
sexual orientation, or other relevant forms of discrimination involving internal and/or external stakeholders across operations
in the reporting period. This includes incidents of harassment as a specific form of discrimination.
Number of complaints This is the total number of complaints filed through Color Group’s complaints mechanism for employees.
Severe human rights incidents Severe human rights incidents include instances of lawsuits, formal complaints through Color Group’s whistle-blowing or
complaint mechanisms and serious allegations in public reports or the media where these are connected to own workforce.
This only includes incidents where the facts of the incidents are not disputed by Color Group, as well as any other severe
impacts of which Color Group is aware.
Total amount of fines,
penalties and compensation
for damages
Includes the total amount of fines, penalties and compensation for damages as a result of one or more severe human rights
incidents (see definition above).
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S2 Workers in the
Value Chain
Color Group conducts its business in
accordance with the provisions of the
UN Global Compact, the Norwegian
Transparency Act and the OECD Guidelines
for Multinational Enterprises. Color Group
respects and works actively to safeguard
human rights and decent working
conditions, both in its own business and in
the business of its suppliers and business
associates.
Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
Type Material impact/risk/opportunity Location in value chain Time frame
Working conditions
Potential negative impact Lower influence on working conditions for workers at Color Group’s premises when using service
providers compared to own employees.
Upstream value chain All
Potential negative impact Lack of secure employment and regulated workers’ rights for workers in the value chain. Upstream value chain All
Potential negative impact Health and safety for workers in the value chain working in higher risk environments. Upstream value chain All
In the process of identifying impacts, risks and opportunities related to S2, the scope included all workers associated with the undertaking’s
own operations and value chain, encompassing its products or services, as well as its business relationships.
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Risk analyses have been conducted by Color Group, in accordance
with the Norwegian Transparency Act, to understand how workers
with specific characteristics, those working in particular contexts
or those undertaking particular activities may be at greater risk
of harm. Some categories of consumables, raw materials and
ship- related products and services have negative consequences
historically associated with their industry and geographical location.
Examples of these categories include food and beverages such
as coffee, tea, cocoa and sugar; textiles used in clothes, uniforms,
towels and linens; tobacco products; certain IT products; certain
furniture components; and ship-related products and services,
particularly in connection with shipyards. Nevertheless, the majority
of Color Group’s direct suppliers, including shipyards, are run from
historically lower-risk areas such as the Nordics, Western Europe
and Central Europe. For the remaining categories, Color Group
believes any negative impact occurrences are individual in nature.
Color Group has considered the resilience of the business model
and strategy in relation to addressing the identified impacts, risks
and opportunities for S2 Workers in the value chain when setting
targets and prioritizing actions. The resulting targets and actions
are described under ‘Key Actions’ and ‘Performance, Metrics and
Targets’ in this section. For more information on the process and
the material impacts, risks, and opportunities identified for S2,
see ESRS 2 ‘Material Impacts, Risks and Opportunities’. Some
additional information on the rights of value-chain workers is
disclosed under ‘Sustainable Procurement’ in G1. In line with the
provisions of the Transparency Act, Color Group conducts due
diligence to identify potential and actual negative consequences
for fundamental human rights and decent working conditions.
More detailed information on this is provided in a statement from
the Board published on the company’s website in June 2025.
Engaging with Workers in the Value Chain about Impacts
S2-2 Processes for engaging with value chain workers about impacts
S2-3 Processes to remediate negative impacts and channels for value chain
workers to raise concerns
Within Color Group, processes to ensure the rights of value-chain
workers are upheld are anchored in the highest decision-making
bodies and governance documents of the company. Internal
guidelines describe the approach taken and the way in which
Color Group’s employees must work to fulfill the obligations of the
company. The Executive Management in Color Line has overall
responsibility for the stakeholder dialogue with workers in the
value chain. This responsibility is delegated to EVP Commercial
& Hotel Operations Onboard, together with the department for
strategic procurement in Color Line. The HR and Compliance
departments in Color Line assist where relevant, for example
in connection with external whistle-blowing if applicable. For
value-chain workers employed at Color Group’s physical premises,
relevant managers both at sea and on land oversee the value-chain
workers in daily engagement.
Color Group has implemented measures for stakeholder dialogue
with employees in the value chain. This dialogue is intended to
achieve a range of objectives, and it is therefore carried out in
different ways and in different forums. Color Group has a policy
dictating that, where appropriate, communication shall be initiated
with those who are affected or potentially affected by negative
impacts in the value chain as a result of its operations. Such
dialogue should be initiated, for example, directly with the relevant
employees, their representatives, trade unions and organizations.
The company has a clear actionable responsibility to ensure that
the working conditions and treatment of workers in the value
chain who are physically on Color Group’s premises are satis-
factory. These workers include security guards, entertainers,
cleaners and medical professionals onboard Color Group’s ships,
as well as security guards, cleaners and cafeteria personnel at
terminals and offices. For these workers, there are two main
paths for dialogue – directly with the ’manager’ on site appointed
for the work group and with the relevant company through Color
Line’s procurement function.
Color Group’s Supplier Code of Conduct (SCoC) allows it to audit
its suppliers’ competence and conduct supplier documentation
reviews on key sustainability matters. Audits of significant
suppliers include dialogue either directly with the value-chain
employees or through their representatives where appropriate.
One site visit and one supplier audit have been carried out in 2025.
ESG supplier documentation reviews have been conducted on one
supplier in 2025. In 2024, no audits or site visits were conducted,
but 15 supplier documentation reviews were carried out. More
reviews will be conducted in the first half of 2026 as part of the
risk assessments carried out in compliance with the Norwegian
Transparency Act.
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Color Group has established whistle-blowing procedures for
internal and external stakeholders to report illegal activities,
breaches of Color Group’s SCoC, human rights violations, indecent
working conditions and other unacceptable situations. The
whistle-blowing channel is open to workers in the value chain.
Requirements for dialogue and monitoring are established if a
value-chain worker reports concern of censurable conditions.
Further information about Color Group’s processes and channels
for stakeholders to raise concerns is described in the G1
Whistle-blowing section of this report.
Policies and Approach
S2-1 Policies related to value-chain workers
Workers in the value chain onboard Color Group’s ships are
covered by the same policies and procedures on health and safety
as the company’s own seafaring employees. These policies are
described in more detail under S1 'Safety First'.
Color Group strives to be a secure employer for workers in the
value chain employed at the company’s ships, terminals and
offices. The company has long-running contracts with trusted
partners to ensure stability for the affected workers. In terms of
training and career development for workers in the value chain
on the company’s premises, Color Group encourages workers to
improve their skills through courses and on-the-job training.
Below are some relevant policies covering all workers in Color
Group’s value chain:
• The company has a Supplier Code of Conduct (SCoC) to
counter act negative consequences in the value chain. The
company's SCoC stipulates requirements for the supplier to
safeguard human and labor rights, and is based on international
standards such as the UNGP, key ILO conventions and OECD's
guiding principles. The EVP Commercial and Hotel Operations
Onboard is responsible for ensuring the requirements of the
SCoC are upheld.
• Color Group respects and works actively to safeguard funda-
mental human rights and decent working conditions in its own
operations and the company's value chain, in accordance with
the Norwegian Transparency Act. Color Group has a corporate
policy to ensure compliance with the Transparency Act, which is
followed up by the EVP Sustainability and Compliance.
• Color Group has developed routines for whistle-blowing that
encourage both internal and external stakeholders to report
illegalities, deviations from Color Group's SCoC, human rights
violations, indecent working conditions and other censurable
conditions. The EVP Human Resources and EVP Sustainability
and Compliance monitor these routines.
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Key Actions
S2-4 Taking action on material impacts on value-chain workers, and approaches
to managing risks and pursuing opportunities related to value-chain workers, and
effectiveness of those actions
For workers in the value chain with their workplace onboard Color
Group’s ships, the same health and safety actions apply as for the
company’s employees – see descriptions under S1 ’Safety First’.
Workers in the value chain are subjected to the same health checks
as Color Group’s own seafaring employees.
Color Group has a systematic, continuous and risk-based approach
to securing fundamental human rights and decent working condi-
tions in the value chain. Regular workshops are held where risk
assessments are conducted by interdisciplinary teams based on
information about risks related to industry, geography, products
and operations. The risk assessments are documented and form
the basis for monitoring. If the overall risk assessment shows
that further information from the value chain is necessary, the
company obtains such information directly from the suppliers.
Appropriate measures are then considered and implemented based
on the disclosed information. It has been established that Color
Group shall monitor the implementation and results, communicate
with rights holders about handling negative impacts, and ensure
or cooperate on remediation and compensation where required.
Additionally, Color Group is continuously seeking ways to improve
the company’s work and engagement with value-chain workers, as
with any other area of activity. More information on actions taken
to ensure decent working conditions in the value chain is provided
under ‘Sustainable Procurement’ in G1.
Performance, Metrics and Targets
S2-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
For workers in the value chain on Color Group’s premises, targets
related to safety are the same as those covering own employees.
These include zero fatalities and fewer than 100 injuries per year
for all employees and workers in the value chain at Color Group’s
premises. These targets support Color Group’s zero-vision for
deaths and injuries, and the ambition that Color Group shall be a
safe and trustworthy employer and actor in the transport industry.
The targets, set in 2024 and applicable on an annual basis, have
been developed by the Executive Management in Color Line and
the Safety Department in alignment with the IMO’s safety targets
for the maritime sector. The targets are monitored closely through
Color Group’s health and safety management system. In 2025,
there were zero fatalities and four injuries related to workers in the
value chain at Color Group’s premises. These numbers compare
with the baseline values of zero fatalities and six
1
injuries in 2024,
showing there is a consistently low level of injuries.
In addition, Color Group’s target of zero incidents of human rights
violations among workers in the value chain covers both people
physically working at the company’s premises and across the
wider value chain. This target is set by the Executive Management
and the Compliance Department in Color Line, and is clearly
communicated to suppliers through the SCoC. The target supports
the company’s zero-vision for human rights incidents. The target
covers the company’s own operations and incidents directly
connected to Color Group’s activities in the company’s value chain.
The baseline for the target is zero incidents in 2024. In 2025, there
were also zero reported incidents of human rights violations for
workers in the value chain.
1
Restated due to methodology change. In last year’s report the number included both
non-employees and value chain workers at Color Group’s premises. In this year’s report the
number only includes value chain workers as non-employees are reported under S1.
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S4 Consumers and
End-users
The safety of guests is a core element
of Color Group’s business model.
Safety comes first.
Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
Type Material impact/risk/opportunity Location in value chain Time frame
Personal safety of consumers and/or end-users
Potential negative impact Safety at sea for passengers Own operations All
The scope of consumers and end-users likely to be materially impacted by Color Group’s operations includes all passengers on the company’s
routes and guests at Color Hotel Skagen. The identified material IRO is related to safety at sea for passengers, hence the scope of disclosures
under S4 is limited to passengers on Color Group’s ferry routes. Passengers identified as likely to be particularly vulnerable in the case of
an emergency situation include children, the elderly and people with disabilities. Negative impacts in relation to passenger safety at sea are
incident-based and rare. Color Group has considered the resilience of the business model and strategy in regard to addressing the identified
impacts, risks and opportunities for S4 Consumers and end-users when setting targets and prioritizing actions. The resulting targets and
actions are described under ‘Key Actions’ and ‘Performance, Metrics and Targets’ in this section. For more information on the process and the
material impacts, risks, and opportunities identified for S4, see ESRS 2 ’Material Impacts, Risks and Opportunities’.
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Engaging with Consumers and End-users about Impacts
S4-2 Processes for engaging with consumers and end-users
S4-3 Processes to remediate negative impacts and channels for consumers and
end-users to raise concerns
Color Group has several processes in place for engaging with
consumers and end-users concerning safety. There is written
communication in place on all ships and terminals, as well as on
the company’s website. Communication with passengers on safety
in relation to ship departures and arrivals is described under ’Key
Actions’ in this section. Processes for engaging with passengers
beyond safety concerns are described under ESRS 2 Stakeholder
engagement in the ’General Information’ section.
Color Group has established whistle-blowing procedures for
internal and external stakeholders to report illegal activities,
breaches of Color Group’s supplier code of conduct, human rights
violations, indecent working conditions and other unacceptable
situations. Further information about Color Group’s processes and
channels for stakeholders to raise concerns is described under G1
’Whistle-blowing’.
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Policies and Approach
S4-1 Policies related to consumers and end-users
Color Group operates in line with the principles of the UN Global
Compact and the OECD Guidelines for Multinational Enterprises
that are the most widely recognized global initiatives for corporate
social responsibility. Furthermore, Color Group adheres to relevant
industry-specific regulations, such as the International Ship & Port
Facility Security (ISPS) Code, the International Safety Management
(ISM) Code, and the International Labour Organization’s Maritime
Labour Convention (MLC).
Color Group respects and actively works to uphold fundamental
human rights within its own operations. This commitment is
embedded in the organization’s highest governing bodies and guid-
ance documents. Color Group engages with consumers to inform
policy development, incorporating feedback to enhance its practices.
The company takes a systematic, continuous and risk-based
approach to ensuring human rights for its passengers are upheld,
making this an intrinsic part of the company’s daily activities.
Additionally, Color Group emphasizes corporate governance
through the systematic monitoring of policies and procedures,
addressing deviations and implementing improvement suggestions.
Safety for passengers and crew is a core element of Color Group’s
business and is integral to the company’s vision. Strict policies and
routines have been established to ensure that safety always has
the highest priority. The captain of each vessel has the ultimate
authority to determine when it is necessary to cancel a voyage
to ensure the safety of passengers, personnel and ship. Further
information on safety policies and internal control can be found
under S1 ’Safety First’. In terms of remedy in the case of a negative
impact, Color Group is subject to both international and national
laws regarding the rights of passengers in the event of death or
personal injury that determine the claim to which a passenger is
entitled. The company has procedures and routines in place on
how to handle incidents and how to ensure emergency care for
passengers.
Key Actions
S4-4 Taking action on material impacts on consumers and end-users, and
approaches to mitigating material risks and pursuing material opportunities related
to consumers and end-users, and effectiveness of those actions
All actions outlined under ’Safety First’ in S1 are relevant and
essential for the safety of passengers. Well-trained personnel,
regular safety drills and the use of modern, high-quality safety
equipment collectively ensure readiness in the event of an
emergency. Before every voyage, maneuvering- and route planning
are performed to minimize uncertainty. In addition, detailed risk
assessments are reviewed and updated for the specific voyage.
To familiarize passengers with safety routines, information is
available in all public areas in several languages, and audiovisual
safety announcements are issued through the shipwide public
address system before departure. On overnight sailings, there
are also safety brochures available in every cabin. In the event of
health emergencies during a voyage, the Chief Officer is respon-
sible for providing necessary medical services. There is a trained
medical professional onboard year-round on M/S Color Magic and
M/S Color Fantasy. Additionally, all ships have access to medical
assistance via radio Medico at all times.
Performance, Metrics and Targets
S4-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
Color Group’s targets in terms of passenger safety are zero fatali ties
and zero personal injuries per year for all our guests. These targets
support the company’s zero-vision for deaths and injuries, and the
ambition that Color Group shall be a safe and trustworthy actor
in the transport industry. The targets, applicable on an annual
basis, have been developed by the Executive Management in
Color Line and the Safety Department in alignment with the IMO’s
safety targets for the maritime sector. The targets are monitored
closely through Color Group’s health and safety management
system. In 2025, Color Group reported zero passenger fatalities
and 40 personal injuries involving passengers, compared with the
baseline values of zero fatalities and 29 personal injuries in 2024.
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G1 Business Conduct
102
GOVERNANCE
INFORMATION
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G1 Business Conduct
Color Group’s business model, consisting of
professional and commercial services for various
customer segments, is dependent on trust and
loyalty. Color Group’s approach to business
conduct is led from the top of the organization
and embedded in the company’s policies. Color
Group is committed to conducting its business
activities with integrity and ensuring compliance
with relevant laws and regulations.
In the process of identifying material impacts, risks and
opportuni ties, the applied criteria include where the impact,
risk or oppor tunity occurs (own operations or value chain),
Color Group’s operating countries, known risks in the ferry
and transport industry, and the nature of transactions. Color
Group has con sider ed the resilience of the business model and
strategy in regard to addressing the identified impacts, risks
and opportunities for G1 Business conduct when setting targets
and prioritizing actions. The resulting targets and actions are
described under ‘Key Actions’ and ‘Performance, Metrics and
Targets’. For more information on the process and the material
impacts, risks, and opportunities identified for G1, see ESRS 2
’Material Impacts, Risks and Opportunities’.
Material Impacts, Risks and Opportunities
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
Type Material impact/risk/opportunity Location in value chain Time frame
Protection of whistle-blowers
Potential negative impact Lack of protection of whistle-blowers for employees, contracted labour and value chain. All All
Management of relationships with suppliers
Potential positive impact Focus on sustainability and good business conduct can affect suppliers positively. Upstream value chain All
Potential negative impact Undue cost or delivery time requirements in procurement processes can affect suppliers negatively Upstream value chain All
Anti-corruption and bribery
Potential negative impact Higher risk of incidents of corruption in certain geographical areas. Upstream value chain All
Risk Reputational damage and fines as a result of suspicions/investigations of anti-corruption
regulations being violated.
Own operations All
Temporary border control (entity-specific)
Potential negative impact Wrongfully executed border control activities can weaken Norway’s borders. Own operations All
Responsible provision of gambling (entity-specific)
Risk Non-compliance with regulations can result in revocation of permits to be a gambling provider. Own operations All
Responsible sale of alcohol and tobacco (entity-specific)
Risk Non-compliance with regulations can result in revocation of permits to sell alcohol and tobacco
through the duty-free scheme.
Own operations All
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RESPONSIBLE BUSINESS CONDUCT
G1-1 Business conduct policies and corporate culture
Policies and Approach
Color Group depends on the trust of customers, suppliers,
employees, public authorities and financial institutions. It is the
company’s managers and employees who manage this trust
on a day-to-day basis. Color Group is committed to upholding
high standards of in tegrity and ethics in all areas of its business
operations. This approach is anchored in the company’s ethical
guidelines and supported with activities to continuously improve
compliance awareness. Ethical business conduct is implemented
in the overall guidelines for employees. Day-to-day responsibility
for responsible business conduct is delegated to the President and
CEO of Color Line.
Key Actions
According to the company’s code of conduct, all employees must
act with care, honesty and objectivity, and loyally comply with
regulations from the authorities. Employees are instructed to
refrain from and discuss with their immediate superior if they are in
doubt as to whether an action should be carried out. Furthermore,
explicit guidelines have been established for the handling of
conflicts of interest and close relationships, anti- corruption and
bribery, gift-giving and representation, unfair competition, theft,
embezzlement, money laundering and other ethical business
conduct subjects. Ethical business conduct and awareness training
is obligatory for all company employees.
Performance, Metrics and Targets
There are no specific targets related to overall responsible busi-
ness conduct. Targets related to specific governance topics are
presented within each relevant section.
WHISTLE-BLOWING
G1-1 Business conduct policies and corporate culture
Policies and Approach
Color Group is dedicated to maintaining a robust whistle-blowing
system that ensures reports are thoroughly investigated in a timely
manner while safeguarding whistle-blowers from any form of retali-
ation. Color Group strictly prohibits retaliation against individuals
who report concerns, which includes a ban on any adverse actions,
practices, or omissions resulting from such reported concerns.
The company has established whistle-blowing procedures and
encourages both internal and external stakeholders to report illegal
activities, breaches of Color Group’s Supplier Code of Conduct
(SCoC), human rights violations, indecent working conditions and
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other possibly censurable conditions. Day-to day responsibility for
whistle-blowing obligations is delegated to the EVP HR, supported
by the EVP Sustainability and Compliance, of Color Line. Whistle-
blowing activity is monitored and regularly reported to the executive
management of Color Line and the Color Group Audit Committee.
Key Actions
The company actively and continuously communicates the
whistle-blowing process within the organization, both directly
to suppliers and publicly on its website, and trains managing
personnel in how to handle whistle-blowing cases. Protecting
whistle-blowers is of utmost importance.
Performance, Metrics and Targets
To ensure that all whistle-blowing cases are handled swiftly and
professionally, Color Group has set an objective to close all cases
within six months of notification. This is in line with the imple-
mented routines for handling whistle-blowing cases, which are
communicated to all employees and specify that all cases shall be
handled responsibly and as quickly as possible. The HR and com -
pliance departments of subsidiary Color Line follow up each case
with a log detailing progression and activities. For 2025, 93% of
cases were closed within six months, compared with 80% in 2024.
ANTI-CORRUPTION AND BRIBERY
G1-3 Prevention and detection of corruption and bribery
G1-4 Incidents of corruption or bribery
Policies and Approach
Color Group has a zero-tolerance policy for actions involving
corruption.
The company’s policy is clearly communicated to employees in
the company’s guidelines. The guidelines include descriptions of
actions that constitute corruption and influence-peddling, proper
supplier relations, as well as guidelines pertaining to gifts and
representation. It is clearly communicated that violations will result
in consequences for the employment relationship and, where
applicable, police reporting.
An internal control culture and routines are key to prevention of
corruption breaches. Color Group takes a systematic risk-based
approach in its work and gives priority to the day-to-day need to
secure good management and appropriate internal control proce-
dures, such as authorization matrix and a four-eyes principle for
all payments. The compliance function of Color Line reports com -
pliance issues on an ongoing basis to the Executive Management
of Color Line. This function also presents an annual report to
the Audit Committee of Color Group, summarizing the work on
securing efficient internal control and on ensuring compliance with
internal and external laws, regulations, policies and procedures.
Anti-corruption requirements are also imposed on the company’s
suppliers through Color Group’s SCoC.
Key actions
The company’s anti-corruption policy is communicated to staff
through employee handbooks that all employees are required
to familiarize themselves with. The policy is also part of the
company’s e-learning ethics course, which is mandatory for all
employees and must be completed every two years.
Special courses have been held for the majority of management
of Color Group on laws and regulations related to responsible
business conduct, including anti-corruption. The anti-corruption
element of the training covers, among other things, actions
that constitute corruption, the duties of management and the
company, typical risk areas for corruption, and case studies.
Different versions of the course are conducted by the Executive
Management of Color Line with their respective management
teams. Approximately 80% of functions-at-some-risk, which
include procurement, cargo, market and sales, etc., have been
covered by the training program, while the remainder will undergo
training in 2026. The expected outcome of these courses is to
increase awareness of potential corruption situations and ensure
any that arise are handled correctly. For more information
regarding personnel training on the matter as part of code of
conduct training, see ’Responsible Business Conduct’.
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Suppliers are required to accept audits to verify compliance.
Violations must be addressed and may provide grounds for
termi nation. Suppliers are further encouraged to report possible
violations, including those related to corruption, through Color
Group’s whistle-blowing system. A description of this system is
provided under the ’Whistle-blowing section’. Actions that may
involve corruption fall under the company’s definition of censurable
conditions to be reported through the company’s whistle- blowing
system. Color Group encourages employees to report censurable
conditions and emphasizes corruption as a matter for reporting.
In accordance with the company’s whistle-blowing procedures, the
company must ensure adequate investigations and case processing
in accordance with specific rules that stipulate, among other
things, requirements for the impartiality and competence of the
investigating committee.
Performance, Metrics and Targets
Color Group has a target of zero incidents of workers in the value
chain being involved or implicated in corruption activity (including
influence-trading), as well as money-laundering – where this occurs
in direct connection with Color Group’s activity in the value chain.
This target is set by the Executive Management and the Compliance
Department in Color Line, and is clearly communicated to suppliers
through the SCoC. The target supports Color Group’s zero-tolerance
policy on corruption, and covers both the company’s own operations
and incidents directly connected to the Group’s activities in the
company’s value chain. In 2025, there were zero reported incidents
of workers in the value chain being involved in corruption activities.
This was also the case in 2024.
There were no reported incidents related to corruption in the
company’s own operations in 2025, and no fines paid for violation of
anti-corruption and anti-bribery laws, as was also the case in 2024.
SUSTAINABLE PROCUREMENT
G1-2 Management of relationships with suppliers
Policies and Approach
Color Group focuses on ensuring that its procurement processes
are conducted in accordance with principles governing human
rights, labor standards, environmental protection and anti-
corruption. The company’s business is conducted in accordance
with the applicable industry-specific regulations, such as the
International Ship and Port Facilities Security Code (ISPS), the
International Safety Management Code (ISM) and the ILO’s
Maritime Labour Convention (MLC). Relevant suppliers to the
company are also required to comply with these regulations.
Color Group has delegated the day-to-day follow-up of value chain
suppliers to the Executive Management team of Color Line, with
EVP Commercial and Hotel Operations Onboard as lead.
Color Line has mandatory procurement policies and processes applic-
able to all Group entities. The objective of the purchasing policy and
processes is to give firm guidance to ensure that Color Group:
• Acts with professionalism and high ethical standards.
• Approaches suppliers in a unified and professional manner.
• Ensures compliance with the company’s SCoC.
• Ensures compliance with relevant laws and regulations.
• Conducts business with viable and professional suppliers.
• Secures best possible contractual terms and conditions.
Key Actions
The company has a systematic, continuous and risk-based
approach to safeguard fundamental human rights, anti-bribery,
HSE and decent working conditions in the value chain, in com -
pliance with the Norwegian Transparency Act. Regular workshops
are held every year where risk-mapping is carried out by inter-
disciplinary teams on the basis of information about risks related
to industry, geography, products and businesses. The risk surveys
are documented and form the basis for further follow-up. If the
overall risk-mapping shows that it is appropriate to provide addi-
tional information from the value chain, the company obtains such
information directly from the suppliers in terms of interviews or
document reviews. Appropriate measures are then considered and
implemented based on the disclosed information. Color Group shall
monitor the implementation and results, communicate with rights
holders about handling negative impacts, and ensure or cooperate
on remediation and compensation where required. A yearly
published account of due diligence is available on the company’s
website. The expected outcome of these actions is to gain insight
into working conditions in the company’s value chain and reduce
the risk of any violations occurring.
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The company’s SCoC was updated in 2022 to counteract
negative consequences in the value chain. The SCoC lays down
requirements for suppliers on, among other things, safeguarding
of human and labor rights, and is based on international stand-
ards such as the UNGP, key ILO conventions and the OECD’s
guiding principles. In addition, the SCoC dictates anti- corruption
requirements for the company’s suppliers. Through the SCoC,
the Group is also given the right to audit suppliers, either directly
or through a third-party auditor, and has the opportunity to
terminate agreements if negative consequences and breaches
are not properly addressed and rectified. Such audits will
include dialogue either directly with the employees or through
their representatives where appropriate. As a general rule, it is
mandatory for suppliers to accept the SCoC.
Color Group is an active member of the purchasing organi-
zation Incentra SA. The Head of Strategic Procurement within
subsidi ary Color Line is a member of Incentra’s negotiating
committee, and some of the company’s purchases are made
through this organi zation. Incentra may conduct supplier audits
when needed on behalf of its members, which include direct
dialogue with either employees or their representatives where
appropriate, as well as location visits.
Performance, Metrics and Targets
Color Group has a 2025 target that 80% of its suppliers shall sign
the SCoC. By the end of 2025, this metric was 80%, compared
with 66% at the end of 2024. Looking ahead, the goal for 2030 is
that 95% of the company’s suppliers shall sign the SCoC.
TEMPORARY BORDER CONTROL
Entity-specific Temporary border control
Policies and Approach
The Norwegian government has imposed a temporary requirement
that border controls must be conducted on passenger ships in traffic
into and out of Norway. Although controls of intra-Schengen and
Nordic border crossings should not require the presentation of a
valid ID/passport in accordance with Schengen and Nordic Passport
Union regulation, this was implemented as a temporary measure
by the Ministry of Justice from November 2015 against a backdrop
of uncontrolled immigration and terror threats in Europe. The
temporary border control requirement has been extended every six
months, most recently for a further six months in November 2025.
Color Group takes the responsibility of upholding strong borders
seriously and has developed internal procedures on how to
conduct border controls that are available to relevant employees.
The captain of the ship is ultimately responsible for ensuring that
all passengers have been through border control before arrival
at a Norwegian port, supported by the safety and preparedness
function of Color Line.
Key Actions
To uphold the temporary requirement of conducting border
controls, Color Group, aided by its own staff and contracted
security personnel, conducts ID checks on all passengers boarding
in the company’s ports of call outside Norway. Color Group is in
dialogue with relevant police authorities to ensure controls are
conducted correctly and to stay updated on proposed extensions
and adopted timelines.
Relevant personnel are trained on how to perform border controls
and how to handle any negative situations that might occur.
Performance, Metrics and Targets
Color Group has no targets or metrics related to temporary border
control and has no plans to adopt any.
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RESPONSIBLE PROVISION OF GAMBLING
Entity-specific Responsible provision of gambling
Policies and Approach
Color Group has held a license to organize gambling operations
onboard its ships sailing between Norway and foreign destinations
for more than ten years. The licensing scheme is part of the official
Norwegian policy on gambling and games of chance. Shipboard
gambling makes an important contribution to maintaining the
competitiveness of Norwegian-registered ships sailing between
Norwegian and international ports, which is also underlined by
authorities when issuing permits. Gambling onboard the ships take
place only in designated casino areas and is operated in accord-
ance with Norwegian law and regulations relating to gambling
games. These regulations strictly regulate maximum bet, payout,
winnings and losses, and all types of gambling activities must be
approved by The Norwegian Gambling and Foundation Authority.
The gambling operations are also regulated by the Norwegian
Anti- Money Laundering Act, and Color Group has procedures
in place to ensure compliance with legal requirements, such as
“know-your-customer-procedures”, risk assessment and internal
control measures to ensure safe and responsible gambling activi-
ties. In addition, Color Group has clear policies and procedures
on how to ensure that the provision of gambling is conducted in
a responsible manner by the company’s employees. There are
guidelines prohibiting participation in gambling by employees with
management responsibilities and/or responsibilities connected to
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casino operations. The responsibility for responsible provision of
gambling is delegated to the EVP Commercial and Hotel Operations
Onboard of Color Line.
Key Actions
Color Group has effective control mechanisms and training
programs in place to counteract gambling addiction and irrespon-
sible gaming. The company has established a partnership with the
professional gaming company Paf, which plays an active role in
responsible training of personnel.
The company also takes part in the Forum for Responsible Gaming,
which is organized by the Norwegian Gambling and Foundation
Authority.
Each year, the company distributes a statutorily determined
percentage of earnings from onboard gambling to cultural, sporting
and other voluntary organizations in Norway. Approximately
NOK 220 million has been donated to charitable causes since the
introduction of the scheme in 2009. In making these contribu-
tions, Color Group is helping to develop and create activities and
meeting places. The donations to more than 100 recipients play
an important role in promoting wellbeing and social development
in local communities, particularly for children and young adults.
All donations are approved by The Norwegian Gambling and
Foundation Authority.
Performance, Metrics and Targets
Color Group has as a target that all personnel working directly with
gambling and games of chance shall annually undergo responsible
gaming and anti-money laundering training. Of all personnel
required to undergo such training, 87% had done so in 2025. Of
the 18 people that did not undergo training, five were temporary
employees and four are employed in the administration on land.
The company also has a target of zero cases of reported problem-
atic gaming behavior arising from the use of Color Group’s casinos.
In 2025, there were two reported cases of problematic gaming
behavior, compared with 0 cases in 2024.
RESPONSIBLE SALE OF ALCOHOL AND TOBACCO
Entity-specific Responsible sale of alcohol and tobacco
Policies and Approach
Color Group sells alcohol and tobacco on all ships through the duty-
free scheme and is aware of its obligation to ensure that such sales
are carried out in a responsible manner. The company has developed
policies and procedures to ensure that all relevant regulations are met
when serving or selling alcohol and tobacco at company premises. The
responsibility for responsible sale is delegated to the EVP Commercial
and Hotel Operations Onboard within subsidiary Color Line.
Key Actions
Since alcoholic beverages are served onboard the company’s ships,
all restaurant and bar personnel annually undergo both digital and
physical training in regulations that need to be upheld when selling
alcohol, including the individual responsibilities held by relevant
staff. Hidden controls are carried out by authorities and the
company at regular intervals to ensure that sales are conducted in
accordance with regulations.
In shipboard shops, tobacco products are presented in specially
partitioned areas in accordance with regulated age limits. The
company applies ID control and quota restrictions on sales of
alcoholic beverages and tobacco in accordance with regulated age
limits and quota provisions. Hidden controls are carried out by the
company at regular intervals to ensure sales quota provisions in
accordance with the Movement of Goods Act and other Movement
of Goods regulations.
Color Group has implemented measures to ensure that sales
comply with the provisions of the European Union’s Tobacco
Product Directive, which came into force in 2019. The objective of
this directive is to improve internal control procedures relating to
the production, shipment and sale of tobacco goods within the EU.
Under the directive, Color Group is required to register the actual
shipment route of all tobacco goods.
Performance, Metrics and Targets
Color Group has a target of zero severe deviations on inspections of
premises licensed to sell and serve alcohol. These inspections take
place regularly. No such deviations were reported in 2025 or 2024.
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Accounting Policies
Disclosure requirement Accounting policy
Share of closed whistle-blowing
cases closed within six months.
All cases are tracked on whether they were closed within six months or not. The metric is calculated by dividing the closed cases on the total amount of cases
throughout the year.
Incidents of workers in the
value chain being involved in
corruption activities.
Includes all cases that Color Group was aware of at year-end, through sources such as the company’s whistle-blowing channel.
Percentage of suppliers that
have signed the Supplier Code
of Conduct.
The share of last year’s spend covered by suppliers that have signed one of the following:
• Color Line’s Supplier Code of Conduct.
• Incentra’s Supplier Code of Conduct.
• The supplier’s own Code of Conduct verified by Color Line’s compliance department to have the same obligations as Color Line’s own Supplier Code of Conduct.
Excluded from the baseline are public suppliers and banks that invoice the EUA allowances for the EU ETS.
Responsible gaming and anti-
money laundering training.
An e-course that is automatically sent out based on position and which registers completion.
Problematic gaming behavior. Cases of problematic gaming behavior are reported to the Compliance Department by staff onboard Color Group’s ships.
Severe deviation on alcohol
inspection.
Alcohol inspections are completed by the Norwegian Government and any deviations are reported to Color Group.
Number of convictions for
violation of anti-corruption and
anti-bribery laws.
The number of convictions for violation of anti-corruption and anti-bribery laws includes all convictions as a result of legal proceedings against Color Group and/or
any of its subsidiaries in the reporting year.
Amount of fines for violation of
anti-corruption and anti-bribery
laws.
The amount of fines paid for violation of anti-corruption and anti-bribery laws includes fines paid as a result of legal proceedings on these matters against Color
Group and/or any of its subsidiaries in the reporting year.
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ESRS
APPENDIX
Disclosures Incorporated by Reference
111
Content Index of ESRS Disclosures
112
ESRS Datapoints from Other EU Legislation
114
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Disclosures Incorporated by Reference
Disclosure
requirement Data point Paragraph Section Page
GOV-1 R.22.a. the identity of the administrative, management and supervisory bodies (such
as a board committee or similar) or individual(s) within a body responsible for
oversight of impacts, risks and opportunities;
Corporate governance
18-20
GOV-1 R.22.b. how each body’s or individual’s responsibilities for impacts, risks and
opportunities are reflected in the undertaking’s terms of reference, board
mandates and other related policies;
This is Color Group,
Corporate governance
16, 18-20
GOV-1 R.22.c. a description of management’s role in the governance processes, controls
and procedures used to monitor, manage and oversee impacts, risks and
opportunities
This is Color Group,
Corporate governance
16, 18-20
Disclosure
requirement Data point Paragraph Section Page
GOV-5 R.36.d. a description of how the undertaking integrates the findings of its risk
assessment and internal controls as regards the sustainability reporting process
into relevant internal functions and processes; and
Corporate governance
20
GOV-5 R.36.e. a description of the periodic reporting of the findings referred to in point (d) to
the administrative, management and supervisory bodies
Corporate governance
20
SBM-1 R.42 The undertaking shall disclose a description of its business model and value
chain.
This is Color Group
13-15
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Content Index of ESRS Disclosures
ESRS 2 IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement
Disclosure
requirement Section Page
BP-1 General basis for preparation of Sustainability Statement Basis for preparation 22, 24
BP-2 Disclosures in relation to specific circumstances Basis for preparation
24
GOV-1 The role of the administrative, management, and supervisory bodies Sustainability governance
25-26
GOV-2 Information provided to sustainability matters addressed by the undertaking’s
administrative, management, and supervisory bodies
Sustainability governance
25-26
GOV-3 Integration of sustainability-related performance in incentive schemes Sustainability governance
25
GOV-4 Statement on due diligence Statement on due diligence
28
GOV-5 Risk management and internal controls over sustainability reporting
Management of sustainability reporting risk
27
SBM-1 Strategy, business model, and value chain Sustainability strategy
29-30
SBM-2 Interests and views of stakeholders Stakeholder engagement
30-31
SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and
business model
Material impacts, risks and
opportunities
34-39
IRO-1 Description of the processes to identify and assess material impacts, risks, and
opportunities
Double materiality assessment
32-33
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s Sustainability
Statement
ESRS Appendix
110-117
E1-GOV-3 Integration of sustainability-related performance in incentive schemes Sustainability governance
25
E1-1 Transition plan for climate change mitigation Policies and approach
56-60
E1-SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Material impacts, risks and
opportunities; Policies and approach
34-35, 49
E1-IRO-1 Description of the processes to identify and assess material climate-related
impacts, risks and opportunities
Double materiality assessment; Policies
and approach
32-33,
50-55
E1-2 Policies related to climate change mitigation and adaptation Policies and approach
60
E1-3 Actions and resources in relation to climate change policies Policies and approach
58-59
E1-4 Targets related to climate change mitigation and adaptation Performance, metrics and targets
61-63
E1-5 Energy consumption and mix Performance, metrics and targets
62, 64
E1-6 Gross scopes 1, 2, 3 and Total GHG emissions Performance, metrics and targets
61-63
Disclosure
requirement Section Page
E1-9 Anticipated financial effects from material physical and transition risks and
potential climate-related opportunities
Color Group has made use of the
phase-in option for this DR
E2-IRO-1 Description of the processes to identify and assess material pollution-related
impacts, risks and opportunities
Double materiality assessment,
Material impacts, risks and
opportunities
32-33,
35, 67
E2-1 Policies related to pollution Policies and approach
68
E2-2 Actions and resources related to pollution Key actions 68
E2-3 Targets related to pollution Performance, metrics and targets
69
E2-4 Pollution of air, water and soil Performance, metrics and targets
69
E2-6 Anticipated financial effects from pollution-related impacts, risks and opportunities Color Group has made use of the
phase-in option for this DR
E3-IRO-1 Description of the processes to identify and assess material water and marine
resources-related impacts, risks and opportunities
Double materiality assessment,
Material impacts, risks and
opportunities
32-33,
36, 71
E3-1 Policies related to water and marine resources Policies and approach
72
E3-2 Actions and resources related to water and marine resources Key actions
72-73
E3-3 Targets related to water and marine resources Performance, metrics and targets
73
E3-4 Water consumption Performance, metrics and targets
73
E3-5 Anticipated financial effects from material water and marine resources-related
impacts, risks and opportunities
Color Group has made use of the
phase-in option for this DR
E5-IRO-1 Description of the processes to identify and assess material resource use and
circular economy-related impacts, risks and opportunities
Double materiality assessment,
Material impacts, risks and
opportunities
32-33,
36, 75
E5-1 Policies related to resource use and circular economy Policies and approach
76
E5-2 Actions and resources related to resource use and circular economy Key actions
76-77
E5-3 Targets related to resource use and circular economy Performance, metrics and targets
77
E5-5 Resource outflows Performance, metrics and targets
78
E5-6 Anticipated financial effects from resource use and circular economy-related
impacts, risks and opportunities
Color Group has made use of the
phase-in option for this DR
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Disclosure
requirement Section Page
S1-SBM-2 Interests and views of stakeholders Stakeholder engagement 30-31
S1-SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Material impacts, risks and
opportunities
37, 81-82
S1-1 Policies related to own workforce Policies and approach
83-84,
86, 87, 91
S1-2 Processes for engaging with own workforce and workers’ representatives about
impacts
Material impacts, risks and
opportunities
82
S1-3 Processes to remediate negative impacts and channels for own workforce to raise
concerns
Material impacts, risks and
opportunities
82
S1-4 Taking action on material impacts on own workforce, and approaches to managing
material risks and pursuing material opportunities related to own workforce and
effectiveness of those actions
Key actions
84, 86,
88, 91
S1-5 Targets related to managing material negative impacts, advancing positive
impacts and managing material risks and opportunities
Performance, metrics and targets
85, 87,
88-89, 92
S1-6 Characteristics of the undertaking’s employees Performance, metrics and targets
89
S1-7 Characteristics of non-employee workers in the undertaking’s own workforce Color Group has made use of the
phase-in option for this DR
S1-8 Collective bargaining coverage and social dialogue Performance, metrics and targets
92
S1-9 Diversity metrics Performance, metrics and targets
90
S1-10 Adequate wages Performance, metrics and targets
92
S1-11 Social protection Performance, metrics and targets
92
S1-13 Training and Skills Development metrics Color Group has made use of the
phase-in option for this DR
S1-14 Health and safety metrics Performance, metrics and targets
85
S1-16 Remuneration metrics (pay gap and total remuneration) Performance, metrics and targets
90
S1-17 Incidents, complaints and severe human rights impact Performance, metrics and targets
92
S2-SBM-2 Interests and views of stakeholders Stakeholder engagement
30-31
S2-SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Material impacts, risks and
opportunities
38, 94-95
S2-1 Policies related to value chain workers Policies and approach
96
S2-2 Processes for engaging with value chain workers about impacts Material impacts, risks and
opportunities
95-96
S2-3 Processes to remediate negative impacts and channels for value chain workers to
raise concerns
Material impacts, risks and
opportunities
95-96
Disclosure
requirement Section Page
S2-4 Taking action on material impacts on value chain workers, and approaches to
managing material risks and pursuing material opportunities related to value chain
workers, and effectiveness of those action
Key actions
97
S2-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
Performance, metrics and targets
97
S4-SBM-2 Interests and views of stakeholders Stakeholder engagement
30-31
S4-SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Material impacts, risks and
opportunities
38, 98
S4-1 Policies related to consumers and end-users Policies and approach
100
S4-2 Processes for engaging with consumers and end-users about impacts Material impacts, risks and
opportunities
99
S4-3 Processes to remediate negative impacts and channels for consumers and
end-users to raise concerns
Material impacts, risks and
opportunities
99
S4-4 Taking action on material impacts on consumers and end-users, and approaches to
managing material risks and pursuing material opportunities related to consumers
and end- users, and effectiveness of those actions
Key actions
100
S4-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
Performance, metrics and targets
100
G1-GOV-1 The role of the administrative, supervisory and management bodies Responsible business conduct
103
G1-IRO-1 Description of the processes to identify and assess material impacts, risks and
opportunities
Double materiality assessment,
Material impacts, risks and
opportunities
32-33,
39, 102
G1-1 Business conduct policies and corporate culture Responsible business conduct
103
G1-2 Management of relationships with suppliers Sustainable procurement
105-106
G1-3 Prevention and detection of corruption and bribery Anti-corruption and bribery
104-105
G1-4 Confirmed incidents of corruption or bribery Anti-corruption and bribery
105
Entity-specific Temporary border control Temporary border control
106
Entity-specific Responsible provision of gambling Responsible provision of gambling
107-108
Entity-specific Responsible sale of alcohol and tobacco Responsible sale of alcohol and
tobacco
108
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ESRS Datapoints from Other EU Legislation
ESRS 2 IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statementt
Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law
reference Material/ Not material Page
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) Indicator number 13 of Table #1 of Annex 1 Commission Delegated Regulation (EU) 2020/1816(5),
Annex II
Material 26
ESRS 2 GOV-1 Percentage of board members who are
independent paragraph 21 (e)
Delegated Regulation (EU) 2020/1816, Annex II Material
26
ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 Table #3 of Annex 1 Material
28
ESRS 2 SBM-1 Involvement in activities related to fossil fuel
activities paragraph 40 (d) i
Indicators number 4 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing
Regulation (EU) 2022/2453(6)Table 1: Qualitative information on
Environmental risk and Table 2: Qualitative information on Social risk
Delegated Regulation (EU) 2020/1816, Annex II Not relevant
ESRS 2 SBM-1 Involvement in activities related to chemical
production paragraph 40 (d) ii
Indicator number 9 Table #2 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Not relevant
ESRS 2 SBM-1 Involvement in activities related to controversial
weapons paragraph 40 (d) iii
Indicator number 14 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1818(7), Article 12(1)
Delegated Regulation (EU) 2020/1816, Annex II
Not relevant
ESRS 2 SBM-1 Involvement in activities related to cultivation and
production of tobacco paragraph 40 (d) iv
Delegated Regulation (EU) 2020/1818, Article 12(1)
Delegated Regulation (EU) 2020/1816, Annex II
Not relevant
ESRS E1-1 Transition plan to reach climate neutrality by 2050
paragraph 14
Regulation (EU)
2021/1119, Article 2(1)
Material
56-60
ESRS E1-1 Undertakings excluded from Paris-aligned
Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No 575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template 1: Banking book-Climate Change
transition risk: Credit quality of exposures by sector, emissions and
residual maturity
Delegated Regulation (EU) 2020/1818, Article12.1 (d) to
(g), and Article 12. 2
Material
56
ESRS E1-4 GHG emission reduction targets paragraph 34 Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template 3: Banking book – Climate change
transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818, Article 6 Material
61-63
ESRS E1-5 Energy consumption from fossil sources
disaggregated by sources (only high climate impact sectors)
paragraph 38
Indicator number 5 Table #1 and Indicator n. 5 Table
#2 of Annex 1
Material
64
ESRS E1-5 Energy consumption and mix paragraph 37 Indicator number 5 Table #1 of Annex 1 Material
64
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Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law
reference Material/ Not material Page
ESRS E1-5 Energy intensity associated with activities in high
climate impact sectors paragraphs 40 to 43
Indicator number 6 Table #1 of Annex 1 Material 64
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions
paragraph 44
Indicators number 1 and 2 Table #1 of Annex 1 Article 449a; Regulation (EU) No 575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template 1: Banking book – Climate change
transition risk: Credit quality of exposures by sector, emissions and
residual maturity
Delegated Regulation (EU) 2020/1818, Article 5(1), 6
and 8(1)
Material
63
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template 3: Banking book – Climate change
transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818, Article 8(1) Material
63
ESRS E1-7 GHG removals and carbon credits paragraph 56 Regulation (EU)
2021/1119, Article 2(1)
Not relevant
ESRS E1-9 Exposure of the benchmark portfolio to climate-
related physical risks paragraph 66
Delegated Regulation (EU) 2020/1818, Annex II
Delegated Regulation (EU) 2020/1816, Annex II
Phase-in
ESRS E1-9 Disaggregation of monetary amounts by acute and
chronic physical risk paragraph 66 (a)
ESRS E1-9 Location of significant assets at material physical risk
paragraph 66 (c).
Article 449a Regulation (EU) No 575/2013; Commission Implementing
Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking
book - Climate change physical risk: Exposures subject to physical risk.
Phase-in
ESRS E1-9 Breakdown of the carrying value of its real estate
assets by energy-efficiency classes paragraph 67 (c).
Article 449a Regulation (EU) No 575/2013; Commission Implementing
Regulation (EU) 2022/2453 paragraph 34; Template 2: Banking book
-Climate change transition risk: Loans collateralised by immovable
property - Energy efficiency of the collateral
Phase-in
ESRS E1-9 Degree of exposure of the portfolio to climate-
related opportunities paragraph 69
Delegated Regulation (EU) 2020/1818, Annex II Phase-in
ESRS E2-4 Amount of each pollutant listed in Annex II of the
E-PRTR Regulation (European Pollutant Release and Transfer
Register) emitted to air, water and soil, paragraph 28
Indicator number 8 Table #1 of Annex 1
Indicator number 2 Table #2 of Annex 1 Indicator
number 1 Table #2 of Annex 1 Indicator number 3 Table
#2 of Annex 1
Material
73
ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 Table #2 of Annex 1 Material
73
ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of Annex 1 Not relevant
ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2 of Annex 1 Material
60,
68, 72
ESRS E3-4 Total water recycled and reused paragraph 28 (c) Indicator number 6.2 Table #2 of Annex 1 Material
73
ESRS E3-4 Total water consumption in m
3
per net revenue on
own operations paragraph 29
Indicator number 6.1 Table #2 of Annex 1 Material 73
ESRS 2- IRO 1 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 Not material
ESRS 2- IRO 1 - E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 Not material
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Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law
reference Material/ Not material Page
ESRS 2- IRO 1 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 Not material
ESRS E4-2 Sustainable land / agriculture practices or policies
paragraph 24 (b)
Indicator number 11 Table #2 of Annex 1 Not material
ESRS E4-2 Sustainable oceans / seas practices or policies
paragraph 24 (c)
Indicator number 12 Table #2 of Annex 1 Not material
ESRS E4-2 Policies to address deforestation paragraph 24 (d) Indicator number 15 Table #2 of Annex 1 Not material
ESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2 of Annex 1 Material
78
ESRS E5-5 Hazardous waste and radioactive waste
paragraph 39
Indicator number 9 Table #1 of Annex 1 Material
78
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph
14 (f)
Indicator number 13 Table #3 of Annex I Not material
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph
14 (g)
Indicator number 12 Table #3 of Annex I Not material
ESRS S1-1 Human rights policy commitments paragraph 20 Indicator number 9 Table #3 and Indicator number 11
Table #1 of Annex I
Material
82, 91
ESRS S1-1 Due diligence policies on issues addressed by the
fundamental International Labor Organisation Conventions 1 to
8, paragraph 21
Delegated Regulation (EU) 2020/1816, Annex II Material
28, 91
ESRS S1-1 Processes and measures for preventing trafficking in
human beings paragraph 22
Indicator number 11 Table #3 of Annex I Not material
ESRS S1-1 workplace accident prevention policy or management
system paragraph 23
Indicator number 1 Table #3 of Annex I Material
83-84
ESRS S1-3 grievance/complaints handling mechanisms
paragraph 32 (c)
Indicator number 5 Table #3 of Annex I Material
82,
103-104
ESRS S1-14 Number of fatalities and number and rate of work-
related accidents paragraph 88 (b) and (c)
Indicator number 2 Table #3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Material
85
ESRS S1-14 Number of days lost to injuries, accidents, fatalities
or illness paragraph 88 (e)
Indicator number 3 Table #3 of Annex I Phase-in
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) Indicator number 12 Table #1 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Material
90
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3 of Annex I Material
90
ESRS S1-17 Incidents of discrimination paragraph 103 (a) Indicator number 7 Table #3 of Annex I Material
92
ESRS S1-17 Non-respect of UNGPs on Business and Human
Rights and OECD paragraph 104 (a)
Indicator number 10 Table #1 and Indicator n. 14 Table
#3 of Annex I
Delegated Regulation (EU) 2020/1816, Annex II
Delegated Regulation (EU) 2020/1818 Art 12 (1)
Not material
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Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law
reference Material/ Not material Page
ESRS 2- SBM3 – S2 Significant risk of child labour or forced
labour in the value chain paragraph 11 (b)
Indicators number 12 and n. 13 Table #3 of Annex I Material 95
ESRS S2-1 Human rights policy commitments paragraph 17 Indicator number 9 Table #3 and Indicator n. 11 Table
#1 of Annex 1
Material
94-96,
105-106
ESRS S2-1 Policies related to value chain workers paragraph 18 Indicator number 11 and n. 4 Table #3 of Annex 1 Material
96,
105-106
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights
principles and OECD guidelines paragraph 19
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II
Delegated Regulation (EU) 2020/1818, Art 12 (1)
Material
96,
105-106
ESRS S2-1 Due diligence policies on issues addressed by the
fundamental International Labor Organisation Conventions 1 to
8, paragraph 19
Delegated Regulation (EU) 2020/1816, Annex II Material
28, 96,
105-106
ESRS S2-4 Human rights issues and incidents connected to its
upstream and downstream value chain paragraph 36
Indicator number 14 Table #3 of Annex 1 Material
97
ESRS S3-1 Human rights policy commitments paragraph 16 Indicator number 9 Table #3 of Annex 1 and Indicator
number 11 Table #1 of Annex 1
Not material
ESRS S3-1 Non-respect of UNGPs on Business and Human
Rights, ILO principles or and OECD guidelines paragraph 17
Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU) 2020/1816, Annex II
Delegated Regulation (EU) 2020/1818, Art 12 (1)
Not material
ESRS S3-4 Human rights issues and incidents paragraph 36 Indicator number 14 Table #3 of Annex 1 Not material
ESRS S4-1 Policies related to consumers and end-users
paragraph 16
Indicator number 9 Table #3 and Indicator number 11
Table #1 of Annex 1
Material
100
ESRS S4-1 Non-respect of UNGPs on Business and Human
Rights and OECD guidelines paragraph 17
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II
Delegated Regulation (EU) 2020/1818, Art 12 (1)
Material
99
ESRS S4-4 Human rights issues and incidents paragraph 35 Indicator number 14 Table #3 of Annex 1 Material
100
ESRS G1-1 United Nations Convention against Corruption
paragraph 10 (b)
Indicator number 15 Table #3 of Annex 1 Material
104-105
ESRS G1-1 Protection of whistle- blowers paragraph 10 (d) Indicator number 6 Table #3 of Annex 1 Material
103-104
ESRS G1-4 Fines for violation of anti- corruption and anti-bribery
laws paragraph 24 (a)
Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II) Material
105
ESRS G1-4 Standards of anti- corruption and anti- bribery
paragraph 24 (b)
Indicator number 16 Table #3 of Annex 1 Material
104-105
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Comments on the Financial Statements
119
Consolidated Financial Statements
122
Parent Company Financial Statements
152
FINANCIALS
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Part of the Board of Directors’ report
COMMENTS TO
THE FINANCIAL
STATEMENTS
Color Group delivered satisfactory results
in 2025, despite a moderation in core travel
and freight markets and elevated investment
activity due to environmental fleet upgrades
and ongoing digital transformation initiatives.
Performance was further impacted by
continued inflationary pressures and currency-
related effects, while a growing per-passenger
yield contributed positively to the results. Total
passengers carried in 2025 was 3 593 804 as
compared to 3 675 249 in 2024. The volume
of freight carried (12m equivalents) in 2025
totaled 149 548 units, as compared with 157 121
units in 2024.
Color Group AS is a Norwegian limited company headquartered in Oslo.
The consolidated accounts are presented in accordance with IFRS
Accounting Standards as adopted by the European Union and mandatory
for the financial year commencing on 1 January 2025 or later, as well as
the Norwegian information requirements that follows from the Norwegian
Accounting Act as at 31 December 2025. The accounts of the parent
company are presented in accordance with the Norwegian Accounting Act.
RESULTS
Total operating income totaled NOK 6 724 million in 2025 as compared
with NOK 6 684 million in 2024. The change from previous year was
characterized by increased revenue per passenger, partly offset by a
reduction in passengers carried. A total of NOK 45 million is included
as a gain on disposal of a lease agreement in 2024. Operating expenses
amounted to NOK -5 568 million, as against NOK -5 293 million in 2024.
In addition to the continued inflationary pressure on prices and wages, the
year includes adverse currency effects on bunker fuel purchases (USD)
compared with last year. Moreover, operating expenses in 2025 included
NOK 177 million in mandatory purchase of EUA-Environmental quotas
(Carbon allowances), as compared with NOK 117 million in 2024. The
operating profit before finance, depreciation and amortisation amounted
to NOK 1 156 million in 2025, as compared with NOK 1 391 million in 2024.
Operating profit (EBIT) in 2025 totaled NOK 562 million, compared with
NOK 808 million in 2024. Group net financial expenses in 2025 were NOK
-329 million, as compared with NOK -198 million in 2024. The change is
related to the gain on fair value measurement of share in associate of
NOK 144 million in 2024. Moreover, net financial items in 2025 include a
loss on financial instruments at fair value of NOK 19 million, compared to a
gain in 2024 of NOK 35 million.
Net-interest payable, and premium, (NOK -74 million in 2025) relating to
the perpetual bond loan COLG20 is charged directly to equity.
The profit for the period for 2025 is NOK 160 million, as compared with
NOK 486 million in 2024. Other comprehensive income amounted to
NOK -11 million, due to net loss on bunker fuel hedging contracts. Hedge
accounting is applied in connection with bunker fuel purchases for the
vessels. Hedging contracts are reported at fair value as at reporting date
and form part of other comprehensive income for the year.
Total comprehensive income amounts to NOK 149 million, compared to
NOK 482 million in 2024.
BALANCE SHEET AND FUNDING
NOK'000 2025 2024
Interest-bearing debt 5 036 169 4 674 927
Net interest-bearing debt 3 746 244 3 612 775
Total available liquidity 2 089 925 1 741 152
Equity 1 983 958 2 087 026
Color Group AS focuses on diversified and long-term financing. As at
31 December 2025, the total value of the balance sheet of the Group
amounted to NOK 9 249 million, as compared with NOK 9 016 million as
at 31 December 2024. The change derives primarily from an increased
balance of cash and cash equivalents. The equity capital as at 31 December
2025 stood at NOK 1 984 million (including hybrid bond debt), as compared
with NOK 2 087 million in 2024. The equity ratio is approximately 21%.
Long-term mortgage debt on ships/terminals has a repayment profile of
10 to 15 years. Total outstanding mortgage debt/unsecured borrowing
(not including hybrid bond debt) booked on ships/terminals/companies
recorded as at 31 December 2025 was NOK 5 036 million. Net outstanding
interest-bearing debt less bank deposits, cash and market-traded shares
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stood at NOK 3 746 million as at 31 December 2025 (not including Hybrid
bond debt), which is an increase of NOK 133 million on the NOK 3 613
million recorded as at 31 December 2024.
In November 2025 Color Group AS issued a unsecured bond loan (COLG21)
in the amount of NOK 900 million which matures in November 2030. In
conjunction with this issue the company partially repurchased bond loan
COLG18 (maturity August 2026) in the amount of NOK 257 million. The
loan was listed on Oslo Stock Exchange in January 2026. A dividend of
NOK 200 million was distributed from the company in 2025.
Bond loans (not including hybrid bond debt) listed on Oslo Stock Exchange
come due in the period 2026–2030. Total outstanding net bond debt
as at 31 December 2025 stands at NOK 2 444 million (excluding Hybrid
bond debt in the net amount of NOK 800 million). Hybrid bond loan is
perpetual, with first call date in May 2028 at par and is classified as equity
in the consolidated accounts. The following amounts are outstanding as at
31 December 2025:
COLG18 (maturity August 2026): NOK 644 million.
COLG19 (maturity April 2029): NOK 900 million.
COLG20 (first call May 2028): NOK 800 million.
COLG21 (maturity November 2030): NOK 900 million.
The company’s loan agreements contain covenants related to liquidity,
equity and debt-servicing ratio. The company was in compliance with all
commitments as at 31 December 2025.
CASH FLOW
In 2025, the Group’s cash flow from operational activities totaled NOK 710
million compared to NOK 921 previous year. The change from previous
year can primarily be attributed to the change in operating profit before
finance, depreciation and amortisation.
Net cash flow from investment activities amounted to NOK -498 million
due to capital expenditure on property, plant and equipment. In 2025 the
Group invested in closed-loop scrubbers to meet current and expected
environmental regulations. Moreover, previous year included cash acquired
on acquisition of subsidiary with a positive effect of NOK 139 million.
Net cash flow from financing activities totaled NOK 3 million. The Group's
total liquidity reserves as at 31 December 2025, including granted drawing
rights and liquid securities, stood at approximately NOK 2 090 million of
which NOK 1 177 million in cash and cash equivalents.
Instalments in 2026 on the Group's interest-bearing debt to credit
institutions amount to approximately NOK 350 million. The Groups bond
loan COLG18 matures in August 2026 with a current outstanding amount
of NOK 644 million.
FINANCIAL RISK
The Group has limited market risk exposure, as its business is directed at a
market comprising a large number of customers (in a normal year).
The Group estimates that liquidity will remain satisfactory for the
remainder of the year and into 2027.
The Group’s foreign exchange risk is related to fluctuations in the value of
the Norwegian krone (NOK) against other currencies, in particular the USD,
EUR and DKK. The Group is also exposed to interest-rate risk and changes
in the price of bunker fuel products, as well as EUAs (carbon allowances).
The Group makes use of financial instruments to mitigate the risk of
fluctuations in its cash flow. The parent company’s primary risk exposure
is to currency risk and interest rate risk related to borrowings.
Currency risk
Currency risk arises for the Group when there are differences between
income received and expenses paid in different currencies. The Group
operates in different countries in Northern Europe and generates income
primarily in and are exposed to currency risks to the following currencies:
NOK, DKK, EUR, and USD. Wherever possible, the Group attempts to
mitigate currency risk primarily by using foreign currency netting and
foreign currency loans. At reporting date, the Group had various currency
derivative contracts in place, as well as holdings of foreign currencies on
deposit, relating to budgeted operations in 2026.
Interest rate risk
The Group enters into interest rate swap agreements with the aim of
achieving the desired ratio between fixed and floating rates of interest.
The Group has taken out a NOK 700 million interest rate swap at 3.45%.
In connection with the delivery of M/S Color Hybrid, the Group took up an
option to take out CIRR fixed-rate contracts (fixed for 12 years) for the full
amount of the funding (adjusted as at 31 December 2025): approximately
NOK 400 million at a fixed rate of 2.14% and EUR 18 million at a fixed
rate of 0.84% from Eksfin Norway. The fixed-rate contracts are adjusted
downwards by 1/12 per year between 2019 and 2031.
Bunker-oil and carbon allowance risk
The cost of bunker fuel accounted for some 13% of the Group’s operating
costs in 2025 and represents an operational risk because of fluctuations
in the price of oil. As at 31 December 2025 the Group had bunker
fuel hedging contracts in place for approximately 50% of estimated
consumption in 2026. While the hedging contracts apply to the actual
physical product consumed by the ships, the Group has indirect hedging in
place for a further 25% of consumption through BAF (Bunker Adjustment
Fee) contracts with freight customers, i.e., direct, and indirect hedges
approaching 75% of the estimated 2026 consumption. In addition, the
Group has bunker fuel hedging contracts in place for approximately 10%
of estimated consumption in 2027 (including BAF contracts, this equals
approximately 35%). The fair value of hedging contracts in force as of
31 December 2025, was NOK -38 million. All hedging contracts for bunker
fuel expire in 2026–2027 and will affect earnings in the coming years.
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The European Union included maritime transport in the EU Emissions
Trading System in 2024. The Group expects that approximately 25% of
costs for carbon allowances will be covered indirectly through the freight
contracts. Consequently, the Group has as at 31 December 2025 secured
approximately 20% of the estimated carbon allowances to be purchased
for 2026 emissions. Further, additional contracts covering approximately
80% of estimated carbon allowances has been entered into after balance
sheet date, bringing the total up to approximately 100%.
PARENT COMPANY
The parent company, Color Group AS, reported royalty revenues of
NOK 197 million and an operating profit of NOK 177 million for 2025,
compared with NOK 194 million and NOK 174 million respectively in
2024. Net profit in 2025 amounted to NOK 210 million, as compared with
NOK 180 million in 2024. The proposal of the Directors is that the earnings
for the year should be transferred to other equity. In the judgement of the
Directors the liquidity and equity of the company viewed in relation to its
operations and plans for the future are satisfactory (please see “Outlook”).
The equity capital of the parent company as at 31 December 2025 stood
at NOK 2 140 million, as against NOK 2 129 million in 2024 and makes up
approximately 27% of the balance sheet total of the parent company.
In 2025, the Company’s cash flow from operational activities totaled
NOK -98 million, impacted by NOK 59 million in increased purchases of
Carbon allowances. Net cash flow from investment activities amounted to
NOK 267 million due to dividends and group contributions received from
subsidiaries. Net cash flow from financing activities totaled NOK 118 million,
impacted by net issuance of new interest-bearing borrowings.
In 2025 Color Group AS has paid a dividend of NOK 200 million.
GOING CONCERN
Continued operations are based on the information provided above on
the earnings and financial position of the Group and the parent company,
and the Directors confirm that the annual financial statements have been
prepared on a going concern assumption, moreover, the Directors are of
the opinion that the annual financial statements provide a true picture of
the assets, liabilities, financial position and earnings of the parent company
and the Group.
OUTLOOK
The Group is well positioned in the market, offering as it does attractive
commercial and operational concepts, modern tonnage, and a historically
stable and sound customer base. Color Line has for many years invested
substantial sums in ships, infrastructure, digital booking solutions and
innovative environmental technology. Color Line’s primary product is
offering attractive customer experiences to the Group’s local markets,
where demand has traditionally proved to be stable and sound, even in
periods of economic uncertainty.
With the above comments in mind, the Directors perceive the market as
good, and the Group expects a result in 2026 broadly in line with 2025,
and are of the opinion that the Group is well rigged to meet the challenges
of the future.
The Group is carefully following the situation in Iran and the Middle
East, and remains assured of both the effectiveness of its bunker price-
protection measures and the dependable supply of bunker products for the
fleet overall.
Oslo, 25 March 2026
The Board of Directors of Color Group AS
Document signed electronically
Morten Garman
Chairman
Olav Nils Sunde
Director and CEO
Camilla Sunde
Director
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121121 FinancialsFinancials | Comments on the Financial StatementsFinancials | Comments on the Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Comprehensive Income
123
Consolidated Statement of Financial Position
124
Consolidated Statement of Changes in Equity
125
Consolidated Statement of Cash Flows
126
Notes to the Consolidated Financial Statements
127
Note 01 General Information
127
Note 02 Basis for Preparation
127
Note 03 Financial Risk and Capital Management
128
Note 04 Climate-Related Matters
130
Note 05 Operating Income
131
Note 06 Direct Cost of Consumables and Services
131
Note 07 Personnel Expenses
132
Note 08 Other Operating Expenses
132
Note 09 Finance Income and Cost
133
Note 10 Tax
133
Note 11 Property, Plant and Equipment
135
Note 12 Intangible Assets and Goodwill
136
Note 13 Leases
137
Note 14 Financial Instruments and Fair Value
138
Note 15 Investment in Associates
141
Note 16 Inventories
141
Note 17 Trade and Other Receivables
142
Note 18 Cash and Cash Equivalents
143
Note 19 Equity
143
Note 20 Interest-Bearing Debt
144
Note 21 Trade and Other Payables
145
Note 22 Impairment Testing
146
Note 23 Related Parties
147
Note 24 Management and Auditor Remuneration
147
Note 25 Segment Information
148
Note 26 Group Companies
149
Note 27 Definitions
150
Note 28 Acquisitions
150
Note 29 Events after the Balance Sheet Date
151
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Consolidated Statement of Comprehensive Income
NOK'000
Note
2025
2024
Revenue from contracts with customers
6 713 745
6 624 267
Other operating income
10 613
59 437
Total operating income
5
6 724 358
6 683 704
Direct cost of consumables and services
6
-2 518 375
-2 399 228
Personnel expenses
7
-1 840 602
-1 756 849
Other operating expenses
8
-1 209 300
-1 136 935
Operating profit before finance, taxes, depreciation and amortisation (EBITDA)
1 156 081
1 390 692
Depreciation and amortisation
11, 12, 13
-593 976
-582 605
Operating profit
562 105
808 087
Gain on fair value measurement of share in associate
15
0
143 509
Finance income
9
69 971
93 533
Finance costs
9
-398 693
-435 280
Profit before tax
233 383
609 849
Income tax
10
-72 901
-123 447
Profit for the period
160 482
486 402
NOK'000
Note
2025
2024
Profit for the period
160 482
486 402
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations
-189
5 421
Net gain/loss bunker fuel hedging
-11 037
-9 884
Other comprehensive income
-11 226
-4 463
Total Comprehensive income
149 256
481 939
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Consolidated Statement of Financial Position
NOK'000
Note
2025
2024
Non-current assets
Property, plant and equipment
11
5 761 325
5 773 411
Intangible assets and goodwill
12
923 745
953 803
Right-of-use assets
13
257 632
278 080
Financial assets
14
35 087
48 275
Investment in associates
15
21 298
22 261
Other assets
1 371
2 410
Total non-current assets
7 000 458
7 078 240
Current assets
Inventories
16
373 455
309 843
Trade and other receivables
17
584 836
565 300
Other financial assets
14
112 730
101 323
Cash and cash equivalents
18
1 177 195
961 737
Total current assets
2 248 216
1 938 203
Total assets
9 248 674
9 016 443
NOK'000
Note
2025
2024
Equity
Equity attributable to owners of the parent
1 197 577
1 306 359
Other components of equity
786 381
780 667
Total equity
19
1 983 958
2 087 026
Non-current liabilitites
Interest-bearing debt
20
4 042 169
4 322 927
Lease liabilitites
13
236 136
249 652
Deferred tax liability
10
479 199
510 337
Other non-current liabilitites
632
672
Total non-current liabilitites
4 758 136
5 083 588
Current liabilitites
Interest-bearing debt
20
994 000
352 000
Lease liabilitites
13
56 149
60 359
Trade and other payables
21
1 331 872
1 303 634
Current income tax
10
81 575
105 899
Other current financial liabilitites
14
42 984
23 937
Total current liabilitites
2 506 580
1 845 829
Total equity and liabilitites
9 248 674
9 016 443
Oslo, 25 March 2026
The Board of Directors of Color Group AS
Document signed electronically
Morten Garman
Chairman
Olav Nils Sunde
Director and CEO
Camilla Sunde
Director
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Consolidated Statement of Changes in Equity
Equity attributable to owners of the parent
Other equity components
NOK'000
Share capital
Other issued capital
Translation difference
Hedging reserve
Retained earnings
Total
Hybrid bond-loan
Total equity
As at 1 January 2024
143 600
1 478 436
29 359
-5 888
-582 582
1 062 925
623 700
1 686 625
Profit for the period
486 402
486 402
486 402
Other comprehensive income
5 421
-9 884
-4 463
-4 463
Total comprehensive Income
0
0
5 421
-9 884
486 402
481 939
0
481 939
Dividends
-150 000
-150 000
-150 000
Interest Hybrid-bond
1
-88 505
-88 505
3 717
-84 788
Payment/issuance Hybrid-bond
1
0
153 250
153 250
As at 31 December 2024
143 600
1 478 436
34 780
-15 772
-334 685
1 306 359
780 667
2 087 026
As at 1 January 2025
143 600
1 478 436
34 780
-15 772
-334 685
1 306 359
780 667
2 087 026
Profit for the period
160 482
160 482
160 482
Other comprehensive income
-189
-11 037
-11 226
-11 226
Total comprehensive Income
0
0
-189
-11 037
160 482
149 256
0
149 256
Dividends
-200 000
-200 000
-200 000
Interest Hybrid-bond
1
-58 039
-58 039
5 714
-52 325
As at 31 December 2025
143 600
1 478 436
34 591
-26 809
-432 242
1 197 577
786 381
1 983 958
1
The Group has issued a listed perpetual bond (COLG 20). This bond is subordinate to all other debt and is classified as equity (Other equity components) in the Financial statements. See note 19 Equity for further information.
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Consolidated Statement of Cash Flows
NOK'000
Note
2025
2024
Profit before tax
233 383
609 849
Adjustments to reconcile profit before tax to net cash flow:
Depreciation and amortisation
11, 12, 13
593 976
582 605
Finance income
9
-69 971
-93 533
Finance cost
9
398 693
435 280
Gain on fair value measurement of share in associate
15
0
-143 509
Other gains withouth cash effect
5
-373
-45 963
Other adjustments
-11 433
-3 560
Change in operating assets and liabilitites, net of effects
presented as investing or finance cash flows:
Inventory
-63 612
-117 483
Trade and other receivables
-19 536
-74 875
Trade and other payables
30 375
163 787
Cash generated from operations
1 091 502
1 312 598
Interest received
35 749
45 564
Interest paid
-322 448
-329 008
Net cashflow from market based shares
14 150
-49 549
Income tax paid
-108 884
-58 388
Net cash flows from operating activities
710 069
921 217
NOK'000
Note
2025
2024
Payments for property, plant and equipment
11
-485 711
-295 006
Payments for intangible assets
12
-12 761
-2 239
Proceeds from sale of property, plant and equipment
959
1 847
Cash acquired on acquisition of subsidiary
28
0
139 427
Payments for other investments
0
-11 008
Net cash flows from investing activitites
-497 513
-166 979
Proceeds from borrowings
20
700 248
1 237 750
Repayment of borrowings
20
-361 381
-1 243 313
Payments to Hybrid-bond holders
19
-69 228
-731 253
Proceeds from Hybrid-bond
19
0
780 000
Payments lease liabilitites
13
-66 737
-115 252
Proceeds from group contributions
23
0
323 975
Payment of group contributions
23
0
-252 701
Payment of dividend
-200 000
-150 000
Net cash flows from Financing activitites
2 902
-150 794
Net change in cash and cash equivalents
215 458
603 444
Cash and cash equivalents at the beginning of period
961 737
358 293
Cash and cash equivalents at the end of period
1 177 195
961 737
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Notes to the Consolidated Financial Statements
NOTE 01 GENERAL INFORMATION
Color Group provides international transport of cargo and passengers
together with related service offerings. The parent company Color Group
AS is a limited company headquartered in Norway at Bryggegata 3,
Oslo. The company has corporate bond issues listed on the Oslo Stock
Exchange. The consolidated financial statements for 2025 include the
parent company and subsidiaries, collectively referred to as “Color Group”
or “the Group”.
The Board approved Color Group’s consolidated financial statements at its
meeting on 25 March 2026.
NOTE 02 BASIS FOR PREPARATION
The consolidated financial statements of Color Group have been prepared
on a going concern basis and in accordance with IFRS Accounting
Standards as adopted by the European Union and mandatory for financial
years starting 1 January 2025 and additional disclosure requirements
in the Norwegian Accounting Act as at 31 December 2025. The Group’s
consolidated financial statements are presented in Norwegian kroner
(NOK), which is also the functional currency of the Parent company. The
consolidated financial statements are prepared on the historical cost
basis except for fair value measurement which is applied on financial
instruments.
CONSOLIDATION
The consolidated financial statements present the Parent and all
subsidiaries as one entity. Transactions and balances between Group
companies are eliminated. All companies which constitute the Group is
disclosed in note 26 Group companies.
Subsidiaries are consolidated from the time at which the Group obtain
control and are excluded from consolidation when the controlling
influence ceases. Control is achieved when the Group is exposed, or
has rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power over the
investee. Upon deconsolidation, any gain or loss is recognized in the
results. Any remaining investment is measured at fair value at the time
of deconsolidation. Transactions that do not result in a loss of control are
treated as equity transactions.
The consolidated financial statements are prepared according to uniform
accounting principles for similar transactions and other events under
similar circumstances. The classification of items in the consolidated
financial statements is carried out according to uniform definitions.
Transactions and balances between the companies in the Group, including
internal profit and unrealized gains and losses, are eliminated.
Foreign subsidiaries with functional currency other than the Group’s
presentation currency are translated to NOK, and the foreign exchange
difference are recognised separately in the Consolidated statement
of comprehensive income within Other comprehensive income (OCI).
Exchange rates at the balance sheet date are applied for assets and
liabilities, while income and expenses are translated based on monthly
average exchange rates.
ESTIMATION UNCERTAINTY AND
ACCOUNTING ASSUMPTIONS
The preparation of the Consolidated financial statements requires
management’s use of estimates and assumptions. During the preparation
management has applied assumptions viewed as realistic based on
experience and available information. These assumptions may prove
to deviate from actual outcomes and change the estimates. Changes in
accounting estimates are recognised in the period in which the estimates
are changed.
For more detailed information on estimation uncertainty and assumptions
that could have a significant impact on amounts recognised in the
following financial period see the following notes:
•
Note 04 Climate-related matters
•
Note 11 Property, Plant and equipment
•
Note 22 Impairment testing
NEW OR CHANGED IFRS ACCOUNTING STANDARDS
The Group applied for the first time certain standards and amendments,
which are effective for annual periods beginning on or after 1 January
2025. The Group has not early adopted any other standard, interpretation
or amendment that has been issued but is not yet effective. The
amendments to the standard IAS 21 entered into force on 1 January 2025.
The Group is not affected by the changes.
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In April of 2024 IFRS 18 Presentation and Disclosure in Financial
Statements was issued, applicable for Financial Statements with annual
reporting periods starting on or after 1 January 2027. Management
is currently assessing the detailed implication for applying the new
standards on the Groups consolidated financial statements. From the
high-level preliminary assessment performed the Group expects there will
be changes in how income, expenses and cash flows are classified into
categories. Enhanced guidance on aggregation, location and labelling of
items across the primary financial statements and the notes is expected
to impact the presentation of information across the Groups consolidated
financial statement and notes.
The Group expect to apply the new standard from its mandatory effective
date of 1 January 2027.
NEW OR CHANGED ACCOUNTING POLICIES
The Group has no new or changed accounting policies for the year ended
31 December 2025. Effective from 1 January 2024 The Group is required to
surrender carbon allowances based on emissions of CO
2
(Emissions), and
has from this date applied the following accounting policy:
Purchased carbon allowances acquired for the purpose of covering the
Group’s own Emissions are presented as Inventories and carried at cost or
net realisable value, if lower, see note 16 Inventories.
Accruals for owed carbon allowances to date are presented as Trade
and other payables. Accruals are measured at carrying value of carbon
allowances already held, to the extent that that the Group owns carbon
allowances. For Emissions above owned carbon allowances the accruals
are measured at market price or agreed future price in the event the
Group has contracts for future delivery in place at the balance sheet date.
Cost of carbon allowances is recognised in Direct cost of consumables
and services as incurred in line with emissions.
SIGNIFICANT CHANGES IN THE CURRENT
REPORTING PERIOD
Effective from 1 January 2024 maritime transport is part of the EU
Emissions Trading System (EU ETS). As a consequence, the Group is
required to surrender carbon allowances based on emissions of CO
2
(emissions). There is a phase in where the Group need to surrender quotas
for 40% of emissions for 2024, 70% of emissions in 2025 and 100% of
emission in 2026 and onward. Total cost of carbon allowances amounted
to NOK 177 million in 2025 compared to NOK 117 million previous year. See
note 06 Direct cost of consumables and services for further information.
In June 2024 the Group obtained control of the previously associated
company ONS Ship Finance (and subsidiaries). The Group has recognised
NOK 189 million in Profit before income tax, resulting from this transaction.
The vessel M/S SuperSpeed 2 is in 2024 owned by the Group and
presented as Property, Plant and Equipment. Previous year this vessel was
a Right-of-use asset. For further information see note 28 Acquisitions.
NOTE 03 FINANCIAL RISK AND
CAPITAL MANAGEMENT
The main financial risks borne by the Group are related to price of bunker
fuel and carbon allowances, foreign currency rates, interest rates and
liquidity risk/refinancing risk. The Group monitors the individual areas
on an ongoing basis to ascertain possible current and future risk. It is the
policy of the Group not to speculate actively in financial risks, but rather
to use financial derivatives to mitigate risks connected with financial
exposure in the operation and financing of the Group's business. An
overview is maintained of the hedging instruments in place at any given
time. The Board and the Group's Audit Committee are furnished with
regular updates on hedging instruments and estimated future risk.
CURRENCY RISK
Income in foreign currencies and the cost of goods and services are not
neutral in the individual currency. Wherever possible, this risk is mitigated.
Currency risk arises when there are differences between income received
and expenses paid in different currencies, in particular with regard to USD,
EUR and DKK and in relation to investments in/purchase of non-current
assets and repayment of loans in foreign currency. The Group has active
measures in place to reduce currency risk by using foreign currency
netting and foreign currency loans. In normal circumstances, the policy of
the Group is to cover a significant portion of its current currency risk six
to twelve months ahead by means of forward contracts, options, swaps
and structured products. A change in the exchange rates of EUR or DKK
against NOK of +/- 10% would affect earnings by approx. +/- NOK 35
million before tax, account being taken of currency derivative contracts in
place. A change in the exchange rate of USD against NOK of +/- 10% would
affect earnings by approx. +/- NOK 70 million before tax, account being
taken of currency derivative contracts in place. Earnings would also be
affected by a change in the value of hedging contracts.
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INTEREST RATE RISK
The Group’s primary exposure to interest rate risk is through its loan
portfolio. Interest rate risk is managed because changes in the interest
rate level over time can have a negative effect on earnings. The Group
enters into interest rate swap agreements with the aim of achieving the
desired ratio between fixed and floating rates of interest. The Group has
taken out a NOK 700 million interest rate swap in 2024 at 3.45%. In
connection with the delivery of M/S Color Hybrid in 2019, the Group took
up an option to take out CIRR fixed-rate contracts (fixed for 12 years)
for the full amount of the funding (adjusted as at 31 December 2025):
approximately NOK 400 million at a fixed rate of 2.14% and EUR 18
million at a fixed rate of 0.84% from Export Credit Norway. The fixed-rate
contracts are adjusted downwards by 1/12 per year between 2019 and 2031.
Total interest-bearing debt recorded in the balance sheet is NOK 5 036
million. A change in the interest rate level of +/- 1% point would affect
earnings by approx. +/- NOK 15 million before tax, account being taken of
interest-rate swaps and liquid assets in place.
The table below quantifies future interest rate risk, account being taken
of cash in hand/bank deposits, the maturity structure of mortgages, bond
loans and interest rate swaps. The figures are based on liability recorded in
the balance sheet at 31 December 2025.
NOK'000
Less than one year
1–2 years
3–4 years
5 years and more
Unsecured bond issues
1 800 000
1 800 000
1 800 000
900 000
Secured loans
2 279 063
1 544 937
936 575
389 949
Interest-bearing debt
4 079 063
3 344 937
2 736 575
1 289 949
Liquid assets
1 289 925
1 289 925
1 289 925
1 289 925
Interest-rate swaps
1 314 980
1 232 980
450 980
368 980
Net amount
1 474 158
822 032
995 670
-368 956
Interest rate sensitivity at +/- 1 percent point change
14 742
8 220
9 957
-3 690
BUNKER FUEL RISK/CARBON ALLOWANCE RISK
As at 31 December 2025 the Group had bunker fuel hedging contracts in
place for approximately 50% of estimated consumption in 2026. While
the hedging contracts apply to the actual physical product consumed by
the ships, the company has indirect hedging in place for a further 25%
of consumption through BAF (Bunker Adjustment Fee) contracts with
freight customers, i.e., direct, and indirect hedges approaching 75% of
the estimated 2026 consumption. In addition, the company has bunker
fuel hedging contracts in place for approximately 10% of estimated
consumption in 2027 (including BAF contracts, this equals approximately
35%). The fair value of hedging contracts in force as of 31 December 2025,
was NOK -38 million after taxes. All hedging contracts for bunker fuel
expire in 2026–2027 and will affect earnings in the coming years. Changes
in the market value of the remaining bunker fuel contracts will not affect
earnings, only equity.
With a change in the price of bunker fuel of +/- 10%, the hedging contracts
in place would impact earnings by approximately +/-NOK 35 million
before tax.
The European Union included maritime transport in the EU Emissions
Trading System in 2024. The Group expects that approximately 25% of
costs for carbon allowances will be covered indirectly through the freight
contracts. Consequently, the Group has as at 31 December 2025 secured
approximately 20% of the estimated carbon allowances to be purchased
for 2026 emissions.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will be unable to meet its financial
obligations as they come due. The Group focuses on maintaining a level
of liquidity contingency that, as a minimum, will cover a peak load event.
Liquidity contingency is managed at Group level and 12-month budgets
are prepared. Liquidity available as at 31 December 2025 amounts to
NOK 2 090 million (including undrawn credit lines). Surplus liquidity is
placed primarily on the short-term money market. See note 20 Interest-
bearing debt for a maturity profile on undiscounted contractual cashflows
on interest-bearing debt.
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NOK'000
2025
2024
Cash and cash equivalents
1 177 195
961 737
Market-traded shares
112 730
100 415
Liquid assets
1 289 925
1 062 152
Unused drawing rights
800 000
679 000
Availible liquidity
2 089 925
1 741 152
CREDIT RISK
The Group’s financial assets consist largely of the proceeds of sales, other credit balances, liquid resources and
financial instruments. The figures for trade receivables recorded in the statement of financial position are net of
provisions for potential losses, based on past experience and an assessment of the present-day situation. Most of
the Group’s trade receivables come due for payment within three months. The credit risk associated with financial
derivatives is regarded as low, as the agreements on these assets have been concluded with banks with a high
degree of creditworthiness, thereby reducing the risk that counterparties will be unable to fulfil their commitments.
CAPITAL MANAGEMENT
An important objective is to secure financial freedom of action in both the short and the long term and to maintain a
good credit rating, enabling favourable loan conditions to be achieved that are reasonable in relation to our business.
The company manages its capital structure, and makes whatever adjustments prove necessary, based on an ongoing
evaluation of the financial conditions under which the business operates.
NOK'000
2025
2024
Interest-bearing debt
5 036 169
4 674 927
Liquid assets
1 289 925
1 062 152
Net interest-bearing debt
3 746 244
3 612 775
Equity
1 983 958
2 087 026
Debt to equity ratio
1.89
1.73
NOTE 04 CLIMATE-RELATED MATTERS
ESTIMATE UNCERTAINTY
The Group considers climate-related matters in estimates and assumptions, where appropriate. This assessment
includes a wide range of possible impacts on the Group due to both physical and transition risks. Even though
the Group expects its business model will still be viable after the transition to a low-carbon economy, climate-
related matters increase the uncertainty in estimates and assumptions underpinning several items in the financial
statements. The items and considerations that are most directly impacted by climate-related matters are:
•
Useful life of property, plant and equipment. When reviewing the expected useful life of assets, the Group
considers climate-related matters, such as legislation and regulations that may require significant capital
expenditures or restrict the use of assets. See note 11 Property, Plant and equipment for further information.
•
Impairment of non-financial assets. The value-in-use may be impacted in several different ways by transition
risk in particular, such as climate-related legislation and regulations. Even though the Group has concluded that
no single climate-related assumption is a key assumption for the 2025 test of goodwill, the Group considered
expectations for increased costs of Emissions and capital expenditures in the cash-flow forecast in assessing
value-in-use amounts. See note 22 Impairment testing for further information.
EMISSION ALLOWANCES
Effective from 1 January 2024 the Group is required to surrender carbon allowances based on emissions of CO
2
(Emissions). See note 06 Direct cost of consumables and services for information on incurred cost and note 16
Inventories for information on purchased allowances.
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NOTE 05 OPERATING INCOME
ACCOUNTING PRINCIPLES
Revenue from Customer contracts
Revenue is recognised in the Consolidated statement of comprehensive income at fair value, net of value added tax
and discounts.
Transport of passengers and cargo
Sale of passenger tickets and sea freight are recognised over time in line with the fulfilment of performance
obligations. The performance obligations are related to the voyage. Revenues from transport are primarily prepaid
by the customer before the voyage takes place.
Sale of goods and services
The Group sells both goods and services to customers which are recognised at the point in time when delivery
takes place. These revenues are primarily paid on site in the onboard stores and restaurants or prepaid prior to the
voyage.
NOK'000
2025
2024
Transport of passengers and cargo
2 997 555
2 972 129
Sale of goods and services
3 646 704
3 585 281
Hotel
69 486
66 857
Revenue from contracts with customers
6 713 745
6 624 267
Gain on sale of property, plant and equipment
373
1 149
Other gains
10 240
44 814
Government grants
0
13 474
Other operating income
10 613
59 437
Total operating income
6 724 358
6 683 704
In 2024 other operating income included a gain on disposal of a lease agreement of NOK 45 million.
NOTE 06 DIRECT COST OF CONSUMABLES AND SERVICES
ACCOUNTING PRINCIPLES
Direct cost of consumables and services consist of expenses that directly relate to the passenger sales and the
voyages. Goods which are either sold to passengers or consumed as part of providing direct services are recognised
in line with consumption at cost. Bunker oil and electricity consumption related to the vessels on voyages and in
dock are recognised at cost, including effects from hedging contracts and currency. Cost of carbon allowances is
recognised as incurred in line with Emissions. Other consist primarily of harbour cost and sale commissions.
NOK'000
2025
2024
Goods consumed or sold
1 266 444
1 301 451
Bunker oil products and electricity
746 382
666 471
Cost of carbon allowances
176 753
117 454
Other
328 796
313 852
Direct cost of consumables and services
2 518 375
2 399 228
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NOTE 07 PERSONNEL EXPENSES
ACCOUNTING PRINCIPLES
Personnel expenses refer to all cost that are related to remuneration of personnel employed by the Group. Color
Group has employees which is part of the “Grant scheme for the employment of seafarers” (the Net wages scheme).
Through this scheme the Group receives grants based on paid advance tax deductions, social security contributions
and employers’ national insurance contributions. These grants are recognised when it is probable that the Group
meets the requirements and will receive the amount. The Net wages scheme is presented as a reduction of
Personnel expenses.
Color Group has a defined contribution scheme in place for all employees in Norway, as required by the Act relating
to mandatory occupational pensions. The Group pays contributions to a life assurance company, which manages the
contributions on behalf of the employees. In addition, the Group pays the shipowners share of pension insurance for
seafarers. Pension contributions are expensed as incurred.
NOK'000
2025
2024
Salaries
1 618 208
1 531 996
Net wage scheme
-322 791
-306 916
Payroll tax
239 672
225 555
Pension cost
135 240
125 446
Other personnel expenses
170 273
180 768
Personnel expenses
1 840 602
1 756 849
Number of full time equivalents
2 205
2 191
NOK'000
2025
2024
Contribution scheme
97 684
90 645
Pension insurance for seafarers
37 556
34 801
Pension contributions
135 240
125 446
NOTE 08 OTHER OPERATING EXPENSES
ACCOUNTING PRINCIPLES
Maintenance, repair and equipment relate to the Groups assets and consist of expenses that relate to the servicing
of these assets, which primarily are vessels. Professional services relates to fees paid to professional service
providers. Other shipboard expenses relate to other operating expenses used onboard the ships. Other consist of
operating expenses primarily related to the shore-based operations which supports the ships and cover centralised
functions.
NOK'000
2025
2024
Maintenance, repair and equipment
427 353
388 957
Professional services
314 128
312 102
Other shipboard expenses
94 885
89 574
Other
372 934
346 302
Other operating expenses
1 209 300
1 136 935
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NOTE 09 FINANCE INCOME AND COST
ACCOUNTING PRINCIPLES
Finance income and cost consist of items relating to the Groups investing and financing activities. This includes
interest, currency gains or losses, dividends, change in financial instruments at fair value over profit or loss, gain or
loss on realisation of financial instruments, share of profit from associates and other financial income or expense.
Interest income and expense is recognised as it accrues using effective interest rate.
NOK'000
2025
2024
Interest income
35 749
45 564
Gain on financial instruments at fair value
0
34 674
Share of profit in associated company
0
1 727
Other financial income
34 222
11 568
Finance income
69 971
93 533
Interest expense bonds and bank loans
332 493
345 162
Interest expense lease liability
15 525
42 812
Loss on financial instruments at fair value
18 994
0
Foreign exchange loss
269
10 454
Other financial expense
31 412
36 852
Finance cost
398 693
435 280
NOTE 10 TAX
ACCOUNTING PRINCIPLES
Income tax expense comprise of Income tax payable and change in deferred tax. Income tax is recognised in the
Consolidated statement of income except when it relates to items recognised in Other comprehensive income (OCI)
or directly in equity. In these cases, the tax expense is recognised in OCI or equity respectively.
Deferred tax assets and liabilities are recognised for the future tax consequences attributable to differences
between the carrying value of assets and liabilities and the tax value of such assets and liabilities. Deferred tax
assets or liabilities are not recognised upon initial recognition of assets obtained through acquisition of subsidiary
which is not classifies as a business combination and on non-tax-deductible goodwill.
Deferred tax assets are recognised only to the extent it is probable that the company will have sufficient taxable
profits in subsequent periods to utilise the tax asset. Deferred tax asset and liability are calculated based on
applicable tax rates as at balance sheet date.
INCOME TAX EXPENSE
NOK'000
2025
2024
Current period payable income tax
84 560
113 260
Prior period adjustments
0
3 650
Payable income tax expense
84 560
116 910
Change in deferred tax
-11 953
6 540
Prior period adjustments
294
-3
Deferred tax expense/(income)
-11 659
6 537
Income tax
72 901
123 447
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CHANGE IN DEFERRED TAX RECOGNISED IN OCI AND EQUITY
NOK'000
2025
2024
Tax expense/(income) on cash flow hedge
-3 113
-2 788
Tax expense/(income) in other comprehensive income
-3 113
-2 788
Tax expense/(income) on Hybrid-bond loan
-16 370
-24 963
Tax expense/(income) on Group contributions
0
71 275
Tax expense/(income) directly in Equity
-16 370
46 312
RECONCILIATION OF STATUTORY TAX RATE TO EFFECTIVE TAX RATE
NOK'000
2025
2024
Profit before income tax
233 383
609 849
Calculated income tax at Norwegian tax rate of 22%
51 344
134 167
Share of profit in associate
212
-31 952
Other permanent differences
2 120
5 575
Other items including foreign currency effects
18 931
12 011
Prior period adjustments
294
3 647
Income tax
72 901
123 447
Effective tax rate
31.2%
20.2%
RECOGNISED DEFERRED TAX LIABILITITY/ (-ASSET)
2025
2024
Property, plant and equipment and Intangible assets
612 607
618 681
Leases
-7 624
-7 025
Derivatives
-660
5 554
Other current assets and -liabilitites
-8 789
-7 364
Interest reductions carried forward
-116 335
-99 509
Net deferred tax liability/(asset)
479 199
510 337
Presentation in the statement of Financial Position
Deferred tax asset
-
-
Deferred tax liability
479 199
510 337
Net deferred tax
479 199
510 337
CHANGE IN NET DEFERRED TAX LIABILITY
NOK'000
2025
2024
Net deferred tax liability as at 1 January
510 337
418 432
Recognised in statement of income
-11 659
6 537
Recognised in other comprehensive income
-3 113
-2 788
Hybrid-bond loan
-16 370
-24 963
Group contributions
0
71 275
Acquisitions
0
41 386
Other items including foreign currency effects
4
458
Net deferred tax liability as at 31 December
479 199
510 337
The Group has an unrecognised Deferred tax liability of NOK 274 million (NOK 293 million) related to acquisitions of
subsidiaries accounted for as purchase of assets.
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NOTE 11 PROPERTY, PLANT AND EQUIPMENT
ACCOUNTING PRINCIPLES
Property, plant and equipment is recognised at cost, net of accumulated depreciation and impairment. Cost is
measured at expenses which are directly attributable to the purchase of the asset. The individual assets of Property,
plant and equipment is depreciated on a straight-line basis over their expected useful life and expected residual
value is taken into account when calculating the depreciation schedule. Leasehold improvements are depreciated
over the shortest for expected useful life and the lease term of the related asset.
When individual parts of an asset have different expected useful lives and the cost is significant in relation to total
cost, the asset is decomposed in to separate assets with individual depreciation schedules.
The remaining useful lives and expected residual values are reviewed annually. Any changes in estimated useful lives
or residual values are recognised prospectively as a change in accounting estimate. Subsequent expenses incurred
after the asset is in use is recognised as part of Property, plant and equipment to the degree it is probable that
future financial benefits will flow to the Group and the expenses can be measured reliably. All other expenses are
taken to profit or loss as maintenance or repair as they incur.
ESTIMATE UNCERTAINTY
The assessment or estimation of useful life of the Groups vessels are subject to uncertainty in future environmental
requirements. Management applies assumptions viewed as realistic based on experience and available information.
Changes in the assumptions could result in a change of the accounting estimates and carrying value of the vessels.
See note 04 Climate-related matters for further information on risk relating to future environmental requirements.
VESSELS
The Groups vessels are decomposed into separate components at time of recognition and is subject to different
depreciations schedules. Components subject to higher wear and tear are depreciated without taking in to account
any residual value.
Material upgrades, replacements, retrofit and other measures are capitalised as additions after initial recognition.
In the case of replacements any residual value of the existing component is taken to profit or loss at time of the
replacements. Other repairs and maintenance are recognised as expenses.
USEFUL LIVES
Estimated useful lives for group of assets:
•
Vessels: 15–35 years
•
Property: 20–30 years
•
Equipment: 4–15 years
In June 2024 the Group obtained control of the previously associated company ONS Ship Finance (and subsidiaries).
As a result, an addition of NOK 1 080 million was recognised. For further information see note 28 Acquisitions.
Assets under
NOK'000
Vessels
Property
Equipment
development
Total
Acquisition cost:
As at 1 January 2025
10 049 446
1 502 615
452 101
0
12 004 162
Additions and transfers
426 898
38 649
20 164
0
485 711
Disposals
-137 350
0
-865
0
-138 215
Foreign currency translation
0
9
40
0
49
As at 31 December 2025
10 338 994
1 541 273
471 440
0
12 351 707
Accumulated depreciation and impairment:
As at 1 January 2025
4 772 100
1 119 687
338 964
0
6 230 751
Depreciation for the period
428 939
43 731
24 547
0
497 217
Disposals
-137 350
0
-279
0
-137 629
Foreign currency translation
0
7
36
0
43
As at 31 December 2025
5 063 689
1 163 425
363 268
0
6 590 382
Carrying amount as at 31 December 2025
5 275 305
377 848
108 172
0
5 761 325
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Assets under
NOK'000
Vessels
Property
Equipment
development
Total
Acquisition cost:
As at 1 January 2024
8 737 420
1 453 116
412 514
26 944
10 629 994
Additions and transfers
231 719
36 407
53 824
-26 944
295 006
Acquisition of a subsididary
1 080 307
0
1 080 307
Disposals
0
-10 204
-19 109
0
-29 313
Foreign currency translation
0
23 296
4 872
0
28 168
As at 31 December 2024
10 049 446
1 502 615
452 101
0
12 004 162
Accumulated depreciation and impairment:
As at 1 January 2024
4 371 847
1 074 877
333 798
0
5 780 522
Depreciation for the period
400 253
43 538
19 556
0
463 347
Disposals
0
-9 218
-18 381
0
-27 599
Foreign currency translation
0
10 490
3 991
0
14 481
As at 31 December 2024
4 772 100
1 119 687
338 964
0
6 230 751
Carrying amount as at 31 December 2024
5 277 346
382 928
113 137
0
5 773 411
NOTE 12 INTANGIBLE ASSETS AND GOODWILL
ACCOUNTING PRINCIPLES
Goodwill which acquired through business combinations are carried at acquisition cost less any accumulated
impairment. The Group performs an annual impairment test, see note 22 Impairment testing.
Software is recognised at cost, net of accumulated amortisation and impairment. Cost is measured as development
expenses which are directly attributable to the design and testing of an identifiable asset. Development expenditures
that do not meet the criteria for recognition as an asset is taken as expenses as incurred. Software is depreciated on
a straight-line basis over the expected useful life of eight to ten years. Subsequent expenses incurred after the asset
is in use is recognised as maintenance expense through profit or loss as they incur.
NOK'000
Goodwill
Software
Other rights
Total
Acquisition cost:
As at 1 January 2025
667 301
837 468
4 000
1 508 769
Additions and transfers
0
12 761
0
12 761
Disposals
0
-28 141
0
-28 141
As at 31 December 2025
667 301
822 088
4 000
1 493 389
Accumulated depreciation and impairment:
As at 1 January 2025
0
554 966
0
554 966
Depreciation for the period
0
42 819
0
42 819
Disposals
0
-28 141
0
-28 141
As at 31 December 2025
0
569 644
0
569 644
Carrying amount as at 31 December 2025
667 301
252 444
4 000
923 745
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NOK'000
Goodwill
Software
Other rights
Total
Acquisition cost:
As at 1 January 2024
667 301
835 229
4 000
1 506 530
Additions and transfers
0
2 239
0
2 239
As at 31 December 2024
667 301
837 468
4 000
1 508 769
Accumulated depreciation and impairment:
As at 1 January 2024
0
512 129
0
512 129
Depreciation for the period
0
42 837
0
42 837
As at 31 December 2024
0
554 966
0
554 966
Carrying amount as at 31 December 2024
667 301
282 502
4 000
953 803
NOTE 13 LEASES
ACCOUNTING PRINCIPLES
The Groups leases primarily relate to Property items like terminals, parking areas and office premises. Color Group
recognises a lease liability and a corresponding right-of-use asset from the point in time when the underlying asset
is made available. The lease liability is calculated by determining the present value of future non-cancellable lease
payments by use of incremental borrowing rate. The Group utilises the exemptions for recognition of short-term
lease contracts and low value asset. Lease payments related to exempt contracts are recognised as a an expense on
a straight-line basis over the lease term.
In June 2024 the Group obtained control of ONS Ship Finance (and subsidiaries) which owns the vessel M/S
SuperSpeed 2. This vessel was previously leased by the Group and related Right-of-use assets and lease liabilities
was derecognised with NOK 1 081 million and NOK 1 126 million respectively, resulting in a gain of NOK 45 million
recognised in Other operating income. For further information on the transaction see note 28 Acquisitions.
CARRYING AMOUNT OF RIGHT-OF-USE ASSETS
NOK'000
Vessels
Property
Equipment
Total
As at 1 January 2024
1 103 545
257 624
46 543
1 407 712
Additions
0
6
29 183
29 189
Depreciation
-21 145
-26 790
-28 486
-76 421
Disposals
-1 082 400
0
0
-1 082 400
As at 31 December 2024
0
230 840
47 240
278 080
Additions
0
8 375
25 117
33 492
Depreciation
0
-26 443
-27 497
-53 940
As at 31 December 2025
0
212 772
44 860
257 632
Remaining lease term (years)
1–12
1–5
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CARRYING AMOUNT OF LEASE LIABILITIES
NOK'000
2025
2024
As at 1 January
310 011
1 480 477
Additions
33 486
29 188
Interest on leasing liability
15 525
42 812
Lease payments
-66 737
-115 252
Disposals
0
-1 127 214
As at 31 December
292 285
310 011
Current lease liability
56 149
60 359
Non-current lease liability
236 136
249 652
MATURITY PROFILE FOR UNDINSCOUNTED CONTRACTUAL CASH FLOWS
NOK'000
2025
2024
Year 1
57 675
61 883
Year 2
51 010
42 667
Year 3
39 043
36 146
Year 4
33 005
27 878
Year 5
31 059
25 186
After 5 years
156 203
218 861
Total
367 995
412 621
NOTE 14 FINANCIAL INSTRUMENTS AND FAIR VALUE
ACCOUNTING PRINCIPLES
Financial assets
Financial assets are initially recognised at fair value when the Group becomes party to the contractual conditions
applicable to the instrument. Financial assets are subsequently measured at amortised cost using the effective
interest method, subject to loss provisions, except for market-trades shares and derivative financial instruments,
which are measured at fair value.
Financial assets are presented as current if the asset contractually will expire or otherwise is expected to be
recovered within 12 months after the balance sheet date, or if they are held for trading purposes. Gains or losses
from sale or settlement of financial assets are presented as Finance income or Finance cost respectively.
Financial liabilities
Financial liabilities are initially recognised at fair value when the Group becomes party to the contractual conditions
applicable to the instrument. Financial liabilities are subsequently measured at amortised cost using the effective
interest method, except for derivative financial instruments, which are measured at fair value.
Financial liabilities are presented as current if the liability is due to be settled or otherwise is expected to be settled
within 12 months after the balance sheet date. Gains or losses from sale or settlement of financial liabilities are
presented as Finance income or Finance cost respectively.
Derivatives
Derivative financial instruments are initially recognised at fair value when the Group becomes party to the
contractual conditions applicable to the instrument and is subsequently measured at fair value.
Derivatives are carried as assets when the fair value is positive and liabilities when the fair value is negative.
Derivatives are presented as non-current when they contractually can be or is expected to be settled more than
12 months after the balance sheet date.
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Cash flow hedging
The Group makes use of financial derivatives earmarked as hedging instruments in connection with highly probable
cash flows relating to the purchase of bunker fuel for the vessels. The hedging is documented as effective at
conclusion of the agreement, in that it counteracts price changes in the cash flows. Hedge accounting is applied for
these instruments with fair value changes over other comprehensive income (OCI). Any ineffective portion of a gain
or loss will be recognised in the profit or loss statement immediately. When the hedging contracts are exercised,
all accumulated gains and losses previously recognised in OCI are transferred to Direct cost of consumables and
services in the Consolidated statement of comprehensive income.
FINANCIAL INSTRUMENTS BY CATEGORY
The following tables presents the Groups classes of financial instruments and their carrying amounts.
Fair value through Hedge Total carrying
NOK'000
Note
Amortised cost
profit or loss
derivatives
Non-financial
amount
As at 31 December 2025
Non-current financial assets
35 087
35 087
Trade and other receivables
17
269 393
315 443
584 836
Other current financial assets
112 730
112 730
Cash and cash equivalents
18
1 177 195
1 177 195
Total assets
1 446 588
147 817
0
315 443
1 909 848
As at 31 December 2025
Non-current interest-bearing debt
20
4 042 169
4 042 169
Current interest-bearing debt
20
994 000
994 000
Trade and other payables
21
331 319
1 000 553
1 331 872
Other current financial liabilitites
4 897
38 087
42 984
Total liabilitites
5 367 488
4 897
38 087
1 000 553
6 411 025
Fair value through Hedge Total carrying
NOK'000
Note
Amortised cost
profit or loss
derivatives
Non-financial
amount
As at 31 December 2024
Non-current financial assets
48 275
48 275
Trade and other receivables
17
258 453
306 847
565 300
Other current financial assets
101 323
101 323
Cash and cash equivalents
18
961 737
961 737
Total assets
1 220 190
149 598
0
306 847
1 676 635
As at 31 December 2024
Non-current interest-bearing debt
20
4 322 927
4 322 927
Current interest-bearing debt
20
352 000
352 000
Trade and other payables
21
422 644
880 990
1 303 634
Other current financial liabilitites
0
23 937
23 937
Total liabilitites
5 097 571
0
23 937
880 990
6 002 498
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FAIR VALUE MEASUREMENT
The following table presents assets and liabilities measured at fair value in relation to accounts in the Consolidated
statement of financial position.
NOK'000
2025
2024
Interest rate swaps
35 087
48 275
Non-current financial assets
35 087
48 275
Market-traded shares
112 730
100 415
Currency derivatives
0
908
Other current financial assets
112 730
101 323
Currency derivatives
4 897
0
Bunker derivatives
38 087
23 937
Other current financial liabilitites
42 984
23 937
The various levels of fair value measurement are defined as follows:
•
Level 1: values are taken from traded prices in a market with a corresponding level of activity
•
Level 2: values that are supplied by third parties that are not part of an active market with associated traded prices
•
Level 3: values are calculated following a valuation of assets and liabilities not based on known market data
The table below show financial assets and liabilities at fair value by valuation method:
NOK'000
Level 1
Level 2
Level 3
Total fair value
At 31 December 2025
0
Non-current derivative financial instruments – assets
35 087
35 087
Current financial investments
112 730
112 730
Current derivative financial instruments – assets
0
0
Current derivative financial instruments – liabilitites
-42 984
-42 984
Net fair value
112 730
-7 897
0
104 833
At 31 December 2024
0
Non-current derivative financial instruments – assets
48 275
48 275
Current financial investments
100 415
100 415
Current derivative financial instruments – assets
908
908
Current derivative financial instruments – liabilitites
-23 937
-23 937
Net fair value
100 415
25 246
0
125 661
The fair value of Market-trades shares are based on the last traded prices in the market. The fair value of forward
contracts is determined by applying the forward exchange rates on the balance sheet date. The fair value of
currency swap agreements is calculated by determining the present value of future cash flows. The fair value of
interest-rate swap contracts is calculated by discounting the contractual cash flows by the zero-coupon rate from
the yield curve for the relevant currency. Fair value of Bunker fuel derivatives is calculated by determining the
present value of future Bunker fuel prices.
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NOTE 15 INVESTMENT IN ASSOCIATES
On 19 June 2024 the Group purchased all the shares in ONS Ship Finance AS, which up until this date was an
associated company measured with use of the equity method. The existing ownership interest (38.6%) was
remeasured at fair value with a resulting gain of NOK 143 509 thousand recognised in the Consolidated statement
of comprehensive income. See note 28 Acquisition for further details on this transaction.
NOK'000
2025
2024
Carrying amount as at 1 January
22 261
109 593
Share of net income
-963
1 727
Investment in associate
0
9 908
Remeasurement at fair value
0
143 509
Divestment
0
-258 381
Other
0
15 905
Carrying amount as at 31 December
21 298
22 261
NOTE 16 INVENTORIES
ACCOUNTING PRINCIPLES
Inventories is recognised at the lower of cost and net realisable value. The Groups finished goods consist of goods
which are either sold or consumed in the sales to customers. Bunker fuel consist of the Groups inventory of Bunkers
at balance sheet date, to be consumed by the vessels. From 1 January 2024 the Group is obligated to surrender
carbon allowances for Emissions. Inventory of carbon allowances consist of allowances acquired and held for the
purpose of covering the Group’s own Emissions.
NOK'000
2025
2024
Finished goods
192 697
187 887
Bunker oil
17 426
17 647
Carbon allowances
163 332
104 309
Inventory
373 455
309 843
For amounts of inventory recognised in the Consolidated statement of comprehensive income, see note 06 Direct
cost of consumables and services.
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CARBON ALLOWANCES
Acquired carbon allowances will be held until they are delivered as settlement for own Emissions. Allowances are to
be surrendered in the year after Emissions has taken place, i.e. allowances for 2025 Emissions will be surrendered in
2026. For further information on the Groups obligation to surrender carbon allowances for the year, see note 21 Trade
and other payables. The following table reconciles the number of owned carbon allowances and their carrying value:
Number of EUA allowances in thousand
Amount in NOK thousand
NOK'000
2025
2024
2025
2024
Opening balance at 1 January
120
0
104 309
0
Purchased allowances
240
120
176 554
104 309
Settled allowances
-138
0
-117 531
0
Closing balance at 31 December
222
120
163 332
104 309
As at 31 December 2025 The Group has entered into contracts for purchase of EUA allowances with deliveries and
payment in 2026 totaling EUR 4 million, approx. NOK 49 million.
NOTE 17 TRADE AND OTHER RECEIVABLES
NOK'000
2025
2024
Trade receivables from contracts with customers
114 151
119 244
Provision for bad debts
-4 143
-4 142
Net trade receivables
110 008
115 102
Recivable from related party
159 385
143 351
Prepaid expenses
261 400
235 346
Other current receivables
54 043
71 501
Trade and other receivables
584 836
565 300
See note 23 Related parties for information on Receivable from related party. For information relating
to measurement see note 14 Financial instruments and fair value. For description of credit risk see
note 03 Financial risk.
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NOTE 18 CASH AND CASH EQUIVALENTS
ACCOUNTING PRINCIPLES
The Groups Cash and cash equivalents consist of Cash and bank deposits less any drawings on bank overdrafts.
NOK'000
2025
2024
Cash and cash equivalents available
1 177 195
961 737
Restricted cash and cash equivalents
0
0
Cash and cash equivavalents
1 177 195
961 737
The Group has an undrawn bank overdraft facility of NOK 150 million.
NOTE 19 EQUITY
ACCOUNTING PRINCIPLES
Ordinary shares are classified as share capital. Expenses related directly to the issuing of new shares, less tax, are
recorded as a reduction of the amount received in equity.
The Group has a listed bond issue, COLG 20 (COLG 17 in previous year), in which Color Group has the unilateral right
not to make payments on the loan and the loan is subordinate to all other debt (“Hybrid-bond”). In the Consolidated
statement of financial position, the Hybrid-bond is classified as Equity and is initially recognised at fair value, net of
transaction cost, subsequently measured at amortised cost with use of the effective interest method, with changes
in carrying amount recognised directly against Equity. Cash flows relating to the Hybrid-bond is separately presented
in the statement of cash flows under Financing activities.
SHARE CAPITAL
The Share capital in the Parent company consist of 71 800 000 shares with a nominal value of NOK 2 each, in total
NOK 143.6 million. All shares carry equal rights and are owned by ONS Invest II AS. All the shares of ONS Invest II AS
are controlled indirectly by Director and Group President Olav Nils Sunde and his family.
HYBRID-BOND
In October 2024 Color Group issued an unsecured perpetual bond loan (COLG20) in the amount of NOK 800 million
with first call date (option for Color Group) after 3.5 years and an agreed coupon of 3 months NIBOR + 400 basis
points. The previous issued unsecured perpetual bond loan (COLG17) has been settled in its entirety in 2024.
As at 31 December 2025 (previous year) the carrying value of the Hybrid-bond is NOK 786 381 thousand
(NOK 780 667 thousand) and presented as Other equity components in the Consolidated statement of financial
position.
A total interest expense after tax of NOK 52 325 thousand (NOK 84 788 thousand) has been recognised as a
reduction in Total equity. Total cash payments for the year recognised is NOK 69 228 thousand (NOK 731 253
thousand).
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NOTE 20 INTEREST-BEARING DEBT
ACCOUNTING PRINCIPLES
Interest-bearing debt is initially recognised at fair value, net of transaction cost. Interest-bearing debt is
subsequently measured at amortised cost using the effective interest method. Transaction cost are recognised
as Interest expense as part of the effective interest. Interest-bearing debt is presented as non-current if there is a
right to defer payment for more than 12 months as at the balance sheet date, otherwise the Interest-bearing debt is
presented as current. Any gains or losses from sale or settlement of Interest-bearing debt are presented as Finance
income or Finance cost respectively.
Weighted average Carrying amount Fair value
interest rate in % as at 31 December as at 31 December
NOK'000
2025
2024
2025
2024
2025
2024
Unsecured bond issues
7.70
8.82
2 420 938
1 782 908
2 484 751
1 858 500
Secured loans
5.42
6.00
2 615 231
2 892 019
2 279 063
2 560 117
Interest-bearing debt
5 036 169
4 674 927
4 763 814
4 418 617
Current interest-bearing debt
994 000
352 000
Non-current interest-bearing debt
4 042 169
4 322 927
NOK'000
2025
2024
NOK
4 743 580
4 421 966
EUR
212 077
241 964
DKK
80 512
10 997
Interest-bearing debt
5 036 169
4 674 927
Interest rate on all bonds, loans and credit lines are set with NIBOR plus an agreed margin. The weighted average
interest rates above represents NIBOR plus agreed margin as at balance sheet date.
The fair value of bond loans is the market price quoted at year end. The fair value of secured loans is based on
the Groups estimate of any additional expenses for refinancing at year end. For futher information on Fair value
measurement see note 14 Financial instruments and fair value.
The Groups loan agreements contain covenants related to liquidity, equity and debt-servicing ratio. Color Group
was in compliance with all commitments at 31 December 2025. The Groups Vessels and other assets are pledged as
security for Secured loans. There is also granted Security on leases of terminal areas and negative asset pledges on
Vessels. The pledged asset had the following carrying value as of the balance sheet date:
NOK'000
2025
2024
Property, plant and equipment
5 761 325
5 773 411
Assets pledged as security as at 31 December
5 761 325
5 773 411
MATURITY PROFILE
The following table presents the undiscounted contractual cash flows (total of interest payments and instalments):
NOK'000
2025
2024
Less than one year
1 324 097
684 721
1–2 years
996 211
1 565 277
2–3 years
830 667
945 939
3–4 years
1 635 966
802 875
5 years or longer
1 380 374
1 867 548
Total
6 167 315
5 866 360
For further information on undrawn credit facilities, maturity profiles, liquidity- and interest rate risk see
note 03 Financial risk.
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RECONCILIATION OF CASH FLOWS FROM INTEREST-BEARING DEBT
Other non-
NOK'000
31 December 2024
New loans
Repayment
Amortisation
cash effects
31 December 2025
Unsecured bond issues
1 782 908
621 922
0
6 092
10 016
2 420 938
Secured loans
2 892 019
78 326
-361 381
5 568
699
2 615 231
Total
4 674 927
700 248
-361 381
11 660
10 715
5 036 169
Other non-
NOK'000
31 December 2023
New loans
Repayment
Amortisation
cash effects
31 December 2024
Unsecured bond issues
1 614 046
594 400
-434 930
6 462
2 930
1 782 908
Secured loans
2 541 283
643 350
-808 383
6 180
509 589
2 892 019
Total
4 155 329
1 237 750
-1 243 313
12 642
512 519
4 674 927
In November 2025 Color Group issued an unsecured bond loan (COLG21) in the amount of NOK 900 million which
matures in November 2030. In conjunction with this issue the company partially repurchased bond loan COLG18
(maturity August 2026) in the amount of NOK 257 million.
GUARANTEES
The Group has a frame agreement on guarantees on tax withholdings of NOK 51 million. In addition, the Group has
furnished guarantees to the value of approximately NOK 176 million to travel guarantee funds, as well as other
guaranties in Norway and abroad of NOK 230 million, EUR 55 million and DKK 60 million respectively.
NOTE 21 TRADE AND OTHER PAYABLES
ACCOUNTING PRINCIPLES
Provisions are recognised when the Group has a present obligation resulting from a past event and measured at best
the estimate of expenditures required to settle the present obligation.
Accruals for owed carbon allowances to date are recognised as incurred in line with Emissions. Subsequently the
accruals are measured at carrying value of carbon allowances already held, to the extent that that the Group owns
carbon allowances. For Emissions above owned carbon allowances the accruals are measured at market price or
agreed future price in the event the Group has contracts for future delivery in place as at the balance sheet date.
Cost of carbon allowances is recognised in Direct cost of consumables.
NOK'000
2025
2024
Trade payables
331 319
422 644
Prepayments from customers
363 611
334 479
Accruals for carbon allowances
176 676
117 454
Owed public taxes
105 045
102 249
Other accruals
355 221
326 808
Trade and other payables
1 331 872
1 303 634
For information relating to measurement see note 14 Financial instruments and fair value.
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NOTE 22 IMPAIRMENT TESTING
ACCOUNTING PRINCIPLES
All non-financial assets are reviewed annually to determine if there are any indications of impairment. The Group
performs an impairment test if there are any indications of impairment or at a minimum each year by comparing
recoverable amount with carrying value. The recoverable amount applied is normally estimated value in use. The
Group may also apply the assets fair value less cost to sell as recoverable amount when such value is available and
reasonably reliable.
When estimating value in use the Group apply budgets and long-term plans which are approved by Group
management and the Board of Directors. The value in use calculation is based on a discounted cash flow model, with
an explicit forecast period of five years and a calculation of terminal value.
ESTIMATE UNCERTAINTY
The estimation of value in use are subject to uncertainty. The calculation is based on key assumptions as described
below and are influenced by factors like interest rates, market conditions, climate risk and other risk. Management
applies assumptions viewed as realistic based on experience and available information. Changes in the assumptions
could result in a change of the accounting estimate and carrying value the Groups non-financial assets.
KEY ASSUMPTIONS
%
2025
2024
Discount rate before tax
10.52
10.61
Discount rate after tax
8.71
8.83
Long-term growth rate
2.00
2.00
In calculating value in use the Group has applied a weighted average cost of capital (WACC) where the cost of equity
and the cost of debt are weighted according to an average capital structure in peers. The Capital asset pricing
model (CAPM) is applied to estimate the cost of equity. The Group has applied a risk free interest based on 10-year
Norwegian government bonds, a risk premium based on the markets risk premium multiplied by average unlevered
beta in peers. The cost of debt is based on expected long-term interest rate.
The Group is exposed to changes in the travel and tourism industry, including competition from other operators in
the industry. There are no indications that the stable operations of the Group should not continue in the years to
come. In the explicit forecast period moderate growth rates has been applied. A long-term growth rate of 2.0% has
been applied in calculation of the terminal value.
Future profit margins and investments are based on the Groups expectations to the explicit forecast period, which
include initiatives to limit climate changes and comply with anticipated environmental and other requirements. This
includes expected costs relating to mandatory purchases of carbon allowances and long-term investments on ships
to ensure that operations are conducted in accordance with environmental requirements. See note 4 Climate for
further information on climate risk and implications for the Group.
SENSITIVITY
The impairment test has not indicated any impairment need for the Groups non-financial assets. Sensitivity analyses
have been performed in which the discount rate is increased by one % point, a one % point reduction in growth
applied in the terminal value and a reduction of the estimated cash flows by 25%. None of these adjustments would
individually have changed the conclusion.
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NOTE 23 RELATED PARTIES
Color Group is controlled by O.N. Sunde Holding AS and part of the “ONS Group”. Through the normal course of
business the Group has transactions with other companies part of the ONS Group. The following table presents
transactions with related parties including information of relation to Color Group as at 31 December:
NOK'000
2025
2024
Direct cost of consumables and services – other group companies
14 143
11 778
Finance income – parent
10 340
24 345
Trade and other receivables – parent
159 385
143 030
Trade and other receivables – other group companies
0
321
Trade and other paybles – other group companies
1 093
814
NOTE 24 MANAGEMENT AND AUDITOR REMUNERATION
2025 – NOK'000
Salary
Bonus
Pension cost
Other
Total
Olav Nils Sunde (Group CEO Color Group)
0
0
0
0
0
Trond Kleivdal (Group CEO Color Line)
5 153
2 743
279
546
8 723
Morten Garman (Chariman of the Board)
650
0
0
0
650
2024 – NOK'000
Salary
Bonus
Pension cost
Other
Total
Olav Nils Sunde (Group CEO Color Group)
0
0
0
0
0
Trond Kleivdal (Group CEO Color Line)
4 875
3 048
283
529
8 735
Morten Garman (Chairman of the Board)
650
0
0
0
650
GUIDELINES FOR REMUNERATION TO SENIOR MANAGERS
Remunerations to senior personnel in the Group are to be based on the following main principles:
The principle governing basic salary
Persons in executive positions shall receive a competitive basic salary based on the position, responsibilities,
competence and performance of the individual executive.
The principle governing variable benefits, incentive schemes etc.
Executives may receive a variable salary. This will serve as an incentive, to stimulate profit orientation. A variable
salary is based on the achievement of targets by the Group, division or company in which the executive is employed.
The principle governing non-cash benefits
Executives may be offered various benefits, such as company car schemes, insurance, pensions and the like.
Benefits in kind shall primarily take the form of communications equipment to allow the executive to be available
to the Company.
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Post-termination salary scheme
The Group President of Color Line, Trond Kleivdal will, in the event of termination not covered by the provisions of
the Working Environment Act, receive three years' post-termination salary.
Information on the preparation and decision-making process
Salary terms for the Chief Executive Officer are reviewed by the Board on an annual basis. The Board draws up
guidelines on an annual basis, and a statement is submitted to the General Meeting for discussion.
Report on the policy for the remuneration of executives
As in previous years, the guidelines governing executive salaries as described above were followed during this past
financial year. Remuneration paid to senior executives is charged to the company as an expense and has no other
direct consequence for the company's shareholders.
AUDITOR REMUNERATION
NOK'000
2025
2024
Statutory audit
4 909
5 463
Other assurance services
2 526
2 538
Total fee to auditor (exclusive VAT)
7 435
8 001
NOTE 25 SEGMENT INFORMATION
The Board of Directors and the Group CEO of Color Group is identified as the Chief operating decision maker, and
is regularly provided with segment information used to make decisions about resource allocation and evaluation of
performance. Color Group have identified one reportable segment:
Cruise and transport – this part of the business operates under the name Color Line and provides international
transport of cargo and passengers together with related service offerings.
All other segments – the column includes head office and group services together with the operation of a hotel in
Skagen (DK). This is not a reportable segment as it is not large enough to require separate reporting.
To evaluate performance of the operating segments a measure of adjusted earnings before interest, tax,
depreciation and amortization (Adjusted EBTIDA) is used (Segment profit). Segment profit excludes significant items
of income or expenditures which might have an impact on the quality of earnings such as gains of a special nature or
restructuring expense. Furter the profit measure includes operational leases expense.
Tax, depreciation and amortisation together with assets and liabilities are not allocated to the segments but provided
to the chief decision maker on a consolidated level. Finance income and Finance cost are not allocated to segments,
because financing and cash management activities are the responsibility of the Group’s central treasury function.
NOK'000 Cruise and All other
The year ended 31 December 2025 transport
segments
Total
Revenue from contracts with customers
6 644 259
69 486
6 713 745
Other operating income
10 257
356
10 613
Segment income
6 654 516
69 842
6 724 358
Direct cost of consumables and services
-2 503 032
-15 343
-2 518 375
Personnel expenses
-1 800 657
-39 945
-1 840 602
Other operating expenses
-1 233 095
-24 291
-1 257 386
Segment profit
1 117 732
-9 737
1 107 995
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NOK'000 Cruise and All other
The year ended 31 December 2024 transport
segments
Total
Revenue from contracts with customers
6 557 410
66 857
6 624 267
Other operating income
14 623
0
14 623
Segment income
6 572 033
66 857
6 638 890
Direct cost of consumables and services
-2 383 723
-15 505
-2 399 228
Personnel expenses
-1 718 623
-38 226
-1 756 849
Other operating expenses
-1 158 394
-25 993
-1 184 387
Segment profit
1 311 293
-12 867
1 298 426
Segment income reconciles to Total operating income as follows:
NOK'000
2025
2024
Segment income
6 724 358
6 638 890
Gain on derecognition of lease agreement
0
44 814
Total operating income
6 724 358
6 683 704
Segment profit reconciles to Profit before tax as follows:
NOK'000
2025
2024
Segment profit
1 107 995
1 298 426
Gain on derecognition of lease agreement
0
44 814
Adjustment for leases
48 064
48 333
Other adjustments
22
-881
Depreciation and amortisation
-593 976
-582 605
Gain on purchase of subsidiary
0
143 509
Finance income
69 971
93 533
Finance costs
-398 693
-435 280
Profit before tax
233 383
609 849
NOTE 26 GROUP COMPANIES
The following companies form part of the Group and has been consolidated:
Ownership share Ownership share
Company name
Country
31 Dec 2025 31 Dec 2024
Color Group AS
Norway
Parent
Parent
Color Line AS
Norway
100
100
Color Hotels AS
Norway
100
100
Color Line Cruises AS
Norway
100
100
Color Line Transport AS
Norway
100
100
Color Line Crew AS
Norway
100
100
Color Line Marine AS
Norway
100
100
Color Marine Verksted AS
Norway
100
100
Bergen Line AS
Norway
100
100
Norway Line AS
Norway
100
100
Color Scandi Line AS
Norway
100
100
Scandi Line AS
Norway
100
100
Terminalbygget AS
Norway
100
100
Larvik Line AS
Norway
100
100
Kristiansand Line AS
Norway
100
100
Color Hotel Skagen AS
Denmark
100
100
Color Line Danmark AS
Denmark
100
100
Hirtshals Skipsproviantering AS
Denmark
100
100
Color Line GmbH
Germany
100
100
ONS Ship Finance AS
Norway
100
100
Oslo Line AS
Norway
100
100
ONS Ship Invest I AS
Norway
100
100
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NOTE 27 DEFINITIONS
The values of debt and liquidity are shown as measures of the financial strength of the Group and all the alternative
performance measures are used consistently over time. Any changes in the definitions of the values are also applied
to the comparative figures. All the alternative performance measures used by the Group show historical financial values.
To increase relevance and comparability Color Group uses the following alternative performance measures in
addition to those defined in IFRS:
•
Operating profit before depreciation and amortisation (EBITDA)
•
Net interest-bearing debt
•
Available liquidity
•
Liquid assets
•
Equity ratio
•
Debt-to-equity ratio
Operating profit before depreciation and amortisation (EBITDA) is recorded in the income statement on the line
showing “Operating profit before depreciation and amortisation”. Reconciliation of the performance measure is
shown in the income statement.
Net interest-bearing debt is defined as total interest-bearing debt to credit institutions and bond loans (excluding
Hybrid bond debt) less Liquid assets. The calculation is shown in note 03 Financial risk.
Available liquidity consist Liquid Asset as well as unused drawing rights granted by financial institutions. The
calculation is shown in 03 Financial risk.
Liquid assets consist of cash and bank deposits less drawings on bank overdrafts, as well as market-traded shares.
The calculation is shown in 03 Financial risk.
Equity ratio is defined as the Group’s book equity on balance sheet date divided by the balance sheet total. The value
is expressed as a percentage. Equity and the balance sheet total are shown in the Statement of financial position.
Debt-to-equity ratio is calculated as Net interest-bearing debt divided by book equity. The calculation is shown in
03 Financial risk.
NOTE 28 ACQUISITIONS
On 19 June 2024, the Group obtained control of the associated company ONS Ship Finance (and subsidiaries),
referred to in the following as ONS Ship Finance. The transaction proceeded by means of the purchase of 61.4% of
the shares of the company from O.N. Sunde, which controls Color Group. Prior to the transaction the Group owned a
38.6% interest. The transaction has been recognised as a step acquisition where the existing ownership interest was
recognised at fair value with a gain in the income statement together with the purchase of the shares at cost.
Color Group has offset NOK 411 million in existing claims on O.N. Sunde in exchange for 61.4% of the shares of ONS
Ship Finance. The fair value of the existing ownership interest was NOK 258 million, making for a total fair value
of the sum paid for the net ownership of NOK 669 million. As part of the transaction, ownership was acquired of
NOK 139 million in bank deposits, this being reported in the statement of Cash flows in the accounting item Net cash
flow from investing activities.
For the purposes of initial recognition, the purchase price has been measured at the fair value of net identifiable
assets. The cost of the group of assets are allocated to the individual identifiable assets and liabilities on the basis
of their relative fair values at the date of purchase. The transaction does not meet IFRS definitions of a business
combination and is recognised as a purchase of a group of asset. As a consequence, no deferred tax liability relating
to the value of the Vessel has been recognised. Other tax positions have been recognised. The following net assets
are recognised in the transaction:
NOK'000
Property, plant and equipment (Vessels)
1 080 307
Trade and other receivables
2 510
Cash and cash equivalents
139 427
Deferred tax liability
-41 386
Current interest-bearing debt
-497 515
Income tax payable
-3 909
Trade and other payables
-10 052
Net identifiable assets
669 382
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From the point at which control was obtained the previous charter agreement for leasing the M/S SuperSpeed 2
ceased to apply. The Right of use asset and the associated lease obligation in the amounts of NOK 1 081 million
and NOK 1 126 million respectively where derecognized in the Consolidated statement of financial position. In the
transaction a gain of NOK 45 million has been reported in the income statement before tax in the accounting item
Operating revenues.
NOTE 29 EVENTS AFTER THE BALANCE SHEET DATE
The Group is carefully following the situation in Iran and the Middle East, and remains assured of both the
effectiveness of its bunker price-protection measures and the dependable supply of bunker products for the fleet
overall.
In January 2026 the bond COLG21 was listed on the Oslo Stock Exchange.
During 2026 the Group has entered into contracts for purchase of EUA allowances with deliveries and payment in
2026 totaling EUR 21 million, approx. NOK 245 million.
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PARENT COMPANY FINANCIAL STATEMENTS
Income Statement
153
Balance Sheet
154
Cash Flow Statement
155
Notes to the Financial Statements
156
Note 01 General Information
156
Note 02 Accounting Policies
156
Note 03 Financial Risk and Capital Management
157
Note 04 Revenue
158
Note 05 Payroll Expenses
158
Note 06 Other Operating Expenses
159
Note 07 Net Financial Items
159
Note 08 Tax
160
Note 09 Subsidiaries
161
Note 10 Related Parties
161
Note 11 Financial Instruments
162
Note 12 Inventories
162
Note 13 Trade and Other Receivables
163
Note 14 Cash and Cash Equivalents
163
Note 15 Equity
163
Note 16 Interest-Bearing Debt
164
Note 17 Events after the Balance Sheet Date
165
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Income Statement
NOK'000 Note 2025 2024
Revenue 4 197 017 194 340
Payroll expenses
5 -6 021 -5 012
Depreciation -240 -192
Other operating expenses
6 -13 362 -15 293
Total operating expenses -19 623 -20 497
Operating profit 177 394 173 843
Income from subsidiaries 220 521 267 498
Income from other investments 26 465 2 377
Interest received from group companies 208 055 231 205
Other financial income 24 643 32 456
Change in value of financial instruments -13 188 13 082
Interest expense on borrowings -404 155 -460 879
Other financial expense -19 286 -25 359
Net financial items
7 43 055 60 380
Pre-tax profit (loss) 220 449 234 223
Tax cost
8 -10 168 -54 354
Net profit (loss) 210 281 179 869
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Balance Sheet
NOK'000 Note 2025 2024
Non-current assets
Intangible assets 4 000 4 000
Deferred tax asset
8 70 866 45 546
Equipment 0 673
Shares in subsidiaries
9 4 014 345 4 014 345
Loans to group companies
10 2 164 235 2 212 844
Non-current financial assets
11 35 087 48 275
Other non-current assets 22 398 23 361
Total non-current assets 6 310 931 6 349 044
Current assets
Inventories
12 163 332 104 309
Other receivables
13 381 722 410 955
Current financial assets
11 112 730 101 323
Bank deposits and cash
14 1 063 741 775 877
Total current assets 1 721 525 1 392 464
Total assets 8 032 456 7 741 508
NOK'000 Note 2025 2024
Equity
Share capital 143 600 143 600
Share premium 1 478 436 1 478 436
Other equity 517 671 507 389
Total equity
15 2 139 707 2 129 425
Non-current liabilitites
Liabilities to financial institutions
16 2 534 718 2 881 022
Bonds
16 3 207 319 2 563 575
Total non-current liabilitites 5 742 037 5 444 597
Current liabilitites
Trade and other payables 72 240 80 646
Tax payable
8 35 488 62 903
Current financial liabilitites
11 42 984 23 937
Total current liabilitites 150 712 167 486
Total equity and liabilitites 8 032 456 7 741 508
Oslo, 25 March 2026
The Board of Directors of Color Group AS
Document signed electronically
Morten Garman
Chairman
Olav Nils Sunde
Director and CEO
Camilla Sunde
Director
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Cash Flow Statement
NOK'000 Note 2025 2024
Pre-tax profit (loss) 220 449 234 223
Adjustments to reconcile profit before tax to net cash flow:
Depreciation 240 192
Finance income -466 496 -546 618
Finance cost 423 441 486 238
Other adjustments -4 004 3 567
Change in operating assets and liabilitites, net of effects presented
as investing or finance cash flows:
Inventory -59 023 -104 309
Trade and other receivables -1 389 -238
Trade and other payables -6 269 10 029
Cash generated from operations 106 949 83 084
Interest received 232 697 239 316
Interest paid -388 917 -418 254
Net cashflow from market based shares 14 150 -49 549
Income tax paid -62 903 -28 289
Net cash flows from operating activities -98 024 -173 692
NOK'000 Note 2025 2024
Dividends/ group contributions from subsidiaries 267 498 195 218
Payments for other investments 0 -11 008
Net cash flows from investing activitites 267 498 184 210
Proceeds from borrowings
16 621 923 2 017 750
Repayment of borrowings
16 -352 142 -1 370 263
Received group contributions 0 92 619
Payment of dividend -200 000 -150 000
Proceeds from other receivables 48 609 -49 388
Net cash flows from Financing activitites 118 390 540 718
Net change in cash and cash equivalents 287 864 551 236
Cash and cash equivalents at the beginning of period 775 877 224 641
Cash and cash equivalents at the end of period 1 063 741 775 877
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Notes to the Financial Statements
NOTE 01 GENERAL INFORMATION
Color Group AS (“the Company”) is the parent company of the Color
Group which consist of Color Group AS and its subsidiaries. The Company
is a limited company headquartered in Norway at Bryggegata 3, Oslo.
Color Group AS main activities include shareholding in group companies,
financing and financial risk management for the Group. The Company has
corporate bond issues listed on the Oslo Stock Exchange.
The Board approved Color Group’s consolidated financial statements at its
meeting on 25 March 2026.
NOTE 02 ACCOUNTING POLICIES
The financial statements for Color Group AS have been prepared in
accordance with the Norwegian Accounting Act and generally-accepted
accounting practices in Norway.
FOREIGN CURRENCY
Transaction in foreign currencies are translated at the exchange rates
at the time of the transaction. Monetary items in foreign currencies are
translated to Norwegian kroner using the exchange rate applicable on
the balance sheet date. Non-monetary items measured at historical cost
expressed in foreign currencies are converted to Norwegian kroner at
the exchange rates at the time of the transaction. Non-monetary items
measured at fair value expressed in foreign currencies are translated at
the exchange rate applicable on the date of measurement. Exchange rate
fluctuations are recognised in the income statement as they occur under
net financial items.
REVENUES
Revenues are recognised in the Income statement as it is earned.
TAX
Tax cost comprise of taxes payable and change in deferred tax for the
period. Deferred tax is calculated using the applicable tax rate in Norway
on the basis of the temporary differences existing between accounting and
tax values, as well as tax losses carried forward at the end of the reporting
year. Deferred tax asset is recognised in the balance sheet to the extent
it is probable that the company subsequently will have adequate taxable
profit to utilise the tax asset.
CLASSIFICATION AND VALUATION
OF BALANCE SHEET ITEMS
Current assets and current liabilities include items that come due for
payment within one year of the balance sheet date, as well as items
relating to the circulation of goods. Other items are classified as
non-current assets/non-current liabilities.
Current assets are measured at the lower of cost and fair value. Current
liabilities are reported in the balance sheet at nominal value at the date
they are incurred. Fixed assets are valued at original cost less depreciation
and write-downs. Non-current liabilities are reported in the balance sheet
at nominal value at the date they are incurred.
SUBSIDIARIES
Investment in subsidiary companies is measured using the cost method.
The investment is valued at the cost of acquiring the shares less any
subsequent impairment. Impairment of such items are recognised when a
decrease in fair value cannot be temporary. Impairment is reversed if the
basis of the impairment no longer applies.
Dividends and group contributions from subsidiaries are taken to income
in the same year as the provision is made in the subsidiary. Dividend and
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group contributions from subsidiaries which exceeds retained earnings over
the period of ownership is considered as repayments of the acquisition cost.
PENSIONS
The Company has a defined contribution pension scheme for all employees.
The contributions are recognised in the Income statement as they incur.
BORROWING COSTS
Borrowing costs attributable to the raising of new debt are charged to
debt in the balance sheet and amortised over the term of the loan. Other
borrowing costs are recognised in the income statement in the period in
which they are incurred.
DERIVATIVES
Derivatives are recognised in the Company's balance sheet when the
Company becomes a party to the contractual conditions applicable to the
instrument. Derivatives are initially recognised in the balance sheet at fair
value on the day the contract is concluded and thereafter measured at
fair value at each balance sheet date with the change recognised in Net
financial items.
MARKET-TRADED SHARES
Investment in market-traded shares are initially recognised in the balance
sheet at cost and thereafter measured at fair value at each balance sheet
date with the change recognised in Net financial items.
CASH FLOW STATEMENT
The Cash Flow Statement has been prepared on the basis of the indirect
method. Cash and cash equivalents consist of bank deposits.
NOTE 03 FINANCIAL RISK AND CAPITAL MANAGEMENT
GENERAL INFORMATION
The Company is primarily exposed to market risk and liquidity risk. The
management of such risks do not differ from Group as described in the
Group consolidated financial statements note 03 Financial risk and capital
management.
The main financial risks borne by the Company are related to foreign
currency, interest rates and liquidity risk/refinancing risk. The Company
monitors the individual areas on an ongoing basis to ascertain possible
current and future risks.
The Company makes use of financial derivatives to manage risk on behalf
of subsidiaries in the Group (currency and bunker fuel). The subsidiary
companies bear all the financial effects from these derivatives.
MARKET RISK
Currency risk
The Company has primarily exposure for changes in the exchange rate
between EUR and NOK related to an EUR nominated loan. A change in the
exchange of EUR against NOK of +/- 10% would affect Pre-tax profit (loss)
with approximately NOK 21 million.
Interest rate risk
The Company’s primary exposure to interest rate risk comes from its loan
portfolio. This risk is partly offset by loans to group companies, interest
rate swaps and cash and cash equivalents.
A change in the interest rate level of +/- 1% would affect Pre-tax profit
(loss) by approximately +/- NOK 11 million.
NOK'000 As at 31 December
Unsecured bond issues 3 207 319
Liabilitites to financial institutions 2 534 718
Interest-bearing debt 5 742 037
Liquid assets 1 176 471
Loans to group companies 2 164 235
Interest-rate swaps 1 314 980
Net amount 1 086 351
Interest rate sensitivity at +/- 1 percent point change 10 864
LIQUIDITY RISK
Available liquidity as at 31 December 2025 amounts to NOK 1 976 million,
including unused drawing rights.
NOK'000 2025 2024
Cash and cash equivalents 1 063 741 775 877
Market-traded shares 112 730 100 415
Liquid assets 1 176 471 876 292
Unused drawing rights 800 000 679 000
Availible liquidity 1 976 471 1 555 292
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NOTE 04 REVENUE
The Company receives royalty income from subsidiaries. As part of the reorganization of Color Group, the ferry
business of Color Group ASA was transferred to Color Line AS with effect from 1998. The rights to use names
and trademarks and the use of pre-developed shipping lines, quay rights etc. were not subject to transfer. Royalty
agreements have been concluded between the companies regulating Color Line's use of rights connected with the
ferry business and remuneration for such use.
NOTE 05 PAYROLL EXPENSES
NOK'000 2025 2024
Salaries 4 747 4 174
Payroll tax 1 068 519
Pension cost 126 125
Other personnel expenses 80 194
Payroll expenses 6 021 5 012
Number of full time equivalents 2 2
The Company has a defined contribution scheme in place for all employees, as required by the Act relating to
mandatory occupational pensions. Color Group AS pays contributions to a life assurance company, which manages
the contributions on behalf of the employees.
MANAGEMENT REMUNERATION
2025 – NOK'000 Salary Bonus Pension cost Other Total
Olav Nils Sunde (Group CEO Color Group) 0 0 0 0 0
Morten Garman (Chariman of the Board) 650 0 0 0 650
2024 – NOK'000 Salary Bonus Pension cost Other Total
Olav Nils Sunde (Group CEO Color Group) 0 0 0 0 0
Morten Garman (Chairman of the Board) 650 0 0 0 650
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NOTE 06 OTHER OPERATING EXPENSES
NOK'000 2025 2024
Office and administrative expenses 3 586 4 077
Professional fees 4 582 6 301
Other 5 194 4 915
Other operating expenses 13 362 15 293
AUDITOR REMUNERATION
NOK'000 2025 2024
Statutory audit 1 534 2 201
Other assurance services 1 802 1 830
Total fee to auditor (exclusive VAT) 3 336 4 031
NOTE 07 NET FINANCIAL ITEMS
FINANCIAL INCOME
Financial income is primarily related to receipts of dividends or group contributions from subsidiary companies
(Income from subsidiaries) and interest income on receivables from group companies (Interest received from group
companies). See note 10 Related parties for further information.
FINANCIAL EXPENSE
Financial expenses are primarily related to interest expenses on liabilities to financial institutions and bonds (Interest
expense on borrowings).
See note 16 Interest-bearing debt for further information.
OTHER FINANCIAL ITEMS
Other components of Net financial items primarily relate to changes in fair value of financial instruments, gain or
loss on shares, foreign exchange gains/losses, share of loss in associate and other financial income/expense.
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NOTE 08 TAX
INCOME TAX EXPENSE
NOK'000 2025 2024
Current period payable income tax 35 488 62 903
Change in deferred tax -25 320 -8 549
Income tax expense 10 168 54 354
RECONCILIATION OF STATUTORY TAX RATE TO EFFECTIVE TAX RATE
NOK'000 2025 2024
Profit before income tax 220 449 234 223
Calculated income tax at 22% 48 499 51 529
Non taxable dividends/group contributions -33 000 0
Other permanent differences -5 331 2 825
Income tax expense 10 168 54 354
Effective tax rate 4.6% 23.2%
RECOGNISED DEFERRED TAX LIABILITITY/ (-ASSET)
2025 2024
Property, plant and equipment -10 40
Derivatives 7 719 10 620
Other assets and -liabilitites 2 319 2 448
Interest reductions carried forward -80 894 -58 654
Net deferred tax liability/(asset) -70 866 -45 546
Presentation in the statement of Financial Position
Deferred tax asset 70 866 45 546
Deferred tax liability - -
Net deferred tax liability/(asset) -70 866 -45 546
CHANGE IN NET DEFERRED TAX LIABILITY
NOK'000 2025 2024
Net deferred tax liability/(asset) as at 1 January -45 546 -36 996
Recognised in statement of income -25 320 -8 549
Net deferred tax liability/(asset) as at 31 December -70 866 -45 546
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NOTE 09 SUBSIDIARIES
Company name Business office
Owner/voting
share %
Carrying amount
as of 31 Dec
Color Line AS Oslo, Norway 100 4 014 245
Color Hotels AS Oslo, Norway 100 100
Total 4 014 345
NOTE 10 RELATED PARTIES
Color Group AS is fully owned by ONS Invest II AS and part of the “ONS Group”. All parties under control of the
parent company O.N. Sunde AS and its owners constitute related parties. Significant transactions and balances with
related parties as at 31 December are presented in the table below:
NOK'000 2025 2024
Income statement
Revenue – royalty subsidiaries 197 017 194 340
Interest received from group companies – O.N. Sunde AS 10 340 24 345
Interest received from group companies – Subsidiaries 197 715 206 860
Balance sheet
Loans to group companies – Subsidiaries 2 164 235 2 212 844
Other receivables – O.N. Sunde AS 159 385 143 030
Other receivables group contributions and dividends – Subsidiares 220 521 267 498
The Company receives royalty from subsidiaries as described in note 04 Revenue, interest on loans to subsidiaries
and receivable amount against the parent company O.N. Sunde AS.
Current year the Company has recognised group contributions and dividends from subsidiaries totaling NOK 220 521
thousand in the income statement.
In 2024 the Company purchased shares in ONS Ship Finance from O.N. Sunde AS for NOK 411 000 thousand with
offset in the receivable amount the Company has against O.N. Sunde AS. These shares were then sold to Color Line
AS for NOK 411 000 thousand by establishing a corresponding interest-bearing receivable.
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NOTE 11 FINANCIAL INSTRUMENTS
The following table presents assets and liabilities measured at fair value in relation to accounts in the Balance sheet.
NOK'000 2025 2024
Interest rate swaps 35 087 48 275
Non-current financial assets 35 087 48 275
Market-traded shares 112 730 100 415
Currency derivatives 0 908
Current financial assets 112 730 101 323
Currency derivatives 4 897 0
Bunker derivatives 38 087 23 937
Current financial liabilitites 42 984 23 937
NOTE 12 INVENTORIES
NOK'000 2025 2024
Carbon allowances 163 332 104 309
Inventories 163 332 104 309
The Company acquires carbon allowances as part of their risk management activities on behalf of the Group
companies which are obligated to surrender allowances based on CO
2
emissions (Emissions). These carbon
allowances will be sold to a subsidiary company at cost as these allowances are to be surrendered.
Number of EUA allowances in thousand Amount in NOK thousand
NOK'000 2025 2024 2025 2024
Opening balance at 1 January 120 0 104 309 0
Purchased allowances 240 120 176 554 104 309
Sold allowances -138 0 -117 531 0
Closing balance at 31 December 222 120 163 332 104 309
As at 31 December 2025 the Company has entered into contracts for purchase of EUA allowances with deliveries and
payment in 2026 totalling EUR 4 million, approx. NOK 49 million.
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NOTE 13 TRADE AND OTHER RECEIVABLES
NOK'000 2025 2024
Recivable from related party 159 385 143 030
Dividends and group contributions 220 521 267 498
Other current receivables 1 816 426
Trade and other receivables 381 722 410 955
See note 10 Related parties for further information on Receivable from related party and Dividends and group
contributions.
NOTE 14 CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of bank deposits less any drawings on bank overdrafts.
NOK'000 2025 2024
Cash and cash equivalents available 1 063 741 775 877
Restricted cash and cash equivalents 0 0
Cash and cash equivavalents 1 063 741 775 877
The Company has an undrawn bank overdraft facility of NOK 150 million.
NOTE 15 EQUITY
SHARE CAPITAL
The Share consist of 71 800 000 shares with a nominal value of NOK 2 each, in total NOK 143.6 million. All shares
carry equal rights and are owned by ONS Invest II AS. All the shares of ONS Invest II AS are controlled indirectly by
Director and Group President Olav Nils Sunde and his family.
NOK'000 Share capital Share premium Other equity Total
As at 1 January 2024 143 600 1 478 436 477 520 2 099 556
Net profit (loss) 179 869 179 869
Dividends -150 000 -150 000
As at 31 December 2024 143 600 1 478 436 507 389 2 129 425
As at 1 January 2025 143 600 1 478 436 507 389 2 129 425
Net profit (loss) 210 281 210 281
Dividends -200 000 -200 000
As at 31 December 2025 143 600 1 478 436 517 671 2 139 707
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NOTE 16 INTEREST-BEARING DEBT
Weighted average
interest rate in %
Carrying amount as at
31 December
Fair value as at
31 December
NOK'000 2025 2024 2025 2024 2025 2024
Bonds 7.83 8.79 3 207 319 2 563 575 3 299 791 2 662 420
Liabilitites to financial institutions 5.40 6.01 2 534 718 2 881 022 2 198 551 2 549 121
Interest-bearing debt 5 742 037 5 444 597 5 498 342 5 211 541
NOK'000 2025 2024
NOK 5 529 960 5 202 633
EUR 212 077 241 964
Interest-bearing debt 5 742 037 5 444 597
Interest rate on all bonds, loans and credit lines are set with NIBOR plus an agreed margin. The weighted average
interest rates above represents NIBOR plus agreed margin as at balance sheet date.
The fair value of bond loans is the market price quoted at year end. The fair value of secured loans is based on an
estimate of any additional expenses for refinancing at year end.
The loan agreements contain covenants related to liquidity, equity and debt-servicing ratio, measured at the Group
level. The Group was in compliance with all commitments at balance sheet date, 31 December 2025. Vessels and
other assets owned by subsidiaries are pledged as security. There is also granted Security on leases of terminal
areas and negative asset pledges on Vessels.
MATURITY PROFILE
The following table presents the undiscounted contractual cash flows (excluding the unsecured perpetual Bond loan
COLG 20, with nominal value of NOK 800 million and interest payments). The Company is not obligated to repay this
loan but pay interest of 3 months NIBOR + 400 basis points as long as the Bond is not called.
NOK'000 2025 2024
Less than one year 1 315 057 679 384
1–2 years 985 783 1 558 579
2–3 years 787 498 945 939
3–4 years 1 634 334 802 875
5 years or longer 1 348 628 1 867 548
Total 6 071 300 5 854 324
For further information on undrawn credit facilities, liquidity and interest rate risk see note 03 Financial risk.
RECONCILIATION OF CASH FLOWS FROM INTEREST-BEARING DEBT
NOK'000
31 December
2024 New loans Repayment Amortisation
Other non-
cash effects
31 December
2025
Unsecured bond issues 2 563 575 621 922 0 11 806 10 016 3 207 319
Secured loans 2 881 022 0 -352 142 5 568 270 2 534 718
Interest-bearing debt 5 444 597 621 922 -352 142 17 374 10 286 5 742 037
NOK'000
31 December
2023 New loans Repayment Amortisation
Other non-
cash effects
31 December
2024
Unsecured bond issues 2 237 746 1 374 400 -1 065 050 10 179 6 300 2 563 575
Secured loans 2 526 062 643 350 -305 213 5 372 11 451 2 881 022
Interest-bearing debt 4 763 808 2 017 750 -1 370 263 15 551 17 751 5 444 597
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In November 2025 Color Group issued an unsecured bond loan (COLG21) in the amount of NOK 900 million which
matures in November 2030. In conjunction with this issue the company partially repurchased bond loan COLG18
(maturity August 2026) in the amount of NOK 257 million.
GUARANTEES
The Company has a frame agreement for the Group on guarantees on tax withholdings of NOK 51 million. In addition,
the Company has furnished other guarantees to the value NOK 230 million, EUR 55 million and DKK 60 million.
NOTE 17 EVENTS AFTER THE BALANCE SHEET DATE
In January 2026 the bond COLG21 was listed on the Oslo Stock Exchange.
During 2026 the Company has entered into contracts for purchase of EUA allowances with deliveries and payment in
2026 totaling EUR 21 million, approx. NOK 245 million.
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Report on Corporate Governance
167
Statement from the Board and CEO
169
Auditor’s Report
170
Auditor’s Limited Assurance Report
173
APPENDICES
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REPORT ON CORPORATE GOVERNANCE
Color Group AS has bonds listed on a regulated market and reports
its policies and practice on corporate governance in accordance
with Section 2-9 of the Norwegian Accounting Act, including appli-
cation of exceptions described in Section 2-9 third paragraph.
REPORTING ON CORPORATE GOVERNANCE
The Company's general principles on corporate governance shall
ensure an appropriate distribution of roles between the Company's
owners, Board of Directors and the management of the Group. This
distribution of roles shall ensure that goals and strategies are set,
that the adopted strategies are implemented in practice and that
the profits achieved are measured and followed up. The principles
shall also contribute towards ensuring that the business of the
Company is the subject of satisfactory control procedures. An
appropriate distribution of roles and satisfactory control procedures
shall contribute to ensuring the highest possible creation of value
over time, for the benefit of the owners and other stakeholders.
THE BUSINESS
The objects of the Company are to conduct ferry operations,
transport operations and other corresponding business as well
as to participate in other companies with similar objects. The risk
profile and goals and strategies of the business are clearly defined
and have been formulated to enable the Company to create value
for the shareholders in a sustainable manner. In this work, account
is taken of economic and social factors as well as factors relating to
the environment, working environment, equality and non-discrimi-
nation, compliance with human rights and counteracting corruption
and bribery.
SUBSCRIBED CAPITAL AND DIVIDENDS
The equity capital of the Group at 31 December 2025 stood at
NOK 1 984 million. Over time, the shareholders of the Company
are to receive a competitive return on their investment through a
combination of dividends and increases in the value of the share.
EQUALITY OF TREATMENT OF SHAREHOLDERS,
AND TRANSACTIONS WITH RELATED PARTIES
Color Group AS has a single class of shares, and all shares carry
equal rights in the Company. The Articles of Association contain
no restrictions on voting rights.
In the event of transactions of a not-immaterial nature between
the Company and shareholders, a shareholder’s parent company,
member of the Board of Directors, executive personnel or close
associates of any such parties, the Board will arrange for a valu-
ation to be obtained from an independent third party. Further
information on transactions between related parties is provided
in Note 23 of the consolidated financial statements and Note 10 of
the parent financial statements.
FREELY NEGOTIABLE SHARES
The shares of the Company are not quoted on any stock exchange.
Any transfer of shares is contingent upon the consent of the Board
of Directors of the Company.
THE GENERAL MEETING AND THE
NOMINATION COMMITTEE
The Company has a single shareholder and the sections concerning
recommendations for the General Meeting and the Nomination
Committee are for this reason not considered to be relevant to the
Company.
THE CORPORATE ASSEMBLY AND BOARD OF
DIRECTORS, COMPOSITION AND INDEPENDENCE
Provisions on the composition of the Board of Directors are
included in the Articles of Association of the Company. The Board
shall have between three and eight directors. The Board comprises
three directors, one of whom is a woman.
THE WORK OF THE BOARD OF DIRECTORS
The Board has the overarching responsibility for managing the
Company. The Board monitors and ensures that the Company's
internal control procedures are satisfactory.
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The Company's Audit Committee is responsible for implementing
these measures and reports to the Board. The areas of focus of the
Audit Committee are:
• financial reporting
• sustainability reporting
• internal control procedures
• risk management
The Audit Committee comprises two members elected by and from
amongst the ranks of the Board of Directors. The members of the
Audit Committee are independent of the Company's day-to-day
management and key business associates.
RISK MANAGEMENT AND INTERNAL
CONTROL PROCEDURES
The Board ensures that the Company has satisfactory internal control
procedures in place in accordance with the provisions applicable to
the business. The Board conducts an annual review of the Company's
internal control procedures and monitors the main areas of risk on a
continuous basis. Together with the management of the Company,
the Board has focused on developing the internal control procedures
applicable to the Company's financial reporting, including:
• the control environment
• risk assessment
• control activities
• information and communication
• follow-up
The Board receives periodic reports on the financial and sustain ability
performance of the Company and a description of developments in
and the status of the Company's most important individual projects.
REMUNERATION OF THE BOARD OF DIRECTORS
The remuneration of the Board of Directors is described in further
detail in Note 24 of the consolidated financial statements.
REMUNERATION OF EXECUTIVE PERSONNEL
The guidelines for the remuneration of the executive personnel are
described in further detail in Note 24 of the consolidated financial
statements.
INFORMATION AND COMMUNICATION
The Company has issued bonds which are listed on Oslo Børs, the
Oslo Stock Exchange. Communication with the financial markets
is based on the principles of openness and equality of treatment
of investors. In order to ensure that the same information is avail-
able to all stakeholders at the same time, the primary channel of
communication of the Company is the Oslo Stock Exchange.
Although the Company arranges regular meetings for analysts,
investors and employees, all significant new information is first
published on the stock exchange and on our website. The Company
will present information in a consistent way irrespective of whether
the news is positive or negative.
The Company’s website (www.colorline.no) contains an up-to-date
financial calendar, financial reports and other information for
investors.
SALE OF THE COMPANY
The Company has a single shareholder, and it has not been
considered necessary to draw up specific guidelines on possible
takeover bids.
THE AUDITOR
The elected auditor of the Company is Deloitte AS. The Company’s
auditor submits the main features of the plan for the audit of the
Company to the Audit Committee and reports ongoing and final
status of the audit to the Committee. The auditor shall report all
material matters on which there has been disagreement between
the auditor and the executive management of the Group.
Once a year the auditor presents any weaknesses identified in the
internal control procedures and proposals for improvements to
the Audit Committee and the Board of Directors. At least once a
year the auditor holds meetings with the Audit Committee and the
Board of Directors at which neither the Group President nor any
other member of the executive management team is present.
GUIDELINES FOR EQUALITY AND DIVERSITY
The Company has not established separate guidelines for equality
and diversity in relation to the composition of the Board of
Directors, management and control bodies and any subcommittee
of these (governing bodies). As the Company is owned by a
single shareholder it is considered sufficient to comply with laws
and regulations for equality and diversity in the composition of
governing bodies.
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STATEMENT FROM THE BOARD AND CEO
Pursuant to the Norwegian Securities Trading Act section 5-5 with
pertaining regulations we confirm to the best of our knowledge that:
• the consolidated financial statements for 2025 have been
prepared in accordance with IFRS Accounting Standards as
adopted by the European Union and mandatory for the financial
year commencing on 1 January 2025 or later, and additional
Norwegian disclosure requirements in the Norwegian Accounting
Act, and that
• the parent company financial statements for 2025 have been
prepared in accordance with the Norwegian Accounting Act and
generally accepted accounting practice in Norway, and that
• the information presented in the financial statements provides a
true and fair view of the assets, liabilities, financial position and
results of both the parent company and the Group, and that
• the board of directors’ report gives a true and fair view of the
development, performance, financial position, principal risks and
uncertainties of the parent company and the Group, and that
• the board of directors' report, where required, has been
prepared in accordance with standards for sustainability
reporting established pursuant to Section 2-6 of the Norwegian
Accounting Act, and in accordance with rules established
pursuant to Article 8(4) of the Taxonomy Regulation.
Oslo, 25 March 2026
The Board of Directors of Color Group AS
Document signed electronically
Morten Garman
Chairman
Olav Nils Sunde
Director and CEO
Camilla Sunde
Director
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Deloitte AS
Dronning Eufemias gate 14
Postboks 221
NO-0103 Oslo
Norway
+47 23 27 90 00
www.deloitte.no
Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a
UK private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and
Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.
Deloitte Norway conducts business through two legally separate and independent limited liability companies; Deloitte AS, providing audit,
consulting, financial advisory and risk management services, and Deloitte Advokatfirma AS, providing tax and legal services.
Registrert i Foretaksregisteret
Medlemmer av Den norske Revisorforening
Organisasjonsnummer: 980 211 282
To the General Meeting of Color Group AS
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Color Group AS, which comprise:
The financial statements of the parent company Color Group AS (the Company), which comprise the balance sheet as at 31 December 2025, the
income statement and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies.
The financial statements of Color Group AS and its subsidiaries (the Group), which comprise the balance sheet as at 31 December 2025, statement
of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial
statements, including material accounting policy information.
In our opinion
the financial statements comply with applicable statutory requirements,
the financial statements of the Company give a true and fair view of the financial position of the Company as at 31 December 2025, and its financial
performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and
the financial statements of the Group give a true and fair view of the financial position of the Group as at 31 December 2025, and its financial
performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in
the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required
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by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards) (IESBA Code) as applicable to audits of financial statements of public interest entities, and
we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of Color Group AS for 28 years from the election by the general meeting of the shareholders on 22 April 1998 for the accounting
year 1998 (with a renewed election on 19 June 2024).
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of 2025. These
matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Description of the Key Audit Matter How the matter was addressed in the audit
The carrying amounts of intangible assets and vessels are significant to
the Consolidated Financial Statements. Reference is made to the
statement of financial position and notes 11, 12 and 22 in the
Consolidated Financial Statements where the carrying amounts of
vessels and intangible assets are stated.
Color Group's management tests goodwill, other intangible assets and
vessels for its cruise and transport cash-generating unit for impairment by
calculating the recoverable amounts represented by a value-in-use
determined based on discounted cash flows. In this context,
management estimates the value-in-use of the individual cash-generating
unit. Other intangible assets and vessels are monitored for impairment.
The group's impairment test is an estimate from Color Group's
management. It includes, but is not limited to, assumptions related to
cash flows, discount rate and growth rate in the terminal value, as well as
future investment needs, including necessary environmental investments
We have assessed Color Group’s impairment process and tested
design and implementation of its internal controls, and held
discussions with Color Group’s management.
We have assessed and challenged management’s judgmental
assessments, including:
o assumptions related to the calculation of the discount rate
o performed a retrospective review to compare the projected cash
flow for previous years with the actual performance
o assumptions related to the cash flows in the model, including:
- the reasonableness of the management’s assumptions relating
to future income and cost levels considering historical levels
- future investment needs, including estimated necessary
environmental investments in the business
- growth assumptions in the terminal value
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in the business. Such estimates are based on management's judgment
and are subject to uncertainty and combined with the intangible assets
and the vessels relative share of the group's total assets, this is a central
aspect of our audit.
We have engaged Deloitte’s valuation experts to test the
appropriateness of the method, the applied discount rate, as well as
the mathematical integrity of the model used to determine value in
use.
We have assessed whether the disclosures of these matters in the
Consolidated Financial Statements are in accordance with the
requirements of IFRS.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report and the other
information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial
statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report nor the
other information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the other information accompanying
the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the other information
accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and
the other information accompanying the financial statements otherwise appear to be materially misstated. We are required to report if there is a material
misstatement in the Board of Directors’ report or the other information accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
is consistent with the financial statements and
contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly to the statement on Corporate Governance.
Our statement that the Board of Directors’ report contains the information required by applicable law does not cover the sustainability report, for which a
separate assurance report is issued.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and fair view in accordance with the Norwegian
Accounting Act and accounting standards and practices generally accepted in Norway, and for the preparation of the consolidated financial statements of
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the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal
control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the Group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern. The financial statements of the Company use the going concern basis of accounting insofar as it
is not likely that the enterprise will cease operations. The financial statements of the Group use the going concern basis of accounting unless management
either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group's internal control.
evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
management.
conclude on the appropriateness of management’s use of the going concern basis of accounting, and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s and the Group's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company and the Group to
cease to continue as a going concern.
evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial
statements represent the underlying transactions and events in a manner that achieves a true and fair view.
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obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an
opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial
statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Color Group AS, we have performed an assurance engagement to obtain reasonable assurance about
whether the financial statements included in the annual report, with the file name 5967007LIEEXZX8PUW90-2025-12-31-en.zip, have been prepared, in all
material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format
(ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of
the annual report in XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate
process and such internal control as management determines is necessary.
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the
annual report have been prepared in compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”. The standard requires us to plan and
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perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in
compliance with the ESEF Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s processes for preparing the financial statements in
compliance with the ESEF Regulation. We examine whether the financial statements are presented in XHTML-format. We evaluate the completeness and
accuracy of the iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our procedures include reconciliation
of the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Oslo, 25 March 2026
Deloitte AS
Mats Nordal
State Authorised Public Accountant
(electronically signed)
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Other matter
The comparative information included in the Sustainability Statement for the financial year 2023 was not subject to a mandatory assurance engagement. Our
conclusion is not modified in respect of this matter.
Responsibilities for the Sustainability Statement
The Board of Directors and the Managing Director (management) are responsible for designing and implementing a process to identify the information reported in
the Sustainability Statement in accordance with the ESRS and for disclosing this Process in Double materiality assesment of the Sustainability Statement. This
responsibility includes:
understanding the context in which the Group's activities and business relationships take place and developing an understanding of its affected
stakeholders;
the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that
affect, or could reasonably be expected to affect, the Group's financial position, financial performance, cash flows, access to finance or cost of capital over
the short-, medium-, or long-term;
the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate
thresholds; and
making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, in accordance with the Norwegian Accounting Act section 2-3, including:
compliance with the ESRS;
preparing the disclosures in EU Taxonomy of the Sustainability Statement, in compliance with the Taxonomy Regulation;
designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability
Statement that is free from material misstatement, whether due to fraud or error; and
the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the
circumstances.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed
assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events
frequently do not occur as expected.
Sustainability auditor’s responsibilities
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material
misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability
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Medlemmer av Den norske Revisorforening
Organisasjonsnummer: 980 211 282
To the General Meeting of Color Group AS
INDEPENDENT SUSTAINABILITY AUDITOR'S LIMITED ASSURANCE REPORT
Limited assurance conclusion
We have conducted a limited assurance engagement on the consolidated sustainability statement of Color Group AS (the “Group”), included in Sustainability
Statement of the Board of Directors’ report (the “Sustainability Statement”), as at 31 December 2025 and for the year then ended.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability
Statement is not prepared, in all material respects, in accordance with the Norwegian Accounting Act section 2-3, including:
compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the Group to identify the information
reported in the Sustainability Statement (the “Process”) is in accordance with the description set out in Double materiality assesment, and
compliance of the disclosures in EU Taxonomy of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance
engagements other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”), issued by the International Auditing and Assurance Standards
Board.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are
further described in the Sustainability auditor’s responsibilities section of our report.
Our independence and quality management
We have complied with the independence and other ethical requirements as required by relevant laws and regulations in Norway and the International Code of
Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
The firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management
including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
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Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism
throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of
the Process;
considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and
designing and performing procedures to evaluate whether the Process is consistent with the Group's description of its Process set out in Double materiality
assesment.
Our other responsibilities in respect of the Sustainability Statement include:
identifying where material misstatements are likely to arise, whether due to fraud or error; and
designing and performing procedures responsive to where material misstatements are likely to arise in the Sustainability Statement. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The procedures in a limited assurance
engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements
are likely to arise in the Sustainability Statement, whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the Process, we:
obtained an understanding of the Process by:
o performing inquiries to understand the sources of the information used by management (e.g., stakeholder engagement, business plans and
strategy documents); and
o reviewing selected parts the Group’s internal documentation of its Process; and
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evaluated whether the evidence obtained from our procedures with respect to the Process implemented by the Group was consistent with the description
of the Process set out in Double materiality assesment.
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
obtained an understanding of the Group's reporting processes relevant to the preparation of its Sustainability Statement by
o obtaining an understanding of the Group's control environment, and selected processes, control activities and information system relevant to the
preparation of the Sustainability Statement, but not for the purpose of providing a conclusion on the effectiveness of the Group's internal control
evaluated whether the information identified by the Process is included in the Sustainability Statement;
evaluated whether the structure and the presentation of the Sustainability Statement is in accordance with the ESRS;
performed inquires of selected relevant personnel and analytical procedures on selected information in the Sustainability Statement;
performed substantive assurance procedures on selected information in the Sustainability Statement;
where applicable, compared selected disclosures in the Sustainability Statement with the corresponding disclosures in the financial statements and other
sections of the Board of Directors’ report;
evaluated the selected methods, assumptions and data for developing estimates and forward-looking information;
obtained an understanding of the Group's process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding
disclosures in the Sustainability Statement;
evaluated whether information about the selected identified taxonomy-eligible and taxonomy-aligned economic activities is included in the Sustainability
Statement, and
performed inquiries of selected relevant personnel, analytical procedures and substantive procedures on selected taxonomy disclosures included in the
Sustainability Statement.
Oslo, 25. March 2026
Deloitte AS
Mats Nordal
State Authorised Public Accountant - Sustainability Auditor
(This document is signed electronically)
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Color Group AS
Bryggegata 3 0250 Oslo
Tlf: +47 23 11 86 00
Color Line AS
Filipstadveien 25 0250 Oslo
Tlf: +47 22 94 42 00