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The address of the head office is Sj\u00f8lyst Plass 2, 0278 Oslo, Norway. The Company was incorporated on 24 March 2010 and is listed on the Oslo Stock Exchange (the main list). The consolidated financial statements for the year ended 31 December 2025, were approved by the Board of Directors on 21 April 2026, and will be presented for approval at the Annual General Meeting on 26 May 2026. The Company\u2019s principal business activity is to carry out a business strategy or strategies through investments in equity- , debt- or other financial instruments with a focus on value creation through active ownership and portfolio optimisation. Saga Pure targets opportunities across selected sectors, including renewable energy, technology, and real estate, while maintaining flexibility to target other sectors where the risk-adjusted return profile is deemed attractive.
The financial statements are presented in NOK, which is also the functional currency for all the companies in the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Saga Pure ASA ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-151": { "value": "Saga Pure ASA ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-237": { "value": "Saga Pure ASA ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-148": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1": { "value": "The address of the head office is Sj\u00f8lyst Plass 2, 0278 Oslo, Norway.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-236": { "value": "The address of the head office is Sj\u00f8lyst Plass 2, 0278 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-147": { "value": "Oslo, Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "
The consolidated financial statements for the year ended 31 December 2025, were approved by the Board of Directors on
21 April 2026, and will be presented for approval at the Annual General Meeting on 26 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-150": { "value": "The Company\u2019s principal business activity is to carry out a business strategy or strategies through investments in equity- , debt- or other financial instruments with a focus on value creation through active ownership and portfolio optimisation. Saga Pure targets opportunities across selected sectors, including renewable energy, technology, and real estate, while maintaining flexibility to target other sectors where the risk-adjusted return profile is deemed attractive. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "Note 2 \u2013 Accounting Policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been applied to all the years presented, apart from the implementation of the consolidation exemption in accordance with IFRS 10 as detailed below. Basis of preparation The financial statements for Saga Pure for the financial year 2025 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU. Below is a summary of the Group\u2019s accounting policies to be applied in the consolidated financial statements. After a general reassessment of its investment strategy the Company assessed and concluded that it should be classified as an investment entity in accordance with IFRS 10 from the second quarter of 2025. As an investment entity, the Company holds its investments in subsidiaries at fair value rather than consolidating them. Investments in subsidiaries are classified as fair value through profit or loss (FVPL). Based on the conclusion to classify the Company as an investment entity, the Company presents its statement of financial position in order of liquidity, a change from the previous year. An analysis in respect of recovery of settlement within 12 months after reporting date (current) and more than 12 months after the reporting date (non-current) is presented in note 19. The consolidated financial statements are presented in NOK and all numbers are rounded to the nearest thousands, except where otherwise indicated. The statement of comprehensive income is presented on a mixed basis (a blend of expenses by nature and function), as this is assessed to be the most relevant and reliable presentation. Going concern The financial statements have been prepared on the going concern assumption. For additional information see Board of Director\u2019s report. Basis of consolidation The consolidated financial statements comprise the financial statements of Saga Pure ASA and its subsidiary (the \u201cGroup\u201d) up to the point the Company concluded that it met the requirements as an investment entity in second quarter 2025. From this point the Company holds its investments in subsidiaries at fair value rather than consolidating them. Pensions The company is obligated to have an occupational pension plan. The company meets the requirements for an occupational pension plan in accordance with the Norwegian law on required occupational pensions. Significant accounting judgments, estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that may affect assets, liabilities, revenues, expenses and information in notes to the financial statement. Estimates are management\u2019s best knowledge based on information available at the date the financial statements are authorized for issue. Actual results may differ from these estimates. Such changes will be recognized when new estimates can be determined with certainty. Assessment as investment entity Entities that meet the definition of an investment entity within IFRS 10 are required to measure their investments at FVPL, and do not consolidate subsidiaries. The criteria which define an investment entity are, as follows: An entity that obtains funds from one or more investors for the purpose of providing those investors with investment management services An entity that commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both An entity that measures and evaluates the performance of substantially all of its investments on a fair value basis Following the reassessment of its investment strategy in the second quarter of 2025, the Company has investments which includes equities, fixed income securities, private equity and property investments. All investments are measured at fair value as required by IFRS accounting standards in the Company\u2019s annual reports. The Board has also concluded that the Company meets the additional characteristics of an investment entity, in that it has more than one investment; the Company\u2019s ownership interests are predominantly in the form of equities and similar securities; it has more than one investor and its investors are not related parties. The Board has concluded that the Company meets the definition of an investment entity. These conclusions will be reassessed on a continuous basis, if any of these criteria or characteristics change. Investments in subsidiaries Investment in subsidiaries include both investment in listed and non-listed companies that are measured at fair value through profit or loss. Assessing fair value of non-listed companies is a source of estimation uncertainty and requires a high degree of judgement in developing assumptions, please refer to note 10 for details. Summary of significant accounting policies Investment and trading of financial instruments/assets at fair value through profit or loss Financial instruments/assets are classified at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. 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. Equity instruments, debt instruments, funds and similar securities and derivative financial instruments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investment in subsidiaries are considered part of financial instruments designed as at fair value through profit or loss upon initial recognition. These financial assets and liabilities are designated upon initial recognition on the basis that they are part of a group of financial assets that are managed and have their performance evaluated on a fair value basis. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealised and realized gain/losses on the portfolio of investments is classified as operating income. Fair value measurement The Company measures its investments in subsidiaries as well as its investments in financial instruments, such as equity instruments, other interest-bearing investments and derivatives, at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The fair value for financial instruments traded in active markets at the reporting date is based on their quoted price, without any deduction for transaction costs. For all other financial instruments not traded in an active market, the fair value is determined using valuation techniques deemed to be appropriate in the circumstances. Valuation techniques include the market approach (i.e., using recent arm\u2019s length market transactions, adjusted as necessary, and reference to the current market value of another instrument that is substantially the same) and the income approach (i.e., discounted cash flow analysis and option pricing models making as much use of available and supportable market data as possible). For assets and liabilities that are measured at fair value on a recurring basis, the Company identifies transfers between levels in the hierarchy by re-assessing the categorisation (based on the lowest level input that is significant to the fair value measurement as a whole), and deems transfers to have occurred at the beginning of each reporting period. Foreign currency The financial statements are presented in NOK, which is also the functional currency for all the companies in the Group. Transactions in foreign currencies are recorded at the exchange rate in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rate at the financial position date. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Foreign exchange gains and losses are up to the Company met the requirements as an investment entity classified as net financial income. From this point foreign exchange gains and losses are classified as operating income Cash, cash equivalents and cash flow statement Cash represents cash on hand and deposits with bank that is callable on demand. Cash equivalents are held to meet short-term commitments and represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value. The cash flow statement is prepared using the indirect method. Interest on bank deposits are up to the Company met the requirements as an investment entity classified as net financial income. From this point interest on bank deposits are classified as operating income Provisions Provisions are recognized when the Group/Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as financial expense . Ordinary taxation The parent company and the wholly owned subsidiary are subject to the ordinary Norwegian taxation regime. Current income taxes are measured at the amount expected to be paid to (recover from) authorities, deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognized to the extent that it is probable that they can be utilized in the future. Dividends and capital gains are taxed according to the Norwegian exemption model. Related parties Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Business Combinations Business combinations are accounted for using the acquisition method in accordance with IFRS 3. Consideration transferred is measured at fair value at the acquisition date and comprises the fair value of assets transferred, liabilities incurred to former owners of the acquiree, and equity instruments issued. Contingent consideration is recognized at fair value at the acquisition date and subsequently remeasured through profit or loss, unless classified as equity. The Group recognizes identifiable assets acquired and liabilities assumed at their acquisition-date fair values, irrespective of the extent of any non-controlling interest. Identifiable intangible assets are recognized separately from goodwill where they are separable or arise from contractual or legal rights. The excess of (i) consideration transferred, (ii) the amount of non-controlling interests, and (iii) the fair value of any previously held equity interest, over the net fair value of identifiable assets acquired and liabilities assumed, is recognized as goodwill. If the net assets acquired exceed the consideration transferred, the resulting gain is recognized immediately in profit or loss after reassessment of the underlying amounts. Non-controlling interests are measured either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets, determined on a transaction-by-transaction basis. The Group performs a purchase price allocation (PPA) to allocate the consideration transferred to identifiable assets acquired and liabilities assumed, including recognition of intangible assets such as customer relationships, technology and trademarks. Acquisition-related costs are expensed as incurred and included in operating expenses. Adjustments to provisional amounts are recognized during the measurement period (not exceeding 12 months from the acquisition date), reflecting new information about facts and circumstances that existed at the acquisition date. Comparative information is restated as if the accounting had been completed at the acquisition date. Property, Plant and Equipment and Goodwill Property, plant and equipment are tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes, and are expected to be used during more than one period. PP&E are initially recognized at cost, including directly attributable costs necessary to bring the asset to the location and condition required for it to operate as intended by management. Subsequently, PP&E are measured at cost less accumulated depreciation and accumulated impairment losses. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: Property Arena: 50\u201367 years Groundwork on land: no depreciation Equipment: 5\u201312 years Useful lives, residual values, and depreciation methods are reviewed at each reporting date and adjusted if appropriate. An item of PP&E is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition is recognized in profit or loss. Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of any previously held equity interest in the acquiree over the net fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is initially recognized as an asset at cost. Following initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized. Technical goodwill refers to goodwill arising from deferred tax or fair value adjustments in the acquisition analysis. Such amounts are included in goodwill and are accounted for in accordance with the policy above. New and amended standards adopted by the group in the reporting period There are no new standards in 2025 with significant impact for the Group. Standards and Interpretations in issue but not yet adopted In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements (\u201cIFRS 18\u201d) which replaces IAS 1 Presentation of Financial Statements. IFRS 18 requires an entity to classify all income and expenses within its statement of operations into one of five categories: operating, investing, financing, income taxes and discontinued operations. The first three categories are new. These categories are complemented by the requirement to present subtotals and totals for \u201coperating profit or loss,\u201d \u201cprofit or loss before financing and income taxes\u201d and \u201cprofit or loss.\u201d IFRS 18 and the amendments to other standards are effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted. The Group is currently evaluating the impact of this.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-217": { "value": "Basis of preparation The financial statements for Saga Pure for the financial year 2025 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "Basis of preparation The financial statements for Saga Pure for the financial year 2025 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU. Below is a summary of the Group\u2019s accounting policies to be applied in the consolidated financial statements. After a general reassessment of its investment strategy the Company assessed and concluded that it should be classified as an investment entity in accordance with IFRS 10 from the second quarter of 2025. As an investment entity, the Company holds its investments in subsidiaries at fair value rather than consolidating them. Investments in subsidiaries are classified as fair value through profit or loss (FVPL). Based on the conclusion to classify the Company as an investment entity, the Company presents its statement of financial position in order of liquidity, a change from the previous year. An analysis in respect of recovery of settlement within 12 months after reporting date (current) and more than 12 months after the reporting date (non-current) is presented in note 19. The consolidated financial statements are presented in NOK and all numbers are rounded to the nearest thousands, except where otherwise indicated. The statement of comprehensive income is presented on a mixed basis (a blend of expenses by nature and function), as this is assessed to be the most relevant and reliable presentation", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "
Going concern
The financial statements have been prepared on the going concern assumption. For additional information see Board of
Director\u2019s report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-149": { "value": "
Basis of consolidation
The consolidated financial statements comprise the financial statements of Saga Pure ASA and its subsidiary (the
\u201cGroup\u201d) up to the point the Company concluded that it met the requirements as an investment entity in second quarter
2025. From this point the Company holds its investments in subsidiaries at fair value rather than consolidating them.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-208": { "value": "Basis of consolidation The consolidated financial statements comprise the financial statements of Saga Pure ASA and its subsidiary (the \u201cGroup\u201d) up to the point the Company concluded that it met the requirements as an investment entity in second quarter 2025. From this point the Company holds its investments in subsidiaries at fair value rather than consolidating them
Investments in subsidiaries
Investment in subsidiaries include both investment in listed and non-listed companies that are measured at fair value
through profit or loss. Assessing fair value of non-listed companies is a source of estimation uncertainty and requires a
high degree of judgement in developing assumptions, please refer to note 10 for details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "
Pensions
The company is obligated to have an occupational pension plan. The company meets the requirements for an occupational pension plan in accordance with the Norwegian law on required occupational pensions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "Significant accounting judgments, estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that may affect assets, liabilities, revenues, expenses and information in notes to the financial statement. Estimates are management\u2019s best knowledge based on information available at the date the financial statements are authorized for issue. Actual results may differ from these estimates. Such changes will be recognized when new estimates can be determined with certainty. Assessment as investment entity Entities that meet the definition of an investment entity within IFRS 10 are required to measure their investments at FVPL, and do not consolidate subsidiaries. The criteria which define an investment entity are, as follows: \u2022 An entity that obtains funds from one or more investors for the purpose of providing those investors with investment management services \u2022 An entity that commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both \u2022 An entity that measures and evaluates the performance of substantially all of its investments on a fair value basis Following the reassessment of its investment strategy in the second quarter of 2025, the Company has investments which includes equities, fixed income securities, private equity and property investments. All investments are measured at fair value as required by IFRS accounting standards in the Company\u2019s annual reports. The Board has also concluded that the Company meets the additional characteristics of an investment entity, in that it has more than one investment; the Company\u2019s ownership interests are predominantly in the form of equities and similar securities; it has more than one investor and its investors are not related parties. The Board has concluded that the Company meets the definition of an investment entity. These conclusions will be reassessed on a continuous basis, if any of these criteria or characteristics change. Investments in subsidiaries Investment in subsidiaries include both investment in listed and non-listed companies that are measured at fair value through profit or loss. Assessing fair value of non-listed companies is a source of estimation uncertainty and requires a high degree of judgement in developing assumptions, please refer to note 10 for details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-238": { "value": "
Investment and trading of financial instruments/assets at fair value through profit or loss
Financial instruments/assets are classified at initial recognition, and subsequently measured at amortised cost, fair value
through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally
for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. 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.
Equity instruments, debt instruments, funds and similar securities and derivative financial instruments are considered part
of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. These
investments are subsequently measured at fair value in the statement of financial position with net changes in fair value
recognized in the statement of profit and loss.
Investment in subsidiaries are considered part of financial instruments designed as at fair value through profit or loss
upon initial recognition. These financial assets and liabilities are designated upon initial recognition on the basis that they
are part of a group of financial assets that are managed and have their performance evaluated on a fair value basis.
These investments are subsequently measured at fair value in the statement of financial position with net changes in fair
value recognized in the statement of profit and loss.
Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealised and realized gain/losses on the portfolio of investments is classified as operating income. Fair value measurement The Company measures its investments in subsidiaries as well as its investments in financial instruments, such as equity instruments, other interest-bearing investments and derivatives, at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The fair value for financial instruments traded in active markets at the reporting date is based on their quoted price,
without any deduction for transaction costs.
For all other financial instruments not traded in an active market, the fair value is determined using valuation techniques
deemed to be appropriate in the circumstances. Valuation techniques include the market approach (i.e., using recent
arm\u2019s length market transactions, adjusted as necessary, and reference to the current market value of another instrument
that is substantially the same) and the income approach (i.e., discounted cash flow analysis and option pricing models
making as much use of available and supportable market data as possible).
For assets and liabilities that are measured at fair value on a recurring basis, the Company identifies transfers between
levels in the hierarchy by re-assessing the categorisation (based on the lowest level input that is significant to the fair
value measurement as a whole), and deems transfers to have occurred at the beginning of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "Investment and trading of financial instruments/assets at fair value through profit or loss Financial instruments/assets are classified at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. 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. Equity instruments, debt instruments, funds and similar securities and derivative financial instruments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investment in subsidiaries are considered part of financial instruments designed as at fair value through profit or loss upon initial recognition. These financial assets and liabilities are designated upon initial recognition on the basis that they are part of a group of financial assets that are managed and have their performance evaluated on a fair value basis. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealised and realized gain/losses on the portfolio of investments is classified as operating income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "Investment and trading of financial instruments/assets at fair value through profit or loss Financial instruments/assets are classified at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. 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. Equity instruments, debt instruments, funds and similar securities and derivative financial instruments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investment in subsidiaries are considered part of financial instruments designed as at fair value through profit or loss upon initial recognition. These financial assets and liabilities are designated upon initial recognition on the basis that they are part of a group of financial assets that are managed and have their performance evaluated on a fair value basis. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Net unrealised and realized gain/losses on the portfolio of investments is classified as operating income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Investment and trading of financial instruments/assets at fair value through profit or loss Financial instruments/assets are classified at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. 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. Equity instruments, debt instruments, funds and similar securities and derivative financial instruments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investment in subsidiaries are considered part of financial instruments designed as at fair value through profit or loss upon initial recognition. These financial assets and liabilities are designated upon initial recognition on the basis that they are part of a group of financial assets that are managed and have their performance evaluated on a fair value basis. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealised and realized gain/losses on the portfolio of investments is classified as operating income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "Foreign currency The financial statements are presented in NOK, which is also the functional currency for all the companies in the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "Foreign currency The financial statements are presented in NOK, which is also the functional currency for all the companies in the Group. Transactions in foreign currencies are recorded at the exchange rate in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rate at the financial position date. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Foreign exchange gains and losses are up to the Company met the requirements as an investment entity classified as net financial income. From this point foreign exchange gains and losses are classified as operating income ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-219": { "value": "
Cash, cash equivalents and cash flow statement
Cash represents cash on hand and deposits with bank that is callable on demand.
Cash equivalents are held to meet short-term commitments and represent short-term, highly liquid investments which
are readily convertible into known amounts of cash with original maturities of three months or less and that are subject
to an insignificant risk of change in value.
The cash flow statement is prepared using the indirect method.
Interest on bank deposits are up to the Company met the requirements as an investment entity classified as net financial
income. From this point interest on bank deposits are classified as operating income
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "Cash, cash equivalents and cash flow statement Cash represents cash on hand and deposits with bank that is callable on demand. Cash equivalents are held to meet short-term commitments and represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value. The cash flow statement is prepared using the indirect method. Interest on bank deposits are up to the Company met the requirements as an investment entity classified as net financial income. From this point interest on bank deposits are classified as operating income ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "Provisions Provisions are recognized when the Group/Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as financial expense ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "
Ordinary taxation
The parent company and the wholly owned subsidiary are subject to the ordinary Norwegian taxation regime. Current
income taxes are measured at the amount expected to be paid to (recover from) authorities, deferred tax assets/liabilities
are calculated based on temporary differences at the reporting date. Deferred tax assets are recognized to the extent
that it is probable that they can be utilized in the future. Dividends and capital gains are taxed according to the Norwegian
exemption model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Ordinary taxation The parent company and the wholly owned subsidiary are subject to the ordinary Norwegian taxation regime. Current income taxes are measured at the amount expected to be paid to (recover from) authorities, deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognized to the extent that it is probable that they can be utilized in the future. Dividends and capital gains are taxed according to the Norwegian exemption model", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "
Related parties
Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also related if they are subject to
common control or common significant influence.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "
Business Combinations
Business combinations are accounted for using the acquisition method in accordance with IFRS 3.
Consideration transferred is measured at fair value at the acquisition date and comprises the fair value of assets
transferred, liabilities incurred to former owners of the acquiree, and equity instruments issued. Contingent consideration
is recognized at fair value at the acquisition date and subsequently remeasured through profit or loss, unless classified
as equity.
The Group recognizes identifiable assets acquired and liabilities assumed at their acquisition-date fair values,
irrespective of the extent of any non-controlling interest. Identifiable intangible assets are recognized separately from
goodwill where they are separable or arise from contractual or legal rights.
The excess of (i) consideration transferred, (ii) the amount of non-controlling interests, and (iii) the fair value of any
previously held equity interest, over the net fair value of identifiable assets acquired and liabilities assumed, is recognized
as goodwill. If the net assets acquired exceed the consideration transferred, the resulting gain is recognized immediately
in profit or loss after reassessment of the underlying amounts.
Non-controlling interests are measured either at fair value or at the proportionate share of the acquiree\u2019s identifiable net
assets, determined on a transaction-by-transaction basis.
The Group performs a purchase price allocation (PPA) to allocate the consideration transferred to identifiable assets
acquired and liabilities assumed, including recognition of intangible assets such as customer relationships, technology
and trademarks.
Acquisition-related costs are expensed as incurred and included in operating expenses.
Adjustments to provisional amounts are recognized during the measurement period (not exceeding 12 months from the
acquisition date), reflecting new information about facts and circumstances that existed at the acquisition date.
Comparative information is restated as if the accounting had been completed at the acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-220": { "value": "
Property, Plant and Equipment and Goodwill
Property, plant and equipment are tangible items that are held for use in the production or supply of goods or services,
for rental to others, or for administrative purposes, and are expected to be used during more than one period.
PP&E are initially recognized at cost, including directly attributable costs necessary to bring the asset to the location and
condition required for it to operate as intended by management.
Subsequently, PP&E are measured at cost less accumulated depreciation and accumulated impairment losses.
Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows:
\u2022 Property Arena: 50\u201367 years
\u2022 Groundwork on land: no depreciation
\u2022 Equipment: 5\u201312 years
Useful lives, residual values, and depreciation methods are reviewed at each reporting date and adjusted if appropriate.
An item of PP&E is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain
or loss arising on derecognition is recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "Property, Plant and Equipment and Goodwill Property, plant and equipment are tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes, and are expected to be used during more than one period. PP&E are initially recognized at cost, including directly attributable costs necessary to bring the asset to the location and condition required for it to operate as intended by management. Subsequently, PP&E are measured at cost less accumulated depreciation and accumulated impairment losses. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: Property Arena: 50\u201367 years Groundwork on land: no depreciation Equipment: 5\u201312 years Useful lives, residual values, and depreciation methods are reviewed at each reporting date and adjusted if appropriate. An item of PP&E is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition is recognized in profit or loss. Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of any previously held equity interest in the acquiree over the net fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is initially recognized as an asset at cost. Following initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized. Technical goodwill refers to goodwill arising from deferred tax or fair value adjustments in the acquisition analysis. Such amounts are included in goodwill and are accounted for in accordance with the policy above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-221": { "value": "Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of any previously held equity interest in the acquiree over the net fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is initially recognized as an asset at cost. Following initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized. Technical goodwill refers to goodwill arising from deferred tax or fair value adjustments in the acquisition analysis. Such amounts are included in goodwill and are accounted for in accordance with the policy above", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-209": { "value": "
New and amended standards adopted by the group in the reporting period
There are no new standards in 2025 with significant impact for the Group.
Standards and Interpretations in issue but not yet adopted
In April 2024, the IASB issued IFRS 18
Presentation and Disclosure in Financial Statements
(\u201cIFRS 18\u201d) which replaces IAS 1
Presentation of Financial Statements
. IFRS 18 requires an entity to classify all income and expenses within its statement of
operations into one of five categories: operating, investing, financing, income taxes and discontinued operations. The first
three categories are new. These categories are complemented by the requirement to present subtotals and totals for
\u201coperating profit or loss,\u201d \u201cprofit or loss before financing and income taxes\u201d and \u201cprofit or loss.\u201d IFRS 18 and the
amendments to other standards are effective for reporting periods beginning on or after January 1, 2027, but earlier
application is permitted. The Group is currently evaluating the impact of this.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "New and amended standards adopted by the group in the reporting period There are no new standards in 2025 with significant impact for the Group. Standards and Interpretations in issue but not yet adopted In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements (\u201cIFRS 18\u201d) which replaces IAS 1 Presentation of Financial Statements. IFRS 18 requires an entity to classify all income and expenses within its statement of operations into one of five categories: operating, investing, financing, income taxes and discontinued operations. The first three categories are new. These categories are complemented by the requirement to present subtotals and totals for \u201coperating profit or loss,\u201d \u201cprofit or loss before financing and income taxes\u201d and \u201cprofit or loss.\u201d IFRS 18 and the amendments to other standards are effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted. The Group is currently evaluating the impact of this.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-222": { "value": "
Note 3 \u2013 Operating Segments
For management purposes, the Company is organised into one main operating segment, which invests in financial
instruments. All of the Company\u2019s activities are interrelated, and each activity is dependent on the others. Accordingly, all
significant decisions are based upon analysis of the Company as one segment. The financial results from this segment
are equivalent to the financial statement of the Company as a whole.
The following table analyses the Company\u2019s income by geographical location. The basis for attributing the income is the
ISIN for listed securities or for non-listed securities, country of domicile.
Income by geographical location
NOK 1000
2025
2024
Norway
11 704
17 291
Finland
2 024
164
Danmark
-875
9 842
Cyprus
2 242
-2 904
United Kingdom
-
3 333
Rest of Europe
13 064
-6 433
USA
-7 792
-37 739
Rest of the world
7 797
-2 924
Total
28 163
-19 369
The following table analysis the Company\u2019s non-current assets by geographical location. The basis for attributing the
asset is the ISIN for listed securities or for non-listed securities, country of domicile.
Non-current assets by geographical location
NOK 1000
2025
2024
Norway
198 943
-
Cyprus
569 340
-
USA
745
1 095
Total
769 028
1 095
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "Note 3 \u2013 Operating Segments For management purposes, the Company is organised into one main operating segment, which invests in financial instruments. All of the Company\u2019s activities are interrelated, and each activity is dependent on the others. Accordingly, all significant decisions are based upon analysis of the Company as one segment. The financial results from this segment are equivalent to the financial statement of the Company as a whole. The following table analyses the Company\u2019s income by geographical location. The basis for attributing the income is the ISIN for listed securities or for non-listed securities, country of domicile. Income by geographical location NOK 1000 2025 2024 Norway 11 704 17 291 Finland 2 024 164 Danmark -875 9 842 Cyprus 2 242 -2 904 United Kingdom - 3 333 Rest of Europe 13 064 -6 433 USA -7 792 -37 739 Rest of the world 7 797 -2 924 Total 28 163 -19 369 The following table analysis the Company\u2019s non-current assets by geographical location. The basis for attributing the asset is the ISIN for listed securities or for non-listed securities, country of domicile.
Non-current assets by geographical location
NOK 1000
2025
2024
Norway
198 943
-
Cyprus
569 340
-
USA
745
1 095
Total
769 028
1 095
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-223": { "value": "
Note 4 \u2013 Financial assets at fair value through profit or loss
NOK 1000
Classes of assets within financial assets at fair value through profit or loss
31 Dec 2025
31 Dec 2024
Investment in subsidiaries
768 283
-
Equity instruments
Listed equity securities
81 272
131 872
Debt instruments
Listed bonds
-
24 173
Funds and similar securities
Listed funds
-
23 876
Unlisted funds
744
1 095
Total
850 300
181 016
In the comparative period and up until becoming an investment entity in second quarter of 2025, the Group classified its
equity instruments, debt instruments, funds and similar securities as well as derivative financial instruments as financial
assets held for trading.
Net gain from financial assets
NOK 1000
2025
2024
Realized financial assets
12 765
5 818
Net fair value adjustment equity instruments, debt instruments,
funds and similar securities and derivative financial instruments
1 221
-25 187
Net fair value adjustment subsidiaries
-2 464
-
Net gain/(loss) from financial assets
11 522
-19 369
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Note 4 \u2013 Financial assets at fair value through profit or loss NOK 1000
Classes of assets within financial assets at fair value through profit or loss
31 Dec 2025
31 Dec 2024
Investment in subsidiaries
768 283
-
Equity instruments
Listed equity securities
81 272
131 872
Debt instruments
Listed bonds
-
24 173
Funds and similar securities
Listed funds
-
23 876
Unlisted funds
744
1 095
Total
850 300
181 016
In the comparative period and up until becoming an investment entity in second quarter of 2025, the Group classified its equity instruments, debt instruments, funds and similar securities as well as derivative financial instruments as financial assets held for trading. Net gain from financial assets
NOK 1000
2025
2024
Realized financial assets
12 765
5 818
Net fair value adjustment equity instruments, debt instruments,
funds and similar securities and derivative financial instruments
1 221
-25 187
Net fair value adjustment subsidiaries
-2 464
-
Net gain/(loss) from financial assets
11 522
-19 369
Note 10 \u2013 Fair value of assets and liabilities Set out below is a comparison by category for carrying amounts and fair values of all the Group's financial instruments that are carried in the financial statements.
2025
NOK 1000
Carrying amount
Fair value
Fair value hierarchy
Loans and receivables
Cash and cash equivalents
288 257
288 257
1
Other current assets
136
136
2
Investments
Financial assets at fair value through profit or loss
850 300
850 300
1, 2 & 3
Other financial liabilities
Trade payables
1 253
1 253
2
Other current liabilities
7 974
7 974
2
2024
NOK 1000
Carrying amount
Fair value
Fair value hierarchy
Loans and receivables
Cash and cash equivalents
644 054
644 054
1
Other current assets
47 038
47 038
1 & 2
Investments
Financial assets at fair value through profit or loss
181 016
181 016
1 & 2
Other financial liabilities
Trade payables
451
451
2
Other current liabilities
2 981
2 981 2
Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The estimated fair value has been determined by the Group using appropriate market information and valuation methodologies. The different levels have been defined as follows: Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the company\u2019s financial assets and liabilities that are measured at fair value on 31 December 2025. The fair value of financial instruments does not significantly deviate from their carrying amount
NOK 1000
Financial assets at fair value through profit or loss in NOK
2025
2024
Listed shares and bonds (Level 1)
650 613
179 921
Non-listed shares (Level 2)
745
1 095
Non-listed shares (Level 3)
198 943
-
Total
850 300
181 016
There were no transfers between the levels during the year. (a) Financial instruments in level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily OSE, Euronext Expand, Euronext Growth, DAX and FTSE 100 equity investments classified as trading securities or available for sale. (b) Financial instruments in level 2 The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Specific valuation techniques used to value financial instruments include: Quoted market prices or dealer quotes for similar instruments. Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments.
Information on valuation methods and significant inputs \u2013 Level 3
NOK 1000
Fair
Description
Valuation technique*
Significant inputs
Range
Valu
Income
7.75% - 8.75%
e
Vallhall Arena
capitalization**
Property specific real return requirement (Yield)
(8.25%)
59 913
Eilert Sundtsgate 39 AS
Income capitalization***
Market rent in % of room revenue
30-40% (34 %)
135
Yield on net market rent
5%
000
Bravo Opportunities AS
NAV****
4 030
* Vallhall Arena and Eilert Sundtsgate 39 AS exclusively own investment properties, but since the Company\u2019s investment is in shares rather than directly in the underlying properties, the investments are classified as investments in financial instruments, not as investment property. However, for valuation purposes, the value of the underlying investment properties is measured, because this represents the best approach for determining the fair value of the shares. ** Valuation is based on an income method approach corroborated an indication of an enterprise value by an external party *** An external party has contributed to the valuation of Eilert Sundtsgate 39 AS **** Bravo Opportunities AS only assets are receivable towards Saga Pure ASA and cash.
Sensitivity analysis to changes in significant inputs \u2013 Level 3
NOK 1000
Effect on fair
Description
Significant inputs
Sensitivity used*
value
Vallhall Arena
Property specific real return requirement (Yield)
10%
5 752
Eilert Sundtsgate 39 AS
Market rent in % of room revenue
3%
4 327
Yield on net market rent 5% 5 260
* The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "Note 4 \u2013 Financial assets at fair value through profit or loss NOK 1000
Classes of assets within financial assets at fair value through profit or loss
31 Dec 2025
31 Dec 2024
Investment in subsidiaries
768 283
-
Equity instruments
Listed equity securities
81 272
131 872
Debt instruments
Listed bonds
-
24 173
Funds and similar securities
Listed funds
-
23 876
Unlisted funds
744
1 095
Total
850 300
181 016
In the comparative period and up until becoming an investment entity in second quarter of 2025, the Group classified its equity instruments, debt instruments, funds and similar securities as well as derivative financial instruments as financial assets held for trading. Net gain from financial assets
NOK 1000
2025
2024
Realized financial assets
12 765
5 818
Net fair value adjustment equity instruments, debt instruments,
funds and similar securities and derivative financial instruments
1 221
-25 187
Net fair value adjustment subsidiaries
-2 464
-
Net gain/(loss) from financial assets
11 522
-19 369
Note 10 \u2013 Fair value of assets and liabilities Set out below is a comparison by category for carrying amounts and fair values of all the Group's financial instruments that are carried in the financial statements.
2025
NOK 1000
Carrying amount
Fair value
Fair value hierarchy
Loans and receivables
Cash and cash equivalents
288 257
288 257
1
Other current assets
136
136
2
Investments
Financial assets at fair value through profit or loss
850 300
850 300
1, 2 & 3
Other financial liabilities
Trade payables
1 253
1 253
2
Other current liabilities
7 974
7 974
2
2024
NOK 1000
Carrying amount
Fair value
Fair value hierarchy
Loans and receivables
Cash and cash equivalents
644 054
644 054
1
Other current assets
47 038
47 038
1 & 2
Investments
Financial assets at fair value through profit or loss
181 016
181 016
1 & 2
Other financial liabilities
Trade payables
451
451
2
Other current liabilities
2 981
2 981 2
Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The estimated fair value has been determined by the Group using appropriate market information and valuation methodologies. The different levels have been defined as follows: Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the company\u2019s financial assets and liabilities that are measured at fair value on 31 December 2025. The fair value of financial instruments does not significantly deviate from their carrying amount . Financial assets at fair value through profit or loss in NOK 2025 2024 Listed shares and bonds (Level 1) 650 613 179 921 Non-listed shares (Level 2) 745 1 095 Non-listed shares (Level 3) 198 943 - Total 850 300 181 016 There were no transfers between the levels during the year. (a) Financial instruments in level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily OSE, Euronext Expand, Euronext Growth, DAX and FTSE 100 equity investments classified as trading securities or available for sale. (b) Financial instruments in level 2 The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Specific valuation techniques used to value financial instruments include: \u2022 Quoted market prices or dealer quotes for similar instruments. \u2022 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments.
Information on valuation methods and significant inputs \u2013 Level 3
NOK 1000
Fair
Description
Valuation technique*
Significant inputs
Range
Valu
Income
7.75% - 8.75%
e
Vallhall Arena
capitalization**
Property specific real return requirement (Yield)
(8.25%)
59 913
Eilert Sundtsgate 39 AS
Income capitalization***
Market rent in % of room revenue
30-40% (34 %)
135
Yield on net market rent
5%
000
Bravo Opportunities AS
NAV****
4 030
* Vallhall Arena and Eilert Sundtsgate 39 AS exclusively own investment properties, but since the Company\u2019s investment is in shares rather than directly in the underlying properties, the investments are classified as investments in financial instruments, not as investment property. However, for valuation purposes, the value of the underlying investment properties is measured, because this represents the best approach for determining the fair value of the shares. ** Valuation is based on an income method approach corroborated an indication of an enterprise value by an external party *** An external party has contributed to the valuation of Eilert Sundtsgate 39 AS **** Bravo Opportunities AS only assets are receivable towards Saga Pure ASA and cash.
Sensitivity analysis to changes in significant inputs \u2013 Level 3
NOK 1000
Effect on fair
Description
Significant inputs
Sensitivity used*
value
Vallhall Arena
Property specific real return requirement (Yield)
10%
5 752
Eilert Sundtsgate 39 AS
Market rent in % of room revenue
3%
4 327
Yield on net market rent 5% 5 260
* The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "Note 4 \u2013 Financial assets at fair value through profit or loss NOK 1000
Classes of assets within financial assets at fair value through profit or loss
31 Dec 2025
31 Dec 2024
Investment in subsidiaries
768 283
-
Equity instruments
Listed equity securities
81 272
131 872
Debt instruments
Listed bonds
-
24 173
Funds and similar securities
Listed funds
-
23 876
Unlisted funds
744
1 095
Total
850 300
181 016
In the comparative period and up until becoming an investment entity in second quarter of 2025, the Group classified its equity instruments, debt instruments, funds and similar securities as well as derivative financial instruments as financial assets held for trading. Net gain from financial assets
NOK 1000
2025
2024
Realized financial assets
12 765
5 818
Net fair value adjustment equity instruments, debt instruments,
funds and similar securities and derivative financial instruments
1 221
-25 187
Net fair value adjustment subsidiaries
-2 464
-
Net gain/(loss) from financial assets
11 522
-19 369
Note 10 \u2013 Fair value of assets and liabilities Set out below is a comparison by category for carrying amounts and fair values of all the Group's financial instruments that are carried in the financial statements.
2025
NOK 1000
Carrying amount
Fair value
Fair value hierarchy
Loans and receivables
Cash and cash equivalents
288 257
288 257
1
Other current assets
136
136
2
Investments
Financial assets at fair value through profit or loss
850 300
850 300
1, 2 & 3
Other financial liabilities
Trade payables
1 253
1 253
2
Other current liabilities
7 974
7 974
2
2024
NOK 1000
Carrying amount
Fair value
Fair value hierarchy
Loans and receivables
Cash and cash equivalents
644 054
644 054
1
Other current assets
47 038
47 038
1 & 2
Investments
Financial assets at fair value through profit or loss
181 016
181 016
1 & 2
Other financial liabilities
Trade payables
451
451
2
Other current liabilities
2 981
2 981 2
Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The estimated fair value has been determined by the Group using appropriate market information and valuation methodologies. The different levels have been defined as follows: Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the company\u2019s financial assets and liabilities that are measured at fair value on 31 December 2025. The fair value of financial instruments does not significantly deviate from their carrying amount
NOK 1000
Financial assets at fair value through profit or loss in NOK
2025
2024
Listed shares and bonds (Level 1)
650 613
179 921
Non-listed shares (Level 2)
745
1 095
Non-listed shares (Level 3)
198 943
-
Total
850 300
181 016
There were no transfers between the levels during the year. (a) Financial instruments in level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily OSE, Euronext Expand, Euronext Growth, DAX and FTSE 100 equity investments classified as trading securities or available for sale. (b) Financial instruments in level 2 The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Specific valuation techniques used to value financial instruments include: Quoted market prices or dealer quotes for similar instruments. Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments.
Information on valuation methods and significant inputs \u2013 Level 3
NOK 1000
Fair
Description
Valuation technique*
Significant inputs
Range
Valu
Income
7.75% - 8.75%
e
Vallhall Arena
capitalization**
Property specific real return requirement (Yield)
(8.25%)
59 913
Eilert Sundtsgate 39 AS
Income capitalization***
Market rent in % of room revenue
30-40% (34 %)
135
Yield on net market rent
5%
000
Bravo Opportunities AS
NAV****
4 030
* Vallhall Arena and Eilert Sundtsgate 39 AS exclusively own investment properties, but since the Company\u2019s investment is in shares rather than directly in the underlying properties, the investments are classified as investments in financial instruments, not as investment property. However, for valuation purposes, the value of the underlying investment properties is measured, because this represents the best approach for determining the fair value of the shares. ** Valuation is based on an income method approach corroborated an indication of an enterprise value by an external party *** An external party has contributed to the valuation of Eilert Sundtsgate 39 AS **** Bravo Opportunities AS only assets are receivable towards Saga Pure ASA and cash.
Sensitivity analysis to changes in significant inputs \u2013 Level 3
NOK 1000
Effect on fair
Description
Significant inputs
Sensitivity used*
value
Vallhall Arena
Property specific real return requirement (Yield)
10%
5 752
Eilert Sundtsgate 39 AS
Market rent in % of room revenue
3%
4 327
Yield on net market rent 5% 5 260
* The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value. Note 13 \u2013 Financial Risk Management Through its activities the Group is exposed to a variety of financial risks: market risk including currency risk, credit risk and liquidity risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. To reduce and manage these risks, management periodically assesses the Group\u2019s financial market risk in general. Equity price risk The Group invests in both marketable securities on different stock exchanges as well unlisted securities in order to take advantage of market movements in the equity markets. All marketable securities present a risk of loss of capital. The Group moderates this risk through a careful selection of securities. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. The Company\u2019s overall market positions are monitored on a quarterly basis. The Company\u2019s maximum exposure to risk at the balance sheet date is NOK 850.3 million (2024: NOK 181.0 million). Currency Risk The Group is exposed to currency risk primarily towards USD, and in some extent EUR and DKK. The currency risk is mitigated through utilising multicurrency arrangement on bank accounts to partially offset of other assets and or liabilities denominated in other currencies. As per year end the Group had a USD liability of NOK 46.2 million towards the multicurrency arrangement (references made to note 12) whilst investment in USD nominated bonds and shares, as well as USD nominated receivables amounts to NOK 40.4 million per year end, hence a net short USD exposure of NOK 5.8 million. However, the implicit currency effect from shares and bonds denominated in USD, will not be presented as currency effect in form of agio/disagio, but rather as an integral part of loss/gain from financial assets.
NOK 1000
Effect on profit & loss if USD strengthened/weakened by 1 % versus NOK per
year end 2025
USD/NOK +1%
USD/NOK -1%
Agio/(Disagio)
-461
461
Net profit from financial investments/(loss)
403
-403
Total
-58
58
Tax risk Saga Pure is subject to taxation by Norwegian authorities. Any change in taxation regime may affect the payable taxes of Saga Pure. A portion of the Group\u2019s investments are tax exempted (\u00abfritaksmetoden\u00bb), if the Norwegian tax regime changes and gains/losses on investment become taxable this could have significant impact on the Group\u2019s tax position . Credit Risk The Group have credit risk, inherent in the risk that a counterparty will be unable to pay amounts in full when due. As of the balance sheet date the Company held no bonds. The Group had bank deposits amounting to NOK 288.3 million deposited at reputable banks and finance institution in Norway. There are no trade receivables. All cash and cash equivalents, and restricted cash, were per year end held at the following financial institutions, with the following credit ratings according to Standard & Poor\u2019s;
NOK 1000
Counterparty
Rating
Geographical segment
2025
Cash and cash equivalents
DNB
AA-
Norway
255 800
SEB
AA-
Sweden
32 457
Total
288 257
Liquidity risk The group monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs. The group had no outstanding interest bearing debt. At the reporting date, the Company held cash and cash equivalents of TNOK 288,257 (2024: Group TNOK 644,054) but no other liquid assets that are expected to readily generate cash inflows for managing liquidity risk. Interest rate risk Based on the financial status at balance sheet date, an increase of the general interest level of one percentile would impact the profit and loss accounts with TNOK +2,883. A decrease in the general interest level of one percentile would impact the profit and loss accounts with TNOK -2,883. Furthermore, changes in interest rates will impact the value of the Company\u2019s investments in fixed interest instruments such as bonds and short-term loans at fixed interest, whereas the profit and loss effect is anticipated to opposite of the profit and loss effect from interest from net bank deposits. The interest exposure is both towards NOK interest and USD interest, as well as to some extent EUR and DKK interest . Capital Management Capital as defined for capital management for the Group includes all equity reserves attributable to the equity holders of the parent company. As a holding company pursuing a board strategy, the primary objective of Group\u2019s capital management is to maximize the value for its shareholders. In order to achieve this objective, the Group aim to maintain an optimal capital structure by assessing its projected future capital needs for investing and or divesting, towards its capital management tools such as dividends or issuance of new shares . The Group currently has no interest-bearing debt. If the Group were to incur interest-bearing debt, the policy would be to maintain the overall leverage at levels in which financial covenants of such debt does not interfere with autonomy of the Groups investment decisions
Note 19 \u2013 Maturity analysis of assets and liabilities
The table below shows an analysis of assets and liabilities according to when they are expected to be recovered or settled
respectively:
2025
Within 12
After 12
NOK 1000
months
months
Total
Assets
Investment in subsidiaries
-
768 283
768 283
Equity instruments
81 272
-
81 272
Funds and similar securities
-
745
745
Trade and other receivables
136
-
136
Cash and equivalents
288 257
-
288 257
Total assets
369 665
769 028
1 138 693
Liabilities
Trade and other payables
1 253
-
1 253
Other liabilities and accruals
7 974
-
7 974
Total liabilities
9 227
-
9 227
2024
Within 12
After 12
NOK 1000
months
months
Total
Assets
Equity instruments
131 872
-
131 872
Debt instruments
24 173
-
24 173
Funds and similar securities
23 876
1 095
24 971
Trade and other receivables
47 038
-
47 038
Cash and equivalents
644 054
-
644 054
Total assets
871 014
1 095
872 109
Liabilities
Trade and other payables
451
-
451
Other liabilities and accruals
2 981
-
2 981
Total liabilities
3 432
-
3 432
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "Note 4 \u2013 Financial assets at fair value through profit or loss NOK 1000
Classes of assets within financial assets at fair value through profit or loss
31 Dec 2025
31 Dec 2024
Investment in subsidiaries
768 283
-
Equity instruments
Listed equity securities
81 272
131 872
Debt instruments
Listed bonds
-
24 173
Funds and similar securities
Listed funds
-
23 876
Unlisted funds
744
1 095
Total
850 300
181 016
In the comparative period and up until becoming an investment entity in second quarter of 2025, the Group classified its equity instruments, debt instruments, funds and similar securities as well as derivative financial instruments as financial assets held for trading. Net gain from financial assets
NOK 1000
2025
2024
Realized financial assets
12 765
5 818
Net fair value adjustment equity instruments, debt instruments,
funds and similar securities and derivative financial instruments
1 221
-25 187
Net fair value adjustment subsidiaries
-2 464
-
Net gain/(loss) from financial assets
11 522
-19 369
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "Note 4 \u2013 Financial assets at fair value through profit or loss NOK 1000
Classes of assets within financial assets at fair value through profit or loss
31 Dec 2025
31 Dec 2024
Investment in subsidiaries
768 283
-
Equity instruments
Listed equity securities
81 272
131 872
Debt instruments
Listed bonds
-
24 173
Funds and similar securities
Listed funds
-
23 876
Unlisted funds
744
1 095
Total
850 300
181 016
In the comparative period and up until becoming an investment entity in second quarter of 2025, the Group classified its equity instruments, debt instruments, funds and similar securities as well as derivative financial instruments as financial assets held for trading. Net gain from financial assets
NOK 1000
2025
2024
Realized financial assets
12 765
5 818
Net fair value adjustment equity instruments, debt instruments,
funds and similar securities and derivative financial instruments
1 221
-25 187
Net fair value adjustment subsidiaries
-2 464
-
Net gain/(loss) from financial assets
11 522
-19 369
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-239": { "value": "
Note 5 \u2013Purchase Price Allocation
The Group acquired Vallhall in a business combination as of 1 January 2025 and has prepared a purchase price allocation,
whereas identifiable assets and liabilities were recognised at fair value at the time of take-over. This includes 100% of the
assets and liabilities in Vallhall, not limited to the 60% share as acquired by the Group. The Group chose to reinvest in
Vallhall following the divesture of all renewable investments. Vallhall is centrally located in Helsfyr, Oslo, and has a
capacity of up to 15,000 people. Valhall generates income from multiple sources, including rental fees for football
activities, hosting various events, and revenue from commercial properties and parking facilities associated with the
arena.
The total value of Vallhall, i.e. \u201cEnterprise value\u00bb, as based on the transaction, was set to 110 million and the final cash
consideration was 52.4 million. No contingent consideration. The Group concluded that the transaction constituted a
business combination, as Vallhall had both inputs, processes performed by its own employees and outputs. Vallhall
consists of Vallhall Fotballhall KS, Vallhall Fotballhall Drift AS and Vallhall Fotballhall AS which are interrelated and hence
treated and measured as one. The below table summarizes recognized amounts of assets acquired and liabilities
assumed at the acquisition date:
Purchase price allocation
Fair-value 1 Jan 2025
NOK 1000
Assets
Property - Arena
111 336
Equipment
3 924
Groundwork on land
199
Intangible assets \u2013 Goodwill **
4 648
Total fixed assets
120 108
Trade and other receivables*
1 377
Cash and cash equivalents
2 151
Total current assets
3 528
Total assets
123 636
Fair-value 1 Jan 2025
Equity majority
52 410
Equity minority
35 311
Long term debt
24 000
Deferred tax
9 970
Current liabilities
1 945
Total Equity and Liabilities
123 636
* The fair value of trade receivables amounts to 0.6 million, which is also the gross contractual amounts. The best estimate
of contractual cash flows not expected to be collected is zero.
** Goodwill consists of the deviation between the nominal value and fair value of deferred tax at the acquisition date.
From the acquisition 1 January 2025 and until Vallhall was derecognised as a subsidiary from the start of Q2 2025 it has
contributed revenue of 8.9 million and a net profit of 4.6 million, whereas 2.7 million allocated to shareholders\u2019 interest.
In the second quarter of 2025, the Company assesses that it should be classified as an investment entity, and the net
assets of Vallhall were derecognised and recognized as an investment at fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "Note 6 \u2013 Operating Expenses
NOK 1000
2025
2024
Employee benefit expenses
Salaries
5 975
2 897
Social security costs
860
452
Pension expenses
66
17
Other personnel expenses
56
79
Total employee benefit expenses
6 957
3 445
Number of man-years*
2,1
1
Other operating expenses
Consultancy fees
7 770
5 546
Travel expenses and membership fees
-
103
Cost of share loan
720
718
Other operating expenses related to Vallhall in Q1 2025
2 021
-
Other expenses
2 928
3 251
Total administrative expenses
13 439
9 618
* Including four employees in Vallhall for Q1 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-225": { "value": "Note 6 \u2013 Operating Expenses NOK 1000 2025 2024 Employee benefit expenses Salaries 5 975 2 897 Social security costs 860 452 Pension expenses 66 17 Other personnel expenses 56 79 Total employee benefit expenses 6 957 3 445 Number of man-years* 2,1 1 * Including four employees in Vallhall for Q1 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "
NOK 1000
2025
2024
Employee benefit expenses
Salaries
5 975
2 897
Social security costs
860
452
Pension expenses
66
17
Other personnel expenses
56
79
Total employee benefit expenses
6 957
3 445
Number of man-years*
2,1
1
Other operating expenses
Consultancy fees
7 770
5 546
Travel expenses and membership fees
-
103
Cost of share loan
720
718
Other operating expenses related to Vallhall in Q1 2025
2 021
-
Other expenses
2 928
3 251
Total administrative expenses
13 439
9 618
* Including four employees in Vallhall for Q1 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-224": { "value": "Other operating expenses Consultancy fees 7 770 5 546 Travel expenses and membership fees - 103 Cost of share loan 720 718 Other operating expenses related to Vallhall in Q1 2025 2 021 - Other expenses 2 928 3 251 Total administrative expenses 13 439 9 618 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-226": { "value": "
Remuneration to the Board of Directors and executive management
2025
NOK 1000
Name
Position
Salary
Bonus
Vesting options
Other benefit
Pension cost
Director\u2019s fee
Espen Lundaas
CEO
1 594
1 600
-
17
15
-
Tore Jakob Berg
CFO
1 145
-
-
13
16
-
Eldar Paulsrud
CFO
-
-
-
-
-
-
Martin Nes
Chairman*
-
-
-
-
-
99
Henrik A. Christensen
Chairman**
150
\u00d8ystein Stray Spetalen
Board member*
-
-
-
-
-
79
Kristin Hellebust
Board member
199
Espen L. Fjermestad
Board member**
-
-
-
-
-
120
Total remuneration
2 740
1 600
-
30
31
648
2024 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-210": { "value": "
2024
NOK 1000
Name
Position
Salary
Bonus
Vesting options
Other benefit
Pension cost
Director\u2019s fee
Espen Lundaas
CEO
1 595
-
-
14
16
-
Tore Jakob Berg
CFO
638
-
-
9
14
-
Martin Nes
Chairman
-
-
-
-
-
250
\u00d8ystein Stray Spetalen
Board member
-
-
-
-
-
200
Kristin Hellebust
Board member***
-
-
-
-
-
117
Yvonne Litsheim Sandvold
Board member***
-
-
-
-
-
83
Total remuneration
2 232
-
-
23
30
650
* Resigned at the annual general meeting in 2025
** Elected at the annual general meeting in 2025
*** In May 2024, Yvonne Litsheim Sandvold left the Board and was replaced with Kristin Hellebust.
The Group had no outstanding loans or guarantees in favour of any member of the Board of Directors or company
management in 2025.
Stock options program to Board members and Company employees
No stock options or right to stock options are held by members of the board of directors on 31 December 2025. Reference
is made to note 18 for further information regarding the equity settled option and share program towards certain former
employees.
Audit Fees
NOK 1000
2025
2024
Audit fees including VAT
Audit services
873
876
Other attestation services
336
216
Tax services
-
-
Other non-audit services
25
25
Total
1 234
1 116
Fees to the Group\u2019s auditors are included in administrative expenses.
Expenses recognised for employee service received during the year:
NOK 1000
2025
2024
Expenses arising from equity-settled share-based payment transactions
-
-
Social security reserves for equity-settled share-based payment transactions*
-
-
Total expense arising from share-based payment transactions
-
-
* Social security expenses are accrued for if the options are in the money, and the accrual for social security expenses will be updated
quarterly, based on development in the share price. An increase in share price, will increase the value of the options, hence increase
the social security expenses, whereas a decrease in share price will reduce the reserves, creating an income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "
Audit Fees
NOK 1000
2025
2024
Audit fees including VAT
Audit services
873
876
Other attestation services
336
216
Tax services
-
-
Other non-audit services
25
25
Total
1 234
1 116
Fees to the Group\u2019s auditors are included in administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "
Note 7 \u2013 Fixed assets and intangible assets
Fixed assets and intangible assets
Property
Groundwork
Equipment
Technical
Goodwill
Total
NOK 1000
Arena
on land
Costs
Acquisition cost, 31 December 2024
-
-
-
-
-
Acquisition Vallhall*
111 336
199
3 925
4 648
120 108
Derecognition \u2013 Investment entity
-111 336
- 199
-3 925
-4 648
-120 108
Acquisition cost, ending balance 31 December 2025
-
-
-
-
-
Depreciation
Accumulated depreciation 31 December 2024
-
-
-
-
-
Depreciation 2025
-965
-
-43
-
-1 008
Derecognition \u2013 Investment entity
965
-
43
-
1 008
Accumulated depreciation, ending balance 31 December 2025
-
-
-
-
-
Net carrying amount, ending balance 31 December 2025
-
-
-
-
-
* References are made to note 5 \u2013 Purchase Price Allocation .
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Note 7 \u2013 Fixed assets and intangible assets
Fixed assets and intangible assets
Property
Groundwork
Equipment
Technical
Goodwill
Total
NOK 1000
Arena
on land
Costs
Acquisition cost, 31 December 2024
-
-
-
-
-
Acquisition Vallhall*
111 336
199
3 925
4 648
120 108
Derecognition \u2013 Investment entity
-111 336
- 199
-3 925
-4 648
-120 108
Acquisition cost, ending balance 31 December 2025
-
-
-
-
-
Depreciation
Accumulated depreciation 31 December 2024
-
-
-
-
-
Depreciation 2025
-965
-
-43
-
-1 008
Derecognition \u2013 Investment entity
965
-
43
-
1 008
Accumulated depreciation, ending balance 31 December 2025
-
-
-
-
-
Net carrying amount, ending balance 31 December 2025
-
-
-
-
-
* References are made to note 5 \u2013 Purchase Price Allocation ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-211": { "value": "Note 7 \u2013 Fixed assets and intangible assets
Fixed assets and intangible assets
Property
Groundwork
Equipment
Technical
Goodwill
Total
NOK 1000
Arena
on land
Costs
Acquisition cost, 31 December 2024
-
-
-
-
-
Acquisition Vallhall*
111 336
199
3 925
4 648
120 108
Derecognition \u2013 Investment entity
-111 336
- 199
-3 925
-4 648
-120 108
Acquisition cost, ending balance 31 December 2025
-
-
-
-
-
Depreciation
Accumulated depreciation 31 December 2024
-
-
-
-
-
Depreciation 2025
-965
-
-43
-
-1 008
Derecognition \u2013 Investment entity
965
-
43
-
1 008
Accumulated depreciation, ending balance 31 December 2025
-
-
-
-
-
Net carrying amount, ending balance 31 December 2025
-
-
-
-
-
* References are made to note 5 \u2013 Purchase Price Allocation ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "Note 7 \u2013 Fixed assets and intangible assets
Fixed assets and intangible assets
Property
Groundwork
Equipment
Technical
Goodwill
Total
NOK 1000
Arena
on land
Costs
Acquisition cost, 31 December 2024
-
-
-
-
-
Acquisition Vallhall*
111 336
199
3 925
4 648
120 108
Derecognition \u2013 Investment entity
-111 336
- 199
-3 925
-4 648
-120 108
Acquisition cost, ending balance 31 December 2025
-
-
-
-
-
Depreciation
Accumulated depreciation 31 December 2024
-
-
-
-
-
Depreciation 2025
-965
-
-43
-
-1 008
Derecognition \u2013 Investment entity
965
-
43
-
1 008
Accumulated depreciation, ending balance 31 December 2025
-
-
-
-
-
Net carrying amount, ending balance 31 December 2025
-
-
-
-
-
* References are made to note 5 \u2013 Purchase Price Allocation .", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-227": { "value": "Note 7 \u2013 Fixed assets and intangible assets
Fixed assets and intangible assets
Property
Groundwork
Equipment
Technical
Goodwill
Total
NOK 1000
Arena
on land
Costs
Acquisition cost, 31 December 2024
-
-
-
-
-
Acquisition Vallhall*
111 336
199
3 925
4 648
120 108
Derecognition \u2013 Investment entity
-111 336
- 199
-3 925
-4 648
-120 108
Acquisition cost, ending balance 31 December 2025
-
-
-
-
-
Depreciation
Accumulated depreciation 31 December 2024
-
-
-
-
-
Depreciation 2025
-965
-
-43
-
-1 008
Derecognition \u2013 Investment entity
965
-
43
-
1 008
Accumulated depreciation, ending balance 31 December 2025
-
-
-
-
-
Net carrying amount, ending balance 31 December 2025
-
-
-
-
-
* References are made to note 5 \u2013 Purchase Price Allocation ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-212": { "value": "Note 8 \u2013 Tax
NOK 1000
2025
2024
Current tax expense
-
-
Deferred tax expense
-43
-
Tax expense
-43
-
Reconciliation of tax expenses
Net profit before tax
8 222
2 971
Tax expense based on nominal tax rate of 22%
1 809
654
Permanent differences*
-2 505
3 138
Change in not recognized deferred tax assets
653
-3 792
Tax expense
-43
-
Reconciliation of deferred tax (-)/deferred tax assets
Fixed and other assets
-
-
Payables
-
-
Tax loss carried forward**
136 973
129 368
Basis for deferred tax (-)/deferred tax assets
136 973
129 368
Deferred tax assets (22%)
30 134
28 461
Net deferred tax assets not recognized
30 134
28 461
Deferred tax (-)/deferred tax assets in the balance sheet
-
-
* Permanent differences are to great extent related to the tax exemption for gain on certain financial assets. ** Net tax loss carried forward is available indefinitely for offset against future taxable profits", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-228": { "value": "Note 8 \u2013 Tax
NOK 1000
2025
2024
Current tax expense
-
-
Deferred tax expense
-43
-
Tax expense
-43
-
Reconciliation of tax expenses
Net profit before tax
8 222
2 971
Tax expense based on nominal tax rate of 22%
1 809
654
Permanent differences*
-2 505
3 138
Change in not recognized deferred tax assets
653
-3 792
Tax expense
-43
-
Reconciliation of deferred tax (-)/deferred tax assets
Fixed and other assets
-
-
Payables
-
-
Tax loss carried forward**
136 973
129 368
Basis for deferred tax (-)/deferred tax assets
136 973
129 368
Deferred tax assets (22%)
30 134
28 461
Net deferred tax assets not recognized
30 134
28 461
Deferred tax (-)/deferred tax assets in the balance sheet
-
-
* Permanent differences are to great extent related to the tax exemption for gain on certain financial assets. ** Net tax loss carried forward is available indefinitely for offset against future taxable profits", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-213": { "value": "
Note 9 \u2013 Investment in subsidiaries
Changes to investment in subsidiaries
NOK 1000
31.12.2025
31.12.2024
Balance as 1 January
-
-
Additions
770 318
-
Sales
-
-
Changes in fair value
-2 035
-
Balance at the end of the year
768 283
-
Investment in subsidiaries
NOK 1000
31.12.2025
31.12.2024
Vallhall Arena*
59 913
-
Bravo Opportunities AS
4 030
-
Eilert Sundtsgate 39 AS**
135 000
-
S.D. Standard ETC Plc***
569 340
-
Investment in subsidiaries at fair value
768 283
-
Saga Pure ASA meets the definition of an investment entity. Therefore, it does not consolidate its subsidiaries but, rather,
recognises them as investments at fair value through profit or loss.
The derecognition of consolidated subsidiaries, and subsequent recognition at fair value, resulted in a day one gain of
NOK 562 850,-. There were no other immediate gains or losses as a result of the transition to fair value measurements.
Summary of unconsolidated subsidiaries
Principle place of business
Proportion of ownership and voting rights
31.12.2025
31.12.2024
Vallhall Arena* Norway 60 %
-
Bravo Opportunities AS
Norway
100 %
-
Eilert Sundtsgate 39 AS**
Norway
100 %
-
S.D. Standard ETC Plc
Cyprus
58 %
-
*Consist of Vallhall Fotballhall KS, Vallhall Fotballhall Drift AS and Vallhall Fotballhall AS measured as one. Vallhall Arena is assessed not to be an investment property as it is owned through companies, measured at fair value on the same basis as the other investments, and not as a separate investment property. ** Eilert Sundtsgate 39 AS has one 100% subsidiary (Saga Hotel Oslo AS \u2013 which operates the hotel Saga Hotel Oslo). Of the total value of this investment NOK 54.2m are related to a receivable which have been converted to equity after the balance sheet date. See note 21. *** S.D. Standard ETC Plc has one 100% subsidiary (Standard Invest AS \u2013 a service providing Norwegian entity to S.D. Standard ETC Plc ) ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "Note 9 \u2013 Investment in subsidiaries
Changes to investment in subsidiaries
NOK 1000
31.12.2025
31.12.2024
Balance as 1 January
-
-
Additions
770 318
-
Sales
-
-
Changes in fair value
-2 035
-
Balance at the end of the year
768 283
-
Investment in subsidiaries
NOK 1000
31.12.2025
31.12.2024
Vallhall Arena*
59 913
-
Bravo Opportunities AS
4 030
-
Eilert Sundtsgate 39 AS**
135 000
-
S.D. Standard ETC Plc***
569 340
-
Investment in subsidiaries at fair value
768 283
-
Saga Pure ASA meets the definition of an investment entity. Therefore, it does not consolidate its subsidiaries but, rather, recognises them as investments at fair value through profit or loss. The derecognition of consolidated subsidiaries, and subsequent recognition at fair value, resulted in a day one gain of NOK 562 850,-. There were no other immediate gains or losses as a result of the transition to fair value measurements.
Summary of unconsolidated subsidiaries
Principle place of business
Proportion of ownership and voting rights
31.12.2025
31.12.2024
Vallhall Arena* Norway 60 %
-
Bravo Opportunities AS
Norway
100 %
-
Eilert Sundtsgate 39 AS**
Norway
100 %
-
S.D. Standard ETC Plc
Cyprus
58 %
-
*Consist of Vallhall Fotballhall KS, Vallhall Fotballhall Drift AS and Vallhall Fotballhall AS measured as one. Vallhall Arena is assessed not to be an investment property as it is owned through companies, measured at fair value on the same basis as the other investments, and not as a separate investment property. ** Eilert Sundtsgate 39 AS has one 100% subsidiary (Saga Hotel Oslo AS \u2013 which operates the hotel Saga Hotel Oslo). Of the total value of this investment NOK 54.2m are related to a receivable which have been converted to equity after the balance sheet date. See note 21. *** S.D. Standard ETC Plc has one 100% subsidiary (Standard Invest AS \u2013 a service providing Norwegian entity to S.D. Standard ETC Plc ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-229": { "value": "
Note 10 \u2013 Fair value of assets and liabilities
Set out below is a comparison by category for carrying amounts and fair values of all the Group's financial instruments
that are carried in the financial statements.
2025
NOK 1000
Carrying amount
Fair value
Fair value hierarchy
Loans and receivables
Cash and cash equivalents
288 257
288 257
1
Other current assets
136
136
2
Investments
Financial assets at fair value through profit or loss
850 300
850 300
1, 2 & 3
Other financial liabilities
Trade payables
1 253
1 253
2
Other current liabilities
7 974
7 974
2
2024
NOK 1000
Carrying amount
Fair value
Fair value hierarchy
Loans and receivables
Cash and cash equivalents
644 054
644 054
1
Other current assets
47 038
47 038
1 & 2
Investments
Financial assets at fair value through profit or loss
181 016
181 016
1 & 2
Other financial liabilities
Trade payables
451
451
2
Other current liabilities
2 981
2 981 2
Fair value estimation
The table below analyses financial instruments carried at fair value, by valuation method. The estimated fair value has
been determined by the Group using appropriate market information and valuation methodologies. The different levels
have been defined as follows:
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the company\u2019s financial assets and liabilities that are measured at fair value on 31 December 2025. The fair value of financial instruments does not significantly deviate from their carrying amount .
NOK 1000
Financial assets at fair value through profit or loss in NOK
2025
2024
Listed shares and bonds (Level 1)
650 613
179 921
Non-listed shares (Level 2)
745
1 095
Non-listed shares (Level 3)
198 943
-
Total
850 300
181 016
There were no transfers between the levels during the year.
(a) Financial instruments in level 1
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet
date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker,
industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market
transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current
bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily OSE, Euronext
Expand, Euronext Growth, DAX and FTSE 100 equity investments classified as trading securities or available for sale.
(b) Financial instruments in level 2
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives)
is determined by using valuation techniques. These valuation techniques maximize the use of observable market data
where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value
an instrument are observable, the instrument is included in level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
Specific valuation techniques used to value financial instruments include:
Quoted market prices or dealer quotes for similar instruments. Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments.
Information on valuation methods and significant inputs \u2013 Level 3
NOK 1000
Fair
Description
Valuation technique*
Significant inputs
Range
Valu
Income
7.75% - 8.75%
e
Vallhall Arena
capitalization**
Property specific real return requirement (Yield)
(8.25%)
59 913
Eilert Sundtsgate 39 AS
Income capitalization***
Market rent in % of room revenue
30-40% (34 %)
135
Yield on net market rent
5%
000
Bravo Opportunities AS
NAV****
4 030
* Vallhall Arena and Eilert Sundtsgate 39 AS exclusively own investment properties, but since the Company\u2019s investment is in shares rather than directly in the underlying properties, the investments are classified as investments in financial instruments, not as investment property. However, for valuation purposes, the value of the underlying investment properties is measured, because this represents the best approach for determining the fair value of the shares. ** Valuation is based on an income method approach corroborated an indication of an enterprise value by an external party *** An external party has contributed to the valuation of Eilert Sundtsgate 39 AS **** Bravo Opportunities AS only assets are receivable towards Saga Pure ASA and cash.
Sensitivity analysis to changes in significant inputs \u2013 Level 3
NOK 1000
Effect on fair
Description
Significant inputs
Sensitivity used*
value
Vallhall Arena
Property specific real return requirement (Yield)
10%
5 752
Eilert Sundtsgate 39 AS
Market rent in % of room revenue
3%
4 327
Yield on net market rent 5% 5 260
* The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-231": { "value": "
Note 11 \u2013 Trade and other receivables
NOK 1000
31 Dec 2025
31 Dec 2024
Other receivables
11
11
Collateral for trading and receivable from broker
-
45 353
Prepayments
125
477
Accrued interests
-
1 198
Total trade and other receivables
136
47 038
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "Note 11 \u2013 Trade and other receivables
NOK 1000
31 Dec 2025
31 Dec 2024
Other receivables
11
11
Collateral for trading and receivable from broker
-
45 353
Prepayments
125
477
Accrued interests
-
1 198
Total trade and other receivables
136
47 038
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
Note 12 \u2013 Cash and Cash Equivalents
The Company\u2019s cash and cash equivalents are denominated in the following currencies:
NOK 1000
31 Dec 2025
31 Dec 2024
US Dollars*
-46 171
-28 999
GB Pounds*
1
1
Euro*
5 852
-2 896
Danish kroner*
-5 375
-2 647
Norwegian kroner*
333 949
678 595
Total cash and cash equivalents
288 257
644 054
*The USD, Euro, GBP and Danish kroner accounts are part of a multi-currency arrangement with an NOK account. NOK and EUR
deposits ensure a net deposit, hence no net liability.
Restricted cash
Employee tax accounts
1 196
413
All cash deposits are held in financial institutions with a long-term credit rating of minimum AA- according to Standard &
Poor\u2019s. Reference is made to note 13 for further information.
Deposits carry floating interest rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-214": { "value": "Note 12 \u2013 Cash and Cash Equivalents The Company\u2019s cash and cash equivalents are denominated in the following currencies:
NOK 1000
31 Dec 2025
31 Dec 2024
US Dollars*
-46 171
-28 999
GB Pounds*
1
1
Euro*
5 852
-2 896
Danish kroner*
-5 375
-2 647
Norwegian kroner*
333 949
678 595
Total cash and cash equivalents
288 257
644 054
*The USD, Euro, GBP and Danish kroner accounts are part of a multi-currency arrangement with an NOK account. NOK and EUR deposits ensure a net deposit, hence no net liability.
Restricted cash
Employee tax accounts
1 196
413
All cash deposits are held in financial institutions with a long-term credit rating of minimum AA- according to Standard &
Poor\u2019s. Reference is made to note 13 for further information. Deposits carry floating interest rates", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-230": { "value": "Note 13 \u2013 Financial Risk Management Through its activities the Group is exposed to a variety of financial risks: market risk including currency risk, credit risk and liquidity risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. To reduce and manage these risks, management periodically assesses the Group\u2019s financial market risk in general. Equity price risk The Group invests in both marketable securities on different stock exchanges as well unlisted securities in order to take advantage of market movements in the equity markets. All marketable securities present a risk of loss of capital. The Group moderates this risk through a careful selection of securities. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. The Company\u2019s overall market positions are monitored on a quarterly basis. The Company\u2019s maximum exposure to risk at the balance sheet date is NOK 850.3 million (2024: NOK 181.0 million). Currency Risk The Group is exposed to currency risk primarily towards USD, and in some extent EUR and DKK. The currency risk is mitigated through utilising multicurrency arrangement on bank accounts to partially offset of other assets and or liabilities denominated in other currencies. As per year end the Group had a USD liability of NOK 46.2 million towards the multicurrency arrangement (references made to note 12) whilst investment in USD nominated bonds and shares, as well as USD nominated receivables amounts to NOK 40.4 million per year end, hence a net short USD exposure of NOK 5.8 million. However, the implicit currency effect from shares and bonds denominated in USD, will not be presented as currency effect in form of agio/disagio, but rather as an integral part of loss/gain from financial assets.
NOK 1000
Effect on profit & loss if USD strengthened/weakened by 1 % versus NOK per
year end 2025
USD/NOK +1%
USD/NOK -1%
Agio/(Disagio)
-461
461
Net profit from financial investments/(loss)
403
-403
Total
-58
58
Tax risk Saga Pure is subject to taxation by Norwegian authorities. Any change in taxation regime may affect the payable taxes of Saga Pure. A portion of the Group\u2019s investments are tax exempted (\u00abfritaksmetoden\u00bb), if the Norwegian tax regime changes and gains/losses on investment become taxable this could have significant impact on the Group\u2019s tax position Credit Risk The Group have credit risk, inherent in the risk that a counterparty will be unable to pay amounts in full when due. As of the balance sheet date the Company held no bonds. The Group had bank deposits amounting to NOK 288.3 million deposited at reputable banks and finance institution in Norway. There are no trade receivables. All cash and cash equivalents, and restricted cash, were per year end held at the following financial institutions, with the following credit ratings according to Standard & Poor\u2019s;
NOK 1000
Counterparty
Rating
Geographical segment
2025
Cash and cash equivalents
DNB
AA-
Norway
255 800
SEB
AA-
Sweden
32 457
Total
288 257
Liquidity risk The group monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs. The group had no outstanding interest bearing debt. At the reporting date, the Company held cash and cash equivalents of TNOK 288,257 (2024: Group TNOK 644,054) but no other liquid assets that are expected to readily generate cash inflows for managing liquidity risk. Interest rate risk Based on the financial status at balance sheet date, an increase of the general interest level of one percentile would impact the profit and loss accounts with TNOK +2,883. A decrease in the general interest level of one percentile would impact the profit and loss accounts with TNOK -2,883. Furthermore, changes in interest rates will impact the value of the Company\u2019s investments in fixed interest instruments such as bonds and short-term loans at fixed interest, whereas the profit and loss effect is anticipated to opposite of the profit and loss effect from interest from net bank deposits. The interest exposure is both towards NOK interest and USD interest, as well as to some extent EUR and DKK interest . Capital Management Capital as defined for capital management for the Group includes all equity reserves attributable to the equity holders of the parent company. As a holding company pursuing a board strategy, the primary objective of Group\u2019s capital management is to maximize the value for its shareholders. In order to achieve this objective, the Group aim to maintain an optimal capital structure by assessing its projected future capital needs for investing and or divesting, towards its capital management tools such as dividends or issuance of new shares . The Group currently has no interest-bearing debt. If the Group were to incur interest-bearing debt, the policy would be to maintain the overall leverage at levels in which financial covenants of such debt does not interfere with autonomy of the Groups investment decisions .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-215": { "value": "
Equity price risk
The Group invests in both marketable securities on different stock exchanges as well unlisted securities in order to take
advantage of market movements in the equity markets.
All marketable securities present a risk of loss of capital. The Group moderates this risk through a careful selection of
securities. The maximum risk resulting from financial instruments is determined by the fair value of the financial
instruments. The Company\u2019s overall market positions are monitored on a quarterly basis. The Company\u2019s maximum
exposure to risk at the balance sheet date is NOK 850.3 million (2024: NOK 181.0 million).
Currency Risk
The Group is exposed to currency risk primarily towards USD, and in some extent EUR and DKK. The currency risk is
mitigated through utilising multicurrency arrangement on bank accounts to partially offset of other assets and or
liabilities denominated in other currencies. As per year end the Group had a USD liability of NOK 46.2 million towards the
multicurrency arrangement (references made to note 12) whilst investment in USD nominated bonds and shares, as well
as USD nominated receivables amounts to NOK 40.4 million per year end, hence a net short USD exposure of NOK 5.8
million. However, the implicit currency effect from shares and bonds denominated in USD, will not be presented as
currency effect in form of agio/disagio, but rather as an integral part of loss/gain from financial assets.
NOK 1000
Effect on profit & loss if USD strengthened/weakened by 1 % versus NOK per
year end 2025
USD/NOK +1%
USD/NOK -1%
Agio/(Disagio)
-461
461
Net profit from financial investments/(loss)
403
-403
Total
-58
58
Interest rate risk Based on the financial status at balance sheet date, an increase of the general interest level of one percentile would impact the profit and loss accounts with TNOK +2,883. A decrease in the general interest level of one percentile would impact the profit and loss accounts with TNOK -2,883. Furthermore, changes in interest rates will impact the value of the Company\u2019s investments in fixed interest instruments such as bonds and short-term loans at fixed interest, whereas the profit and loss effect is anticipated to opposite of the profit and loss effect from interest from net bank deposits. The interest exposure is both towards NOK interest and USD interest, as well as to some extent EUR and DKK interest ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-241": { "value": "
The Group have credit risk, inherent in the risk that a counterparty will be unable to pay amounts in full when due. As of
the balance sheet date the Company held no bonds. The Group had bank deposits amounting to NOK 288.3 million
deposited at reputable banks and finance institution in Norway. There are no trade receivables.
All cash and cash equivalents, and restricted cash, were per year end held at the following financial institutions, with the
following credit ratings according to Standard & Poor\u2019s;
NOK 1000
Counterparty
Rating
Geographical segment
2025
Cash and cash equivalents
DNB
AA-
Norway
255 800
SEB
AA-
Sweden
32 457
Total
288 257
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-242": { "value": "
Liquidity risk
The group monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet
operational needs. The group had no outstanding interest bearing debt.
At the reporting date, the Company held cash and cash equivalents of TNOK 288,257 (2024: Group TNOK 644,054) but no
other liquid assets that are expected to readily generate cash inflows for managing liquidity risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-240": { "value": "Capital Management Capital as defined for capital management for the Group includes all equity reserves attributable to the equity holders of the parent company. As a holding company pursuing a board strategy, the primary objective of Group\u2019s capital management is to maximize the value for its shareholders. In order to achieve this objective, the Group aim to maintain an optimal capital structure by assessing its projected future capital needs for investing and or divesting, towards its capital management tools such as dividends or issuance of new shares The Group currently has no interest-bearing debt. If the Group were to incur interest-bearing debt, the policy would be to maintain the overall leverage at levels in which financial covenants of such debt does not interfere with autonomy of the Groups investment decisions ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-216": { "value": "
Note 14 \u2013 Other liabilities and accruals
NOK 1000
31 Dec 2025
31 Dec 2024
Public duties payable
1 478
514
Other current liabilities
6 496
2 467
Total other liabilities and accruals
7 974
2 981
Other liabilities are non-interest bearing. Other liabilities are normally settled on 30 to 60-day terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "value": "Note 14 \u2013 Other liabilities and accruals
NOK 1000
31 Dec 2025
31 Dec 2024
Public duties payable
1 478
514
Other current liabilities
6 496
2 467
Total other liabilities and accruals
7 974
2 981
Other liabilities are non-interest bearing. Other liabilities are normally settled on 30 to 60-day terms", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-232": { "value": "Note 14 \u2013 Other liabilities and accruals
NOK 1000
31 Dec 2025
31 Dec 2024
Public duties payable
1 478
514
Other current liabilities
6 496
2 467
Total other liabilities and accruals
7 974
2 981
Other liabilities are non-interest bearing. Other liabilities are normally settled on 30 to 60-day terms. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "
Note 15 \u2013 Issued Capital and Shareholders
Issued capital
2025
NOK 1000
Number of shares
Share capital
Other paid in capital
Opening balance 01.01.2025
484 878 423
4 849
1 079 616
Share issue
190 000 000
1 900
252 413
Ending balance 31.12.2025
674 878 423
6 749
1 332 029
2024
NOK 1000
Number of shares
Share capital
Other paid in capital
Opening balance 01.01.2024
484 878 423
4 849
1 079 616
Ending balance 31.12.2024
484 878 423
4 849
1 079 616
All issued shares have a nominal value of NOK 0.01 and are of equal rights. Saga Pure ASA is incorporated in Norway,
listed on Oslo B\u00f8rs, and the share capital is denominated in NOK.
As of 31 December 2025, the Company had 4,819 shareholders. Per 31 December 2025, The Company\u2019s largest
shareholders are;
Overview of the largest shareholders as per 31 December 2025
Name
Shares
Of total shares
1
Tycoon Industrier AS
156 210 055
23,15 %
2
\u00d8ystein Stray Spetalen
134 657 171
19,95 %
3 Ferncliff Property AS 100 000 000 14,82 %
4
Sss AS
86 420 900
12,81 %
5
Jss Capital Management AS
86 420 899
12,81 %
6
Clearstream Banking S.A.
8 101 057
1,20 %
7
Jaras Invest AS
4 672 874
0,69 %
8
Tonor Holding AS
3 000 000
0,44 %
9
Terje Bakken
2 702 582
0,40 %
10 Hege Bakken 2 482 677 0,37 %
11
Momentum Invest AS
2 227 500
0,33 %
12
Spar Kapital Investor AS
2 000 000
0,30 %
13
Steinar Gr\u00f8nland
1 992 197
0,30 %
14
Nordnet Livsforsikring AS
1 927 000
0,29 %
15
Espeland Holding AS
1 900 100
0,28 %
16
Kristen Rydland
1 700 000
0,25 %
17
Jan Andre \u00d8ksnevad Voll
1 650 000
0,24 %
18
Patagonia Invest AS
1 391 235
0,21 %
19
Nemeth Finans AS
1 125 000
0,17 %
20
Nordnet Bank AB
1 006 772
0,15 %
Total
601 588 019 89,14 %
Total outstanding shares
674 878 423
100,00 %
Total paid in capital Please see table above. Shareholders rights There are currently no limitations in voting rights or trade limitations related to the Saga Pure share. Power of attorney to increase the share capital through issuance of new shares The Board held as per 31 December 2025 authorization to issue up to 49,439,211 new shares. The authorization may be utilised on one or several occasions. The authorization will expire 28 May 2026. Power of attorney to repurchase own shares The Board held authorization to repurchase own shares as per 31 December 2025 limited to 47,887,842 shares. The authorization will expire 28 May 2026. Authorization to raise convertible loans The Board held no authorization to raise convertible bonds as per 31 December 2025. Stock option arrangements The Company have no stock options as of 31 December 2025. Shares owned by the Board, Management, and their Related Parties No shares owned by the Board of Directors, Management, and their Related Parties as of 31 December 2025.
2024
# of Shares
Board of Directors
Martin Nes
(1)
(Chairman)
2 300 000
\u00d8ystein Stray Spetalen
(2)
235 806 953
Group Management
Espen Lundaas
(3)
, CEO
2 300 000
Tore Jakob Berg, CFO
566 979
Total number of shares held by Board members, Group management and related parties
240 973 932
Total number of shares held by Board members, Group management and related parties
in % of total outstanding shares
49.70 % (1) Holdings through Hanekamb Invest AS (2) Including holdings through Tycoon Industrier AS for 2024 (3) Holdings through El Investment AS", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-233": { "value": "Note 15 \u2013 Issued Capital and Shareholders Issued capital 2025 NOK 1000 Number of shares Share capital Other paid in capital Opening balance 01.01.2025 484 878 423 4 849 1 079 616 Share issue 190 000 000 1 900 252 413 Ending balance 31.12.2025 674 878 423 6 749 1 332 029
2024
NOK 1000
Number of shares
Share capital
Other paid in capital
Opening balance 01.01.2024
484 878 423
4 849
1 079 616
Ending balance 31.12.2024
484 878 423
4 849
1 079 616
All issued shares have a nominal value of NOK 0.01 and are of equal rights. Saga Pure ASA is incorporated in Norway, listed on Oslo B\u00f8rs, and the share capital is denominated in NOK. As of 31 December 2025, the Company had 4,819 shareholders. Per 31 December 2025, The Company\u2019s largest shareholders are;
Overview of the largest shareholders as per 31 December 2025
Name
Shares
Of total shares
1
Tycoon Industrier AS
156 210 055
23,15 %
2
\u00d8ystein Stray Spetalen
134 657 171
19,95 %
3 Ferncliff Property AS 100 000 000 14,82 %
4
Sss AS
86 420 900
12,81 %
5
Jss Capital Management AS
86 420 899
12,81 %
6
Clearstream Banking S.A.
8 101 057
1,20 %
7
Jaras Invest AS
4 672 874
0,69 %
8
Tonor Holding AS
3 000 000
0,44 %
9
Terje Bakken
2 702 582
0,40 %
10 Hege Bakken 2 482 677 0,37 %
11
Momentum Invest AS
2 227 500
0,33 %
12
Spar Kapital Investor AS
2 000 000
0,30 %
13
Steinar Gr\u00f8nland
1 992 197
0,30 %
14
Nordnet Livsforsikring AS
1 927 000
0,29 %
15
Espeland Holding AS
1 900 100
0,28 %
16
Kristen Rydland
1 700 000
0,25 %
17
Jan Andre \u00d8ksnevad Voll
1 650 000
0,24 %
18
Patagonia Invest AS
1 391 235
0,21 %
19
Nemeth Finans AS
1 125 000
0,17 %
20
Nordnet Bank AB
1 006 772
0,15 %
Total
601 588 019 89,14 %
Total outstanding shares
674 878 423
100,00 %
Total paid in capital Please see table above. Shareholders rights There are currently no limitations in voting rights or trade limitations related to the Saga Pure share. Power of attorney to increase the share capital through issuance of new shares The Board held as per 31 December 2025 authorization to issue up to 49,439,211 new shares. The authorization may be utilised on one or several occasions. The authorization will expire 28 May 2026. Power of attorney to repurchase own shares The Board held authorization to repurchase own shares as per 31 December 2025 limited to 47,887,842 shares. The authorization will expire 28 May 2026. Authorization to raise convertible loans The Board held no authorization to raise convertible bonds as per 31 December 2025. Stock option arrangements The Company have no stock options as of 31 December 2025. Shares owned by the Board, Management, and their Related Parties No shares owned by the Board of Directors, Management, and their Related Parties as of 31 December 2025.
2024
# of Shares
Board of Directors
Martin Nes
(1)
(Chairman)
2 300 000
\u00d8ystein Stray Spetalen
(2)
235 806 953
Group Management
Espen Lundaas
(3)
, CEO
2 300 000
Tore Jakob Berg, CFO
566 979
Total number of shares held by Board members, Group management and related parties
240 973 932
Total number of shares held by Board members, Group management and related parties
in % of total outstanding shares
49.70 % (1) Holdings through Hanekamb Invest AS (2) Including holdings through Tycoon Industrier AS for 2024 (3) Holdings through El Investment AS", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "
Note 16 \u2013 Earnings Per Share
Basic earnings per share are calculated by dividing net profit for the year attributable to ordinary equity holders by the
weighted average number of ordinary shares outstanding during the year, excluding ordinary shares purchased by the
company and held as treasury shares. The company held no such treasury shares as of 31 December 2025.
Diluted earnings per share are calculated by dividing the net profit attributable to ordinary equity holders by the weighted
average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares
that would be issued on the conversion of all dilutive potential ordinary shares to ordinary shares. Net loss will not be
attributed to dilutive shares, hence diluted loss per share will be equal to loss per basic shares. Dilutive shares related to
option program for certain employees, see note 18.
Number of shares
NOK 1000
2025
2024
Net profit/(-loss) attributable to the shareholders
6 476
2 971
Number of shares
Weighted average number of ordinary shares outstanding
521 864 724
484 878 423
Weighted average number of shares outstanding, diluted
521 864 724
485 878 423
Number of shares outstanding at period end
674 878 423
484 878 423
NOK per share
Basic diluted earnings/(-loss) per share
0.01
0.01
Diluted earnings/(-loss) per share
0.01
 0.01
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-234": { "value": "
Note 17 \u2013 Related Parties
Related Party Transactions
2025
Sales
Business
Contribution
to/interest
Purchase
Amounts
Amounts
combination
in kind
from
from
owed by
owed to
related
related
related
related
NOK 1000
parties
parties
parties
parties
Tycoon Industrier AS*
52 410
-
-
2 009
-
167
Ferncliff Property AS*
-
135 000
-
-
-
-
Ferncliff Holding AS*
-
-
-
1 750
-
-
Bravo Opportunities AS**
-
-
68
-
-
3 833
Total
52 410
135 000
68
3 759
-
4 000
* Entities directly or indirectly controlled by major shareholders in the Company.
** Subsidiary of Saga Pure ASA
The related party transactions include a lease agreement for office premises and associated office costs with Tycoon
Industrier AS, which holds a 23.15% ownership interest in the Company. Related office costs are based on the allocation of
external costs with a mark-up of 5 per cent. The Company has paid a total of NOK 0.5 million for office rent and NOK 1.2
million for related office costs in 2025. The Company has also received back-office support from Tycoon Industrier AS and
has paid a total of NOK 0.3 million for such services in 2025. The Company also acquired Vallhall in a business combination
as of 1 January 2025 from Tycoon Industrier AS. See note 5 for more information.
The Company received high level/strategic management services from Ferncliff Holding AS, which holds an indirect
ownership interest of 37.96% through Tycoon Industrier AS and Ferncliff Property AS, which is 100% owned by Ferncliff TIH
AS, which again is 100% owned by Ferncliff Holding AS, until the agreement was terminated in July 2025.
The Company has during 2025 received a short-term loan from Bravo Opportunities AS, a 100% subsidiary, on which
interests have been accrued, based on 3-months NIBOR + 150bps.
In December 2025, to further strengthen the Company\u2019s investment in real estate, the Company performed a capital
increase as a contribution in kind of 100% of the shares in Eilert Sundtsgate 39 AS, and the NOK 54.2 million receivable
towards Eilert Sundtsgate 39 AS from Ferncliff Property. The receivable towards Eilert Sundtsgate 39 AS have been
converted to equity after the balance sheet date. Ferncliff Property AS is ultimately owned by Jenny Stray Spetalen and
Sophie Stray Spetalen, who are shareholders in the Company through their relevant investment companies, JSS Capital
Management AS and SSS AS. In addition, they are the ultimate owners of Tycoon Industrier AS, the largest shareholder in
the Company.
2024
Sales
Amounts
Amounts
to/interest
Purchase
owed by
owed to
from related
from related
related
related
NOK 1000
parties
parties
parties
parties
Tycoon Industrier AS*
-
1 887
-
-
Ferncliff Holding AS*
-
3 009
250
-
Ferncliff Opportunities AS*
1 283
-
-
-
Total
1 283
4 897
250
-
* Entities directly or indirectly controlled by the Company\u2019s largest shareholder \u00d8ystein Stray Spetalen, which also was represented in the
Board of Director\u2019s at that time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "Note 18 \u2013 Option and Share Program An equity settled option and share program was initiated in 2020 towards certain key employees. As of the beginning of 2025, there were 1.000.000 outstanding options. All of the options were related to former employees, and were fully vested, as well as out of the money. During 2025 all the remaining options expired, whilst no additional options were granted.
Expenses recognised for employee service received during the year:
NOK 1000
2025
2024
Expenses arising from equity-settled share-based payment transactions
-
-
Social security reserves for equity-settled share-based payment transactions*
-
-
Total expense arising from share-based payment transactions
-
-
* Social security expenses are accrued for if the options are in the money, and the accrual for social security expenses will be updated quarterly, based on development in the share price. An increase in share price, will increase the value of the options, hence increase the social security expenses, whereas a decrease in share price will reduce the reserves, creating an income.
Movements during the year:
2025
2025
2024
2024
Number
WAEP
Number
WAEP*
Outstanding on 1 January
1 000 000
2.20
3 500 000
2.74
Granted during the year
-
-
-
-
Forfeited during the year
-
-
-
-
Exercised during the year
-
-
-
-
Expired during the year
1 000 000
2.20
2 500 000
2.96
Outstanding on 31 December
-
-
1 000 000
2.20
Exercisable on 31 December
-
-
1 000 000
2.20
* Weighted average exercise price is calculated by dividing total potential proceeds from outstanding options, divided by number of
outstanding options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-235": { "value": "
Note 20 \u2013 Dividends Paid and Proposed
The group has not distributed dividend in 2025. The board of Directors has decided not to distribute any dividends in 2026
based on the financial year of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Note 21 \u2013 Subsequent Events Geopolitical situation in the Middle East The geopolitical situation in the Middle East escalated on 28 February 2026, and while military activity persists, a two-week ceasefire was established between the U.S., Israel, and Iran on 8 April 2026. This agreement, which includes the reopening of the Strait of Hormuz in exchange for a pause in airstrikes, marks a critical shift toward formal peace negotiations. Despite this pause, the conflict continues to cause significant volatility in global energy markets and supply chains, fueling inflationary pressures and commodity price uncertainty. While the Company has no direct operations or investments in the impacted areas, we remain alert to indirect risks such as global market fluctuations. With a strong, debt-free financial position, management is actively monitoring developments to mitigate potential impacts on Company\u2019s earnings and balance sheet On 17 March 2026 the receivable on 54.2 million toward the 100% subsidiary Eilert Sundtsgate 39 AS was converted to equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG0Z404", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }