Notes to the financial statements ^
Note 1
Corporate information
The Parent Company Arribatec Group ASA (publ) (\u201cArribatec\u201d), with Norwegian corporate identity number 979 867 654 is a public limited liability company, incorporated in Norway. The registered address is L\u00f8renfaret 1C, NO-0585 Oslo.
The company\u2019s shares are traded in Norway on the Oslo Stock Exchange, Oslo B\u00f8rs\u2014ticker ARR. The company's and its subsidiaries (the Group) principal activities are software and consulting. With a customer-centric engagement model, combined with a deep system, integration, and domain competence, Arribatec builds long-term strategic partnerships with a broad customer base. Arribatec supports over 1 700 entities across diverse countries and industries, operating from 17 offices worldwide and serving both the private and public sectors. The activities are further described in Note 5.
The Annual Report and Parent Company Report for Arribatec Group ASA (publ) was adopted by the Board of Directors on 28 April 2026 and will be submitted for approval to the Annual General Meeting on 27 May 2026.
Note 2
Basis for preparation
The financial accounts for Arribatec Group ASA as \u201cthe Parent company\u201d together with its controlled subsidiaries as \u201cthe Group\u201d, have been prepared in accordance with IFRS Accounting Standards as adopted by the EU, relevant interpretations, and the Norwegian Accounting Act. The Parent company has NOK as its functional currency. The consolidated financial accounts are presented in NOK. All figures presented in this annual report have been rounded and consequently, the sum of individual figures can deviate from the total figure. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.
Note 3
Changes in Accounting Policies and disclosures for the 2025 calendar year or thereafter
Arribatec has not implemented any new accounting standards or otherwise made any changes to accounting policies during 2025.
New standards not yet effective
At the reporting date, a number of new standards and amendments had been issued but were not yet effective for the Group. Amendments to IFRS 9 and IFRS 7 related to nature-dependent electricitycontracts, effective from 1 January 2026, clarify the accounting for such contracts, including PPAs, and introduce additional disclosure requirements. The Group does not have any nature-dependent electricity contracts, and the amendments therefore do not apply. Further amendments to IFRS 9 and IFRS 7, also effective from 1 January 2026, address settlement of financial liabilities through electronic payment systems, assessment of contractual cash flows, including ESG-linked features, and updated disclosure requirements. These amendments are not expected to have a material impact on the consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 from 1 January 2027 and will be applied retrospectively. The standard introduces new presentation requirements in the income statement, including defined subtotals, new categories for income and expenses, and expanded disclosure of management-defined performance measures. It also includes changes to cash flow presentation and related amendments to IAS 7. The Group is currently assessing the impact of IFRS 18, which is expected to mainly affect presentation and disclosures rather than reported amounts. No other new standards or amendments effective from 2026 or later are expected to have a significant impact on the consolidated financial statements.
Note 4
Revenue
Consulting services
Consulting services mainly come from time and material projects. Revenue is recognised over time as the services are performed and delivered to the customer.
Recurring revenue
Sale of licenses
A license establishes the customer\u2019s rights related to a company\u2019s intellectual property (IP) and the company\u2019s obligations to provide those rights. IFRS 15 distinguishes whether the license provides a \u201dright-to-use\u201d or a \u201cright-to-access\u201d IP. This impacts the timing of revenue recognition. In most cases, the sale of licenses is part of SaaS contracts. Arribatec in some instances has contracts that include the sale of licenses only. Arribatec has analysed its (partner)
licensing contracts and concluded that it controls the license before it is transferred to the customer since Arribatec has legal ownership, physical possession, and the risk and reward of owner-ship before it is transferred to the customer. Arribatec is therefore the principal in the customer contract. When Arribatec licenses are distinct on-premises licenses (software installed on customers\u2019
servers), these fall under the category \u201cright-to-use\u201d since the license grants the right to the IP \u201cas is\u201d when delivered. The distinct
on-premises license pricing model is a one-time fixed fee. Revenue is recognised at the point in time when the customer is provided
with the ability to use the software. The fee is recognised as revenue when the customer has received legal title and physical possession and has accepted the license. Generally, this is at the beginning of the license period.
When Arribatec licenses cloud-based subscription licenses (\u201cright-to-access\u201d), the licenses are not considered distinct from the online/ hosting service. Revenue is recognised over time, over the
license/ contract period, as the customer is receiving and con-suming the benefits of access to the cloud-based license on an ongoing basis. The cloud-based subscription licenses are sold for a fixed annual or monthly fee. Revenue is recognised linearly over the subscription time.
Software as a service (SaaS)
Software is provided over time to an end customer from a Data Center managed or contracted by Arribatec. The obligations in the SaaS contract are to offer cloud-based access to the license (owned by Arribatec), maintenance of the utility of the software, including rights to updates and future releases, and in some contracts, provide support. The customer will purchase and obtain control of the software on a subscription or consumption basis. Revenue is therefore recognised periodically over the life of the SaaS contract. In some cases, Arribatec has a separate installation and implementation contract regarding the same customer projects. When these contracts are negotiated close in time to each other, Arribatec considers whether the two contracts have been nego-tiated as a package with a single commercial objective, or not. If this is the case the two contracts are combined. If not, they are accounted for separately. The implementation and installation services are capable of being distinct and distinct within the context of these contracts. This is concluded based on an analysis of the different deliveries and the performance obligations in the contract. Arribatec has therefore concluded that there are generally two distinct performance obligations in the two combined contracts. When there are two combined contracts, the transaction price is allocated between the two performance obligations based on relative stand-alone prices that are estimated based on the pricing of each element in the contract like hours, contract length, and options to extend the contract. Arribatec\u2019s performance obligation
under the installation and integration contract is satisfied over time because the consulting services do not create an asset that Arribatec could use for an alternative purpose and Arribatec has an enforceable right to payment for the hours worked. Revenue is accordingly recognised over time as the installation and integration are performed based on the hours worked.
Managed services
Under the managed services contracts Arribatec helps customers operate their IT environments, either on-premise or from the cloud. Managed services contracts are delivered at a fixed price and a minimum commitment to the customers, on a long-term contract. Additional work above the agreed level is considered normal consulting services. Arribatec delivers an integrated set of services
as defined in the managed service agreement. The customer
receives and consumes the benefits from the Managed Services as Arribatec performs under the contract. Therefore, the perfor-mance obligation is satisfied over time and revenue is recognised over time.
One-time revenue from third party hardware
In some contracts, Arribatec delivers both physical hardware and installation of software on the hardware. In such cases, the hard-ware product is considered a separate contract obligation that is recognised as revenue when it is installed.
Disaggregation of revenue
In the following table, revenue is disaggregated by primary Business area, geography and recurrence. In presenting geographic information, revenue has been based on the geographic location of the legal entity. The table shows external revenue. The Group has no material remaning performance obligations at the reporting date and therefore does not present this information.
Full year 2025 | ||||
NOK thousand | Consulting services | Recurring Revenue | One-time revenue | Total |
Norway | 168 169 | 214 532 | 15 408 | 398 110 |
Business services | 90 690 | 64 665 | 3 886 | 159 242 |
EA & BPM | 63 113 | 36 181 | 1 646 | 100 941 |
Cloud | 14 366 | 113 686 | 9 875 | 137 927 |
Continental Europe | 64 659 | 17 442 | 1 625 | 83 727 |
Business services | 64 659 | 17 442 | 1 625 | 83 727 |
UK | 57 869 | 32 030 | 4 453 | 94 352 |
Business services | 57 869 | 29 309 | 4 285 | 91 464 |
EA & BPM | 0 | 2 720 | 168 | 2 888 |
Americas | 677 | 1 278 | 640 | 2 595 |
Business services | 677 | 1 278 | 640 | 2 595 |
Total revenue | 291 375 | 265 283 | 22 127 | 578 784 |
Full year 2024 | ||||
NOK thousand | Consulting services | Recurring Revenue | One-time revenue | Total |
Norway | 153 646 | 193 072 | 23 154 | 369 872 |
Business services | 75 554 | 56 063 | 3 427 | 135 044 |
EA & BPM | 66 515 | 32 147 | 5 503 | 104 165 |
Cloud | 11 577 | 104 862 | 14 224 | 130 663 |
Continental Europe | 36 524 | 6 620 | 614 | 43 758 |
Business services | 36 524 | 6 620 | 614 | 43 758 |
UK | 43 371 | 23 105 | 1 780 | 68 255 |
Business services | 43 323 | 23 105 | 1 780 | 68 208 |
Cloud | 48 | 0 | 0 | 48 |
Americas | 11 971 | 6 577 | 0 | 18 548 |
Business services | 11 971 | 6 577 | 0 | 18 548 |
Total revenue | 245 512 | 229 374 | 25 548 | 500 434 |
Non-current Assets
Full year 2025 | ||||||||
Per region | Property Plant and equipment | Right-of-Use Assets | Goodwill | Customer relations | Other intangible assets | Other Non current Assets | Deferred taxes | Total |
Norway | 3 141 | 23 430 | 158 568 | 406 | 23 358 | 2 926 | 19 363 | 231 192 |
Continental Europe | 266 | 27 | 736 | 150 | (201) | 977 | ||
UK | 258 | 19 923 | 2 904 | 23 086 | ||||
Americas | 74 | 74 | ||||||
Carrying amount at 31 Dec 2025 per region | 3 665 | 23 457 | 178 491 | 3 310 | 24 094 | 3 150 | 19 162 | 255 327 |
Full year 2024 | ||||||||
Per region | Property Plant and equipment | Right-of-Use Assets | Goodwill | Customer relations | Other intangible assets | Other Non current Assets | Deferred taxes | Total |
Norway | 3 792 | 22 617 | 158 568 | 6 700 | 31 955 | 2 333 | 23 733 | 249 698 |
Continental Europe | 804 | 3 831 | 4731 | 6 491 | 2 186 | 1 655 | 19 697 | |
UK | 345 | 114 | 20 959 | 7 128 | 721 | 29 267 | ||
Americas | 3 | 1 | 84 | 88 | ||||
Carrying amount at 31 Dec 2025 per region | 4 944 | 26 563 | 184 258 | 13 829 | 39 167 | 4 602 | 25 388 | 298 750 |
Note 5
Segment
The market for Arribatec\u2019s Software and services is global. The chief decision maker will follow up on revenue and profitability on a global basis, segmented into the Business Areas (BAs). This is consistent with the internal reporting submitted to the chief operating decision maker, defined as the Management Group. The Management Group is responsible for allocating resources and assessing performance as well as making strategic decisions. Principles of revenue recognition are stated in Note 4.
The management of the Group follows up the revenue, EBITDA and EBIT by Business Area and geography according to the tables below. The management of the Group does not regu-larly review information about segment assets and liabilities. Accordingly, such information is not disclosed. At the reporting date, the Group does not have any customers that individually account for 10% or more of the Group\u2019s total revenue.
EA & BPMempower organisations to work smarter through
Enterprise Architecture and Business Process Management
solutions. The software and services support robust corporate
governance and enable organisations to operate more efficiently
and effectively - delivering long-term value across both public
and private sectors.
Clouddeliver flexible and secure cloud services tailored to both private and public sector needs. Cloud provides infrastructure hosting across hybrid environments. The offering
includes consulting, outsourcing, and end-to-end cloud
services. In addition to market-leading cloud solutions from
Microsoft, Arribatec Cloud operates its own public cloud, hosted in Norwegian data centres, to support the use cases where compliance and local sovereignty and control is a key
requirement.
Business servicesdeliver transformation projects around ERP,
FP&A, CPM (Corporate Performance Management), Research
Management and Apprentice Management solutions. This
includes the implementation of new business solutions as well
as iterative improvements to and support for existing ones.
The team drive the process from requirements definition and
analysis to deployment and ongoing support, guiding the
customer at every step along the way.
2025 | ||||||
NOK thousand | Business services | EA & BPM | Cloud | Corporate | Eliminations | Total |
Revenue | 340 067 | 104 107 | 150 231 | 67 | (15 687) | 578 784 |
Materials, software and services | (60 565) | (27 633) | (72 047) | (3 033) | 14 822 | (148 457) |
Gross margin | 279 502 | 76 473 | 78 183 | (2 967) | (865) | 430 327 |
Salary and personnel costs | (187 015) | (52 784) | (53 992) | (18 235) | 0 | (312 027) |
Other operating expenses | (43 452) | (11 604) | (13 028) | 13 677 | 53 | (54 354) |
Total operating expenses | (230 467) | (64 389) | (67 020) | (4 558) | 53 | (366 381) |
EBITDA | 49 035 | 12 085 | 11 164 | (7 525) | (812) | 63 946 |
Depreciation | (4 162) | (3 681) | (6 809) | (449) | 0 | (15 102) |
EBITA | 44 872 | 8 404 | 4 355 | (7 974) | (812) | 48 844 |
Amortisation and impairment | (10 359) | (3 324) | (2 067) | (1 122) | 0 | (16 872) |
EBIT | 34 513 | 5 079 | 2 288 | (9 096) | (812) | 31 972 |
Gross margin % | 82.2% | 73.5% | 52.0% | na | na | 74.4% |
EBITDA % | 14.4% | 11.6% | 7.4% | na | na | 11.0% |
EBITA % | 13.2% | 8.1% | 2.9% | na | na | 8.4% |
EBIT % | 10.1% | 4.9% | 1.5% | na | na | 5.5% |
2024 | ||||||
NOK thousand | Business services | EA & BPM | Cloud | Corporate | Eliminations | Total |
Revenue | 273 492 | 106 346 | 142 308 | 453 | (22 165) | 500 434 |
Materials, software and services | (43 149) | (28 293) | (73 572) | (2 080) | 14 723 | (132 372) |
Gross margin | 230 343 | 78 052 | 68 736 | (1 628) | (7 442) | 368 062 |
Salary and personnel costs | (186 829) | (63 697) | (50 468) | (26 967) | (0) | (327 962) |
Other operating expenses | (20 938) | (7 158) | (8 972) | (26 136) | (20) | (63 224) |
Total operating expenses | (207 768) | (70 855) | (59 439) | (53 103) | (20) | (391 186) |
EBITDA | 22 575 | 7 197 | 9 297 | (54 731) | (7 462) | (23 124) |
Depreciation | (5 458) | (3 916) | (8 642) | (1 075) | 0 | (19 092) |
EBITA | 17 117 | 3 281 | 655 | (55 806) | (7 462) | (42 216) |
Amortisation and impairment | (10 075) | (3 324) | (2 436) | (1 165) | 0 | (17 001) |
EBIT | 7 042 | (43) | (1 781) | (56 972) | (7 462) | (59 216) |
Gross margin % | 84.2% | 73.4% | 48.3% | na | na | 73.5% |
EBITDA % | 8.3% | 6.8% | 6.5% | na | na | (4.6%) |
EBITA % | 6.3% | 3.1% | 0.5% | na | na | (8.4%) |
EBIT % | 2.6% | (0.0%) | (1.3%) | na | na | (11.8%) |
Note 6
Materials, software and services
Materials, software and services represent the external cost of operations and are expensed when the cost occurs.
The cost of finished goods and work in progress comprises design costs, raw materials, direct labour and other
direct costs. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
NOK thousand | 2025 | 2024 |
Hired consultants | (30 022) | (22 923) |
Hardware for resale | (7 421) | (10 885) |
Software for resale | (96 326) | (85 642) |
Other | (14 688) | (12 923) |
Total materials, software and services | (148 457) | (132 372) |
Note 7
Personnel
NOK thousand | 2025 | 2024 |
Salaries | (242 636) | (251 051) |
Social security tax | (40 782) | (41 969) |
Bonuses | (7 215) | (1 453) |
Share option cost (Note 27) | (2 020) | (2 495) |
Pension costs defined contribution (Note 29) | (21 262) | (21 193) |
Capitalised work performed | 7 632 | 5 674 |
Other personnel cost | (5 742) | (15 475) |
Total salaries and personnel expense | (312 026) | (327 962) |
Average number of FTEs | ||
NOK thousand | 2025 | 2024 |
Number of FTEs, start of year | 267 | 286 |
Number of FTEs, end of year | 250 | 267 |
Average number of FTEs | 259 | 277 |
Gender split, end of year | ||
Male | 178 | 187 |
Female | 72 | 80 |
Number of FTEs, end of year, per country | ||
2025 | 2024 | |
Denmark | 1 | 1 |
France | 3 | 4 |
Italy | 0 | 3 |
Norway | 167 | 184 |
Singapore | 1 | 1 |
Spain | 26 | 24 |
Sweden | 12 | 15 |
United Kingdom | 38 | 33 |
USA | 2 | 2 |
Total number of FTEs | 250 | 267 |
Pension obligations
The Group\u2019s pension obligations vary between countries depending on the local legislation and different pension systems, please see Note 29for further description.
Note 8
Key management
Group Management comprises the Chief Executive Officer and the Chief Financial Officer, both employed by the parent company, and the Executive Vice Presidents responsible for the Group\u2019s three business areas, employed by the subsidiaries Business Services, Cloud, and EA&BPM.
Compensation to the management during the year is detailed in this note. The amounts presented are the total part of the salary in the period, not only the part for the Group management role.
The Group CEO has a three-month notice period and is entitled to severance pay corresponding to an additional three months\u2019 salary in the event of termination initiated by the company.
See the remuneration report for details on the bonus and share option program concerning management. The Company has not granted any loans, guarantees or collateral to members of the Board of Directors or to executive management during the year.
Management remuneration 2025 | ||||||||
NOK thousand | Board remuneration | Audit committee remuneration | Salary | Bonus | Benefits in kind | Share option cost | Pension cost | Total remuneration |
Management | ||||||||
Ole Jakob Kj\u00f8lvik - CEO (Interim from Feb-25) | 0 | 0 | 1 602 | 664 | 18 | 550 | 109 | 2 944 |
Geir Johansen - CEO (until Feb-25)1 | 0 | 0 | 5 600 | 0 | 1 | 0 | 109 | 5 710 |
Magnus Hofshagen - CFO (from Sep-25) | 0 | 0 | 634 | 0 | 4 | 39 | 44 | 722 |
Bente Brocks - CFO (interim until Mar-25) | 0 | 0 | 1 749 | 0 | 0 | 0 | 109 | 1 858 |
Erik Sundet - Group IT director (50% mgmt) | 0 | 0 | 1 469 | 0 | 14 | 314 | 103 | 1 900 |
P\u00e5l Stueflotten - CCO (until March-25) | 0 | 0 | 834 | 0 | 2 | 0 | 58 | 894 |
Solfrid Bu\u00f8 - CPOO (until Jan-25) | 0 | 0 | 1 097 | 0 | 5 | 0 | 77 | 1 179 |
Tom Vandezande - EVP Business Services | 0 | 0 | 2 755 | 0 | 13 | 432 | 206 | 3 406 |
Iselin Sema Nordal - EVP EA & BPM | 0 | 0 | 362 | 0 | 1 | 308 | 24 | 697 |
Management total | 0 | 0 | 16 103 | 664 | 58 | 1 645 | 840 | 19 310 |
Members of the Board | ||||||||
H\u00e5kon Reistad Fure - Chairman (from Dec-24) | 330 | 3 | 0 | 0 | 0 | 0 | 0 | 333 |
Henrik Christensen - Member (from Dec-24) | 240 | 0 | 0 | 0 | 0 | 0 | 0 | 240 |
Kristin Hellebust - Member | 283 | 35 | 0 | 0 | 0 | 0 | 0 | 318 |
Linn Katrine H\u00f8ie - Member | 246 | 0 | 0 | 0 | 0 | 0 | 0 | 246 |
Terje Mj\u00f8s - Member | 340 | 35 | 0 | 0 | 0 | 0 | 0 | 375 |
Members of the Board total | 1 439 | 73 | 0 | 0 | 0 | 0 | 0 | 1 512 |
Total salaries and personnel expense | 1 439 | 73 | 16 103 | 664 | 58 | 1 645 | 840 | 20 822 |
1The CEO, Geir Johansen, resigned from his position in February 2025. Total compensation in connection with the resignation amounted to NOK 5.7 million, of which NOK 1.7 million related to ordinary salary and NOK 4.0 million related to severance pay corresponding to 12 months\u2019 salary. The severance payment was paid in full at the date of resignation. No further obligations related to the resignation existed as at 31 December 2025.
Management remuneration 2024 | ||||||||
NOK thousand | Board remuneration | Audit committee remuneration | Salary | Bonus | Benefits in kind | Share option cost | Pension cost | Total remuneration |
Management | ||||||||
Geir Johansen - CEO | 0 | 0 | 4 000 | 0 | 6 | 207 | 104 | 4 317 |
Ole Jakob Kj\u00f8lvik - COO (until Aug-24) | 0 | 0 | 1 072 | 0 | 10 | 104 | 69 | 1 254 |
Bente Brocks - CFO (interim) | 0 | 0 | 1 784 | 0 | 6 | 186 | 104 | 2 081 |
Erik Sundet - Group IT director (50% mgmt) | 0 | 0 | 1 252 | 0 | 24 | 155 | 88 | 1 519 |
P\u00e5l Stueflotten - CCO | 0 | 0 | 1 200 | 433 | 49 | 155 | 104 | 1 942 |
Solfrid Bu\u00f8 - CPOO | 0 | 0 | 1 500 | 0 | 6 | 155 | 104 | 1 765 |
Management total | 0 | 0 | 10 807 | 433 | 102 | 963 | 574 | 12 879 |
Members of the Board | ||||||||
H\u00e5kon Reistad Fure - Chairman (from Dec-24) | 24 | 3 | 0 | 0 | 0 | 0 | 0 | 28 |
Martin Nes - Chairman (until Nov-24) | 252 | 37 | 0 | 0 | 0 | 0 | 0 | 289 |
Henrik Christensen - Member (from Dec-24) | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 20 |
\u00d8ystein S. Spetalen - Member (until Nov-24) | 208 | 0 | 0 | 0 | 0 | 0 | 0 | 208 |
Kristin Hellebust - Member | 226 | 35 | 0 | 0 | 0 | 0 | 0 | 261 |
Linn Katrine H\u00f8ie - Member | 228 | 0 | 0 | 0 | 0 | 0 | 0 | 228 |
Terje Mj\u00f8s - Member 1 | 169 | 35 | 0 | 0 | 0 | 0 | 0 | 204 |
Members of the Board total | 1 126 | 110 | 0 | 0 | 0 | 0 | 0 | 1 236 |
Total salaries and personnel expense | 1 126 | 110 | 10 807 | 433 | 102 | 963 | 574 | 14 115 |
1Received NOK 57.5k less than he should in 2024, this is compensated in 2025
The following remuneration has been made to the members of the nomination committee during the year: | ||
NOK thousand | 2024 | 2023 |
Management | ||
Nomination committee | ||
Espen Lundaas - Chairman | 35 | 0 |
\u00d8ystein Tvenge - Member1 | 20 | 50 |
Total | 55 | 50 |
1Compensation for 2021-2024 paid 2024
Note 9
Other operating expenses
NOK thousand | 2025 | 2024 |
Marketing cost | (1 967) | (2 303) |
Rental and leasing cost1 | (4 204) | (5 494) |
Travel cost | (4 974) | (6 030) |
Fees for external services | (21 926) | (18 158) |
IT and communication cost | (16 446) | (14 438) |
Restructuring cost 2 | (1 230) | (8 913) |
Other operating cost 3 | (3 607) | (7 887) |
Total operating expenses | (54 354) | (63 224) |
1Includes common cost related to premises, such as electricity, cleaning, moving cost and contracts of lower value and/or shorter than twelve months.
2Of which 7.8m relates to cost in 2024, paid in 2025.
3Includes coursing, representation cost, mobile usage for employees, insurance premiums and other office expense.
NOK thousand | 2025 | 2024 |
Specification of auditor\u2019s fee | ||
Statutory audit | (2 356) | (2 708) |
Other assurance services | (55) | (55) |
Other non-assurance services | (79) | (196) |
Total | (2 490) | (2 959) |
Note 10
Property, plant and equipment
Property, plant and equipment are measured at cost in the balance sheet, with a deduction for accumulated depreciation and impairment. Depreciation
is made on a straight-line basis over the asset\u2019s estimated useful life, which is assessed on an individual basis, ranging from five to ten years.
2025 | ||||
NOK Thousand | Office equipment | Fixtures and fittings | Other | Total |
Cost at 1 Jan 2025 | 18 353 | 4 529 | 1 661 | 24 543 |
Additions | 729 | 145 | 284 | 1 157 |
Reclassifications | 0 | 13 | (13) | 0 |
Disposals | (132) | (723) | - | (855) |
Discontinued operations | (6 553) | (424) | (347) | (7 324) |
Translation difference | (180) | (21) | (9) | (210) |
Cost, end of period | 12 218 | 3 518 | 1 575 | 17 311 |
Accumulated depreciation at 1 Jan 2025 | (15 539) | (3 114) | (947) | (19 599) |
Depreciation during the year, continuing operations | (1 551) | (565) | (83) | (2 198) |
Depreciation during the year, discontinued operations (Note 17) | (62) | (5) | (3) | (70) |
Disposals | 769 | 645 | 2 | 1 416 |
Discontinued operations | 5 953 | 376 | 290 | 6 619 |
Translation difference | 177 | 1 | 7 | 186 |
Accumulated depreciation, end of period | (10 252) | (2 661) | (733) | (13 646) |
Carrying amount at 31 Dec 2025 | 1 966 | 857 | 842 | 3 665 |
Useful life | 5-10 yrs | 5 yrs | 5 yrs |
2024 | ||||
NOK Thousand | Office equipment | Fixtures and fittings | Other | Total |
Cost at 1 Jan 2024 | 18 373 | 4 956 | 1 821 | 25 151 |
Additions | 1 526 | 0 | 55 | 1 581 |
Disposals | (2 132) | (615) | (255) | (3 002) |
Translation difference | 586 | 187 | 39 | 813 |
Cost, end of period | 18 353 | 4 529 | 1 661 | 24 543 |
Accumulated depreciation at 1 Jan 2024 | (14 941) | (2 760) | (1 014) | (18 715) |
Depreciation during the year, continuing operations | (1 898) | (818) | (143) | (2 858) |
Depreciation during the year, discontinued operations | (293) | (36) | (16) | (346) |
Disposals | 2 132 | 615 | 255 | 3 002 |
Translation difference | (539) | (115) | (29) | (683) |
Accumulated depreciation, end of period | (15 539) | (3 114) | (947) | (19 599) |
Carrying amount at 31 Dec 2024 | 2 815 | 1 415 | 714 | 4 944 |
Useful life | 5-10 yrs | 5 yrs | 5 yrs |
Note 11
Right-of-use assets and lease liabilities
Right-of-use assets and lease liabilities
The Group recognises lease contracts as right-of-use assets and corresponding lease liabilities at the commencement date. The exemptions applied are short-term leases (defined as contracts with a lease term of less than twelve months) and leases of low-value assets, for which lease payments are recognised as other operating expenses in the statement of profit or loss as they are incurred.
For leases that do not qualify for these exemptions, the Group recognises right-of-use assets within property, plant and equipment and lease liabilities in the statement of financial position. Right-of-use assets are depreciated over the lease term, and lease liabilities are measured using the present value of future lease payments. In determining the discount rate under IFRS\u00a016, the Group applies an intra-group interest rate.
The lease term represents the non-cancellable period of the lease, together with estimated periods for which an option to extend or terminate the lease exists when the Group is reasonably certain to exercise such options. This assessment is mainly relevant for facility agreements that are approaching expiry where there is no plan to change location.
The Group presents its lease liabilities as separate line items in the statement of financial position.
Right-of-use assets | |||||
NOK thousand | Buildings | Vehicles | Hardware | Other | Total |
Right-of-use assets per 1 Jan 2024 | 22 665 | 620 | 1 299 | 3 856 | 28 442 |
Addition of right-of-use assets | 5 108 | 1 142 | 7 348 | 5 048 | 18 646 |
Depreciation during the year, continuing operations | (10 233) | (304) | (3 385) | (2 311) | (16 232) |
Depreciation during the year, discontinued operations | (1 310) | (249) | (86) | (90) | (1 735) |
Disposals | (109) | 0 | (107) | (2 586) | (2 802) |
Translation difference | 207 | 39 | 0 | 0 | 246 |
Right-of-use assets per 1 Jan 2025 | 16 328 | 1 248 | 5 069 | 3 917 | 26 564 |
Addition of right-of-use assets | 16 227 | 1 | 3 191 | 0 | 19 419 |
Depreciation during the year, continuing operations | (8 783) | (241) | (2 615) | (1 265) | (12 904) |
Depreciation during the year, discontinued operations | (292) | (68) | (11) | (14) | (385) |
Disposals | (6 502) | (801) | 0 | (1 908) | (9 210) |
Translation difference | (4) | (22) | 0 | 0 | (26) |
Carrying amount of right-of-use assets, end of period | 16 974 | 117 | 5 634 | 730 | 23 457 |
Remaining lease term | 1-5 years | 1-4 years | 1-3 years | 1-3 years | |
Depreciation method | Linear | Linear | Linear | Linear |
Lease liabilities | ||
NOK thousand | 31 Dec 2025 | 31 Dec 2024 |
Undiscounted lease liabilities and maturity of cash outflow | ||
< 1 year | 10 459 | 14 373 |
1-2 years | 7 213 | 7 966 |
2-3 years | 5 610 | 4 446 |
3-4 years | 2 386 | 1 748 |
4-5 years | 492 | 620 |
Total undiscounted lease liabilities, end of period | 26 160 | 29 153 |
Discount element | (1 926) | (1 463) |
Total discounted lease liabilities, end of period | 24 234 | 27 690 |
NOK thousand | 31 Dec 2025 | 31 Dec 2024 |
Total lease liabilities, end of period | 24 234 | 27 690 |
Note 12
Intangible assets
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and that the Group will comply with all related conditions. Grants that relate to assets are deducted from the carrying amount of the asset and recognised in profit or loss over the useful life of the asset through reduced depreciation. Grants related to operating costs are recognised in profit or loss when the associated expenditure is incurred.
The Group applies for SkatteFUNN grants for development activities related exclusively to its internally developed software solutions, Instipro and Olkweb. As at the reporting date, applications for SkatteFUNN scheme have been submitted for and approved these development projects.
Excess values
Goodwill and customer relations are pure excess values and are explained in Note 16. For Impairment testing on Goodwill, see Note 16. The conducted impairment test applies to all intangible assets.
Custom software
Custom software consists of internally developed software. Technical software are other intangible assets and trademarks.
Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
Customer relationships and technical assets
Customer relationships and databases have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over their useful lives of 3 to 5 years.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Note | Key accounting estimates and judgements | Nature of accounting impact | |
16 | Goodwill | Assumptions used in value-in-use calculations for impairment testing | Estimate |
12 | Other intangible assets | Assumptions used in value-in-use calculations for impairment testing | Estimate |
Goodwill
The group annually tests whether goodwill has suffered any impair ment or more frequently if impairment indicators are identified. The recoverable amount of the cash-generating units has been determined based on value-in-use calculations. These calculations require the use of estimates. The value-in-use calculation is based on a discounted cash flow model. The cash flows are derived from the budgets and forecasts for the next five years, as approved by the Company\u2019s Board of Directors, and do not include significant investments that will enhance the performance of the CGU being tested. The key assumptions used in the impairment testing are based on management\u2019s assessment of expected businessconditions for each CGU and reflect the Group\u2019s strategic focus and operating model.
Revenue growth assumptions are influenced by demand within the Group\u2019s core segments. For Business Services, assumptions reflect the installed ERP customer base, ERP cloud migrations and recurring revenue from support and managed services. For Cloud, assumptions are driven by demand for managed services and
sovereign cloud solutions within regulated industries. For EA & BPM, assumptions reflect increasing demand for enterprise architecture, governance and AI-related advisory services.
Cost and margin assumptions are primarily driven by personnel costs, utilisation rates, delivery efficiency and service mix.
Assumptions reflect completed restructuring measures and the Group\u2019s ongoing focus on profitability and cost control.
Discount rate assumptions (WACC) are based on observable market inputs and adjusted for CGU-specific risk, while foreign exchange assumptions relate mainly to translation of cash flows from foreign
operations and are based on observable exchange rates at the reporting date. The assumptions represent management\u2019s best estimates based on historical performance, approved budgets and external market Further details regarding goodwill and impairment reviews are included in Note 16Impairment.
2025 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2025 | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Additions - internally developed | 0 | 0 | 7 632 | 0 | 0 | 7 632 |
Discontinued operations, disposal | (4 611) | 0 | (32 014) | (12 300) | (17) | (48 943) |
Disposals | 0 | 0 | (1) | 0 | 0 | (1) |
Translation difference | (1 155) | (1 007) | (459) | (318) | 62 | (2 876) |
Cost, end of period | 178 491 | 52 253 | 38 888 | 2 350 | 11 369 | 283 351 |
Accumulated amortisations at 1 Jan 2025 | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Amortisation, continuing operations | 0 | (10 197) | (5 051) | (11) | (1 613) | (16 872) |
Amortisation, discontinued operations | 0 | 0 | (1 107) | (620) | 0 | (1 727) |
Discontinued operations, disposal | 0 | 0 | 19 913 | 10 250 | 17 | 30 179 |
Translation difference | 0 | 685 | 367 | 254 | (60) | 1 246 |
Accumulated amortisation and impairment, end of period | 0 | (48 943) | (17 259) | (2 321) | (8 935) | (77 458) |
Carrying amount at 31 Dec 2025 | 178 491 | 3 310 | 21 629 | 29 | 2 434 | 205 891 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
2024 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2024 | 206 457 | 58 340 | 57 438 | 16 839 | 11 303 | 350 377 |
Additions | 0 | 0 | 716 | 0 | 0 | 716 |
Additions - internally developed | 0 | 0 | 7 392 | 0 | 0 | 7 392 |
Impairment 1 | (24 416) | 0 | 0 | 0 | 0 | (24 416) |
Disposals | 0 | (7 000) | (2 727) | (2 541) | 0 | (12 268) |
Translation difference | 2 217 | 1 920 | 909 | 669 | 20 | 5 736 |
Cost, end of period | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Accumulated amortisations at 1 Jan 2024 | 0 | (34 215) | (24 845) | (11 446) | (5 518) | (76 024) |
Amortisation, continuing operations | 0 | (11 197) | (3 698) | (365) | (1 741) | (17 001) |
Amortisation, discontinued operations | 0 | 0 | (4 958) | (2 476) | 0 | (7 434) |
Disposals | 0 | 7 000 | 2 727 | 2 540 | 0 | 12 267 |
Translation difference | 0 | (1 019) | (607) | (447) | (18) | (2 091) |
Accumulated amortisation and impairment, end of period | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Carrying amount at 31 Dec 2024 | 184 258 | 13 829 | 32 348 | 2 773 | 4 046 | 237 254 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
1Impairment in relation to CGU Hospitality.
Note 13
Financial items and risks
NOK thousand | 2025 | 2024 |
Finance income | ||
Interest income | 1 381 | 265 |
Realised foreign exchange gains | 1 577 | 1 740 |
Net unrealised foreign exchange gains | 2 | 0 |
Other financial income | 169 | 112 |
Total financial income | 3 129 | 2 117 |
Finance expenses | ||
Interest on debts and borrowings | 0 | (641) |
Interest expense on lease liabilities | (1 250) | (1 026) |
Realised foreign exchange losses | (1 278) | (1 129) |
Net unrealised foreign exchange losses | 0 | (1 567) |
Other financial expenses | (769) | (2 506) |
Total financial expenses | (3 297) | (6 869) |
Net financial items, continuing operations | (168) | (4 752) |
Financial risk
The Group is exposed to financial risks such as currency risk and other market-related risks that may impact its ability to achieve its business objectives. All economic activity involves risk, and effective
risk management therefore requires systematic identification, assessment and mitigation. Arribatec performs risk management at both the Group and subsidiary level, with risks evaluated on an ongoing basis.
The following overview summarises the material financial risk factors relevant for the Group\u2019s continued operations. Risks arising
from changes in economic conditions are monitored through regular reviews of developments in the markets in which the Group
operates. Further information on the Group\u2019s exposure to credit risk and liquidity risk is provided in Note 21 Accounts receivable and Note 25Cash and cash equivalents, respectively.
Currency risk
Currency risk refers to the risk that the fair value of future cash flows, cash balances and financial instruments may fluctuate due to changes in exchange rates. Transactions in foreign currency are translated at the exchange rate on the transaction date. Monetary
items in foreign currency are translated to NOK using the exchange rate at the reporting date, while non-monetary items measured at historical cost are translated at the exchange rate on the transaction date.
The Group\u2019s exposure to currency risk is limited, as few balance sheet items are denominated in foreign currency at 31 December 2025. Currency risk related to customer contracts is limited, as the majority of customer agreements include currency clauses. These clauses are designed to mitigate the impact of exchange rate fluctuations by allowing adjustments to pricing or settlement terms, thereby reducing the Group\u2019s exposure to foreign currency move-ments. Most currency risk relates to the translation of foreign operations into NOK upon consolidation.
Interest risk
Interest rate risk refers to the potential impact of changes in market interest rates on the Group\u2019s financial performance. As the Group had no interest-bearing debt outstanding as of 31 December 2025, the Group had no direct exposure to interest rate fluctuations during the period.
The Group maintains access to a revolving credit facility, which was undrawn at year-end. As long as the facility remains undrawn, the Group is not exposed to interest rate risk arising from
borrowings. The Group continuously monitors its liquidity needs and funding alternatives to ensure that any future utilisation of the facility would be aligned with the Group\u2019s risk tolerance.
Note 14
Tax
Arribatec accounts for current income tax assets and liabilities based on the expected recovery from, or payment to, tax authorities.
The applicable tax rates and laws are those in effect at the end of the reporting period. Additionally, we calculate deferred income tax using the deferred tax method, considering temporary differences between tax bases and carrying amounts of assets and liabilities for financial reporting purposes.
Our policy recognises deferred income tax liabilities for taxable temporary differences, except when arising from goodwill recognition or non-business combination transactions that do not impact accounting or taxable profit or loss. We also assess deferred tax assets, recognising them to the extent of probable future taxable profit availability or utilisation of unused tax losses and credits.
The carrying amount of deferred tax assets is reviewed periodically, and unrecognised assets are reassessed at each reporting date. Finally, we offset deferred income tax assets and liabilities only when legally enforceable rights exist to set off tax assets against income tax liabilities within the same taxable entity or taxation authority.
Income tax calculation
The Group\u2019s tax expense is affected by several factors, where the most important are tax losses carried forward, currency effects and local GAAP/IFRS differences for the calculation of taxable profit.
Deferred tax assets
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Tax losses carried forward, not recognised, mainly relates to companies abroad, while recognised deferred tax assets relates to proven profit-making entities within the Norwegian tax jurisdiction. There is a clear expectation that the Norwegian entities will deliver positive taxable results and be able to utilise the deferred tax losses carried forward. The majority of the unrecognised tax losses of NOK 26.9 million originate from periods prior to the current owners, during which the company operated as Hiddn Solution
NOK thousand | 2025 | 2024 |
Income tax expense | ||
Current tax | ||
Current Income Tax - Norway | 2 943 | 57 |
Correction previous year - Norway | (4) | 31 |
Current Income Tax - Other countries | 5 066 | 62 |
Correction previous year - other countries | 13 | (62) |
Tax effect on re-presented discontinued operations, | 242 | 701 |
Deferred tax | ||
Change in deferred taxes - Norway | 1 614 | (8 685) |
Change in deferred taxes - Other countries | (2 378) | (18) |
Tax expense | 7 497 | (7 915) |
A reconciliation of the tax | ||
Profit/(loss) before tax | 31 804 | (63 968) |
Adjustment of current income tax of previous years | 0 | (27) |
Temporary differences | 2 719 | (14 930) |
Non deductible expenses | 17 712 | 8 504 |
Non-taxable income | (39 149) | (2 958) |
Tax base | 13 086 | (73 379) |
Income taxes calculated at the Company's domestic tax rate (22%) | 2 879 | 22 163 |
Tax previous year | 9 | (30) |
Group contribution with tax effect (tax payable effect) | 7 950 | (1 738) |
Group contribution with tax effect (deferred tax effect) | (7 950) | 1 738 |
Changes in recognised deferred taxes | 5 022 | (8 704) |
Effect from previously unrecognised deferred taxes | 0 | 0 |
Different tax rates applied in foreign jurisdictions | (654) | (22 045) |
Tax effect on re-presented discontinued operations | 242 | 701 |
Tax at effective tax rate | 7 497 | (7 915) |
Effective tax rate | 23.6 % | 12.4 % |
Tax rate Norway | 22.0 % | 22.0 % |
NOK thousand | 2025 | 2024 |
Deferred taxes | ||
Tax losses carried forward, accumulated | 42 136 | 47 007 |
Property, plant and equipment | 747 | 143 |
Intangible assets | 0 | 52 |
Receivable | (302) | (241) |
Other provisions | 1 401 | 1 322 |
Leases | 168 | 150 |
Deferred tax on intangible assets from business combinations | 0 | 2 654 |
Tax losses carried forward, not recognised | (26 900) | (31 322) |
Deferred taxes, net | 17 250 | 19 764 |
Deferred taxes, recognised | 17 250 | 19 764 |
Deferred taxes, not recognised | 26 900 | 31 322 |
Reconciliation to balance sheet | ||
Deferred tax assets | 19 162 | 25 388 |
Deferred tax liabilities | (1 911) | (5 623) |
Net Deferred tax assets (liabilities) | 17 250 | 19 764 |
Note 15
Earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding for the dilutive effect of warrants and share options outstanding during the year.
Issued shares and share capital | Number of shares | Share Capital (NOK) |
31 December 2022 | 690 573 217 | 193 360 501 |
Share issue, February | 3 | 1 |
Reverse share split (10:1), March | (621 515 898) | |
Share issue, December | 514 884 | 1 441 675 |
31 December 2023 | 69 572 206 | 194 802 177 |
31 December 2024 | 69 572 206 | 194 802 177 |
Capital decrease, January 27.01.251 | (187 844 956) | |
Share issue, February 07.02.25 | 410 000 000 | 41 000 000 |
Share issue, March 18.03.25 | 2 316 429 | 231 643 |
Share issue, September 11.09.2025 | 168 624 655 | 16 862 466 |
Reverse split 10:1, October 09.25 2 | (650 513 290) | |
After Reverse split | 65 051 329 | |
Share issue, September, registered October 24.10.25 | 741 323 | 741 323 |
Share issue, October 24.10.25 | 1 072 960 | 1 072 960 |
Share issue, December 23.12.25 | 398 902 | 398 902 |
31 December 2025 | 67 264 514 | 67 264 514 |
1Nominal value reduced from NOK 2.80 per share, to NOK 0.10 per share
2The company completed a reverse share split at a ratio of 10:1 on 8 October 2025. The number of shares was reduced from 650,513,290 to 65,051,329, while the nominal value per share increased from NOK 0.10 to NOK 1.00. The total share capital remained unchanged.
In addition to the issued shares, there were 1 714 162 warrants outstanding per 31 December 2025.
Earnings per share | ||
NOK | 2025 | 2024 |
Net profit/(loss) to equity holders, continuing operations | 24 307 765 | (56 052 940) |
Net profit/(loss) to equity holders, discontinued operations | 29 715 574 | (26 660 016) |
Net profit/(loss) to equity holders, total operations | 54 023 339 | (82 712 957) |
Number of shares (in thousands)2 | ||
Weighted average number of ordinary shares | 48 833 261 | 69 572 206 |
Effects of dilution, weighted average | 4 727 192 | 3 400 584 |
Weighted average number of shares, adjusted for effects of dilution | 53 560 453 | 72 972 790 |
Basic earnings per share | 1.11 | (1.19) |
Diluted earnings per share1 | 1.01 | (1.19) |
Basic earnings per share, continuing operations | 0.50 | (0.81) |
Diluted earnings per share, continuing operations 1 | 0.45 | (0.77) |
1If Net loss, EPS per Basic and Diluted share will be equal.
2The Company completed a 10:1 reverse share split on 9 October 2025. Share counts and EPS for 2025 are presented on a post-split basis. 2024 comparatives are presented on a pre-split basis and are not directly comparable.
Effects of dilution | ||
NOK | 2025 | 2024 |
Warrants outstanding | 1 714 164 | 0 |
Share option 2023 Sept program | 1 890 425 | 3 148 995 |
Share option 2025 Nov program | 1 122 603 | 0 |
Share cons. BoD | 0 | 251 589 |
4 727 192 | 3 400 584 |
Note 16
Goodwill and impairment
Goodwill recognised in the consolidated financial position are mainly derived from excess value following the acquisitions of Instidata AS in 2019, Facil AS, Microsky AS and Innit AS in 2020 and Maksit AS, Qualisoft AS, IB Group and Integra Ass. Ltd in 2021. Recognised goodwill amounts to NOK 178.5 million as of 31 December 2025 (184.3m). Other intangible assets related to excess values in the Group accounts are customer relations and software, with a carrying amount of NOK 3.3 million as per 31 December 2025 (NOK 13.8m).
Only goodwill has an indefinite lifetime, all intangible assets are amortised, expect for intangible assets that is not yet in use. As of 31.12.2025 Arribatec has no such assets, ref Note 12.
Goodwill is tested for impairment for each cash generating unit (CGU) prior to preparation of the annual accounts. The test is performed annually.
The recoverable amount for each CGU has been determined by estimating their Value in Use (VIU) and comparing that to the carrying amount of the specific CGU. The calculation of VIU has been based on estimates, reflecting the Group\u2019s financial planning process. The discount rates are derived as the weighted average cost of capital (WACC) for a similar business in the same business environment.
Goodwill has been allocated for impairment testing purposes to the CGUs below.
2025 | ||||
NOK Thousand | Cloud | BizS | EA&BPM | Total |
Norway | 56 622 | 35 585 | 66 361 | 158 568 |
UK | 0 | 19 923 | 0 | 19 923 |
Italy | 0 | 0 | 0 | - |
Total | 56 622 | 55 508 | 66 361 | 178 491 |
2024 | ||||||
NOK Thousand | Cloud | BizS | EA&BPM | Marine | Hospitality | Total |
Norway | 56 622 | 35 585 | 66 361 | 0 | 0 | 158 568 |
UK | 0 | 20 959 | 0 | 0 | 0 | 20 959 |
Italy | 0 | 0 | 0 | 4 731 | 0 | 4 731 |
Total | 56 622 | 56 544 | 66 361 | 4 731 | 0 | 184 258 |
Cash flow projections and assumptions
A five-year forecast for discounted cash flows plus a 2.0% terminal value growth rate was used to determine the net present value of the CGU. Discounted cash flows were calculated before tax and applying a WACC before tax.
Key assumptions for the value in use calculations
The basis for the projection of future cash flows is based on the financial budget for one year, approved by the Board of Directors.
The budget in combination with the forecasts represents management\u2019s best estimate of the range of economic conditions that will exist over the remaining useful life of the asset. The remaining four years of the forecast period are estimated based on budget and projected performance. The calculation of VIU for the CGU is most sensitive when it comes to the following assumptions:
Discount rate | |||||
The input data for the WACC is gathered from external sources. | |||||
2025 | 2024 | ||||
Norway | UK | Norway | UK | Italy | |
Risk free interest rate | 4.3% | 4.2% | 3.8% | 4.48% | 3.47% |
Market risk premium | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
Equity Beta | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 |
Small cap | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
Cost of equity | 14.3% | 14.2% | 13.9% | 14.5% | 13.5% |
Credit spread | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% |
After tax cost debt | 5.49% | 5.63% | 6.57% | 7.23% | 6.22% |
Equity weight | 88.9% | 88.9% | 88.9% | 88.9% | 88.9% |
WACC (pre tax) | 17.1% | 17.6% | 13.1% | 13.7% | 12.7% |
The average growth rate and EBITDA margin assumptions are based on historical experience and performance as well as market analysis used for budget 2026 and estimates from 2027-2030 and a terminal growth rate of 2%. The average growth rates in the estimated period 2026-2030 for each Business Area are:
2025 | Cloud | BizS | EA&BPM |
Average revenue growth | 6% | 6% | 4% |
Average Gross profit margin | 5.4% | 5.7% | 2.5% |
Average EBITDA margin | 8% | 15% | 14% |
Compared to the same assumptions in 2024 we see a decline in the growth assumptions. This is explained by Arribatec's focus on profitability first and using modest growth assumptions as the basis for impairment tests. The management's evaluation of future growth is grounded in an analysis
that combines historical data, strategic planning, market, strategic focus, initiatives and financial modeling.
2024 | Cloud | BizS | EA&BPM | Marine | Hospitality |
Average revenue growth | 6% | 6% | 5% | 5% | (13%) |
Average Gross profit margin | 5.8% | 6.2% | 3.9% | 3.6% | (15.7%) |
Average EBITDA margin | 6% | 5% | 11% | 13% | 27% |
Sensitivity
On 31 December 2025, the Group\u2019s value in use for each CGU was higher than the carrying amount of tested goodwill with indefinite useful life and intangible assets.
The calculation is most sensitive to changes in EBITDA and gross profit (GP) margins. No reasonably
likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for any of the CGUs. The headroom is 53%, 193% and 52% for Cloud, BizS and EA&BPM respectively.
Note 17
Discontinued operations
Accounting policies discontinued operations
A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been
disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discon-tinued operations in the consolidated statements of profit and loss. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations.
Details of discontinued operations
Mid March 2025, the reporting segments Hospitality and Marine were sold, and have consequently been re-presented as discontinued operations in the consolidated statements of profit and loss. Only external revenues and expenses from these opera-tions are included as discontinued operations in the consolidated statements of profit and loss, as well as the net gain on sale.
Segment Hospitality was sold to Convene AS for an equity valuation of NOK 12.5 million segment Marine was sold to Star Information Systems AS for an equity valuation of approximately NOK 25 million.
NOK thousand | 2025 | 2024 |
Discontinued operations | ||
Revenue | 12 433 | 74 299 |
Materials, software and services | (1 281) | (14 312) |
Gross profit | 11 151 | 59 987 |
Salary and personnel costs | (9 017) | (41 310) |
Other operating expenses | (193) | (10 778) |
Total operating expenses | (9 210) | (52 088) |
EBITDA | 1 941 | 7 899 |
Depreciation, amortisation and impairment | (2 182) | (33 932) |
EBIT | (241) | (26 033) |
Financial income | 54 | 382 |
Financial expense | (250) | (1 709) |
Profit/(loss) before tax | (437) | (27 361) |
Tax expense | 242 | 701 |
Profit/(loss) from discontinued operations, excluding gain on sale | (195) | (26 660) |
Gain on sale of discontinued operations (net tax of zero) | 29 910 | 0 |
Profit/(loss) from discontinued operations | 29 716 | (26 660) |
Attributable to: | ||
Equity holders of the parent company | 29 716 | (26 660) |
Earnings per share, discontinued operations: basic and diluted | 0.61 | (0.55) |
Consolidated statement of cash
The consolidated statement of cash flows is presented on a gross basis, meaning cash flows from discontinued operations have not been separated from cash flows from continuing operations. In the consolidated income statement, the combined post-tax profit or loss from discontinued operations and the post-tax gain recognised on disposal are presented as a single line item on the face of the statement of comprehensive income. As a result, the adjustments to cash flow from operating activities cannot be fully reconciled with the income statement.
Cash flows from discontinued operations
External cash flows were generated primarily from ordinary operating activities, including software licences, subscriptions, and related professional and support services.
The cash outflows comprised primarily of payments for employee costs, supplier invoices, and other ordinary operating expenses.
The disposals resulted in a significant external cash inflow, mainly representing cash consideration received on sale of the businesses, which is presented as cash flows from investing activities within discontinued operations in accordance with IAS\u00a07.
Assets and liabilities at the time of sale of discontinued operations (Hospitality and Marine)
Arribatec Group assets and liabilities related to the reporting segments Hospitality and Marine at the time of sale mid March 2025 were as follows:
NOK thousand | As per date of sale |
Assets | |
Right-of-use assets | 2 835 |
Goodwill | 5 658 |
Intangible assets | 14 151 |
Other non-current assets | 4 725 |
Current assets, excl cash and cash equivalents | 27 592 |
Cash and cash equivalents | 6 312 |
Liabilities | |
Interest bearing loans | 12 995 |
Lease liabilities | 3 100 |
Provisions | 11 960 |
Accounts payable | 7 595 |
Contract liabilities | 17 499 |
Other liabilities | 5 709 |
Net assets | 2 415 |
Note 18
Investment in subsidiaries
Subsidiary | Owning entity | Ownership | Year of acquisition/foundation | Head office |
Arribatec Group ASA | 2015 | Oslo | ||
Arribatec Norge AS | Arribatec Group ASA | 100% | 2017 | Oslo |
Arribatec Cloud AS | Arribatec Group ASA | 100% | 2020 | Oslo |
Arribatec EA & BPM AS | Arribatec Group ASA | 100% | 2021 | Oslo |
Arribatec Sverige AB | Arribatec Group ASA | 100% | 2016 | Stockholm |
Arribatec Denmark ApS | Arribatec Group ASA | 100% | 2015 | Copenhagen |
Arribatec Innovation Sp. z o.o. | Arribatec Group ASA | 100% | 2018 | Dormant |
Arribatec Iberia SL | Arribatec Group ASA | 100% | 2017 | Granada |
Arribatec Americas Inc | Arribatec Denmark ApS | 100% | 2018 | Colorado |
Arribatec Hospitality LLC | Arribatec Americas Inc | 100% | 2018 | Colorado |
Arribatec UK Ltd (former Integra Ass. Ltd) | Arribatec Group ASA | 100% | 2021 | Leicester |
Arribatec France Sarl | Arribatec Group ASA | 100% | 2021 | Levallois-Perret |
Arribatec Solutions Pte. LTD | Arribatec Group ASA | 100% | 2021 | Singapore |
All entities listed are included in the consolidated financial statements of Arribatec Group ASA.
Arribatec Group ASA hold direct ownership of most entities. Arribatec Americas INC and Arribatec Americas LLC are both subsidiaries of Arribatec Denmark Aps.
Note 19
Other non-current assets
NOK thousand | 2025 | 2024 |
Investment in shares | 60 | 60 |
Deposits | 3 090 | 4 542 |
Total other non-current assets | 3 150 | 4 602 |
Note 20
Financial instruments
All financial assets and liabilities are initially recognised at fair value and subsequently classified either as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss.
The carrying amount represents a reasonable approximation of fair value for the Group\u2019s financial instruments, including short-term trade receivables, other receivables, trade payables and lease liabilities. The Group\u2019s financial assets principally consist of investments in shares, accounts receivable, deposits
related to premises, cash and cash equivalents, and other receivables.
The Group\u2019s financial liabilities consist primarily of accounts payable, contract liabilities, lease liabilities and other current financial liabilities. The Group also has access to a revolving credit facility, which is classified as a short-term interest-bearing loan when drawn. As of 31 December 2025, the facility was undrawn, and the Group only interest-bearing debt is related to lease liabilities obligations.
The fair value of financial assets and liabilities corresponds to the amount at which the instrument could be exchanged in an orderly transaction between market participants at the reporting date. For instruments measured at amortised cost, the carrying amount is considered to approximate fair value due to their short-term nature or because they bear market-based interest rates.
Note 21
Account receivable
NOK thousand | Current | 0-30 days | 31-60 days | 61-90 days | 90+days | Total | whereof estimated credit losses |
Ageing, Accounts receivable | |||||||
2025 | 63 985 | 12 872 | 3 646 | 4 896 | 2 775 | 88 175 | (57) |
2024 | 48 628 | 16 571 | 5 339 | 3 899 | 2 268 | 76 705 | (2 060) |
Provision for Expected Credit Losses (ECL) is included with NOK 0.1m (NOK 2.1m). The provision is based on a valuation per subsidiary at year-end based on general assumptions and historical experience of low credit losses, as well as agreements with customers and payments made in the next year. Accounts receivables are non-interest bearing.
Expensed credit loss in 2025 was NOK 0.2m.
Credit risk
Credit risks are the risks that a counterpart will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to cash and cash equivalents, trade receivables and contract assets from contracts with the customers and other receivables.
As part of the Group\u2019s earnings model, certain of its customers pay for software and services under a software-as-a-service (SaaS) arrangement, where the customer in general pays a lump sum for the initial software integration and implementation, and subsequently only pays for services related to maintenance and consulting services. Although the Group has opted for this model to ensure some predictable long-term income the Group is dependent on its customers having the ability and/or willing-ness to pay for the software and services already provided or to be provided.
Customer credit risk is managed subject to established policies,
procedures and controls relating to customer credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
The Company manages the credit risk by working closely with the customers.
Accounts and other receivable
Accounts receivable and other receivables are initially recognised at fair value and are subsequently measured at amortised cost, less provision for expected credit losses.
Note 22
Contract assets and liabilities
Consulting services
Arribatec provides implementation and integration services under consulting contracts with customers. Most contracts are structured with a fixed hourly rate, while the total number of hours to be delivered is not specified.
Arribatec\u2019s performance obligation is satisfied over time because the services do not create an asset that the Group can use for an alternative purpose, and the Group has an enforceable right to payment for hours worked. Revenue is therefore recognised over time, typically based on hours invoiced during the period.
From time to time the Group enters into fixed-price consulting contracts. As with variable-hour contracts, the asset created does not have an alternative use, and Arribatec has an enforceable right to payment in line with project progress. Revenue is recognised over time in accordance with progress towards completion.
Contract assets
Contract assets arise from performance obligations satisfied over time, primarily related to installation services and projects where progress is measured over time. When the consideration
becomes unconditional, contract assets are reclassified to
accounts receivable. This reclassification explains most move-ments in contract assets during the period.
Contract assets also typically arise in SaaS projects where customers pay a fixed annual or monthly fee over a contract period of 3\u20135 years. Revenue is recognised when performance obligations are met, with the corresponding amount recorded as a contract asset until the customer is invoiced.
NOK thousand | 2025 | 2024 |
As of 1 January | 25 434 | 24 244 |
Performance obligations met | 69 519 | 45 437 |
Reclassified to receivables | (63 004) | (44 724) |
Provision for losses on contract assets | 3 033 | 894 |
Translation difference | (2 869) | (417) |
Total contract assets | 32 113 | 25 434 |
It is expected that 96% of the contract assets will be reclassified to receivables in 2026, 3% in 2027 and 1% in 2028. Expected credit losses on contract assets are considered immaterial, as the contracts largely relate to government or other low-risk customers and are assessed for credit risk in the same manner as accounts receivable.
Contract liabilities
Contract liabilities relate to consideration received in advance of the Group\u2019s performance under customer contracts. Revenue is recognised as, or when, performance obligations are fulfilled.
NOK thousand | 2025 | 2024 |
As of 1 January | 25 824 | 24 319 |
Deferred revenue | 110 794 | 130 200 |
Recognised as revenue in P&L | (96 433) | (129 705) |
Translation difference | (10 592) | 1 009 |
Total contract liabilities | 29 593 | 25 824 |
Contract liabilities mainly relate to advance invoicing for services to be delivered in 2026. All contract liabilities recognised as of
1 January 2025 were recognised as revenue during the year.
Note 23
Inventory
Inventories are recognised at the lower amount of cost and net realisable value. The cost is arrived at using the FIFO method and includes the costs incurred in acquiring the goods and bringing them to their current state and location.
NOK thousand | 2025 | 2024 |
Hardware for resale | 290 | 1 667 |
Licenses for resale | 3 538 | 6 150 |
Total inventory | 3 827 | 7 817 |
Note 24
Other current assets
NOK thousand | 2025 | 2024 |
Government receivables | 1 405 | 879 |
Prepaid cost | 7 847 | 8 352 |
Other current assets | 3 228 | 1 195 |
Total Other current assets | 12 480 | 10 426 |
Prepaid cost mainly consist of advances paid for software, rent and insurance.
Note 25
Cash and cash equivalents
NOK thousand | 2025 | 2024 |
Cash, free | 65 194 | 11 446 |
Cash, restricted | 8 613 | 11 673 |
Total cash and cash equivalents | 73 807 | 23 119 |
Restricted cash consists of rental deposits and tax accounts.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The Group monitors its liquidity position through rolling cash flow forecasts and by maintaining adequate levels of cash and available resources.
As of 31 December 2025, the Group had cash and cash equivalents of NOK 73.8 million (2024: NOK 23.1 million), and the Group had no interest-bearing debt or other material financial
liabilities requiring contractual repayments, other than obligations related to lease liabilities.
Given the absence of borrowings, the Group\u2019s liquidity risk is considered low. The Group\u2019s non-derivative financial liabilities consist mainly of trade payables and accrued expenses, all with maturities of less than 12 months.
Financing risk
To support the Group\u2019s operations and investment plans, the Group utilised a revolving credit facility until April 2025. The facility was fully repaid during the year, and the Group had no interest-bearing debt outstanding as of 31 December 2025.
Following the repayment, the Group\u2019s financing risk is considered low. The Group is currently financed through equity and cash generated from operations. Management continuously monitors the Group\u2019s liquidity position and future funding requirements to ensure that adequate financial flexibility is maintained. Although no committed borrowing facilities were in place at year-end, management regularly evaluates potential financing options to support strategic initiatives if required.
Capital management
The primary objective of the Group\u2019s capital management is to ensure a solid financial foundation that supports continued operations and future growth. With no interest-bearing debt, the Group\u2019s capital structure consists solely of equity and cash balances, and capital management focuses on maintaining sufficient liquidity to support operational requirements and planned investments over the next twelve months.
The Group aims to maintain a robust equity position and a financial profile characterised by low financial risk. There were no changes to the Group\u2019s objectives or capital management policies during the year ended 31 December 2025.
2025 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 0 | 0 | 0 | 0 | 0 | 0 |
Provisions | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts payable | 33 662 | 0 | 0 | 0 | 0 | 33 662 |
Lease liabilities | 5 230 | 5 230 | 7 213 | 5 610 | 2 878 | 26 160 |
Other current liabilities | 7 000 | 64 124 | 0 | 0 | 0 | 71 124 |
Total | 45 892 | 69 353 | 7 213 | 5 610 | 2 878 | 130 946 |
2024 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 15 975 | 23 044 | 6 140 | 3 696 | 0 | 48 854 |
Provisions | 0 | 0 | 2 328 | 1 242 | 8 141 | 11 710 |
Accounts payable | 52 432 | 0 | 0 | 0 | 0 | 52 432 |
Lease liabilities | 7 590 | 7 590 | 7 966 | 3 639 | 2 368 | 29 153 |
Other current liabilities | 45 852 | 36 054 | 0 | 0 | 0 | 81 906 |
Total | 121 848 | 66 688 | 16 433 | 8 576 | 10 509 | 224 055 |
Note 26
Shares
Issued shares and share capital | Number of shares | Share Capital (NOK) |
31 December 2021 | 584 903 064 | 163 772 858 |
Capital issue, April | 100 000 000 | 28 000 000 |
Share issue, repair offer, July | 3 625 153 | 1 015 043 |
Capital issue in relation to acq. of Integra, Nov | 2 045 000 | 572 600 |
31 December 2022 | 690 573 217 | 193 360 501 |
Capital issue, February | 3 | 1 |
Reverse share split (10:1), March | (621 515 898) | |
Capital issue, December | 514 884 | 1 441 675 |
31 December 2023 | 69 572 206 | 194 802 177 |
31 December 2024 | 69 572 206 | 194 802 177 |
Capital decrease, January1 | (187 844 956) | |
Share issue, February | 410 000 000 | 41 000 000 |
Share issue, March | 2 316 429 | 231 643 |
Share issue, September | 168 624 655 | 16 862 466 |
Reverse split 10:1, October2 | (650 513 290) | |
After Reverse split | 65 051 329 | |
Share issue, September, registered October | 741 323 | 741 323 |
Share issue, October | 1 072 960 | 1 072 960 |
Share issue, December | 398 902 | 398 902 |
31 December 2025 | 67 264 514 | 67 264 514 |
1Nominal value reduced from NOK 2.80 per share, to NOK 0.10 per share
2 The company completed a reverse share split at a ratio of 10:1 on 8 October 2025. The number of shares was reduced from 650,513,290 to 65,051,329, while the nominal value per share increased from NOK 0.10 to NOK 1.00. The total share capital remained unchanged. In addition to the issued shares, there were 1 714 162 warrants outstanding per 31 December 2025.
20 largest shareholders at 31 Dec 2025 | ||
Holding | Stake | |
FEUT AS | 12 500 000 | 18.6% |
FERNCLIFF LISTED DAI AS | 9 173 455 | 13.6% |
COMPANY ONE AS | 6 719 350 | 10.0% |
AWE INVEST AS | 4 608 553 | 6.9% |
DALLAS ASSET MANAGEMENT AS | 2 865 341 | 4.3% |
AUGUST INDUSTRIER AS | 2 600 000 | 3.9% |
ALCANCIA CAPITAL AS | 1 419 265 | 2.1% |
FIRST PARTNERS HOLDING 5 AS | 1 300 000 | 1.9% |
ERIK SKAAR OPDAL | 1 207 299 | 1.8% |
OPEK INVEST AS | 1 200 000 | 1.8% |
JOAR AARENES | 1 170 745 | 1.7% |
Citibank. N.A. | 902 144 | 1.3% |
TINDEN HOLDING AS | 809 693 | 1.2% |
EXCESSION AS | 700 000 | 1.0% |
SRK CONSULTING AS | 660 595 | 1.0% |
ARRIBATEC GROUP ASA | 641 770 | 1.0% |
DATUM AS | 641 402 | 1.0% |
Nordnet Bank AB | 572 492 | 0.9% |
MIDDELBOE AS | 542 416 | 0.8% |
BORGUND INVEST AS | 527 000 | 0.8% |
Total 20 largest shareholders | 50 761 520 | 75.5% |
Other shareholders 1 | 1 784 350 | 2.7% |
New shares from warrants2 | 14 718 644 | 21.9% |
Total | 67 264 514 | 100.0% |
1 The Group holds 8,012 of its own shares.
2Shares from warrants exercise not allocated to investors pr Quarter end due to settlement.
Shares held by related parties | |||
Holding | Stake | ||
COMPANY ONE AS | 6 719 350 | 10.0% | Related to H\u00e5kon Reistad Fure. Chairman of the Board in Arribatec Group ASA |
AWE INVEST AS | 4 608 553 | 6.9% | Related to Terje Mj\u00f8s. Member of the Board in Arribatec Group ASA |
AUGUST INDUSTRIER AS | 2 600 000 | 3.9% | Related to Henrik A. Christensen. Member of the Board in Arribatec Group ASA |
KJ\u00d8LVIK INVEST AS | 75 633 | 0.1% | Related to Ole Jakob Kj\u00f8lvik. CEO of Arribatec Group ASA |
HELLEBUST | 2 272 | 0.0% | Related to Kristin Hellebust. Member of the Board in Arribatec Group ASA |
SUNDET HOLDING AS | 7 072 | 0.0% | Related to Erik Sundet. member of the Management team |
VANDEZANDE | 1 200 | 0.0% | Member of the Management team |
Note 27
Long-term incentive plan
The Group operates a long-term incentive plan (LTIP) to attract, motivate and retain key employees. The program is equity-settled and grants participants share options that vest over time. In 2025, the plan was expanded through new grants, increasing the total number of outstanding options.
The fair value of the granted options is determined using the Black-Scholes option pricing model, and the related cost is recognised in accordance with IFRS 2. The LTIP continues to form an important part of the Group\u2019s overall remuneration framework and supports long-term value creation for shareholders. Additional information on the option arrangements is provided in the executive remuneration report.
Total costs and Social Security Provisions | ||
NOK | 2025 | 2024 |
Cost of employee share option program | 2 020 482 | 2 495 255 |
Granted instruments | ||
Option | ||
Instrument | 2025 | 2024 |
Quantity, End of period (instruments)1 | 7 450 000 | 3 084 700 |
Quantity, End of period (shares)1 | 7 450 000 | 3 084 700 |
Contractual life2 | 2.15 | 5.00 |
Strike price2 | 10.50 | 5.25 |
Share price2 | 7.20 | 4.63 |
Expected lifetime2 | 2.03 | 3.00 |
Volatility2 | 83.55% | 65.66% |
Interest rate2 | 3.828% | 3.965% |
Dividend2 | 0.00 | 0.00 |
FV per instrument2 | 2.49 | 1.97 |
Vesting conditions |
1 The company completed a reverse share split at a ratio of 10:1 on 8 October 2025. LTIP adjusted accordingly.
2Weighted average parameters at grant of instrument.
Outstanding instruments Year End - Option | ||||
Quantity and weighted average prices | Number of instruments | Weighted Average Strike Price | Number of instruments | Weighted Average Strike Price |
Activity | 01.01.2025 - 31.12.2025 | 01.01.2024 - 31.12.2024 | ||
Outstanding OB | 3 084 700 | 5.25 | 3 303 240 | 5.25 |
Granted | 7 929 572 | 9.93 | 0 | 0.00 |
Exercised | 0 | 0.00 | 0 | 0.00 |
Released | 0 | 0.00 | 0 | 0.00 |
Adjusted | (1 875 992) | 51.89 | 0 | 0.00 |
Performance Adjusted | 0 | 0.00 | 0 | 0.00 |
Cancelled | 0 | 0.00 | 0 | 0.00 |
Terminated | (1 000 261) | 5.38 | (218 540) | 5.25 |
Expired | 0 | 0.00 | 0 | 0.00 |
Outstanding CB | 8 138 019 | 11.00 | 3 084 700 | 5.25 |
Vested CB | 636 096 | 13.27 | 1 028 231 | 5.00 |
Outstanding Instruments Overview | |||||
Number of instruments | Weighted Average remaining contractual life | Weighted Average Strike Price | Vested instruments 31.12.2025 | Weighted Average Strike Price | |
Activity | Outstanding Instruments | Vested Instruments | |||
1.00 | 479 572 | 0.79 | 1.00 | 479 572 | 13.27 |
9.50 | 2 483 327 | 1.00 | 9.50 | 0 | 0.00 |
10.50 | 2 483 327 | 2.00 | 10.50 | 0 | 0.00 |
11.50 | 2 483 346 | 3.00 | 11.50 | 0 | 0.00 |
50.00 | 102 825 | 2.84 | 50.00 | 102 825 | 13.27 |
52.50 | 53 699 | 2.84 | 52.50 | 53 699 | 13.27 |
55.00 | 51 923 | 3.84 | 55.00 | 0 | 0.00 |
8 138 019 | 636 096 |
Note 28
Interest bearing debt
NOK thousand | |||||||
Debt financial institutions | Type | Currency | Facility limit | Interest rate | Year of maturity | 31 Dec 2025 | 31 Dec 2024 |
Danske Bank | Revolving credit facility | NOK | 20 000 | NIBOR+2.75% | 2025, Dec | 0 | 20 000 |
Danske Bank | Revolving credit facility | NOK | 15 000 | NIBOR+2.75% | 2025, Jan | 0 | 11 625 |
Bank Intesa, Italy | Unsecured bank facilities | EUR | EURIBOR+1.95%-2.40% | 2027 | 0 | 5 984 | |
Bank Progetto, Italy | Unsecured bank loan | EUR | EURIBOR+5% | 2025 | 0 | 1 322 | |
Bank Carige, Italy | Unsecured bank loan | EUR | 1.3% | 2027 | 0 | 4 218 | |
Bank Passadore, Italy | Unsecured bank loan | EUR | EURIBOR+1.5% | 2028 | 0 | 2 105 | |
Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0 | 45 254 |
Credit facilities | Other borrowings | Total | |
Balance at 1 Jan 2024 | 19 458 | 19 930 | 39 388 |
Proceeds from loans and borrowings | 12 167 | 0 | 12 167 |
Repayment of loans and borrowings | 0 | (7 372) | (7 372) |
Total changes in financial cashflow | 12 167 | (7 372) | 4 795 |
Translation difference | - | 1 072 | 1 072 |
Balance at 1 Jan 2025 | 31 625 | 13 629 | 45 254 |
Discontinued operations | 0 | (12 995) | (12 995) |
Translation difference | 0 | (635) | (635) |
Total changes in borrowings, non-cash | 0 | -13 629 | -13 629 |
Proceeds from loans and borrowings | 0 | 0 | 0 |
Repayment of loans and borrowings | (31 625) | 0 | (31 625) |
Total changes in financial cashflow | (31 625) | - | (31 625) |
Total Borrowings at end of period | 0 | 0 | 0 |
Interest bearing loans and other financial liabilities
The Group\u2019s interest-bearing loans and other financial liabilities are initially recognised at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortised cost.
As of 31 December 2025, the Group had no interest-bearing debt outstanding except for debt related to lease liabilities, see Note 11Right-of-use assets and lease liabilities. The Group continues to have access to a revolving credit facility, which will be classified as a short-term interest-bearing liability only when drawn. Since the facility remained undrawn at year-end, no such liability is recognised in the statement of financial position for 2025.
Note 29
Pensions
Arribatec group meets the different local mandatory occupational pension requirements. Arribatec operates defined contribution retirement benefit plans for all qualifying employees of its subsid iaries in Norway, Sweden and Denmark. The only obligation of the group with respect to the retirement benefit plan is to make specified contributions. The employees of other subsidiaries are members of a state-managed retirement benefit plan operated by the government. The subsidiaries are required to contribute a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits.
As at the reporting date, a pension-related balance of NOK 2.9 million relates to arrangements where the Company invests pension amounts in designated funds on behalf of certain employees. The Group recognises a corresponding receivable and liability, including employer\u2019s social security contributions, and bears no investment or return risk. Accordingly, the arrangement continues to qualify as a defined contribution plan under IAS\u00a019.
Note 30
Provisions
NOK thousand | Severance indemnity funds in Italy | Other provisions | Total |
Opening balance at 1 January 2025 | 8 145 | 3 565 | 11 710 |
Utilised during the year | (3 565) | (3 565) | |
Transferred upon disposal of business | (8 145) | (8 145) | |
Closing balance at 31 December 2025 | - | - | - |
Provisions\t
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.\t
Restructuring provisions are recognised only when the recognition criteria for provisions are fulfilled.
The Group has a constructive obligation when a detailed formal plan identifies the activities concerned, the location and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline. Furthermore, the employees affected have been notified of the plan\u2019s main features.
Provisions relating to severance indemnity funds (TFR) and other obligations in Italy were trans-ferred to the buyer as part of the disposal of the Hospitality/Marine business in 2025 and are therefore not recognised in the Group\u2019s balance sheet as at 31 December 2025. Other provisions primarily related to severance pay, which was paid during 2025.
Note 31
Other current liabilities
NOK thousand | 2025 | 2024 |
Employer tax and employee withholding tax | 17 855 | 21 064 |
Accrued holiday payments and bonuses | 26 127 | 25 266 |
VAT liabilities | 12 476 | 11 674 |
Accrued restructuring cost | - | 7 841 |
Other short-term liabilities | 14 665 | 16 061 |
Total other current liabilities | 71 124 | 81 906 |
Note 32
Transactions with related parties
Rent for office in the UK is paid to MDB & Sons Ltd, a company related to the former CEO of Arribatec UK Ltd (former Integra Associated Ltd). The office lease is terminated by May 2025.
The Company has paid consultancy fees and option-related consideration to Company One AS, a company related to the Chairman of the Board, H\u00e5kon Reistad Fure, and fees to Ro Sommernes Advokatfirma DA, a company related to the Board member Henrik A. Christensen. As at 31 December 2025, an amount of NOK\u00a03,348 thousand was outstanding to Company One AS, relating to option-based remuneration. The outstanding balance was settled in February 2026 and did not bear interest.
Salaries and other remuneration paid to Management and the Board are also considered transactions with related parties. These transactions are disclosed in Note 8Key Management.
NOK thousand | 2025 | 2024 |
Transactions with related parties | ||
Company One AS - consultancy | 1 900 | 625 |
Company One AS - options | 3 348 | 0 |
Ro Sommernes Advokatfirma DA - legal services | 1 095 | 206 |
MDB & Sons Ltd - office rental, Leicester | 128 | 453 |
Total Related parties transactions | 6 471 | 1 284 |
Note 33
Pledged assets
All the Nordic subsidiaries of the Group (Norway, Sweden and Denmark are part of the security package for the revolving credit facility, see Note 28. The subsidiaries that are part of the security package are guarantors and have granted a share pledge and a bank account pledge.
Note 34
Share issue and warrants
During 2025, the Company completed several share capital transactions. The share capital decrease approved in December 2024 was registered on 27 January 2025, followed by registration of the rights issue approved at the same extraordinary general meeting. Additional increases in share capital occurred throughout the year as holders of warrants from the December 2024 program
exercised their subscription rights.
On 9 October 2025, the Company completed a 10:1 reverse share split, reducing the number of shares in issue while keeping the total share capital unchanged.
A significant portion of the 210 million warrants issued in December 2024 were exercised during 2025 (21 million after the reversed share split), resulting in issuance of new shares. The remaining warrants were exercisable until 27 January 2026, after which any unexercised warrants lapsed.
Following these transactions, the Company had 67 264 514 shares outstanding as of 31 December 2025.
Note 35
Subsequent events
After 31 December 2025, the following highlights have occurred:
In January 2026, all remaining 1 714 162 outstanding warrants in Arribatec Group ASA were exer-cised. This transaction completed the exercise of the full warrant program issued on 2 December
2024 (adjusted after the reverse share split announced 7 October 2025). Following the exercise,
the company\u2019s new share capital was registered at NOK 68 978 676, divided into an equal number
of shares with a nominal value of NOK 1.
On 26 February 2026, the Board of Arribatec Group ASA proposed a cash dividend of NOK 1.00
per share for the financial year 2025, subject to approval by the Annual General Meeting on 27 May 2026. At the same time, the Board adopted a dividend policy governing future distributions.
On 3 March 2026, Arribatec Group ASA appointed Ole Jakob Kj\u00f8lvik as permanent CEO, effective
immediately, following his tenure as interim CEO since February 2025.
On 13 March 2026, Arribatec Group ASA acquired 2,000,000 own shares at a price of NOK\u00a06.50 per share, corresponding to a total consideration of NOK\u00a013.0\u00a0million. The purchase was made pursuant to the authorization granted to the Board of Directors by the Extraordinary General Meeting held on 29 August 2025. Following settlement of the transaction, the Company held 2,148,459 own shares.
On 23 March 2026, Arribatec Group ASA announced the appointment of Bent Hammer as new
Chief Financial Officer. He succeeds Magnus Hofshagen, who is stepping down from his role as
CFO. The Board stated that the appointment strengthens the Group\u2019s financial leadership going
forward.
On 29 March 2026, Arribatec Group ASA announced that its wholly owned subsidiary Arribatec
Cloud AS has completed a strategic reorganisation to sharpen its focus on core growth areas,
including Sovereign Cloud with AI capabilities, Modern Workplace, and cloud infrastructure. The
reorganisation aims to improve operational efficiency, strengthen delivery capabilities, and position
the subsidiary for profitable and scalable growth.
Note 2
Basis for preparation
The financial accounts for Arribatec Group ASA as \u201cthe Parent company\u201d together with its controlled subsidiaries as \u201cthe Group\u201d, have been prepared in accordance with IFRS Accounting Standards as adopted by the EU, relevant interpretations, and the Norwegian Accounting Act. The Parent company has NOK as its functional currency. The consolidated financial accounts are presented in NOK. All figures presented in this annual report have been rounded and consequently, the sum of individual figures can deviate from the total figure. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.
Note 2
Basis for preparation
The financial accounts for Arribatec Group ASA as \u201cthe Parent company\u201d together with its controlled subsidiaries as \u201cthe Group\u201d, have been prepared in accordance with IFRS Accounting Standards as adopted by the EU, relevant interpretations, and the Norwegian Accounting Act. The Parent company has NOK as its functional currency. The consolidated financial accounts are presented in NOK. All figures presented in this annual report have been rounded and consequently, the sum of individual figures can deviate from the total figure. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.
Note 2
Basis for preparation
The financial accounts for Arribatec Group ASA as \u201cthe Parent company\u201d together with its controlled subsidiaries as \u201cthe Group\u201d, have been prepared in accordance with IFRS Accounting Standards as adopted by the EU, relevant interpretations, and the Norwegian Accounting Act. The Parent company has NOK as its functional currency. The consolidated financial accounts are presented in NOK. All figures presented in this annual report have been rounded and consequently, the sum of individual figures can deviate from the total figure. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.
Note 2
Basis for preparation
The financial accounts for Arribatec Group ASA as \u201cthe Parent company\u201d together with its controlled subsidiaries as \u201cthe Group\u201d, have been prepared in accordance with IFRS Accounting Standards as adopted by the EU, relevant interpretations, and the Norwegian Accounting Act. The Parent company has NOK as its functional currency. The consolidated financial accounts are presented in NOK. All figures presented in this annual report have been rounded and consequently, the sum of individual figures can deviate from the total figure. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.
Note 3
Changes in Accounting Policies and disclosures for the 2025 calendar year or thereafter
Arribatec has not implemented any new accounting standards or otherwise made any changes to accounting policies during 2025.
New standards not yet effective
At the reporting date, a number of new standards and amendments had been issued but were not yet effective for the Group. Amendments to IFRS 9 and IFRS 7 related to nature-dependent electricitycontracts, effective from 1 January 2026, clarify the accounting for such contracts, including PPAs, and introduce additional disclosure requirements. The Group does not have any nature-dependent electricity contracts, and the amendments therefore do not apply. Further amendments to IFRS 9 and IFRS 7, also effective from 1 January 2026, address settlement of financial liabilities through electronic payment systems, assessment of contractual cash flows, including ESG-linked features, and updated disclosure requirements. These amendments are not expected to have a material impact on the consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 from 1 January 2027 and will be applied retrospectively. The standard introduces new presentation requirements in the income statement, including defined subtotals, new categories for income and expenses, and expanded disclosure of management-defined performance measures. It also includes changes to cash flow presentation and related amendments to IAS 7. The Group is currently assessing the impact of IFRS 18, which is expected to mainly affect presentation and disclosures rather than reported amounts. No other new standards or amendments effective from 2026 or later are expected to have a significant impact on the consolidated financial statements.
Note 3
Changes in Accounting Policies and disclosures for the 2025 calendar year or thereafter
Arribatec has not implemented any new accounting standards or otherwise made any changes to accounting policies during 2025.
New standards not yet effective
At the reporting date, a number of new standards and amendments had been issued but were not yet effective for the Group. Amendments to IFRS 9 and IFRS 7 related to nature-dependent electricitycontracts, effective from 1 January 2026, clarify the accounting for such contracts, including PPAs, and introduce additional disclosure requirements. The Group does not have any nature-dependent electricity contracts, and the amendments therefore do not apply. Further amendments to IFRS 9 and IFRS 7, also effective from 1 January 2026, address settlement of financial liabilities through electronic payment systems, assessment of contractual cash flows, including ESG-linked features, and updated disclosure requirements. These amendments are not expected to have a material impact on the consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 from 1 January 2027 and will be applied retrospectively. The standard introduces new presentation requirements in the income statement, including defined subtotals, new categories for income and expenses, and expanded disclosure of management-defined performance measures. It also includes changes to cash flow presentation and related amendments to IAS 7. The Group is currently assessing the impact of IFRS 18, which is expected to mainly affect presentation and disclosures rather than reported amounts. No other new standards or amendments effective from 2026 or later are expected to have a significant impact on the consolidated financial statements.
Note 4
Revenue
Consulting services
Consulting services mainly come from time and material projects. Revenue is recognised over time as the services are performed and delivered to the customer.
Recurring revenue
Sale of licenses
A license establishes the customer\u2019s rights related to a company\u2019s intellectual property (IP) and the company\u2019s obligations to provide those rights. IFRS 15 distinguishes whether the license provides a \u201dright-to-use\u201d or a \u201cright-to-access\u201d IP. This impacts the timing of revenue recognition. In most cases, the sale of licenses is part of SaaS contracts. Arribatec in some instances has contracts that include the sale of licenses only. Arribatec has analysed its (partner)
licensing contracts and concluded that it controls the license before it is transferred to the customer since Arribatec has legal ownership, physical possession, and the risk and reward of owner-ship before it is transferred to the customer. Arribatec is therefore the principal in the customer contract. When Arribatec licenses are distinct on-premises licenses (software installed on customers\u2019
servers), these fall under the category \u201cright-to-use\u201d since the license grants the right to the IP \u201cas is\u201d when delivered. The distinct
on-premises license pricing model is a one-time fixed fee. Revenue is recognised at the point in time when the customer is provided
with the ability to use the software. The fee is recognised as revenue when the customer has received legal title and physical possession and has accepted the license. Generally, this is at the beginning of the license period.
When Arribatec licenses cloud-based subscription licenses (\u201cright-to-access\u201d), the licenses are not considered distinct from the online/ hosting service. Revenue is recognised over time, over the
license/ contract period, as the customer is receiving and con-suming the benefits of access to the cloud-based license on an ongoing basis. The cloud-based subscription licenses are sold for a fixed annual or monthly fee. Revenue is recognised linearly over the subscription time.
Software as a service (SaaS)
Software is provided over time to an end customer from a Data Center managed or contracted by Arribatec. The obligations in the SaaS contract are to offer cloud-based access to the license (owned by Arribatec), maintenance of the utility of the software, including rights to updates and future releases, and in some contracts, provide support. The customer will purchase and obtain control of the software on a subscription or consumption basis. Revenue is therefore recognised periodically over the life of the SaaS contract. In some cases, Arribatec has a separate installation and implementation contract regarding the same customer projects. When these contracts are negotiated close in time to each other, Arribatec considers whether the two contracts have been nego-tiated as a package with a single commercial objective, or not. If this is the case the two contracts are combined. If not, they are accounted for separately. The implementation and installation services are capable of being distinct and distinct within the context of these contracts. This is concluded based on an analysis of the different deliveries and the performance obligations in the contract. Arribatec has therefore concluded that there are generally two distinct performance obligations in the two combined contracts. When there are two combined contracts, the transaction price is allocated between the two performance obligations based on relative stand-alone prices that are estimated based on the pricing of each element in the contract like hours, contract length, and options to extend the contract. Arribatec\u2019s performance obligation
under the installation and integration contract is satisfied over time because the consulting services do not create an asset that Arribatec could use for an alternative purpose and Arribatec has an enforceable right to payment for the hours worked. Revenue is accordingly recognised over time as the installation and integration are performed based on the hours worked.
Managed services
Under the managed services contracts Arribatec helps customers operate their IT environments, either on-premise or from the cloud. Managed services contracts are delivered at a fixed price and a minimum commitment to the customers, on a long-term contract. Additional work above the agreed level is considered normal consulting services. Arribatec delivers an integrated set of services
as defined in the managed service agreement. The customer
receives and consumes the benefits from the Managed Services as Arribatec performs under the contract. Therefore, the perfor-mance obligation is satisfied over time and revenue is recognised over time.
One-time revenue from third party hardware
In some contracts, Arribatec delivers both physical hardware and installation of software on the hardware. In such cases, the hard-ware product is considered a separate contract obligation that is recognised as revenue when it is installed.
Disaggregation of revenue
In the following table, revenue is disaggregated by primary Business area, geography and recurrence. In presenting geographic information, revenue has been based on the geographic location of the legal entity. The table shows external revenue. The Group has no material remaning performance obligations at the reporting date and therefore does not present this information.
Full year 2025 | ||||
NOK thousand | Consulting services | Recurring Revenue | One-time revenue | Total |
Norway | 168 169 | 214 532 | 15 408 | 398 110 |
Business services | 90 690 | 64 665 | 3 886 | 159 242 |
EA & BPM | 63 113 | 36 181 | 1 646 | 100 941 |
Cloud | 14 366 | 113 686 | 9 875 | 137 927 |
Continental Europe | 64 659 | 17 442 | 1 625 | 83 727 |
Business services | 64 659 | 17 442 | 1 625 | 83 727 |
UK | 57 869 | 32 030 | 4 453 | 94 352 |
Business services | 57 869 | 29 309 | 4 285 | 91 464 |
EA & BPM | 0 | 2 720 | 168 | 2 888 |
Americas | 677 | 1 278 | 640 | 2 595 |
Business services | 677 | 1 278 | 640 | 2 595 |
Total revenue | 291 375 | 265 283 | 22 127 | 578 784 |
Full year 2024 | ||||
NOK thousand | Consulting services | Recurring Revenue | One-time revenue | Total |
Norway | 153 646 | 193 072 | 23 154 | 369 872 |
Business services | 75 554 | 56 063 | 3 427 | 135 044 |
EA & BPM | 66 515 | 32 147 | 5 503 | 104 165 |
Cloud | 11 577 | 104 862 | 14 224 | 130 663 |
Continental Europe | 36 524 | 6 620 | 614 | 43 758 |
Business services | 36 524 | 6 620 | 614 | 43 758 |
UK | 43 371 | 23 105 | 1 780 | 68 255 |
Business services | 43 323 | 23 105 | 1 780 | 68 208 |
Cloud | 48 | 0 | 0 | 48 |
Americas | 11 971 | 6 577 | 0 | 18 548 |
Business services | 11 971 | 6 577 | 0 | 18 548 |
Total revenue | 245 512 | 229 374 | 25 548 | 500 434 |
Non-current Assets
Full year 2025 | ||||||||
Per region | Property Plant and equipment | Right-of-Use Assets | Goodwill | Customer relations | Other intangible assets | Other Non current Assets | Deferred taxes | Total |
Norway | 3 141 | 23 430 | 158 568 | 406 | 23 358 | 2 926 | 19 363 | 231 192 |
Continental Europe | 266 | 27 | 736 | 150 | (201) | 977 | ||
UK | 258 | 19 923 | 2 904 | 23 086 | ||||
Americas | 74 | 74 | ||||||
Carrying amount at 31 Dec 2025 per region | 3 665 | 23 457 | 178 491 | 3 310 | 24 094 | 3 150 | 19 162 | 255 327 |
Full year 2024 | ||||||||
Per region | Property Plant and equipment | Right-of-Use Assets | Goodwill | Customer relations | Other intangible assets | Other Non current Assets | Deferred taxes | Total |
Norway | 3 792 | 22 617 | 158 568 | 6 700 | 31 955 | 2 333 | 23 733 | 249 698 |
Continental Europe | 804 | 3 831 | 4731 | 6 491 | 2 186 | 1 655 | 19 697 | |
UK | 345 | 114 | 20 959 | 7 128 | 721 | 29 267 | ||
Americas | 3 | 1 | 84 | 88 | ||||
Carrying amount at 31 Dec 2025 per region | 4 944 | 26 563 | 184 258 | 13 829 | 39 167 | 4 602 | 25 388 | 298 750 |
Consulting services
Consulting services mainly come from time and material projects. Revenue is recognised over time as the services are performed and delivered to the customer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFK0040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__7__25-1": { "value": "Consulting services
Consulting services mainly come from time and material projects. Revenue is recognised over time as the services are performed and delivered to the customer.
Note 22
Contract assets and liabilities
Consulting services
Arribatec provides implementation and integration services under consulting contracts with customers. Most contracts are structured with a fixed hourly rate, while the total number of hours to be delivered is not specified.
Arribatec\u2019s performance obligation is satisfied over time because the services do not create an asset that the Group can use for an alternative purpose, and the Group has an enforceable right to payment for hours worked. Revenue is therefore recognised over time, typically based on hours invoiced during the period.
From time to time the Group enters into fixed-price consulting contracts. As with variable-hour contracts, the asset created does not have an alternative use, and Arribatec has an enforceable right to payment in line with project progress. Revenue is recognised over time in accordance with progress towards completion.
Contract assets
Contract assets arise from performance obligations satisfied over time, primarily related to installation services and projects where progress is measured over time. When the consideration
becomes unconditional, contract assets are reclassified to
accounts receivable. This reclassification explains most move-ments in contract assets during the period.
Contract assets also typically arise in SaaS projects where customers pay a fixed annual or monthly fee over a contract period of 3\u20135 years. Revenue is recognised when performance obligations are met, with the corresponding amount recorded as a contract asset until the customer is invoiced.
NOK thousand | 2025 | 2024 |
As of 1 January | 25 434 | 24 244 |
Performance obligations met | 69 519 | 45 437 |
Reclassified to receivables | (63 004) | (44 724) |
Provision for losses on contract assets | 3 033 | 894 |
Translation difference | (2 869) | (417) |
Total contract assets | 32 113 | 25 434 |
It is expected that 96% of the contract assets will be reclassified to receivables in 2026, 3% in 2027 and 1% in 2028. Expected credit losses on contract assets are considered immaterial, as the contracts largely relate to government or other low-risk customers and are assessed for credit risk in the same manner as accounts receivable.
Contract liabilities
Contract liabilities relate to consideration received in advance of the Group\u2019s performance under customer contracts. Revenue is recognised as, or when, performance obligations are fulfilled.
NOK thousand | 2025 | 2024 |
As of 1 January | 25 824 | 24 319 |
Deferred revenue | 110 794 | 130 200 |
Recognised as revenue in P&L | (96 433) | (129 705) |
Translation difference | (10 592) | 1 009 |
Total contract liabilities | 29 593 | 25 824 |
Contract liabilities mainly relate to advance invoicing for services to be delivered in 2026. All contract liabilities recognised as of
1 January 2025 were recognised as revenue during the year.
Consulting services
Consulting services mainly come from time and material projects. Revenue is recognised over time as the services are performed and delivered to the customer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXFK0040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__7__29": { "value": "Note 5
Segment
The market for Arribatec\u2019s Software and services is global. The chief decision maker will follow up on revenue and profitability on a global basis, segmented into the Business Areas (BAs). This is consistent with the internal reporting submitted to the chief operating decision maker, defined as the Management Group. The Management Group is responsible for allocating resources and assessing performance as well as making strategic decisions. Principles of revenue recognition are stated in Note 4.
The management of the Group follows up the revenue, EBITDA and EBIT by Business Area and geography according to the tables below. The management of the Group does not regu-larly review information about segment assets and liabilities. Accordingly, such information is not disclosed. At the reporting date, the Group does not have any customers that individually account for 10% or more of the Group\u2019s total revenue.
EA & BPMempower organisations to work smarter through
Enterprise Architecture and Business Process Management
solutions. The software and services support robust corporate
governance and enable organisations to operate more efficiently
and effectively - delivering long-term value across both public
and private sectors.
Clouddeliver flexible and secure cloud services tailored to both private and public sector needs. Cloud provides infrastructure hosting across hybrid environments. The offering
includes consulting, outsourcing, and end-to-end cloud
services. In addition to market-leading cloud solutions from
Microsoft, Arribatec Cloud operates its own public cloud, hosted in Norwegian data centres, to support the use cases where compliance and local sovereignty and control is a key
requirement.
Business servicesdeliver transformation projects around ERP,
FP&A, CPM (Corporate Performance Management), Research
Management and Apprentice Management solutions. This
includes the implementation of new business solutions as well
as iterative improvements to and support for existing ones.
The team drive the process from requirements definition and
analysis to deployment and ongoing support, guiding the
customer at every step along the way.
2025 | ||||||
NOK thousand | Business services | EA & BPM | Cloud | Corporate | Eliminations | Total |
Revenue | 340 067 | 104 107 | 150 231 | 67 | (15 687) | 578 784 |
Materials, software and services | (60 565) | (27 633) | (72 047) | (3 033) | 14 822 | (148 457) |
Gross margin | 279 502 | 76 473 | 78 183 | (2 967) | (865) | 430 327 |
Salary and personnel costs | (187 015) | (52 784) | (53 992) | (18 235) | 0 | (312 027) |
Other operating expenses | (43 452) | (11 604) | (13 028) | 13 677 | 53 | (54 354) |
Total operating expenses | (230 467) | (64 389) | (67 020) | (4 558) | 53 | (366 381) |
EBITDA | 49 035 | 12 085 | 11 164 | (7 525) | (812) | 63 946 |
Depreciation | (4 162) | (3 681) | (6 809) | (449) | 0 | (15 102) |
EBITA | 44 872 | 8 404 | 4 355 | (7 974) | (812) | 48 844 |
Amortisation and impairment | (10 359) | (3 324) | (2 067) | (1 122) | 0 | (16 872) |
EBIT | 34 513 | 5 079 | 2 288 | (9 096) | (812) | 31 972 |
Gross margin % | 82.2% | 73.5% | 52.0% | na | na | 74.4% |
EBITDA % | 14.4% | 11.6% | 7.4% | na | na | 11.0% |
EBITA % | 13.2% | 8.1% | 2.9% | na | na | 8.4% |
EBIT % | 10.1% | 4.9% | 1.5% | na | na | 5.5% |
2024 | ||||||
NOK thousand | Business services | EA & BPM | Cloud | Corporate | Eliminations | Total |
Revenue | 273 492 | 106 346 | 142 308 | 453 | (22 165) | 500 434 |
Materials, software and services | (43 149) | (28 293) | (73 572) | (2 080) | 14 723 | (132 372) |
Gross margin | 230 343 | 78 052 | 68 736 | (1 628) | (7 442) | 368 062 |
Salary and personnel costs | (186 829) | (63 697) | (50 468) | (26 967) | (0) | (327 962) |
Other operating expenses | (20 938) | (7 158) | (8 972) | (26 136) | (20) | (63 224) |
Total operating expenses | (207 768) | (70 855) | (59 439) | (53 103) | (20) | (391 186) |
EBITDA | 22 575 | 7 197 | 9 297 | (54 731) | (7 462) | (23 124) |
Depreciation | (5 458) | (3 916) | (8 642) | (1 075) | 0 | (19 092) |
EBITA | 17 117 | 3 281 | 655 | (55 806) | (7 462) | (42 216) |
Amortisation and impairment | (10 075) | (3 324) | (2 436) | (1 165) | 0 | (17 001) |
EBIT | 7 042 | (43) | (1 781) | (56 972) | (7 462) | (59 216) |
Gross margin % | 84.2% | 73.4% | 48.3% | na | na | 73.5% |
EBITDA % | 8.3% | 6.8% | 6.5% | na | na | (4.6%) |
EBITA % | 6.3% | 3.1% | 0.5% | na | na | (8.4%) |
EBIT % | 2.6% | (0.0%) | (1.3%) | na | na | (11.8%) |
Note 5
Segment
The market for Arribatec\u2019s Software and services is global. The chief decision maker will follow up on revenue and profitability on a global basis, segmented into the Business Areas (BAs). This is consistent with the internal reporting submitted to the chief operating decision maker, defined as the Management Group. The Management Group is responsible for allocating resources and assessing performance as well as making strategic decisions. Principles of revenue recognition are stated in Note 4.
The management of the Group follows up the revenue, EBITDA and EBIT by Business Area and geography according to the tables below. The management of the Group does not regu-larly review information about segment assets and liabilities. Accordingly, such information is not disclosed. At the reporting date, the Group does not have any customers that individually account for 10% or more of the Group\u2019s total revenue.
EA & BPMempower organisations to work smarter through
Enterprise Architecture and Business Process Management
solutions. The software and services support robust corporate
governance and enable organisations to operate more efficiently
and effectively - delivering long-term value across both public
and private sectors.
Clouddeliver flexible and secure cloud services tailored to both private and public sector needs. Cloud provides infrastructure hosting across hybrid environments. The offering
includes consulting, outsourcing, and end-to-end cloud
services. In addition to market-leading cloud solutions from
Microsoft, Arribatec Cloud operates its own public cloud, hosted in Norwegian data centres, to support the use cases where compliance and local sovereignty and control is a key
requirement.
Business servicesdeliver transformation projects around ERP,
FP&A, CPM (Corporate Performance Management), Research
Management and Apprentice Management solutions. This
includes the implementation of new business solutions as well
as iterative improvements to and support for existing ones.
The team drive the process from requirements definition and
analysis to deployment and ongoing support, guiding the
customer at every step along the way.
2025 | ||||||
NOK thousand | Business services | EA & BPM | Cloud | Corporate | Eliminations | Total |
Revenue | 340 067 | 104 107 | 150 231 | 67 | (15 687) | 578 784 |
Materials, software and services | (60 565) | (27 633) | (72 047) | (3 033) | 14 822 | (148 457) |
Gross margin | 279 502 | 76 473 | 78 183 | (2 967) | (865) | 430 327 |
Salary and personnel costs | (187 015) | (52 784) | (53 992) | (18 235) | 0 | (312 027) |
Other operating expenses | (43 452) | (11 604) | (13 028) | 13 677 | 53 | (54 354) |
Total operating expenses | (230 467) | (64 389) | (67 020) | (4 558) | 53 | (366 381) |
EBITDA | 49 035 | 12 085 | 11 164 | (7 525) | (812) | 63 946 |
Depreciation | (4 162) | (3 681) | (6 809) | (449) | 0 | (15 102) |
EBITA | 44 872 | 8 404 | 4 355 | (7 974) | (812) | 48 844 |
Amortisation and impairment | (10 359) | (3 324) | (2 067) | (1 122) | 0 | (16 872) |
EBIT | 34 513 | 5 079 | 2 288 | (9 096) | (812) | 31 972 |
Gross margin % | 82.2% | 73.5% | 52.0% | na | na | 74.4% |
EBITDA % | 14.4% | 11.6% | 7.4% | na | na | 11.0% |
EBITA % | 13.2% | 8.1% | 2.9% | na | na | 8.4% |
EBIT % | 10.1% | 4.9% | 1.5% | na | na | 5.5% |
2024 | ||||||
NOK thousand | Business services | EA & BPM | Cloud | Corporate | Eliminations | Total |
Revenue | 273 492 | 106 346 | 142 308 | 453 | (22 165) | 500 434 |
Materials, software and services | (43 149) | (28 293) | (73 572) | (2 080) | 14 723 | (132 372) |
Gross margin | 230 343 | 78 052 | 68 736 | (1 628) | (7 442) | 368 062 |
Salary and personnel costs | (186 829) | (63 697) | (50 468) | (26 967) | (0) | (327 962) |
Other operating expenses | (20 938) | (7 158) | (8 972) | (26 136) | (20) | (63 224) |
Total operating expenses | (207 768) | (70 855) | (59 439) | (53 103) | (20) | (391 186) |
EBITDA | 22 575 | 7 197 | 9 297 | (54 731) | (7 462) | (23 124) |
Depreciation | (5 458) | (3 916) | (8 642) | (1 075) | 0 | (19 092) |
EBITA | 17 117 | 3 281 | 655 | (55 806) | (7 462) | (42 216) |
Amortisation and impairment | (10 075) | (3 324) | (2 436) | (1 165) | 0 | (17 001) |
EBIT | 7 042 | (43) | (1 781) | (56 972) | (7 462) | (59 216) |
Gross margin % | 84.2% | 73.4% | 48.3% | na | na | 73.5% |
EBITDA % | 8.3% | 6.8% | 6.5% | na | na | (4.6%) |
EBITA % | 6.3% | 3.1% | 0.5% | na | na | (8.4%) |
EBIT % | 2.6% | (0.0%) | (1.3%) | na | na | (11.8%) |
The market for Arribatec\u2019s Software and services is global. The chief decision maker will follow up on revenue and profitability on a global basis, segmented into the Business Areas (BAs). This is consistent with the internal reporting submitted to the chief operating decision maker, defined as the Management Group. The Management Group is responsible for allocating resources and assessing performance as well as making strategic decisions. Principles of revenue recognition are stated in Note 4.
The management of the Group follows up the revenue, EBITDA and EBIT by Business Area and geography according to the tables below. The management of the Group does not regu-larly review information about segment assets and liabilities. Accordingly, such information is not disclosed. At the reporting date, the Group does not have any customers that individually account for 10% or more of the Group\u2019s total revenue.
EA & BPMempower organisations to work smarter through
Enterprise Architecture and Business Process Management
solutions. The software and services support robust corporate
governance and enable organisations to operate more efficiently
and effectively - delivering long-term value across both public
and private sectors.
Clouddeliver flexible and secure cloud services tailored to both private and public sector needs. Cloud provides infrastructure hosting across hybrid environments. The offering
includes consulting, outsourcing, and end-to-end cloud
services. In addition to market-leading cloud solutions from
Microsoft, Arribatec Cloud operates its own public cloud, hosted in Norwegian data centres, to support the use cases where compliance and local sovereignty and control is a key
requirement.
Business servicesdeliver transformation projects around ERP,
FP&A, CPM (Corporate Performance Management), Research
Management and Apprentice Management solutions. This
includes the implementation of new business solutions as well
as iterative improvements to and support for existing ones.
The team drive the process from requirements definition and
analysis to deployment and ongoing support, guiding the
customer at every step along the way.
Note 6
Materials, software and services
Materials, software and services represent the external cost of operations and are expensed when the cost occurs.
The cost of finished goods and work in progress comprises design costs, raw materials, direct labour and other
direct costs. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
NOK thousand | 2025 | 2024 |
Hired consultants | (30 022) | (22 923) |
Hardware for resale | (7 421) | (10 885) |
Software for resale | (96 326) | (85 642) |
Other | (14 688) | (12 923) |
Total materials, software and services | (148 457) | (132 372) |
Note 6
Materials, software and services
Materials, software and services represent the external cost of operations and are expensed when the cost occurs.
The cost of finished goods and work in progress comprises design costs, raw materials, direct labour and other
direct costs. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
NOK thousand | 2025 | 2024 |
Hired consultants | (30 022) | (22 923) |
Hardware for resale | (7 421) | (10 885) |
Software for resale | (96 326) | (85 642) |
Other | (14 688) | (12 923) |
Total materials, software and services | (148 457) | (132 372) |
Note 7
Personnel
NOK thousand | 2025 | 2024 |
Salaries | (242 636) | (251 051) |
Social security tax | (40 782) | (41 969) |
Bonuses | (7 215) | (1 453) |
Share option cost (Note 27) | (2 020) | (2 495) |
Pension costs defined contribution (Note 29) | (21 262) | (21 193) |
Capitalised work performed | 7 632 | 5 674 |
Other personnel cost | (5 742) | (15 475) |
Total salaries and personnel expense | (312 026) | (327 962) |
Average number of FTEs | ||
NOK thousand | 2025 | 2024 |
Number of FTEs, start of year | 267 | 286 |
Number of FTEs, end of year | 250 | 267 |
Average number of FTEs | 259 | 277 |
Gender split, end of year | ||
Male | 178 | 187 |
Female | 72 | 80 |
Number of FTEs, end of year, per country | ||
2025 | 2024 | |
Denmark | 1 | 1 |
France | 3 | 4 |
Italy | 0 | 3 |
Norway | 167 | 184 |
Singapore | 1 | 1 |
Spain | 26 | 24 |
Sweden | 12 | 15 |
United Kingdom | 38 | 33 |
USA | 2 | 2 |
Total number of FTEs | 250 | 267 |
Pension obligations
The Group\u2019s pension obligations vary between countries depending on the local legislation and different pension systems, please see Note 29for further description.
Note 9
Other operating expenses
NOK thousand | 2025 | 2024 |
Marketing cost | (1 967) | (2 303) |
Rental and leasing cost1 | (4 204) | (5 494) |
Travel cost | (4 974) | (6 030) |
Fees for external services | (21 926) | (18 158) |
IT and communication cost | (16 446) | (14 438) |
Restructuring cost 2 | (1 230) | (8 913) |
Other operating cost 3 | (3 607) | (7 887) |
Total operating expenses | (54 354) | (63 224) |
1Includes common cost related to premises, such as electricity, cleaning, moving cost and contracts of lower value and/or shorter than twelve months.
2Of which 7.8m relates to cost in 2024, paid in 2025.
3Includes coursing, representation cost, mobile usage for employees, insurance premiums and other office expense.
NOK thousand | 2025 | 2024 |
Specification of auditor\u2019s fee | ||
Statutory audit | (2 356) | (2 708) |
Other assurance services | (55) | (55) |
Other non-assurance services | (79) | (196) |
Total | (2 490) | (2 959) |
Note 6
Materials, software and services
Materials, software and services represent the external cost of operations and are expensed when the cost occurs.
The cost of finished goods and work in progress comprises design costs, raw materials, direct labour and other
direct costs. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
NOK thousand | 2025 | 2024 |
Hired consultants | (30 022) | (22 923) |
Hardware for resale | (7 421) | (10 885) |
Software for resale | (96 326) | (85 642) |
Other | (14 688) | (12 923) |
Total materials, software and services | (148 457) | (132 372) |
Note 9
Other operating expenses
NOK thousand | 2025 | 2024 |
Marketing cost | (1 967) | (2 303) |
Rental and leasing cost1 | (4 204) | (5 494) |
Travel cost | (4 974) | (6 030) |
Fees for external services | (21 926) | (18 158) |
IT and communication cost | (16 446) | (14 438) |
Restructuring cost 2 | (1 230) | (8 913) |
Other operating cost 3 | (3 607) | (7 887) |
Total operating expenses | (54 354) | (63 224) |
1Includes common cost related to premises, such as electricity, cleaning, moving cost and contracts of lower value and/or shorter than twelve months.
2Of which 7.8m relates to cost in 2024, paid in 2025.
3Includes coursing, representation cost, mobile usage for employees, insurance premiums and other office expense.
NOK thousand | 2025 | 2024 |
Specification of auditor\u2019s fee | ||
Statutory audit | (2 356) | (2 708) |
Other assurance services | (55) | (55) |
Other non-assurance services | (79) | (196) |
Total | (2 490) | (2 959) |
Note 6
Materials, software and services
Materials, software and services represent the external cost of operations and are expensed when the cost occurs.
The cost of finished goods and work in progress comprises design costs, raw materials, direct labour and other
direct costs. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
NOK thousand | 2025 | 2024 |
Hired consultants | (30 022) | (22 923) |
Hardware for resale | (7 421) | (10 885) |
Software for resale | (96 326) | (85 642) |
Other | (14 688) | (12 923) |
Total materials, software and services | (148 457) | (132 372) |
Note 7
Personnel
NOK thousand | 2025 | 2024 |
Salaries | (242 636) | (251 051) |
Social security tax | (40 782) | (41 969) |
Bonuses | (7 215) | (1 453) |
Share option cost (Note 27) | (2 020) | (2 495) |
Pension costs defined contribution (Note 29) | (21 262) | (21 193) |
Capitalised work performed | 7 632 | 5 674 |
Other personnel cost | (5 742) | (15 475) |
Total salaries and personnel expense | (312 026) | (327 962) |
Average number of FTEs | ||
NOK thousand | 2025 | 2024 |
Number of FTEs, start of year | 267 | 286 |
Number of FTEs, end of year | 250 | 267 |
Average number of FTEs | 259 | 277 |
Gender split, end of year | ||
Male | 178 | 187 |
Female | 72 | 80 |
Number of FTEs, end of year, per country | ||
2025 | 2024 | |
Denmark | 1 | 1 |
France | 3 | 4 |
Italy | 0 | 3 |
Norway | 167 | 184 |
Singapore | 1 | 1 |
Spain | 26 | 24 |
Sweden | 12 | 15 |
United Kingdom | 38 | 33 |
USA | 2 | 2 |
Total number of FTEs | 250 | 267 |
Pension obligations
The Group\u2019s pension obligations vary between countries depending on the local legislation and different pension systems, please see Note 29for further description.
Note 29
Pensions
Arribatec group meets the different local mandatory occupational pension requirements. Arribatec operates defined contribution retirement benefit plans for all qualifying employees of its subsid iaries in Norway, Sweden and Denmark. The only obligation of the group with respect to the retirement benefit plan is to make specified contributions. The employees of other subsidiaries are members of a state-managed retirement benefit plan operated by the government. The subsidiaries are required to contribute a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits.
As at the reporting date, a pension-related balance of NOK 2.9 million relates to arrangements where the Company invests pension amounts in designated funds on behalf of certain employees. The Group recognises a corresponding receivable and liability, including employer\u2019s social security contributions, and bears no investment or return risk. Accordingly, the arrangement continues to qualify as a defined contribution plan under IAS\u00a019.
Note 8
Key management
Group Management comprises the Chief Executive Officer and the Chief Financial Officer, both employed by the parent company, and the Executive Vice Presidents responsible for the Group\u2019s three business areas, employed by the subsidiaries Business Services, Cloud, and EA&BPM.
Compensation to the management during the year is detailed in this note. The amounts presented are the total part of the salary in the period, not only the part for the Group management role.
The Group CEO has a three-month notice period and is entitled to severance pay corresponding to an additional three months\u2019 salary in the event of termination initiated by the company.
See the remuneration report for details on the bonus and share option program concerning management. The Company has not granted any loans, guarantees or collateral to members of the Board of Directors or to executive management during the year.
Management remuneration 2025 | ||||||||
NOK thousand | Board remuneration | Audit committee remuneration | Salary | Bonus | Benefits in kind | Share option cost | Pension cost | Total remuneration |
Management | ||||||||
Ole Jakob Kj\u00f8lvik - CEO (Interim from Feb-25) | 0 | 0 | 1 602 | 664 | 18 | 550 | 109 | 2 944 |
Geir Johansen - CEO (until Feb-25)1 | 0 | 0 | 5 600 | 0 | 1 | 0 | 109 | 5 710 |
Magnus Hofshagen - CFO (from Sep-25) | 0 | 0 | 634 | 0 | 4 | 39 | 44 | 722 |
Bente Brocks - CFO (interim until Mar-25) | 0 | 0 | 1 749 | 0 | 0 | 0 | 109 | 1 858 |
Erik Sundet - Group IT director (50% mgmt) | 0 | 0 | 1 469 | 0 | 14 | 314 | 103 | 1 900 |
P\u00e5l Stueflotten - CCO (until March-25) | 0 | 0 | 834 | 0 | 2 | 0 | 58 | 894 |
Solfrid Bu\u00f8 - CPOO (until Jan-25) | 0 | 0 | 1 097 | 0 | 5 | 0 | 77 | 1 179 |
Tom Vandezande - EVP Business Services | 0 | 0 | 2 755 | 0 | 13 | 432 | 206 | 3 406 |
Iselin Sema Nordal - EVP EA & BPM | 0 | 0 | 362 | 0 | 1 | 308 | 24 | 697 |
Management total | 0 | 0 | 16 103 | 664 | 58 | 1 645 | 840 | 19 310 |
Members of the Board | ||||||||
H\u00e5kon Reistad Fure - Chairman (from Dec-24) | 330 | 3 | 0 | 0 | 0 | 0 | 0 | 333 |
Henrik Christensen - Member (from Dec-24) | 240 | 0 | 0 | 0 | 0 | 0 | 0 | 240 |
Kristin Hellebust - Member | 283 | 35 | 0 | 0 | 0 | 0 | 0 | 318 |
Linn Katrine H\u00f8ie - Member | 246 | 0 | 0 | 0 | 0 | 0 | 0 | 246 |
Terje Mj\u00f8s - Member | 340 | 35 | 0 | 0 | 0 | 0 | 0 | 375 |
Members of the Board total | 1 439 | 73 | 0 | 0 | 0 | 0 | 0 | 1 512 |
Total salaries and personnel expense | 1 439 | 73 | 16 103 | 664 | 58 | 1 645 | 840 | 20 822 |
1The CEO, Geir Johansen, resigned from his position in February 2025. Total compensation in connection with the resignation amounted to NOK 5.7 million, of which NOK 1.7 million related to ordinary salary and NOK 4.0 million related to severance pay corresponding to 12 months\u2019 salary. The severance payment was paid in full at the date of resignation. No further obligations related to the resignation existed as at 31 December 2025.
Management remuneration 2024 | ||||||||
NOK thousand | Board remuneration | Audit committee remuneration | Salary | Bonus | Benefits in kind | Share option cost | Pension cost | Total remuneration |
Management | ||||||||
Geir Johansen - CEO | 0 | 0 | 4 000 | 0 | 6 | 207 | 104 | 4 317 |
Ole Jakob Kj\u00f8lvik - COO (until Aug-24) | 0 | 0 | 1 072 | 0 | 10 | 104 | 69 | 1 254 |
Bente Brocks - CFO (interim) | 0 | 0 | 1 784 | 0 | 6 | 186 | 104 | 2 081 |
Erik Sundet - Group IT director (50% mgmt) | 0 | 0 | 1 252 | 0 | 24 | 155 | 88 | 1 519 |
P\u00e5l Stueflotten - CCO | 0 | 0 | 1 200 | 433 | 49 | 155 | 104 | 1 942 |
Solfrid Bu\u00f8 - CPOO | 0 | 0 | 1 500 | 0 | 6 | 155 | 104 | 1 765 |
Management total | 0 | 0 | 10 807 | 433 | 102 | 963 | 574 | 12 879 |
Members of the Board | ||||||||
H\u00e5kon Reistad Fure - Chairman (from Dec-24) | 24 | 3 | 0 | 0 | 0 | 0 | 0 | 28 |
Martin Nes - Chairman (until Nov-24) | 252 | 37 | 0 | 0 | 0 | 0 | 0 | 289 |
Henrik Christensen - Member (from Dec-24) | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 20 |
\u00d8ystein S. Spetalen - Member (until Nov-24) | 208 | 0 | 0 | 0 | 0 | 0 | 0 | 208 |
Kristin Hellebust - Member | 226 | 35 | 0 | 0 | 0 | 0 | 0 | 261 |
Linn Katrine H\u00f8ie - Member | 228 | 0 | 0 | 0 | 0 | 0 | 0 | 228 |
Terje Mj\u00f8s - Member 1 | 169 | 35 | 0 | 0 | 0 | 0 | 0 | 204 |
Members of the Board total | 1 126 | 110 | 0 | 0 | 0 | 0 | 0 | 1 236 |
Total salaries and personnel expense | 1 126 | 110 | 10 807 | 433 | 102 | 963 | 574 | 14 115 |
1Received NOK 57.5k less than he should in 2024, this is compensated in 2025
The following remuneration has been made to the members of the nomination committee during the year: | ||
NOK thousand | 2024 | 2023 |
Management | ||
Nomination committee | ||
Espen Lundaas - Chairman | 35 | 0 |
\u00d8ystein Tvenge - Member1 | 20 | 50 |
Total | 55 | 50 |
1Compensation for 2021-2024 paid 2024
Note 9
Other operating expenses
NOK thousand | 2025 | 2024 |
Marketing cost | (1 967) | (2 303) |
Rental and leasing cost1 | (4 204) | (5 494) |
Travel cost | (4 974) | (6 030) |
Fees for external services | (21 926) | (18 158) |
IT and communication cost | (16 446) | (14 438) |
Restructuring cost 2 | (1 230) | (8 913) |
Other operating cost 3 | (3 607) | (7 887) |
Total operating expenses | (54 354) | (63 224) |
1Includes common cost related to premises, such as electricity, cleaning, moving cost and contracts of lower value and/or shorter than twelve months.
2Of which 7.8m relates to cost in 2024, paid in 2025.
3Includes coursing, representation cost, mobile usage for employees, insurance premiums and other office expense.
NOK thousand | 2025 | 2024 |
Specification of auditor\u2019s fee | ||
Statutory audit | (2 356) | (2 708) |
Other assurance services | (55) | (55) |
Other non-assurance services | (79) | (196) |
Total | (2 490) | (2 959) |
Note 9
Other operating expenses
NOK thousand | 2025 | 2024 |
Marketing cost | (1 967) | (2 303) |
Rental and leasing cost1 | (4 204) | (5 494) |
Travel cost | (4 974) | (6 030) |
Fees for external services | (21 926) | (18 158) |
IT and communication cost | (16 446) | (14 438) |
Restructuring cost 2 | (1 230) | (8 913) |
Other operating cost 3 | (3 607) | (7 887) |
Total operating expenses | (54 354) | (63 224) |
1Includes common cost related to premises, such as electricity, cleaning, moving cost and contracts of lower value and/or shorter than twelve months.
2Of which 7.8m relates to cost in 2024, paid in 2025.
3Includes coursing, representation cost, mobile usage for employees, insurance premiums and other office expense.
NOK thousand | 2025 | 2024 |
Specification of auditor\u2019s fee | ||
Statutory audit | (2 356) | (2 708) |
Other assurance services | (55) | (55) |
Other non-assurance services | (79) | (196) |
Total | (2 490) | (2 959) |
Note 10
Property, plant and equipment
Property, plant and equipment are measured at cost in the balance sheet, with a deduction for accumulated depreciation and impairment. Depreciation
is made on a straight-line basis over the asset\u2019s estimated useful life, which is assessed on an individual basis, ranging from five to ten years.
2025 | ||||
NOK Thousand | Office equipment | Fixtures and fittings | Other | Total |
Cost at 1 Jan 2025 | 18 353 | 4 529 | 1 661 | 24 543 |
Additions | 729 | 145 | 284 | 1 157 |
Reclassifications | 0 | 13 | (13) | 0 |
Disposals | (132) | (723) | - | (855) |
Discontinued operations | (6 553) | (424) | (347) | (7 324) |
Translation difference | (180) | (21) | (9) | (210) |
Cost, end of period | 12 218 | 3 518 | 1 575 | 17 311 |
Accumulated depreciation at 1 Jan 2025 | (15 539) | (3 114) | (947) | (19 599) |
Depreciation during the year, continuing operations | (1 551) | (565) | (83) | (2 198) |
Depreciation during the year, discontinued operations (Note 17) | (62) | (5) | (3) | (70) |
Disposals | 769 | 645 | 2 | 1 416 |
Discontinued operations | 5 953 | 376 | 290 | 6 619 |
Translation difference | 177 | 1 | 7 | 186 |
Accumulated depreciation, end of period | (10 252) | (2 661) | (733) | (13 646) |
Carrying amount at 31 Dec 2025 | 1 966 | 857 | 842 | 3 665 |
Useful life | 5-10 yrs | 5 yrs | 5 yrs |
2024 | ||||
NOK Thousand | Office equipment | Fixtures and fittings | Other | Total |
Cost at 1 Jan 2024 | 18 373 | 4 956 | 1 821 | 25 151 |
Additions | 1 526 | 0 | 55 | 1 581 |
Disposals | (2 132) | (615) | (255) | (3 002) |
Translation difference | 586 | 187 | 39 | 813 |
Cost, end of period | 18 353 | 4 529 | 1 661 | 24 543 |
Accumulated depreciation at 1 Jan 2024 | (14 941) | (2 760) | (1 014) | (18 715) |
Depreciation during the year, continuing operations | (1 898) | (818) | (143) | (2 858) |
Depreciation during the year, discontinued operations | (293) | (36) | (16) | (346) |
Disposals | 2 132 | 615 | 255 | 3 002 |
Translation difference | (539) | (115) | (29) | (683) |
Accumulated depreciation, end of period | (15 539) | (3 114) | (947) | (19 599) |
Carrying amount at 31 Dec 2024 | 2 815 | 1 415 | 714 | 4 944 |
Useful life | 5-10 yrs | 5 yrs | 5 yrs |
Note 10
Property, plant and equipment
Property, plant and equipment are measured at cost in the balance sheet, with a deduction for accumulated depreciation and impairment. Depreciation
is made on a straight-line basis over the asset\u2019s estimated useful life, which is assessed on an individual basis, ranging from five to ten years.
2025 | ||||
NOK Thousand | Office equipment | Fixtures and fittings | Other | Total |
Cost at 1 Jan 2025 | 18 353 | 4 529 | 1 661 | 24 543 |
Additions | 729 | 145 | 284 | 1 157 |
Reclassifications | 0 | 13 | (13) | 0 |
Disposals | (132) | (723) | - | (855) |
Discontinued operations | (6 553) | (424) | (347) | (7 324) |
Translation difference | (180) | (21) | (9) | (210) |
Cost, end of period | 12 218 | 3 518 | 1 575 | 17 311 |
Accumulated depreciation at 1 Jan 2025 | (15 539) | (3 114) | (947) | (19 599) |
Depreciation during the year, continuing operations | (1 551) | (565) | (83) | (2 198) |
Depreciation during the year, discontinued operations (Note 17) | (62) | (5) | (3) | (70) |
Disposals | 769 | 645 | 2 | 1 416 |
Discontinued operations | 5 953 | 376 | 290 | 6 619 |
Translation difference | 177 | 1 | 7 | 186 |
Accumulated depreciation, end of period | (10 252) | (2 661) | (733) | (13 646) |
Carrying amount at 31 Dec 2025 | 1 966 | 857 | 842 | 3 665 |
Useful life | 5-10 yrs | 5 yrs | 5 yrs |
2024 | ||||
NOK Thousand | Office equipment | Fixtures and fittings | Other | Total |
Cost at 1 Jan 2024 | 18 373 | 4 956 | 1 821 | 25 151 |
Additions | 1 526 | 0 | 55 | 1 581 |
Disposals | (2 132) | (615) | (255) | (3 002) |
Translation difference | 586 | 187 | 39 | 813 |
Cost, end of period | 18 353 | 4 529 | 1 661 | 24 543 |
Accumulated depreciation at 1 Jan 2024 | (14 941) | (2 760) | (1 014) | (18 715) |
Depreciation during the year, continuing operations | (1 898) | (818) | (143) | (2 858) |
Depreciation during the year, discontinued operations | (293) | (36) | (16) | (346) |
Disposals | 2 132 | 615 | 255 | 3 002 |
Translation difference | (539) | (115) | (29) | (683) |
Accumulated depreciation, end of period | (15 539) | (3 114) | (947) | (19 599) |
Carrying amount at 31 Dec 2024 | 2 815 | 1 415 | 714 | 4 944 |
Useful life | 5-10 yrs | 5 yrs | 5 yrs |
Note 10
Property, plant and equipment
Property, plant and equipment are measured at cost in the balance sheet, with a deduction for accumulated depreciation and impairment. Depreciation
is made on a straight-line basis over the asset\u2019s estimated useful life, which is assessed on an individual basis, ranging from five to ten years.
2025 | ||||
NOK Thousand | Office equipment | Fixtures and fittings | Other | Total |
Cost at 1 Jan 2025 | 18 353 | 4 529 | 1 661 | 24 543 |
Additions | 729 | 145 | 284 | 1 157 |
Reclassifications | 0 | 13 | (13) | 0 |
Disposals | (132) | (723) | - | (855) |
Discontinued operations | (6 553) | (424) | (347) | (7 324) |
Translation difference | (180) | (21) | (9) | (210) |
Cost, end of period | 12 218 | 3 518 | 1 575 | 17 311 |
Accumulated depreciation at 1 Jan 2025 | (15 539) | (3 114) | (947) | (19 599) |
Depreciation during the year, continuing operations | (1 551) | (565) | (83) | (2 198) |
Depreciation during the year, discontinued operations (Note 17) | (62) | (5) | (3) | (70) |
Disposals | 769 | 645 | 2 | 1 416 |
Discontinued operations | 5 953 | 376 | 290 | 6 619 |
Translation difference | 177 | 1 | 7 | 186 |
Accumulated depreciation, end of period | (10 252) | (2 661) | (733) | (13 646) |
Carrying amount at 31 Dec 2025 | 1 966 | 857 | 842 | 3 665 |
Useful life | 5-10 yrs | 5 yrs | 5 yrs |
2024 | ||||
NOK Thousand | Office equipment | Fixtures and fittings | Other | Total |
Cost at 1 Jan 2024 | 18 373 | 4 956 | 1 821 | 25 151 |
Additions | 1 526 | 0 | 55 | 1 581 |
Disposals | (2 132) | (615) | (255) | (3 002) |
Translation difference | 586 | 187 | 39 | 813 |
Cost, end of period | 18 353 | 4 529 | 1 661 | 24 543 |
Accumulated depreciation at 1 Jan 2024 | (14 941) | (2 760) | (1 014) | (18 715) |
Depreciation during the year, continuing operations | (1 898) | (818) | (143) | (2 858) |
Depreciation during the year, discontinued operations | (293) | (36) | (16) | (346) |
Disposals | 2 132 | 615 | 255 | 3 002 |
Translation difference | (539) | (115) | (29) | (683) |
Accumulated depreciation, end of period | (15 539) | (3 114) | (947) | (19 599) |
Carrying amount at 31 Dec 2024 | 2 815 | 1 415 | 714 | 4 944 |
Useful life | 5-10 yrs | 5 yrs | 5 yrs |
Note 10
Property, plant and equipment
Property, plant and equipment are measured at cost in the balance sheet, with a deduction for accumulated depreciation and impairment. Depreciation
is made on a straight-line basis over the asset\u2019s estimated useful life, which is assessed on an individual basis, ranging from five to ten years.
2025 | ||||
NOK Thousand | Office equipment | Fixtures and fittings | Other | Total |
Cost at 1 Jan 2025 | 18 353 | 4 529 | 1 661 | 24 543 |
Additions | 729 | 145 | 284 | 1 157 |
Reclassifications | 0 | 13 | (13) | 0 |
Disposals | (132) | (723) | - | (855) |
Discontinued operations | (6 553) | (424) | (347) | (7 324) |
Translation difference | (180) | (21) | (9) | (210) |
Cost, end of period | 12 218 | 3 518 | 1 575 | 17 311 |
Accumulated depreciation at 1 Jan 2025 | (15 539) | (3 114) | (947) | (19 599) |
Depreciation during the year, continuing operations | (1 551) | (565) | (83) | (2 198) |
Depreciation during the year, discontinued operations (Note 17) | (62) | (5) | (3) | (70) |
Disposals | 769 | 645 | 2 | 1 416 |
Discontinued operations | 5 953 | 376 | 290 | 6 619 |
Translation difference | 177 | 1 | 7 | 186 |
Accumulated depreciation, end of period | (10 252) | (2 661) | (733) | (13 646) |
Carrying amount at 31 Dec 2025 | 1 966 | 857 | 842 | 3 665 |
Useful life | 5-10 yrs | 5 yrs | 5 yrs |
2024 | ||||
NOK Thousand | Office equipment | Fixtures and fittings | Other | Total |
Cost at 1 Jan 2024 | 18 373 | 4 956 | 1 821 | 25 151 |
Additions | 1 526 | 0 | 55 | 1 581 |
Disposals | (2 132) | (615) | (255) | (3 002) |
Translation difference | 586 | 187 | 39 | 813 |
Cost, end of period | 18 353 | 4 529 | 1 661 | 24 543 |
Accumulated depreciation at 1 Jan 2024 | (14 941) | (2 760) | (1 014) | (18 715) |
Depreciation during the year, continuing operations | (1 898) | (818) | (143) | (2 858) |
Depreciation during the year, discontinued operations | (293) | (36) | (16) | (346) |
Disposals | 2 132 | 615 | 255 | 3 002 |
Translation difference | (539) | (115) | (29) | (683) |
Accumulated depreciation, end of period | (15 539) | (3 114) | (947) | (19 599) |
Carrying amount at 31 Dec 2024 | 2 815 | 1 415 | 714 | 4 944 |
Useful life | 5-10 yrs | 5 yrs | 5 yrs |
Note 12
Intangible assets
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and that the Group will comply with all related conditions. Grants that relate to assets are deducted from the carrying amount of the asset and recognised in profit or loss over the useful life of the asset through reduced depreciation. Grants related to operating costs are recognised in profit or loss when the associated expenditure is incurred.
The Group applies for SkatteFUNN grants for development activities related exclusively to its internally developed software solutions, Instipro and Olkweb. As at the reporting date, applications for SkatteFUNN scheme have been submitted for and approved these development projects.
Excess values
Goodwill and customer relations are pure excess values and are explained in Note 16. For Impairment testing on Goodwill, see Note 16. The conducted impairment test applies to all intangible assets.
Custom software
Custom software consists of internally developed software. Technical software are other intangible assets and trademarks.
Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
Customer relationships and technical assets
Customer relationships and databases have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over their useful lives of 3 to 5 years.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Note | Key accounting estimates and judgements | Nature of accounting impact | |
16 | Goodwill | Assumptions used in value-in-use calculations for impairment testing | Estimate |
12 | Other intangible assets | Assumptions used in value-in-use calculations for impairment testing | Estimate |
Goodwill
The group annually tests whether goodwill has suffered any impair ment or more frequently if impairment indicators are identified. The recoverable amount of the cash-generating units has been determined based on value-in-use calculations. These calculations require the use of estimates. The value-in-use calculation is based on a discounted cash flow model. The cash flows are derived from the budgets and forecasts for the next five years, as approved by the Company\u2019s Board of Directors, and do not include significant investments that will enhance the performance of the CGU being tested. The key assumptions used in the impairment testing are based on management\u2019s assessment of expected businessconditions for each CGU and reflect the Group\u2019s strategic focus and operating model.
Revenue growth assumptions are influenced by demand within the Group\u2019s core segments. For Business Services, assumptions reflect the installed ERP customer base, ERP cloud migrations and recurring revenue from support and managed services. For Cloud, assumptions are driven by demand for managed services and
sovereign cloud solutions within regulated industries. For EA & BPM, assumptions reflect increasing demand for enterprise architecture, governance and AI-related advisory services.
Cost and margin assumptions are primarily driven by personnel costs, utilisation rates, delivery efficiency and service mix.
Assumptions reflect completed restructuring measures and the Group\u2019s ongoing focus on profitability and cost control.
Discount rate assumptions (WACC) are based on observable market inputs and adjusted for CGU-specific risk, while foreign exchange assumptions relate mainly to translation of cash flows from foreign
operations and are based on observable exchange rates at the reporting date. The assumptions represent management\u2019s best estimates based on historical performance, approved budgets and external market Further details regarding goodwill and impairment reviews are included in Note 16Impairment.
2025 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2025 | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Additions - internally developed | 0 | 0 | 7 632 | 0 | 0 | 7 632 |
Discontinued operations, disposal | (4 611) | 0 | (32 014) | (12 300) | (17) | (48 943) |
Disposals | 0 | 0 | (1) | 0 | 0 | (1) |
Translation difference | (1 155) | (1 007) | (459) | (318) | 62 | (2 876) |
Cost, end of period | 178 491 | 52 253 | 38 888 | 2 350 | 11 369 | 283 351 |
Accumulated amortisations at 1 Jan 2025 | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Amortisation, continuing operations | 0 | (10 197) | (5 051) | (11) | (1 613) | (16 872) |
Amortisation, discontinued operations | 0 | 0 | (1 107) | (620) | 0 | (1 727) |
Discontinued operations, disposal | 0 | 0 | 19 913 | 10 250 | 17 | 30 179 |
Translation difference | 0 | 685 | 367 | 254 | (60) | 1 246 |
Accumulated amortisation and impairment, end of period | 0 | (48 943) | (17 259) | (2 321) | (8 935) | (77 458) |
Carrying amount at 31 Dec 2025 | 178 491 | 3 310 | 21 629 | 29 | 2 434 | 205 891 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
2024 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2024 | 206 457 | 58 340 | 57 438 | 16 839 | 11 303 | 350 377 |
Additions | 0 | 0 | 716 | 0 | 0 | 716 |
Additions - internally developed | 0 | 0 | 7 392 | 0 | 0 | 7 392 |
Impairment 1 | (24 416) | 0 | 0 | 0 | 0 | (24 416) |
Disposals | 0 | (7 000) | (2 727) | (2 541) | 0 | (12 268) |
Translation difference | 2 217 | 1 920 | 909 | 669 | 20 | 5 736 |
Cost, end of period | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Accumulated amortisations at 1 Jan 2024 | 0 | (34 215) | (24 845) | (11 446) | (5 518) | (76 024) |
Amortisation, continuing operations | 0 | (11 197) | (3 698) | (365) | (1 741) | (17 001) |
Amortisation, discontinued operations | 0 | 0 | (4 958) | (2 476) | 0 | (7 434) |
Disposals | 0 | 7 000 | 2 727 | 2 540 | 0 | 12 267 |
Translation difference | 0 | (1 019) | (607) | (447) | (18) | (2 091) |
Accumulated amortisation and impairment, end of period | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Carrying amount at 31 Dec 2024 | 184 258 | 13 829 | 32 348 | 2 773 | 4 046 | 237 254 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
1Impairment in relation to CGU Hospitality.
Note 11
Right-of-use assets and lease liabilities
Right-of-use assets and lease liabilities
The Group recognises lease contracts as right-of-use assets and corresponding lease liabilities at the commencement date. The exemptions applied are short-term leases (defined as contracts with a lease term of less than twelve months) and leases of low-value assets, for which lease payments are recognised as other operating expenses in the statement of profit or loss as they are incurred.
For leases that do not qualify for these exemptions, the Group recognises right-of-use assets within property, plant and equipment and lease liabilities in the statement of financial position. Right-of-use assets are depreciated over the lease term, and lease liabilities are measured using the present value of future lease payments. In determining the discount rate under IFRS\u00a016, the Group applies an intra-group interest rate.
The lease term represents the non-cancellable period of the lease, together with estimated periods for which an option to extend or terminate the lease exists when the Group is reasonably certain to exercise such options. This assessment is mainly relevant for facility agreements that are approaching expiry where there is no plan to change location.
The Group presents its lease liabilities as separate line items in the statement of financial position.
Right-of-use assets | |||||
NOK thousand | Buildings | Vehicles | Hardware | Other | Total |
Right-of-use assets per 1 Jan 2024 | 22 665 | 620 | 1 299 | 3 856 | 28 442 |
Addition of right-of-use assets | 5 108 | 1 142 | 7 348 | 5 048 | 18 646 |
Depreciation during the year, continuing operations | (10 233) | (304) | (3 385) | (2 311) | (16 232) |
Depreciation during the year, discontinued operations | (1 310) | (249) | (86) | (90) | (1 735) |
Disposals | (109) | 0 | (107) | (2 586) | (2 802) |
Translation difference | 207 | 39 | 0 | 0 | 246 |
Right-of-use assets per 1 Jan 2025 | 16 328 | 1 248 | 5 069 | 3 917 | 26 564 |
Addition of right-of-use assets | 16 227 | 1 | 3 191 | 0 | 19 419 |
Depreciation during the year, continuing operations | (8 783) | (241) | (2 615) | (1 265) | (12 904) |
Depreciation during the year, discontinued operations | (292) | (68) | (11) | (14) | (385) |
Disposals | (6 502) | (801) | 0 | (1 908) | (9 210) |
Translation difference | (4) | (22) | 0 | 0 | (26) |
Carrying amount of right-of-use assets, end of period | 16 974 | 117 | 5 634 | 730 | 23 457 |
Remaining lease term | 1-5 years | 1-4 years | 1-3 years | 1-3 years | |
Depreciation method | Linear | Linear | Linear | Linear |
Lease liabilities | ||
NOK thousand | 31 Dec 2025 | 31 Dec 2024 |
Undiscounted lease liabilities and maturity of cash outflow | ||
< 1 year | 10 459 | 14 373 |
1-2 years | 7 213 | 7 966 |
2-3 years | 5 610 | 4 446 |
3-4 years | 2 386 | 1 748 |
4-5 years | 492 | 620 |
Total undiscounted lease liabilities, end of period | 26 160 | 29 153 |
Discount element | (1 926) | (1 463) |
Total discounted lease liabilities, end of period | 24 234 | 27 690 |
NOK thousand | 31 Dec 2025 | 31 Dec 2024 |
Total lease liabilities, end of period | 24 234 | 27 690 |
The Group recognises lease contracts as right-of-use assets and corresponding lease liabilities at the commencement date. The exemptions applied are short-term leases (defined as contracts with a lease term of less than twelve months) and leases of low-value assets, for which lease payments are recognised as other operating expenses in the statement of profit or loss as they are incurred.
For leases that do not qualify for these exemptions, the Group recognises right-of-use assets within property, plant and equipment and lease liabilities in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFK0040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__7__50": { "value": "Note 12
Intangible assets
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and that the Group will comply with all related conditions. Grants that relate to assets are deducted from the carrying amount of the asset and recognised in profit or loss over the useful life of the asset through reduced depreciation. Grants related to operating costs are recognised in profit or loss when the associated expenditure is incurred.
The Group applies for SkatteFUNN grants for development activities related exclusively to its internally developed software solutions, Instipro and Olkweb. As at the reporting date, applications for SkatteFUNN scheme have been submitted for and approved these development projects.
Excess values
Goodwill and customer relations are pure excess values and are explained in Note 16. For Impairment testing on Goodwill, see Note 16. The conducted impairment test applies to all intangible assets.
Custom software
Custom software consists of internally developed software. Technical software are other intangible assets and trademarks.
Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
Customer relationships and technical assets
Customer relationships and databases have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over their useful lives of 3 to 5 years.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Note | Key accounting estimates and judgements | Nature of accounting impact | |
16 | Goodwill | Assumptions used in value-in-use calculations for impairment testing | Estimate |
12 | Other intangible assets | Assumptions used in value-in-use calculations for impairment testing | Estimate |
Goodwill
The group annually tests whether goodwill has suffered any impair ment or more frequently if impairment indicators are identified. The recoverable amount of the cash-generating units has been determined based on value-in-use calculations. These calculations require the use of estimates. The value-in-use calculation is based on a discounted cash flow model. The cash flows are derived from the budgets and forecasts for the next five years, as approved by the Company\u2019s Board of Directors, and do not include significant investments that will enhance the performance of the CGU being tested. The key assumptions used in the impairment testing are based on management\u2019s assessment of expected businessconditions for each CGU and reflect the Group\u2019s strategic focus and operating model.
Revenue growth assumptions are influenced by demand within the Group\u2019s core segments. For Business Services, assumptions reflect the installed ERP customer base, ERP cloud migrations and recurring revenue from support and managed services. For Cloud, assumptions are driven by demand for managed services and
sovereign cloud solutions within regulated industries. For EA & BPM, assumptions reflect increasing demand for enterprise architecture, governance and AI-related advisory services.
Cost and margin assumptions are primarily driven by personnel costs, utilisation rates, delivery efficiency and service mix.
Assumptions reflect completed restructuring measures and the Group\u2019s ongoing focus on profitability and cost control.
Discount rate assumptions (WACC) are based on observable market inputs and adjusted for CGU-specific risk, while foreign exchange assumptions relate mainly to translation of cash flows from foreign
operations and are based on observable exchange rates at the reporting date. The assumptions represent management\u2019s best estimates based on historical performance, approved budgets and external market Further details regarding goodwill and impairment reviews are included in Note 16Impairment.
2025 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2025 | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Additions - internally developed | 0 | 0 | 7 632 | 0 | 0 | 7 632 |
Discontinued operations, disposal | (4 611) | 0 | (32 014) | (12 300) | (17) | (48 943) |
Disposals | 0 | 0 | (1) | 0 | 0 | (1) |
Translation difference | (1 155) | (1 007) | (459) | (318) | 62 | (2 876) |
Cost, end of period | 178 491 | 52 253 | 38 888 | 2 350 | 11 369 | 283 351 |
Accumulated amortisations at 1 Jan 2025 | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Amortisation, continuing operations | 0 | (10 197) | (5 051) | (11) | (1 613) | (16 872) |
Amortisation, discontinued operations | 0 | 0 | (1 107) | (620) | 0 | (1 727) |
Discontinued operations, disposal | 0 | 0 | 19 913 | 10 250 | 17 | 30 179 |
Translation difference | 0 | 685 | 367 | 254 | (60) | 1 246 |
Accumulated amortisation and impairment, end of period | 0 | (48 943) | (17 259) | (2 321) | (8 935) | (77 458) |
Carrying amount at 31 Dec 2025 | 178 491 | 3 310 | 21 629 | 29 | 2 434 | 205 891 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
2024 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2024 | 206 457 | 58 340 | 57 438 | 16 839 | 11 303 | 350 377 |
Additions | 0 | 0 | 716 | 0 | 0 | 716 |
Additions - internally developed | 0 | 0 | 7 392 | 0 | 0 | 7 392 |
Impairment 1 | (24 416) | 0 | 0 | 0 | 0 | (24 416) |
Disposals | 0 | (7 000) | (2 727) | (2 541) | 0 | (12 268) |
Translation difference | 2 217 | 1 920 | 909 | 669 | 20 | 5 736 |
Cost, end of period | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Accumulated amortisations at 1 Jan 2024 | 0 | (34 215) | (24 845) | (11 446) | (5 518) | (76 024) |
Amortisation, continuing operations | 0 | (11 197) | (3 698) | (365) | (1 741) | (17 001) |
Amortisation, discontinued operations | 0 | 0 | (4 958) | (2 476) | 0 | (7 434) |
Disposals | 0 | 7 000 | 2 727 | 2 540 | 0 | 12 267 |
Translation difference | 0 | (1 019) | (607) | (447) | (18) | (2 091) |
Accumulated amortisation and impairment, end of period | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Carrying amount at 31 Dec 2024 | 184 258 | 13 829 | 32 348 | 2 773 | 4 046 | 237 254 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
1Impairment in relation to CGU Hospitality.
Note 12
Intangible assets
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and that the Group will comply with all related conditions. Grants that relate to assets are deducted from the carrying amount of the asset and recognised in profit or loss over the useful life of the asset through reduced depreciation. Grants related to operating costs are recognised in profit or loss when the associated expenditure is incurred.
The Group applies for SkatteFUNN grants for development activities related exclusively to its internally developed software solutions, Instipro and Olkweb. As at the reporting date, applications for SkatteFUNN scheme have been submitted for and approved these development projects.
Excess values
Goodwill and customer relations are pure excess values and are explained in Note 16. For Impairment testing on Goodwill, see Note 16. The conducted impairment test applies to all intangible assets.
Custom software
Custom software consists of internally developed software. Technical software are other intangible assets and trademarks.
Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
Customer relationships and technical assets
Customer relationships and databases have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over their useful lives of 3 to 5 years.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Note | Key accounting estimates and judgements | Nature of accounting impact | |
16 | Goodwill | Assumptions used in value-in-use calculations for impairment testing | Estimate |
12 | Other intangible assets | Assumptions used in value-in-use calculations for impairment testing | Estimate |
Goodwill
The group annually tests whether goodwill has suffered any impair ment or more frequently if impairment indicators are identified. The recoverable amount of the cash-generating units has been determined based on value-in-use calculations. These calculations require the use of estimates. The value-in-use calculation is based on a discounted cash flow model. The cash flows are derived from the budgets and forecasts for the next five years, as approved by the Company\u2019s Board of Directors, and do not include significant investments that will enhance the performance of the CGU being tested. The key assumptions used in the impairment testing are based on management\u2019s assessment of expected businessconditions for each CGU and reflect the Group\u2019s strategic focus and operating model.
Revenue growth assumptions are influenced by demand within the Group\u2019s core segments. For Business Services, assumptions reflect the installed ERP customer base, ERP cloud migrations and recurring revenue from support and managed services. For Cloud, assumptions are driven by demand for managed services and
sovereign cloud solutions within regulated industries. For EA & BPM, assumptions reflect increasing demand for enterprise architecture, governance and AI-related advisory services.
Cost and margin assumptions are primarily driven by personnel costs, utilisation rates, delivery efficiency and service mix.
Assumptions reflect completed restructuring measures and the Group\u2019s ongoing focus on profitability and cost control.
Discount rate assumptions (WACC) are based on observable market inputs and adjusted for CGU-specific risk, while foreign exchange assumptions relate mainly to translation of cash flows from foreign
operations and are based on observable exchange rates at the reporting date. The assumptions represent management\u2019s best estimates based on historical performance, approved budgets and external market Further details regarding goodwill and impairment reviews are included in Note 16Impairment.
2025 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2025 | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Additions - internally developed | 0 | 0 | 7 632 | 0 | 0 | 7 632 |
Discontinued operations, disposal | (4 611) | 0 | (32 014) | (12 300) | (17) | (48 943) |
Disposals | 0 | 0 | (1) | 0 | 0 | (1) |
Translation difference | (1 155) | (1 007) | (459) | (318) | 62 | (2 876) |
Cost, end of period | 178 491 | 52 253 | 38 888 | 2 350 | 11 369 | 283 351 |
Accumulated amortisations at 1 Jan 2025 | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Amortisation, continuing operations | 0 | (10 197) | (5 051) | (11) | (1 613) | (16 872) |
Amortisation, discontinued operations | 0 | 0 | (1 107) | (620) | 0 | (1 727) |
Discontinued operations, disposal | 0 | 0 | 19 913 | 10 250 | 17 | 30 179 |
Translation difference | 0 | 685 | 367 | 254 | (60) | 1 246 |
Accumulated amortisation and impairment, end of period | 0 | (48 943) | (17 259) | (2 321) | (8 935) | (77 458) |
Carrying amount at 31 Dec 2025 | 178 491 | 3 310 | 21 629 | 29 | 2 434 | 205 891 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
2024 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2024 | 206 457 | 58 340 | 57 438 | 16 839 | 11 303 | 350 377 |
Additions | 0 | 0 | 716 | 0 | 0 | 716 |
Additions - internally developed | 0 | 0 | 7 392 | 0 | 0 | 7 392 |
Impairment 1 | (24 416) | 0 | 0 | 0 | 0 | (24 416) |
Disposals | 0 | (7 000) | (2 727) | (2 541) | 0 | (12 268) |
Translation difference | 2 217 | 1 920 | 909 | 669 | 20 | 5 736 |
Cost, end of period | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Accumulated amortisations at 1 Jan 2024 | 0 | (34 215) | (24 845) | (11 446) | (5 518) | (76 024) |
Amortisation, continuing operations | 0 | (11 197) | (3 698) | (365) | (1 741) | (17 001) |
Amortisation, discontinued operations | 0 | 0 | (4 958) | (2 476) | 0 | (7 434) |
Disposals | 0 | 7 000 | 2 727 | 2 540 | 0 | 12 267 |
Translation difference | 0 | (1 019) | (607) | (447) | (18) | (2 091) |
Accumulated amortisation and impairment, end of period | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Carrying amount at 31 Dec 2024 | 184 258 | 13 829 | 32 348 | 2 773 | 4 046 | 237 254 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
1Impairment in relation to CGU Hospitality.
Note 12
Intangible assets
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and that the Group will comply with all related conditions. Grants that relate to assets are deducted from the carrying amount of the asset and recognised in profit or loss over the useful life of the asset through reduced depreciation. Grants related to operating costs are recognised in profit or loss when the associated expenditure is incurred.
The Group applies for SkatteFUNN grants for development activities related exclusively to its internally developed software solutions, Instipro and Olkweb. As at the reporting date, applications for SkatteFUNN scheme have been submitted for and approved these development projects.
Excess values
Goodwill and customer relations are pure excess values and are explained in Note 16. For Impairment testing on Goodwill, see Note 16. The conducted impairment test applies to all intangible assets.
Custom software
Custom software consists of internally developed software. Technical software are other intangible assets and trademarks.
Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
Customer relationships and technical assets
Customer relationships and databases have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over their useful lives of 3 to 5 years.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Note | Key accounting estimates and judgements | Nature of accounting impact | |
16 | Goodwill | Assumptions used in value-in-use calculations for impairment testing | Estimate |
12 | Other intangible assets | Assumptions used in value-in-use calculations for impairment testing | Estimate |
Goodwill
The group annually tests whether goodwill has suffered any impair ment or more frequently if impairment indicators are identified. The recoverable amount of the cash-generating units has been determined based on value-in-use calculations. These calculations require the use of estimates. The value-in-use calculation is based on a discounted cash flow model. The cash flows are derived from the budgets and forecasts for the next five years, as approved by the Company\u2019s Board of Directors, and do not include significant investments that will enhance the performance of the CGU being tested. The key assumptions used in the impairment testing are based on management\u2019s assessment of expected businessconditions for each CGU and reflect the Group\u2019s strategic focus and operating model.
Revenue growth assumptions are influenced by demand within the Group\u2019s core segments. For Business Services, assumptions reflect the installed ERP customer base, ERP cloud migrations and recurring revenue from support and managed services. For Cloud, assumptions are driven by demand for managed services and
sovereign cloud solutions within regulated industries. For EA & BPM, assumptions reflect increasing demand for enterprise architecture, governance and AI-related advisory services.
Cost and margin assumptions are primarily driven by personnel costs, utilisation rates, delivery efficiency and service mix.
Assumptions reflect completed restructuring measures and the Group\u2019s ongoing focus on profitability and cost control.
Discount rate assumptions (WACC) are based on observable market inputs and adjusted for CGU-specific risk, while foreign exchange assumptions relate mainly to translation of cash flows from foreign
operations and are based on observable exchange rates at the reporting date. The assumptions represent management\u2019s best estimates based on historical performance, approved budgets and external market Further details regarding goodwill and impairment reviews are included in Note 16Impairment.
2025 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2025 | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Additions - internally developed | 0 | 0 | 7 632 | 0 | 0 | 7 632 |
Discontinued operations, disposal | (4 611) | 0 | (32 014) | (12 300) | (17) | (48 943) |
Disposals | 0 | 0 | (1) | 0 | 0 | (1) |
Translation difference | (1 155) | (1 007) | (459) | (318) | 62 | (2 876) |
Cost, end of period | 178 491 | 52 253 | 38 888 | 2 350 | 11 369 | 283 351 |
Accumulated amortisations at 1 Jan 2025 | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Amortisation, continuing operations | 0 | (10 197) | (5 051) | (11) | (1 613) | (16 872) |
Amortisation, discontinued operations | 0 | 0 | (1 107) | (620) | 0 | (1 727) |
Discontinued operations, disposal | 0 | 0 | 19 913 | 10 250 | 17 | 30 179 |
Translation difference | 0 | 685 | 367 | 254 | (60) | 1 246 |
Accumulated amortisation and impairment, end of period | 0 | (48 943) | (17 259) | (2 321) | (8 935) | (77 458) |
Carrying amount at 31 Dec 2025 | 178 491 | 3 310 | 21 629 | 29 | 2 434 | 205 891 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
2024 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2024 | 206 457 | 58 340 | 57 438 | 16 839 | 11 303 | 350 377 |
Additions | 0 | 0 | 716 | 0 | 0 | 716 |
Additions - internally developed | 0 | 0 | 7 392 | 0 | 0 | 7 392 |
Impairment 1 | (24 416) | 0 | 0 | 0 | 0 | (24 416) |
Disposals | 0 | (7 000) | (2 727) | (2 541) | 0 | (12 268) |
Translation difference | 2 217 | 1 920 | 909 | 669 | 20 | 5 736 |
Cost, end of period | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Accumulated amortisations at 1 Jan 2024 | 0 | (34 215) | (24 845) | (11 446) | (5 518) | (76 024) |
Amortisation, continuing operations | 0 | (11 197) | (3 698) | (365) | (1 741) | (17 001) |
Amortisation, discontinued operations | 0 | 0 | (4 958) | (2 476) | 0 | (7 434) |
Disposals | 0 | 7 000 | 2 727 | 2 540 | 0 | 12 267 |
Translation difference | 0 | (1 019) | (607) | (447) | (18) | (2 091) |
Accumulated amortisation and impairment, end of period | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Carrying amount at 31 Dec 2024 | 184 258 | 13 829 | 32 348 | 2 773 | 4 046 | 237 254 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
1Impairment in relation to CGU Hospitality.
Note 12
Intangible assets
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and that the Group will comply with all related conditions. Grants that relate to assets are deducted from the carrying amount of the asset and recognised in profit or loss over the useful life of the asset through reduced depreciation. Grants related to operating costs are recognised in profit or loss when the associated expenditure is incurred.
The Group applies for SkatteFUNN grants for development activities related exclusively to its internally developed software solutions, Instipro and Olkweb. As at the reporting date, applications for SkatteFUNN scheme have been submitted for and approved these development projects.
Excess values
Goodwill and customer relations are pure excess values and are explained in Note 16. For Impairment testing on Goodwill, see Note 16. The conducted impairment test applies to all intangible assets.
Custom software
Custom software consists of internally developed software. Technical software are other intangible assets and trademarks.
Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
Customer relationships and technical assets
Customer relationships and databases have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over their useful lives of 3 to 5 years.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Note | Key accounting estimates and judgements | Nature of accounting impact | |
16 | Goodwill | Assumptions used in value-in-use calculations for impairment testing | Estimate |
12 | Other intangible assets | Assumptions used in value-in-use calculations for impairment testing | Estimate |
Goodwill
The group annually tests whether goodwill has suffered any impair ment or more frequently if impairment indicators are identified. The recoverable amount of the cash-generating units has been determined based on value-in-use calculations. These calculations require the use of estimates. The value-in-use calculation is based on a discounted cash flow model. The cash flows are derived from the budgets and forecasts for the next five years, as approved by the Company\u2019s Board of Directors, and do not include significant investments that will enhance the performance of the CGU being tested. The key assumptions used in the impairment testing are based on management\u2019s assessment of expected businessconditions for each CGU and reflect the Group\u2019s strategic focus and operating model.
Revenue growth assumptions are influenced by demand within the Group\u2019s core segments. For Business Services, assumptions reflect the installed ERP customer base, ERP cloud migrations and recurring revenue from support and managed services. For Cloud, assumptions are driven by demand for managed services and
sovereign cloud solutions within regulated industries. For EA & BPM, assumptions reflect increasing demand for enterprise architecture, governance and AI-related advisory services.
Cost and margin assumptions are primarily driven by personnel costs, utilisation rates, delivery efficiency and service mix.
Assumptions reflect completed restructuring measures and the Group\u2019s ongoing focus on profitability and cost control.
Discount rate assumptions (WACC) are based on observable market inputs and adjusted for CGU-specific risk, while foreign exchange assumptions relate mainly to translation of cash flows from foreign
operations and are based on observable exchange rates at the reporting date. The assumptions represent management\u2019s best estimates based on historical performance, approved budgets and external market Further details regarding goodwill and impairment reviews are included in Note 16Impairment.
2025 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2025 | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Additions - internally developed | 0 | 0 | 7 632 | 0 | 0 | 7 632 |
Discontinued operations, disposal | (4 611) | 0 | (32 014) | (12 300) | (17) | (48 943) |
Disposals | 0 | 0 | (1) | 0 | 0 | (1) |
Translation difference | (1 155) | (1 007) | (459) | (318) | 62 | (2 876) |
Cost, end of period | 178 491 | 52 253 | 38 888 | 2 350 | 11 369 | 283 351 |
Accumulated amortisations at 1 Jan 2025 | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Amortisation, continuing operations | 0 | (10 197) | (5 051) | (11) | (1 613) | (16 872) |
Amortisation, discontinued operations | 0 | 0 | (1 107) | (620) | 0 | (1 727) |
Discontinued operations, disposal | 0 | 0 | 19 913 | 10 250 | 17 | 30 179 |
Translation difference | 0 | 685 | 367 | 254 | (60) | 1 246 |
Accumulated amortisation and impairment, end of period | 0 | (48 943) | (17 259) | (2 321) | (8 935) | (77 458) |
Carrying amount at 31 Dec 2025 | 178 491 | 3 310 | 21 629 | 29 | 2 434 | 205 891 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
2024 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2024 | 206 457 | 58 340 | 57 438 | 16 839 | 11 303 | 350 377 |
Additions | 0 | 0 | 716 | 0 | 0 | 716 |
Additions - internally developed | 0 | 0 | 7 392 | 0 | 0 | 7 392 |
Impairment 1 | (24 416) | 0 | 0 | 0 | 0 | (24 416) |
Disposals | 0 | (7 000) | (2 727) | (2 541) | 0 | (12 268) |
Translation difference | 2 217 | 1 920 | 909 | 669 | 20 | 5 736 |
Cost, end of period | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Accumulated amortisations at 1 Jan 2024 | 0 | (34 215) | (24 845) | (11 446) | (5 518) | (76 024) |
Amortisation, continuing operations | 0 | (11 197) | (3 698) | (365) | (1 741) | (17 001) |
Amortisation, discontinued operations | 0 | 0 | (4 958) | (2 476) | 0 | (7 434) |
Disposals | 0 | 7 000 | 2 727 | 2 540 | 0 | 12 267 |
Translation difference | 0 | (1 019) | (607) | (447) | (18) | (2 091) |
Accumulated amortisation and impairment, end of period | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Carrying amount at 31 Dec 2024 | 184 258 | 13 829 | 32 348 | 2 773 | 4 046 | 237 254 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
1Impairment in relation to CGU Hospitality.
Note 12
Intangible assets
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and that the Group will comply with all related conditions. Grants that relate to assets are deducted from the carrying amount of the asset and recognised in profit or loss over the useful life of the asset through reduced depreciation. Grants related to operating costs are recognised in profit or loss when the associated expenditure is incurred.
The Group applies for SkatteFUNN grants for development activities related exclusively to its internally developed software solutions, Instipro and Olkweb. As at the reporting date, applications for SkatteFUNN scheme have been submitted for and approved these development projects.
Excess values
Goodwill and customer relations are pure excess values and are explained in Note 16. For Impairment testing on Goodwill, see Note 16. The conducted impairment test applies to all intangible assets.
Custom software
Custom software consists of internally developed software. Technical software are other intangible assets and trademarks.
Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
Customer relationships and technical assets
Customer relationships and databases have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over their useful lives of 3 to 5 years.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Note | Key accounting estimates and judgements | Nature of accounting impact | |
16 | Goodwill | Assumptions used in value-in-use calculations for impairment testing | Estimate |
12 | Other intangible assets | Assumptions used in value-in-use calculations for impairment testing | Estimate |
Goodwill
The group annually tests whether goodwill has suffered any impair ment or more frequently if impairment indicators are identified. The recoverable amount of the cash-generating units has been determined based on value-in-use calculations. These calculations require the use of estimates. The value-in-use calculation is based on a discounted cash flow model. The cash flows are derived from the budgets and forecasts for the next five years, as approved by the Company\u2019s Board of Directors, and do not include significant investments that will enhance the performance of the CGU being tested. The key assumptions used in the impairment testing are based on management\u2019s assessment of expected businessconditions for each CGU and reflect the Group\u2019s strategic focus and operating model.
Revenue growth assumptions are influenced by demand within the Group\u2019s core segments. For Business Services, assumptions reflect the installed ERP customer base, ERP cloud migrations and recurring revenue from support and managed services. For Cloud, assumptions are driven by demand for managed services and
sovereign cloud solutions within regulated industries. For EA & BPM, assumptions reflect increasing demand for enterprise architecture, governance and AI-related advisory services.
Cost and margin assumptions are primarily driven by personnel costs, utilisation rates, delivery efficiency and service mix.
Assumptions reflect completed restructuring measures and the Group\u2019s ongoing focus on profitability and cost control.
Discount rate assumptions (WACC) are based on observable market inputs and adjusted for CGU-specific risk, while foreign exchange assumptions relate mainly to translation of cash flows from foreign
operations and are based on observable exchange rates at the reporting date. The assumptions represent management\u2019s best estimates based on historical performance, approved budgets and external market Further details regarding goodwill and impairment reviews are included in Note 16Impairment.
2025 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2025 | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Additions - internally developed | 0 | 0 | 7 632 | 0 | 0 | 7 632 |
Discontinued operations, disposal | (4 611) | 0 | (32 014) | (12 300) | (17) | (48 943) |
Disposals | 0 | 0 | (1) | 0 | 0 | (1) |
Translation difference | (1 155) | (1 007) | (459) | (318) | 62 | (2 876) |
Cost, end of period | 178 491 | 52 253 | 38 888 | 2 350 | 11 369 | 283 351 |
Accumulated amortisations at 1 Jan 2025 | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Amortisation, continuing operations | 0 | (10 197) | (5 051) | (11) | (1 613) | (16 872) |
Amortisation, discontinued operations | 0 | 0 | (1 107) | (620) | 0 | (1 727) |
Discontinued operations, disposal | 0 | 0 | 19 913 | 10 250 | 17 | 30 179 |
Translation difference | 0 | 685 | 367 | 254 | (60) | 1 246 |
Accumulated amortisation and impairment, end of period | 0 | (48 943) | (17 259) | (2 321) | (8 935) | (77 458) |
Carrying amount at 31 Dec 2025 | 178 491 | 3 310 | 21 629 | 29 | 2 434 | 205 891 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
2024 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2024 | 206 457 | 58 340 | 57 438 | 16 839 | 11 303 | 350 377 |
Additions | 0 | 0 | 716 | 0 | 0 | 716 |
Additions - internally developed | 0 | 0 | 7 392 | 0 | 0 | 7 392 |
Impairment 1 | (24 416) | 0 | 0 | 0 | 0 | (24 416) |
Disposals | 0 | (7 000) | (2 727) | (2 541) | 0 | (12 268) |
Translation difference | 2 217 | 1 920 | 909 | 669 | 20 | 5 736 |
Cost, end of period | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Accumulated amortisations at 1 Jan 2024 | 0 | (34 215) | (24 845) | (11 446) | (5 518) | (76 024) |
Amortisation, continuing operations | 0 | (11 197) | (3 698) | (365) | (1 741) | (17 001) |
Amortisation, discontinued operations | 0 | 0 | (4 958) | (2 476) | 0 | (7 434) |
Disposals | 0 | 7 000 | 2 727 | 2 540 | 0 | 12 267 |
Translation difference | 0 | (1 019) | (607) | (447) | (18) | (2 091) |
Accumulated amortisation and impairment, end of period | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Carrying amount at 31 Dec 2024 | 184 258 | 13 829 | 32 348 | 2 773 | 4 046 | 237 254 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
1Impairment in relation to CGU Hospitality.
Note 12
Intangible assets
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and that the Group will comply with all related conditions. Grants that relate to assets are deducted from the carrying amount of the asset and recognised in profit or loss over the useful life of the asset through reduced depreciation. Grants related to operating costs are recognised in profit or loss when the associated expenditure is incurred.
The Group applies for SkatteFUNN grants for development activities related exclusively to its internally developed software solutions, Instipro and Olkweb. As at the reporting date, applications for SkatteFUNN scheme have been submitted for and approved these development projects.
Excess values
Goodwill and customer relations are pure excess values and are explained in Note 16. For Impairment testing on Goodwill, see Note 16. The conducted impairment test applies to all intangible assets.
Custom software
Custom software consists of internally developed software. Technical software are other intangible assets and trademarks.
Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
Customer relationships and technical assets
Customer relationships and databases have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over their useful lives of 3 to 5 years.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Note | Key accounting estimates and judgements | Nature of accounting impact | |
16 | Goodwill | Assumptions used in value-in-use calculations for impairment testing | Estimate |
12 | Other intangible assets | Assumptions used in value-in-use calculations for impairment testing | Estimate |
Goodwill
The group annually tests whether goodwill has suffered any impair ment or more frequently if impairment indicators are identified. The recoverable amount of the cash-generating units has been determined based on value-in-use calculations. These calculations require the use of estimates. The value-in-use calculation is based on a discounted cash flow model. The cash flows are derived from the budgets and forecasts for the next five years, as approved by the Company\u2019s Board of Directors, and do not include significant investments that will enhance the performance of the CGU being tested. The key assumptions used in the impairment testing are based on management\u2019s assessment of expected businessconditions for each CGU and reflect the Group\u2019s strategic focus and operating model.
Revenue growth assumptions are influenced by demand within the Group\u2019s core segments. For Business Services, assumptions reflect the installed ERP customer base, ERP cloud migrations and recurring revenue from support and managed services. For Cloud, assumptions are driven by demand for managed services and
sovereign cloud solutions within regulated industries. For EA & BPM, assumptions reflect increasing demand for enterprise architecture, governance and AI-related advisory services.
Cost and margin assumptions are primarily driven by personnel costs, utilisation rates, delivery efficiency and service mix.
Assumptions reflect completed restructuring measures and the Group\u2019s ongoing focus on profitability and cost control.
Discount rate assumptions (WACC) are based on observable market inputs and adjusted for CGU-specific risk, while foreign exchange assumptions relate mainly to translation of cash flows from foreign
operations and are based on observable exchange rates at the reporting date. The assumptions represent management\u2019s best estimates based on historical performance, approved budgets and external market Further details regarding goodwill and impairment reviews are included in Note 16Impairment.
2025 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2025 | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Additions - internally developed | 0 | 0 | 7 632 | 0 | 0 | 7 632 |
Discontinued operations, disposal | (4 611) | 0 | (32 014) | (12 300) | (17) | (48 943) |
Disposals | 0 | 0 | (1) | 0 | 0 | (1) |
Translation difference | (1 155) | (1 007) | (459) | (318) | 62 | (2 876) |
Cost, end of period | 178 491 | 52 253 | 38 888 | 2 350 | 11 369 | 283 351 |
Accumulated amortisations at 1 Jan 2025 | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Amortisation, continuing operations | 0 | (10 197) | (5 051) | (11) | (1 613) | (16 872) |
Amortisation, discontinued operations | 0 | 0 | (1 107) | (620) | 0 | (1 727) |
Discontinued operations, disposal | 0 | 0 | 19 913 | 10 250 | 17 | 30 179 |
Translation difference | 0 | 685 | 367 | 254 | (60) | 1 246 |
Accumulated amortisation and impairment, end of period | 0 | (48 943) | (17 259) | (2 321) | (8 935) | (77 458) |
Carrying amount at 31 Dec 2025 | 178 491 | 3 310 | 21 629 | 29 | 2 434 | 205 891 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
2024 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2024 | 206 457 | 58 340 | 57 438 | 16 839 | 11 303 | 350 377 |
Additions | 0 | 0 | 716 | 0 | 0 | 716 |
Additions - internally developed | 0 | 0 | 7 392 | 0 | 0 | 7 392 |
Impairment 1 | (24 416) | 0 | 0 | 0 | 0 | (24 416) |
Disposals | 0 | (7 000) | (2 727) | (2 541) | 0 | (12 268) |
Translation difference | 2 217 | 1 920 | 909 | 669 | 20 | 5 736 |
Cost, end of period | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Accumulated amortisations at 1 Jan 2024 | 0 | (34 215) | (24 845) | (11 446) | (5 518) | (76 024) |
Amortisation, continuing operations | 0 | (11 197) | (3 698) | (365) | (1 741) | (17 001) |
Amortisation, discontinued operations | 0 | 0 | (4 958) | (2 476) | 0 | (7 434) |
Disposals | 0 | 7 000 | 2 727 | 2 540 | 0 | 12 267 |
Translation difference | 0 | (1 019) | (607) | (447) | (18) | (2 091) |
Accumulated amortisation and impairment, end of period | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Carrying amount at 31 Dec 2024 | 184 258 | 13 829 | 32 348 | 2 773 | 4 046 | 237 254 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
1Impairment in relation to CGU Hospitality.
Note 12
Intangible assets
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and that the Group will comply with all related conditions. Grants that relate to assets are deducted from the carrying amount of the asset and recognised in profit or loss over the useful life of the asset through reduced depreciation. Grants related to operating costs are recognised in profit or loss when the associated expenditure is incurred.
The Group applies for SkatteFUNN grants for development activities related exclusively to its internally developed software solutions, Instipro and Olkweb. As at the reporting date, applications for SkatteFUNN scheme have been submitted for and approved these development projects.
Excess values
Goodwill and customer relations are pure excess values and are explained in Note 16. For Impairment testing on Goodwill, see Note 16. The conducted impairment test applies to all intangible assets.
Custom software
Custom software consists of internally developed software. Technical software are other intangible assets and trademarks.
Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
Customer relationships and technical assets
Customer relationships and databases have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over their useful lives of 3 to 5 years.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Note | Key accounting estimates and judgements | Nature of accounting impact | |
16 | Goodwill | Assumptions used in value-in-use calculations for impairment testing | Estimate |
12 | Other intangible assets | Assumptions used in value-in-use calculations for impairment testing | Estimate |
Goodwill
The group annually tests whether goodwill has suffered any impair ment or more frequently if impairment indicators are identified. The recoverable amount of the cash-generating units has been determined based on value-in-use calculations. These calculations require the use of estimates. The value-in-use calculation is based on a discounted cash flow model. The cash flows are derived from the budgets and forecasts for the next five years, as approved by the Company\u2019s Board of Directors, and do not include significant investments that will enhance the performance of the CGU being tested. The key assumptions used in the impairment testing are based on management\u2019s assessment of expected businessconditions for each CGU and reflect the Group\u2019s strategic focus and operating model.
Revenue growth assumptions are influenced by demand within the Group\u2019s core segments. For Business Services, assumptions reflect the installed ERP customer base, ERP cloud migrations and recurring revenue from support and managed services. For Cloud, assumptions are driven by demand for managed services and
sovereign cloud solutions within regulated industries. For EA & BPM, assumptions reflect increasing demand for enterprise architecture, governance and AI-related advisory services.
Cost and margin assumptions are primarily driven by personnel costs, utilisation rates, delivery efficiency and service mix.
Assumptions reflect completed restructuring measures and the Group\u2019s ongoing focus on profitability and cost control.
Discount rate assumptions (WACC) are based on observable market inputs and adjusted for CGU-specific risk, while foreign exchange assumptions relate mainly to translation of cash flows from foreign
operations and are based on observable exchange rates at the reporting date. The assumptions represent management\u2019s best estimates based on historical performance, approved budgets and external market Further details regarding goodwill and impairment reviews are included in Note 16Impairment.
2025 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2025 | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Additions - internally developed | 0 | 0 | 7 632 | 0 | 0 | 7 632 |
Discontinued operations, disposal | (4 611) | 0 | (32 014) | (12 300) | (17) | (48 943) |
Disposals | 0 | 0 | (1) | 0 | 0 | (1) |
Translation difference | (1 155) | (1 007) | (459) | (318) | 62 | (2 876) |
Cost, end of period | 178 491 | 52 253 | 38 888 | 2 350 | 11 369 | 283 351 |
Accumulated amortisations at 1 Jan 2025 | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Amortisation, continuing operations | 0 | (10 197) | (5 051) | (11) | (1 613) | (16 872) |
Amortisation, discontinued operations | 0 | 0 | (1 107) | (620) | 0 | (1 727) |
Discontinued operations, disposal | 0 | 0 | 19 913 | 10 250 | 17 | 30 179 |
Translation difference | 0 | 685 | 367 | 254 | (60) | 1 246 |
Accumulated amortisation and impairment, end of period | 0 | (48 943) | (17 259) | (2 321) | (8 935) | (77 458) |
Carrying amount at 31 Dec 2025 | 178 491 | 3 310 | 21 629 | 29 | 2 434 | 205 891 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
2024 | ||||||
NOK Thousand | Goodwill | Customer relations | Other intangible assets;Custom software | Other intangible assets;Technical software | Other intangible assets;Licenses | Total |
Cost at 1 Jan 2024 | 206 457 | 58 340 | 57 438 | 16 839 | 11 303 | 350 377 |
Additions | 0 | 0 | 716 | 0 | 0 | 716 |
Additions - internally developed | 0 | 0 | 7 392 | 0 | 0 | 7 392 |
Impairment 1 | (24 416) | 0 | 0 | 0 | 0 | (24 416) |
Disposals | 0 | (7 000) | (2 727) | (2 541) | 0 | (12 268) |
Translation difference | 2 217 | 1 920 | 909 | 669 | 20 | 5 736 |
Cost, end of period | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 537 |
Accumulated amortisations at 1 Jan 2024 | 0 | (34 215) | (24 845) | (11 446) | (5 518) | (76 024) |
Amortisation, continuing operations | 0 | (11 197) | (3 698) | (365) | (1 741) | (17 001) |
Amortisation, discontinued operations | 0 | 0 | (4 958) | (2 476) | 0 | (7 434) |
Disposals | 0 | 7 000 | 2 727 | 2 540 | 0 | 12 267 |
Translation difference | 0 | (1 019) | (607) | (447) | (18) | (2 091) |
Accumulated amortisation and impairment, end of period | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 283) |
Carrying amount at 31 Dec 2024 | 184 258 | 13 829 | 32 348 | 2 773 | 4 046 | 237 254 |
Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
1Impairment in relation to CGU Hospitality.
Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFK0040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__7__53": { "value": "Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFK0040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__7__54-1": { "value": "Research and Development cost
Research and Development cost are capitalised only when the criterion for recognition is met, i.e., it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. Research
costs are expensed in full. The assets are amortised over their expected useful life once the assets are available for use. During the period of development, the asset is tested for impairment annually. Development costs that do not meet the criteria for capi-talisation are expensed as incurred. The development expenditures that do not meet the criteria for capitalisation are recognised as salary and personnel expenses and other operating expenses in profit and loss. The Group distinguishes between development and maintenance. Expenditure after the internally generated software
is ready to be used in customer deliveries is recognised as an
operating maintenance cost in the profit and loss statement.
Note 16
Goodwill and impairment
Goodwill recognised in the consolidated financial position are mainly derived from excess value following the acquisitions of Instidata AS in 2019, Facil AS, Microsky AS and Innit AS in 2020 and Maksit AS, Qualisoft AS, IB Group and Integra Ass. Ltd in 2021. Recognised goodwill amounts to NOK 178.5 million as of 31 December 2025 (184.3m). Other intangible assets related to excess values in the Group accounts are customer relations and software, with a carrying amount of NOK 3.3 million as per 31 December 2025 (NOK 13.8m).
Only goodwill has an indefinite lifetime, all intangible assets are amortised, expect for intangible assets that is not yet in use. As of 31.12.2025 Arribatec has no such assets, ref Note 12.
Goodwill is tested for impairment for each cash generating unit (CGU) prior to preparation of the annual accounts. The test is performed annually.
The recoverable amount for each CGU has been determined by estimating their Value in Use (VIU) and comparing that to the carrying amount of the specific CGU. The calculation of VIU has been based on estimates, reflecting the Group\u2019s financial planning process. The discount rates are derived as the weighted average cost of capital (WACC) for a similar business in the same business environment.
Goodwill has been allocated for impairment testing purposes to the CGUs below.
2025 | ||||
NOK Thousand | Cloud | BizS | EA&BPM | Total |
Norway | 56 622 | 35 585 | 66 361 | 158 568 |
UK | 0 | 19 923 | 0 | 19 923 |
Italy | 0 | 0 | 0 | - |
Total | 56 622 | 55 508 | 66 361 | 178 491 |
2024 | ||||||
NOK Thousand | Cloud | BizS | EA&BPM | Marine | Hospitality | Total |
Norway | 56 622 | 35 585 | 66 361 | 0 | 0 | 158 568 |
UK | 0 | 20 959 | 0 | 0 | 0 | 20 959 |
Italy | 0 | 0 | 0 | 4 731 | 0 | 4 731 |
Total | 56 622 | 56 544 | 66 361 | 4 731 | 0 | 184 258 |
Cash flow projections and assumptions
A five-year forecast for discounted cash flows plus a 2.0% terminal value growth rate was used to determine the net present value of the CGU. Discounted cash flows were calculated before tax and applying a WACC before tax.
Key assumptions for the value in use calculations
The basis for the projection of future cash flows is based on the financial budget for one year, approved by the Board of Directors.
The budget in combination with the forecasts represents management\u2019s best estimate of the range of economic conditions that will exist over the remaining useful life of the asset. The remaining four years of the forecast period are estimated based on budget and projected performance. The calculation of VIU for the CGU is most sensitive when it comes to the following assumptions:
Discount rate | |||||
The input data for the WACC is gathered from external sources. | |||||
2025 | 2024 | ||||
Norway | UK | Norway | UK | Italy | |
Risk free interest rate | 4.3% | 4.2% | 3.8% | 4.48% | 3.47% |
Market risk premium | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
Equity Beta | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 |
Small cap | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
Cost of equity | 14.3% | 14.2% | 13.9% | 14.5% | 13.5% |
Credit spread | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% |
After tax cost debt | 5.49% | 5.63% | 6.57% | 7.23% | 6.22% |
Equity weight | 88.9% | 88.9% | 88.9% | 88.9% | 88.9% |
WACC (pre tax) | 17.1% | 17.6% | 13.1% | 13.7% | 12.7% |
The average growth rate and EBITDA margin assumptions are based on historical experience and performance as well as market analysis used for budget 2026 and estimates from 2027-2030 and a terminal growth rate of 2%. The average growth rates in the estimated period 2026-2030 for each Business Area are:
2025 | Cloud | BizS | EA&BPM |
Average revenue growth | 6% | 6% | 4% |
Average Gross profit margin | 5.4% | 5.7% | 2.5% |
Average EBITDA margin | 8% | 15% | 14% |
Compared to the same assumptions in 2024 we see a decline in the growth assumptions. This is explained by Arribatec's focus on profitability first and using modest growth assumptions as the basis for impairment tests. The management's evaluation of future growth is grounded in an analysis
that combines historical data, strategic planning, market, strategic focus, initiatives and financial modeling.
2024 | Cloud | BizS | EA&BPM | Marine | Hospitality |
Average revenue growth | 6% | 6% | 5% | 5% | (13%) |
Average Gross profit margin | 5.8% | 6.2% | 3.9% | 3.6% | (15.7%) |
Average EBITDA margin | 6% | 5% | 11% | 13% | 27% |
Sensitivity
On 31 December 2025, the Group\u2019s value in use for each CGU was higher than the carrying amount of tested goodwill with indefinite useful life and intangible assets.
The calculation is most sensitive to changes in EBITDA and gross profit (GP) margins. No reasonably
likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for any of the CGUs. The headroom is 53%, 193% and 52% for Cloud, BizS and EA&BPM respectively.
The group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFK0040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__7__64": { "value": "Note 13
Financial items and risks
NOK thousand | 2025 | 2024 |
Finance income | ||
Interest income | 1 381 | 265 |
Realised foreign exchange gains | 1 577 | 1 740 |
Net unrealised foreign exchange gains | 2 | 0 |
Other financial income | 169 | 112 |
Total financial income | 3 129 | 2 117 |
Finance expenses | ||
Interest on debts and borrowings | 0 | (641) |
Interest expense on lease liabilities | (1 250) | (1 026) |
Realised foreign exchange losses | (1 278) | (1 129) |
Net unrealised foreign exchange losses | 0 | (1 567) |
Other financial expenses | (769) | (2 506) |
Total financial expenses | (3 297) | (6 869) |
Net financial items, continuing operations | (168) | (4 752) |
Financial risk
The Group is exposed to financial risks such as currency risk and other market-related risks that may impact its ability to achieve its business objectives. All economic activity involves risk, and effective
risk management therefore requires systematic identification, assessment and mitigation. Arribatec performs risk management at both the Group and subsidiary level, with risks evaluated on an ongoing basis.
The following overview summarises the material financial risk factors relevant for the Group\u2019s continued operations. Risks arising
from changes in economic conditions are monitored through regular reviews of developments in the markets in which the Group
operates. Further information on the Group\u2019s exposure to credit risk and liquidity risk is provided in Note 21 Accounts receivable and Note 25Cash and cash equivalents, respectively.
Currency risk
Currency risk refers to the risk that the fair value of future cash flows, cash balances and financial instruments may fluctuate due to changes in exchange rates. Transactions in foreign currency are translated at the exchange rate on the transaction date. Monetary
items in foreign currency are translated to NOK using the exchange rate at the reporting date, while non-monetary items measured at historical cost are translated at the exchange rate on the transaction date.
The Group\u2019s exposure to currency risk is limited, as few balance sheet items are denominated in foreign currency at 31 December 2025. Currency risk related to customer contracts is limited, as the majority of customer agreements include currency clauses. These clauses are designed to mitigate the impact of exchange rate fluctuations by allowing adjustments to pricing or settlement terms, thereby reducing the Group\u2019s exposure to foreign currency move-ments. Most currency risk relates to the translation of foreign operations into NOK upon consolidation.
Interest risk
Interest rate risk refers to the potential impact of changes in market interest rates on the Group\u2019s financial performance. As the Group had no interest-bearing debt outstanding as of 31 December 2025, the Group had no direct exposure to interest rate fluctuations during the period.
The Group maintains access to a revolving credit facility, which was undrawn at year-end. As long as the facility remains undrawn, the Group is not exposed to interest rate risk arising from
borrowings. The Group continuously monitors its liquidity needs and funding alternatives to ensure that any future utilisation of the facility would be aligned with the Group\u2019s risk tolerance.
Note 13
Financial items and risks
NOK thousand | 2025 | 2024 |
Finance income | ||
Interest income | 1 381 | 265 |
Realised foreign exchange gains | 1 577 | 1 740 |
Net unrealised foreign exchange gains | 2 | 0 |
Other financial income | 169 | 112 |
Total financial income | 3 129 | 2 117 |
Finance expenses | ||
Interest on debts and borrowings | 0 | (641) |
Interest expense on lease liabilities | (1 250) | (1 026) |
Realised foreign exchange losses | (1 278) | (1 129) |
Net unrealised foreign exchange losses | 0 | (1 567) |
Other financial expenses | (769) | (2 506) |
Total financial expenses | (3 297) | (6 869) |
Net financial items, continuing operations | (168) | (4 752) |
Financial risk
The Group is exposed to financial risks such as currency risk and other market-related risks that may impact its ability to achieve its business objectives. All economic activity involves risk, and effective
risk management therefore requires systematic identification, assessment and mitigation. Arribatec performs risk management at both the Group and subsidiary level, with risks evaluated on an ongoing basis.
The following overview summarises the material financial risk factors relevant for the Group\u2019s continued operations. Risks arising
from changes in economic conditions are monitored through regular reviews of developments in the markets in which the Group
operates. Further information on the Group\u2019s exposure to credit risk and liquidity risk is provided in Note 21 Accounts receivable and Note 25Cash and cash equivalents, respectively.
Currency risk
Currency risk refers to the risk that the fair value of future cash flows, cash balances and financial instruments may fluctuate due to changes in exchange rates. Transactions in foreign currency are translated at the exchange rate on the transaction date. Monetary
items in foreign currency are translated to NOK using the exchange rate at the reporting date, while non-monetary items measured at historical cost are translated at the exchange rate on the transaction date.
The Group\u2019s exposure to currency risk is limited, as few balance sheet items are denominated in foreign currency at 31 December 2025. Currency risk related to customer contracts is limited, as the majority of customer agreements include currency clauses. These clauses are designed to mitigate the impact of exchange rate fluctuations by allowing adjustments to pricing or settlement terms, thereby reducing the Group\u2019s exposure to foreign currency move-ments. Most currency risk relates to the translation of foreign operations into NOK upon consolidation.
Interest risk
Interest rate risk refers to the potential impact of changes in market interest rates on the Group\u2019s financial performance. As the Group had no interest-bearing debt outstanding as of 31 December 2025, the Group had no direct exposure to interest rate fluctuations during the period.
The Group maintains access to a revolving credit facility, which was undrawn at year-end. As long as the facility remains undrawn, the Group is not exposed to interest rate risk arising from
borrowings. The Group continuously monitors its liquidity needs and funding alternatives to ensure that any future utilisation of the facility would be aligned with the Group\u2019s risk tolerance.
Note 13
Financial items and risks
NOK thousand | 2025 | 2024 |
Finance income | ||
Interest income | 1 381 | 265 |
Realised foreign exchange gains | 1 577 | 1 740 |
Net unrealised foreign exchange gains | 2 | 0 |
Other financial income | 169 | 112 |
Total financial income | 3 129 | 2 117 |
Finance expenses | ||
Interest on debts and borrowings | 0 | (641) |
Interest expense on lease liabilities | (1 250) | (1 026) |
Realised foreign exchange losses | (1 278) | (1 129) |
Net unrealised foreign exchange losses | 0 | (1 567) |
Other financial expenses | (769) | (2 506) |
Total financial expenses | (3 297) | (6 869) |
Net financial items, continuing operations | (168) | (4 752) |
Financial risk
The Group is exposed to financial risks such as currency risk and other market-related risks that may impact its ability to achieve its business objectives. All economic activity involves risk, and effective
risk management therefore requires systematic identification, assessment and mitigation. Arribatec performs risk management at both the Group and subsidiary level, with risks evaluated on an ongoing basis.
The following overview summarises the material financial risk factors relevant for the Group\u2019s continued operations. Risks arising
from changes in economic conditions are monitored through regular reviews of developments in the markets in which the Group
operates. Further information on the Group\u2019s exposure to credit risk and liquidity risk is provided in Note 21 Accounts receivable and Note 25Cash and cash equivalents, respectively.
Currency risk
Currency risk refers to the risk that the fair value of future cash flows, cash balances and financial instruments may fluctuate due to changes in exchange rates. Transactions in foreign currency are translated at the exchange rate on the transaction date. Monetary
items in foreign currency are translated to NOK using the exchange rate at the reporting date, while non-monetary items measured at historical cost are translated at the exchange rate on the transaction date.
The Group\u2019s exposure to currency risk is limited, as few balance sheet items are denominated in foreign currency at 31 December 2025. Currency risk related to customer contracts is limited, as the majority of customer agreements include currency clauses. These clauses are designed to mitigate the impact of exchange rate fluctuations by allowing adjustments to pricing or settlement terms, thereby reducing the Group\u2019s exposure to foreign currency move-ments. Most currency risk relates to the translation of foreign operations into NOK upon consolidation.
Interest risk
Interest rate risk refers to the potential impact of changes in market interest rates on the Group\u2019s financial performance. As the Group had no interest-bearing debt outstanding as of 31 December 2025, the Group had no direct exposure to interest rate fluctuations during the period.
The Group maintains access to a revolving credit facility, which was undrawn at year-end. As long as the facility remains undrawn, the Group is not exposed to interest rate risk arising from
borrowings. The Group continuously monitors its liquidity needs and funding alternatives to ensure that any future utilisation of the facility would be aligned with the Group\u2019s risk tolerance.
Note 13
Financial items and risks
NOK thousand | 2025 | 2024 |
Finance income | ||
Interest income | 1 381 | 265 |
Realised foreign exchange gains | 1 577 | 1 740 |
Net unrealised foreign exchange gains | 2 | 0 |
Other financial income | 169 | 112 |
Total financial income | 3 129 | 2 117 |
Finance expenses | ||
Interest on debts and borrowings | 0 | (641) |
Interest expense on lease liabilities | (1 250) | (1 026) |
Realised foreign exchange losses | (1 278) | (1 129) |
Net unrealised foreign exchange losses | 0 | (1 567) |
Other financial expenses | (769) | (2 506) |
Total financial expenses | (3 297) | (6 869) |
Net financial items, continuing operations | (168) | (4 752) |
Financial risk
The Group is exposed to financial risks such as currency risk and other market-related risks that may impact its ability to achieve its business objectives. All economic activity involves risk, and effective
risk management therefore requires systematic identification, assessment and mitigation. Arribatec performs risk management at both the Group and subsidiary level, with risks evaluated on an ongoing basis.
The following overview summarises the material financial risk factors relevant for the Group\u2019s continued operations. Risks arising
from changes in economic conditions are monitored through regular reviews of developments in the markets in which the Group
operates. Further information on the Group\u2019s exposure to credit risk and liquidity risk is provided in Note 21 Accounts receivable and Note 25Cash and cash equivalents, respectively.
Currency risk
Currency risk refers to the risk that the fair value of future cash flows, cash balances and financial instruments may fluctuate due to changes in exchange rates. Transactions in foreign currency are translated at the exchange rate on the transaction date. Monetary
items in foreign currency are translated to NOK using the exchange rate at the reporting date, while non-monetary items measured at historical cost are translated at the exchange rate on the transaction date.
The Group\u2019s exposure to currency risk is limited, as few balance sheet items are denominated in foreign currency at 31 December 2025. Currency risk related to customer contracts is limited, as the majority of customer agreements include currency clauses. These clauses are designed to mitigate the impact of exchange rate fluctuations by allowing adjustments to pricing or settlement terms, thereby reducing the Group\u2019s exposure to foreign currency move-ments. Most currency risk relates to the translation of foreign operations into NOK upon consolidation.
Interest risk
Interest rate risk refers to the potential impact of changes in market interest rates on the Group\u2019s financial performance. As the Group had no interest-bearing debt outstanding as of 31 December 2025, the Group had no direct exposure to interest rate fluctuations during the period.
The Group maintains access to a revolving credit facility, which was undrawn at year-end. As long as the facility remains undrawn, the Group is not exposed to interest rate risk arising from
borrowings. The Group continuously monitors its liquidity needs and funding alternatives to ensure that any future utilisation of the facility would be aligned with the Group\u2019s risk tolerance.
Note 13
Financial items and risks
NOK thousand | 2025 | 2024 |
Finance income | ||
Interest income | 1 381 | 265 |
Realised foreign exchange gains | 1 577 | 1 740 |
Net unrealised foreign exchange gains | 2 | 0 |
Other financial income | 169 | 112 |
Total financial income | 3 129 | 2 117 |
Finance expenses | ||
Interest on debts and borrowings | 0 | (641) |
Interest expense on lease liabilities | (1 250) | (1 026) |
Realised foreign exchange losses | (1 278) | (1 129) |
Net unrealised foreign exchange losses | 0 | (1 567) |
Other financial expenses | (769) | (2 506) |
Total financial expenses | (3 297) | (6 869) |
Net financial items, continuing operations | (168) | (4 752) |
Financial risk
The Group is exposed to financial risks such as currency risk and other market-related risks that may impact its ability to achieve its business objectives. All economic activity involves risk, and effective
risk management therefore requires systematic identification, assessment and mitigation. Arribatec performs risk management at both the Group and subsidiary level, with risks evaluated on an ongoing basis.
The following overview summarises the material financial risk factors relevant for the Group\u2019s continued operations. Risks arising
from changes in economic conditions are monitored through regular reviews of developments in the markets in which the Group
operates. Further information on the Group\u2019s exposure to credit risk and liquidity risk is provided in Note 21 Accounts receivable and Note 25Cash and cash equivalents, respectively.
Currency risk
Currency risk refers to the risk that the fair value of future cash flows, cash balances and financial instruments may fluctuate due to changes in exchange rates. Transactions in foreign currency are translated at the exchange rate on the transaction date. Monetary
items in foreign currency are translated to NOK using the exchange rate at the reporting date, while non-monetary items measured at historical cost are translated at the exchange rate on the transaction date.
The Group\u2019s exposure to currency risk is limited, as few balance sheet items are denominated in foreign currency at 31 December 2025. Currency risk related to customer contracts is limited, as the majority of customer agreements include currency clauses. These clauses are designed to mitigate the impact of exchange rate fluctuations by allowing adjustments to pricing or settlement terms, thereby reducing the Group\u2019s exposure to foreign currency move-ments. Most currency risk relates to the translation of foreign operations into NOK upon consolidation.
Interest risk
Interest rate risk refers to the potential impact of changes in market interest rates on the Group\u2019s financial performance. As the Group had no interest-bearing debt outstanding as of 31 December 2025, the Group had no direct exposure to interest rate fluctuations during the period.
The Group maintains access to a revolving credit facility, which was undrawn at year-end. As long as the facility remains undrawn, the Group is not exposed to interest rate risk arising from
borrowings. The Group continuously monitors its liquidity needs and funding alternatives to ensure that any future utilisation of the facility would be aligned with the Group\u2019s risk tolerance.
Note 13
Financial items and risks
NOK thousand | 2025 | 2024 |
Finance income | ||
Interest income | 1 381 | 265 |
Realised foreign exchange gains | 1 577 | 1 740 |
Net unrealised foreign exchange gains | 2 | 0 |
Other financial income | 169 | 112 |
Total financial income | 3 129 | 2 117 |
Finance expenses | ||
Interest on debts and borrowings | 0 | (641) |
Interest expense on lease liabilities | (1 250) | (1 026) |
Realised foreign exchange losses | (1 278) | (1 129) |
Net unrealised foreign exchange losses | 0 | (1 567) |
Other financial expenses | (769) | (2 506) |
Total financial expenses | (3 297) | (6 869) |
Net financial items, continuing operations | (168) | (4 752) |
Financial risk
The Group is exposed to financial risks such as currency risk and other market-related risks that may impact its ability to achieve its business objectives. All economic activity involves risk, and effective
risk management therefore requires systematic identification, assessment and mitigation. Arribatec performs risk management at both the Group and subsidiary level, with risks evaluated on an ongoing basis.
The following overview summarises the material financial risk factors relevant for the Group\u2019s continued operations. Risks arising
from changes in economic conditions are monitored through regular reviews of developments in the markets in which the Group
operates. Further information on the Group\u2019s exposure to credit risk and liquidity risk is provided in Note 21 Accounts receivable and Note 25Cash and cash equivalents, respectively.
Currency risk
Currency risk refers to the risk that the fair value of future cash flows, cash balances and financial instruments may fluctuate due to changes in exchange rates. Transactions in foreign currency are translated at the exchange rate on the transaction date. Monetary
items in foreign currency are translated to NOK using the exchange rate at the reporting date, while non-monetary items measured at historical cost are translated at the exchange rate on the transaction date.
The Group\u2019s exposure to currency risk is limited, as few balance sheet items are denominated in foreign currency at 31 December 2025. Currency risk related to customer contracts is limited, as the majority of customer agreements include currency clauses. These clauses are designed to mitigate the impact of exchange rate fluctuations by allowing adjustments to pricing or settlement terms, thereby reducing the Group\u2019s exposure to foreign currency move-ments. Most currency risk relates to the translation of foreign operations into NOK upon consolidation.
Interest risk
Interest rate risk refers to the potential impact of changes in market interest rates on the Group\u2019s financial performance. As the Group had no interest-bearing debt outstanding as of 31 December 2025, the Group had no direct exposure to interest rate fluctuations during the period.
The Group maintains access to a revolving credit facility, which was undrawn at year-end. As long as the facility remains undrawn, the Group is not exposed to interest rate risk arising from
borrowings. The Group continuously monitors its liquidity needs and funding alternatives to ensure that any future utilisation of the facility would be aligned with the Group\u2019s risk tolerance.
Note 13
Financial items and risks
NOK thousand | 2025 | 2024 |
Finance income | ||
Interest income | 1 381 | 265 |
Realised foreign exchange gains | 1 577 | 1 740 |
Net unrealised foreign exchange gains | 2 | 0 |
Other financial income | 169 | 112 |
Total financial income | 3 129 | 2 117 |
Finance expenses | ||
Interest on debts and borrowings | 0 | (641) |
Interest expense on lease liabilities | (1 250) | (1 026) |
Realised foreign exchange losses | (1 278) | (1 129) |
Net unrealised foreign exchange losses | 0 | (1 567) |
Other financial expenses | (769) | (2 506) |
Total financial expenses | (3 297) | (6 869) |
Net financial items, continuing operations | (168) | (4 752) |
Financial risk
The Group is exposed to financial risks such as currency risk and other market-related risks that may impact its ability to achieve its business objectives. All economic activity involves risk, and effective
risk management therefore requires systematic identification, assessment and mitigation. Arribatec performs risk management at both the Group and subsidiary level, with risks evaluated on an ongoing basis.
The following overview summarises the material financial risk factors relevant for the Group\u2019s continued operations. Risks arising
from changes in economic conditions are monitored through regular reviews of developments in the markets in which the Group
operates. Further information on the Group\u2019s exposure to credit risk and liquidity risk is provided in Note 21 Accounts receivable and Note 25Cash and cash equivalents, respectively.
Currency risk
Currency risk refers to the risk that the fair value of future cash flows, cash balances and financial instruments may fluctuate due to changes in exchange rates. Transactions in foreign currency are translated at the exchange rate on the transaction date. Monetary
items in foreign currency are translated to NOK using the exchange rate at the reporting date, while non-monetary items measured at historical cost are translated at the exchange rate on the transaction date.
The Group\u2019s exposure to currency risk is limited, as few balance sheet items are denominated in foreign currency at 31 December 2025. Currency risk related to customer contracts is limited, as the majority of customer agreements include currency clauses. These clauses are designed to mitigate the impact of exchange rate fluctuations by allowing adjustments to pricing or settlement terms, thereby reducing the Group\u2019s exposure to foreign currency move-ments. Most currency risk relates to the translation of foreign operations into NOK upon consolidation.
Interest risk
Interest rate risk refers to the potential impact of changes in market interest rates on the Group\u2019s financial performance. As the Group had no interest-bearing debt outstanding as of 31 December 2025, the Group had no direct exposure to interest rate fluctuations during the period.
The Group maintains access to a revolving credit facility, which was undrawn at year-end. As long as the facility remains undrawn, the Group is not exposed to interest rate risk arising from
borrowings. The Group continuously monitors its liquidity needs and funding alternatives to ensure that any future utilisation of the facility would be aligned with the Group\u2019s risk tolerance.
Currency risk refers to the risk that the fair value of future cash flows, cash balances and financial instruments may fluctuate due to changes in exchange rates. Transactions in foreign currency are translated at the exchange rate on the transaction date. Monetary
items in foreign currency are translated to NOK using the exchange rate at the reporting date, while non-monetary items measured at historical cost are translated at the exchange rate on the transaction date.
The Group\u2019s exposure to currency risk is limited, as few balance sheet items are denominated in foreign currency at 31 December 2025. Currency risk related to customer contracts is limited, as the majority of customer agreements include currency clauses. These clauses are designed to mitigate the impact of exchange rate fluctuations by allowing adjustments to pricing or settlement terms, thereby reducing the Group\u2019s exposure to foreign currency move-ments. Most currency risk relates to the translation of foreign operations into NOK upon consolidation.
Interest risk
Interest rate risk refers to the potential impact of changes in market interest rates on the Group\u2019s financial performance. As the Group had no interest-bearing debt outstanding as of 31 December 2025, the Group had no direct exposure to interest rate fluctuations during the period.
The Group maintains access to a revolving credit facility, which was undrawn at year-end. As long as the facility remains undrawn, the Group is not exposed to interest rate risk arising from
borrowings. The Group continuously monitors its liquidity needs and funding alternatives to ensure that any future utilisation of the facility would be aligned with the Group\u2019s risk tolerance.
Note 14
Tax
Arribatec accounts for current income tax assets and liabilities based on the expected recovery from, or payment to, tax authorities.
The applicable tax rates and laws are those in effect at the end of the reporting period. Additionally, we calculate deferred income tax using the deferred tax method, considering temporary differences between tax bases and carrying amounts of assets and liabilities for financial reporting purposes.
Our policy recognises deferred income tax liabilities for taxable temporary differences, except when arising from goodwill recognition or non-business combination transactions that do not impact accounting or taxable profit or loss. We also assess deferred tax assets, recognising them to the extent of probable future taxable profit availability or utilisation of unused tax losses and credits.
The carrying amount of deferred tax assets is reviewed periodically, and unrecognised assets are reassessed at each reporting date. Finally, we offset deferred income tax assets and liabilities only when legally enforceable rights exist to set off tax assets against income tax liabilities within the same taxable entity or taxation authority.
Income tax calculation
The Group\u2019s tax expense is affected by several factors, where the most important are tax losses carried forward, currency effects and local GAAP/IFRS differences for the calculation of taxable profit.
Deferred tax assets
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Tax losses carried forward, not recognised, mainly relates to companies abroad, while recognised deferred tax assets relates to proven profit-making entities within the Norwegian tax jurisdiction. There is a clear expectation that the Norwegian entities will deliver positive taxable results and be able to utilise the deferred tax losses carried forward. The majority of the unrecognised tax losses of NOK 26.9 million originate from periods prior to the current owners, during which the company operated as Hiddn Solution
NOK thousand | 2025 | 2024 |
Income tax expense | ||
Current tax | ||
Current Income Tax - Norway | 2 943 | 57 |
Correction previous year - Norway | (4) | 31 |
Current Income Tax - Other countries | 5 066 | 62 |
Correction previous year - other countries | 13 | (62) |
Tax effect on re-presented discontinued operations, | 242 | 701 |
Deferred tax | ||
Change in deferred taxes - Norway | 1 614 | (8 685) |
Change in deferred taxes - Other countries | (2 378) | (18) |
Tax expense | 7 497 | (7 915) |
A reconciliation of the tax | ||
Profit/(loss) before tax | 31 804 | (63 968) |
Adjustment of current income tax of previous years | 0 | (27) |
Temporary differences | 2 719 | (14 930) |
Non deductible expenses | 17 712 | 8 504 |
Non-taxable income | (39 149) | (2 958) |
Tax base | 13 086 | (73 379) |
Income taxes calculated at the Company's domestic tax rate (22%) | 2 879 | 22 163 |
Tax previous year | 9 | (30) |
Group contribution with tax effect (tax payable effect) | 7 950 | (1 738) |
Group contribution with tax effect (deferred tax effect) | (7 950) | 1 738 |
Changes in recognised deferred taxes | 5 022 | (8 704) |
Effect from previously unrecognised deferred taxes | 0 | 0 |
Different tax rates applied in foreign jurisdictions | (654) | (22 045) |
Tax effect on re-presented discontinued operations | 242 | 701 |
Tax at effective tax rate | 7 497 | (7 915) |
Effective tax rate | 23.6 % | 12.4 % |
Tax rate Norway | 22.0 % | 22.0 % |
NOK thousand | 2025 | 2024 |
Deferred taxes | ||
Tax losses carried forward, accumulated | 42 136 | 47 007 |
Property, plant and equipment | 747 | 143 |
Intangible assets | 0 | 52 |
Receivable | (302) | (241) |
Other provisions | 1 401 | 1 322 |
Leases | 168 | 150 |
Deferred tax on intangible assets from business combinations | 0 | 2 654 |
Tax losses carried forward, not recognised | (26 900) | (31 322) |
Deferred taxes, net | 17 250 | 19 764 |
Deferred taxes, recognised | 17 250 | 19 764 |
Deferred taxes, not recognised | 26 900 | 31 322 |
Reconciliation to balance sheet | ||
Deferred tax assets | 19 162 | 25 388 |
Deferred tax liabilities | (1 911) | (5 623) |
Net Deferred tax assets (liabilities) | 17 250 | 19 764 |
Note 14
Tax
Arribatec accounts for current income tax assets and liabilities based on the expected recovery from, or payment to, tax authorities.
The applicable tax rates and laws are those in effect at the end of the reporting period. Additionally, we calculate deferred income tax using the deferred tax method, considering temporary differences between tax bases and carrying amounts of assets and liabilities for financial reporting purposes.
Our policy recognises deferred income tax liabilities for taxable temporary differences, except when arising from goodwill recognition or non-business combination transactions that do not impact accounting or taxable profit or loss. We also assess deferred tax assets, recognising them to the extent of probable future taxable profit availability or utilisation of unused tax losses and credits.
The carrying amount of deferred tax assets is reviewed periodically, and unrecognised assets are reassessed at each reporting date. Finally, we offset deferred income tax assets and liabilities only when legally enforceable rights exist to set off tax assets against income tax liabilities within the same taxable entity or taxation authority.
Income tax calculation
The Group\u2019s tax expense is affected by several factors, where the most important are tax losses carried forward, currency effects and local GAAP/IFRS differences for the calculation of taxable profit.
Deferred tax assets
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Tax losses carried forward, not recognised, mainly relates to companies abroad, while recognised deferred tax assets relates to proven profit-making entities within the Norwegian tax jurisdiction. There is a clear expectation that the Norwegian entities will deliver positive taxable results and be able to utilise the deferred tax losses carried forward. The majority of the unrecognised tax losses of NOK 26.9 million originate from periods prior to the current owners, during which the company operated as Hiddn Solution
NOK thousand | 2025 | 2024 |
Income tax expense | ||
Current tax | ||
Current Income Tax - Norway | 2 943 | 57 |
Correction previous year - Norway | (4) | 31 |
Current Income Tax - Other countries | 5 066 | 62 |
Correction previous year - other countries | 13 | (62) |
Tax effect on re-presented discontinued operations, | 242 | 701 |
Deferred tax | ||
Change in deferred taxes - Norway | 1 614 | (8 685) |
Change in deferred taxes - Other countries | (2 378) | (18) |
Tax expense | 7 497 | (7 915) |
A reconciliation of the tax | ||
Profit/(loss) before tax | 31 804 | (63 968) |
Adjustment of current income tax of previous years | 0 | (27) |
Temporary differences | 2 719 | (14 930) |
Non deductible expenses | 17 712 | 8 504 |
Non-taxable income | (39 149) | (2 958) |
Tax base | 13 086 | (73 379) |
Income taxes calculated at the Company's domestic tax rate (22%) | 2 879 | 22 163 |
Tax previous year | 9 | (30) |
Group contribution with tax effect (tax payable effect) | 7 950 | (1 738) |
Group contribution with tax effect (deferred tax effect) | (7 950) | 1 738 |
Changes in recognised deferred taxes | 5 022 | (8 704) |
Effect from previously unrecognised deferred taxes | 0 | 0 |
Different tax rates applied in foreign jurisdictions | (654) | (22 045) |
Tax effect on re-presented discontinued operations | 242 | 701 |
Tax at effective tax rate | 7 497 | (7 915) |
Effective tax rate | 23.6 % | 12.4 % |
Tax rate Norway | 22.0 % | 22.0 % |
NOK thousand | 2025 | 2024 |
Deferred taxes | ||
Tax losses carried forward, accumulated | 42 136 | 47 007 |
Property, plant and equipment | 747 | 143 |
Intangible assets | 0 | 52 |
Receivable | (302) | (241) |
Other provisions | 1 401 | 1 322 |
Leases | 168 | 150 |
Deferred tax on intangible assets from business combinations | 0 | 2 654 |
Tax losses carried forward, not recognised | (26 900) | (31 322) |
Deferred taxes, net | 17 250 | 19 764 |
Deferred taxes, recognised | 17 250 | 19 764 |
Deferred taxes, not recognised | 26 900 | 31 322 |
Reconciliation to balance sheet | ||
Deferred tax assets | 19 162 | 25 388 |
Deferred tax liabilities | (1 911) | (5 623) |
Net Deferred tax assets (liabilities) | 17 250 | 19 764 |
Note 14
Tax
Arribatec accounts for current income tax assets and liabilities based on the expected recovery from, or payment to, tax authorities.
The applicable tax rates and laws are those in effect at the end of the reporting period. Additionally, we calculate deferred income tax using the deferred tax method, considering temporary differences between tax bases and carrying amounts of assets and liabilities for financial reporting purposes.
Our policy recognises deferred income tax liabilities for taxable temporary differences, except when arising from goodwill recognition or non-business combination transactions that do not impact accounting or taxable profit or loss. We also assess deferred tax assets, recognising them to the extent of probable future taxable profit availability or utilisation of unused tax losses and credits.
The carrying amount of deferred tax assets is reviewed periodically, and unrecognised assets are reassessed at each reporting date. Finally, we offset deferred income tax assets and liabilities only when legally enforceable rights exist to set off tax assets against income tax liabilities within the same taxable entity or taxation authority.
Income tax calculation
The Group\u2019s tax expense is affected by several factors, where the most important are tax losses carried forward, currency effects and local GAAP/IFRS differences for the calculation of taxable profit.
Deferred tax assets
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Tax losses carried forward, not recognised, mainly relates to companies abroad, while recognised deferred tax assets relates to proven profit-making entities within the Norwegian tax jurisdiction. There is a clear expectation that the Norwegian entities will deliver positive taxable results and be able to utilise the deferred tax losses carried forward. The majority of the unrecognised tax losses of NOK 26.9 million originate from periods prior to the current owners, during which the company operated as Hiddn Solution
NOK thousand | 2025 | 2024 |
Income tax expense | ||
Current tax | ||
Current Income Tax - Norway | 2 943 | 57 |
Correction previous year - Norway | (4) | 31 |
Current Income Tax - Other countries | 5 066 | 62 |
Correction previous year - other countries | 13 | (62) |
Tax effect on re-presented discontinued operations, | 242 | 701 |
Deferred tax | ||
Change in deferred taxes - Norway | 1 614 | (8 685) |
Change in deferred taxes - Other countries | (2 378) | (18) |
Tax expense | 7 497 | (7 915) |
A reconciliation of the tax | ||
Profit/(loss) before tax | 31 804 | (63 968) |
Adjustment of current income tax of previous years | 0 | (27) |
Temporary differences | 2 719 | (14 930) |
Non deductible expenses | 17 712 | 8 504 |
Non-taxable income | (39 149) | (2 958) |
Tax base | 13 086 | (73 379) |
Income taxes calculated at the Company's domestic tax rate (22%) | 2 879 | 22 163 |
Tax previous year | 9 | (30) |
Group contribution with tax effect (tax payable effect) | 7 950 | (1 738) |
Group contribution with tax effect (deferred tax effect) | (7 950) | 1 738 |
Changes in recognised deferred taxes | 5 022 | (8 704) |
Effect from previously unrecognised deferred taxes | 0 | 0 |
Different tax rates applied in foreign jurisdictions | (654) | (22 045) |
Tax effect on re-presented discontinued operations | 242 | 701 |
Tax at effective tax rate | 7 497 | (7 915) |
Effective tax rate | 23.6 % | 12.4 % |
Tax rate Norway | 22.0 % | 22.0 % |
NOK thousand | 2025 | 2024 |
Deferred taxes | ||
Tax losses carried forward, accumulated | 42 136 | 47 007 |
Property, plant and equipment | 747 | 143 |
Intangible assets | 0 | 52 |
Receivable | (302) | (241) |
Other provisions | 1 401 | 1 322 |
Leases | 168 | 150 |
Deferred tax on intangible assets from business combinations | 0 | 2 654 |
Tax losses carried forward, not recognised | (26 900) | (31 322) |
Deferred taxes, net | 17 250 | 19 764 |
Deferred taxes, recognised | 17 250 | 19 764 |
Deferred taxes, not recognised | 26 900 | 31 322 |
Reconciliation to balance sheet | ||
Deferred tax assets | 19 162 | 25 388 |
Deferred tax liabilities | (1 911) | (5 623) |
Net Deferred tax assets (liabilities) | 17 250 | 19 764 |
Note 14
Tax
Arribatec accounts for current income tax assets and liabilities based on the expected recovery from, or payment to, tax authorities.
The applicable tax rates and laws are those in effect at the end of the reporting period. Additionally, we calculate deferred income tax using the deferred tax method, considering temporary differences between tax bases and carrying amounts of assets and liabilities for financial reporting purposes.
Our policy recognises deferred income tax liabilities for taxable temporary differences, except when arising from goodwill recognition or non-business combination transactions that do not impact accounting or taxable profit or loss. We also assess deferred tax assets, recognising them to the extent of probable future taxable profit availability or utilisation of unused tax losses and credits.
The carrying amount of deferred tax assets is reviewed periodically, and unrecognised assets are reassessed at each reporting date. Finally, we offset deferred income tax assets and liabilities only when legally enforceable rights exist to set off tax assets against income tax liabilities within the same taxable entity or taxation authority.
Income tax calculation
The Group\u2019s tax expense is affected by several factors, where the most important are tax losses carried forward, currency effects and local GAAP/IFRS differences for the calculation of taxable profit.
Deferred tax assets
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Tax losses carried forward, not recognised, mainly relates to companies abroad, while recognised deferred tax assets relates to proven profit-making entities within the Norwegian tax jurisdiction. There is a clear expectation that the Norwegian entities will deliver positive taxable results and be able to utilise the deferred tax losses carried forward. The majority of the unrecognised tax losses of NOK 26.9 million originate from periods prior to the current owners, during which the company operated as Hiddn Solution
NOK thousand | 2025 | 2024 |
Income tax expense | ||
Current tax | ||
Current Income Tax - Norway | 2 943 | 57 |
Correction previous year - Norway | (4) | 31 |
Current Income Tax - Other countries | 5 066 | 62 |
Correction previous year - other countries | 13 | (62) |
Tax effect on re-presented discontinued operations, | 242 | 701 |
Deferred tax | ||
Change in deferred taxes - Norway | 1 614 | (8 685) |
Change in deferred taxes - Other countries | (2 378) | (18) |
Tax expense | 7 497 | (7 915) |
A reconciliation of the tax | ||
Profit/(loss) before tax | 31 804 | (63 968) |
Adjustment of current income tax of previous years | 0 | (27) |
Temporary differences | 2 719 | (14 930) |
Non deductible expenses | 17 712 | 8 504 |
Non-taxable income | (39 149) | (2 958) |
Tax base | 13 086 | (73 379) |
Income taxes calculated at the Company's domestic tax rate (22%) | 2 879 | 22 163 |
Tax previous year | 9 | (30) |
Group contribution with tax effect (tax payable effect) | 7 950 | (1 738) |
Group contribution with tax effect (deferred tax effect) | (7 950) | 1 738 |
Changes in recognised deferred taxes | 5 022 | (8 704) |
Effect from previously unrecognised deferred taxes | 0 | 0 |
Different tax rates applied in foreign jurisdictions | (654) | (22 045) |
Tax effect on re-presented discontinued operations | 242 | 701 |
Tax at effective tax rate | 7 497 | (7 915) |
Effective tax rate | 23.6 % | 12.4 % |
Tax rate Norway | 22.0 % | 22.0 % |
NOK thousand | 2025 | 2024 |
Deferred taxes | ||
Tax losses carried forward, accumulated | 42 136 | 47 007 |
Property, plant and equipment | 747 | 143 |
Intangible assets | 0 | 52 |
Receivable | (302) | (241) |
Other provisions | 1 401 | 1 322 |
Leases | 168 | 150 |
Deferred tax on intangible assets from business combinations | 0 | 2 654 |
Tax losses carried forward, not recognised | (26 900) | (31 322) |
Deferred taxes, net | 17 250 | 19 764 |
Deferred taxes, recognised | 17 250 | 19 764 |
Deferred taxes, not recognised | 26 900 | 31 322 |
Reconciliation to balance sheet | ||
Deferred tax assets | 19 162 | 25 388 |
Deferred tax liabilities | (1 911) | (5 623) |
Net Deferred tax assets (liabilities) | 17 250 | 19 764 |
Note 14
Tax
Arribatec accounts for current income tax assets and liabilities based on the expected recovery from, or payment to, tax authorities.
The applicable tax rates and laws are those in effect at the end of the reporting period. Additionally, we calculate deferred income tax using the deferred tax method, considering temporary differences between tax bases and carrying amounts of assets and liabilities for financial reporting purposes.
Our policy recognises deferred income tax liabilities for taxable temporary differences, except when arising from goodwill recognition or non-business combination transactions that do not impact accounting or taxable profit or loss. We also assess deferred tax assets, recognising them to the extent of probable future taxable profit availability or utilisation of unused tax losses and credits.
The carrying amount of deferred tax assets is reviewed periodically, and unrecognised assets are reassessed at each reporting date. Finally, we offset deferred income tax assets and liabilities only when legally enforceable rights exist to set off tax assets against income tax liabilities within the same taxable entity or taxation authority.
Income tax calculation
The Group\u2019s tax expense is affected by several factors, where the most important are tax losses carried forward, currency effects and local GAAP/IFRS differences for the calculation of taxable profit.
Deferred tax assets
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Tax losses carried forward, not recognised, mainly relates to companies abroad, while recognised deferred tax assets relates to proven profit-making entities within the Norwegian tax jurisdiction. There is a clear expectation that the Norwegian entities will deliver positive taxable results and be able to utilise the deferred tax losses carried forward. The majority of the unrecognised tax losses of NOK 26.9 million originate from periods prior to the current owners, during which the company operated as Hiddn Solution
NOK thousand | 2025 | 2024 |
Income tax expense | ||
Current tax | ||
Current Income Tax - Norway | 2 943 | 57 |
Correction previous year - Norway | (4) | 31 |
Current Income Tax - Other countries | 5 066 | 62 |
Correction previous year - other countries | 13 | (62) |
Tax effect on re-presented discontinued operations, | 242 | 701 |
Deferred tax | ||
Change in deferred taxes - Norway | 1 614 | (8 685) |
Change in deferred taxes - Other countries | (2 378) | (18) |
Tax expense | 7 497 | (7 915) |
A reconciliation of the tax | ||
Profit/(loss) before tax | 31 804 | (63 968) |
Adjustment of current income tax of previous years | 0 | (27) |
Temporary differences | 2 719 | (14 930) |
Non deductible expenses | 17 712 | 8 504 |
Non-taxable income | (39 149) | (2 958) |
Tax base | 13 086 | (73 379) |
Income taxes calculated at the Company's domestic tax rate (22%) | 2 879 | 22 163 |
Tax previous year | 9 | (30) |
Group contribution with tax effect (tax payable effect) | 7 950 | (1 738) |
Group contribution with tax effect (deferred tax effect) | (7 950) | 1 738 |
Changes in recognised deferred taxes | 5 022 | (8 704) |
Effect from previously unrecognised deferred taxes | 0 | 0 |
Different tax rates applied in foreign jurisdictions | (654) | (22 045) |
Tax effect on re-presented discontinued operations | 242 | 701 |
Tax at effective tax rate | 7 497 | (7 915) |
Effective tax rate | 23.6 % | 12.4 % |
Tax rate Norway | 22.0 % | 22.0 % |
NOK thousand | 2025 | 2024 |
Deferred taxes | ||
Tax losses carried forward, accumulated | 42 136 | 47 007 |
Property, plant and equipment | 747 | 143 |
Intangible assets | 0 | 52 |
Receivable | (302) | (241) |
Other provisions | 1 401 | 1 322 |
Leases | 168 | 150 |
Deferred tax on intangible assets from business combinations | 0 | 2 654 |
Tax losses carried forward, not recognised | (26 900) | (31 322) |
Deferred taxes, net | 17 250 | 19 764 |
Deferred taxes, recognised | 17 250 | 19 764 |
Deferred taxes, not recognised | 26 900 | 31 322 |
Reconciliation to balance sheet | ||
Deferred tax assets | 19 162 | 25 388 |
Deferred tax liabilities | (1 911) | (5 623) |
Net Deferred tax assets (liabilities) | 17 250 | 19 764 |
Note 15
Earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding for the dilutive effect of warrants and share options outstanding during the year.
Issued shares and share capital | Number of shares | Share Capital (NOK) |
31 December 2022 | 690 573 217 | 193 360 501 |
Share issue, February | 3 | 1 |
Reverse share split (10:1), March | (621 515 898) | |
Share issue, December | 514 884 | 1 441 675 |
31 December 2023 | 69 572 206 | 194 802 177 |
31 December 2024 | 69 572 206 | 194 802 177 |
Capital decrease, January 27.01.251 | (187 844 956) | |
Share issue, February 07.02.25 | 410 000 000 | 41 000 000 |
Share issue, March 18.03.25 | 2 316 429 | 231 643 |
Share issue, September 11.09.2025 | 168 624 655 | 16 862 466 |
Reverse split 10:1, October 09.25 2 | (650 513 290) | |
After Reverse split | 65 051 329 | |
Share issue, September, registered October 24.10.25 | 741 323 | 741 323 |
Share issue, October 24.10.25 | 1 072 960 | 1 072 960 |
Share issue, December 23.12.25 | 398 902 | 398 902 |
31 December 2025 | 67 264 514 | 67 264 514 |
1Nominal value reduced from NOK 2.80 per share, to NOK 0.10 per share
2The company completed a reverse share split at a ratio of 10:1 on 8 October 2025. The number of shares was reduced from 650,513,290 to 65,051,329, while the nominal value per share increased from NOK 0.10 to NOK 1.00. The total share capital remained unchanged.
In addition to the issued shares, there were 1 714 162 warrants outstanding per 31 December 2025.
Earnings per share | ||
NOK | 2025 | 2024 |
Net profit/(loss) to equity holders, continuing operations | 24 307 765 | (56 052 940) |
Net profit/(loss) to equity holders, discontinued operations | 29 715 574 | (26 660 016) |
Net profit/(loss) to equity holders, total operations | 54 023 339 | (82 712 957) |
Number of shares (in thousands)2 | ||
Weighted average number of ordinary shares | 48 833 261 | 69 572 206 |
Effects of dilution, weighted average | 4 727 192 | 3 400 584 |
Weighted average number of shares, adjusted for effects of dilution | 53 560 453 | 72 972 790 |
Basic earnings per share | 1.11 | (1.19) |
Diluted earnings per share1 | 1.01 | (1.19) |
Basic earnings per share, continuing operations | 0.50 | (0.81) |
Diluted earnings per share, continuing operations 1 | 0.45 | (0.77) |
1If Net loss, EPS per Basic and Diluted share will be equal.
2The Company completed a 10:1 reverse share split on 9 October 2025. Share counts and EPS for 2025 are presented on a post-split basis. 2024 comparatives are presented on a pre-split basis and are not directly comparable.
Effects of dilution | ||
NOK | 2025 | 2024 |
Warrants outstanding | 1 714 164 | 0 |
Share option 2023 Sept program | 1 890 425 | 3 148 995 |
Share option 2025 Nov program | 1 122 603 | 0 |
Share cons. BoD | 0 | 251 589 |
4 727 192 | 3 400 584 |
Note 15
Earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding for the dilutive effect of warrants and share options outstanding during the year.
Issued shares and share capital | Number of shares | Share Capital (NOK) |
31 December 2022 | 690 573 217 | 193 360 501 |
Share issue, February | 3 | 1 |
Reverse share split (10:1), March | (621 515 898) | |
Share issue, December | 514 884 | 1 441 675 |
31 December 2023 | 69 572 206 | 194 802 177 |
31 December 2024 | 69 572 206 | 194 802 177 |
Capital decrease, January 27.01.251 | (187 844 956) | |
Share issue, February 07.02.25 | 410 000 000 | 41 000 000 |
Share issue, March 18.03.25 | 2 316 429 | 231 643 |
Share issue, September 11.09.2025 | 168 624 655 | 16 862 466 |
Reverse split 10:1, October 09.25 2 | (650 513 290) | |
After Reverse split | 65 051 329 | |
Share issue, September, registered October 24.10.25 | 741 323 | 741 323 |
Share issue, October 24.10.25 | 1 072 960 | 1 072 960 |
Share issue, December 23.12.25 | 398 902 | 398 902 |
31 December 2025 | 67 264 514 | 67 264 514 |
1Nominal value reduced from NOK 2.80 per share, to NOK 0.10 per share
2The company completed a reverse share split at a ratio of 10:1 on 8 October 2025. The number of shares was reduced from 650,513,290 to 65,051,329, while the nominal value per share increased from NOK 0.10 to NOK 1.00. The total share capital remained unchanged.
In addition to the issued shares, there were 1 714 162 warrants outstanding per 31 December 2025.
Earnings per share | ||
NOK | 2025 | 2024 |
Net profit/(loss) to equity holders, continuing operations | 24 307 765 | (56 052 940) |
Net profit/(loss) to equity holders, discontinued operations | 29 715 574 | (26 660 016) |
Net profit/(loss) to equity holders, total operations | 54 023 339 | (82 712 957) |
Number of shares (in thousands)2 | ||
Weighted average number of ordinary shares | 48 833 261 | 69 572 206 |
Effects of dilution, weighted average | 4 727 192 | 3 400 584 |
Weighted average number of shares, adjusted for effects of dilution | 53 560 453 | 72 972 790 |
Basic earnings per share | 1.11 | (1.19) |
Diluted earnings per share1 | 1.01 | (1.19) |
Basic earnings per share, continuing operations | 0.50 | (0.81) |
Diluted earnings per share, continuing operations 1 | 0.45 | (0.77) |
1If Net loss, EPS per Basic and Diluted share will be equal.
2The Company completed a 10:1 reverse share split on 9 October 2025. Share counts and EPS for 2025 are presented on a post-split basis. 2024 comparatives are presented on a pre-split basis and are not directly comparable.
Effects of dilution | ||
NOK | 2025 | 2024 |
Warrants outstanding | 1 714 164 | 0 |
Share option 2023 Sept program | 1 890 425 | 3 148 995 |
Share option 2025 Nov program | 1 122 603 | 0 |
Share cons. BoD | 0 | 251 589 |
4 727 192 | 3 400 584 |
Note 16
Goodwill and impairment
Goodwill recognised in the consolidated financial position are mainly derived from excess value following the acquisitions of Instidata AS in 2019, Facil AS, Microsky AS and Innit AS in 2020 and Maksit AS, Qualisoft AS, IB Group and Integra Ass. Ltd in 2021. Recognised goodwill amounts to NOK 178.5 million as of 31 December 2025 (184.3m). Other intangible assets related to excess values in the Group accounts are customer relations and software, with a carrying amount of NOK 3.3 million as per 31 December 2025 (NOK 13.8m).
Only goodwill has an indefinite lifetime, all intangible assets are amortised, expect for intangible assets that is not yet in use. As of 31.12.2025 Arribatec has no such assets, ref Note 12.
Goodwill is tested for impairment for each cash generating unit (CGU) prior to preparation of the annual accounts. The test is performed annually.
The recoverable amount for each CGU has been determined by estimating their Value in Use (VIU) and comparing that to the carrying amount of the specific CGU. The calculation of VIU has been based on estimates, reflecting the Group\u2019s financial planning process. The discount rates are derived as the weighted average cost of capital (WACC) for a similar business in the same business environment.
Goodwill has been allocated for impairment testing purposes to the CGUs below.
2025 | ||||
NOK Thousand | Cloud | BizS | EA&BPM | Total |
Norway | 56 622 | 35 585 | 66 361 | 158 568 |
UK | 0 | 19 923 | 0 | 19 923 |
Italy | 0 | 0 | 0 | - |
Total | 56 622 | 55 508 | 66 361 | 178 491 |
2024 | ||||||
NOK Thousand | Cloud | BizS | EA&BPM | Marine | Hospitality | Total |
Norway | 56 622 | 35 585 | 66 361 | 0 | 0 | 158 568 |
UK | 0 | 20 959 | 0 | 0 | 0 | 20 959 |
Italy | 0 | 0 | 0 | 4 731 | 0 | 4 731 |
Total | 56 622 | 56 544 | 66 361 | 4 731 | 0 | 184 258 |
Cash flow projections and assumptions
A five-year forecast for discounted cash flows plus a 2.0% terminal value growth rate was used to determine the net present value of the CGU. Discounted cash flows were calculated before tax and applying a WACC before tax.
Key assumptions for the value in use calculations
The basis for the projection of future cash flows is based on the financial budget for one year, approved by the Board of Directors.
The budget in combination with the forecasts represents management\u2019s best estimate of the range of economic conditions that will exist over the remaining useful life of the asset. The remaining four years of the forecast period are estimated based on budget and projected performance. The calculation of VIU for the CGU is most sensitive when it comes to the following assumptions:
Discount rate | |||||
The input data for the WACC is gathered from external sources. | |||||
2025 | 2024 | ||||
Norway | UK | Norway | UK | Italy | |
Risk free interest rate | 4.3% | 4.2% | 3.8% | 4.48% | 3.47% |
Market risk premium | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
Equity Beta | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 |
Small cap | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
Cost of equity | 14.3% | 14.2% | 13.9% | 14.5% | 13.5% |
Credit spread | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% |
After tax cost debt | 5.49% | 5.63% | 6.57% | 7.23% | 6.22% |
Equity weight | 88.9% | 88.9% | 88.9% | 88.9% | 88.9% |
WACC (pre tax) | 17.1% | 17.6% | 13.1% | 13.7% | 12.7% |
The average growth rate and EBITDA margin assumptions are based on historical experience and performance as well as market analysis used for budget 2026 and estimates from 2027-2030 and a terminal growth rate of 2%. The average growth rates in the estimated period 2026-2030 for each Business Area are:
2025 | Cloud | BizS | EA&BPM |
Average revenue growth | 6% | 6% | 4% |
Average Gross profit margin | 5.4% | 5.7% | 2.5% |
Average EBITDA margin | 8% | 15% | 14% |
Compared to the same assumptions in 2024 we see a decline in the growth assumptions. This is explained by Arribatec's focus on profitability first and using modest growth assumptions as the basis for impairment tests. The management's evaluation of future growth is grounded in an analysis
that combines historical data, strategic planning, market, strategic focus, initiatives and financial modeling.
2024 | Cloud | BizS | EA&BPM | Marine | Hospitality |
Average revenue growth | 6% | 6% | 5% | 5% | (13%) |
Average Gross profit margin | 5.8% | 6.2% | 3.9% | 3.6% | (15.7%) |
Average EBITDA margin | 6% | 5% | 11% | 13% | 27% |
Sensitivity
On 31 December 2025, the Group\u2019s value in use for each CGU was higher than the carrying amount of tested goodwill with indefinite useful life and intangible assets.
The calculation is most sensitive to changes in EBITDA and gross profit (GP) margins. No reasonably
likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for any of the CGUs. The headroom is 53%, 193% and 52% for Cloud, BizS and EA&BPM respectively.
Note 16
Goodwill and impairment
Goodwill recognised in the consolidated financial position are mainly derived from excess value following the acquisitions of Instidata AS in 2019, Facil AS, Microsky AS and Innit AS in 2020 and Maksit AS, Qualisoft AS, IB Group and Integra Ass. Ltd in 2021. Recognised goodwill amounts to NOK 178.5 million as of 31 December 2025 (184.3m). Other intangible assets related to excess values in the Group accounts are customer relations and software, with a carrying amount of NOK 3.3 million as per 31 December 2025 (NOK 13.8m).
Only goodwill has an indefinite lifetime, all intangible assets are amortised, expect for intangible assets that is not yet in use. As of 31.12.2025 Arribatec has no such assets, ref Note 12.
Goodwill is tested for impairment for each cash generating unit (CGU) prior to preparation of the annual accounts. The test is performed annually.
The recoverable amount for each CGU has been determined by estimating their Value in Use (VIU) and comparing that to the carrying amount of the specific CGU. The calculation of VIU has been based on estimates, reflecting the Group\u2019s financial planning process. The discount rates are derived as the weighted average cost of capital (WACC) for a similar business in the same business environment.
Goodwill has been allocated for impairment testing purposes to the CGUs below.
2025 | ||||
NOK Thousand | Cloud | BizS | EA&BPM | Total |
Norway | 56 622 | 35 585 | 66 361 | 158 568 |
UK | 0 | 19 923 | 0 | 19 923 |
Italy | 0 | 0 | 0 | - |
Total | 56 622 | 55 508 | 66 361 | 178 491 |
2024 | ||||||
NOK Thousand | Cloud | BizS | EA&BPM | Marine | Hospitality | Total |
Norway | 56 622 | 35 585 | 66 361 | 0 | 0 | 158 568 |
UK | 0 | 20 959 | 0 | 0 | 0 | 20 959 |
Italy | 0 | 0 | 0 | 4 731 | 0 | 4 731 |
Total | 56 622 | 56 544 | 66 361 | 4 731 | 0 | 184 258 |
Cash flow projections and assumptions
A five-year forecast for discounted cash flows plus a 2.0% terminal value growth rate was used to determine the net present value of the CGU. Discounted cash flows were calculated before tax and applying a WACC before tax.
Key assumptions for the value in use calculations
The basis for the projection of future cash flows is based on the financial budget for one year, approved by the Board of Directors.
The budget in combination with the forecasts represents management\u2019s best estimate of the range of economic conditions that will exist over the remaining useful life of the asset. The remaining four years of the forecast period are estimated based on budget and projected performance. The calculation of VIU for the CGU is most sensitive when it comes to the following assumptions:
Discount rate | |||||
The input data for the WACC is gathered from external sources. | |||||
2025 | 2024 | ||||
Norway | UK | Norway | UK | Italy | |
Risk free interest rate | 4.3% | 4.2% | 3.8% | 4.48% | 3.47% |
Market risk premium | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
Equity Beta | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 |
Small cap | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
Cost of equity | 14.3% | 14.2% | 13.9% | 14.5% | 13.5% |
Credit spread | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% |
After tax cost debt | 5.49% | 5.63% | 6.57% | 7.23% | 6.22% |
Equity weight | 88.9% | 88.9% | 88.9% | 88.9% | 88.9% |
WACC (pre tax) | 17.1% | 17.6% | 13.1% | 13.7% | 12.7% |
The average growth rate and EBITDA margin assumptions are based on historical experience and performance as well as market analysis used for budget 2026 and estimates from 2027-2030 and a terminal growth rate of 2%. The average growth rates in the estimated period 2026-2030 for each Business Area are:
2025 | Cloud | BizS | EA&BPM |
Average revenue growth | 6% | 6% | 4% |
Average Gross profit margin | 5.4% | 5.7% | 2.5% |
Average EBITDA margin | 8% | 15% | 14% |
Compared to the same assumptions in 2024 we see a decline in the growth assumptions. This is explained by Arribatec's focus on profitability first and using modest growth assumptions as the basis for impairment tests. The management's evaluation of future growth is grounded in an analysis
that combines historical data, strategic planning, market, strategic focus, initiatives and financial modeling.
2024 | Cloud | BizS | EA&BPM | Marine | Hospitality |
Average revenue growth | 6% | 6% | 5% | 5% | (13%) |
Average Gross profit margin | 5.8% | 6.2% | 3.9% | 3.6% | (15.7%) |
Average EBITDA margin | 6% | 5% | 11% | 13% | 27% |
Sensitivity
On 31 December 2025, the Group\u2019s value in use for each CGU was higher than the carrying amount of tested goodwill with indefinite useful life and intangible assets.
The calculation is most sensitive to changes in EBITDA and gross profit (GP) margins. No reasonably
likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for any of the CGUs. The headroom is 53%, 193% and 52% for Cloud, BizS and EA&BPM respectively.
Note 16
Goodwill and impairment
Goodwill recognised in the consolidated financial position are mainly derived from excess value following the acquisitions of Instidata AS in 2019, Facil AS, Microsky AS and Innit AS in 2020 and Maksit AS, Qualisoft AS, IB Group and Integra Ass. Ltd in 2021. Recognised goodwill amounts to NOK 178.5 million as of 31 December 2025 (184.3m). Other intangible assets related to excess values in the Group accounts are customer relations and software, with a carrying amount of NOK 3.3 million as per 31 December 2025 (NOK 13.8m).
Only goodwill has an indefinite lifetime, all intangible assets are amortised, expect for intangible assets that is not yet in use. As of 31.12.2025 Arribatec has no such assets, ref Note 12.
Goodwill is tested for impairment for each cash generating unit (CGU) prior to preparation of the annual accounts. The test is performed annually.
The recoverable amount for each CGU has been determined by estimating their Value in Use (VIU) and comparing that to the carrying amount of the specific CGU. The calculation of VIU has been based on estimates, reflecting the Group\u2019s financial planning process. The discount rates are derived as the weighted average cost of capital (WACC) for a similar business in the same business environment.
Goodwill has been allocated for impairment testing purposes to the CGUs below.
2025 | ||||
NOK Thousand | Cloud | BizS | EA&BPM | Total |
Norway | 56 622 | 35 585 | 66 361 | 158 568 |
UK | 0 | 19 923 | 0 | 19 923 |
Italy | 0 | 0 | 0 | - |
Total | 56 622 | 55 508 | 66 361 | 178 491 |
2024 | ||||||
NOK Thousand | Cloud | BizS | EA&BPM | Marine | Hospitality | Total |
Norway | 56 622 | 35 585 | 66 361 | 0 | 0 | 158 568 |
UK | 0 | 20 959 | 0 | 0 | 0 | 20 959 |
Italy | 0 | 0 | 0 | 4 731 | 0 | 4 731 |
Total | 56 622 | 56 544 | 66 361 | 4 731 | 0 | 184 258 |
Cash flow projections and assumptions
A five-year forecast for discounted cash flows plus a 2.0% terminal value growth rate was used to determine the net present value of the CGU. Discounted cash flows were calculated before tax and applying a WACC before tax.
Key assumptions for the value in use calculations
The basis for the projection of future cash flows is based on the financial budget for one year, approved by the Board of Directors.
The budget in combination with the forecasts represents management\u2019s best estimate of the range of economic conditions that will exist over the remaining useful life of the asset. The remaining four years of the forecast period are estimated based on budget and projected performance. The calculation of VIU for the CGU is most sensitive when it comes to the following assumptions:
Discount rate | |||||
The input data for the WACC is gathered from external sources. | |||||
2025 | 2024 | ||||
Norway | UK | Norway | UK | Italy | |
Risk free interest rate | 4.3% | 4.2% | 3.8% | 4.48% | 3.47% |
Market risk premium | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
Equity Beta | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 |
Small cap | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
Cost of equity | 14.3% | 14.2% | 13.9% | 14.5% | 13.5% |
Credit spread | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% |
After tax cost debt | 5.49% | 5.63% | 6.57% | 7.23% | 6.22% |
Equity weight | 88.9% | 88.9% | 88.9% | 88.9% | 88.9% |
WACC (pre tax) | 17.1% | 17.6% | 13.1% | 13.7% | 12.7% |
The average growth rate and EBITDA margin assumptions are based on historical experience and performance as well as market analysis used for budget 2026 and estimates from 2027-2030 and a terminal growth rate of 2%. The average growth rates in the estimated period 2026-2030 for each Business Area are:
2025 | Cloud | BizS | EA&BPM |
Average revenue growth | 6% | 6% | 4% |
Average Gross profit margin | 5.4% | 5.7% | 2.5% |
Average EBITDA margin | 8% | 15% | 14% |
Compared to the same assumptions in 2024 we see a decline in the growth assumptions. This is explained by Arribatec's focus on profitability first and using modest growth assumptions as the basis for impairment tests. The management's evaluation of future growth is grounded in an analysis
that combines historical data, strategic planning, market, strategic focus, initiatives and financial modeling.
2024 | Cloud | BizS | EA&BPM | Marine | Hospitality |
Average revenue growth | 6% | 6% | 5% | 5% | (13%) |
Average Gross profit margin | 5.8% | 6.2% | 3.9% | 3.6% | (15.7%) |
Average EBITDA margin | 6% | 5% | 11% | 13% | 27% |
Sensitivity
On 31 December 2025, the Group\u2019s value in use for each CGU was higher than the carrying amount of tested goodwill with indefinite useful life and intangible assets.
The calculation is most sensitive to changes in EBITDA and gross profit (GP) margins. No reasonably
likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for any of the CGUs. The headroom is 53%, 193% and 52% for Cloud, BizS and EA&BPM respectively.
Note 17
Discontinued operations
Accounting policies discontinued operations
A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been
disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discon-tinued operations in the consolidated statements of profit and loss. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations.
Details of discontinued operations
Mid March 2025, the reporting segments Hospitality and Marine were sold, and have consequently been re-presented as discontinued operations in the consolidated statements of profit and loss. Only external revenues and expenses from these opera-tions are included as discontinued operations in the consolidated statements of profit and loss, as well as the net gain on sale.
Segment Hospitality was sold to Convene AS for an equity valuation of NOK 12.5 million segment Marine was sold to Star Information Systems AS for an equity valuation of approximately NOK 25 million.
NOK thousand | 2025 | 2024 |
Discontinued operations | ||
Revenue | 12 433 | 74 299 |
Materials, software and services | (1 281) | (14 312) |
Gross profit | 11 151 | 59 987 |
Salary and personnel costs | (9 017) | (41 310) |
Other operating expenses | (193) | (10 778) |
Total operating expenses | (9 210) | (52 088) |
EBITDA | 1 941 | 7 899 |
Depreciation, amortisation and impairment | (2 182) | (33 932) |
EBIT | (241) | (26 033) |
Financial income | 54 | 382 |
Financial expense | (250) | (1 709) |
Profit/(loss) before tax | (437) | (27 361) |
Tax expense | 242 | 701 |
Profit/(loss) from discontinued operations, excluding gain on sale | (195) | (26 660) |
Gain on sale of discontinued operations (net tax of zero) | 29 910 | 0 |
Profit/(loss) from discontinued operations | 29 716 | (26 660) |
Attributable to: | ||
Equity holders of the parent company | 29 716 | (26 660) |
Earnings per share, discontinued operations: basic and diluted | 0.61 | (0.55) |
Consolidated statement of cash
The consolidated statement of cash flows is presented on a gross basis, meaning cash flows from discontinued operations have not been separated from cash flows from continuing operations. In the consolidated income statement, the combined post-tax profit or loss from discontinued operations and the post-tax gain recognised on disposal are presented as a single line item on the face of the statement of comprehensive income. As a result, the adjustments to cash flow from operating activities cannot be fully reconciled with the income statement.
Cash flows from discontinued operations
External cash flows were generated primarily from ordinary operating activities, including software licences, subscriptions, and related professional and support services.
The cash outflows comprised primarily of payments for employee costs, supplier invoices, and other ordinary operating expenses.
The disposals resulted in a significant external cash inflow, mainly representing cash consideration received on sale of the businesses, which is presented as cash flows from investing activities within discontinued operations in accordance with IAS\u00a07.
Assets and liabilities at the time of sale of discontinued operations (Hospitality and Marine)
Arribatec Group assets and liabilities related to the reporting segments Hospitality and Marine at the time of sale mid March 2025 were as follows:
NOK thousand | As per date of sale |
Assets | |
Right-of-use assets | 2 835 |
Goodwill | 5 658 |
Intangible assets | 14 151 |
Other non-current assets | 4 725 |
Current assets, excl cash and cash equivalents | 27 592 |
Cash and cash equivalents | 6 312 |
Liabilities | |
Interest bearing loans | 12 995 |
Lease liabilities | 3 100 |
Provisions | 11 960 |
Accounts payable | 7 595 |
Contract liabilities | 17 499 |
Other liabilities | 5 709 |
Net assets | 2 415 |
Accounting policies discontinued operations
A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been
disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discon-tinued operations in the consolidated statements of profit and loss. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFK0040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__7__85-1": { "value": "cash flows from discontinued operations have not been separated from cash flows from continuing operations. In the consolidated income statement, the combined post-tax profit or loss from discontinued operations and the post-tax gain recognised on disposal are presented as a single line item on the face of the statement of comprehensive income. As a result, the adjustments to cash flow from operating activities cannot be fully reconciled with the income statement.Cash flows from discontinued operations
External cash flows were generated primarily from ordinary operating activities, including software licences, subscriptions, and related professional and support services.
The cash outflows comprised primarily of payments for employee costs, supplier invoices, and other ordinary operating expenses.
The disposals resulted in a significant external cash inflow, mainly representing cash consideration received on sale of the businesses, which is presented as cash flows from investing activities within discontinued operations in accordance with IAS\u00a07.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The Group monitors its liquidity position through rolling cash flow forecasts and by maintaining adequate levels of cash and available resources.
As of 31 December 2025, the Group had cash and cash equivalents of NOK 73.8 million (2024: NOK 23.1 million), and the Group had no interest-bearing debt or other material financial
liabilities requiring contractual repayments, other than obligations related to lease liabilities.
Given the absence of borrowings, the Group\u2019s liquidity risk is considered low. The Group\u2019s non-derivative financial liabilities consist mainly of trade payables and accrued expenses, all with maturities of less than 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFK0040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__7__86": { "value": "Note 18
Investment in subsidiaries
Subsidiary | Owning entity | Ownership | Year of acquisition/foundation | Head office |
Arribatec Group ASA | 2015 | Oslo | ||
Arribatec Norge AS | Arribatec Group ASA | 100% | 2017 | Oslo |
Arribatec Cloud AS | Arribatec Group ASA | 100% | 2020 | Oslo |
Arribatec EA & BPM AS | Arribatec Group ASA | 100% | 2021 | Oslo |
Arribatec Sverige AB | Arribatec Group ASA | 100% | 2016 | Stockholm |
Arribatec Denmark ApS | Arribatec Group ASA | 100% | 2015 | Copenhagen |
Arribatec Innovation Sp. z o.o. | Arribatec Group ASA | 100% | 2018 | Dormant |
Arribatec Iberia SL | Arribatec Group ASA | 100% | 2017 | Granada |
Arribatec Americas Inc | Arribatec Denmark ApS | 100% | 2018 | Colorado |
Arribatec Hospitality LLC | Arribatec Americas Inc | 100% | 2018 | Colorado |
Arribatec UK Ltd (former Integra Ass. Ltd) | Arribatec Group ASA | 100% | 2021 | Leicester |
Arribatec France Sarl | Arribatec Group ASA | 100% | 2021 | Levallois-Perret |
Arribatec Solutions Pte. LTD | Arribatec Group ASA | 100% | 2021 | Singapore |
All entities listed are included in the consolidated financial statements of Arribatec Group ASA.
Arribatec Group ASA hold direct ownership of most entities. Arribatec Americas INC and Arribatec Americas LLC are both subsidiaries of Arribatec Denmark Aps.
Note 18
Investment in subsidiaries
Subsidiary | Owning entity | Ownership | Year of acquisition/foundation | Head office |
Arribatec Group ASA | 2015 | Oslo | ||
Arribatec Norge AS | Arribatec Group ASA | 100% | 2017 | Oslo |
Arribatec Cloud AS | Arribatec Group ASA | 100% | 2020 | Oslo |
Arribatec EA & BPM AS | Arribatec Group ASA | 100% | 2021 | Oslo |
Arribatec Sverige AB | Arribatec Group ASA | 100% | 2016 | Stockholm |
Arribatec Denmark ApS | Arribatec Group ASA | 100% | 2015 | Copenhagen |
Arribatec Innovation Sp. z o.o. | Arribatec Group ASA | 100% | 2018 | Dormant |
Arribatec Iberia SL | Arribatec Group ASA | 100% | 2017 | Granada |
Arribatec Americas Inc | Arribatec Denmark ApS | 100% | 2018 | Colorado |
Arribatec Hospitality LLC | Arribatec Americas Inc | 100% | 2018 | Colorado |
Arribatec UK Ltd (former Integra Ass. Ltd) | Arribatec Group ASA | 100% | 2021 | Leicester |
Arribatec France Sarl | Arribatec Group ASA | 100% | 2021 | Levallois-Perret |
Arribatec Solutions Pte. LTD | Arribatec Group ASA | 100% | 2021 | Singapore |
All entities listed are included in the consolidated financial statements of Arribatec Group ASA.
Arribatec Group ASA hold direct ownership of most entities. Arribatec Americas INC and Arribatec Americas LLC are both subsidiaries of Arribatec Denmark Aps.
Note 19
Other non-current assets
NOK thousand | 2025 | 2024 |
Investment in shares | 60 | 60 |
Deposits | 3 090 | 4 542 |
Total other non-current assets | 3 150 | 4 602 |
Note 19
Other non-current assets
NOK thousand | 2025 | 2024 |
Investment in shares | 60 | 60 |
Deposits | 3 090 | 4 542 |
Total other non-current assets | 3 150 | 4 602 |
Note 24
Other current assets
NOK thousand | 2025 | 2024 |
Government receivables | 1 405 | 879 |
Prepaid cost | 7 847 | 8 352 |
Other current assets | 3 228 | 1 195 |
Total Other current assets | 12 480 | 10 426 |
Prepaid cost mainly consist of advances paid for software, rent and insurance.
Note 20
Financial instruments
All financial assets and liabilities are initially recognised at fair value and subsequently classified either as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss.
The carrying amount represents a reasonable approximation of fair value for the Group\u2019s financial instruments, including short-term trade receivables, other receivables, trade payables and lease liabilities. The Group\u2019s financial assets principally consist of investments in shares, accounts receivable, deposits
related to premises, cash and cash equivalents, and other receivables.
The Group\u2019s financial liabilities consist primarily of accounts payable, contract liabilities, lease liabilities and other current financial liabilities. The Group also has access to a revolving credit facility, which is classified as a short-term interest-bearing loan when drawn. As of 31 December 2025, the facility was undrawn, and the Group only interest-bearing debt is related to lease liabilities obligations.
The fair value of financial assets and liabilities corresponds to the amount at which the instrument could be exchanged in an orderly transaction between market participants at the reporting date. For instruments measured at amortised cost, the carrying amount is considered to approximate fair value due to their short-term nature or because they bear market-based interest rates.
Note 20
Financial instruments
All financial assets and liabilities are initially recognised at fair value and subsequently classified either as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss.
The carrying amount represents a reasonable approximation of fair value for the Group\u2019s financial instruments, including short-term trade receivables, other receivables, trade payables and lease liabilities. The Group\u2019s financial assets principally consist of investments in shares, accounts receivable, deposits
related to premises, cash and cash equivalents, and other receivables.
The Group\u2019s financial liabilities consist primarily of accounts payable, contract liabilities, lease liabilities and other current financial liabilities. The Group also has access to a revolving credit facility, which is classified as a short-term interest-bearing loan when drawn. As of 31 December 2025, the facility was undrawn, and the Group only interest-bearing debt is related to lease liabilities obligations.
The fair value of financial assets and liabilities corresponds to the amount at which the instrument could be exchanged in an orderly transaction between market participants at the reporting date. For instruments measured at amortised cost, the carrying amount is considered to approximate fair value due to their short-term nature or because they bear market-based interest rates.
Note 20
Financial instruments
All financial assets and liabilities are initially recognised at fair value and subsequently classified either as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss.
The carrying amount represents a reasonable approximation of fair value for the Group\u2019s financial instruments, including short-term trade receivables, other receivables, trade payables and lease liabilities. The Group\u2019s financial assets principally consist of investments in shares, accounts receivable, deposits
related to premises, cash and cash equivalents, and other receivables.
The Group\u2019s financial liabilities consist primarily of accounts payable, contract liabilities, lease liabilities and other current financial liabilities. The Group also has access to a revolving credit facility, which is classified as a short-term interest-bearing loan when drawn. As of 31 December 2025, the facility was undrawn, and the Group only interest-bearing debt is related to lease liabilities obligations.
The fair value of financial assets and liabilities corresponds to the amount at which the instrument could be exchanged in an orderly transaction between market participants at the reporting date. For instruments measured at amortised cost, the carrying amount is considered to approximate fair value due to their short-term nature or because they bear market-based interest rates.
Note 20
Financial instruments
All financial assets and liabilities are initially recognised at fair value and subsequently classified either as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss.
The carrying amount represents a reasonable approximation of fair value for the Group\u2019s financial instruments, including short-term trade receivables, other receivables, trade payables and lease liabilities. The Group\u2019s financial assets principally consist of investments in shares, accounts receivable, deposits
related to premises, cash and cash equivalents, and other receivables.
The Group\u2019s financial liabilities consist primarily of accounts payable, contract liabilities, lease liabilities and other current financial liabilities. The Group also has access to a revolving credit facility, which is classified as a short-term interest-bearing loan when drawn. As of 31 December 2025, the facility was undrawn, and the Group only interest-bearing debt is related to lease liabilities obligations.
The fair value of financial assets and liabilities corresponds to the amount at which the instrument could be exchanged in an orderly transaction between market participants at the reporting date. For instruments measured at amortised cost, the carrying amount is considered to approximate fair value due to their short-term nature or because they bear market-based interest rates.
Note 20
Financial instruments
All financial assets and liabilities are initially recognised at fair value and subsequently classified either as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss.
The carrying amount represents a reasonable approximation of fair value for the Group\u2019s financial instruments, including short-term trade receivables, other receivables, trade payables and lease liabilities. The Group\u2019s financial assets principally consist of investments in shares, accounts receivable, deposits
related to premises, cash and cash equivalents, and other receivables.
The Group\u2019s financial liabilities consist primarily of accounts payable, contract liabilities, lease liabilities and other current financial liabilities. The Group also has access to a revolving credit facility, which is classified as a short-term interest-bearing loan when drawn. As of 31 December 2025, the facility was undrawn, and the Group only interest-bearing debt is related to lease liabilities obligations.
The fair value of financial assets and liabilities corresponds to the amount at which the instrument could be exchanged in an orderly transaction between market participants at the reporting date. For instruments measured at amortised cost, the carrying amount is considered to approximate fair value due to their short-term nature or because they bear market-based interest rates.
Note 20
Financial instruments
All financial assets and liabilities are initially recognised at fair value and subsequently classified either as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss.
The carrying amount represents a reasonable approximation of fair value for the Group\u2019s financial instruments, including short-term trade receivables, other receivables, trade payables and lease liabilities. The Group\u2019s financial assets principally consist of investments in shares, accounts receivable, deposits
related to premises, cash and cash equivalents, and other receivables.
The Group\u2019s financial liabilities consist primarily of accounts payable, contract liabilities, lease liabilities and other current financial liabilities. The Group also has access to a revolving credit facility, which is classified as a short-term interest-bearing loan when drawn. As of 31 December 2025, the facility was undrawn, and the Group only interest-bearing debt is related to lease liabilities obligations.
The fair value of financial assets and liabilities corresponds to the amount at which the instrument could be exchanged in an orderly transaction between market participants at the reporting date. For instruments measured at amortised cost, the carrying amount is considered to approximate fair value due to their short-term nature or because they bear market-based interest rates.
Note 20
Financial instruments
All financial assets and liabilities are initially recognised at fair value and subsequently classified either as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss.
The carrying amount represents a reasonable approximation of fair value for the Group\u2019s financial instruments, including short-term trade receivables, other receivables, trade payables and lease liabilities. The Group\u2019s financial assets principally consist of investments in shares, accounts receivable, deposits
related to premises, cash and cash equivalents, and other receivables.
The Group\u2019s financial liabilities consist primarily of accounts payable, contract liabilities, lease liabilities and other current financial liabilities. The Group also has access to a revolving credit facility, which is classified as a short-term interest-bearing loan when drawn. As of 31 December 2025, the facility was undrawn, and the Group only interest-bearing debt is related to lease liabilities obligations.
The fair value of financial assets and liabilities corresponds to the amount at which the instrument could be exchanged in an orderly transaction between market participants at the reporting date. For instruments measured at amortised cost, the carrying amount is considered to approximate fair value due to their short-term nature or because they bear market-based interest rates.
Note 20
Financial instruments
All financial assets and liabilities are initially recognised at fair value and subsequently classified either as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss.
The carrying amount represents a reasonable approximation of fair value for the Group\u2019s financial instruments, including short-term trade receivables, other receivables, trade payables and lease liabilities. The Group\u2019s financial assets principally consist of investments in shares, accounts receivable, deposits
related to premises, cash and cash equivalents, and other receivables.
The Group\u2019s financial liabilities consist primarily of accounts payable, contract liabilities, lease liabilities and other current financial liabilities. The Group also has access to a revolving credit facility, which is classified as a short-term interest-bearing loan when drawn. As of 31 December 2025, the facility was undrawn, and the Group only interest-bearing debt is related to lease liabilities obligations.
The fair value of financial assets and liabilities corresponds to the amount at which the instrument could be exchanged in an orderly transaction between market participants at the reporting date. For instruments measured at amortised cost, the carrying amount is considered to approximate fair value due to their short-term nature or because they bear market-based interest rates.
Note 21
Account receivable
NOK thousand | Current | 0-30 days | 31-60 days | 61-90 days | 90+days | Total | whereof estimated credit losses |
Ageing, Accounts receivable | |||||||
2025 | 63 985 | 12 872 | 3 646 | 4 896 | 2 775 | 88 175 | (57) |
2024 | 48 628 | 16 571 | 5 339 | 3 899 | 2 268 | 76 705 | (2 060) |
Provision for Expected Credit Losses (ECL) is included with NOK 0.1m (NOK 2.1m). The provision is based on a valuation per subsidiary at year-end based on general assumptions and historical experience of low credit losses, as well as agreements with customers and payments made in the next year. Accounts receivables are non-interest bearing.
Expensed credit loss in 2025 was NOK 0.2m.
Credit risk
Credit risks are the risks that a counterpart will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to cash and cash equivalents, trade receivables and contract assets from contracts with the customers and other receivables.
As part of the Group\u2019s earnings model, certain of its customers pay for software and services under a software-as-a-service (SaaS) arrangement, where the customer in general pays a lump sum for the initial software integration and implementation, and subsequently only pays for services related to maintenance and consulting services. Although the Group has opted for this model to ensure some predictable long-term income the Group is dependent on its customers having the ability and/or willing-ness to pay for the software and services already provided or to be provided.
Customer credit risk is managed subject to established policies,
procedures and controls relating to customer credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
The Company manages the credit risk by working closely with the customers.
Accounts and other receivable
Accounts receivable and other receivables are initially recognised at fair value and are subsequently measured at amortised cost, less provision for expected credit losses.
Note 21
Account receivable
NOK thousand | Current | 0-30 days | 31-60 days | 61-90 days | 90+days | Total | whereof estimated credit losses |
Ageing, Accounts receivable | |||||||
2025 | 63 985 | 12 872 | 3 646 | 4 896 | 2 775 | 88 175 | (57) |
2024 | 48 628 | 16 571 | 5 339 | 3 899 | 2 268 | 76 705 | (2 060) |
Provision for Expected Credit Losses (ECL) is included with NOK 0.1m (NOK 2.1m). The provision is based on a valuation per subsidiary at year-end based on general assumptions and historical experience of low credit losses, as well as agreements with customers and payments made in the next year. Accounts receivables are non-interest bearing.
Expensed credit loss in 2025 was NOK 0.2m.
Credit risk
Credit risks are the risks that a counterpart will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to cash and cash equivalents, trade receivables and contract assets from contracts with the customers and other receivables.
As part of the Group\u2019s earnings model, certain of its customers pay for software and services under a software-as-a-service (SaaS) arrangement, where the customer in general pays a lump sum for the initial software integration and implementation, and subsequently only pays for services related to maintenance and consulting services. Although the Group has opted for this model to ensure some predictable long-term income the Group is dependent on its customers having the ability and/or willing-ness to pay for the software and services already provided or to be provided.
Customer credit risk is managed subject to established policies,
procedures and controls relating to customer credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
The Company manages the credit risk by working closely with the customers.
Accounts and other receivable
Accounts receivable and other receivables are initially recognised at fair value and are subsequently measured at amortised cost, less provision for expected credit losses.
Note 21
Account receivable
NOK thousand | Current | 0-30 days | 31-60 days | 61-90 days | 90+days | Total | whereof estimated credit losses |
Ageing, Accounts receivable | |||||||
2025 | 63 985 | 12 872 | 3 646 | 4 896 | 2 775 | 88 175 | (57) |
2024 | 48 628 | 16 571 | 5 339 | 3 899 | 2 268 | 76 705 | (2 060) |
Provision for Expected Credit Losses (ECL) is included with NOK 0.1m (NOK 2.1m). The provision is based on a valuation per subsidiary at year-end based on general assumptions and historical experience of low credit losses, as well as agreements with customers and payments made in the next year. Accounts receivables are non-interest bearing.
Expensed credit loss in 2025 was NOK 0.2m.
Credit risk
Credit risks are the risks that a counterpart will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to cash and cash equivalents, trade receivables and contract assets from contracts with the customers and other receivables.
As part of the Group\u2019s earnings model, certain of its customers pay for software and services under a software-as-a-service (SaaS) arrangement, where the customer in general pays a lump sum for the initial software integration and implementation, and subsequently only pays for services related to maintenance and consulting services. Although the Group has opted for this model to ensure some predictable long-term income the Group is dependent on its customers having the ability and/or willing-ness to pay for the software and services already provided or to be provided.
Customer credit risk is managed subject to established policies,
procedures and controls relating to customer credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
The Company manages the credit risk by working closely with the customers.
Accounts and other receivable
Accounts receivable and other receivables are initially recognised at fair value and are subsequently measured at amortised cost, less provision for expected credit losses.
Credit risks are the risks that a counterpart will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to cash and cash equivalents, trade receivables and contract assets from contracts with the customers and other receivables.
As part of the Group\u2019s earnings model, certain of its customers pay for software and services under a software-as-a-service (SaaS) arrangement, where the customer in general pays a lump sum for the initial software integration and implementation, and subsequently only pays for services related to maintenance and consulting services. Although the Group has opted for this model to ensure some predictable long-term income the Group is dependent on its customers having the ability and/or willing-ness to pay for the software and services already provided or to be provided.
Customer credit risk is managed subject to established policies,
procedures and controls relating to customer credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
The Company manages the credit risk by working closely with the customers.
Accounts and other receivable
Accounts receivable and other receivables are initially recognised at fair value and are subsequently measured at amortised cost, less provision for expected credit losses.
Note 22
Contract assets and liabilities
Consulting services
Arribatec provides implementation and integration services under consulting contracts with customers. Most contracts are structured with a fixed hourly rate, while the total number of hours to be delivered is not specified.
Arribatec\u2019s performance obligation is satisfied over time because the services do not create an asset that the Group can use for an alternative purpose, and the Group has an enforceable right to payment for hours worked. Revenue is therefore recognised over time, typically based on hours invoiced during the period.
From time to time the Group enters into fixed-price consulting contracts. As with variable-hour contracts, the asset created does not have an alternative use, and Arribatec has an enforceable right to payment in line with project progress. Revenue is recognised over time in accordance with progress towards completion.
Contract assets
Contract assets arise from performance obligations satisfied over time, primarily related to installation services and projects where progress is measured over time. When the consideration
becomes unconditional, contract assets are reclassified to
accounts receivable. This reclassification explains most move-ments in contract assets during the period.
Contract assets also typically arise in SaaS projects where customers pay a fixed annual or monthly fee over a contract period of 3\u20135 years. Revenue is recognised when performance obligations are met, with the corresponding amount recorded as a contract asset until the customer is invoiced.
NOK thousand | 2025 | 2024 |
As of 1 January | 25 434 | 24 244 |
Performance obligations met | 69 519 | 45 437 |
Reclassified to receivables | (63 004) | (44 724) |
Provision for losses on contract assets | 3 033 | 894 |
Translation difference | (2 869) | (417) |
Total contract assets | 32 113 | 25 434 |
It is expected that 96% of the contract assets will be reclassified to receivables in 2026, 3% in 2027 and 1% in 2028. Expected credit losses on contract assets are considered immaterial, as the contracts largely relate to government or other low-risk customers and are assessed for credit risk in the same manner as accounts receivable.
Contract liabilities
Contract liabilities relate to consideration received in advance of the Group\u2019s performance under customer contracts. Revenue is recognised as, or when, performance obligations are fulfilled.
NOK thousand | 2025 | 2024 |
As of 1 January | 25 824 | 24 319 |
Deferred revenue | 110 794 | 130 200 |
Recognised as revenue in P&L | (96 433) | (129 705) |
Translation difference | (10 592) | 1 009 |
Total contract liabilities | 29 593 | 25 824 |
Contract liabilities mainly relate to advance invoicing for services to be delivered in 2026. All contract liabilities recognised as of
1 January 2025 were recognised as revenue during the year.
Note 23
Inventory
Inventories are recognised at the lower amount of cost and net realisable value. The cost is arrived at using the FIFO method and includes the costs incurred in acquiring the goods and bringing them to their current state and location.
NOK thousand | 2025 | 2024 |
Hardware for resale | 290 | 1 667 |
Licenses for resale | 3 538 | 6 150 |
Total inventory | 3 827 | 7 817 |
Note 23
Inventory
Inventories are recognised at the lower amount of cost and net realisable value. The cost is arrived at using the FIFO method and includes the costs incurred in acquiring the goods and bringing them to their current state and location.
NOK thousand | 2025 | 2024 |
Hardware for resale | 290 | 1 667 |
Licenses for resale | 3 538 | 6 150 |
Total inventory | 3 827 | 7 817 |
Note 24
Other current assets
NOK thousand | 2025 | 2024 |
Government receivables | 1 405 | 879 |
Prepaid cost | 7 847 | 8 352 |
Other current assets | 3 228 | 1 195 |
Total Other current assets | 12 480 | 10 426 |
Prepaid cost mainly consist of advances paid for software, rent and insurance.
Note 24
Other current assets
NOK thousand | 2025 | 2024 |
Government receivables | 1 405 | 879 |
Prepaid cost | 7 847 | 8 352 |
Other current assets | 3 228 | 1 195 |
Total Other current assets | 12 480 | 10 426 |
Prepaid cost mainly consist of advances paid for software, rent and insurance.
Note 24
Other current assets
NOK thousand | 2025 | 2024 |
Government receivables | 1 405 | 879 |
Prepaid cost | 7 847 | 8 352 |
Other current assets | 3 228 | 1 195 |
Total Other current assets | 12 480 | 10 426 |
Prepaid cost mainly consist of advances paid for software, rent and insurance.
Note 25
Cash and cash equivalents
NOK thousand | 2025 | 2024 |
Cash, free | 65 194 | 11 446 |
Cash, restricted | 8 613 | 11 673 |
Total cash and cash equivalents | 73 807 | 23 119 |
Restricted cash consists of rental deposits and tax accounts.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The Group monitors its liquidity position through rolling cash flow forecasts and by maintaining adequate levels of cash and available resources.
As of 31 December 2025, the Group had cash and cash equivalents of NOK 73.8 million (2024: NOK 23.1 million), and the Group had no interest-bearing debt or other material financial
liabilities requiring contractual repayments, other than obligations related to lease liabilities.
Given the absence of borrowings, the Group\u2019s liquidity risk is considered low. The Group\u2019s non-derivative financial liabilities consist mainly of trade payables and accrued expenses, all with maturities of less than 12 months.
Financing risk
To support the Group\u2019s operations and investment plans, the Group utilised a revolving credit facility until April 2025. The facility was fully repaid during the year, and the Group had no interest-bearing debt outstanding as of 31 December 2025.
Following the repayment, the Group\u2019s financing risk is considered low. The Group is currently financed through equity and cash generated from operations. Management continuously monitors the Group\u2019s liquidity position and future funding requirements to ensure that adequate financial flexibility is maintained. Although no committed borrowing facilities were in place at year-end, management regularly evaluates potential financing options to support strategic initiatives if required.
Capital management
The primary objective of the Group\u2019s capital management is to ensure a solid financial foundation that supports continued operations and future growth. With no interest-bearing debt, the Group\u2019s capital structure consists solely of equity and cash balances, and capital management focuses on maintaining sufficient liquidity to support operational requirements and planned investments over the next twelve months.
The Group aims to maintain a robust equity position and a financial profile characterised by low financial risk. There were no changes to the Group\u2019s objectives or capital management policies during the year ended 31 December 2025.
2025 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 0 | 0 | 0 | 0 | 0 | 0 |
Provisions | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts payable | 33 662 | 0 | 0 | 0 | 0 | 33 662 |
Lease liabilities | 5 230 | 5 230 | 7 213 | 5 610 | 2 878 | 26 160 |
Other current liabilities | 7 000 | 64 124 | 0 | 0 | 0 | 71 124 |
Total | 45 892 | 69 353 | 7 213 | 5 610 | 2 878 | 130 946 |
2024 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 15 975 | 23 044 | 6 140 | 3 696 | 0 | 48 854 |
Provisions | 0 | 0 | 2 328 | 1 242 | 8 141 | 11 710 |
Accounts payable | 52 432 | 0 | 0 | 0 | 0 | 52 432 |
Lease liabilities | 7 590 | 7 590 | 7 966 | 3 639 | 2 368 | 29 153 |
Other current liabilities | 45 852 | 36 054 | 0 | 0 | 0 | 81 906 |
Total | 121 848 | 66 688 | 16 433 | 8 576 | 10 509 | 224 055 |
Note 25
Cash and cash equivalents
NOK thousand | 2025 | 2024 |
Cash, free | 65 194 | 11 446 |
Cash, restricted | 8 613 | 11 673 |
Total cash and cash equivalents | 73 807 | 23 119 |
Restricted cash consists of rental deposits and tax accounts.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The Group monitors its liquidity position through rolling cash flow forecasts and by maintaining adequate levels of cash and available resources.
As of 31 December 2025, the Group had cash and cash equivalents of NOK 73.8 million (2024: NOK 23.1 million), and the Group had no interest-bearing debt or other material financial
liabilities requiring contractual repayments, other than obligations related to lease liabilities.
Given the absence of borrowings, the Group\u2019s liquidity risk is considered low. The Group\u2019s non-derivative financial liabilities consist mainly of trade payables and accrued expenses, all with maturities of less than 12 months.
Financing risk
To support the Group\u2019s operations and investment plans, the Group utilised a revolving credit facility until April 2025. The facility was fully repaid during the year, and the Group had no interest-bearing debt outstanding as of 31 December 2025.
Following the repayment, the Group\u2019s financing risk is considered low. The Group is currently financed through equity and cash generated from operations. Management continuously monitors the Group\u2019s liquidity position and future funding requirements to ensure that adequate financial flexibility is maintained. Although no committed borrowing facilities were in place at year-end, management regularly evaluates potential financing options to support strategic initiatives if required.
Capital management
The primary objective of the Group\u2019s capital management is to ensure a solid financial foundation that supports continued operations and future growth. With no interest-bearing debt, the Group\u2019s capital structure consists solely of equity and cash balances, and capital management focuses on maintaining sufficient liquidity to support operational requirements and planned investments over the next twelve months.
The Group aims to maintain a robust equity position and a financial profile characterised by low financial risk. There were no changes to the Group\u2019s objectives or capital management policies during the year ended 31 December 2025.
2025 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 0 | 0 | 0 | 0 | 0 | 0 |
Provisions | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts payable | 33 662 | 0 | 0 | 0 | 0 | 33 662 |
Lease liabilities | 5 230 | 5 230 | 7 213 | 5 610 | 2 878 | 26 160 |
Other current liabilities | 7 000 | 64 124 | 0 | 0 | 0 | 71 124 |
Total | 45 892 | 69 353 | 7 213 | 5 610 | 2 878 | 130 946 |
2024 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 15 975 | 23 044 | 6 140 | 3 696 | 0 | 48 854 |
Provisions | 0 | 0 | 2 328 | 1 242 | 8 141 | 11 710 |
Accounts payable | 52 432 | 0 | 0 | 0 | 0 | 52 432 |
Lease liabilities | 7 590 | 7 590 | 7 966 | 3 639 | 2 368 | 29 153 |
Other current liabilities | 45 852 | 36 054 | 0 | 0 | 0 | 81 906 |
Total | 121 848 | 66 688 | 16 433 | 8 576 | 10 509 | 224 055 |
Note 25
Cash and cash equivalents
NOK thousand | 2025 | 2024 |
Cash, free | 65 194 | 11 446 |
Cash, restricted | 8 613 | 11 673 |
Total cash and cash equivalents | 73 807 | 23 119 |
Restricted cash consists of rental deposits and tax accounts.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The Group monitors its liquidity position through rolling cash flow forecasts and by maintaining adequate levels of cash and available resources.
As of 31 December 2025, the Group had cash and cash equivalents of NOK 73.8 million (2024: NOK 23.1 million), and the Group had no interest-bearing debt or other material financial
liabilities requiring contractual repayments, other than obligations related to lease liabilities.
Given the absence of borrowings, the Group\u2019s liquidity risk is considered low. The Group\u2019s non-derivative financial liabilities consist mainly of trade payables and accrued expenses, all with maturities of less than 12 months.
Financing risk
To support the Group\u2019s operations and investment plans, the Group utilised a revolving credit facility until April 2025. The facility was fully repaid during the year, and the Group had no interest-bearing debt outstanding as of 31 December 2025.
Following the repayment, the Group\u2019s financing risk is considered low. The Group is currently financed through equity and cash generated from operations. Management continuously monitors the Group\u2019s liquidity position and future funding requirements to ensure that adequate financial flexibility is maintained. Although no committed borrowing facilities were in place at year-end, management regularly evaluates potential financing options to support strategic initiatives if required.
Capital management
The primary objective of the Group\u2019s capital management is to ensure a solid financial foundation that supports continued operations and future growth. With no interest-bearing debt, the Group\u2019s capital structure consists solely of equity and cash balances, and capital management focuses on maintaining sufficient liquidity to support operational requirements and planned investments over the next twelve months.
The Group aims to maintain a robust equity position and a financial profile characterised by low financial risk. There were no changes to the Group\u2019s objectives or capital management policies during the year ended 31 December 2025.
2025 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 0 | 0 | 0 | 0 | 0 | 0 |
Provisions | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts payable | 33 662 | 0 | 0 | 0 | 0 | 33 662 |
Lease liabilities | 5 230 | 5 230 | 7 213 | 5 610 | 2 878 | 26 160 |
Other current liabilities | 7 000 | 64 124 | 0 | 0 | 0 | 71 124 |
Total | 45 892 | 69 353 | 7 213 | 5 610 | 2 878 | 130 946 |
2024 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 15 975 | 23 044 | 6 140 | 3 696 | 0 | 48 854 |
Provisions | 0 | 0 | 2 328 | 1 242 | 8 141 | 11 710 |
Accounts payable | 52 432 | 0 | 0 | 0 | 0 | 52 432 |
Lease liabilities | 7 590 | 7 590 | 7 966 | 3 639 | 2 368 | 29 153 |
Other current liabilities | 45 852 | 36 054 | 0 | 0 | 0 | 81 906 |
Total | 121 848 | 66 688 | 16 433 | 8 576 | 10 509 | 224 055 |
Note 25
Cash and cash equivalents
NOK thousand | 2025 | 2024 |
Cash, free | 65 194 | 11 446 |
Cash, restricted | 8 613 | 11 673 |
Total cash and cash equivalents | 73 807 | 23 119 |
Restricted cash consists of rental deposits and tax accounts.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The Group monitors its liquidity position through rolling cash flow forecasts and by maintaining adequate levels of cash and available resources.
As of 31 December 2025, the Group had cash and cash equivalents of NOK 73.8 million (2024: NOK 23.1 million), and the Group had no interest-bearing debt or other material financial
liabilities requiring contractual repayments, other than obligations related to lease liabilities.
Given the absence of borrowings, the Group\u2019s liquidity risk is considered low. The Group\u2019s non-derivative financial liabilities consist mainly of trade payables and accrued expenses, all with maturities of less than 12 months.
Financing risk
To support the Group\u2019s operations and investment plans, the Group utilised a revolving credit facility until April 2025. The facility was fully repaid during the year, and the Group had no interest-bearing debt outstanding as of 31 December 2025.
Following the repayment, the Group\u2019s financing risk is considered low. The Group is currently financed through equity and cash generated from operations. Management continuously monitors the Group\u2019s liquidity position and future funding requirements to ensure that adequate financial flexibility is maintained. Although no committed borrowing facilities were in place at year-end, management regularly evaluates potential financing options to support strategic initiatives if required.
Capital management
The primary objective of the Group\u2019s capital management is to ensure a solid financial foundation that supports continued operations and future growth. With no interest-bearing debt, the Group\u2019s capital structure consists solely of equity and cash balances, and capital management focuses on maintaining sufficient liquidity to support operational requirements and planned investments over the next twelve months.
The Group aims to maintain a robust equity position and a financial profile characterised by low financial risk. There were no changes to the Group\u2019s objectives or capital management policies during the year ended 31 December 2025.
2025 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 0 | 0 | 0 | 0 | 0 | 0 |
Provisions | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts payable | 33 662 | 0 | 0 | 0 | 0 | 33 662 |
Lease liabilities | 5 230 | 5 230 | 7 213 | 5 610 | 2 878 | 26 160 |
Other current liabilities | 7 000 | 64 124 | 0 | 0 | 0 | 71 124 |
Total | 45 892 | 69 353 | 7 213 | 5 610 | 2 878 | 130 946 |
2024 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 15 975 | 23 044 | 6 140 | 3 696 | 0 | 48 854 |
Provisions | 0 | 0 | 2 328 | 1 242 | 8 141 | 11 710 |
Accounts payable | 52 432 | 0 | 0 | 0 | 0 | 52 432 |
Lease liabilities | 7 590 | 7 590 | 7 966 | 3 639 | 2 368 | 29 153 |
Other current liabilities | 45 852 | 36 054 | 0 | 0 | 0 | 81 906 |
Total | 121 848 | 66 688 | 16 433 | 8 576 | 10 509 | 224 055 |
Note 25
Cash and cash equivalents
NOK thousand | 2025 | 2024 |
Cash, free | 65 194 | 11 446 |
Cash, restricted | 8 613 | 11 673 |
Total cash and cash equivalents | 73 807 | 23 119 |
Restricted cash consists of rental deposits and tax accounts.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The Group monitors its liquidity position through rolling cash flow forecasts and by maintaining adequate levels of cash and available resources.
As of 31 December 2025, the Group had cash and cash equivalents of NOK 73.8 million (2024: NOK 23.1 million), and the Group had no interest-bearing debt or other material financial
liabilities requiring contractual repayments, other than obligations related to lease liabilities.
Given the absence of borrowings, the Group\u2019s liquidity risk is considered low. The Group\u2019s non-derivative financial liabilities consist mainly of trade payables and accrued expenses, all with maturities of less than 12 months.
Financing risk
To support the Group\u2019s operations and investment plans, the Group utilised a revolving credit facility until April 2025. The facility was fully repaid during the year, and the Group had no interest-bearing debt outstanding as of 31 December 2025.
Following the repayment, the Group\u2019s financing risk is considered low. The Group is currently financed through equity and cash generated from operations. Management continuously monitors the Group\u2019s liquidity position and future funding requirements to ensure that adequate financial flexibility is maintained. Although no committed borrowing facilities were in place at year-end, management regularly evaluates potential financing options to support strategic initiatives if required.
Capital management
The primary objective of the Group\u2019s capital management is to ensure a solid financial foundation that supports continued operations and future growth. With no interest-bearing debt, the Group\u2019s capital structure consists solely of equity and cash balances, and capital management focuses on maintaining sufficient liquidity to support operational requirements and planned investments over the next twelve months.
The Group aims to maintain a robust equity position and a financial profile characterised by low financial risk. There were no changes to the Group\u2019s objectives or capital management policies during the year ended 31 December 2025.
2025 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 0 | 0 | 0 | 0 | 0 | 0 |
Provisions | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts payable | 33 662 | 0 | 0 | 0 | 0 | 33 662 |
Lease liabilities | 5 230 | 5 230 | 7 213 | 5 610 | 2 878 | 26 160 |
Other current liabilities | 7 000 | 64 124 | 0 | 0 | 0 | 71 124 |
Total | 45 892 | 69 353 | 7 213 | 5 610 | 2 878 | 130 946 |
2024 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 15 975 | 23 044 | 6 140 | 3 696 | 0 | 48 854 |
Provisions | 0 | 0 | 2 328 | 1 242 | 8 141 | 11 710 |
Accounts payable | 52 432 | 0 | 0 | 0 | 0 | 52 432 |
Lease liabilities | 7 590 | 7 590 | 7 966 | 3 639 | 2 368 | 29 153 |
Other current liabilities | 45 852 | 36 054 | 0 | 0 | 0 | 81 906 |
Total | 121 848 | 66 688 | 16 433 | 8 576 | 10 509 | 224 055 |
Note 25
Cash and cash equivalents
NOK thousand | 2025 | 2024 |
Cash, free | 65 194 | 11 446 |
Cash, restricted | 8 613 | 11 673 |
Total cash and cash equivalents | 73 807 | 23 119 |
Restricted cash consists of rental deposits and tax accounts.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The Group monitors its liquidity position through rolling cash flow forecasts and by maintaining adequate levels of cash and available resources.
As of 31 December 2025, the Group had cash and cash equivalents of NOK 73.8 million (2024: NOK 23.1 million), and the Group had no interest-bearing debt or other material financial
liabilities requiring contractual repayments, other than obligations related to lease liabilities.
Given the absence of borrowings, the Group\u2019s liquidity risk is considered low. The Group\u2019s non-derivative financial liabilities consist mainly of trade payables and accrued expenses, all with maturities of less than 12 months.
Financing risk
To support the Group\u2019s operations and investment plans, the Group utilised a revolving credit facility until April 2025. The facility was fully repaid during the year, and the Group had no interest-bearing debt outstanding as of 31 December 2025.
Following the repayment, the Group\u2019s financing risk is considered low. The Group is currently financed through equity and cash generated from operations. Management continuously monitors the Group\u2019s liquidity position and future funding requirements to ensure that adequate financial flexibility is maintained. Although no committed borrowing facilities were in place at year-end, management regularly evaluates potential financing options to support strategic initiatives if required.
Capital management
The primary objective of the Group\u2019s capital management is to ensure a solid financial foundation that supports continued operations and future growth. With no interest-bearing debt, the Group\u2019s capital structure consists solely of equity and cash balances, and capital management focuses on maintaining sufficient liquidity to support operational requirements and planned investments over the next twelve months.
The Group aims to maintain a robust equity position and a financial profile characterised by low financial risk. There were no changes to the Group\u2019s objectives or capital management policies during the year ended 31 December 2025.
2025 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 0 | 0 | 0 | 0 | 0 | 0 |
Provisions | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts payable | 33 662 | 0 | 0 | 0 | 0 | 33 662 |
Lease liabilities | 5 230 | 5 230 | 7 213 | 5 610 | 2 878 | 26 160 |
Other current liabilities | 7 000 | 64 124 | 0 | 0 | 0 | 71 124 |
Total | 45 892 | 69 353 | 7 213 | 5 610 | 2 878 | 130 946 |
2024 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 15 975 | 23 044 | 6 140 | 3 696 | 0 | 48 854 |
Provisions | 0 | 0 | 2 328 | 1 242 | 8 141 | 11 710 |
Accounts payable | 52 432 | 0 | 0 | 0 | 0 | 52 432 |
Lease liabilities | 7 590 | 7 590 | 7 966 | 3 639 | 2 368 | 29 153 |
Other current liabilities | 45 852 | 36 054 | 0 | 0 | 0 | 81 906 |
Total | 121 848 | 66 688 | 16 433 | 8 576 | 10 509 | 224 055 |
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The Group monitors its liquidity position through rolling cash flow forecasts and by maintaining adequate levels of cash and available resources.
As of 31 December 2025, the Group had cash and cash equivalents of NOK 73.8 million (2024: NOK 23.1 million), and the Group had no interest-bearing debt or other material financial
liabilities requiring contractual repayments, other than obligations related to lease liabilities.
Given the absence of borrowings, the Group\u2019s liquidity risk is considered low. The Group\u2019s non-derivative financial liabilities consist mainly of trade payables and accrued expenses, all with maturities of less than 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFK0040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__7__119": { "value": "The primary objective of the Group\u2019s capital management is to ensure a solid financial foundation that supports continued operations and future growth. With no interest-bearing debt, the Group\u2019s capital structure consists solely of equity and cash balances, and capital management focuses on maintaining sufficient liquidity to support operational requirements and planned investments over the next twelve months.
The Group aims to maintain a robust equity position and a financial profile characterised by low financial risk. There were no changes to the Group\u2019s objectives or capital management policies during the year ended 31 December 2025.
2025 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 0 | 0 | 0 | 0 | 0 | 0 |
Provisions | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts payable | 33 662 | 0 | 0 | 0 | 0 | 33 662 |
Lease liabilities | 5 230 | 5 230 | 7 213 | 5 610 | 2 878 | 26 160 |
Other current liabilities | 7 000 | 64 124 | 0 | 0 | 0 | 71 124 |
Total | 45 892 | 69 353 | 7 213 | 5 610 | 2 878 | 130 946 |
2024 | ||||||
NOK thousand | -6 months | 6 months - 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Interest bearing loans | 15 975 | 23 044 | 6 140 | 3 696 | 0 | 48 854 |
Provisions | 0 | 0 | 2 328 | 1 242 | 8 141 | 11 710 |
Accounts payable | 52 432 | 0 | 0 | 0 | 0 | 52 432 |
Lease liabilities | 7 590 | 7 590 | 7 966 | 3 639 | 2 368 | 29 153 |
Other current liabilities | 45 852 | 36 054 | 0 | 0 | 0 | 81 906 |
Total | 121 848 | 66 688 | 16 433 | 8 576 | 10 509 | 224 055 |
Note 26
Shares
Issued shares and share capital | Number of shares | Share Capital (NOK) |
31 December 2021 | 584 903 064 | 163 772 858 |
Capital issue, April | 100 000 000 | 28 000 000 |
Share issue, repair offer, July | 3 625 153 | 1 015 043 |
Capital issue in relation to acq. of Integra, Nov | 2 045 000 | 572 600 |
31 December 2022 | 690 573 217 | 193 360 501 |
Capital issue, February | 3 | 1 |
Reverse share split (10:1), March | (621 515 898) | |
Capital issue, December | 514 884 | 1 441 675 |
31 December 2023 | 69 572 206 | 194 802 177 |
31 December 2024 | 69 572 206 | 194 802 177 |
Capital decrease, January1 | (187 844 956) | |
Share issue, February | 410 000 000 | 41 000 000 |
Share issue, March | 2 316 429 | 231 643 |
Share issue, September | 168 624 655 | 16 862 466 |
Reverse split 10:1, October2 | (650 513 290) | |
After Reverse split | 65 051 329 | |
Share issue, September, registered October | 741 323 | 741 323 |
Share issue, October | 1 072 960 | 1 072 960 |
Share issue, December | 398 902 | 398 902 |
31 December 2025 | 67 264 514 | 67 264 514 |
1Nominal value reduced from NOK 2.80 per share, to NOK 0.10 per share
2 The company completed a reverse share split at a ratio of 10:1 on 8 October 2025. The number of shares was reduced from 650,513,290 to 65,051,329, while the nominal value per share increased from NOK 0.10 to NOK 1.00. The total share capital remained unchanged. In addition to the issued shares, there were 1 714 162 warrants outstanding per 31 December 2025.
20 largest shareholders at 31 Dec 2025 | ||
Holding | Stake | |
FEUT AS | 12 500 000 | 18.6% |
FERNCLIFF LISTED DAI AS | 9 173 455 | 13.6% |
COMPANY ONE AS | 6 719 350 | 10.0% |
AWE INVEST AS | 4 608 553 | 6.9% |
DALLAS ASSET MANAGEMENT AS | 2 865 341 | 4.3% |
AUGUST INDUSTRIER AS | 2 600 000 | 3.9% |
ALCANCIA CAPITAL AS | 1 419 265 | 2.1% |
FIRST PARTNERS HOLDING 5 AS | 1 300 000 | 1.9% |
ERIK SKAAR OPDAL | 1 207 299 | 1.8% |
OPEK INVEST AS | 1 200 000 | 1.8% |
JOAR AARENES | 1 170 745 | 1.7% |
Citibank. N.A. | 902 144 | 1.3% |
TINDEN HOLDING AS | 809 693 | 1.2% |
EXCESSION AS | 700 000 | 1.0% |
SRK CONSULTING AS | 660 595 | 1.0% |
ARRIBATEC GROUP ASA | 641 770 | 1.0% |
DATUM AS | 641 402 | 1.0% |
Nordnet Bank AB | 572 492 | 0.9% |
MIDDELBOE AS | 542 416 | 0.8% |
BORGUND INVEST AS | 527 000 | 0.8% |
Total 20 largest shareholders | 50 761 520 | 75.5% |
Other shareholders 1 | 1 784 350 | 2.7% |
New shares from warrants2 | 14 718 644 | 21.9% |
Total | 67 264 514 | 100.0% |
1 The Group holds 8,012 of its own shares.
2Shares from warrants exercise not allocated to investors pr Quarter end due to settlement.
Shares held by related parties | |||
Holding | Stake | ||
COMPANY ONE AS | 6 719 350 | 10.0% | Related to H\u00e5kon Reistad Fure. Chairman of the Board in Arribatec Group ASA |
AWE INVEST AS | 4 608 553 | 6.9% | Related to Terje Mj\u00f8s. Member of the Board in Arribatec Group ASA |
AUGUST INDUSTRIER AS | 2 600 000 | 3.9% | Related to Henrik A. Christensen. Member of the Board in Arribatec Group ASA |
KJ\u00d8LVIK INVEST AS | 75 633 | 0.1% | Related to Ole Jakob Kj\u00f8lvik. CEO of Arribatec Group ASA |
HELLEBUST | 2 272 | 0.0% | Related to Kristin Hellebust. Member of the Board in Arribatec Group ASA |
SUNDET HOLDING AS | 7 072 | 0.0% | Related to Erik Sundet. member of the Management team |
VANDEZANDE | 1 200 | 0.0% | Member of the Management team |
Note 26
Shares
Issued shares and share capital | Number of shares | Share Capital (NOK) |
31 December 2021 | 584 903 064 | 163 772 858 |
Capital issue, April | 100 000 000 | 28 000 000 |
Share issue, repair offer, July | 3 625 153 | 1 015 043 |
Capital issue in relation to acq. of Integra, Nov | 2 045 000 | 572 600 |
31 December 2022 | 690 573 217 | 193 360 501 |
Capital issue, February | 3 | 1 |
Reverse share split (10:1), March | (621 515 898) | |
Capital issue, December | 514 884 | 1 441 675 |
31 December 2023 | 69 572 206 | 194 802 177 |
31 December 2024 | 69 572 206 | 194 802 177 |
Capital decrease, January1 | (187 844 956) | |
Share issue, February | 410 000 000 | 41 000 000 |
Share issue, March | 2 316 429 | 231 643 |
Share issue, September | 168 624 655 | 16 862 466 |
Reverse split 10:1, October2 | (650 513 290) | |
After Reverse split | 65 051 329 | |
Share issue, September, registered October | 741 323 | 741 323 |
Share issue, October | 1 072 960 | 1 072 960 |
Share issue, December | 398 902 | 398 902 |
31 December 2025 | 67 264 514 | 67 264 514 |
1Nominal value reduced from NOK 2.80 per share, to NOK 0.10 per share
2 The company completed a reverse share split at a ratio of 10:1 on 8 October 2025. The number of shares was reduced from 650,513,290 to 65,051,329, while the nominal value per share increased from NOK 0.10 to NOK 1.00. The total share capital remained unchanged. In addition to the issued shares, there were 1 714 162 warrants outstanding per 31 December 2025.
20 largest shareholders at 31 Dec 2025 | ||
Holding | Stake | |
FEUT AS | 12 500 000 | 18.6% |
FERNCLIFF LISTED DAI AS | 9 173 455 | 13.6% |
COMPANY ONE AS | 6 719 350 | 10.0% |
AWE INVEST AS | 4 608 553 | 6.9% |
DALLAS ASSET MANAGEMENT AS | 2 865 341 | 4.3% |
AUGUST INDUSTRIER AS | 2 600 000 | 3.9% |
ALCANCIA CAPITAL AS | 1 419 265 | 2.1% |
FIRST PARTNERS HOLDING 5 AS | 1 300 000 | 1.9% |
ERIK SKAAR OPDAL | 1 207 299 | 1.8% |
OPEK INVEST AS | 1 200 000 | 1.8% |
JOAR AARENES | 1 170 745 | 1.7% |
Citibank. N.A. | 902 144 | 1.3% |
TINDEN HOLDING AS | 809 693 | 1.2% |
EXCESSION AS | 700 000 | 1.0% |
SRK CONSULTING AS | 660 595 | 1.0% |
ARRIBATEC GROUP ASA | 641 770 | 1.0% |
DATUM AS | 641 402 | 1.0% |
Nordnet Bank AB | 572 492 | 0.9% |
MIDDELBOE AS | 542 416 | 0.8% |
BORGUND INVEST AS | 527 000 | 0.8% |
Total 20 largest shareholders | 50 761 520 | 75.5% |
Other shareholders 1 | 1 784 350 | 2.7% |
New shares from warrants2 | 14 718 644 | 21.9% |
Total | 67 264 514 | 100.0% |
1 The Group holds 8,012 of its own shares.
2Shares from warrants exercise not allocated to investors pr Quarter end due to settlement.
Shares held by related parties | |||
Holding | Stake | ||
COMPANY ONE AS | 6 719 350 | 10.0% | Related to H\u00e5kon Reistad Fure. Chairman of the Board in Arribatec Group ASA |
AWE INVEST AS | 4 608 553 | 6.9% | Related to Terje Mj\u00f8s. Member of the Board in Arribatec Group ASA |
AUGUST INDUSTRIER AS | 2 600 000 | 3.9% | Related to Henrik A. Christensen. Member of the Board in Arribatec Group ASA |
KJ\u00d8LVIK INVEST AS | 75 633 | 0.1% | Related to Ole Jakob Kj\u00f8lvik. CEO of Arribatec Group ASA |
HELLEBUST | 2 272 | 0.0% | Related to Kristin Hellebust. Member of the Board in Arribatec Group ASA |
SUNDET HOLDING AS | 7 072 | 0.0% | Related to Erik Sundet. member of the Management team |
VANDEZANDE | 1 200 | 0.0% | Member of the Management team |
Note 27
Long-term incentive plan
The Group operates a long-term incentive plan (LTIP) to attract, motivate and retain key employees. The program is equity-settled and grants participants share options that vest over time. In 2025, the plan was expanded through new grants, increasing the total number of outstanding options.
The fair value of the granted options is determined using the Black-Scholes option pricing model, and the related cost is recognised in accordance with IFRS 2. The LTIP continues to form an important part of the Group\u2019s overall remuneration framework and supports long-term value creation for shareholders. Additional information on the option arrangements is provided in the executive remuneration report.
Total costs and Social Security Provisions | ||
NOK | 2025 | 2024 |
Cost of employee share option program | 2 020 482 | 2 495 255 |
Granted instruments | ||
Option | ||
Instrument | 2025 | 2024 |
Quantity, End of period (instruments)1 | 7 450 000 | 3 084 700 |
Quantity, End of period (shares)1 | 7 450 000 | 3 084 700 |
Contractual life2 | 2.15 | 5.00 |
Strike price2 | 10.50 | 5.25 |
Share price2 | 7.20 | 4.63 |
Expected lifetime2 | 2.03 | 3.00 |
Volatility2 | 83.55% | 65.66% |
Interest rate2 | 3.828% | 3.965% |
Dividend2 | 0.00 | 0.00 |
FV per instrument2 | 2.49 | 1.97 |
Vesting conditions |
1 The company completed a reverse share split at a ratio of 10:1 on 8 October 2025. LTIP adjusted accordingly.
2Weighted average parameters at grant of instrument.
Outstanding instruments Year End - Option | ||||
Quantity and weighted average prices | Number of instruments | Weighted Average Strike Price | Number of instruments | Weighted Average Strike Price |
Activity | 01.01.2025 - 31.12.2025 | 01.01.2024 - 31.12.2024 | ||
Outstanding OB | 3 084 700 | 5.25 | 3 303 240 | 5.25 |
Granted | 7 929 572 | 9.93 | 0 | 0.00 |
Exercised | 0 | 0.00 | 0 | 0.00 |
Released | 0 | 0.00 | 0 | 0.00 |
Adjusted | (1 875 992) | 51.89 | 0 | 0.00 |
Performance Adjusted | 0 | 0.00 | 0 | 0.00 |
Cancelled | 0 | 0.00 | 0 | 0.00 |
Terminated | (1 000 261) | 5.38 | (218 540) | 5.25 |
Expired | 0 | 0.00 | 0 | 0.00 |
Outstanding CB | 8 138 019 | 11.00 | 3 084 700 | 5.25 |
Vested CB | 636 096 | 13.27 | 1 028 231 | 5.00 |
Outstanding Instruments Overview | |||||
Number of instruments | Weighted Average remaining contractual life | Weighted Average Strike Price | Vested instruments 31.12.2025 | Weighted Average Strike Price | |
Activity | Outstanding Instruments | Vested Instruments | |||
1.00 | 479 572 | 0.79 | 1.00 | 479 572 | 13.27 |
9.50 | 2 483 327 | 1.00 | 9.50 | 0 | 0.00 |
10.50 | 2 483 327 | 2.00 | 10.50 | 0 | 0.00 |
11.50 | 2 483 346 | 3.00 | 11.50 | 0 | 0.00 |
50.00 | 102 825 | 2.84 | 50.00 | 102 825 | 13.27 |
52.50 | 53 699 | 2.84 | 52.50 | 53 699 | 13.27 |
55.00 | 51 923 | 3.84 | 55.00 | 0 | 0.00 |
8 138 019 | 636 096 |
Note 27
Long-term incentive plan
The Group operates a long-term incentive plan (LTIP) to attract, motivate and retain key employees. The program is equity-settled and grants participants share options that vest over time. In 2025, the plan was expanded through new grants, increasing the total number of outstanding options.
The fair value of the granted options is determined using the Black-Scholes option pricing model, and the related cost is recognised in accordance with IFRS 2. The LTIP continues to form an important part of the Group\u2019s overall remuneration framework and supports long-term value creation for shareholders. Additional information on the option arrangements is provided in the executive remuneration report.
Total costs and Social Security Provisions | ||
NOK | 2025 | 2024 |
Cost of employee share option program | 2 020 482 | 2 495 255 |
Granted instruments | ||
Option | ||
Instrument | 2025 | 2024 |
Quantity, End of period (instruments)1 | 7 450 000 | 3 084 700 |
Quantity, End of period (shares)1 | 7 450 000 | 3 084 700 |
Contractual life2 | 2.15 | 5.00 |
Strike price2 | 10.50 | 5.25 |
Share price2 | 7.20 | 4.63 |
Expected lifetime2 | 2.03 | 3.00 |
Volatility2 | 83.55% | 65.66% |
Interest rate2 | 3.828% | 3.965% |
Dividend2 | 0.00 | 0.00 |
FV per instrument2 | 2.49 | 1.97 |
Vesting conditions |
1 The company completed a reverse share split at a ratio of 10:1 on 8 October 2025. LTIP adjusted accordingly.
2Weighted average parameters at grant of instrument.
Outstanding instruments Year End - Option | ||||
Quantity and weighted average prices | Number of instruments | Weighted Average Strike Price | Number of instruments | Weighted Average Strike Price |
Activity | 01.01.2025 - 31.12.2025 | 01.01.2024 - 31.12.2024 | ||
Outstanding OB | 3 084 700 | 5.25 | 3 303 240 | 5.25 |
Granted | 7 929 572 | 9.93 | 0 | 0.00 |
Exercised | 0 | 0.00 | 0 | 0.00 |
Released | 0 | 0.00 | 0 | 0.00 |
Adjusted | (1 875 992) | 51.89 | 0 | 0.00 |
Performance Adjusted | 0 | 0.00 | 0 | 0.00 |
Cancelled | 0 | 0.00 | 0 | 0.00 |
Terminated | (1 000 261) | 5.38 | (218 540) | 5.25 |
Expired | 0 | 0.00 | 0 | 0.00 |
Outstanding CB | 8 138 019 | 11.00 | 3 084 700 | 5.25 |
Vested CB | 636 096 | 13.27 | 1 028 231 | 5.00 |
Outstanding Instruments Overview | |||||
Number of instruments | Weighted Average remaining contractual life | Weighted Average Strike Price | Vested instruments 31.12.2025 | Weighted Average Strike Price | |
Activity | Outstanding Instruments | Vested Instruments | |||
1.00 | 479 572 | 0.79 | 1.00 | 479 572 | 13.27 |
9.50 | 2 483 327 | 1.00 | 9.50 | 0 | 0.00 |
10.50 | 2 483 327 | 2.00 | 10.50 | 0 | 0.00 |
11.50 | 2 483 346 | 3.00 | 11.50 | 0 | 0.00 |
50.00 | 102 825 | 2.84 | 50.00 | 102 825 | 13.27 |
52.50 | 53 699 | 2.84 | 52.50 | 53 699 | 13.27 |
55.00 | 51 923 | 3.84 | 55.00 | 0 | 0.00 |
8 138 019 | 636 096 |
Note 28
Interest bearing debt
NOK thousand | |||||||
Debt financial institutions | Type | Currency | Facility limit | Interest rate | Year of maturity | 31 Dec 2025 | 31 Dec 2024 |
Danske Bank | Revolving credit facility | NOK | 20 000 | NIBOR+2.75% | 2025, Dec | 0 | 20 000 |
Danske Bank | Revolving credit facility | NOK | 15 000 | NIBOR+2.75% | 2025, Jan | 0 | 11 625 |
Bank Intesa, Italy | Unsecured bank facilities | EUR | EURIBOR+1.95%-2.40% | 2027 | 0 | 5 984 | |
Bank Progetto, Italy | Unsecured bank loan | EUR | EURIBOR+5% | 2025 | 0 | 1 322 | |
Bank Carige, Italy | Unsecured bank loan | EUR | 1.3% | 2027 | 0 | 4 218 | |
Bank Passadore, Italy | Unsecured bank loan | EUR | EURIBOR+1.5% | 2028 | 0 | 2 105 | |
Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0 | 45 254 |
Credit facilities | Other borrowings | Total | |
Balance at 1 Jan 2024 | 19 458 | 19 930 | 39 388 |
Proceeds from loans and borrowings | 12 167 | 0 | 12 167 |
Repayment of loans and borrowings | 0 | (7 372) | (7 372) |
Total changes in financial cashflow | 12 167 | (7 372) | 4 795 |
Translation difference | - | 1 072 | 1 072 |
Balance at 1 Jan 2025 | 31 625 | 13 629 | 45 254 |
Discontinued operations | 0 | (12 995) | (12 995) |
Translation difference | 0 | (635) | (635) |
Total changes in borrowings, non-cash | 0 | -13 629 | -13 629 |
Proceeds from loans and borrowings | 0 | 0 | 0 |
Repayment of loans and borrowings | (31 625) | 0 | (31 625) |
Total changes in financial cashflow | (31 625) | - | (31 625) |
Total Borrowings at end of period | 0 | 0 | 0 |
Interest bearing loans and other financial liabilities
The Group\u2019s interest-bearing loans and other financial liabilities are initially recognised at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortised cost.
As of 31 December 2025, the Group had no interest-bearing debt outstanding except for debt related to lease liabilities, see Note 11Right-of-use assets and lease liabilities. The Group continues to have access to a revolving credit facility, which will be classified as a short-term interest-bearing liability only when drawn. Since the facility remained undrawn at year-end, no such liability is recognised in the statement of financial position for 2025.
Note 28
Interest bearing debt
NOK thousand | |||||||
Debt financial institutions | Type | Currency | Facility limit | Interest rate | Year of maturity | 31 Dec 2025 | 31 Dec 2024 |
Danske Bank | Revolving credit facility | NOK | 20 000 | NIBOR+2.75% | 2025, Dec | 0 | 20 000 |
Danske Bank | Revolving credit facility | NOK | 15 000 | NIBOR+2.75% | 2025, Jan | 0 | 11 625 |
Bank Intesa, Italy | Unsecured bank facilities | EUR | EURIBOR+1.95%-2.40% | 2027 | 0 | 5 984 | |
Bank Progetto, Italy | Unsecured bank loan | EUR | EURIBOR+5% | 2025 | 0 | 1 322 | |
Bank Carige, Italy | Unsecured bank loan | EUR | 1.3% | 2027 | 0 | 4 218 | |
Bank Passadore, Italy | Unsecured bank loan | EUR | EURIBOR+1.5% | 2028 | 0 | 2 105 | |
Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0 | 45 254 |
Credit facilities | Other borrowings | Total | |
Balance at 1 Jan 2024 | 19 458 | 19 930 | 39 388 |
Proceeds from loans and borrowings | 12 167 | 0 | 12 167 |
Repayment of loans and borrowings | 0 | (7 372) | (7 372) |
Total changes in financial cashflow | 12 167 | (7 372) | 4 795 |
Translation difference | - | 1 072 | 1 072 |
Balance at 1 Jan 2025 | 31 625 | 13 629 | 45 254 |
Discontinued operations | 0 | (12 995) | (12 995) |
Translation difference | 0 | (635) | (635) |
Total changes in borrowings, non-cash | 0 | -13 629 | -13 629 |
Proceeds from loans and borrowings | 0 | 0 | 0 |
Repayment of loans and borrowings | (31 625) | 0 | (31 625) |
Total changes in financial cashflow | (31 625) | - | (31 625) |
Total Borrowings at end of period | 0 | 0 | 0 |
Interest bearing loans and other financial liabilities
The Group\u2019s interest-bearing loans and other financial liabilities are initially recognised at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortised cost.
As of 31 December 2025, the Group had no interest-bearing debt outstanding except for debt related to lease liabilities, see Note 11Right-of-use assets and lease liabilities. The Group continues to have access to a revolving credit facility, which will be classified as a short-term interest-bearing liability only when drawn. Since the facility remained undrawn at year-end, no such liability is recognised in the statement of financial position for 2025.
Note 28
Interest bearing debt
NOK thousand | |||||||
Debt financial institutions | Type | Currency | Facility limit | Interest rate | Year of maturity | 31 Dec 2025 | 31 Dec 2024 |
Danske Bank | Revolving credit facility | NOK | 20 000 | NIBOR+2.75% | 2025, Dec | 0 | 20 000 |
Danske Bank | Revolving credit facility | NOK | 15 000 | NIBOR+2.75% | 2025, Jan | 0 | 11 625 |
Bank Intesa, Italy | Unsecured bank facilities | EUR | EURIBOR+1.95%-2.40% | 2027 | 0 | 5 984 | |
Bank Progetto, Italy | Unsecured bank loan | EUR | EURIBOR+5% | 2025 | 0 | 1 322 | |
Bank Carige, Italy | Unsecured bank loan | EUR | 1.3% | 2027 | 0 | 4 218 | |
Bank Passadore, Italy | Unsecured bank loan | EUR | EURIBOR+1.5% | 2028 | 0 | 2 105 | |
Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0 | 45 254 |
Credit facilities | Other borrowings | Total | |
Balance at 1 Jan 2024 | 19 458 | 19 930 | 39 388 |
Proceeds from loans and borrowings | 12 167 | 0 | 12 167 |
Repayment of loans and borrowings | 0 | (7 372) | (7 372) |
Total changes in financial cashflow | 12 167 | (7 372) | 4 795 |
Translation difference | - | 1 072 | 1 072 |
Balance at 1 Jan 2025 | 31 625 | 13 629 | 45 254 |
Discontinued operations | 0 | (12 995) | (12 995) |
Translation difference | 0 | (635) | (635) |
Total changes in borrowings, non-cash | 0 | -13 629 | -13 629 |
Proceeds from loans and borrowings | 0 | 0 | 0 |
Repayment of loans and borrowings | (31 625) | 0 | (31 625) |
Total changes in financial cashflow | (31 625) | - | (31 625) |
Total Borrowings at end of period | 0 | 0 | 0 |
Interest bearing loans and other financial liabilities
The Group\u2019s interest-bearing loans and other financial liabilities are initially recognised at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortised cost.
As of 31 December 2025, the Group had no interest-bearing debt outstanding except for debt related to lease liabilities, see Note 11Right-of-use assets and lease liabilities. The Group continues to have access to a revolving credit facility, which will be classified as a short-term interest-bearing liability only when drawn. Since the facility remained undrawn at year-end, no such liability is recognised in the statement of financial position for 2025.
Note 28
Interest bearing debt
NOK thousand | |||||||
Debt financial institutions | Type | Currency | Facility limit | Interest rate | Year of maturity | 31 Dec 2025 | 31 Dec 2024 |
Danske Bank | Revolving credit facility | NOK | 20 000 | NIBOR+2.75% | 2025, Dec | 0 | 20 000 |
Danske Bank | Revolving credit facility | NOK | 15 000 | NIBOR+2.75% | 2025, Jan | 0 | 11 625 |
Bank Intesa, Italy | Unsecured bank facilities | EUR | EURIBOR+1.95%-2.40% | 2027 | 0 | 5 984 | |
Bank Progetto, Italy | Unsecured bank loan | EUR | EURIBOR+5% | 2025 | 0 | 1 322 | |
Bank Carige, Italy | Unsecured bank loan | EUR | 1.3% | 2027 | 0 | 4 218 | |
Bank Passadore, Italy | Unsecured bank loan | EUR | EURIBOR+1.5% | 2028 | 0 | 2 105 | |
Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0 | 45 254 |
Credit facilities | Other borrowings | Total | |
Balance at 1 Jan 2024 | 19 458 | 19 930 | 39 388 |
Proceeds from loans and borrowings | 12 167 | 0 | 12 167 |
Repayment of loans and borrowings | 0 | (7 372) | (7 372) |
Total changes in financial cashflow | 12 167 | (7 372) | 4 795 |
Translation difference | - | 1 072 | 1 072 |
Balance at 1 Jan 2025 | 31 625 | 13 629 | 45 254 |
Discontinued operations | 0 | (12 995) | (12 995) |
Translation difference | 0 | (635) | (635) |
Total changes in borrowings, non-cash | 0 | -13 629 | -13 629 |
Proceeds from loans and borrowings | 0 | 0 | 0 |
Repayment of loans and borrowings | (31 625) | 0 | (31 625) |
Total changes in financial cashflow | (31 625) | - | (31 625) |
Total Borrowings at end of period | 0 | 0 | 0 |
Interest bearing loans and other financial liabilities
The Group\u2019s interest-bearing loans and other financial liabilities are initially recognised at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortised cost.
As of 31 December 2025, the Group had no interest-bearing debt outstanding except for debt related to lease liabilities, see Note 11Right-of-use assets and lease liabilities. The Group continues to have access to a revolving credit facility, which will be classified as a short-term interest-bearing liability only when drawn. Since the facility remained undrawn at year-end, no such liability is recognised in the statement of financial position for 2025.
Note 28
Interest bearing debt
NOK thousand | |||||||
Debt financial institutions | Type | Currency | Facility limit | Interest rate | Year of maturity | 31 Dec 2025 | 31 Dec 2024 |
Danske Bank | Revolving credit facility | NOK | 20 000 | NIBOR+2.75% | 2025, Dec | 0 | 20 000 |
Danske Bank | Revolving credit facility | NOK | 15 000 | NIBOR+2.75% | 2025, Jan | 0 | 11 625 |
Bank Intesa, Italy | Unsecured bank facilities | EUR | EURIBOR+1.95%-2.40% | 2027 | 0 | 5 984 | |
Bank Progetto, Italy | Unsecured bank loan | EUR | EURIBOR+5% | 2025 | 0 | 1 322 | |
Bank Carige, Italy | Unsecured bank loan | EUR | 1.3% | 2027 | 0 | 4 218 | |
Bank Passadore, Italy | Unsecured bank loan | EUR | EURIBOR+1.5% | 2028 | 0 | 2 105 | |
Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0 | 45 254 |
Credit facilities | Other borrowings | Total | |
Balance at 1 Jan 2024 | 19 458 | 19 930 | 39 388 |
Proceeds from loans and borrowings | 12 167 | 0 | 12 167 |
Repayment of loans and borrowings | 0 | (7 372) | (7 372) |
Total changes in financial cashflow | 12 167 | (7 372) | 4 795 |
Translation difference | - | 1 072 | 1 072 |
Balance at 1 Jan 2025 | 31 625 | 13 629 | 45 254 |
Discontinued operations | 0 | (12 995) | (12 995) |
Translation difference | 0 | (635) | (635) |
Total changes in borrowings, non-cash | 0 | -13 629 | -13 629 |
Proceeds from loans and borrowings | 0 | 0 | 0 |
Repayment of loans and borrowings | (31 625) | 0 | (31 625) |
Total changes in financial cashflow | (31 625) | - | (31 625) |
Total Borrowings at end of period | 0 | 0 | 0 |
Interest bearing loans and other financial liabilities
The Group\u2019s interest-bearing loans and other financial liabilities are initially recognised at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortised cost.
As of 31 December 2025, the Group had no interest-bearing debt outstanding except for debt related to lease liabilities, see Note 11Right-of-use assets and lease liabilities. The Group continues to have access to a revolving credit facility, which will be classified as a short-term interest-bearing liability only when drawn. Since the facility remained undrawn at year-end, no such liability is recognised in the statement of financial position for 2025.
Note 28
Interest bearing debt
NOK thousand | |||||||
Debt financial institutions | Type | Currency | Facility limit | Interest rate | Year of maturity | 31 Dec 2025 | 31 Dec 2024 |
Danske Bank | Revolving credit facility | NOK | 20 000 | NIBOR+2.75% | 2025, Dec | 0 | 20 000 |
Danske Bank | Revolving credit facility | NOK | 15 000 | NIBOR+2.75% | 2025, Jan | 0 | 11 625 |
Bank Intesa, Italy | Unsecured bank facilities | EUR | EURIBOR+1.95%-2.40% | 2027 | 0 | 5 984 | |
Bank Progetto, Italy | Unsecured bank loan | EUR | EURIBOR+5% | 2025 | 0 | 1 322 | |
Bank Carige, Italy | Unsecured bank loan | EUR | 1.3% | 2027 | 0 | 4 218 | |
Bank Passadore, Italy | Unsecured bank loan | EUR | EURIBOR+1.5% | 2028 | 0 | 2 105 | |
Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0 | 45 254 |
Credit facilities | Other borrowings | Total | |
Balance at 1 Jan 2024 | 19 458 | 19 930 | 39 388 |
Proceeds from loans and borrowings | 12 167 | 0 | 12 167 |
Repayment of loans and borrowings | 0 | (7 372) | (7 372) |
Total changes in financial cashflow | 12 167 | (7 372) | 4 795 |
Translation difference | - | 1 072 | 1 072 |
Balance at 1 Jan 2025 | 31 625 | 13 629 | 45 254 |
Discontinued operations | 0 | (12 995) | (12 995) |
Translation difference | 0 | (635) | (635) |
Total changes in borrowings, non-cash | 0 | -13 629 | -13 629 |
Proceeds from loans and borrowings | 0 | 0 | 0 |
Repayment of loans and borrowings | (31 625) | 0 | (31 625) |
Total changes in financial cashflow | (31 625) | - | (31 625) |
Total Borrowings at end of period | 0 | 0 | 0 |
Interest bearing loans and other financial liabilities
The Group\u2019s interest-bearing loans and other financial liabilities are initially recognised at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortised cost.
As of 31 December 2025, the Group had no interest-bearing debt outstanding except for debt related to lease liabilities, see Note 11Right-of-use assets and lease liabilities. The Group continues to have access to a revolving credit facility, which will be classified as a short-term interest-bearing liability only when drawn. Since the facility remained undrawn at year-end, no such liability is recognised in the statement of financial position for 2025.
Note 28
Interest bearing debt
NOK thousand | |||||||
Debt financial institutions | Type | Currency | Facility limit | Interest rate | Year of maturity | 31 Dec 2025 | 31 Dec 2024 |
Danske Bank | Revolving credit facility | NOK | 20 000 | NIBOR+2.75% | 2025, Dec | 0 | 20 000 |
Danske Bank | Revolving credit facility | NOK | 15 000 | NIBOR+2.75% | 2025, Jan | 0 | 11 625 |
Bank Intesa, Italy | Unsecured bank facilities | EUR | EURIBOR+1.95%-2.40% | 2027 | 0 | 5 984 | |
Bank Progetto, Italy | Unsecured bank loan | EUR | EURIBOR+5% | 2025 | 0 | 1 322 | |
Bank Carige, Italy | Unsecured bank loan | EUR | 1.3% | 2027 | 0 | 4 218 | |
Bank Passadore, Italy | Unsecured bank loan | EUR | EURIBOR+1.5% | 2028 | 0 | 2 105 | |
Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0 | 45 254 |
Credit facilities | Other borrowings | Total | |
Balance at 1 Jan 2024 | 19 458 | 19 930 | 39 388 |
Proceeds from loans and borrowings | 12 167 | 0 | 12 167 |
Repayment of loans and borrowings | 0 | (7 372) | (7 372) |
Total changes in financial cashflow | 12 167 | (7 372) | 4 795 |
Translation difference | - | 1 072 | 1 072 |
Balance at 1 Jan 2025 | 31 625 | 13 629 | 45 254 |
Discontinued operations | 0 | (12 995) | (12 995) |
Translation difference | 0 | (635) | (635) |
Total changes in borrowings, non-cash | 0 | -13 629 | -13 629 |
Proceeds from loans and borrowings | 0 | 0 | 0 |
Repayment of loans and borrowings | (31 625) | 0 | (31 625) |
Total changes in financial cashflow | (31 625) | - | (31 625) |
Total Borrowings at end of period | 0 | 0 | 0 |
Interest bearing loans and other financial liabilities
The Group\u2019s interest-bearing loans and other financial liabilities are initially recognised at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortised cost.
As of 31 December 2025, the Group had no interest-bearing debt outstanding except for debt related to lease liabilities, see Note 11Right-of-use assets and lease liabilities. The Group continues to have access to a revolving credit facility, which will be classified as a short-term interest-bearing liability only when drawn. Since the facility remained undrawn at year-end, no such liability is recognised in the statement of financial position for 2025.
Note 30
Provisions
NOK thousand | Severance indemnity funds in Italy | Other provisions | Total |
Opening balance at 1 January 2025 | 8 145 | 3 565 | 11 710 |
Utilised during the year | (3 565) | (3 565) | |
Transferred upon disposal of business | (8 145) | (8 145) | |
Closing balance at 31 December 2025 | - | - | - |
Provisions\t
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.\t
Restructuring provisions are recognised only when the recognition criteria for provisions are fulfilled.
The Group has a constructive obligation when a detailed formal plan identifies the activities concerned, the location and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline. Furthermore, the employees affected have been notified of the plan\u2019s main features.
Provisions relating to severance indemnity funds (TFR) and other obligations in Italy were trans-ferred to the buyer as part of the disposal of the Hospitality/Marine business in 2025 and are therefore not recognised in the Group\u2019s balance sheet as at 31 December 2025. Other provisions primarily related to severance pay, which was paid during 2025.
Note 30
Provisions
NOK thousand | Severance indemnity funds in Italy | Other provisions | Total |
Opening balance at 1 January 2025 | 8 145 | 3 565 | 11 710 |
Utilised during the year | (3 565) | (3 565) | |
Transferred upon disposal of business | (8 145) | (8 145) | |
Closing balance at 31 December 2025 | - | - | - |
Provisions\t
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.\t
Restructuring provisions are recognised only when the recognition criteria for provisions are fulfilled.
The Group has a constructive obligation when a detailed formal plan identifies the activities concerned, the location and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline. Furthermore, the employees affected have been notified of the plan\u2019s main features.
Provisions relating to severance indemnity funds (TFR) and other obligations in Italy were trans-ferred to the buyer as part of the disposal of the Hospitality/Marine business in 2025 and are therefore not recognised in the Group\u2019s balance sheet as at 31 December 2025. Other provisions primarily related to severance pay, which was paid during 2025.
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.\t
Restructuring provisions are recognised only when the recognition criteria for provisions are fulfilled.
The Group has a constructive obligation when a detailed formal plan identifies the activities concerned, the location and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline. Furthermore, the employees affected have been notified of the plan\u2019s main features.
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Restructuring provisions are recognised only when the recognition criteria for provisions are fulfilled.
The Group has a constructive obligation when a detailed formal plan identifies the activities concerned, the location and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline. Furthermore, the employees affected have been notified of the plan\u2019s main features.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFK0040", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__7__140": { "value": "Note 31
Other current liabilities
NOK thousand | 2025 | 2024 |
Employer tax and employee withholding tax | 17 855 | 21 064 |
Accrued holiday payments and bonuses | 26 127 | 25 266 |
VAT liabilities | 12 476 | 11 674 |
Accrued restructuring cost | - | 7 841 |
Other short-term liabilities | 14 665 | 16 061 |
Total other current liabilities | 71 124 | 81 906 |
Note 31
Other current liabilities
NOK thousand | 2025 | 2024 |
Employer tax and employee withholding tax | 17 855 | 21 064 |
Accrued holiday payments and bonuses | 26 127 | 25 266 |
VAT liabilities | 12 476 | 11 674 |
Accrued restructuring cost | - | 7 841 |
Other short-term liabilities | 14 665 | 16 061 |
Total other current liabilities | 71 124 | 81 906 |
Note 31
Other current liabilities
NOK thousand | 2025 | 2024 |
Employer tax and employee withholding tax | 17 855 | 21 064 |
Accrued holiday payments and bonuses | 26 127 | 25 266 |
VAT liabilities | 12 476 | 11 674 |
Accrued restructuring cost | - | 7 841 |
Other short-term liabilities | 14 665 | 16 061 |
Total other current liabilities | 71 124 | 81 906 |
Note 32
Transactions with related parties
Rent for office in the UK is paid to MDB & Sons Ltd, a company related to the former CEO of Arribatec UK Ltd (former Integra Associated Ltd). The office lease is terminated by May 2025.
The Company has paid consultancy fees and option-related consideration to Company One AS, a company related to the Chairman of the Board, H\u00e5kon Reistad Fure, and fees to Ro Sommernes Advokatfirma DA, a company related to the Board member Henrik A. Christensen. As at 31 December 2025, an amount of NOK\u00a03,348 thousand was outstanding to Company One AS, relating to option-based remuneration. The outstanding balance was settled in February 2026 and did not bear interest.
Salaries and other remuneration paid to Management and the Board are also considered transactions with related parties. These transactions are disclosed in Note 8Key Management.
NOK thousand | 2025 | 2024 |
Transactions with related parties | ||
Company One AS - consultancy | 1 900 | 625 |
Company One AS - options | 3 348 | 0 |
Ro Sommernes Advokatfirma DA - legal services | 1 095 | 206 |
MDB & Sons Ltd - office rental, Leicester | 128 | 453 |
Total Related parties transactions | 6 471 | 1 284 |
Note 32
Transactions with related parties
Rent for office in the UK is paid to MDB & Sons Ltd, a company related to the former CEO of Arribatec UK Ltd (former Integra Associated Ltd). The office lease is terminated by May 2025.
The Company has paid consultancy fees and option-related consideration to Company One AS, a company related to the Chairman of the Board, H\u00e5kon Reistad Fure, and fees to Ro Sommernes Advokatfirma DA, a company related to the Board member Henrik A. Christensen. As at 31 December 2025, an amount of NOK\u00a03,348 thousand was outstanding to Company One AS, relating to option-based remuneration. The outstanding balance was settled in February 2026 and did not bear interest.
Salaries and other remuneration paid to Management and the Board are also considered transactions with related parties. These transactions are disclosed in Note 8Key Management.
NOK thousand | 2025 | 2024 |
Transactions with related parties | ||
Company One AS - consultancy | 1 900 | 625 |
Company One AS - options | 3 348 | 0 |
Ro Sommernes Advokatfirma DA - legal services | 1 095 | 206 |
MDB & Sons Ltd - office rental, Leicester | 128 | 453 |
Total Related parties transactions | 6 471 | 1 284 |
Note 33
Pledged assets
All the Nordic subsidiaries of the Group (Norway, Sweden and Denmark are part of the security package for the revolving credit facility, see Note 28. The subsidiaries that are part of the security package are guarantors and have granted a share pledge and a bank account pledge.
Note 35
Subsequent events
After 31 December 2025, the following highlights have occurred:
In January 2026, all remaining 1 714 162 outstanding warrants in Arribatec Group ASA were exer-cised. This transaction completed the exercise of the full warrant program issued on 2 December
2024 (adjusted after the reverse share split announced 7 October 2025). Following the exercise,
the company\u2019s new share capital was registered at NOK 68 978 676, divided into an equal number
of shares with a nominal value of NOK 1.
On 26 February 2026, the Board of Arribatec Group ASA proposed a cash dividend of NOK 1.00
per share for the financial year 2025, subject to approval by the Annual General Meeting on 27 May 2026. At the same time, the Board adopted a dividend policy governing future distributions.
On 3 March 2026, Arribatec Group ASA appointed Ole Jakob Kj\u00f8lvik as permanent CEO, effective
immediately, following his tenure as interim CEO since February 2025.
On 13 March 2026, Arribatec Group ASA acquired 2,000,000 own shares at a price of NOK\u00a06.50 per share, corresponding to a total consideration of NOK\u00a013.0\u00a0million. The purchase was made pursuant to the authorization granted to the Board of Directors by the Extraordinary General Meeting held on 29 August 2025. Following settlement of the transaction, the Company held 2,148,459 own shares.
On 23 March 2026, Arribatec Group ASA announced the appointment of Bent Hammer as new
Chief Financial Officer. He succeeds Magnus Hofshagen, who is stepping down from his role as
CFO. The Board stated that the appointment strengthens the Group\u2019s financial leadership going
forward.
On 29 March 2026, Arribatec Group ASA announced that its wholly owned subsidiary Arribatec
Cloud AS has completed a strategic reorganisation to sharpen its focus on core growth areas,
including Sovereign Cloud with AI capabilities, Modern Workplace, and cloud infrastructure. The
reorganisation aims to improve operational efficiency, strengthen delivery capabilities, and position
the subsidiary for profitable and scalable growth.