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NOTE 1 General information
The financial statements of North Energy were approved by the Board of
Directors and the Co-CEOs on March 18, 2026.
North Energy ASA is a public limited Group incorporated and domiciled in
Norway, with its main office located in Oslo. The Group\u2019s shares were listed
on former Oslo Axess (now Euronext Expand), an exchange regulated by the
Euronext Oslo Stock Exchange, on February 5, 2010. The Group's ticker is
NORTH.
The Group consist of North Energy ASA and the two fully owned
subsidiaries, North Industries 1 AS and North Industries 2 AS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-223": { "value": "The financial statements of North Energy were approved by the Board of Directors and the Co-CEOs on March 18, 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "North Energy ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-183": { "value": "North Energy ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "public limited Group", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-184": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Oslo", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-185": { "value": "
NOTE 2 Summary of significant accounting policies
The principal accounting policies applied in the preparation of these
financial statements are laid out below. Unless otherwise stated, these
policies have consistently been applied to all periods presented.
2.1 Basis for preparation
The group consolidated and the parent company financial statements have
been prepared in accordance with IFRS\u00ae Accounting Standards as adopted
by the EU (IFRS) and certain requirements in the Norwegian Accounting Act.
The group financial statements for North Energy ASA include the
subsidiaries as described in note 1. The accounting policies are applied
consistently when consolidating ownership interests in subsidiaries and are
based on the same reporting periods as those used for the parent company.
When preparing the consolidated financial statements, intragroup
transactions and balances, along with gains and losses on transactions
between group units, are eliminated.
2.2 Investment in associates
Associates are all entities over which the Group has significant influence but
not control or joint control. This is generally the case where the Group holds
between 20% and 50% of the voting rights. Investments in associates are
accounted for using the equity method of accounting, after initially being
recognised at cost. The ownership in Reach Subsea ASA is at the end of the
year 15.5%. However, it is still regarded as an associated company since
North Energy ASA has two representatives on the board of the company,
Under the equity method of accounting, the investments are initially
recognised at cost and adjusted thereafter to recognise the Group\u2019s share
of the post-acquisition profits or losses of the investee in profit or loss, and
the Group\u2019s share of movements in other comprehensive income of the
investee in other comprehensive income. Dividends received or receivable
from associates are recognised as a reduction in the carrying amount of the
investment.
The carrying amount of equity-accounted investments is tested for
impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the investment\u2019s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of
the investment\u2019s fair value less costs of disposal and value in use.
2.3 Foreign currency
Functional currency and presentation currency
The presentation currency in the Group\u2019s consolidated financial statements
is Norwegian Kroner (\u201cNOK\u201d). The parent company of the Group, North
Energy ASA, has NOK as its functional currency.
Transactions in foreign currency
Foreign currency transactions are translated into NOK using the exchange
rates on the transaction date. Monetary balances in foreign currencies are
translated into NOK at the exchange rates on the date of the balance sheet.
Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement.
2.4 Leases (as lessee)
IFRS 16 defines a lease as a contract that conveys the right to control the
use of an identified asset for a period of time in exchange for consideration.
For each contract that meets this definition, IFRS 16 requires lessees to
recognize a right-of-use asset and a lease liability in the balance sheet with
certain exemptions for short term and low value leases. Lease payments are
to be reflected as interest expense and a reduction of lease liabilities, while
the right-of-use assets are to be depreciated over the shorter of the lease
term and the assets\u2019 useful life. Lease liabilities are measured at the present
value of remaining lease payments, discounted using the Group\u2019s calculated
borrowing rate.
2.5 Financial assets
The Group\u2019s financial assets are listed and non-listed equity instruments,
receivables and cash and cash equivalents. The classification of financial
assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing
them.
Financial assets at amortized cost
The Group measures financial assets at amortized cost if both of the
following conditions are met:
\u2022 The financial asset is held within a business model with the objective to
hold financial assets in order to collect contractual cash flows and,
\u2022 The contractual terms of the financial asset give rise on specified dates
to cash flows that are solely payments of principal and interest on the
principal amount outstanding
Financial assets at amortized cost are subsequently measured using the
effective interest (EIR) method and are subject to impairment. Gains and
losses are recognized in profit or loss when the asset is derecognized,
modified or impaired. The Groups financial assets at amortized cost
includes trade receivables and other short-term deposits.
Receivables are initially recognised at fair value less impairment losses.
Financial assets at fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets
held for trading, financial assets designated upon initial recognition at fair
value through profit or loss, or financial assets mandatorily required to be
measured at fair value. Financial assets are classified as held for trading
if they are acquired for the purpose of selling or repurchasing in the near
term. Derivatives, including separated embedded derivatives, are also
classified as held for trading unless they are designated as effective hedging
instruments. Financial assets at fair value through profit or loss are carried
in the statement of financial position at fair value with net changes in fair
value recognized in the statement of profit or loss.
The Board and management of the Group is following up all current financial
investments at fair value according to the business model of the Group.
2.6 Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits with banks and
other short-term highly liquid investments with original maturities of three
months or less.
2.7 Borrowings
All loans and borrowings are initially recognised at cost, being the fair value
of the consideration received net of transaction/issue costs associated
with the borrowing. After initial recognition, interests-bearing loans and
borrowings are subsequently measured at amortised cost using the effective
interest method. Any difference between the consideration received net of
transaction/issue costs associated with the borrowing and the redemption
value, is recognised in the income statement over the term of the loan.
2.8 Taxes
Income taxes for the period comprises tax payable and changes in deferred
tax.
Tax is recognised in the income statement, except to the extent that it
relates to items recognised in other comprehensive income or directly
in equity. In this case the tax is also recognised in other comprehensive
income or directly in equity.
Deferred tax assets and liabilities are calculated based on existing
temporary differences between the carrying amounts of assets and
liabilities in the financial statements and their tax bases, together with
tax losses carried forward at the balance sheet date. Deferred tax assets
and liabilities are calculated based on the tax rates and tax legislation
that are expected to exist when the assets are realised or the liabilities are
settled, based on the tax rates and tax legislation that have been enacted
or substantially enacted on the balance sheet date. Deferred tax assets are
recognised only to the extent that it is probable that future taxable profits
will be available against which the assets can be utilised. The carrying
amount of deferred tax assets is reviewed at each balance sheet date and
reduced to the extent that is no longer probable that the deferred tax asset
can be utilised. Deferred tax assets and liabilities are not discounted.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax liabilities
and when the deferred taxes assets and liabilities relate to income taxes
levied by the same taxation authority on the same taxable entity.
2.9 Defined contribution pension plans
The Group\u2019s payments under defined contribution pension plans are
recognised in the income statement as employee benefits expense for the
year to which the contribution applies.
2.10 Provisions
A provision is recognised when the Group has a present legal or constructive
obligation resulting from past events, it is probable (i.e. more likely than
not) that an outflow of resources will be required to settle the obligation,
and the amount has been reliably estimated. Provisions are reviewed at
each balance sheet date and adjusted to reflect the current best estimate.
Provisions are measured at the present value of the expenditures expected
to be required to settle the obligation. The increase in the provision owing to
passage of time is recognised as a financial cost.
The Group recognises a provision and an expense for severance payments
when there exists a legal obligation to make severance payments.
The Group recognises a provision and an expense for bonuses to
employees, when the Group is contractually obliged or where there is a past
practice that has created a constructive obligation.
2.11 Trade creditors
Trade creditors are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
2.12 Revenue recognition
Revenues from sales of services are recorded over time when the service
are performed.
2.13 Contingent liabilities
Contingent liabilities are not recognised in the financial statements unless
an outflow of resources embodying economic benefit has become probable.
Significant contingent liabilities are disclosed, except for contingent liabilities
where the probability of the liability occurring is remote.
2.14 Earnings per share
The calculation of basic earnings per share is based on the profit
attributable to owners of the Group using the weighted average number of
ordinary shares outstanding during the year after deduction of the average
number of treasury shares held over the period.
The calculation of diluted earnings per share is consistent with the
calculation of the basic earnings per share, but gives at the same time
effect to all dilutive potential ordinary shares that were outstanding during
the period, by adjusting the profit/loss and the weighted average number of
shares outstanding for the effects of all dilutive potential shares, i.e.:
\u2022 The profit/loss for the period is adjusted for changes in profit/loss that
would result from the conversion of the dilutive potential ordinary shares.
\u2022 The weighted average number of ordinary shares is increased by the
weighted average number of additional ordinary shares that would
have been outstanding assuming the conversion of all dilutive potential
ordinary shares.
2.15 Segment reporting
The Group reports only one business segment which includes the
investment activities. Based on this, no segment note is presented, and this
is in accordance with management\u2019s reporting.
2.16 Treasury shares
Own equity instruments which are reacquired (treasury shares) are
recognised at cost and deducted from equity. No gain or loss is recognised
in the income statement on the purchase, sale, issue or cancellation of
the Group\u2019s own equity instruments. Any difference between the carrying
amount and the consideration is recognised in equity.
2.17 Cash flow statement
The cash flow statement is prepared by using the indirect method.
2.18 Changes in accounting policies and disclosures
(a) New and amended standards and interpretations adopted by the
Group
New standards, amendments and interpretations to existing standards
effective from 1 January 2025 did not have any significant impact on the
financial statements.
(b) New and amended standards and interpretations issued but not
adopted by the Group
Certain new standards or amendments to standards and interpretations
are effective for annual periods beginning on or after 1 January 2026 and
have not been applied in preparing these consolidated financial statements.
None of these new standards and amendments to standards and
interpretations are expected to have any significant impact on the Group\u2019s
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-187": { "value": "2.1 Basis for preparation The group consolidated and the parent company financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and certain requirements in the Norwegian Accounting Act. The group financial statements for North Energy ASA include the subsidiaries as described in note 1. The accounting policies are applied consistently when consolidating ownership interests in subsidiaries and are based on the same reporting periods as those used for the parent company. When preparing the consolidated financial statements, intragroup transactions and balances, along with gains and losses on transactions between group units, are eliminated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-224": { "value": "The group consolidated and the parent company financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and certain requirements in the Norwegian Accounting Act. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "2.2 Investment in associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. The ownership in Reach Subsea ASA is at the end of the year 15.5%. However, it is still regarded as an associated company since North Energy ASA has two representatives on the board of the company, Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment. The carrying amount of equity-accounted investments is tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the investment\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the investment\u2019s fair value less costs of disposal and value in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "2.2 Investment in associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. The ownership in Reach Subsea ASA is at the end of the year 15.5%. However, it is still regarded as an associated company since North Energy ASA has two representatives on the board of the company, Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment. The carrying amount of equity-accounted investments is tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the investment\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the investment\u2019s fair value less costs of disposal and value in use. 2.5 Financial assets The Group\u2019s financial assets are listed and non-listed equity instruments, receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Receivables are initially recognised at fair value less impairment losses. Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The Board and management of the Group is following up all current financial investments at fair value according to the business model of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-188": { "value": "2.2 Investment in associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. The ownership in Reach Subsea ASA is at the end of the year 15.5%. However, it is still regarded as an associated company since North Energy ASA has two representatives on the board of the company, Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment. The carrying amount of equity-accounted investments is tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the investment\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the investment\u2019s fair value less costs of disposal and value in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-189": { "value": "2.3 Foreign currency Functional currency and presentation currency The presentation currency in the Group\u2019s consolidated financial statements is Norwegian Kroner (\u201cNOK\u201d). The parent company of the Group, North Energy ASA, has NOK as its functional currency. Transactions in foreign currency Foreign currency transactions are translated into NOK using the exchange rates on the transaction date. Monetary balances in foreign currencies are translated into NOK at the exchange rates on the date of the balance sheet. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-225": { "value": "Functional currency and presentation currency The presentation currency in the Group\u2019s consolidated financial statements is Norwegian Kroner (\u201cNOK\u201d). The parent company of the Group, North Energy ASA, has NOK as its functional currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-190": { "value": "2.4 Leases (as lessee) IFRS 16 defines a lease as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For each contract that meets this definition, IFRS 16 requires lessees to recognize a right-of-use asset and a lease liability in the balance sheet with certain exemptions for short term and low value leases. Lease payments are to be reflected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depreciated over the shorter of the lease term and the assets\u2019 useful life. Lease liabilities are measured at the present value of remaining lease payments, discounted using the Group\u2019s calculated borrowing rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "2.5 Financial assets The Group\u2019s financial assets are listed and non-listed equity instruments, receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Receivables are initially recognised at fair value less impairment losses. Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The Board and management of the Group is following up all current financial investments at fair value according to the business model of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "2.5 Financial assets The Group\u2019s financial assets are listed and non-listed equity instruments, receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Receivables are initially recognised at fair value less impairment losses. Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The Board and management of the Group is following up all current financial investments at fair value according to the business model of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-191": { "value": "2.5 Financial assets The Group\u2019s financial assets are listed and non-listed equity instruments, receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Receivables are initially recognised at fair value less impairment losses. Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The Board and management of the Group is following up all current financial investments at fair value according to the business model of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-226": { "value": "Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-192": { "value": "2.6 Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits with banks and other short-term highly liquid investments with original maturities of three months or less. 2.17 Cash flow statement The cash flow statement is prepared by using the indirect method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-227": { "value": "2.7 Borrowings All loans and borrowings are initially recognised at cost, being the fair value of the consideration received net of transaction/issue costs associated with the borrowing. After initial recognition, interests-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Any difference between the consideration received net of transaction/issue costs associated with the borrowing and the redemption value, is recognised in the income statement over the term of the loan. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-193": { "value": "2.7 Borrowings All loans and borrowings are initially recognised at cost, being the fair value of the consideration received net of transaction/issue costs associated with the borrowing. After initial recognition, interests-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Any difference between the consideration received net of transaction/issue costs associated with the borrowing and the redemption value, is recognised in the income statement over the term of the loan. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-228": { "value": "2.8 Taxes Income taxes for the period comprises tax payable and changes in deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity. Deferred tax assets and liabilities are calculated based on existing temporary differences between the carrying amounts of assets and liabilities in the financial statements and their tax bases, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to exist when the assets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted on the balance sheet date. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that is no longer probable that the deferred tax asset can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-194": { "value": "2.8 Taxes Income taxes for the period comprises tax payable and changes in deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity. Deferred tax assets and liabilities are calculated based on existing temporary differences between the carrying amounts of assets and liabilities in the financial statements and their tax bases, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to exist when the assets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted on the balance sheet date. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that is no longer probable that the deferred tax asset can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-195": { "value": "2.9 Defined contribution pension plans The Group\u2019s payments under defined contribution pension plans are recognised in the income statement as employee benefits expense for the year to which the contribution applies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-229": { "value": "2.10 Provisions A provision is recognised when the Group has a present legal or constructive obligation resulting from past events, it is probable (i.e. more likely than not) that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. The increase in the provision owing to passage of time is recognised as a financial cost. The Group recognises a provision and an expense for severance payments when there exists a legal obligation to make severance payments. The Group recognises a provision and an expense for bonuses to employees, when the Group is contractually obliged or where there is a past practice that has created a constructive obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-196": { "value": "2.10 Provisions A provision is recognised when the Group has a present legal or constructive obligation resulting from past events, it is probable (i.e. more likely than not) that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. The increase in the provision owing to passage of time is recognised as a financial cost. The Group recognises a provision and an expense for severance payments when there exists a legal obligation to make severance payments. The Group recognises a provision and an expense for bonuses to employees, when the Group is contractually obliged or where there is a past practice that has created a constructive obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-197": { "value": "2.11 Trade creditors Trade creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-198": { "value": "2.12 Revenue recognition Revenues from sales of services are recorded over time when the service are performed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-199": { "value": "2.13 Contingent liabilities Contingent liabilities are not recognised in the financial statements unless an outflow of resources embodying economic benefit has become probable. Significant contingent liabilities are disclosed, except for contingent liabilities where the probability of the liability occurring is remote. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-200": { "value": "2.14 Earnings per share The calculation of basic earnings per share is based on the profit attributable to owners of the Group using the weighted average number of ordinary shares outstanding during the year after deduction of the average number of treasury shares held over the period. The calculation of diluted earnings per share is consistent with the calculation of the basic earnings per share, but gives at the same time effect to all dilutive potential ordinary shares that were outstanding during the period, by adjusting the profit/loss and the weighted average number of shares outstanding for the effects of all dilutive potential shares, i.e.: \u2022 The profit/loss for the period is adjusted for changes in profit/loss that would result from the conversion of the dilutive potential ordinary shares. \u2022 The weighted average number of ordinary shares is increased by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-201": { "value": "2.15 Segment reporting The Group reports only one business segment which includes the investment activities. Based on this, no segment note is presented, and this is in accordance with management\u2019s reporting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-202": { "value": "2.16 Treasury shares Own equity instruments which are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration is recognised in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-203": { "value": "2.18 Changes in accounting policies and disclosures (a) New and amended standards and interpretations adopted by the Group New standards, amendments and interpretations to existing standards effective from 1 January 2025 did not have any significant impact on the financial statements. (b) New and amended standards and interpretations issued but not adopted by the Group Certain new standards or amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2026 and have not been applied in preparing these consolidated financial statements. None of these new standards and amendments to standards and interpretations are expected to have any significant impact on the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-204": { "value": "
NOTE 3 Financial risk management
3.1 Financial risks
The Group is exposed to a variety of risks, including market risk, credit risk,
interest rate risk, liquidity risk and currency risk.
This note presents information about the Group's exposure to each of the
aforementioned risks, and the Group's objectives, policies and processes
for managing such risks. The note also presents the Group's objectives,
policies and processes for managing capital.
(a) Market risk
North Energy is exposed to market risk involving the risk of changing
conditions in the specific marketplace in which the Group makes
investments. Sources of market risk include changes in market sentiment
as well as recessions, political turmoil, changes in interest rates, natural
disasters, and terrorist attacks. Energy prices in 2025 continued to show
relative stability compared to the extreme volatility experienced in earlier
years, though periodic fluctuations persisted. Geopolitical tensions,
including the ongoing effects of the war in Ukraine, remained a contributing
factor to market uncertainty. Global investment in energy infrastructure
increased further from 2024 to 2025, with continued momentum toward
clean energy technologies and electrification initiatives.
(b) Credit risk
The Group is mainly exposed to credit risk related to bank deposits.
The exposure to credit risk is monitored on an ongoing basis. As all
counterparties have a high credit rating, there are no expectations that any
of the counterparties will not be able to fulfil their liabilities. The maximum
exposure to credit risk is represented by the carrying amount of each
financial asset in the balance sheet.
(c) Interest rate risk
The group\u2019s exposure to interest rate risk is related to usage of the
Prime Finance credit facility provided by DNB, with floating interest rate
conditions. The group is therefore exposed to interest rate risk as part of its
normal business activities and the aim is to keep this risk at an acceptable
level. The credit facility entitles the Group to borrow up to NOK 100 million
secured by a pledge in the Group\u2019s financial investments.
(d) Liquidity risk
The Group's liquidity risk is the risk that it will not be able to pay its financial
liabilities as they fall due. The Group\u2019s approach to managing liquidity
risk is to ensure that it will always have sufficient liquidity to meet its
financial liabilities as they fall due, under normal as well as extraordinary
circumstances, without incurring unacceptable losses or risking damage
to the Group\u2019s reputation. Sufficient liquidity will be held in regular bank
accounts at all times to cover expected payments relating to operational
activities and investment activities.
The Group\u2019s financial liabilities are short-term and fall due within 12
months.
(e) Currency risk
The Group\u2019s functional currency is the NOK, and the Group is exposed
to foreign exchange rate risk related to the value of NOK relative to other
currencies. The Group is exposed to currency risk related to its activities
mainly because some parts of the Group\u2019s investments are or have been
in USD, EUR, CAD, and GBP. In addition, the Group is exposed to currency
risk through the credit facility with DNB where the Group can finance the
investments by borrowing in multiple currencies. The Group has not entered
into any agreements to reduce its exposure to foreign currencies.
3.2 Capital management
The Group\u2019s aim for management of capital structure is to secure the
business in order to yield profit to shareholders and contributions to other
stakeholders. In addition, a capital structure at its optimum will reduce the
costs of capital. To maintain or change the capital structure in the future,
the Group can pay dividends to its shareholders, issue new shares or sell
assets to reduce debt. The Group may buy its own shares. The point of time
for this is dependent on changes in market prices.
The Group monitors its capital structure using an equity ratio, which is total
equity divided by total assets. As of December 31, 2025, the equity ratio
was 77% which is down from 98% from last year.
The Group will handle any increased future capital requirements by selling
assets, raising new capital, taking up loans, establishing strategic alliances
or any combination of these, and by adjusting the Group's activity level if
necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-230": { "value": "(a) Market risk North Energy is exposed to market risk involving the risk of changing conditions in the specific marketplace in which the Group makes investments. Sources of market risk include changes in market sentiment as well as recessions, political turmoil, changes in interest rates, natural disasters, and terrorist attacks. Energy prices in 2025 continued to show relative stability compared to the extreme volatility experienced in earlier years, though periodic fluctuations persisted. Geopolitical tensions, including the ongoing effects of the war in Ukraine, remained a contributing factor to market uncertainty. Global investment in energy infrastructure increased further from 2024 to 2025, with continued momentum toward clean energy technologies and electrification initiatives. (c) Interest rate risk The group\u2019s exposure to interest rate risk is related to usage of the Prime Finance credit facility provided by DNB, with floating interest rate conditions. The group is therefore exposed to interest rate risk as part of its normal business activities and the aim is to keep this risk at an acceptable level. The credit facility entitles the Group to borrow up to NOK 100 million secured by a pledge in the Group\u2019s financial investments. (e) Currency risk The Group\u2019s functional currency is the NOK, and the Group is exposed to foreign exchange rate risk related to the value of NOK relative to other currencies. The Group is exposed to currency risk related to its activities mainly because some parts of the Group\u2019s investments are or have been in USD, EUR, CAD, and GBP. In addition, the Group is exposed to currency risk through the credit facility with DNB where the Group can finance the investments by borrowing in multiple currencies. The Group has not entered into any agreements to reduce its exposure to foreign currencies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-231": { "value": "(b) Credit risk The Group is mainly exposed to credit risk related to bank deposits. The exposure to credit risk is monitored on an ongoing basis. As all counterparties have a high credit rating, there are no expectations that any of the counterparties will not be able to fulfil their liabilities. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-232": { "value": "(d) Liquidity risk The Group's liquidity risk is the risk that it will not be able to pay its financial liabilities as they fall due. The Group\u2019s approach to managing liquidity risk is to ensure that it will always have sufficient liquidity to meet its financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Sufficient liquidity will be held in regular bank accounts at all times to cover expected payments relating to operational activities and investment activities. The Group\u2019s financial liabilities are short-term and fall due within 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-233": { "value": "3.2 Capital management The Group\u2019s aim for management of capital structure is to secure the business in order to yield profit to shareholders and contributions to other stakeholders. In addition, a capital structure at its optimum will reduce the costs of capital. To maintain or change the capital structure in the future, the Group can pay dividends to its shareholders, issue new shares or sell assets to reduce debt. The Group may buy its own shares. The point of time for this is dependent on changes in market prices. The Group monitors its capital structure using an equity ratio, which is total equity divided by total assets. As of December 31, 2025, the equity ratio was 77% which is down from 98% from last year. The Group will handle any increased future capital requirements by selling assets, raising new capital, taking up loans, establishing strategic alliances or any combination of these, and by adjusting the Group's activity level if necessary.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-205": { "value": "
NOTE 4 Critical accounting estimates and judgements
4.1 Critical accounting estimates and assumptions
The preparation of the financial statements in accordance with IFRS
requires management to make judgements and use estimates and
assumptions that affect the reported amounts of assets and liabilities,
income, and expenses.
The estimates and associated assumptions are based on historical
experience and various other factors that are considered to be reasonable
under the circumstances. The estimates and underlying assumptions are
reviewed on an ongoing basis.
At year end, the Group's most important accounting estimates are related
to fair value of Financial investments at fair value through profit or loss
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-206": { "value": "
NOTE 5 Payroll and related expenses, remuneration of directors and
management
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Salaries
15 864
11 058
15 864
11 058
Fees to the board and election
2 441
1 190
2 441
1 190
committee
Payroll tax
2 729
2 249
2 729
2 249
Pension costs
766
718
766
718
Long-term incentive plan
878
0
878
0
Other benefits
89
68
89
68
Total
22 768
15 282
22 768
15 282
Average number of employees
3.0
3.0
3.0
3.0
Pensions
The company has a defined contribution pension plan. The pension
arrangements fulfil the requirements of the Norwegian Act on mandatory
occupational pensions.
Long-term incentive plan
As described in the updated Remuneration guidelines approved by the AGM
in 2025, the Company has established a long term incentive plan for the
Management and the Board where the participants are offered to purchase
synthetic shares in the Company. The Synthetic Shares do not give the participant
rights in the Company as a shareholder, but a right to sell the Synthetic Shares
back to the Company after a vesting period of 3 years, where consideration for
the Synthetic Shares shall reflect the value of the shares in the Company. The
synthetic shares will vest in full 3 years after being awarded. The purchase price
for the synthetic shares was 2.636 and is based on the 5-day volume-weighted
average price (VWAP) ending May 20, 2025. The participants were offered to
borrow 90% of the purchase price from the Company. The loan will bear interest
at an interest rate equivalent to the applicable normal interest rate for the taxation
of low-cost loans from an employer (Normrente for beskatning av rimelige l\u00e5n
hos arbeidsgiver). Total amount paid by the participants to the Company in 2025
was NOK 3.3 million, while the Company has reported a cost of NOK 0.9 million
during the year. At the end of the year the Company has accrued NOK 4.2 million
in liabilities in relation to the long-term incentive plan.
Remuneration to directors and management in 2025:
The board of directors shall prepare a declaration in accordance with the
Norwegian Public Limited Liability Companies Act (Allmennaksjeloven) \u00a76-16a.
The information in accordance with the Norwegian Accounting Act \u00a77-31b are
available in a separate report that is published on www.northenergy.no
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
6 846
266
311
Didrik Leikvang (CEO)
6 846
237
311
Rune Damm (CFO)
2 173
263
65
Board of directors
Anders Onarheim (chair)
1 533
211
Elin Karfjell (director)
317
35
Jogeir Romestrand (director)
317
35
Total
2167
15 864
766
967
The election commitee has recieved a fee of NOK 100k in 2025
* Other includes provisions for long-term incentive plan and allowances to cover telephone and
internet, group life insurance and travel insurance.
** Figures for remuneration are exclusive payroll tax.
Remuneration to directors and management in 2024:
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
4 567
248
23
Didrik Leikvang (CEO)
4 567
223
23
Rune Damm (CFO)
1 924
246
23
Board of directors
Anders Onarheim (chair)
550
Elin Karfjell (director)
275
Jogeir Romestrand (director)
275
Total
1100
11 058
717
68
The election commitee has recieved a fee of NOK 90k in 2024
* Other includes provision for allowances to cover telephone and internet, group life insurance and
travel insurance.
** Figures for remuneration to management are exclusive payroll tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-234": { "value": "NOTE 5 Payroll and related expenses, remuneration of directors and management
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Salaries
15 864
11 058
15 864
11 058
Fees to the board and election
2 441
1 190
2 441
1 190
committee
Payroll tax
2 729
2 249
2 729
2 249
Pension costs
766
718
766
718
Long-term incentive plan
878
0
878
0
Other benefits
89
68
89
68
Total
22 768
15 282
22 768
15 282
Average number of employees
3.0
3.0
3.0
3.0
Pensions The company has a defined contribution pension plan. The pension arrangements fulfil the requirements of the Norwegian Act on mandatory occupational pensions. Long-term incentive plan As described in the updated Remuneration guidelines approved by the AGM in 2025, the Company has established a long term incentive plan for the Management and the Board where the participants are offered to purchase synthetic shares in the Company. The Synthetic Shares do not give the participant rights in the Company as a shareholder, but a right to sell the Synthetic Shares back to the Company after a vesting period of 3 years, where consideration for the Synthetic Shares shall reflect the value of the shares in the Company. The synthetic shares will vest in full 3 years after being awarded. The purchase price for the synthetic shares was 2.636 and is based on the 5-day volume-weighted average price (VWAP) ending May 20, 2025. The participants were offered to borrow 90% of the purchase price from the Company. The loan will bear interest at an interest rate equivalent to the applicable normal interest rate for the taxation of low-cost loans from an employer (Normrente for beskatning av rimelige l\u00e5n hos arbeidsgiver). Total amount paid by the participants to the Company in 2025 was NOK 3.3 million, while the Company has reported a cost of NOK 0.9 million during the year. At the end of the year the Company has accrued NOK 4.2 million in liabilities in relation to the long-term incentive plan. Remuneration to directors and management in 2025: The board of directors shall prepare a declaration in accordance with the Norwegian Public Limited Liability Companies Act (Allmennaksjeloven) \u00a76-16a. The information in accordance with the Norwegian Accounting Act \u00a77-31b are available in a separate report that is published on www.northenergy.no
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
6 846
266
311
Didrik Leikvang (CEO)
6 846
237
311
Rune Damm (CFO)
2 173
263
65
Board of directors
Anders Onarheim (chair)
1 533
211
Elin Karfjell (director)
317
35
Jogeir Romestrand (director)
317
35
Total
2167
15 864
766
967
The election commitee has recieved a fee of NOK 100k in 2025 * Other includes provisions for long-term incentive plan and allowances to cover telephone and internet, group life insurance and travel insurance. ** Figures for remuneration are exclusive payroll tax. Remuneration to directors and management in 2024:
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
4 567
248
23
Didrik Leikvang (CEO)
4 567
223
23
Rune Damm (CFO)
1 924
246
23
Board of directors
Anders Onarheim (chair)
550
Elin Karfjell (director)
275
Jogeir Romestrand (director)
275
Total
1100
11 058
717
68
The election commitee has recieved a fee of NOK 90k in 2024 * Other includes provision for allowances to cover telephone and internet, group life insurance and travel insurance. ** Figures for remuneration to management are exclusive payroll tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "NOTE 5 Payroll and related expenses, remuneration of directors and management
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Salaries
15 864
11 058
15 864
11 058
Fees to the board and election
2 441
1 190
2 441
1 190
committee
Payroll tax
2 729
2 249
2 729
2 249
Pension costs
766
718
766
718
Long-term incentive plan
878
0
878
0
Other benefits
89
68
89
68
Total
22 768
15 282
22 768
15 282
Average number of employees
3.0
3.0
3.0
3.0
Pensions The company has a defined contribution pension plan. The pension arrangements fulfil the requirements of the Norwegian Act on mandatory occupational pensions. Long-term incentive plan As described in the updated Remuneration guidelines approved by the AGM in 2025, the Company has established a long term incentive plan for the Management and the Board where the participants are offered to purchase synthetic shares in the Company. The Synthetic Shares do not give the participant rights in the Company as a shareholder, but a right to sell the Synthetic Shares back to the Company after a vesting period of 3 years, where consideration for the Synthetic Shares shall reflect the value of the shares in the Company. The synthetic shares will vest in full 3 years after being awarded. The purchase price for the synthetic shares was 2.636 and is based on the 5-day volume-weighted average price (VWAP) ending May 20, 2025. The participants were offered to borrow 90% of the purchase price from the Company. The loan will bear interest at an interest rate equivalent to the applicable normal interest rate for the taxation of low-cost loans from an employer (Normrente for beskatning av rimelige l\u00e5n hos arbeidsgiver). Total amount paid by the participants to the Company in 2025 was NOK 3.3 million, while the Company has reported a cost of NOK 0.9 million during the year. At the end of the year the Company has accrued NOK 4.2 million in liabilities in relation to the long-term incentive plan. Remuneration to directors and management in 2025: The board of directors shall prepare a declaration in accordance with the Norwegian Public Limited Liability Companies Act (Allmennaksjeloven) \u00a76-16a. The information in accordance with the Norwegian Accounting Act \u00a77-31b are available in a separate report that is published on www.northenergy.no
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
6 846
266
311
Didrik Leikvang (CEO)
6 846
237
311
Rune Damm (CFO)
2 173
263
65
Board of directors
Anders Onarheim (chair)
1 533
211
Elin Karfjell (director)
317
35
Jogeir Romestrand (director)
317
35
Total
2167
15 864
766
967
The election commitee has recieved a fee of NOK 100k in 2025 * Other includes provisions for long-term incentive plan and allowances to cover telephone and internet, group life insurance and travel insurance. ** Figures for remuneration are exclusive payroll tax. Remuneration to directors and management in 2024:
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
4 567
248
23
Didrik Leikvang (CEO)
4 567
223
23
Rune Damm (CFO)
1 924
246
23
Board of directors
Anders Onarheim (chair)
550
Elin Karfjell (director)
275
Jogeir Romestrand (director)
275
Total
1100
11 058
717
68
The election commitee has recieved a fee of NOK 90k in 2024 * Other includes provision for allowances to cover telephone and internet, group life insurance and travel insurance. ** Figures for remuneration to management are exclusive payroll tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-207": { "value": "
NOTE 6 Other operating expenses and remuneration to auditor
Other operating expenses consist of:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Travelling expenses
357
597
357
597
Consultant and other fees
1 266
1 659
1 362
1 781
Other administrative expenses
2 799
6 038
2 874
6 085
Total
4 422
8 294
4 593
8 463
Remuneration to auditor is allocated as specified below:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Audit
731
644
786
699
Attestations and other assistance
58
38
58
38
Total, incl. VAT
789
682
844
737
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-235": { "value": "Other operating expenses consist of:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Travelling expenses
357
597
357
597
Consultant and other fees
1 266
1 659
1 362
1 781
Other administrative expenses
2 799
6 038
2 874
6 085
Total
4 422
8 294
4 593
8 463
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "Other operating expenses consist of:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Travelling expenses
357
597
357
597
Consultant and other fees
1 266
1 659
1 362
1 781
Other administrative expenses
2 799
6 038
2 874
6 085
Total
4 422
8 294
4 593
8 463
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "Other operating expenses consist of:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Travelling expenses
357
597
357
597
Consultant and other fees
1 266
1 659
1 362
1 781
Other administrative expenses
2 799
6 038
2 874
6 085
Total
4 422
8 294
4 593
8 463
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-236": { "value": "Remuneration to auditor is allocated as specified below:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Audit
731
644
786
699
Attestations and other assistance
58
38
58
38
Total, incl. VAT
789
682
844
737
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-208": { "value": "
NOTE 7 Trade and other receivables
Trade and other receivables consist of:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Trade receivables
27
-
27
-
Prepaid expenses
211
282
211
282
Total
238
282
238
282
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-209": { "value": "
NOTE 8 Cash and cash equivalents
Cash and cash equivalents:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Bank deposits
100 923
101 919
101 106
102 045
Total cash and cash equivalents
100 923
101 919
101 106
102 045
Of this:
Restricted cash for witheld taxes
from employees salaries
526
496
526
496
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-237": { "value": "NOTE 8 Cash and cash equivalents Cash and cash equivalents:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Bank deposits
100 923
101 919
101 106
102 045
Total cash and cash equivalents
100 923
101 919
101 106
102 045
Of this:
Restricted cash for witheld taxes
from employees salaries
526
496
526
496
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-210": { "value": "
NOTE 9 Share capital and shareholder information
2025
2024
Number of issued shares at 1 January
119 047 065
119 047 065
Treasury shares deleted during the year
(1 795 472)
0
Number of issued shares at 31 December
117 251 593
119 047 065
Nominal value NOK per share at 31 December
1.00
1.00
Share capital NOK at 31 December
117 251 593
119 047 065
North Energy ASA has one share class with equal rights for all shares.
Main shareholders as of 31 December 2025:
Number of
Shareholder
shares
% share
AB INVESTMENT AS
17 127 892
14.6%
CELISA CAPITAL AS
12 706 191
10.8%
ISFJORDEN AS
11 634 242
9.9%
ONARHEIM ANDERS
8 000 000
6.8%
INTERTRADE SHIPPING AS
4 550 000
3.9%
TRIOMAR AS
3 100 000
2.6%
TVEIT\u00c5 EINAR KRISTIAN
2 529 000
2.2%
SALTEN KRAFTSAMBAND AS
2 419 215
2.1%
ARNT HAGEN HOLDING AS
2 368 993
2.0%
BAKKANE ARVID
2 250 000
1.9%
ROME AS
2 050 849
1.7%
CORUNA AS
2 000 000
1.7%
GR\u00d8NLAND STEINAR
1 943 429
1.7%
EIKANGER INVEST AS
1 900 000
1.6%
TAJ HOLDING AS
1 792 030
1.5%
CLEARSTREAM BANKING S.A.
1 775 898
1.5%
ORIGO KAPITAL AS
1 343 569
1.1%
MIDDELBOE AS
1 275 732
1.1%
Avanza Bank AB MEGLERKONTO
1 208 167
1.0%
Maxwell Montes AS
1 189 186
1.0%
Total 20 largest shareholders
83 164 393
70.9%
Other shareholders
34 087 200
29.1%
Total
117 251 593
100.0%
Number of shares owned by management and directors at 31 December 2025:
Management
Didrik Leikvang (Co-CEO), through Isfjorden AS and privately
12 082 887
10.3%
owned
Rachid Bendriss (Co-CEO), through Celisa Capital AS
Board of Directors
12 706 191
10.8%
Anders Onarheim (chairman), through AB Investment AS, Liju
Invest AS and privately owned
25 626 642
21.9%
Jogeir Romestrand (director), through Rome AS
2 050 849
1.7%
Elin Karfjell (director), through Elika AS
407 700
0.3%
Total
52 874 269
45.1%
Number of shares owned by management and directors at 31 December 2024:
Management
Didrik Leikvang (Co-CEO), through Isfjorden AS and privately
11 169 242
9.5%
owned
Rachid Bendriss (Co-CEO), through Celisa Capital AS
Board of Directors
12 542 546
10.7%
Anders Onarheim (chairman), through AB Investment AS, Liju
Invest AS and privately owned
25 462 996
21.7%
Jogeir Romestrand (director), through Rome AS
1 887 204
1.6%
Elin Karfjell (director), through Elika AS
407 700
0.3%
Total
51 469 688
43.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "NOTE 9 Share capital and shareholder information
2025
2024
Number of issued shares at 1 January
119 047 065
119 047 065
Treasury shares deleted during the year
(1 795 472)
0
Number of issued shares at 31 December
117 251 593
119 047 065
Nominal value NOK per share at 31 December
1.00
1.00
Share capital NOK at 31 December
117 251 593
119 047 065
North Energy ASA has one share class with equal rights for all shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-238": { "value": "NOTE 9 Share capital and shareholder information
2025
2024
Number of issued shares at 1 January
119 047 065
119 047 065
Treasury shares deleted during the year
(1 795 472)
0
Number of issued shares at 31 December
117 251 593
119 047 065
Nominal value NOK per share at 31 December
1.00
1.00
Share capital NOK at 31 December
117 251 593
119 047 065
North Energy ASA has one share class with equal rights for all shares. Main shareholders as of 31 December 2025:
Number of
Shareholder
shares
% share
AB INVESTMENT AS
17 127 892
14.6%
CELISA CAPITAL AS
12 706 191
10.8%
ISFJORDEN AS
11 634 242
9.9%
ONARHEIM ANDERS
8 000 000
6.8%
INTERTRADE SHIPPING AS
4 550 000
3.9%
TRIOMAR AS
3 100 000
2.6%
TVEIT\u00c5 EINAR KRISTIAN
2 529 000
2.2%
SALTEN KRAFTSAMBAND AS
2 419 215
2.1%
ARNT HAGEN HOLDING AS
2 368 993
2.0%
BAKKANE ARVID
2 250 000
1.9%
ROME AS
2 050 849
1.7%
CORUNA AS
2 000 000
1.7%
GR\u00d8NLAND STEINAR
1 943 429
1.7%
EIKANGER INVEST AS
1 900 000
1.6%
TAJ HOLDING AS
1 792 030
1.5%
CLEARSTREAM BANKING S.A.
1 775 898
1.5%
ORIGO KAPITAL AS
1 343 569
1.1%
MIDDELBOE AS
1 275 732
1.1%
Avanza Bank AB MEGLERKONTO
1 208 167
1.0%
Maxwell Montes AS
1 189 186
1.0%
Total 20 largest shareholders
83 164 393
70.9%
Other shareholders
34 087 200
29.1%
Total
117 251 593
100.0%
Number of shares owned by management and directors at 31 December 2025:
Management
Didrik Leikvang (Co-CEO), through Isfjorden AS and privately
12 082 887
10.3%
owned
Rachid Bendriss (Co-CEO), through Celisa Capital AS
Board of Directors
12 706 191
10.8%
Anders Onarheim (chairman), through AB Investment AS, Liju
Invest AS and privately owned
25 626 642
21.9%
Jogeir Romestrand (director), through Rome AS
2 050 849
1.7%
Elin Karfjell (director), through Elika AS
407 700
0.3%
Total
52 874 269
45.1%
Number of shares owned by management and directors at 31 December 2024:
Management
Didrik Leikvang (Co-CEO), through Isfjorden AS and privately
11 169 242
9.5%
owned
Rachid Bendriss (Co-CEO), through Celisa Capital AS
Board of Directors
12 542 546
10.7%
Anders Onarheim (chairman), through AB Investment AS, Liju
Invest AS and privately owned
25 462 996
21.7%
Jogeir Romestrand (director), through Rome AS
1 887 204
1.6%
Elin Karfjell (director), through Elika AS
407 700
0.3%
Total
51 469 688
43.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-211": { "value": "
NOTE 10 Leases
Right-of-use assets:
The Company leases office facilities. The Company's right-of-use assets are
categorised and presented in the table below:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Right-of-use assets
Acquisition cost at 1 January
12 247
12 055
12 247
12 055
Addition of right-of-use assets
0
0
0
0
Disposals of right-of-use assets
0
0
0
0
Changes in estimates
0
192
0
192
Acquisition cost 31 December
12 247
12 247
12 247
12 247
Accumulated depreciation and impair-
ment 1 January
(8 785)
(7 246)
(8 785)
(7 246)
Depreciation
(1 539)
(1 539)
(1 539)
(1 539)
Impairment
0
0
0
0
Accumulated depreciation and impair-
ment 31 December
(10 324)
(8 785)
(10 324)
(8 785)
Carrying amount of right-of-use assets 31
1 924
3 462
1 924
3 462
December
Lower of remaining lease term or
economic life
1.25 years
Depreciation method
Linear
Leasing liabilities:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Lease liabilities at 1 January
3 736
4 950
3 736
4 950
Additions new lease contracts
0
0
0
0
Disposals lease contracts
0
0
0
0
Changes in estimates
0
197
0
197
Accretion of interest expense
145
201
145
201
Payments of lease liabilities
(1 772)
(1 612)
(1 772)
(1 612)
Total leasing liabilities 31 December
2 109
3 736
2 109
3736
Break down of lease debt:
Short-term
1 691
1 684
1 691
1 684
Long-term
418
2 052
418
2 052
Total lease debt
2 109
3 736
2 109
3 736
Maturity of future undiscounted lease payments under non-cancellable
lease agreements:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Within 1 year
1 753
1 720
1 753
1 720
1 to 5 years
438
2 150
438
2 150
After 5 years
-
-
-
-
Total
2 192
3 871
2 192
3 871
The leases do not impose any restrictions on the Company\u2019s dividend policy
or financing opportunities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-239": { "value": "NOTE 10 Leases Right-of-use assets: The Company leases office facilities. The Company's right-of-use assets are categorised and presented in the table below:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Right-of-use assets
Acquisition cost at 1 January
12 247
12 055
12 247
12 055
Addition of right-of-use assets
0
0
0
0
Disposals of right-of-use assets
0
0
0
0
Changes in estimates
0
192
0
192
Acquisition cost 31 December
12 247
12 247
12 247
12 247
Accumulated depreciation and impair-
ment 1 January
(8 785)
(7 246)
(8 785)
(7 246)
Depreciation
(1 539)
(1 539)
(1 539)
(1 539)
Impairment
0
0
0
0
Accumulated depreciation and impair-
ment 31 December
(10 324)
(8 785)
(10 324)
(8 785)
Carrying amount of right-of-use assets 31
1 924
3 462
1 924
3 462
December
Lower of remaining lease term or
economic life
1.25 years
Depreciation method
Linear
Leasing liabilities:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Lease liabilities at 1 January
3 736
4 950
3 736
4 950
Additions new lease contracts
0
0
0
0
Disposals lease contracts
0
0
0
0
Changes in estimates
0
197
0
197
Accretion of interest expense
145
201
145
201
Payments of lease liabilities
(1 772)
(1 612)
(1 772)
(1 612)
Total leasing liabilities 31 December
2 109
3 736
2 109
3736
Break down of lease debt:
Short-term
1 691
1 684
1 691
1 684
Long-term
418
2 052
418
2 052
Total lease debt
2 109
3 736
2 109
3 736
Maturity of future undiscounted lease payments under non-cancellable lease agreements:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Within 1 year
1 753
1 720
1 753
1 720
1 to 5 years
438
2 150
438
2 150
After 5 years
-
-
-
-
Total
2 192
3 871
2 192
3 871
The leases do not impose any restrictions on the Company\u2019s dividend policy or financing opportunities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "NOTE 10 Leases Right-of-use assets: The Company leases office facilities. The Company's right-of-use assets are categorised and presented in the table below:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Right-of-use assets
Acquisition cost at 1 January
12 247
12 055
12 247
12 055
Addition of right-of-use assets
0
0
0
0
Disposals of right-of-use assets
0
0
0
0
Changes in estimates
0
192
0
192
Acquisition cost 31 December
12 247
12 247
12 247
12 247
Accumulated depreciation and impair-
ment 1 January
(8 785)
(7 246)
(8 785)
(7 246)
Depreciation
(1 539)
(1 539)
(1 539)
(1 539)
Impairment
0
0
0
0
Accumulated depreciation and impair-
ment 31 December
(10 324)
(8 785)
(10 324)
(8 785)
Carrying amount of right-of-use assets 31
1 924
3 462
1 924
3 462
December
Lower of remaining lease term or
economic life
1.25 years
Depreciation method
Linear
Leasing liabilities:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Lease liabilities at 1 January
3 736
4 950
3 736
4 950
Additions new lease contracts
0
0
0
0
Disposals lease contracts
0
0
0
0
Changes in estimates
0
197
0
197
Accretion of interest expense
145
201
145
201
Payments of lease liabilities
(1 772)
(1 612)
(1 772)
(1 612)
Total leasing liabilities 31 December
2 109
3 736
2 109
3736
Break down of lease debt:
Short-term
1 691
1 684
1 691
1 684
Long-term
418
2 052
418
2 052
Total lease debt
2 109
3 736
2 109
3 736
Maturity of future undiscounted lease payments under non-cancellable lease agreements:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Within 1 year
1 753
1 720
1 753
1 720
1 to 5 years
438
2 150
438
2 150
After 5 years
-
-
-
-
Total
2 192
3 871
2 192
3 871
The leases do not impose any restrictions on the Company\u2019s dividend policy or financing opportunities. NOTE 15 Property, plant and equipment
Amounts in NOK 1 000
Equipment, office machines, etc
PARENT
GROUP
COMPANY
2025
2024
2025
2024
Cost:
At 1st of January
577
577
577
577
Additions
0
0
0
0
At 31st of December
577
577
577
577
Depreciation and impairment:
At 1st of January
(460)
(421)
(460)
(421)
Depreciation this year
(10)
(38)
(10)
(38)
At 31st of December
(470)
(460)
(470)
(460)
Carrying amount at 31 of December
107
117
107
117
Economic life
3-10 years
Depreciation method
linear
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-212": { "value": "
NOTE 11 Other current and non-current liabilities
Other Current liabilities
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Public duties payable
886
910
886
910
Holiday pay
950
902
950
902
VAT payable
54
55
54
55
Other accruals for incurred costs
1 019
1 275
1 019
1 275
Total
2 910
3 142
2 910
3 142
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "NOTE 11 Other current and non-current liabilities Other Current liabilities
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Public duties payable
886
910
886
910
Holiday pay
950
902
950
902
VAT payable
54
55
54
55
Other accruals for incurred costs
1 019
1 275
1 019
1 275
Total
2 910
3 142
2 910
3 142
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "NOTE 11 Other current and non-current liabilities Other Current liabilities
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Public duties payable
886
910
886
910
Holiday pay
950
902
950
902
VAT payable
54
55
54
55
Other accruals for incurred costs
1 019
1 275
1 019
1 275
Total
2 910
3 142
2 910
3 142
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-240": { "value": "Other Current liabilities
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Public duties payable
886
910
886
910
Holiday pay
950
902
950
902
VAT payable
54
55
54
55
Other accruals for incurred costs
1 019
1 275
1 019
1 275
Total
2 910
3 142
2 910
3 142
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-213": { "value": "
NOTE 12 Earnings per share
PARENT COMPANY
GROUP
2025
2024
2025
2024
Profit/(loss) for the year attribut-
able to owners of North Energy
ASA
(NOK 1 000)
(17 320)
33 309
(40 184)
58 105
Weighted average number of
shares outstanding including
treasury shares
117 251 593
119 047 065
117 251 593
119 047 065
Weighted average number of
treasury shares outstanding
0
(1 795 472)
0
(1 795 472)
Weighted average number of
shares outstanding excluding
treasury shares
117 251 593
117 251 593
117 251 593
117 251 593
Earnings per share (NOK per share)
- Basic
(0.15)
0.28
(0.34)
0.50
- Diluted
(0.15)
0.28
(0.34)
0.50
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-214": { "value": "
NOTE 13 Related parties
The Company's transactions with related parties:
Overview of subsidiaries
The purpose of North Industries 1 AS and North Industries 2 AS is to own
North Energy's investments in Reach Subsea ASA and Wind Catching
Systems AS respectively.
In August 2023 a new loan agreement totalling NOK 0.2 million was
established between North Energy and North Industries 2 AS to be used for
operational expenses.
The interest rate payable for the loan are based on market rates (monthly
NOWA) plus a margin of 3%.
Loan to subsidiaries:
PARENT
COMPANY
Amounts in NOK 1 000
2025
2024
North Industries 1 AS
Loan balance
0
0
North Industries 1 AS
Accrued interest
0
0
North Industries 2 AS
Loan balance
200
200
North Industries 2 AS
Accrued interest
38
21
Total
238
221
Interest income from subsidiaries:
PARENT
COMPANY
Amounts in NOK 1 000
2025
2024
North Industries 1 AS
Interest income
2
407
North Industries 2 AS
Interest income
17
16
Total
18
423
Financial figures for the subsidiary North Industries 1 AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
0
0
Operating result
(114)
(103)
Pre-tax profit
21 234
17 789
Cash and cash equivalents
169
46
Total assets
197 800
197 676
Total liabilities
8 500
10
Equity
189 300
197 666
North Industries 1 AS is fully consolidated in the North Energy group
accounts while in the parent company the subsidiary is accounted for using
the cost method.
Book value of North Energy's investment in the subsidiary is NOK 197.6
million. The main asset in the subsidiary is the investment in Reach Subsea
ASA which has an estimated market value of NOK 347.2 million based on
the share price at the end of the year. The market value of Reach Subsea at
year end 2025 was higher than the book value in the subsidiary, hence there
was no need for any impairment.
Financial figures for the subsidiary North Industries 2 AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
0
0
Operating result
(56)
(66)
Pre-tax profit
(73)
(82)
Cash and cash equivalents
14
80
Total assets
68 410
68 476
Total liabilities
238
230
Equity
68 172
68 246
North Industries 2 AS is fully consolidated in the North Energy group
accounts while in the parent company the subsidiary is accounted for using
the cost method.
Book value of North Energy's investment in the subsidiary is 69.0 million.
The main asset in the subsidiary is the investment in Wind Catching System.
Based on the share price used in the recent private placement, and the
recent development in WCS no impairment indicators are identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-241": { "value": "NOTE 13 Related parties The Company's transactions with related parties: Overview of subsidiaries The purpose of North Industries 1 AS and North Industries 2 AS is to own North Energy's investments in Reach Subsea ASA and Wind Catching Systems AS respectively. In August 2023 a new loan agreement totalling NOK 0.2 million was established between North Energy and North Industries 2 AS to be used for operational expenses. The interest rate payable for the loan are based on market rates (monthly NOWA) plus a margin of 3%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "NOTE 13 Related parties The Company's transactions with related parties: Overview of subsidiaries The purpose of North Industries 1 AS and North Industries 2 AS is to own North Energy's investments in Reach Subsea ASA and Wind Catching Systems AS respectively. In August 2023 a new loan agreement totalling NOK 0.2 million was established between North Energy and North Industries 2 AS to be used for operational expenses. The interest rate payable for the loan are based on market rates (monthly NOWA) plus a margin of 3%. Loan to subsidiaries:
PARENT
COMPANY
Amounts in NOK 1 000
2025
2024
North Industries 1 AS
Loan balance
0
0
North Industries 1 AS
Accrued interest
0
0
North Industries 2 AS
Loan balance
200
200
North Industries 2 AS
Accrued interest
38
21
Total
238
221
Interest income from subsidiaries:
PARENT
COMPANY
Amounts in NOK 1 000
2025
2024
North Industries 1 AS
Interest income
2
407
North Industries 2 AS
Interest income
17
16
Total
18
423
Financial figures for the subsidiary North Industries 1 AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
0
0
Operating result
(114)
(103)
Pre-tax profit
21 234
17 789
Cash and cash equivalents
169
46
Total assets
197 800
197 676
Total liabilities
8 500
10
Equity
189 300
197 666
North Industries 1 AS is fully consolidated in the North Energy group accounts while in the parent company the subsidiary is accounted for using the cost method. Book value of North Energy's investment in the subsidiary is NOK 197.6 million. The main asset in the subsidiary is the investment in Reach Subsea ASA which has an estimated market value of NOK 347.2 million based on the share price at the end of the year. The market value of Reach Subsea at year end 2025 was higher than the book value in the subsidiary, hence there was no need for any impairment. Financial figures for the subsidiary North Industries 2 AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
0
0
Operating result
(56)
(66)
Pre-tax profit
(73)
(82)
Cash and cash equivalents
14
80
Total assets
68 410
68 476
Total liabilities
238
230
Equity
68 172
68 246
North Industries 2 AS is fully consolidated in the North Energy group accounts while in the parent company the subsidiary is accounted for using the cost method. Book value of North Energy's investment in the subsidiary is 69.0 million. The main asset in the subsidiary is the investment in Wind Catching System. Based on the share price used in the recent private placement, and the recent development in WCS no impairment indicators are identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-242": { "value": "Loan to subsidiaries:
PARENT
COMPANY
Amounts in NOK 1 000
2025
2024
North Industries 1 AS
Loan balance
0
0
North Industries 1 AS
Accrued interest
0
0
North Industries 2 AS
Loan balance
200
200
North Industries 2 AS
Accrued interest
38
21
Total
238
221
Interest income from subsidiaries:
PARENT
COMPANY
Amounts in NOK 1 000
2025
2024
North Industries 1 AS
Interest income
2
407
North Industries 2 AS
Interest income
17
16
Total
18
423
Financial figures for the subsidiary North Industries 1 AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
0
0
Operating result
(114)
(103)
Pre-tax profit
21 234
17 789
Cash and cash equivalents
169
46
Total assets
197 800
197 676
Total liabilities
8 500
10
Equity
189 300
197 666
North Industries 1 AS is fully consolidated in the North Energy group accounts while in the parent company the subsidiary is accounted for using the cost method. Book value of North Energy's investment in the subsidiary is NOK 197.6 million. The main asset in the subsidiary is the investment in Reach Subsea ASA which has an estimated market value of NOK 347.2 million based on the share price at the end of the year. The market value of Reach Subsea at year end 2025 was higher than the book value in the subsidiary, hence there was no need for any impairment. Financial figures for the subsidiary North Industries 2 AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
0
0
Operating result
(56)
(66)
Pre-tax profit
(73)
(82)
Cash and cash equivalents
14
80
Total assets
68 410
68 476
Total liabilities
238
230
Equity
68 172
68 246
North Industries 2 AS is fully consolidated in the North Energy group accounts while in the parent company the subsidiary is accounted for using the cost method. Book value of North Energy's investment in the subsidiary is 69.0 million. The main asset in the subsidiary is the investment in Wind Catching System. Based on the share price used in the recent private placement, and the recent development in WCS no impairment indicators are identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-215": { "value": "
NOTE 14 Tax
Specification of income tax:
PARENT
COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Tax payable
0
0
0
0
Withholding tax
130
0
130
0
Change deferred tax
0
0
0
0
Total income tax
130
0
130
0
Specification of temporary differences, tax losses carried forward and deferred tax:
PARENT
COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Property, plant and equipment and Right-of-use assets
1 915
3 421
1 915
3 421
Leasing liabilities
(2 109)
(3 736)
(2 109)
(3 736)
Financial investments
2 251
4 790
2 251
4 790
Provisions
0
0
0
0
Tax losses carried forward, onshore
(85 816)
(63 671)
(87 176)
(65 482)
Total basis for deferred tax
(83 759)
(59 195)
(85 119)
(61 006)
Deferred tax asset/liability before valuation allowance
18 427
13 023
18 726
13 421
Uncapitalised deferred tax asset (valuation allowance) (18 427) (13 023) (18 726) (13 421)
Deferred tax asset/(liability)
0
0
0
0
Reconciliation of effective tax rate:
PARENT COM-
PANY
GROUP
Amounts in NOK 1 000
Profit/(loss) before income tax
(38 291)
33 309
(40 054)
58 105
Expected income tax 22%
(8 424)
7 328
(8 812)
12 783
Adjusted for tax effects (22%) of the following items:
Permanent differences
3 020
(5 032)
3 507
(10 497)
Adjustments previous years*
109
0
109
0
Change in valuation allowance for deferred tax
5 295
(2 296)
5 196
(2 287)
assets
Withholding tax paid on dividend from foreign
130
130
company
Total income tax
130
(0)
130
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "value": "NOTE 14 Tax Specification of income tax:
PARENT
COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Tax payable
0
0
0
0
Withholding tax
130
0
130
0
Change deferred tax
0
0
0
0
Total income tax
130
0
130
0
Specification of temporary differences, tax losses carried forward and deferred tax:
PARENT
COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Property, plant and equipment and Right-of-use assets
1 915
3 421
1 915
3 421
Leasing liabilities
(2 109)
(3 736)
(2 109)
(3 736)
Financial investments
2 251
4 790
2 251
4 790
Provisions
0
0
0
0
Tax losses carried forward, onshore
(85 816)
(63 671)
(87 176)
(65 482)
Total basis for deferred tax
(83 759)
(59 195)
(85 119)
(61 006)
Deferred tax asset/liability before valuation allowance
18 427
13 023
18 726
13 421
Uncapitalised deferred tax asset (valuation allowance) (18 427) (13 023) (18 726) (13 421)
Deferred tax asset/(liability)
0
0
0
0
Reconciliation of effective tax rate:
PARENT COM-
PANY
GROUP
Amounts in NOK 1 000
Profit/(loss) before income tax
(38 291)
33 309
(40 054)
58 105
Expected income tax 22%
(8 424)
7 328
(8 812)
12 783
Adjusted for tax effects (22%) of the following items:
Permanent differences
3 020
(5 032)
3 507
(10 497)
Adjustments previous years*
109
0
109
0
Change in valuation allowance for deferred tax
5 295
(2 296)
5 196
(2 287)
assets
Withholding tax paid on dividend from foreign
130
130
company
Total income tax
130
(0)
130
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-216": { "value": "
NOTE 15 Property, plant and equipment
Amounts in NOK 1 000
Equipment, office machines, etc
PARENT
GROUP
COMPANY
2025
2024
2025
2024
Cost:
At 1st of January
577
577
577
577
Additions
0
0
0
0
At 31st of December
577
577
577
577
Depreciation and impairment:
At 1st of January
(460)
(421)
(460)
(421)
Depreciation this year
(10)
(38)
(10)
(38)
At 31st of December
(470)
(460)
(470)
(460)
Carrying amount at 31 of December
107
117
107
117
Economic life
3-10 years
Depreciation method
linear
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-217": { "value": "
NOTE 16 Finance income and costs
Finance income:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Interest income bank deposits
3 849
1 342
3 849
1 342
Interest income on bonds
902
5 205
902
5 205
Foreign exchange gain
3 629
940
3 629
940
Dividend from subsidiaries
21 100
6 000
0
0
Dividend from financial investments
1 282
0
1 282
0
Interest income from subsidiaries
18
423
0
0
Total finance income
30 780
13 910
9 662
7 487
Finance costs:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Interest expenses
3 321
1 938
3 321
1 938
Foreign exchange loss
259
1 083
259
1 083
Other finance costs
0
0
0
0
Total finance costs
3 580
3 021
3 580
3 021
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "NOTE 16 Finance income and costs Finance income:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Interest income bank deposits
3 849
1 342
3 849
1 342
Interest income on bonds
902
5 205
902
5 205
Foreign exchange gain
3 629
940
3 629
940
Dividend from subsidiaries
21 100
6 000
0
0
Dividend from financial investments
1 282
0
1 282
0
Interest income from subsidiaries
18
423
0
0
Total finance income
30 780
13 910
9 662
7 487
Finance costs:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Interest expenses
3 321
1 938
3 321
1 938
Foreign exchange loss
259
1 083
259
1 083
Other finance costs
0
0
0
0
Total finance costs
3 580
3 021
3 580
3 021
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "Finance income:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Interest income bank deposits
3 849
1 342
3 849
1 342
Interest income on bonds
902
5 205
902
5 205
Foreign exchange gain
3 629
940
3 629
940
Dividend from subsidiaries
21 100
6 000
0
0
Dividend from financial investments
1 282
0
1 282
0
Interest income from subsidiaries
18
423
0
0
Total finance income
30 780
13 910
9 662
7 487
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "Finance income:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Interest income bank deposits
3 849
1 342
3 849
1 342
Interest income on bonds
902
5 205
902
5 205
Foreign exchange gain
3 629
940
3 629
940
Dividend from subsidiaries
21 100
6 000
0
0
Dividend from financial investments
1 282
0
1 282
0
Interest income from subsidiaries
18
423
0
0
Total finance income
30 780
13 910
9 662
7 487
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "Finance costs:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Interest expenses
3 321
1 938
3 321
1 938
Foreign exchange loss
259
1 083
259
1 083
Other finance costs
0
0
0
0
Total finance costs
3 580
3 021
3 580
3 021
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "Finance costs:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Interest expenses
3 321
1 938
3 321
1 938
Foreign exchange loss
259
1 083
259
1 083
Other finance costs
0
0
0
0
Total finance costs
3 580
3 021
3 580
3 021
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-218": { "value": "
NOTE 17 Financial instruments
(a) Categories of financial instruments
at 31 December 2025:
PARENT COMPANY
GROUP
Financial assets Financial assets Financial assets Financial assets
measured at at fair value through measured at at fair value through
Amounts in NOK 1 000 amortised cost profit or loss amortised cost profit or loss
Assets:
Financial investments at fair value through profit or loss
82 193
82 193
Loan to subsidiaries
238
Cash and cash equivalents
100 923
101 106
Total
101 160
82 193
101 106
82 193
PARENT COMPANY
GROUP
Financial assets Financial assets Financial assets Financial assets
measured at at fair value through measured at at fair value through
Amounts in NOK 1 000 amortised cost profit or loss amortised cost profit or loss
Liabilities:
Current borrowings, credit facility*
82 338
82 338
Trade creditors
216
216
Total
82 554
0
82 554
0
at 31 December 2024:
PARENT COMPANY
GROUP
Financial assets Financial assets Financial assets Financial assets
measured at at fair value through measured at at fair value through
Amounts in NOK 1 000 amortised cost profit or loss amortised cost profit or loss
Assets:
Financial investments at fair value through profit or loss
30 336
30 336
Loan to subsidiaries
221
Cash and cash equivalents
101 919
102 045
Total
102 141
30 336
102 045
30 336
PARENT COMPANY
GROUP
Financial assets Financial assets Financial assets Financial assets
measured at at fair value through measured at at fair value through
Amounts in NOK 1 000 amortised cost profit or loss amortised cost profit or loss
Liabilities:
Current borrowings, credit facility*
-
-
Trade creditors
330
349
Total
330
0
349
0
* The Company has a multicurrency credit facility with DNB for a total amount of NOK 100 million. The Company uses listed financial investments as collateral for the credit facility. The facility was, at the
end of 2025 utilised with NOK 82.3 million.
(b) Fair value of financial instruments
The carrying amount of cash and cash equivalents and other current receivables is approximately equal to fair value, since these instruments have a
short term to maturity. Similarly, the carrying amount of trade creditors and other current liabilities is approximately equal to fair value, since the effect of
discounting is not significant, due to short term to maturity. Fair value of the stock exchange-listed shares is the stock market price at the balance sheet date
(level 1 in the fair value hierarchy). Fair value of bonds is usually based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy).
Fair value of other non-listed investments are valued using the best information available in the circumstances including the entities' own data. (level 3 in the
fair value hierarchy).
Other non-listed investments consist primarily of the investment in USD 18.8 million of face value in Senior Secured Notes (SSN) of Petrofac Ltd. The SSN
have been valued based on a bottom-up analysis of specific recovery sources in the Petrofac group, where secured creditors have priority claims. Specific
recovery sources includes the Asset Solutions business, Petrofac Emirates, Petrofac Towers, and the 10% stake in the deepwater pipelay and heavy lift vessel
JDS 6000. The bottom-up analysis of the specific sources indicates a combined recovery range of 19-29% of the face value of senior secured debt in Petrofac
Ltd, while other potential recovery sources than the specific sources have been valued at zero. North Energy has valued its position at 20% of face value.
In addition, the investment in Interoil bonds has, since last year been moved from level 2 to level 3 as there are no longer reliable observable quotes for these
bonds. Also the valuation of Interoil bonds have been written down from 80% (NOK 9.3 million) last year end to 10% (NOK 1.4 million) this year end.
Specification of financial instruments based on level in the fair value hierarchy
PARENT COMPANY
Fair Value 31.12.2025
Level 1
Level 2
Level 3
Total
Shares
42 843
42 843
Bonds
39 349
39 349
Total fair value
42 843
0
39 349
82 193
There has been no transfer between level 1 and level 2 during 2025.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
39 349
Closing balance
39 349
GROUP
Fair Value 31.12.2025
Level 1
Level 2
Level 3
Total
Shares
42 843
42 843
Bonds
0
39 349
39 349
Total fair value
42 843
0
39 349
82 193
There has been no transfer between level 1 and level 2 during 2025.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
39 349
Closing balance
39 349
Cash and cash equivalents
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Bank deposits
100 923
101 919
101 106
102 045
Credit rating
No external credit rating
0
0
0
0
A
0
0
0
0
AA-
100 923
101 919
101 106
102 045
Total
100 923
101 919
101 106
102 045
Reconciliation of cash flows from financing activities
The table shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activites.
Non-cash flows
2025
31/12/2024
Cash flows
Interests
Other*
31/12/2025
Payments related to LTIP / synthetic shares
3 295
Paid dividends
(17 588)
Current borrowings
0
85 915
(3 578)
82 338
Paid interests bank facility
(3 176)
Leasing liabilities
3 736
(1 772)
145
0
2 109
Total
3 736
66 674
145
(3 578)
84 446
* Other includes unrealised exchange rate effects
Non-cash flows
2024
31/12/2023
Cash flows
Interests
Other*
31/12/2024
Paid dividends
(11 725)
Current borrowings
13 575
(13 575)
0
Paid interests bank facility
(754)
Leasing liabilities
4 950
(1 612)
201
197
3 736
Total
18 525
(27 666)
201
197
3 736
* Other includes additions and disposals of lease contracts and changes in estimates of lease liabilities
The Company has a multicurrency credit facility with DNB for a total amount of NOK 100 million. The Company uses listed financial investments as collateral
for the credit facility. interests are calculated based on a non fixed term reference rate per currency plus a margin of 250 bps . At the end of the year 2025 the
Company has utilized the facility with NOK 82.3 million.
(d) Financial risk factors
See note 3 for financial risk factors and risk management and capital management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "(b) Fair value of financial instruments The carrying amount of cash and cash equivalents and other current receivables is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade creditors and other current liabilities is approximately equal to fair value, since the effect of discounting is not significant, due to short term to maturity. Fair value of the stock exchange-listed shares is the stock market price at the balance sheet date (level 1 in the fair value hierarchy). Fair value of bonds is usually based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy). Fair value of other non-listed investments are valued using the best information available in the circumstances including the entities' own data. (level 3 in the fair value hierarchy). Other non-listed investments consist primarily of the investment in USD 18.8 million of face value in Senior Secured Notes (SSN) of Petrofac Ltd. The SSN have been valued based on a bottom-up analysis of specific recovery sources in the Petrofac group, where secured creditors have priority claims. Specific recovery sources includes the Asset Solutions business, Petrofac Emirates, Petrofac Towers, and the 10% stake in the deepwater pipelay and heavy lift vessel JDS 6000. The bottom-up analysis of the specific sources indicates a combined recovery range of 19-29% of the face value of senior secured debt in Petrofac Ltd, while other potential recovery sources than the specific sources have been valued at zero. North Energy has valued its position at 20% of face value. In addition, the investment in Interoil bonds has, since last year been moved from level 2 to level 3 as there are no longer reliable observable quotes for these bonds. Also the valuation of Interoil bonds have been written down from 80% (NOK 9.3 million) last year end to 10% (NOK 1.4 million) this year end. Specification of financial instruments based on level in the fair value hierarchy PARENT COMPANY
Fair Value 31.12.2025
Level 1
Level 2
Level 3
Total
Shares
42 843
42 843
Bonds
39 349
39 349
Total fair value
42 843
0
39 349
82 193
There has been no transfer between level 1 and level 2 during 2025.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
39 349
Closing balance
39 349
GROUP
Fair Value 31.12.2025
Level 1
Level 2
Level 3
Total
Shares
42 843
42 843
Bonds
0
39 349
39 349
Total fair value
42 843
0
39 349
82 193
There has been no transfer between level 1 and level 2 during 2025.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
39 349
Closing balance
39 349
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "(b) Fair value of financial instruments The carrying amount of cash and cash equivalents and other current receivables is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade creditors and other current liabilities is approximately equal to fair value, since the effect of discounting is not significant, due to short term to maturity. Fair value of the stock exchange-listed shares is the stock market price at the balance sheet date (level 1 in the fair value hierarchy). Fair value of bonds is usually based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy). Fair value of other non-listed investments are valued using the best information available in the circumstances including the entities' own data. (level 3 in the fair value hierarchy). Other non-listed investments consist primarily of the investment in USD 18.8 million of face value in Senior Secured Notes (SSN) of Petrofac Ltd. The SSN have been valued based on a bottom-up analysis of specific recovery sources in the Petrofac group, where secured creditors have priority claims. Specific recovery sources includes the Asset Solutions business, Petrofac Emirates, Petrofac Towers, and the 10% stake in the deepwater pipelay and heavy lift vessel JDS 6000. The bottom-up analysis of the specific sources indicates a combined recovery range of 19-29% of the face value of senior secured debt in Petrofac Ltd, while other potential recovery sources than the specific sources have been valued at zero. North Energy has valued its position at 20% of face value. In addition, the investment in Interoil bonds has, since last year been moved from level 2 to level 3 as there are no longer reliable observable quotes for these bonds. Also the valuation of Interoil bonds have been written down from 80% (NOK 9.3 million) last year end to 10% (NOK 1.4 million) this year end. Specification of financial instruments based on level in the fair value hierarchy PARENT COMPANY
Fair Value 31.12.2025
Level 1
Level 2
Level 3
Total
Shares
42 843
42 843
Bonds
39 349
39 349
Total fair value
42 843
0
39 349
82 193
There has been no transfer between level 1 and level 2 during 2025.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
39 349
Closing balance
39 349
GROUP
Fair Value 31.12.2025
Level 1
Level 2
Level 3
Total
Shares
42 843
42 843
Bonds
0
39 349
39 349
Total fair value
42 843
0
39 349
82 193
There has been no transfer between level 1 and level 2 during 2025.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
39 349
Closing balance
39 349
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "(b) Fair value of financial instruments The carrying amount of cash and cash equivalents and other current receivables is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade creditors and other current liabilities is approximately equal to fair value, since the effect of discounting is not significant, due to short term to maturity. Fair value of the stock exchange-listed shares is the stock market price at the balance sheet date (level 1 in the fair value hierarchy). Fair value of bonds is usually based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy). Fair value of other non-listed investments are valued using the best information available in the circumstances including the entities' own data. (level 3 in the fair value hierarchy). Other non-listed investments consist primarily of the investment in USD 18.8 million of face value in Senior Secured Notes (SSN) of Petrofac Ltd. The SSN have been valued based on a bottom-up analysis of specific recovery sources in the Petrofac group, where secured creditors have priority claims. Specific recovery sources includes the Asset Solutions business, Petrofac Emirates, Petrofac Towers, and the 10% stake in the deepwater pipelay and heavy lift vessel JDS 6000. The bottom-up analysis of the specific sources indicates a combined recovery range of 19-29% of the face value of senior secured debt in Petrofac Ltd, while other potential recovery sources than the specific sources have been valued at zero. North Energy has valued its position at 20% of face value. In addition, the investment in Interoil bonds has, since last year been moved from level 2 to level 3 as there are no longer reliable observable quotes for these bonds. Also the valuation of Interoil bonds have been written down from 80% (NOK 9.3 million) last year end to 10% (NOK 1.4 million) this year end. Specification of financial instruments based on level in the fair value hierarchy PARENT COMPANY
Fair Value 31.12.2025
Level 1
Level 2
Level 3
Total
Shares
42 843
42 843
Bonds
39 349
39 349
Total fair value
42 843
0
39 349
82 193
There has been no transfer between level 1 and level 2 during 2025.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
39 349
Closing balance
39 349
GROUP
Fair Value 31.12.2025
Level 1
Level 2
Level 3
Total
Shares
42 843
42 843
Bonds
0
39 349
39 349
Total fair value
42 843
0
39 349
82 193
There has been no transfer between level 1 and level 2 during 2025.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
39 349
Closing balance
39 349
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-219": { "value": "
NOTE 18 Investment in subsidiaries and associates
Reconciliation and specification of carrying amount of investments in subsidiaries and associates:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Opening balance carrying amount of investments in associates
261 191
260 768
238 494
224 982
Gain on dilution of ownership, Reach Subsea ASA*
0
0
(7 655)
(2 101)
Acquisition cost shares acquired, Reach ASA
0
0
0
0
Acquisition cost shares acquired, Wind Catching Systems AS
0
0
0
0
Share of net result in investment, Reach Subsea ASA
0
0
16 431
38 482
Share of net result in investment, Wind Catching Systems AS
0
0
(10 351)
(4 992)
Share of net result in investment, Tyveholmen AS
347
423
347
423
Dividend received, Reach Subsea ASA
0
0
(21 350)
(18 300)
Investment in subsidiaries
0
0
0
0
Total carrying amount of investments in subsidiaries and associates at balance date
261 538
261 191
215 916
238 494
Consist of:
Reach Subsea ASA
0
0
201 805
214 379
Tyveholmen AS
5 410
5 064
5 410
5 064
Wind Catching Systems AS
0
0
8 701
19 052
North Industries 1 AS
187 098
187 098
North Industries 2 AS
69 029
69 029
Total carrying amount of investments in associates at balance date
5 410
5 064
215 916
238 494
Total carrying amount of investments in subsidiaries at balance date
256 128
256 128
0
0
Specification of net result from investments in associates recognised in the income statement:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Share of net result in investment, Reach Subsea ASA
0
0
16 431
38 482
Share of net result in investment, Wind Catching Systems AS
0
0
(10 351)
(4 992)
Share of net result in investment, Tyveholmen AS
347
423
347
423
Gain/-loss on dilution of ownership, Reach Subsea ASA*
0
0
(7 655)
(2 101)
Net result from investments in associates
347
423
(1 228)
31 811
* The gain or loss on dilution of ownership is an accounting effect triggered by private placements and issuing of consideration shares resulting in increased equity in the associated companies. North
Energy has in some private placements participated with a lower share than the original ownership and not participated in other private placements, hence North Energy's ownership percentage has been
reduced while the value of the investment has increased or decreased. Gain or loss on the deemed disposals arises because the amount per share subscribed by the third party was greater or lower than
North Energy's carrying value per share prior to the event.
The dilution of ownership in Reach Subsea took place on 4 December 2024 and 9 March 2025.
Ownership interests in subsidiaries and associates at 31 December:
PARENT COMPANY
GROUP
2025
2024
2025
2024
Reach Subsea ASA
0.00 %
0.00 %
15.53 %
17.98 %
Tyveholmen AS
50.00 %
50.00 %
50.00 %
50.00 %
Wind Catching Systems AS
0.00 %
0.00 %
22.03 %
22.03 %
North Industries 1 AS
100.00 %
100.00 %
North Industries 2 AS
100.00 %
100.00 %
Financial figures for the associated company Reach Subsea ASA:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
2 674 629
2 717 024
Operating result
149 431
363 756
Pre-tax profit
81 000
230 009
Cash
514 174
278 022
Total assets
3 605 794
3 247 702
Equity
1 218 266
1 091 913
The share price of Reach Subsea at year and was NOK 6.83 per share,
equivalent to a market value of NOK 2,236 million. North Energy's relative
share of this was NOK 347.2 million, based on the ownership of 15.53% .
The investment in Reach is accounted for as an associated company, using
the equity method. North Energy regards Reach as an associated company
based on the representation in the Board of Directors in Reach Subsea ASA
and based on the 15.53% ownership. Thus, North Energy consolidates its
share of the net result from Reach, adjusted for any impairment or reversal
of impairment due to share price fluctuations. The market value of Reach
Subsea at year end 2025 was higher than the book value, hence there was
no need for any impairment.
On 5 March 2025 Wilhelmsen New Energy AS exercised its remaining
44,707,373 warrants with a strike of NOK 3.28 per share in Reach Subsea
ASA. Following the exercise, Wilhelmsen no longer holds any remaining
warrants in the Company. North Energy's ownership of Reach was on a fully
diluted basis 15.53% per 31 December 2025.
Financial figures for the associated company Wind Catching Systems AS (WCS)
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
0
2
Operating profit
(25 559)
(18 478)
Profit after tax
(24 174)
(15 489)
Cash
11 217
53 807
Total assets
63 876
90 202
Equity
60 438
84 612
WCS is accounted for as an associated company, using the equity method.
The consolidated figures for WCS includes adjustments necessary to
transform the figure from NGAAP to IFRS. Book value of North Energy's
investment is 8.7 million. Based on the share price used in the latest private
placement, and the recent development in WCS no impairment indicators
are identified.
WCS has, in the shareholder agreement from November 2020, issued
warrants (subsciption rights) for a total of 45.000 shares to the shareholders
Armada AS, Nasjonalparken AS and Homan AS for a period of 5 years from
April 2021. The price for each share under the warrants is NOK 110. North
Energy's ownership of WCS was on a fully diluted basis 18.19% per 31
December 2025.
Financial figures for the associated company Tyveholmen AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
6 878
5 866
Operating profit
849
740
Profit after tax
693
847
Cash
2 800
2 674
Total assets
10 028
9 918
Equity
9 688
8 913
Tyveholmen is accounted for as an associated company, using the equity
method. Book value of North Energy's 50% share of the company is NOK
5.4 million.Tyveholmen has investments in bonds accounted at historic
cost price. Based on unrealized gains on the bonds, not recognized in the
financial statement, no impairment indicators are identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "NOTE 18 Investment in subsidiaries and associates Reconciliation and specification of carrying amount of investments in subsidiaries and associates:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Opening balance carrying amount of investments in associates
261 191
260 768
238 494
224 982
Gain on dilution of ownership, Reach Subsea ASA*
0
0
(7 655)
(2 101)
Acquisition cost shares acquired, Reach ASA
0
0
0
0
Acquisition cost shares acquired, Wind Catching Systems AS
0
0
0
0
Share of net result in investment, Reach Subsea ASA
0
0
16 431
38 482
Share of net result in investment, Wind Catching Systems AS
0
0
(10 351)
(4 992)
Share of net result in investment, Tyveholmen AS
347
423
347
423
Dividend received, Reach Subsea ASA
0
0
(21 350)
(18 300)
Investment in subsidiaries
0
0
0
0
Total carrying amount of investments in subsidiaries and associates at balance date
261 538
261 191
215 916
238 494
Consist of:
Reach Subsea ASA
0
0
201 805
214 379
Tyveholmen AS
5 410
5 064
5 410
5 064
Wind Catching Systems AS
0
0
8 701
19 052
North Industries 1 AS
187 098
187 098
North Industries 2 AS
69 029
69 029
Total carrying amount of investments in associates at balance date
5 410
5 064
215 916
238 494
Total carrying amount of investments in subsidiaries at balance date
256 128
256 128
0
0
Specification of net result from investments in associates recognised in the income statement:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Share of net result in investment, Reach Subsea ASA
0
0
16 431
38 482
Share of net result in investment, Wind Catching Systems AS
0
0
(10 351)
(4 992)
Share of net result in investment, Tyveholmen AS
347
423
347
423
Gain/-loss on dilution of ownership, Reach Subsea ASA*
0
0
(7 655)
(2 101)
Net result from investments in associates
347
423
(1 228)
31 811
* The gain or loss on dilution of ownership is an accounting effect triggered by private placements and issuing of consideration shares resulting in increased equity in the associated companies. North Energy has in some private placements participated with a lower share than the original ownership and not participated in other private placements, hence North Energy's ownership percentage has been reduced while the value of the investment has increased or decreased. Gain or loss on the deemed disposals arises because the amount per share subscribed by the third party was greater or lower than North Energy's carrying value per share prior to the event. The dilution of ownership in Reach Subsea took place on 4 December 2024 and 9 March 2025. Ownership interests in subsidiaries and associates at 31 December:
PARENT COMPANY
GROUP
2025
2024
2025
2024
Reach Subsea ASA
0.00 %
0.00 %
15.53 %
17.98 %
Tyveholmen AS
50.00 %
50.00 %
50.00 %
50.00 %
Wind Catching Systems AS
0.00 %
0.00 %
22.03 %
22.03 %
North Industries 1 AS
100.00 %
100.00 %
North Industries 2 AS
100.00 %
100.00 %
Financial figures for the associated company Reach Subsea ASA:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
2 674 629
2 717 024
Operating result
149 431
363 756
Pre-tax profit
81 000
230 009
Cash
514 174
278 022
Total assets
3 605 794
3 247 702
Equity
1 218 266
1 091 913
The share price of Reach Subsea at year and was NOK 6.83 per share, equivalent to a market value of NOK 2,236 million. North Energy's relative share of this was NOK 347.2 million, based on the ownership of 15.53% . The investment in Reach is accounted for as an associated company, using the equity method. North Energy regards Reach as an associated company based on the representation in the Board of Directors in Reach Subsea ASA and based on the 15.53% ownership. Thus, North Energy consolidates its share of the net result from Reach, adjusted for any impairment or reversal of impairment due to share price fluctuations. The market value of Reach Subsea at year end 2025 was higher than the book value, hence there was no need for any impairment. On 5 March 2025 Wilhelmsen New Energy AS exercised its remaining 44,707,373 warrants with a strike of NOK 3.28 per share in Reach Subsea ASA. Following the exercise, Wilhelmsen no longer holds any remaining warrants in the Company. North Energy's ownership of Reach was on a fully diluted basis 15.53% per 31 December 2025. Financial figures for the associated company Wind Catching Systems AS (WCS)
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
0
2
Operating profit
(25 559)
(18 478)
Profit after tax
(24 174)
(15 489)
Cash
11 217
53 807
Total assets
63 876
90 202
Equity
60 438
84 612
WCS is accounted for as an associated company, using the equity method. The consolidated figures for WCS includes adjustments necessary to transform the figure from NGAAP to IFRS. Book value of North Energy's investment is 8.7 million. Based on the share price used in the latest private placement, and the recent development in WCS no impairment indicators are identified. WCS has, in the shareholder agreement from November 2020, issued warrants (subsciption rights) for a total of 45.000 shares to the shareholders Armada AS, Nasjonalparken AS and Homan AS for a period of 5 years from April 2021. The price for each share under the warrants is NOK 110. North Energy's ownership of WCS was on a fully diluted basis 18.19% per 31 December 2025. Financial figures for the associated company Tyveholmen AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
6 878
5 866
Operating profit
849
740
Profit after tax
693
847
Cash
2 800
2 674
Total assets
10 028
9 918
Equity
9 688
8 913
Tyveholmen is accounted for as an associated company, using the equity method. Book value of North Energy's 50% share of the company is NOK 5.4 million.Tyveholmen has investments in bonds accounted at historic cost price. Based on unrealized gains on the bonds, not recognized in the financial statement, no impairment indicators are identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "NOTE 18 Investment in subsidiaries and associates Reconciliation and specification of carrying amount of investments in subsidiaries and associates:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Opening balance carrying amount of investments in associates
261 191
260 768
238 494
224 982
Gain on dilution of ownership, Reach Subsea ASA*
0
0
(7 655)
(2 101)
Acquisition cost shares acquired, Reach ASA
0
0
0
0
Acquisition cost shares acquired, Wind Catching Systems AS
0
0
0
0
Share of net result in investment, Reach Subsea ASA
0
0
16 431
38 482
Share of net result in investment, Wind Catching Systems AS
0
0
(10 351)
(4 992)
Share of net result in investment, Tyveholmen AS
347
423
347
423
Dividend received, Reach Subsea ASA
0
0
(21 350)
(18 300)
Investment in subsidiaries
0
0
0
0
Total carrying amount of investments in subsidiaries and associates at balance date
261 538
261 191
215 916
238 494
Consist of:
Reach Subsea ASA
0
0
201 805
214 379
Tyveholmen AS
5 410
5 064
5 410
5 064
Wind Catching Systems AS
0
0
8 701
19 052
North Industries 1 AS
187 098
187 098
North Industries 2 AS
69 029
69 029
Total carrying amount of investments in associates at balance date
5 410
5 064
215 916
238 494
Total carrying amount of investments in subsidiaries at balance date
256 128
256 128
0
0
Specification of net result from investments in associates recognised in the income statement:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Share of net result in investment, Reach Subsea ASA
0
0
16 431
38 482
Share of net result in investment, Wind Catching Systems AS
0
0
(10 351)
(4 992)
Share of net result in investment, Tyveholmen AS
347
423
347
423
Gain/-loss on dilution of ownership, Reach Subsea ASA*
0
0
(7 655)
(2 101)
Net result from investments in associates
347
423
(1 228)
31 811
* The gain or loss on dilution of ownership is an accounting effect triggered by private placements and issuing of consideration shares resulting in increased equity in the associated companies. North Energy has in some private placements participated with a lower share than the original ownership and not participated in other private placements, hence North Energy's ownership percentage has been reduced while the value of the investment has increased or decreased. Gain or loss on the deemed disposals arises because the amount per share subscribed by the third party was greater or lower than North Energy's carrying value per share prior to the event. The dilution of ownership in Reach Subsea took place on 4 December 2024 and 9 March 2025. Ownership interests in subsidiaries and associates at 31 December:
PARENT COMPANY
GROUP
2025
2024
2025
2024
Reach Subsea ASA
0.00 %
0.00 %
15.53 %
17.98 %
Tyveholmen AS
50.00 %
50.00 %
50.00 %
50.00 %
Wind Catching Systems AS
0.00 %
0.00 %
22.03 %
22.03 %
North Industries 1 AS
100.00 %
100.00 %
North Industries 2 AS
100.00 %
100.00 %
Financial figures for the associated company Reach Subsea ASA:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
2 674 629
2 717 024
Operating result
149 431
363 756
Pre-tax profit
81 000
230 009
Cash
514 174
278 022
Total assets
3 605 794
3 247 702
Equity
1 218 266
1 091 913
The share price of Reach Subsea at year and was NOK 6.83 per share, equivalent to a market value of NOK 2,236 million. North Energy's relative share of this was NOK 347.2 million, based on the ownership of 15.53% . The investment in Reach is accounted for as an associated company, using the equity method. North Energy regards Reach as an associated company based on the representation in the Board of Directors in Reach Subsea ASA and based on the 15.53% ownership. Thus, North Energy consolidates its share of the net result from Reach, adjusted for any impairment or reversal of impairment due to share price fluctuations. The market value of Reach Subsea at year end 2025 was higher than the book value, hence there was no need for any impairment. On 5 March 2025 Wilhelmsen New Energy AS exercised its remaining 44,707,373 warrants with a strike of NOK 3.28 per share in Reach Subsea ASA. Following the exercise, Wilhelmsen no longer holds any remaining warrants in the Company. North Energy's ownership of Reach was on a fully diluted basis 15.53% per 31 December 2025. Financial figures for the associated company Wind Catching Systems AS (WCS)
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
0
2
Operating profit
(25 559)
(18 478)
Profit after tax
(24 174)
(15 489)
Cash
11 217
53 807
Total assets
63 876
90 202
Equity
60 438
84 612
WCS is accounted for as an associated company, using the equity method. The consolidated figures for WCS includes adjustments necessary to transform the figure from NGAAP to IFRS. Book value of North Energy's investment is 8.7 million. Based on the share price used in the latest private placement, and the recent development in WCS no impairment indicators are identified. WCS has, in the shareholder agreement from November 2020, issued warrants (subsciption rights) for a total of 45.000 shares to the shareholders Armada AS, Nasjonalparken AS and Homan AS for a period of 5 years from April 2021. The price for each share under the warrants is NOK 110. North Energy's ownership of WCS was on a fully diluted basis 18.19% per 31 December 2025. Financial figures for the associated company Tyveholmen AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2025
2024
Revenues
6 878
5 866
Operating profit
849
740
Profit after tax
693
847
Cash
2 800
2 674
Total assets
10 028
9 918
Equity
9 688
8 913
Tyveholmen is accounted for as an associated company, using the equity method. Book value of North Energy's 50% share of the company is NOK 5.4 million.Tyveholmen has investments in bonds accounted at historic cost price. Based on unrealized gains on the bonds, not recognized in the financial statement, no impairment indicators are identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-220": { "value": "
NOTE 19 Contingent liabilities
As of 31 December 2025 the company is not involved in any legal or financial
disputes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "NOTE 19 Contingent liabilities As of 31 December 2025 the company is not involved in any legal or financial disputes.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-221": { "value": "
NOTE 20 Financial investments at fair value through profit or loss
Financial investments include:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Stock exchange-listed shares
42 843
21 040
42 843
21 040
Bonds
39 349
9 296
39 349
9 296
Total carrying amount financial invest-
ments, current
82 193
30 336
82 193
30 336
The main financial investments at 31 December 2025 consists of shares in
Fugro NV and Hafnia Limited as well as bonds in Petrofac Ltd. and Interoil
Exploration. The main investments at 31 December 2024 consisted of shares in
Thor Medical ASA as well as bonds in Interoil Exploration.
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2025
2024
2025
2024
Change in fair value recognised in income
statement under operating items
(16 089)
47 060
(16 089)
47 060
Interest income bonds recognised as
finance income
902
5 205
902
5 205
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-222": { "value": "
NOTE 21 Events after the balance sheet date
There are no subsequent events with significant accounting impacts that have
occurred between the end of the reporting period and the date of this report
that are not already reflected or disclosed in these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Tjuvholmen all\u00e9 19, 0252 OSLO", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }