The consolidated accounts as of December 31, 2025, have been approved by the company's board on April 29, 2026, and will be presented for approval at the ordinary general meeting on May 22, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "Basis for preparation
Borgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 Accounting Standards as adopted by the EU as of December 31, 2025, and Norwegian disclosure requirements pursuant to the Norwegian accounting act as of December 31, 2025.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "Consolidation principles
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "Consolidation principlesThe Group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of 31 December 2025. An entity is considered a subsidiary when the Group has control, which is achieved when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The Group reassesses control if facts and circumstances indicate changes in one or more of the elements of control.
Business combinations are accounted for using the acquisition method. Consolidation begins when the Group obtains control and ceases when control is lost. When necessary, the financial statements of subsidiaries are adjusted to align with the Group\u2019s accounting policies. All intra\u2011Group transactions, balances, income and expenses are eliminated in full.
Non\u2011controlling interests are presented separately within equity in the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "CurrencyFunctional currency and presentation currency
The consolidated financial statements are presented in Norwegian kroner (NOK), which is the Group\u2019s presentation currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "CurrencyFunctional currency and presentation currency
The consolidated financial statements are presented in Norwegian kroner (NOK), which is the Group\u2019s presentation currency. Each Group entity records its transactions in the currency of the primary economic environment in which it operates (its functional currency). Transactions in foreign currencies are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.
For consolidation purposes, the financial statements of foreign operations are translated into NOK. Assets and liabilities are translated at the closing exchange rate at the reporting date, while income and expenses are translated at average exchange rates for the period, provided that these rates approximate the exchange rates at the dates of the transactions. Exchange differences arising on translation are recognised in other comprehensive income and accumulated in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "Related partiesParties are considered to be closely related if one party has the opportunity to directly or indirectly control the other party or has significant influence over the other party with regard to financial and operational decisions. Parties are also closely related if they are subject to joint control or are under joint significant influence. All transactions between related parties are based on the arm's length principle (assumed market value).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "Segments
For management reporting purposes, the Group is organized into business units based on its activities and has three reportable segments. The financial information relating to segments is presented in Note 3 Segment information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "Changes in accounting principles and note information
No changes in IFRS with effect for the 2025 accounts have been relevant or implemented in 2025.
New accounting standards, but not yet effective
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for the presentation of the statement of profit or loss, including specified totals and subtotals. Entities are also required to classify all income and expenses into one of five categories: operating, investing, financing, income taxes and discontinued operations. IFRS 18 was endorsed by the EU on 13 February 2026.
IFRS 18 further introduces disclosure requirements for management\u2011defined performance measures, newly defined subtotals of income and expenses, and enhanced requirements for aggregation and disaggregation of financial information, based on the identified \u2018roles\u2019 of the primary financial statements and the notes.
Narrow\u2011scope amendments to IAS 7 Statement of Cash Flows have also been issued, together with consequential amendments to other standards. These amendments are effective for annual reporting periods beginning on or after 1 January 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "Accounting judgements and estimates
Management applies estimates and assumptions that affect the carrying amounts of assets, liabilities, income, expenses and disclosures of contingent liabilities. This particularly applies to the valuation of investment properties, impairment testing of goodwill and the assessment of deferred tax assets. Future events may cause these estimates to change. Estimates and underlying assumptions are reviewed regularly and are based on the best information available and historical experience. Changes in accounting estimates are recognised in the period in which the change occurs. If the change also affects future periods, the effect is allocated between the current and future periods.
The main areas involving significant judgement and estimation uncertainty at the balance sheet date are described below:
| Note | Estimate/assumptions | 2025 | 2024 | |
|---|---|---|---|---|
| Investment properties | Recoverable amount for impairment assessment and estimation of remaining useful life and scrap value | 726\u00a0858 | 729\u00a0553 | |
| Goodwill | Recoverable amount for impairment assessment | 110\u00a0785 | 90\u00a0082 | |
| Deferred tax asset/Deferred tax | Assessment of the ability to exploit tax positions in the future | 3\u00a0607 | 50\u00a0485 |
Accounting judgements and estimates
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "Accounting judgements and estimates", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "| Real Estate | Refractory | Other activities | Eliminations | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Geographical revenue by segment | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Norway | - | - | 306\u00a0166 | 343\u00a0427 | 4\u00a0083 | 2\u00a0975 | -4\u00a0309 | -2\u00a0995 | 305\u00a0940 | 343\u00a0406 |
| Poland | 66\u00a0441 | 62\u00a0420 | 154 | - | - | - | - | - | 66\u00a0595 | 62\u00a0420 |
| Sweden | - | - | 471\u00a0344 | 411\u00a0468 | - | - | - | - | 471\u00a0344 | 411\u00a0468 |
| Finland | - | - | 193\u00a0156 | 193\u00a0301 | - | - | - | - | 193\u00a0156 | 193\u00a0301 |
| Scandinavia, others | - | - | 2\u00a0605 | 6\u00a0534 | - | - | - | - | 2\u00a0605 | 6\u00a0534 |
| Europe, others | - | - | 47\u00a0951 | 108\u00a0093 | - | - | - | - | 47\u00a0951 | 108\u00a0093 |
| Asia | - | - | 14\u00a0594 | 10\u00a0694 | - | - | - | - | 14\u00a0594 | 10\u00a0694 |
| Africa | - | - | 1\u00a0937 | 3\u00a0876 | - | - | - | - | 1\u00a0937 | 3\u00a0876 |
| Other | - | - | 1\u00a0581 | 461 | - | - | - | - | 1\u00a0581 | 461 |
| Total | 66\u00a0441 | 62\u00a0420 | 1\u00a0039\u00a0488 | 1\u00a0077\u00a0854 | 4\u00a0083 | 2\u00a0975 | -4\u00a0309 | -2\u00a0995 | 1\u00a0105\u00a0704 | 1\u00a0140\u00a0254 |
| Other income | 2025 | 2024 |
|---|---|---|
| Profit from the sale of operating assets | 626 | 5\u00a0466 |
| Commission and joint costs when renting out property | 15\u00a0208 | 14\u00a0200 |
| Other incomes | 4\u00a0434 | 9\u00a0509 |
| Total other income | 20\u00a0269 | 29\u00a0175 |
Management remuneration
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "Management remuneration
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "Auditor\u2019s remuneration
| Auditor\u2019s remuneration | 2025 | 2024 |
|---|---|---|
| Audit | 4\u00a0071 | 3\u00a0650 |
| Audit related services | 32 | 121 |
| Tax related services | - | 186 |
| Other services | - | - |
| Total | 4\u00a0103 | 3\u00a0957 |
Accounting policy
Tax expense includes current tax and deferred tax. Deferred tax is recognised for temporary differences between the carrying amounts and tax bases of assets and liabilities, except for non-deductible goodwill and temporary differences related to investments where reversal is not expected in the foreseeable future.
Deferred tax assets are recognised only when it is probable that future taxable profits will be available to utilise them. Deferred tax is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are presented net when the Group has a legally enforceable right to offset.
Tax effects related to items recognised in other comprehensive income (OCI), such as cash flow hedges, are also recognised in OCI. In 2025, the tax effect recognised in OCI was TNOK 566.
Tax losses may be carried forward indefinitely in Norway and Sweden, and for up to five years in Poland.
Deferred tax asset
Deferred tax assets are calculated based on temporary differences which are assumed to be reversed in the foreseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessed whether it is likely that the Group can make use of the calculated deferred tax asset through future earnings. When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitation has been made in the balance sheet entry of the deferred tax asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-72": { "value": "Accounting policy
Tax expense includes current tax and deferred tax. Deferred tax is recognised for temporary differences between the carrying amounts and tax bases of assets and liabilities, except for non-deductible goodwill and temporary differences related to investments where reversal is not expected in the foreseeable future.
Deferred tax assets are recognised only when it is probable that future taxable profits will be available to utilise them. Deferred tax is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are presented net when the Group has a legally enforceable right to offset.
Tax effects related to items recognised in other comprehensive income (OCI), such as cash flow hedges, are also recognised in OCI. In 2025, the tax effect recognised in OCI was TNOK 566.
Tax losses may be carried forward indefinitely in Norway and Sweden, and for up to five years in Poland.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-77": { "value": "| Reconciliation of statutory tax rate to effective tax rate | 2025 | 2024 |
|---|---|---|
| Income (loss) before tax | 23\u00a0873 | 82\u00a0285 |
| Expected income taxes at statutory tax rate | 5\u00a0861 | 10\u00a0459 |
| Non deductible expenses | 3\u00a0363 | 17\u00a0581 |
| Non-taxable income | -23\u00a0628 | - |
| Correction of previous years deferred tax liabilities* | 14\u00a0841 | - |
| Changes in unrecognised deferred tax asset | 3\u00a0102 | -7\u00a0519 |
| Tax expense | 3\u00a0538 | 20\u00a0521 |
*During the review of this year's tax calculation, errors were identified in the basis for temporary differences used in the calculation of deferred tax previous years. This has been corrected through the current year's tax expense and amounts to TNOK 14,841.
The weighted average statutory tax rate was 24.6% in 2025 (12.7% in 2024), reflecting the mix of tax rates and earnings across jurisdictions. Non\u2011taxable income mainly relates to foreign exchange differences on long\u2011term intragroup loans. Under applicable tax legislation, such currency differences are not taxable until the underlying investment is disposed of.
| Tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilities | 2025 | 2024 |
|---|---|---|
| Current asset | 848 | -63\u00a0480 |
| Property, plant and equipment | -5\u00a0396 | 2\u00a0122 |
| Revaluation account currency | 26\u00a0227 | 48\u00a0211 |
| Pensions | -1\u00a0330 | -1\u00a0221 |
| Other non-current liabilities | -345 | 670 |
| Long term debt | -1\u00a0327 | -1\u00a0893 |
| Recapture account (Norwegian tax rules for deferred taxation of gains) | 3\u00a0736 | 4\u00a0670 |
| Accrual Fund Sweden | - | 4\u00a0645 |
| Tax loss carryforwards | -41\u00a0609 | -44\u00a0864 |
| Of which not recognized as tax asset | 3\u00a0607 | 50\u00a0485 |
| Net deferred tax (-) assets/liabilities | -15\u00a0590 | -654 |
| Deferred tax assets | -15\u00a0590 | -8\u00a0941 |
| Deferred tax liabilities | - | 8\u00a0288 |
Net deferred tax asset at year-end amounted to a TNOK 15 590 (2024: net asset of TNOK 654). Movements mainly relate to deferred tax recognised in profit or loss, OCI, and adjustments to the Swedish accrual fund.
| Changes in net deferred tax liability during the year were as follows: | 2025 | 2024 |
|---|---|---|
| Net deferred tax (-) assets / liabilities 1 January | -654 | -5\u00a0746 |
| Charged/(credited) to the Consolidated statement of income | -10\u00a0493 | 6\u00a0039 |
| Charged/(credited) to Other comprehensive income | -566 | 3\u00a0022 |
| Adjustment related to the Swedish accrual fund | -4\u00a0645 | - |
| Foreign currency translation effects and other effects | 768 | -3\u00a0969 |
| Net deferred tax (-) assets / liabilities at 31 December | -15\u00a0590 | -654 |
Deferred tax asset
Deferred tax assets are calculated based on temporary differences which are assumed to be reversed in the foreseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessed whether it is likely that the Group can make use of the calculated deferred tax asset through future earnings. When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitation has been made in the balance sheet entry of the deferred tax asset.
| Unrecognised deferred tax assets | 2025 | 2024 | ||
|---|---|---|---|---|
| Basis | Tax | Basis | Tax | |
| Norway (22 %) | 16\u00a0395 | 3\u00a0607 | 229\u00a0478 | 50\u00a0485 |
Unrecognised deferred tax assets relate to Norwegian tax losses that are not expected to be utilised in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-87": { "value": "Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost of sales and presented separately as assets held for sale and liabilities held for sale in the statement of financial position.
The criteria for held-for-sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and it is expected that the sale will be completed within a year.
Property, plant, and equipment and intangible assets are not depreciated or amortized once classified as held for sale.
H\u00f6gan\u00e4s Bjuf Fastighets AB, an indirect subsidiary of Borgestad ASA, entered into a conditional agreement with Bjuv municipality in Sweden on October 27, 2023, for a sale and leaseback transaction for two properties in Sweden where the Group's production plant and other production facilities for refractory products are located.
Borgestad Group will sell the two properties, including the production facilities, to Bjuv municipality and then lease the production facilities back to continue its production of refractory products in line with previous practice. Prior to the completion of the transaction, the two properties will be transferred to a new wholly owned subsidiary of H\u00f6gan\u00e4s Bjuf Fastighets AB, and the transaction will be structured as a sale by H\u00f6gan\u00e4s Bjuf Fastighets AB of the shares in this subsidiary.
The transaction was approved by the Municipal Council of Bjuv December 11, 2023, but a complaint regarding the approval from Bjuv municipality has been received prior to the expiration of the appeal period. The complaint relates to the purchase price in the transaction and that this, in the claimant's opinion, significantly exceeds the market value of the two properties.
The Administrative Court in Malm\u00f6 (the \"Administrative Court\") has processed the complaint. According to the Administrative Court, Bjuv municipality has not provided sufficient documentation regarding the valuation of the two properties. As a result, the Administrative Court decided to revoke Bjuv municipality's approval of the Transaction.
In March 2025, Bjuv municipality appealed the Administrative Court's ruling.
In December 2025, the Administrative Court of Appeal in Gothenburg (the \u201cAdministrative Court of Appeal\u201d) set aside the ruling from the Administrative Court, concluding that the purchase price had been sufficiently substantiated and that there were no grounds to revoke Bjuv municipality\u2019s approval of the transaction.
Borgestad Group has been informed that an appeal against the Administrative Court of Appeal\u2019s decision has been filed within the extend deadline granted to the complainant.
The matter will be handled by the Supreme Administrative Court, which will determine whether to admit the appeal for review.
The approval of the Transaction by Bjuv municipality will only become binding once the pending appeal has been finally resolved in the claimants\u2019 disfavour, and the completion of the Transaction remains conditional upon such binding approval.
Considering this updated processing time, Bjuv municipality and H\u00f6gan\u00e4s Bjuf Fastighets AB entered into an amendment of the agreement regarding the long stop date that has been extended until December 31, 2026.
In connection with the sale, the Group has outstanding interest-bearing debt to Nordea that will be repaid upon completion of the transaction. The total loan amount that needs to be repaid at completion is MNOK 45.4 as of December 31, 2025. The loan amount is classified as interest-bearing debt under current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-109": { "value": "Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost of sales and presented separately as assets held for sale and liabilities held for sale in the statement of financial position.
The criteria for held-for-sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and it is expected that the sale will be completed within a year.
Property, plant, and equipment and intangible assets are not depreciated or amortized once classified as held for sale.
H\u00f6gan\u00e4s Bjuf Fastighets AB, an indirect subsidiary of Borgestad ASA, entered into a conditional agreement with Bjuv municipality in Sweden on October 27, 2023, for a sale and leaseback transaction for two properties in Sweden where the Group's production plant and other production facilities for refractory products are located.
Borgestad Group will sell the two properties, including the production facilities, to Bjuv municipality and then lease the production facilities back to continue its production of refractory products in line with previous practice. Prior to the completion of the transaction, the two properties will be transferred to a new wholly owned subsidiary of H\u00f6gan\u00e4s Bjuf Fastighets AB, and the transaction will be structured as a sale by H\u00f6gan\u00e4s Bjuf Fastighets AB of the shares in this subsidiary.
The transaction was approved by the Municipal Council of Bjuv December 11, 2023, but a complaint regarding the approval from Bjuv municipality has been received prior to the expiration of the appeal period. The complaint relates to the purchase price in the transaction and that this, in the claimant's opinion, significantly exceeds the market value of the two properties.
The Administrative Court in Malm\u00f6 (the \"Administrative Court\") has processed the complaint. According to the Administrative Court, Bjuv municipality has not provided sufficient documentation regarding the valuation of the two properties. As a result, the Administrative Court decided to revoke Bjuv municipality's approval of the Transaction.
In March 2025, Bjuv municipality appealed the Administrative Court's ruling.
In December 2025, the Administrative Court of Appeal in Gothenburg (the \u201cAdministrative Court of Appeal\u201d) set aside the ruling from the Administrative Court, concluding that the purchase price had been sufficiently substantiated and that there were no grounds to revoke Bjuv municipality\u2019s approval of the transaction.
Borgestad Group has been informed that an appeal against the Administrative Court of Appeal\u2019s decision has been filed within the extend deadline granted to the complainant.
The matter will be handled by the Supreme Administrative Court, which will determine whether to admit the appeal for review.
The approval of the Transaction by Bjuv municipality will only become binding once the pending appeal has been finally resolved in the claimants\u2019 disfavour, and the completion of the Transaction remains conditional upon such binding approval.
Considering this updated processing time, Bjuv municipality and H\u00f6gan\u00e4s Bjuf Fastighets AB entered into an amendment of the agreement regarding the long stop date that has been extended until December 31, 2026.
In connection with the sale, the Group has outstanding interest-bearing debt to Nordea that will be repaid upon completion of the transaction. The total loan amount that needs to be repaid at completion is MNOK 45.4 as of December 31, 2025. The loan amount is classified as interest-bearing debt under current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-124": { "value": "Fixed assets are entered into the balance sheet at acquisition cost less accumulated depreciation and write-downs. When assets are sold or disposed of, the balance sheet value is deducted, and any loss or gain is recognized in profit or loss.
Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value.
Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet.
Gains on disposal of fixed assets, investment properties and development projects are presented as other income.
| 2025 | Investment property | Land and buildings | Assets under construction | Machinery and vehicles | Licences, software and other intangible assets | Total |
|---|---|---|---|---|---|---|
| Cost at 1 January | 1\u00a0235\u00a0057 | 14\u00a0772 | 192 | 274\u00a0083 | 32\u00a0326 | 1\u00a0556\u00a0430 |
| Additions | 7\u00a0842 | 2\u00a0817 | 3\u00a0060 | 8\u00a0810 | 802 | 23\u00a0332 |
| Additions from acquisition of companies | - | - | - | 880 | - | 880 |
| Disposals | - | - | -205 | -549 | -4\u00a0563 | -5\u00a0317 |
| Reclassification | - | - | - | - | - | - |
| Effects of changes in foreign exchange rates | 5\u00a0238 | 244 | 12 | 16\u00a0366 | 2\u00a0009 | 23\u00a0869 |
| Cost at 31 December | 1\u00a0248\u00a0138 | 17\u00a0833 | 3\u00a0060 | 299\u00a0590 | 30\u00a0574 | 1\u00a0599\u00a0195 |
| Accumulated depreciation and impairment at 1 January | 505\u00a0505 | 2\u00a0462 | - | 231\u00a0416 | 6\u00a0294 | 745\u00a0677 |
| Additions from acquisition of companies | - | - | - | 113 | - | 113 |
| Disposals | - | - | - | -189 | -4\u00a0108 | -4\u00a0297 |
| Depreciation | 13\u00a0572 | 797 | - | 6\u00a0384 | 2\u00a0926 | 23\u00a0679 |
| Impairments | - | - | - | - | 13\u00a0958 | 13\u00a0958 |
| Effects of changes in foreign exchange rates and other changes | 2\u00a0203 | 108 | - | 15\u00a0302 | 199 | 17\u00a0813 |
| Accumulated depreciation and impairment at 31 December | 521\u00a0280 | 3\u00a0367 | - | 253\u00a0026 | 19\u00a0269 | 796\u00a0942 |
| Carrying amount at 31 December | 726\u00a0858 | 14\u00a0466 | 3\u00a0060 | 46\u00a0563 | 11\u00a0305 | 802\u00a0252 |
The group has written down the ERP system by MNOK 14 in 2025.
| 2024 | Investment property | Land and buildings | Assets under construction | Machinery and vehicles | Licences, software and other intangible assets | Total |
|---|---|---|---|---|---|---|
| Cost at 1 January | 1\u00a0176\u00a0723 | 18\u00a0670 | 4\u00a0616 | 267\u00a0184 | 31\u00a0395 | 1\u00a0498\u00a0588 |
| Additions | 1\u00a0838 | 2\u00a0490 | 541 | 6\u00a0945 | 407 | 12\u00a0220 |
| Disposals, and assets classified as held for sale | -1\u00a0897 | -6\u00a0420 | - | -9\u00a0568 | - | -17\u00a0885 |
| Reclassification | - | - | -5\u00a0039 | 5\u00a0039 | - | - |
| Effects of changes in foreign exchange rates | 58\u00a0393 | 31 | 74 | 4\u00a0483 | 524 | 63\u00a0506 |
| Cost at 31 December | 1\u00a0235\u00a0057 | 14\u00a0772 | 192 | 274\u00a0083 | 32\u00a0326 | 1\u00a0556\u00a0430 |
| Accumulated depreciation and impairment at 1 January | 475\u00a0316 | 5\u00a0396 | - | 230\u00a0118 | 2\u00a0897 | 713\u00a0727 |
| Disposals, and assets classified as held for sale | -1\u00a0748 | -3\u00a0533 | - | -9\u00a0104 | - | -14\u00a0385 |
| Depreciation | 8\u00a0658 | 573 | - | 6\u00a0452 | 3\u00a0298 | 18\u00a0981 |
| Impairments | - | - | - | - | - | - |
| Effects of changes in foreign exchange rates | 23\u00a0279 | 26 | - | 3\u00a0950 | 100 | 27\u00a0354 |
| Accumulated depreciation and impairment at 31 December | 505\u00a0505 | 2\u00a0462 | - | 231\u00a0416 | 6\u00a0294 | 745\u00a0677 |
| Carrying amount at 31 December | 729\u00a0553 | 12\u00a0310 | 192 | 42\u00a0666 | 26\u00a0032 | 810\u00a0754 |
| Fixed asset | Economic life | Depreciation method |
|---|---|---|
| Investment property | 67 year | linear |
| Buildings | 20 \u2013 50 year | linear |
| Lisens, trademark | 10 year | linear |
| Machinery and vehicles | 3 \u2013 20 year | linear |
| Land | not depreciated | not depreciated |
Research and development
Expenses related to research activities are recognized in the income statement when incurred. Expenditures related to development activities are recognized in the balance sheet to the extent that the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. In this accounting period, the Group has no development activities that satisfy the criteria for balance sheet entry.
| Research and development | 2025 | 2024 |
|---|---|---|
| Expenses, incl. salaries | 7\u00a0194 | 6\u00a0992 |
The criteria for recognition of intangible assets in accordance with IAS 38 have not been met and all costs for research and development have been expensed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-140": { "value": "Fixed assets are entered into the balance sheet at acquisition cost less accumulated depreciation and write-downs. When assets are sold or disposed of, the balance sheet value is deducted, and any loss or gain is recognized in profit or loss.
Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value.
Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet.
Gains on disposal of fixed assets, investment properties and development projects are presented as other income.
| 2025 | Investment property | Land and buildings | Assets under construction | Machinery and vehicles | Licences, software and other intangible assets | Total |
|---|---|---|---|---|---|---|
| Cost at 1 January | 1\u00a0235\u00a0057 | 14\u00a0772 | 192 | 274\u00a0083 | 32\u00a0326 | 1\u00a0556\u00a0430 |
| Additions | 7\u00a0842 | 2\u00a0817 | 3\u00a0060 | 8\u00a0810 | 802 | 23\u00a0332 |
| Additions from acquisition of companies | - | - | - | 880 | - | 880 |
| Disposals | - | - | -205 | -549 | -4\u00a0563 | -5\u00a0317 |
| Reclassification | - | - | - | - | - | - |
| Effects of changes in foreign exchange rates | 5\u00a0238 | 244 | 12 | 16\u00a0366 | 2\u00a0009 | 23\u00a0869 |
| Cost at 31 December | 1\u00a0248\u00a0138 | 17\u00a0833 | 3\u00a0060 | 299\u00a0590 | 30\u00a0574 | 1\u00a0599\u00a0195 |
| Accumulated depreciation and impairment at 1 January | 505\u00a0505 | 2\u00a0462 | - | 231\u00a0416 | 6\u00a0294 | 745\u00a0677 |
| Additions from acquisition of companies | - | - | - | 113 | - | 113 |
| Disposals | - | - | - | -189 | -4\u00a0108 | -4\u00a0297 |
| Depreciation | 13\u00a0572 | 797 | - | 6\u00a0384 | 2\u00a0926 | 23\u00a0679 |
| Impairments | - | - | - | - | 13\u00a0958 | 13\u00a0958 |
| Effects of changes in foreign exchange rates and other changes | 2\u00a0203 | 108 | - | 15\u00a0302 | 199 | 17\u00a0813 |
| Accumulated depreciation and impairment at 31 December | 521\u00a0280 | 3\u00a0367 | - | 253\u00a0026 | 19\u00a0269 | 796\u00a0942 |
| Carrying amount at 31 December | 726\u00a0858 | 14\u00a0466 | 3\u00a0060 | 46\u00a0563 | 11\u00a0305 | 802\u00a0252 |
| 2024 | Investment property | Land and buildings | Assets under construction | Machinery and vehicles | Licences, software and other intangible assets | Total |
|---|---|---|---|---|---|---|
| Cost at 1 January | 1\u00a0176\u00a0723 | 18\u00a0670 | 4\u00a0616 | 267\u00a0184 | 31\u00a0395 | 1\u00a0498\u00a0588 |
| Additions | 1\u00a0838 | 2\u00a0490 | 541 | 6\u00a0945 | 407 | 12\u00a0220 |
| Disposals, and assets classified as held for sale | -1\u00a0897 | -6\u00a0420 | - | -9\u00a0568 | - | -17\u00a0885 |
| Reclassification | - | - | -5\u00a0039 | 5\u00a0039 | - | - |
| Effects of changes in foreign exchange rates | 58\u00a0393 | 31 | 74 | 4\u00a0483 | 524 | 63\u00a0506 |
| Cost at 31 December | 1\u00a0235\u00a0057 | 14\u00a0772 | 192 | 274\u00a0083 | 32\u00a0326 | 1\u00a0556\u00a0430 |
| Accumulated depreciation and impairment at 1 January | 475\u00a0316 | 5\u00a0396 | - | 230\u00a0118 | 2\u00a0897 | 713\u00a0727 |
| Disposals, and assets classified as held for sale | -1\u00a0748 | -3\u00a0533 | - | -9\u00a0104 | - | -14\u00a0385 |
| Depreciation | 8\u00a0658 | 573 | - | 6\u00a0452 | 3\u00a0298 | 18\u00a0981 |
| Impairments | - | - | - | - | - | - |
| Effects of changes in foreign exchange rates | 23\u00a0279 | 26 | - | 3\u00a0950 | 100 | 27\u00a0354 |
| Accumulated depreciation and impairment at 31 December | 505\u00a0505 | 2\u00a0462 | - | 231\u00a0416 | 6\u00a0294 | 745\u00a0677 |
| Carrying amount at 31 December | 729\u00a0553 | 12\u00a0310 | 192 | 42\u00a0666 | 26\u00a0032 | 810\u00a0754 |
| Fixed asset | Economic life | Depreciation method |
|---|---|---|
| Investment property | 67 year | linear |
| Buildings | 20 \u2013 50 year | linear |
| Lisens, trademark | 10 year | linear |
| Machinery and vehicles | 3 \u2013 20 year | linear |
| Land | not depreciated | not depreciated |
Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-148": { "value": "Research and developmentExpenses related to research activities are recognized in the income statement when incurred. Expenditures related to development activities are recognized in the balance sheet to the extent that the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. In this accounting period, the Group has no development activities that satisfy the criteria for balance sheet entry.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-150": { "value": "The Group mainly enters into lease agreements for office premises, warehouses and vehicles. At the commencement date, the Group recognises a lease liability and a corresponding right\u2011of\u2011use asset for all leases, except for short\u2011term leases and leases of low\u2011value assets, which are expensed as incurred.
Lease liabilities are measured at the present value of future lease payments. As the Group\u2019s lease contracts generally do not include an implicit interest rate, the Group uses its incremental borrowing rate as the discount rate. The lease term includes non\u2011cancellable periods together with extension options when it is reasonably certain that such options will be exercised.
Right\u2011of\u2011use assets are measured at cost, comprising the initial measurement of the lease liability and any directly attributable costs. The assets are depreciated on a straight\u2011line basis over the lease term. Impairment is assessed when indicators of impairment exist.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-155": { "value": "When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill.
Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill is not written off but is tested at least annually for impairment or when indicators of impairment exist. In connection with this, goodwill is allocated to cash-flow-generating units that are expected to benefit from the synergy effects of the business combination.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-160": { "value": "When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill.
Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill is not written off but is tested at least annually for impairment or when indicators of impairment exist. In connection with this, goodwill is allocated to cash-flow-generating units that are expected to benefit from the synergy effects of the business combination.
H\u00f6gan\u00e4s Borgestad AS, H\u00f6gan\u00e4s Borgestad Eldfast Service AB, H\u00f6gan\u00e4s Borgestad Production AB, Norsk Ildfast Gjenvinning Drift AS, Emcotech AB and H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment.
Goodwill allocated to H\u00f6gan\u00e4s Borgestad Production AB, H\u00f6gan\u00e4s Borgestad Eldfast Service AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB, Emcotech AB and H\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations.
Recoverable amount is the cash flow-generating unit's value in use. When assessing whether there is a need to write down goodwill, the recoverable amount is assessed against net assets, including goodwill on the balance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment.
Recoverable amount is based on value in use and calculated per cash flow generating unit/company. Assumptions used when calculating value in use are cash flow forecasts which are again based on budgets and business plans for each cash flow generating unit for a five-year period (defined period). Growth in the period is assessed by the cash flow generating unit. An increase of 2 percent is included for turnover growth, both in the period before terminal period and for terminal period. There are estimated improvements in EBIT margins in the five-year period according to the business plan that is prepared by management and approved by the Board of Directors. Growth of 2 (2) percent is assumed for the terminal period for all companies.
Historically, the EBIT development of H\u00f6gan\u00e4s Borgestad and each cash flow generating unit has been broadly aligned with the assumptions applied in the goodwill impairment assessments. This consistency supports management\u2019s view that the long-term EBIT projections used in the valuation reflect a reasonable and balanced assessment of the business\u2019 earnings potential.
Prerequisites for investments in the five-year period and the terminal period are approximately the same or like today's depreciation for all cash flow-generating units. For all cash flow-generating units working capital follows a percentage of revenue according to achieved percentage of working capital achieved in 2025.
The cash flows are calculated based on the expected cash flow and the discount rate is based on a required return before tax of 11.7 (12.3) percent for the Norwegian entity, 9.8 (10.3) percent for Swedish entities and 9.9 (10.5) percent for the Finnish entity. The discount rate considers debt premium, market risk premium, debt ratio, tax rate and asset beta.
Based on calculations carried out and the assumptions made, an impairment of goodwill has been made as of December 31, 2025. The impairment is recognized in the Consolidated statement of income and is connected to the cash flow generating unit H\u00f6gan\u00e4s Borgestad Energi & Ugnsteknik AB. The impairment is because the result of the calculations shows that the recoverable amount of the cash flow generating unit (the company) is below the balance sheet value of assets/liabilities, and thus an impairment is implemented.
For all other cash-flow-generating units to which goodwill is allocated, the impairment tests show that the recoverable amount exceeds the carrying amount of the respective net assets, including goodwill. Accordingly, no impairment has been identified for these units. The determination of the recoverable amount is subject to estimation uncertainty, as it is based on management\u2019s assumptions and judgements, including forecast EBIT, growth rates and discount rates. Management has assessed reasonably possible changes in the key assumptions applied in the 2025 impairment test for these units and concluded that such changes would not alter the outcome of the impairment assessment.
Acquisitions in 2025
Emcotech AB
In Q2 2025, the Group acquired 100% of the shares in Emcotech AB, a company specializing in refractory installation services and technical support. The acquisition strengthens the Group\u2019s service offering in Sweden and provides access to an established customer base in the Scandinavian market.
The total consideration amounted to MNOK 16 (MSEK 15.1), of which MNOK 11.0 was paid in cash at closing. The consideration is subject to adjustment for deviations from normalized working capital and net debt at the acquisition date. In addition, a contingent performance-based earn-out with a maximum value of MSEK 10, as of acquisition date, has been estimated at MSEK 0 may become payable 18 months after closing, subject to the fulfilment of agreed performance targets.
The acquisition was financed through an increase in bank financing of MSEK 9, with the remainder settled in cash.
The purchase price allocation identified customer relationships, order backlog and other identifiable intangible assets. The residual amount has been recognized as goodwill, reflecting expected synergies, workforce competence and the strengthening of the Group\u2019s market position in Sweden. The recognized goodwill of the acquisition date amounted to MNOK\u202f13.4 and excludes any amounts related to the potential earn-out.
Norsk Ildfast Gjenvinning Drift AS
In Q4 2025, the Group acquired 100% of the shares in Norsk Ildfast Gjenvinning Drift AS for MNOK 6. The recognized goodwill amounted to MNOK 5.9.
NIGD operates a full\u2011scale recycling facility for refractory materials, including crushing and mixing capabilities, and has more than 30 years of experience in the industry. The plant is strategically located in the Mo i Rana industrial park, close to several of the Group\u2019s existing customers.
The acquisition supports the Group\u2019s circular economic strategy and is expected to unlock new opportunities with both existing and potential customers. The Group plans to invest an additional MNOK 1 in upgrades to the facility.
The acquisition was financed through an acquisition loan of MNOK 5 from Nordea Bank, with the remainder settled in cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-182": { "value": "When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill.
Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill is not written off but is tested at least annually for impairment or when indicators of impairment exist. In connection with this, goodwill is allocated to cash-flow-generating units that are expected to benefit from the synergy effects of the business combination.
H\u00f6gan\u00e4s Borgestad AS, H\u00f6gan\u00e4s Borgestad Eldfast Service AB, H\u00f6gan\u00e4s Borgestad Production AB, Norsk Ildfast Gjenvinning Drift AS, Emcotech AB and H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment.
Goodwill allocated to H\u00f6gan\u00e4s Borgestad Production AB, H\u00f6gan\u00e4s Borgestad Eldfast Service AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB, Emcotech AB and H\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations.
Recoverable amount is the cash flow-generating unit's value in use. When assessing whether there is a need to write down goodwill, the recoverable amount is assessed against net assets, including goodwill on the balance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment.
Recoverable amount is based on value in use and calculated per cash flow generating unit/company. Assumptions used when calculating value in use are cash flow forecasts which are again based on budgets and business plans for each cash flow generating unit for a five-year period (defined period). Growth in the period is assessed by the cash flow generating unit. An increase of 2 percent is included for turnover growth, both in the period before terminal period and for terminal period. There are estimated improvements in EBIT margins in the five-year period according to the business plan that is prepared by management and approved by the Board of Directors. Growth of 2 (2) percent is assumed for the terminal period for all companies.
Historically, the EBIT development of H\u00f6gan\u00e4s Borgestad and each cash flow generating unit has been broadly aligned with the assumptions applied in the goodwill impairment assessments. This consistency supports management\u2019s view that the long-term EBIT projections used in the valuation reflect a reasonable and balanced assessment of the business\u2019 earnings potential.
Prerequisites for investments in the five-year period and the terminal period are approximately the same or like today's depreciation for all cash flow-generating units. For all cash flow-generating units working capital follows a percentage of revenue according to achieved percentage of working capital achieved in 2025.
The cash flows are calculated based on the expected cash flow and the discount rate is based on a required return before tax of 11.7 (12.3) percent for the Norwegian entity, 9.8 (10.3) percent for Swedish entities and 9.9 (10.5) percent for the Finnish entity. The discount rate considers debt premium, market risk premium, debt ratio, tax rate and asset beta.
Based on calculations carried out and the assumptions made, an impairment of goodwill has been made as of December 31, 2025. The impairment is recognized in the Consolidated statement of income and is connected to the cash flow generating unit H\u00f6gan\u00e4s Borgestad Energi & Ugnsteknik AB. The impairment is because the result of the calculations shows that the recoverable amount of the cash flow generating unit (the company) is below the balance sheet value of assets/liabilities, and thus an impairment is implemented.
For all other cash-flow-generating units to which goodwill is allocated, the impairment tests show that the recoverable amount exceeds the carrying amount of the respective net assets, including goodwill. Accordingly, no impairment has been identified for these units. The determination of the recoverable amount is subject to estimation uncertainty, as it is based on management\u2019s assumptions and judgements, including forecast EBIT, growth rates and discount rates. Management has assessed reasonably possible changes in the key assumptions applied in the 2025 impairment test for these units and concluded that such changes would not alter the outcome of the impairment assessment.
Acquisitions in 2025
Emcotech AB
In Q2 2025, the Group acquired 100% of the shares in Emcotech AB, a company specializing in refractory installation services and technical support. The acquisition strengthens the Group\u2019s service offering in Sweden and provides access to an established customer base in the Scandinavian market.
The total consideration amounted to MNOK 16 (MSEK 15.1), of which MNOK 11.0 was paid in cash at closing. The consideration is subject to adjustment for deviations from normalized working capital and net debt at the acquisition date. In addition, a contingent performance-based earn-out with a maximum value of MSEK 10, as of acquisition date, has been estimated at MSEK 0 may become payable 18 months after closing, subject to the fulfilment of agreed performance targets.
The acquisition was financed through an increase in bank financing of MSEK 9, with the remainder settled in cash.
The purchase price allocation identified customer relationships, order backlog and other identifiable intangible assets. The residual amount has been recognized as goodwill, reflecting expected synergies, workforce competence and the strengthening of the Group\u2019s market position in Sweden. The recognized goodwill of the acquisition date amounted to MNOK\u202f13.4 and excludes any amounts related to the potential earn-out.
Norsk Ildfast Gjenvinning Drift AS
In Q4 2025, the Group acquired 100% of the shares in Norsk Ildfast Gjenvinning Drift AS for MNOK 6. The recognized goodwill amounted to MNOK 5.9.
NIGD operates a full\u2011scale recycling facility for refractory materials, including crushing and mixing capabilities, and has more than 30 years of experience in the industry. The plant is strategically located in the Mo i Rana industrial park, close to several of the Group\u2019s existing customers.
The acquisition supports the Group\u2019s circular economic strategy and is expected to unlock new opportunities with both existing and potential customers. The Group plans to invest an additional MNOK 1 in upgrades to the facility.
The acquisition was financed through an acquisition loan of MNOK 5 from Nordea Bank, with the remainder settled in cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-204": { "value": "When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill.
Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill is not written off but is tested at least annually for impairment or when indicators of impairment exist. In connection with this, goodwill is allocated to cash-flow-generating units that are expected to benefit from the synergy effects of the business combination.
H\u00f6gan\u00e4s Borgestad AS, H\u00f6gan\u00e4s Borgestad Eldfast Service AB, H\u00f6gan\u00e4s Borgestad Production AB, Norsk Ildfast Gjenvinning Drift AS, Emcotech AB and H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment.
Goodwill allocated to H\u00f6gan\u00e4s Borgestad Production AB, H\u00f6gan\u00e4s Borgestad Eldfast Service AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB, Emcotech AB and H\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations.
Recoverable amount is the cash flow-generating unit's value in use. When assessing whether there is a need to write down goodwill, the recoverable amount is assessed against net assets, including goodwill on the balance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment.
Recoverable amount is based on value in use and calculated per cash flow generating unit/company. Assumptions used when calculating value in use are cash flow forecasts which are again based on budgets and business plans for each cash flow generating unit for a five-year period (defined period). Growth in the period is assessed by the cash flow generating unit. An increase of 2 percent is included for turnover growth, both in the period before terminal period and for terminal period. There are estimated improvements in EBIT margins in the five-year period according to the business plan that is prepared by management and approved by the Board of Directors. Growth of 2 (2) percent is assumed for the terminal period for all companies.
Historically, the EBIT development of H\u00f6gan\u00e4s Borgestad and each cash flow generating unit has been broadly aligned with the assumptions applied in the goodwill impairment assessments. This consistency supports management\u2019s view that the long-term EBIT projections used in the valuation reflect a reasonable and balanced assessment of the business\u2019 earnings potential.
Prerequisites for investments in the five-year period and the terminal period are approximately the same or like today's depreciation for all cash flow-generating units. For all cash flow-generating units working capital follows a percentage of revenue according to achieved percentage of working capital achieved in 2025.
The cash flows are calculated based on the expected cash flow and the discount rate is based on a required return before tax of 11.7 (12.3) percent for the Norwegian entity, 9.8 (10.3) percent for Swedish entities and 9.9 (10.5) percent for the Finnish entity. The discount rate considers debt premium, market risk premium, debt ratio, tax rate and asset beta.
Based on calculations carried out and the assumptions made, an impairment of goodwill has been made as of December 31, 2025. The impairment is recognized in the Consolidated statement of income and is connected to the cash flow generating unit H\u00f6gan\u00e4s Borgestad Energi & Ugnsteknik AB. The impairment is because the result of the calculations shows that the recoverable amount of the cash flow generating unit (the company) is below the balance sheet value of assets/liabilities, and thus an impairment is implemented.
For all other cash-flow-generating units to which goodwill is allocated, the impairment tests show that the recoverable amount exceeds the carrying amount of the respective net assets, including goodwill. Accordingly, no impairment has been identified for these units. The determination of the recoverable amount is subject to estimation uncertainty, as it is based on management\u2019s assumptions and judgements, including forecast EBIT, growth rates and discount rates. Management has assessed reasonably possible changes in the key assumptions applied in the 2025 impairment test for these units and concluded that such changes would not alter the outcome of the impairment assessment.
Acquisitions in 2025
Emcotech AB
In Q2 2025, the Group acquired 100% of the shares in Emcotech AB, a company specializing in refractory installation services and technical support. The acquisition strengthens the Group\u2019s service offering in Sweden and provides access to an established customer base in the Scandinavian market.
The total consideration amounted to MNOK 16 (MSEK 15.1), of which MNOK 11.0 was paid in cash at closing. The consideration is subject to adjustment for deviations from normalized working capital and net debt at the acquisition date. In addition, a contingent performance-based earn-out with a maximum value of MSEK 10, as of acquisition date, has been estimated at MSEK 0 may become payable 18 months after closing, subject to the fulfilment of agreed performance targets.
The acquisition was financed through an increase in bank financing of MSEK 9, with the remainder settled in cash.
The purchase price allocation identified customer relationships, order backlog and other identifiable intangible assets. The residual amount has been recognized as goodwill, reflecting expected synergies, workforce competence and the strengthening of the Group\u2019s market position in Sweden. The recognized goodwill of the acquisition date amounted to MNOK\u202f13.4 and excludes any amounts related to the potential earn-out.
Norsk Ildfast Gjenvinning Drift AS
In Q4 2025, the Group acquired 100% of the shares in Norsk Ildfast Gjenvinning Drift AS for MNOK 6. The recognized goodwill amounted to MNOK 5.9.
NIGD operates a full\u2011scale recycling facility for refractory materials, including crushing and mixing capabilities, and has more than 30 years of experience in the industry. The plant is strategically located in the Mo i Rana industrial park, close to several of the Group\u2019s existing customers.
The acquisition supports the Group\u2019s circular economic strategy and is expected to unlock new opportunities with both existing and potential customers. The Group plans to invest an additional MNOK 1 in upgrades to the facility.
The acquisition was financed through an acquisition loan of MNOK 5 from Nordea Bank, with the remainder settled in cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-226": { "value": "Inventories are measured at the lower of cost and net realisable value. Net realisable value (NRV) is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Cost is assigned using the FIFO method and includes all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. For in\u2011house produced goods, cost includes both variable and fixed production overheads allocated based on normal capacity utilisation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-230": { "value": "Cash and cash equivalents include cash balances and bank deposits. Cash and cash equivalents are booked at nominal values in the balance sheet. Restricted funds are included in cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-234": { "value": "Borrowings are measured at amortised cost using the effective interest method. Transaction costs are deducted from the loan\u2019s carrying amount and are amortised over the term of the loan as part of the effective interest rate. Gains and losses are recognised in profit or loss when borrowings are derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-239": { "value": "Borrowings are measured at amortised cost using the effective interest method. Transaction costs are deducted from the loan\u2019s carrying amount and are amortised over the term of the loan as part of the effective interest rate. Gains and losses are recognised in profit or loss when borrowings are derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-240": { "value": "Borrowings are measured at amortised cost using the effective interest method. Transaction costs are deducted from the loan\u2019s carrying amount and are amortised over the term of the loan as part of the effective interest rate. Gains and losses are recognised in profit or loss when borrowings are derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-241": { "value": "The Group's receivables, which mainly consist of trade receivables with short maturities and receivables from lease agreements, are held to receive contractual cash flows and the cash flows only consist of payment of face value and any interest. Group receivables are measured at amortized cost, less provision for expected losses. The Group regularly reviews outstanding receivables and prepares for each reporting period estimates for bad debts which form the basis for the accounting provision. In addition, the expected loss is assessed based on the best available information on historical, current and future conditions. In accordance with IFRS 9, the Group applies the simplified expected credit loss model for trade receivables and lease receivables. This requires recognising lifetime expected credit losses, regardless of whether any actual credit losses have occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "| Receivables and contract assets | 2025 | 2024 |
|---|---|---|
| Invoiced trade receivables | 163\u00a0233 | 144\u00a0140 |
| Expected credit loss | -11\u00a0290 | -12\u00a0068 |
| Trade receivables | 151\u00a0943 | 132\u00a0072 |
| Contract assets | 6\u00a0859 | 11\u00a0507 |
| Advances received (contract liability) | - | -4\u00a0364 |
| Other current receivables | 27\u00a0999 | 11\u00a0185 |
| Total receivables and contract assets | 186\u00a0801 | 150\u00a0399 |
Advances received relate to a prior\u2011year classification error and is presented within the comparative figures to ensure consistency with the 2024 balance sheet presentation.
| Aging profile of trade receivables | 2025 | 2024 |
|---|---|---|
| Not due | 135\u00a0738 | 119\u00a0591 |
| <30\u00a0days | 13\u00a0645 | 8\u00a0713 |
| 30-60 days | 2\u00a0794 | 899 |
| 61-90 days | 691 | 262 |
| >90\u00a0days | 10\u00a0366 | 14\u00a0675 |
| Total | 163\u00a0233 | 144\u00a0140 |
| Expected credit loss | -11\u00a0290 | -12\u00a0068 |
| Total | 151\u00a0943 | 132\u00a0072 |
| Change in provision for expected loss: | ||
|---|---|---|
| January 01.01 | 12\u00a0068 | 12\u00a0385 |
| Change in provision during the year | -787 | -1\u00a0477 |
| Reversed previous provision | -200 | 424 |
| Translation difference and other changes | 209 | 736 |
| Provision 31th December | 11\u00a0290 | 12\u00a0068 |
| This year losses | 243 | - |
Provision for losses, in both the opening and closing balance sheet, as well as changes in ascertained losses on claims are mainly linked to Agora Bytom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "| Other receivables | 2025 | 2024 |
|---|---|---|
| Income accruals | - | 1\u00a0220 |
| Cost accruals | 54 | 1\u00a0822 |
| Prepayment to suppliers | 9\u00a0765 | 5\u00a0197 |
| Tax and value added tax | 12\u00a0787 | 2\u00a0104 |
| Other current assets | 5\u00a0394 | 842 |
| Total | 27\u00a0999 | 11\u00a0185 |
| Other receivables | 2025 | 2024 |
|---|---|---|
| Income accruals | - | 1\u00a0220 |
| Cost accruals | 54 | 1\u00a0822 |
| Prepayment to suppliers | 9\u00a0765 | 5\u00a0197 |
| Tax and value added tax | 12\u00a0787 | 2\u00a0104 |
| Other current assets | 5\u00a0394 | 842 |
| Total | 27\u00a0999 | 11\u00a0185 |
Financial risk
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "i) Credit risk
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "i) Credit risk
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "ii) Interest rate risk", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "iii) Liquidity risk
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "iv) Currency risk
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "v) Classification of financial instruments
vi) Fair value of financial instrument
For financial assets without an observable market value, the Group estimates fair value based on available information, including transaction data, price indications and internal assessments of cash flows and value\u2011adjusted equity. Key uncertainties relate to developments in earnings, changes in the risk profile of the investment and adjustments to the Group\u2019s required rate of return.
The following financial instruments are not measured at fair value: cash and cash equivalents, trade receivables, other short\u2011term receivables, overdrafts, trade payables and long\u2011term debt. The carrying amounts of these items approximate fair value due to their short maturities and ordinary market terms.
The Group has not entered into interest\u2011bearing agreements that deviate significantly from normal market conditions.
Fair value hierarchy
The Group classifies fair value measurements in accordance with the IFRS fair value hierarchy (levels 1\u20133). The Group has only a limited number of instruments measured at fair value, and there were no transfers between levels during the period.
| Financial instruments measured at fair value (assets and liabilities) | 31.12.25 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Hedging derivatives with changes in value through other comprehensive income | -6\u00a0984 | - | -6\u00a0984 | - |
| Equity instruments held for trading with a change in value through profit or loss | 7 | - | - | 7 |
| Total | -6\u00a0977 | - | -6\u00a0984 | 7 |
| Financial instruments measured at fair value (assets and liabilities) | 31.12.24 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Hedging derivatives with changes in value through other comprehensive income | -9\u00a0962 | - | -9\u00a0962 | - |
| Equity instruments held for trading with a change in value through profit or loss | 32 | - | - | 32 |
| Total | -9\u00a0930 | 0 | -9\u00a0962 | 32 |
| Specification of changes in level 3 | 2025 | 2024 |
|---|---|---|
| Balance sheet as of 01. January | 32 | 169 |
| Purchase, sale, issue and settlement | -50 | 25 |
| Gains and losses recognised in the current profit and loss statement | 25 | |
| Reclassifying | - | -162 |
| Total | 7 | 32 |
v) Classification of financial instruments
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "v) Classification of financial instruments
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "v) Classification of financial instruments
vi) Fair value of financial instrument
For financial assets without an observable market value, the Group estimates fair value based on available information, including transaction data, price indications and internal assessments of cash flows and value\u2011adjusted equity. Key uncertainties relate to developments in earnings, changes in the risk profile of the investment and adjustments to the Group\u2019s required rate of return.
The following financial instruments are not measured at fair value: cash and cash equivalents, trade receivables, other short\u2011term receivables, overdrafts, trade payables and long\u2011term debt. The carrying amounts of these items approximate fair value due to their short maturities and ordinary market terms.
The Group has not entered into interest\u2011bearing agreements that deviate significantly from normal market conditions.
Fair value hierarchy
The Group classifies fair value measurements in accordance with the IFRS fair value hierarchy (levels 1\u20133). The Group has only a limited number of instruments measured at fair value, and there were no transfers between levels during the period.
| Financial instruments measured at fair value (assets and liabilities) | 31.12.25 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Hedging derivatives with changes in value through other comprehensive income | -6\u00a0984 | - | -6\u00a0984 | - |
| Equity instruments held for trading with a change in value through profit or loss | 7 | - | - | 7 |
| Total | -6\u00a0977 | - | -6\u00a0984 | 7 |
| Financial instruments measured at fair value (assets and liabilities) | 31.12.24 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Hedging derivatives with changes in value through other comprehensive income | -9\u00a0962 | - | -9\u00a0962 | - |
| Equity instruments held for trading with a change in value through profit or loss | 32 | - | - | 32 |
| Total | -9\u00a0930 | 0 | -9\u00a0962 | 32 |
| Specification of changes in level 3 | 2025 | 2024 |
|---|---|---|
| Balance sheet as of 01. January | 32 | 169 |
| Purchase, sale, issue and settlement | -50 | 25 |
| Gains and losses recognised in the current profit and loss statement | 25 | |
| Reclassifying | - | -162 |
| Total | 7 | 32 |
vi) Fair value of financial instrument
For financial assets without an observable market value, the Group estimates fair value based on available information, including transaction data, price indications and internal assessments of cash flows and value\u2011adjusted equity. Key uncertainties relate to developments in earnings, changes in the risk profile of the investment and adjustments to the Group\u2019s required rate of return.
The following financial instruments are not measured at fair value: cash and cash equivalents, trade receivables, other short\u2011term receivables, overdrafts, trade payables and long\u2011term debt. The carrying amounts of these items approximate fair value due to their short maturities and ordinary market terms.
The Group has not entered into interest\u2011bearing agreements that deviate significantly from normal market conditions.
Fair value hierarchy
The Group classifies fair value measurements in accordance with the IFRS fair value hierarchy (levels 1\u20133). The Group has only a limited number of instruments measured at fair value, and there were no transfers between levels during the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "vi) Fair value of financial instrument
For financial assets without an observable market value, the Group estimates fair value based on available information, including transaction data, price indications and internal assessments of cash flows and value\u2011adjusted equity. Key uncertainties relate to developments in earnings, changes in the risk profile of the investment and adjustments to the Group\u2019s required rate of return.
The following financial instruments are not measured at fair value: cash and cash equivalents, trade receivables, other short\u2011term receivables, overdrafts, trade payables and long\u2011term debt. The carrying amounts of these items approximate fair value due to their short maturities and ordinary market terms.
The Group has not entered into interest\u2011bearing agreements that deviate significantly from normal market conditions.
Fair value hierarchy
The Group classifies fair value measurements in accordance with the IFRS fair value hierarchy (levels 1\u20133). The Group has only a limited number of instruments measured at fair value, and there were no transfers between levels during the period.
| Financial instruments measured at fair value (assets and liabilities) | 31.12.25 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Hedging derivatives with changes in value through other comprehensive income | -6\u00a0984 | - | -6\u00a0984 | - |
| Equity instruments held for trading with a change in value through profit or loss | 7 | - | - | 7 |
| Total | -6\u00a0977 | - | -6\u00a0984 | 7 |
| Financial instruments measured at fair value (assets and liabilities) | 31.12.24 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Hedging derivatives with changes in value through other comprehensive income | -9\u00a0962 | - | -9\u00a0962 | - |
| Equity instruments held for trading with a change in value through profit or loss | 32 | - | - | 32 |
| Total | -9\u00a0930 | 0 | -9\u00a0962 | 32 |
| Specification of changes in level 3 | 2025 | 2024 |
|---|---|---|
| Balance sheet as of 01. January | 32 | 169 |
| Purchase, sale, issue and settlement | -50 | 25 |
| Gains and losses recognised in the current profit and loss statement | 25 | |
| Reclassifying | - | -162 |
| Total | 7 | 32 |
vi) Fair value of financial instrument
For financial assets without an observable market value, the Group estimates fair value based on available information, including transaction data, price indications and internal assessments of cash flows and value\u2011adjusted equity. Key uncertainties relate to developments in earnings, changes in the risk profile of the investment and adjustments to the Group\u2019s required rate of return.
The following financial instruments are not measured at fair value: cash and cash equivalents, trade receivables, other short\u2011term receivables, overdrafts, trade payables and long\u2011term debt. The carrying amounts of these items approximate fair value due to their short maturities and ordinary market terms.
The Group has not entered into interest\u2011bearing agreements that deviate significantly from normal market conditions.
Fair value hierarchy
The Group classifies fair value measurements in accordance with the IFRS fair value hierarchy (levels 1\u20133). The Group has only a limited number of instruments measured at fair value, and there were no transfers between levels during the period.
| Financial instruments measured at fair value (assets and liabilities) | 31.12.25 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Hedging derivatives with changes in value through other comprehensive income | -6\u00a0984 | - | -6\u00a0984 | - |
| Equity instruments held for trading with a change in value through profit or loss | 7 | - | - | 7 |
| Total | -6\u00a0977 | - | -6\u00a0984 | 7 |
| Financial instruments measured at fair value (assets and liabilities) | 31.12.24 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Hedging derivatives with changes in value through other comprehensive income | -9\u00a0962 | - | -9\u00a0962 | - |
| Equity instruments held for trading with a change in value through profit or loss | 32 | - | - | 32 |
| Total | -9\u00a0930 | 0 | -9\u00a0962 | 32 |
| Specification of changes in level 3 | 2025 | 2024 |
|---|---|---|
| Balance sheet as of 01. January | 32 | 169 |
| Purchase, sale, issue and settlement | -50 | 25 |
| Gains and losses recognised in the current profit and loss statement | 25 | |
| Reclassifying | - | -162 |
| Total | 7 | 32 |
Dividend proposal
The Board of Directors has exercised the authorization granted by the Annual General Meeting in 2025 to distribute an ordinary dividend of NOK 0,50 per share for the fiscal year 2025. The dividend corresponds to TNOK 17 500 and was paid to the shareholders on March 6, 2026. The dividend was distributed as repayment of paid-in capital", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "0.5", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "fact-320": { "value": "17500000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } } } }