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"fact-230": { "value": "123389000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-231": { "value": "41767000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-232": { "value": "180556000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-233": { "value": "123389000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-1": { "value": "Section 1 - Background Thor Medical ASA (the group) consists of Thor Medical ASA and its subsidiaries. Thor Medical ASA (\u201cthe Company\u201d) is a public limited liability company incorporated and based in Oslo, Norway. The address of the registered office is Drammensveien 167, 0277 Oslo. These financial statements were approved for issue by the Board of Directors on March 26, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-234": { "value": "Thor Medical ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "Thor Medical ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "Thor Medical ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-235": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "Oslo, Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-239": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-236": { "value": "The address of the registered office is Drammensveien 167, 0277 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "Drammensveien 167, 0277 Oslo", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-237": { "value": "
These financial statements were approved for issue by the Board of Directors on March 26, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "Section 2 - General Accounting Policies The principal accounting policies applied in the preparation of these \ufb01nancial statements are set out below. These policies have been consistently applied throughout all periods presented. Amounts are in Norwegian kroner (NOK) unless stated otherwise. The functional currency of Thor Medical ASA is NOK. 2.1 Basis for preparation of the annual accounts The consolidated \ufb01nancial statements for the group and the parent company have been prepared in accordance with EU-adopted International IFRS\u00ae Accounting Standards and Interpretations issued by the International Accounting Standards Board (IASB) and disclosure requirements in accordance with the Norwegian Accounting Act. Only standards that are effective for the \ufb01scal year ending 31 December 2025 have been applied . The \ufb01nancial statements have been prepared on the historical cost basis. The preparation of \ufb01nancial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgments in applying the group\u2019s accounting policies. Areas involving significant judgment or complexity, and areas where assumptions and estimates are signi\ufb01cant to the \ufb01nancial statements are disclosed in note 2.4. The consolidated \ufb01nancial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. Going concern The Company works continuously to ensure short and long-term \ufb01nancial \ufb02exibility to achieve its strategic and operational objectives. To date, the Company has \ufb01nanced its operations through private placements, grants, repair offerings and the initial public offering in connection with the listing of the Company\u2019s shares on Oslo B\u00f8rs in 2015 . Several measures have been implemented to reduce the burn rate and the Company\u2019s current net cash is, under the current operating model, expected to \ufb01nance its ongoing operations into 2026. The Board of Directors has con\ufb01rmed that the conditions for assuming that the group is a going concern are present, and that the \ufb01nancial statements have been prepared based on this assumption. 2.2 Consolidation principles The group\u2019s consolidated \ufb01nancial statements include the parent company and its subsidiaries as of 31 December 2025. The group controls an entity if, and only if, the group has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which the group obtains control and are deconsolidated from the date that control ceases. 2.3 Functional currency and presentation currency Functional currency The functional currency is determined in each entity in the group based on the currency within the entity\u2019s primary economic environment. Foreign currency transactions are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate. Currency gains or losses are classi\ufb01ed as \ufb01nancial items. Non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction, and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recognised continuously in the accounting period. Presentation currency The group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency. The statement of \ufb01nancial position \ufb01gures of entities with a different functional currency are translated at the exchange rate prevailing at the end of the reporting period for balance sheet items, and the exchange rate at the date of the transaction for pro\ufb01t and loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate. Exchange differences are recognised in other comprehensive income (OCI). 2.4 Significant accounting judgements, estimates and assumptions The management makes judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, incomes, expenses and information on potential liabilities. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. Deferred tax The Company considers that a deferred tax asset related to accumulated tax losses cannot be recognised in the statement of \ufb01nancial position until the product under development has been approved for marketing by the rele- vant authorities. However, this assumption is continually assessed, and changes could lead to signi\ufb01cant deferred tax asset being recognised in the future. This assumption requires signi\ufb01cant management judgment. See note 7.1. Impairment assessment The impairment assessment of non-financial assets requires management to estimate the recoverable amount of cash-generating units. The recoverable amount is determined based on discounted future cash flows and involves significant judgement related to assumptions on future revenues, operating margins, capital expenditures, long-term growth rates and discount rates. Due to the inherent uncertainty in these assumptions, actual results may differ from the estimates. Changes in key assumptions may result in material adjustments to the carrying amount of assets in future periods Leases The determination of the lease term requires judgement when lease contracts include extension or termina- tion options. The lease term includes the non-cancellable period together with periods covered by extension options when the Group is reasonably certain to exercise such options. In assessing whether extension options will be exercised, management considers factors such as the strategic importance of the leased assets, contractual conditions and the costs associated with replacing the assets. Changes in this assessment may affect the recognised lease liabilities and right-of-use assets. 2.5 Other accounting policies Construction in progress (CIP) Construction in progress (CIP) represents costs that are directly attributable to the construction and develop ment of plant facilities and related production assets that are not yet ready for their intended operational use. These costs include construction activities, materials, engineering and project management services, installation work, and other costs necessary to bring the assets to the location and condition required for their intended function. Borrowing costs that are directly attributable to the construction of qualifying assets are capitalized as part of the cost. Costs that are not directly linked to construction activities are recognized in profit or loss as incurred. Assets classified as construction in progress are not depreciated until the facilities have been completed and are available for use. Upon completion, the accumulated costs are transferred to the appropriate category within property, plant and equipment, and depreciation commences from the date the asset is ready for use. CIP is assessed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Revenue recognition During the financial year 2025, the Group had limited and sporadic revenue activities. Revenue arose primarily from isolated, one-off sales transactions. Revenue is recognised when control of the goods is transferred to the customer. Given the nature of the transac- tions in 2025, revenue is recognised upon delivery and invoicing . Costs of equity transactions Transaction costs directly related to an equity transaction are recognised directly in equity after deducting tax expenses. 2.6 Cash flow statement The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash, bank deposits and other short term, highly liquid investments with maturities of three months or less. Accounting policy Other operating expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided Accounting policy Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. For additional information on calculation of costs related to share based payments see note 6.2. Accounting policy Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The grant is recognised in the income statement in the same period as the related costs, which are presented net. Government grants are normally related to either reimbursements of employee costs and classified as a reduction of payroll and related expenses or related to other operating activities and thus classified as a reduction of other operating expenses
Accounting policy
Other current receivables comprise non-trade receivables such as VAT receivables, accrued income and
advances to suppliers. Financial receivables are recognized initially at fair value and subsequently measured
at amortized cost in accordance with IFRS 9 Financial Instruments. Due to their short-term nature, the carrying
amount normally approximates fair value.
Prepayments represent payments made in advance for goods and services and are expensed over the period
in which the related goods or services are received. Other current receivables and prepayments are classified
as current assets when expected to be realized within twelve months after the reporting date in accordance
with IAS 1 Presentation of Financial Statements .
Accounting policy
Other liabilities are classified as current liabilities if payment is due within one year or less (or in the normal
operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable
and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method.
Accounting policy
Inventories are measured at the lower of cost and net realisable value (NRV) in accordance with IAS 2
Inventories. At each reporting date, inventories are reviewed for indicators of impairment. Any write-down
to NRV is recognized as an expense in the period in which the write-down occurs. Reversals of previous
write-downs are recognized when the circumstances that caused the impairment no longer exist. No
impairment indicators has been identified in 2025.
Cost comprises the purchase price, import duties and other directly attributable costs incurred in bringing the
inventories to their present location and condition. As of the balance sheet date, inventory consists of raw
materials in the form of Thorium Nitrate Solution (Th-232). No finished goods are held at year-end.
Accounting policy
Auditors fee is expensed and recognised in the statement of profit and loss in the period which the related
costs are incurred or services are provided. Amounts are presented exclusive of VAT.
Accounting policy
Property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Acquisition cost
includes expenditures that are directly attributable to the acquisition of
the individual item. Property, plant and equipment are depreciated on a
straight-line basis over the expected useful life of the asset. Depreciation
commences when the assets are ready for their intended use.
Accounting policy Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually on an individual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. The technology was aquired through business comination in 2023 and was ready for its intended use in December 2024, and is consequently amortized as of this period. Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred as these do not meet the requirements mentioned above. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development Internal development costs related to the group\u2019s development of products are recognised in the income statement in the year in which it is incurred, unless it meets the recognition criteria of IAS 38 intangible assets. Uncertainties related to the regulatory approval process and other factors generally means that the criteria are not met until the time when the marketing authorization is obtained with the regulatory authorities. This assessment requires signi\ufb01cant management judgement Accounting policy In accordance with IFRS 16, the Group assesses whether the contract is, or contains, a lease at the inception of a contract. The Group applies IFRS 16 to all leases that convey the right to control the use of an identified asset for a defined period in exchange for consideration. Recognition At the inception of a lease, the Group recognises a right-of-use asset and a corresponding lease liability. The Group applies the recognition exemptions available under IFRS 16 for short-term leases, defined as leases with a term of 12 months or less, and for leases of low-value assets. For such leases, no right-of-use asset or lease liability is r ecognised; instead, lease payments are expensed on a straight-line basis over the lease period. Right-of-use The right-of-use asset is measured initially at cost, which corresponds to the amount of the lease liability, adjusted for any lease payments made prior to commencement and for any incentives received from the lessor. After initial recognition, right-of-use assets are depreciated on a straight- line basis over the assessed lease term. The right-of-use assets are subject to impairment testing in accord- ance with IAS 36 Impairment of Assets. The Group has applied its incremental borrowing rate to measure all lease liabilities. As at December 2025, the weighted average incremental borrowing rate applied was 9.63 percent Lease liabilities Lease liabilities are subsequently measured at amortised cost using the effective interest method. The carrying amount is increased to reflect interest accretion and reduced by lease payments made. Lease liabilities are remeasured when there is a change in future lease payments arising from changes in an index or a rate, or from a reassessment of the lease term or the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase option. Interest expense on lease liabilities is recognised as finance costs in profit or loss. Where lease contracts include optional renewal periods, the Group includes such periods in the measurement of the lease liability when it is reasonably certain that the option will be exercised. This assessment is based on operational needs, economic incentives, and other relevant factors supporting the expected extension of the lease. The undisclosed lease liability surpassing five years is based on the long term lease agreement and corresponding prolonging option for the AlphaOne premises. The premises are tailored for processing and handling radioactive material, hence the Company will utilize the facilities at least over the course of the lease agreement horizon. Short-term leases and leases of low-value assets Short-term leases and leases of low-value assets are expensed on a straight-line basis when the exemption criteria are met. Variable lease payments not linked to an index or rate are recognised in profit or loss as incurred. Variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs Accounting policy Cash-generating units are tested for impairment annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the recoverable amount of a cash-generating unit is lower than the carrying amount of its net assets, an impairment loss is recognised to reduce the carrying amount to the recoverable amount of the relevant asset or cash- generating unit (\u201cCGU\u201d) Accounting policy The group\u2019s financial liabilities consist of accounts payable and other current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers . Accounts payable are classi- fied as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amor- tised cost using the effective interest method Accounting policy The group and parent Company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable
Accounting policy
Earnings per share are calculated by dividing the attributable to ordinary shareholders of the Company by the
weighted average number of ordinary shares outstanding during the period. Diluted earnings per share are
calcu-lated as profit or loss attributable to ordinary shareholders of the Company adjusted for the effects of
all dilutive potential options. Issued share options, performance share units and restricted stock units have a
potential dilutive effect on earnings per share (see note 6.3 for details on share based payments). No dilutive
effect has been recognised as potential ordinary shares only shall be treated as dilutive if their conversion to
ordinary shares would decrease earnings per share, or increase loss per share from continuing operations. As the
Company is currently loss-making an increase in the average number of shares would have anti-dilutive effect.
Accounting policy Estimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity- settled share-based payments are measured at fair value at the grant date . Accounting policy The share option program is classified as an equity-settled share- based payment arrangement in accordance with IFRS 2 Share-based Payment, as the awards are settled through the issuance of the Company\u2019s shares. Equity-settled share-based payments are measured at the fair value of the options at the grant date. The fair value is recognized as an employee benefit expense with a corresponding increase in equity over the vesting period, reflecting the period during which the employees become unconditionally entitled to the options Accounting policy Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are re cog- nised based on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary differences are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The Company is in the research phase of its product development and has incurred significant tax losses related to its operations. The deferred tax asset has not been recognised in the statement of financial position, as the Company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asset. Accounting policy Shares and investments intended for long-term ownership are reported in the parent company\u2019s statement of financial position as long-term investments and valued at cost. The Company determines at each reporting date whether there is any objective indication that the investment in the subsidiary is impaired. If this is the case, the amount of impairment is calculated as the difference between the recoverable amount of the subsidiary and its carrying value and recognises the amount in the income statement. Any realised and unrealised losses and any write-downs relating to these investments will be included in the parent\u2019s statement of comprehensive income as financial items Accounting policy The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm\u2019s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or pay - ables. Transactions and balances between companies, which are a member of the group, have been eliminated in the consolidated accounts for the group. Note 8.1 provides information about the group\u2019s structure", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "2.1 Basis for preparation of the annual accounts The consolidated \ufb01nancial statements for the group and the parent company have been prepared in accordance with EU-adopted International IFRS\u00ae Accounting Standards and Interpretations issued by the International Accounting Standards Board (IASB) and disclosure requirements in accordance with the Norwegian Accounting Act. Only standards that are effective for the \ufb01scal year ending 31 December 2025 have been applied . The \ufb01nancial statements have been prepared on the historical cost basis. The preparation of \ufb01nancial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgments in applying the group\u2019s accounting policies. Areas involving significant judgment or complexity, and areas where assumptions and estimates are signi\ufb01cant to the \ufb01nancial statements are disclosed in note 2.4. The consolidated \ufb01nancial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. Going concern The Company works continuously to ensure short and long-term \ufb01nancial \ufb02exibility to achieve its strategic and operational objectives. To date, the Company has \ufb01nanced its operations through private placements, grants, repair offerings and the initial public offering in connection with the listing of the Company\u2019s shares on Oslo B\u00f8rs in 2015 Several measures have been implemented to reduce the burn rate and the Company\u2019s current net cash is, under the current operating model, expected to \ufb01nance its ongoing operations into 2026. The Board of Directors has con\ufb01rmed that the conditions for assuming that the group is a going concern are present, and that the \ufb01nancial statements have been prepared based on this assumption. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-238": { "value": "2.1 Basis for preparation of the annual accounts The consolidated \ufb01nancial statements for the group and the parent company have been prepared in accordance with EU-adopted International IFRS\u00ae Accounting Standards and Interpretations issued by the International Accounting Standards Board (IASB) and disclosure requirements in accordance with the Norwegian Accounting Act. Only standards that are effective for the \ufb01scal year ending 31 December 2025 have been applied ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-240": { "value": "Going concern The Company works continuously to ensure short and long-term \ufb01nancial \ufb02exibility to achieve its strategic and operational objectives. To date, the Company has \ufb01nanced its operations through private placements, grants, repair offerings and the initial public offering in connection with the listing of the Company\u2019s shares on Oslo B\u00f8rs in 2015 . Several measures have been implemented to reduce the burn rate and the Company\u2019s current net cash is, under the current operating model, expected to \ufb01nance its ongoing operations into 2026. The Board of Directors has con\ufb01rmed that the conditions for assuming that the group is a going concern are present, and that the \ufb01nancial statements have been prepared based on this assumption. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "2.2 Consolidation principles The group\u2019s consolidated \ufb01nancial statements include the parent company and its subsidiaries as of 31 December 2025. The group controls an entity if, and only if, the group has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which the group obtains control and are deconsolidated from the date that control ceases", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-241": { "value": "2.3 Functional currency and presentation currency Functional currency The functional currency is determined in each entity in the group based on the currency within the entity\u2019s primary economic environment. Foreign currency transactions are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate. Currency gains or losses are classi\ufb01ed as \ufb01nancial items. Non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction, and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recognised continuously in the accounting period. Presentation currency The group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency. The statement of \ufb01nancial position \ufb01gures of entities with a different functional currency are translated at the exchange rate prevailing at the end of the reporting period for balance sheet items, and the exchange rate at the date of the transaction for pro\ufb01t and loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate. Exchange differences are recognised in other comprehensive income (OCI)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "2.3 Functional currency and presentation currency Functional currency The functional currency is determined in each entity in the group based on the currency within the entity\u2019s primary economic environment. Foreign currency transactions are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate. Currency gains or losses are classi\ufb01ed as \ufb01nancial items. Non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction, and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recognised continuously in the accounting period. Presentation currency The group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency. The statement of \ufb01nancial position \ufb01gures of entities with a different functional currency are translated at the exchange rate prevailing at the end of the reporting period for balance sheet items, and the exchange rate at the date of the transaction for pro\ufb01t and loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate. Exchange differences are recognised in other comprehensive income (OCI)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "2.4 Significant accounting judgements, estimates and assumptions The management makes judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, incomes, expenses and information on potential liabilities. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. Deferred tax The Company considers that a deferred tax asset related to accumulated tax losses cannot be recognised in the statement of \ufb01nancial position until the product under development has been approved for marketing by the rele- vant authorities. However, this assumption is continually assessed, and changes could lead to signi\ufb01cant deferred tax asset being recognised in the future. This assumption requires signi\ufb01cant management judgment. See note 7.1. Impairment assessment The impairment assessment of non-financial assets requires management to estimate the recoverable amount of cash-generating units. The recoverable amount is determined based on discounted future cash flows and involves significant judgement related to assumptions on future revenues, operating margins, capital expenditures, long-term growth rates and discount rates. Due to the inherent uncertainty in these assumptions, actual results may differ from the estimates. Changes in key assumptions may result in material adjustments to the carrying amount of assets in future periods Leases The determination of the lease term requires judgement when lease contracts include extension or termina- tion options. The lease term includes the non-cancellable period together with periods covered by extension options when the Group is reasonably certain to exercise such options. In assessing whether extension options will be exercised, management considers factors such as the strategic importance of the leased assets, contractual conditions and the costs associated with replacing the assets. Changes in this assessment may affect the recognised lease liabilities and right-of-use assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Construction in progress (CIP) Construction in progress (CIP) represents costs that are directly attributable to the construction and develop ment of plant facilities and related production assets that are not yet ready for their intended operational use. These costs include construction activities, materials, engineering and project management services, installation work, and other costs necessary to bring the assets to the location and condition required for their intended function. Borrowing costs that are directly attributable to the construction of qualifying assets are capitalized as part of the cost. Costs that are not directly linked to construction activities are recognized in profit or loss as incurred. Assets classified as construction in progress are not depreciated until the facilities have been completed and are available for use. Upon completion, the accumulated costs are transferred to the appropriate category within property, plant and equipment, and depreciation commences from the date the asset is ready for use. CIP is assessed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "value": "Revenue recognition During the financial year 2025, the Group had limited and sporadic revenue activities. Revenue arose primarily from isolated, one-off sales transactions. Revenue is recognised when control of the goods is transferred to the customer. Given the nature of the transac- tions in 2025, revenue is recognised upon delivery and invoicing . ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Revenue recognition During the financial year 2025, the Group had limited and sporadic revenue activities. Revenue arose primarily from isolated, one-off sales transactions. Revenue is recognised when control of the goods is transferred to the customer. Given the nature of the transac- tions in 2025, revenue is recognised upon delivery and invoicing ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-242": { "value": "2.6 Cash flow statement The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash, bank deposits and other short term, highly liquid investments with maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "2.6 Cash flow statement The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash, bank deposits and other short term, highly liquid investments with maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "Section 3 - Operating Activities 3.1 Other operating expenses Accounting policy Other operating expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided . Overview Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred because they will not generate revenue in the future, and therefore do not meet the requirements for capitalization as an intangible asset.
(Amounts in NOK 1,000)
Note
2025
2024
Reasearch and development costs
2,057
3,309
Government grants
3.3
(3,422)
(7,156)
Transactions with related parties
637
1,411
Professional fees
9,056
14,814
Premises and facility costs
1,709
836
Other administrative costs
6,543
13,421
Total other operating expenses
16,580
26,634
3.2 Payroll and related expenses
Accounting policy
Payroll and related expenses are recognised in the statement of profit and loss in the period which the related
costs are incurred or services are provided. For additional information on calculation of costs related to share
based payments see note 6.2.
(Amounts in NOK 1,000)
Note
2025
2024
Salaries and bonus
6.1, 6.2
24,539
9,862
Social security tax
3,337
1,630
Pension expense
6.1
1,422
591
Share-based payment employees
6.2
4,007
2,807
Accrued employer\u2019s social security on share based payment
5,000
910
Other personel expenses
1,627
736
Capitalized payroll related to assets under construction
(6,194)
-
Government grants
3.3
(749)
(1,620)
Total payroll and related expenses
32,988
14,916
Average number of full-time equivalent employees
15
8.5
3.7 Auditors fee Accounting policy Auditors fee is expensed and recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Amounts are presented exclusive of VAT.
(Amounts in NOK 1,000)
2025
2024
Audit fee
709
593
Audit related work
41
408
Tax services
-
-
Auditors fee 31.12
750
1,001
Audit fee for 2025 in the table above is the actual booked audit fee for the accounting year. Some of the cost is related to audit of the accounting year ended 31 December 2024. The same principal applies for 2024
5.5 Finance income and finance expenses
Accounting policy
The group and parent Company\u2019s finance income largely relates to interest received on bank deposits. Net
currency gain or loss related to operating items includes gain or losses on accounts payable and accounts
receivable .
(Amounts in NOK 1 000)
Note
2025
2024
Finance income
Interest income on tax repaid
68
54
Interest incom on bank deposit
5.2
6,559
1,395
Other finans income
1
9
Currency gains
2,750
242
Total finance income
9,379
1,700
Finance expenses
Interest expense leasing
602
98
Other fees, charges
-
3
Currency loss
1,391
306
Total finance expense
1,993
407
Net finance income (expenses)
7,385
1,293
6.1 Remuneration to management
Compensation of key management
(Amounts in NOK 1,000)
2025
2024
Short term employment benefits
10,450
6,716
Post-employment pension
560
412
Termination benefits
-
-
Total compensation of key management personnel of the group in cash
11,010
7,127
Imputed share based payment expense
2,800
2,407
Total compensation of key management personnel of the group expense
13,810
9,535
Shares in the Company held by the Executive Leadership Team 31 December 2025
Employed with
Current position the Company Number of Number of
Name within the Company since shares 2025 shares 2024
Current management
Jasper C. Kurth
Chief Executive Officer
01.08.2024
400,000
400,000
Brede Ellings\u00e6ter
Chief Financial- and Operating Ofifcer
01.06.2024
1,481,346
400,000
Alf Bj\u00f8rseth
Executive Vice President Business
Development
01.07.2023
447,855
447,855
Sindre Hassfjell
Chief Technology Officer
01.07.2023
80,000
80,000
Astrid Liland
Executive Vice President HSEQ
01.01.2024
-
-
Total compensation of key management personnel of the group expense
2,409,201
1,327,855
Share options held by members of the management on 31 December 2025
Management have been allocated 11,500,000 share options of which 5,791,666 options had been vested as
per 31 December 2025. See note 6.2 for more information on the share based payment programs.
For additional information, reference is made to a separate report on management remuneration .
2025 2024
Weighted average Weighted average Weighted average Weighted average
Numbers exercise price fair value Numbers exercise price fair value
RSUs outstanding of RSUs in NOK in NOK of RSUs in NOK in NOK
Balance at 01.01.
1,090,974
0.20
0.87
1,320,469
0.20
0.72
Granted during the year
274,401
0.20
2.43
1,090,974
0.20
0.87
Exercised or settled during the year
(1,090,974)
0.20
0.87
(1,320,469)
0.20
0.72
Forfeited
-
Balance at 31.12.
274,401
0.20
0.87
1,090,974
0.20
0.72
Hereof vested RSUs
-
0.20
0.87
-
0.20
0.72
2025 2024
Weighted average
Weighted average Numbers of exercise price
Options outstanding
Numbers of options
exercise price in NOK options in NOK
Balance at 01.01.
11,500,000
1.07
-
-
Granted during the year
-
-
11,500,000
1.07
Vested, not exercised
5,791,666
-
-
-
Not vested
5,708,334
-
-
-
Forfeited
-
-
-
-
Balance at 31.12.
11,500,000
1.07
11,500,000
1.07
6.3 Remuneration to the board
The AGM held on 24 April 2025 resolved remuneration to the board and the nomination committee for
the period from the 2025 AGM until the AGM in 2026 as shown in the table below. The Board of Directors
constitute both the audit comittee and the remuneration committee.
Remuneration Nomination
(Amounts in NOK 1,000, exclusive of social security)
Board of Directors
Audit committee
committee committee
Chair
460
50
30
50
Member
400
30
20
40
Board of Directors and their roles after the 2025 AGM
Remuneration Nomination
(Amounts in NOK 1,000, exclusive of social security)
Board of Directors
Audit committee
committee committee
John Andersen Jr.
Chair
Member
Chair
Mimi Berdal
Member
Member
Ann Ulrika Gidner
Member
Member
Thomas Ramdahl
Member
Member
Jens Gisle Schnelle
Member
Chair
Didrik Leikvang
Chair
J\u00f8rn Aage Johansen
Member
Jon Magne Asmyr
Member
The board members\u2018 election of RSUs as part of their remuneration is disclosed in note 6.2
Remuneration to the Board of Directors for the 12 month period Shares held by the Board
from AGM to AGM the following year of Directors at year end
Board fee and fees for Number of shares as
(Amounts in NOK 1,000, except Served since/ period on the committee work \u2006of 31.12 \u2006
number of shares) board
2024
2025
2025
2024
Current board
John Andersen Jr.
June 2023
300
520
-
-
Mimi Berdal
June 2023
300
420
761,508
416,990
Ann Ulrika Gidner
May 2025
-
430
-
-
Thomas Ramdahl
May 2025
-
420
-
-
Jens Gisle Schnelle
May 2025
-
450
-
-
Former members of the board
Ludvig Sandnes
June 2023\u2013May 2025
300
-
1,028,427
486,489
Total
900
2,240
1,789,935
903,479
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
3.1 Other operating expenses
Accounting policy
Other operating expenses are recognised in the statement of profit and loss in the period which the related
costs are incurred or services are provided .
Overview
Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred because they will not generate
revenue in the future, and therefore do not meet the requirements for capitalization as an intangible asset.
(Amounts in NOK 1,000)
Note
2025
2024
Reasearch and development costs
2,057
3,309
Government grants
3.3
(3,422)
(7,156)
Transactions with related parties
637
1,411
Professional fees
9,056
14,814
Premises and facility costs
1,709
836
Other administrative costs
6,543
13,421
Total other operating expenses
16,580
26,634
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "3.1 Other operating expenses Accounting policy Other operating expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided . Overview Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred because they will not generate revenue in the future, and therefore do not meet the requirements for capitalization as an intangible asset.
(Amounts in NOK 1,000)
Note
2025
2024
Reasearch and development costs
2,057
3,309
Government grants
3.3
(3,422)
(7,156)
Transactions with related parties
637
1,411
Professional fees
9,056
14,814
Premises and facility costs
1,709
836
Other administrative costs
6,543
13,421
Total other operating expenses
16,580
26,634
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "Accounting policy Other operating expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided . Accounting policy Auditors fee is expensed and recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Amounts are presented exclusive of VAT. Accounting policy The group and parent Company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "3.2 Payroll and related expenses Accounting policy Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. For additional information on calculation of costs related to share based payments see note 6.2.
(Amounts in NOK 1,000)
Note
2025
2024
Salaries and bonus
6.1, 6.2
24,539
9,862
Social security tax
3,337
1,630
Pension expense
6.1
1,422
591
Share-based payment employees
6.2
4,007
2,807
Accrued employer\u2019s social security on share based payment
5,000
910
Other personel expenses
1,627
736
Capitalized payroll related to assets under construction
(6,194)
-
Government grants
3.3
(749)
(1,620)
Total payroll and related expenses
32,988
14,916
Average number of full-time equivalent employees
15
8.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "3.2 Payroll and related expenses Accounting policy Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. For additional information on calculation of costs related to share based payments see note 6.2.
(Amounts in NOK 1,000)
Note
2025
2024
Salaries and bonus
6.1, 6.2
24,539
9,862
Social security tax
3,337
1,630
Pension expense
6.1
1,422
591
Share-based payment employees
6.2
4,007
2,807
Accrued employer\u2019s social security on share based payment
5,000
910
Other personel expenses
1,627
736
Capitalized payroll related to assets under construction
(6,194)
-
Government grants
3.3
(749)
(1,620)
Total payroll and related expenses
32,988
14,916
Average number of full-time equivalent employees
15
8.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "Accounting policy Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. For additional information on calculation of costs related to share based payments see note 6.2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "3.3 Government grants Accounting policy Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The grant is recognised in the income statement in the same period as the related costs, which are presented net. Government grants are normally related to either reimbursements of employee costs and classified as a reduction of payroll and related expenses or related to other operating activities and thus classified as a reduction of other operating expenses .
(Amounts in NOK 1,000)
Note
2025
2024
Government grants have been recognised in the income
statement as a reduction for the related expenses with the
following amounts:
Payroll and related expenses
749
1,620
Other operating expenses
3.1
3,422
7,156
Total
4,171
8,777
Grants receivable are detailed as follows:
Grants from SkatteFUNN
3.4
2,971
3,631
Grants from The Research Council of Norway
-
345
Grants from Innovation Norway
1,200
4,800
Total 31.12.
4,171
8,777
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "Accounting policy Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The grant is recognised in the income statement in the same period as the related costs, which are presented net. Government grants are normally related to either reimbursements of employee costs and classified as a reduction of payroll and related expenses or related to other operating activities and thus classified as a reduction of other operating expenses ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
3.4 Other current receivables and prepayments
(Amounts in NOK 1,000)
Note
2025
2024
Government grants
3.3
2,971
3,656
Refundable VAT
4,633
1,686
Prepaid expenses
1,672
577
Rental deposits
70
70
Other receivables
6,352
533
Other current receivables and prepayments 31.12
15,697
6,523
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "3.4 Other current receivables and prepayments Accounting policy Other current receivables comprise non-trade receivables such as VAT receivables, accrued income and advances to suppliers. Financial receivables are recognized initially at fair value and subsequently measured at amortized cost in accordance with IFRS 9 Financial Instruments. Due to their short-term nature, the carrying amount normally approximates fair value. Prepayments represent payments made in advance for goods and services and are expensed over the period in which the related goods or services are received. Other current receivables and prepayments are classified as current assets when expected to be realized within twelve months after the reporting date in accordance with IAS 1 Presentation of Financial Statements .
(Amounts in NOK 1,000)
Note
2025
2024
Government grants
3.3
2,971
3,656
Refundable VAT
4,633
1,686
Prepaid expenses
1,672
577
Rental deposits
70
70
Other receivables
6,352
533
Other current receivables and prepayments 31.12
15,697
6,523
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "3.4 Other current receivables and prepayments Accounting policy Other current receivables comprise non-trade receivables such as VAT receivables, accrued income and advances to suppliers. Financial receivables are recognized initially at fair value and subsequently measured at amortized cost in accordance with IFRS 9 Financial Instruments. Due to their short-term nature, the carrying amount normally approximates fair value. Prepayments represent payments made in advance for goods and services and are expensed over the period in which the related goods or services are received. Other current receivables and prepayments are classified as current assets when expected to be realized within twelve months after the reporting date in accordance with IAS 1 Presentation of Financial Statements ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "3.4 Other current receivables and prepayments Accounting policy Other current receivables comprise non-trade receivables such as VAT receivables, accrued income and advances to suppliers. Financial receivables are recognized initially at fair value and subsequently measured at amortized cost in accordance with IFRS 9 Financial Instruments. Due to their short-term nature, the carrying amount normally approximates fair value. Prepayments represent payments made in advance for goods and services and are expensed over the period in which the related goods or services are received. Other current receivables and prepayments are classified as current assets when expected to be realized within twelve months after the reporting date in accordance with IAS 1 Presentation of Financial Statements .
(Amounts in NOK 1,000)
Note
2025
2024
Government grants
3.3
2,971
3,656
Refundable VAT
4,633
1,686
Prepaid expenses
1,672
577
Rental deposits
70
70
Other receivables
6,352
533
Other current receivables and prepayments 31.12
15,697
6,523
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "3.4 Other current receivables and prepayments Accounting policy Other current receivables comprise non-trade receivables such as VAT receivables, accrued income and advances to suppliers. Financial receivables are recognized initially at fair value and subsequently measured at amortized cost in accordance with IFRS 9 Financial Instruments. Due to their short-term nature, the carrying amount normally approximates fair value. Prepayments represent payments made in advance for goods and services and are expensed over the period in which the related goods or services are received. Other current receivables and prepayments are classified as current assets when expected to be realized within twelve months after the reporting date in accordance with IAS 1 Presentation of Financial Statements .
(Amounts in NOK 1,000)
Note
2025
2024
Government grants
3.3
2,971
3,656
Refundable VAT
4,633
1,686
Prepaid expenses
1,672
577
Rental deposits
70
70
Other receivables
6,352
533
Other current receivables and prepayments 31.12
15,697
6,523
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "3.5 Other current liabilities Accounting policy Other liabilities are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
(Amounts in NOK 1,000)
2025
2024
Unpaid vacation pay
2,079
967
Accrued social security related to outstanding non exercised options, and RSUs
6,031
173
Other accrued costs
6,298
4,980
Other current liabilities 31.12
14,408
6,120
Social security contributions on share options The Group recognises employer\u2019s social security tax arising from share-based payment arrangements as an integral part of the share-based payment expense in accordance with IFRS 2. The liability for social security tax is accrued over the vesting period based on the fair value of the underlying equity instruments and the expected number of instruments that will vest. The provision is remeasured at each reporting date to reflect changes in the fair value of the underlying instruments, with corresponding adjustments recognised in profit or loss. Other accrued costs Other accrued costs for period ended 31 December 2025 are mainly related to professional services incurred . 5.3 Current liabilities Accounting policy The group\u2019s financial liabilities consist of accounts payable and other current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers . Accounts payable are classi- fied as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amor- tised cost using the effective interest method . The table below summarizes the maturity profile of the group\u2019s financial liabilities based on contractual undiscounted payments: As per 31 December 2025
Less than 3 3 to 12
(Amounts in NOK 1,000)
On demand
months
months
Total
Accounts payable
-
14,854
-
14,854
Unpaid duties and charges
-
1,896
322
2,218
Unpaid vacation pay
-
-
2,079
2,079
Accrued social security related to outstanding non exercised options and RSUs
1
-
-
6,031
6,031
Lease liabilities
-
1,281
10,896
12,177
Other accrued costs
-
1,837
4,461
6,298
Current liabilities 31.12
-
19,868
23,789
43,657
As per 31 December 2024
Less than 3 3 to 12
(Amounts in NOK 1,000)
On demand
months
months
Total
Accounts payable
-
15,230
-
15,230
Unpaid duties and charges
-
949
165
1,114
Unpaid vacation pay
-
-
967
967
Accrued social security related to outstanding non exercised options and RSUs
1
-
-
1,031
1,031
Lease liabilities
-
113
323
437
Other accrued costs
139
2,348
1,635
4,122
Current liabilities 31.12
139
18,640
4,121
22,900
1 Social security is payable when the equity instruments are exercised.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "3.5 Other current liabilities Accounting policy Other liabilities are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
(Amounts in NOK 1,000)
2025
2024
Unpaid vacation pay
2,079
967
Accrued social security related to outstanding non exercised options, and RSUs
6,031
173
Other accrued costs
6,298
4,980
Other current liabilities 31.12
14,408
6,120
Social security contributions on share options The Group recognises employer\u2019s social security tax arising from share-based payment arrangements as an integral part of the share-based payment expense in accordance with IFRS 2. The liability for social security tax is accrued over the vesting period based on the fair value of the underlying equity instruments and the expected number of instruments that will vest. The provision is remeasured at each reporting date to reflect changes in the fair value of the underlying instruments, with corresponding adjustments recognised in profit or loss. Other accrued costs Other accrued costs for period ended 31 December 2025 are mainly related to professional services incurred . 5.3 Current liabilities Accounting policy The group\u2019s financial liabilities consist of accounts payable and other current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers . Accounts payable are classi- fied as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amor- tised cost using the effective interest method . The table below summarizes the maturity profile of the group\u2019s financial liabilities based on contractual undiscounted payments: As per 31 December 2025
Less than 3 3 to 12
(Amounts in NOK 1,000)
On demand
months
months
Total
Accounts payable
-
14,854
-
14,854
Unpaid duties and charges
-
1,896
322
2,218
Unpaid vacation pay
-
-
2,079
2,079
Accrued social security related to outstanding non exercised options and RSUs
1
-
-
6,031
6,031
Lease liabilities
-
1,281
10,896
12,177
Other accrued costs
-
1,837
4,461
6,298
Current liabilities 31.12
-
19,868
23,789
43,657
As per 31 December 2024
Less than 3 3 to 12
(Amounts in NOK 1,000)
On demand
months
months
Total
Accounts payable
-
15,230
-
15,230
Unpaid duties and charges
-
949
165
1,114
Unpaid vacation pay
-
-
967
967
Accrued social security related to outstanding non exercised options and RSUs
1
-
-
1,031
1,031
Lease liabilities
-
113
323
437
Other accrued costs
139
2,348
1,635
4,122
Current liabilities 31.12
139
18,640
4,121
22,900
1 Social security is payable when the equity instruments are exercised.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "3.5 Other current liabilities Accounting policy Other liabilities are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
(Amounts in NOK 1,000)
2025
2024
Unpaid vacation pay
2,079
967
Accrued social security related to outstanding non exercised options, and RSUs
6,031
173
Other accrued costs
6,298
4,980
Other current liabilities 31.12
14,408
6,120
Social security contributions on share options The Group recognises employer\u2019s social security tax arising from share-based payment arrangements as an integral part of the share-based payment expense in accordance with IFRS 2. The liability for social security tax is accrued over the vesting period based on the fair value of the underlying equity instruments and the expected number of instruments that will vest. The provision is remeasured at each reporting date to reflect changes in the fair value of the underlying instruments, with corresponding adjustments recognised in profit or loss. Other accrued costs Other accrued costs for period ended 31 December 2025 are mainly related to professional services incurred 5.3 Current liabilities Accounting policy The group\u2019s financial liabilities consist of accounts payable and other current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers . Accounts payable are classi- fied as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amor- tised cost using the effective interest method . The table below summarizes the maturity profile of the group\u2019s financial liabilities based on contractual undiscounted payments: As per 31 December 2025
Less than 3 3 to 12
(Amounts in NOK 1,000)
On demand
months
months
Total
Accounts payable
-
14,854
-
14,854
Unpaid duties and charges
-
1,896
322
2,218
Unpaid vacation pay
-
-
2,079
2,079
Accrued social security related to outstanding non exercised options and RSUs
1
-
-
6,031
6,031
Lease liabilities
-
1,281
10,896
12,177
Other accrued costs
-
1,837
4,461
6,298
Current liabilities 31.12
-
19,868
23,789
43,657
As per 31 December 2024
Less than 3 3 to 12
(Amounts in NOK 1,000)
On demand
months
months
Total
Accounts payable
-
15,230
-
15,230
Unpaid duties and charges
-
949
165
1,114
Unpaid vacation pay
-
-
967
967
Accrued social security related to outstanding non exercised options and RSUs
1
-
-
1,031
1,031
Lease liabilities
-
113
323
437
Other accrued costs
139
2,348
1,635
4,122
Current liabilities 31.12
139
18,640
4,121
22,900
1 Social security is payable when the equity instruments are exercised", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "3.6 Inventories Accounting policy Inventories are measured at the lower of cost and net realisable value (NRV) in accordance with IAS 2 Inventories. At each reporting date, inventories are reviewed for indicators of impairment. Any write-down to NRV is recognized as an expense in the period in which the write-down occurs. Reversals of previous write-downs are recognized when the circumstances that caused the impairment no longer exist. No impairment indicators has been identified in 2025. Cost comprises the purchase price, import duties and other directly attributable costs incurred in bringing the inventories to their present location and condition. As of the balance sheet date, inventory consists of raw materials in the form of Thorium Nitrate Solution (Th-232). No finished goods are held at year-end.
(Amounts in NOK 1,000)
2025
2024
Cost of 01.01
-
-
Purchased raw material
2,964
-
Inventories 31.12
2,964
-
Write-down for obsolescence
- -
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "Accounting policy Inventories are measured at the lower of cost and net realisable value (NRV) in accordance with IAS 2 Inventories. At each reporting date, inventories are reviewed for indicators of impairment. Any write-down to NRV is recognized as an expense in the period in which the write-down occurs. Reversals of previous write-downs are recognized when the circumstances that caused the impairment no longer exist. No impairment indicators has been identified in 2025. Cost comprises the purchase price, import duties and other directly attributable costs incurred in bringing the inventories to their present location and condition. As of the balance sheet date, inventory consists of raw materials in the form of Thorium Nitrate Solution (Th-232). No finished goods are held at year-end. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "3.7 Auditors fee Accounting policy Auditors fee is expensed and recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Amounts are presented exclusive of VAT.
(Amounts in NOK 1,000)
2025
2024
Audit fee
709
593
Audit related work
41
408
Tax services
-
-
Auditors fee 31.12
750
1,001
Audit fee for 2025 in the table above is the actual booked audit fee for the accounting year. Some of the cost is related to audit of the accounting year ended 31 December 2024. The same principal applies for 2024 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "Section 4 - Asset base 4.1 Property, plant, equipment and construction in progress Accounting policy Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses. Acquisition cost includes expenditures that are directly attributable to the acquisition of the individual item. Property, plant and equipment are depreciated on a straight-line basis over the expected useful life of the asset. Depreciation commences when the assets are ready for their intended use.
Building and Construction in Laboratory Office Permanent Furniture and
(Amounts in NOK 1,000) plant progress equipment equipment building fixtures
fittings
Total
Cost of 01.01.2024
-
-
4,759
174
-
-
4,933
Additions in the year
-
-
-
-
-
-
-
Disposals in the year
-
-
-
-
-
-
-
Cost at 31.12.2024
-
-
4,759
174
-
-
4,933
Additions in the year
3,812
67,256
-
505
578
880
73,031
Disposals in the year
-
-
-
-
-
-
-
Cost at 31.12.2025
3,812
67,256
4,759
679
578
880
77,964
Accumulated depreciations 01.01.2024
-
-
3,784
142
-
-
3,925
Depreciations in the year
-
-
373
21
-
-
393
Disposals in the year
-
-
-
-
-
-
-
Accumulated depreciation at 31.12.2024
-
-
4,156
163
-
-
4,319
Depreciations in the year
80
-
428
17
4
18
547
Disposals in the year
-
-
-
-
-
-
-
Accumulated depreciation at 31.12.2025
80
-
4,585
179
4
18
4,866
Net carrying amount at 31.12.2024
-
-
603
11
-
-
614
Net carrying amount at 31.12.2025
3,732
67,256
174
500
574
861
73,098
Estimated useful life
5-10 years
3-5 years
2-3 years
2-5 years
3-5 years
Depreciation method
straight-line
straight-line
straight-line
straight-line
straight-line
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "Accounting policy Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses. Acquisition cost includes expenditures that are directly attributable to the acquisition of the individual item. Property, plant and equipment are depreciated on a straight-line basis over the expected useful life of the asset. Depreciation commences when the assets are ready for their intended use", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "4.2 Intangible assets Accounting policy Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually on an individual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. The technology was aquired through business comination in 2023 and was ready for its intended use in December 2024, and is consequently amortized as of this period. Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred as these do not meet the requirements mentioned above. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development Internal development costs related to the group\u2019s development of products are recognised in the income statement in the year in which it is incurred, unless it meets the recognition criteria of IAS 38 intangible assets. Uncertainties related to the regulatory approval process and other factors generally means that the criteria are not met until the time when the marketing authorization is obtained with the regulatory authorities. This assessment requires signi\ufb01cant management judgement .
Patents,
licenses,
(Amounts in NOK 1,000)
Technology
domains, etc.
Goodwill
Total
Cost of 01.01.2024
247,265
-
37,216
284,481
Additions in the year
-
140
-
140
Disposals in the year
-
-
-
-
Cost at 31.12.2024
247,265
140
37,216
284,621
Additions in the year
-
77
-
77
Disposals in the year
-
-
-
-
Cost at 31.12.2025
247,265
217
37,216
284,698
Accumulated depreciations 01.01.2024
-
-
-
-
Depreciations in the year
1,580
1
-
-
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2024
1,580
1
-
1,581
Depreciations in the year
18,974
1
-
18,975
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2025
20,554
2
-
20,556
Net carrying amount at 31.12.2024
245,685
139
37,216
283,040
Net carrying amount at 31.12.2025
226,711
215
37,216
264,142
Estimated useful life
15 years
15 years
Depreciation method
straight-line
straight-line
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "4.2 Intangible assets Accounting policy Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually on an individual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. The technology was aquired through business comination in 2023 and was ready for its intended use in December 2024, and is consequently amortized as of this period. Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred as these do not meet the requirements mentioned above. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development Internal development costs related to the group\u2019s development of products are recognised in the income statement in the year in which it is incurred, unless it meets the recognition criteria of IAS 38 intangible assets. Uncertainties related to the regulatory approval process and other factors generally means that the criteria are not met until the time when the marketing authorization is obtained with the regulatory authorities. This assessment requires signi\ufb01cant management judgement .
Patents,
licenses,
(Amounts in NOK 1,000)
Technology
domains, etc.
Goodwill
Total
Cost of 01.01.2024
247,265
-
37,216
284,481
Additions in the year
-
140
-
140
Disposals in the year
-
-
-
-
Cost at 31.12.2024
247,265
140
37,216
284,621
Additions in the year
-
77
-
77
Disposals in the year
-
-
-
-
Cost at 31.12.2025
247,265
217
37,216
284,698
Accumulated depreciations 01.01.2024
-
-
-
-
Depreciations in the year
1,580
1
-
-
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2024
1,580
1
-
1,581
Depreciations in the year
18,974
1
-
18,975
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2025
20,554
2
-
20,556
Net carrying amount at 31.12.2024
245,685
139
37,216
283,040
Net carrying amount at 31.12.2025
226,711
215
37,216
264,142
Estimated useful life
15 years
15 years
Depreciation method
straight-line
straight-line
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "Accounting policy Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually on an individual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. The technology was aquired through business comination in 2023 and was ready for its intended use in December 2024, and is consequently amortized as of this period. Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred as these do not meet the requirements mentioned above. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development Internal development costs related to the group\u2019s development of products are recognised in the income statement in the year in which it is incurred, unless it meets the recognition criteria of IAS 38 intangible assets. Uncertainties related to the regulatory approval process and other factors generally means that the criteria are not met until the time when the marketing authorization is obtained with the regulatory authorities. This assessment requires signi\ufb01cant management judgement ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "4.3 Leasing Accounting policy In accordance with IFRS 16, the Group assesses whether the contract is, or contains, a lease at the inception of a contract. The Group applies IFRS 16 to all leases that convey the right to control the use of an identified asset for a defined period in exchange for consideration. Recognition At the inception of a lease, the Group recognises a right-of-use asset and a corresponding lease liability. The Group applies the recognition exemptions available under IFRS 16 for short-term leases, defined as leases with a term of 12 months or less, and for leases of low-value assets. For such leases, no right-of-use asset or lease liability is r ecognised; instead, lease payments are expensed on a straight-line basis over the lease period. Right-of-use The right-of-use asset is measured initially at cost, which corresponds to the amount of the lease liability, adjusted for any lease payments made prior to commencement and for any incentives received from the lessor. After initial recognition, right-of-use assets are depreciated on a straight- line basis over the assessed lease term. The right-of-use assets are subject to impairment testing in accord- ance with IAS 36 Impairment of Assets. The Group has applied its incremental borrowing rate to measure all lease liabilities. As at December 2025, the weighted average incremental borrowing rate applied was 9.63 percent . Right-of-use assets
(Amounts in NOK 1,000)
Plant & buildings
Acquisition cost of 01.01.2024
-
Additions in the year
1,220
Cost at 31.12.2024
1,220
Additions in the year
171,698
Disposal acquisition cost
(1,220)
Cost at 31.12.2025
171,698
Accumulated depreciations at 01.01.2024
-
Depreciations in the year
407
Accumulated depreciation at 31.12.2024
407
Depreciations
1,402
Disposals accumulated depreciations
(835)
Accumulated depreciation at 31.12.2025
567
Net carrying amount of right-of-use assets at 31.12.2024
813
Net carrying amount of right-of-use assets at 31.12.2025
171,131
Estimated useful life
10-30 years
Depreciation method
straight-line
Costs in the period related to practical expedients and variable payments
(Amounts in NOK 1,000)
2025
2024
Short-term lease expenses
24
68
Low-value assets lease expenses
212
68
Variable lease expenses in the period (not included in the lease liabilities)
1,478
637
Total lease expenses in the period related to practical expedients and variable
payments
1,714
772
Lease liabilities Lease liabilities are subsequently measured at amortised cost using the effective interest method. The carrying amount is increased to reflect interest accretion and reduced by lease payments made. Lease liabilities are remeasured when there is a change in future lease payments arising from changes in an index or a rate, or from a reassessment of the lease term or the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase option. Interest expense on lease liabilities is recognised as finance costs in profit or loss. Where lease contracts include optional renewal periods, the Group includes such periods in the measurement of the lease liability when it is reasonably certain that the option will be exercised. This assessment is based on operational needs, economic incentives, and other relevant factors supporting the expected extension of the lease. The undisclosed lease liability surpassing five years is based on the long term lease agreement and corresponding prolonging option for the AlphaOne premises. The premises are tailored for processing and handling radioactive material, hence the Company will utilize the facilities at least over the course of the lease agreement horizon. Short-term leases and leases of low-value assets Short-term leases and leases of low-value assets are expensed on a straight-line basis when the exemption criteria are met. Variable lease payments not linked to an index or rate are recognised in profit or loss as incurred. Variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs . Undiscounted lease liabilities and maturity of cash outflows
(Amounts in NOK 1,000)
Total
Less than 1 year
14,405
1-2 years
16,491
2-3 years
18,366
3-4 years
18,366
4-5 years
18,366
More than 5 years
436,448
Total undiscounted lease liabilities at 31.12.2025
522,440
The undisclosed lease liability surpassing five years is based on the long term lease agreement and corresponding prolonging option for the AlphaOne premises. The premises are tailored for processing and handling radioactive material, hence the Company will utilize the facilities at least over the course of the lease agreement horizon. Lease liabilities
(Amounts in NOK 1,000)
Total
Lease liabilities 01.01
737
Adjustment of lease liabilities
22
New contracts
171,698
Cash payments for lease liabilities
(1,078)
Total lease liabilities 31.12
171,379
Current lease liabilities
12,177
Non-current lease liabilities
159,202
Cash out\ufb02ows for the principal portion of the lease liabilities
(583)
Cash out\ufb02ows Interest expense portion of the lease liabilities
(495)
Total cash out\ufb02ows for leases recognised as leases
(1,078)
Cash out\ufb02ows recognised related to practical expedients and variable payments
(1,714)
Total cash out\ufb02ows for leases
(2,792)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "Accounting policy In accordance with IFRS 16, the Group assesses whether the contract is, or contains, a lease at the inception of a contract. The Group applies IFRS 16 to all leases that convey the right to control the use of an identified asset for a defined period in exchange for consideration. Recognition At the inception of a lease, the Group recognises a right-of-use asset and a corresponding lease liability. The Group applies the recognition exemptions available under IFRS 16 for short-term leases, defined as leases with a term of 12 months or less, and for leases of low-value assets. For such leases, no right-of-use asset or lease liability is r ecognised; instead, lease payments are expensed on a straight-line basis over the lease period. Right-of-use The right-of-use asset is measured initially at cost, which corresponds to the amount of the lease liability, adjusted for any lease payments made prior to commencement and for any incentives received from the lessor. After initial recognition, right-of-use assets are depreciated on a straight- line basis over the assessed lease term. The right-of-use assets are subject to impairment testing in accord- ance with IAS 36 Impairment of Assets. The Group has applied its incremental borrowing rate to measure all lease liabilities. As at December 2025, the weighted average incremental borrowing rate applied was 9.63 percent . Lease liabilities Lease liabilities are subsequently measured at amortised cost using the effective interest method. The carrying amount is increased to reflect interest accretion and reduced by lease payments made. Lease liabilities are remeasured when there is a change in future lease payments arising from changes in an index or a rate, or from a reassessment of the lease term or the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase option. Interest expense on lease liabilities is recognised as finance costs in profit or loss. Where lease contracts include optional renewal periods, the Group includes such periods in the measurement of the lease liability when it is reasonably certain that the option will be exercised. This assessment is based on operational needs, economic incentives, and other relevant factors supporting the expected extension of the lease. The undisclosed lease liability surpassing five years is based on the long term lease agreement and corresponding prolonging option for the AlphaOne premises. The premises are tailored for processing and handling radioactive material, hence the Company will utilize the facilities at least over the course of the lease agreement horizon. Short-term leases and leases of low-value assets Short-term leases and leases of low-value assets are expensed on a straight-line basis when the exemption criteria are met. Variable lease payments not linked to an index or rate are recognised in profit or loss as incurred. Variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "
Right-of-use assets
(Amounts in NOK 1,000)
Plant & buildings
Acquisition cost of 01.01.2024
-
Additions in the year
1,220
Cost at 31.12.2024
1,220
Additions in the year
171,698
Disposal acquisition cost
(1,220)
Cost at 31.12.2025
171,698
Accumulated depreciations at 01.01.2024
-
Depreciations in the year
407
Accumulated depreciation at 31.12.2024
407
Depreciations
1,402
Disposals accumulated depreciations
(835)
Accumulated depreciation at 31.12.2025
567
Net carrying amount of right-of-use assets at 31.12.2024
813
Net carrying amount of right-of-use assets at 31.12.2025
171,131
Estimated useful life
10-30 years
Depreciation method
straight-line
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "Short-term leases and leases of low-value assets Short-term leases and leases of low-value assets are expensed on a straight-line basis when the exemption criteria are met. Variable lease payments not linked to an index or rate are recognised in profit or loss as incurred. ", "dimensions": { "concept": "ifrs-full:StatementThatLesseeAccountsForLeasesOfLowvalueAssetsUsingRecognitionExemption", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "Short-term leases and leases of low-value assets Short-term leases and leases of low-value assets are expensed on a straight-line basis when the exemption criteria are met. Variable lease payments not linked to an index or rate are recognised in profit or loss as incurred. ", "dimensions": { "concept": "ifrs-full:StatementThatLesseeAccountsForShorttermLeasesUsingRecognitionExemption", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
The undisclosed lease liability surpassing five years is based on the long term lease agreement and corresponding
prolonging option for the AlphaOne premises. The premises are tailored for processing and handling radioactive
material, hence the Company will utilize the facilities at least over the course of the lease agreement horizon.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "4.4 Impairment of non-financial assets Accounting policy Cash-generating units are tested for impairment annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the recoverable amount of a cash-generating unit is lower than the carrying amount of its net assets, an impairment loss is recognised to reduce the carrying amount to the recoverable amount of the relevant asset or cash- generating unit (\u201cCGU\u201d) . Cash-generating unit For the purpose of impairment testing, management has identified a single CGU comprising the AlphaOne production facility and asso- ciated manufacturing equipment operated within the Company. The assets currently operate as an integrated unit and will generate largely interdependent cash inflows. Operational monitoring, budgeting and performance evaluation are performed at entity level. Impairment test An impairment test of the CGU was performed as of 31 December 2025. The recoverable amount was determined based on value in use using discounted future cash flows derived from Board-approved budgets and management forecasts. The cash flow projections include: \u2022 Board-approved budget for 2026 \u2022 Management forecasts for the period 2027\u20132030 \u2022 A terminal value reflecting normalized operations beyond the explicit forecast period The impairment test was conducted with a carrying amount of
NOK 483.6 million, of which carrying amount of goodwill is NOK 37.2
million. At the end of the reporting period, the recoverable amount significantly exceeds the carrying amount and no impairment loss has been recognised. Key assumptions The key assumptions used in the calculation of value in use are pre-tax discount rate (WACC), long-term growth rate and revenue growth in the forecast period: Discount rate The discount rates are based on the Weighted Average Cost of Capital before tax (WACC) methodology. Future cash flows were discounted using a pre-tax weighted average cost of capital (WACC) of 14.7 percent, reflecting current market assessments of the time value of money and the risks specific to the CGU. The discount rate is derived from the Company\u2019s estimated capital structure and cost of financing, based on market participant assump- tions. The cost of equity has been estimated using a capital asset pricing model (CAPM) approach and incorporates a risk-free rate, a market risk premium, and an adjusted beta reflecting the giher execu- tion risk associated with industrial scale-up and the Group\u2019s limited operating history. Long-term growth rate A long-term growth rate of 2.0 percent has been applied in the terminal value calculation. The rate reflects management\u2019s estimate of long-term growth expectations in the markets in which the Company operates and does not exceed expected long-term growth in the relevant markets. Revenue growth in the forecast period The forecast cash flows reflect the expected transition from commis- sioning activities to commercial production and gradual ramp-up toward steady-state operations. The model incorporates existing sales agreements and management\u2019s expectations of continued growth in demand for radionuclide-based oncology treatments. Approximately 92 percent of the recoverable amount is attributable to terminal value, which management considers consistent with the early- stage ramp-up profile of the production facility, where the majority of economic benefits arise once installed capacity is fully utilized Sensitivity analysis Sensitivity analyses were performed on key assumptions including pre-tax discount rate, long-term growth rate and revenue growth in the forecast period. The analysis indicate that no reasonably possible adverse change in the key assumptions, individually or in combination, would cause the carrying amount of the CGU to exceed its recoverable amount. As no impairment indicators were identified and the assessment indicates significant headroom, a detailed sensitivity analysis has therefore not been disclosed. Based on the performed analyses, management concluded that the recoverable amount of the CGU exceeds its carrying amount as at 31 December 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "Accounting policy Cash-generating units are tested for impairment annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the recoverable amount of a cash-generating unit is lower than the carrying amount of its net assets, an impairment loss is recognised to reduce the carrying amount to the recoverable amount of the relevant asset or cash- generating unit (\u201cCGU\u201d) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "Accounting policy Cash-generating units are tested for impairment annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the recoverable amount of a cash-generating unit is lower than the carrying amount of its net assets, an impairment loss is recognised to reduce the carrying amount to the recoverable amount of the relevant asset or cash- generating unit (\u201cCGU\u201d) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "Cash-generating unit For the purpose of impairment testing, management has identified a single CGU comprising the AlphaOne production facility and asso- ciated manufacturing equipment operated within the Company. The assets currently operate as an integrated unit and will generate largely interdependent cash inflows. Operational monitoring, budgeting and performance evaluation are performed at entity level", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "Section 5 - Risk Management, Financial Instruments, Capital Structure and Equity 5.1 Risk factors and risk management Risk management is an integrated part of Thor Medical\u2019s operating system. The Company is continuously developing and systemising its approach to risk management to prepare for its commercial phase through policies and procedures, which are followed up by the management team and relevant functions. The main risk management policies are reviewed and approved by the Board of Directors regularly. Regulatory risk Policies, regulatory framework conditions and sanctions have become increasingly important over the past years. Thor Medical intends to develop a commercial business involving several countries, from raw material sourcing, through production and delivery to customers. Trade tensions, sanctions and other changes in regu- latory frame work conditions could negatively influence the Company\u2019s access to raw materials sourcing, as well as access to attractive end-markets. Business risk The main business risks that impact the Company\u2019s future commercial operations relate to sales prices and sales volumes for alpha emitters and the cost of natural thorium as a key raw material. As the Company and the industry are in an early phase, there are risks associated with expected sales prices that can be achieved in the short and long term. In addition, the supply chain linked to industrial volumes of natural thorium is imma- ture, which could create challenges in terms of procurement, reliability and price. Organizational risk Thor Medical employs highly educated and competent specialists within their fields, which will be crucial for succeeding with the Company\u2019s ambitions. Key employees leaving or challenges in attracting and retaining critical expertise could negatively impact Thor Medical\u2019s development. Project development risk Thor Medica\u2019s growth relies on successful project development which is impacted by a number of factors including availability grid capacity and securing interconnection, component prices, interest rate level, govern ment approval process, permits and access to competitive financing. Thor Medical employs a methodical approach to industrialization, with the forthcoming launch of its pilot facility serving as the groundwork for the establishment of a full-scale industrial plant. Additionally, the Company will evaluate expansion for a potential second plant to scale alongside market demands post-2030. To support these ambitions, Thor Medical is committed to continuously enhancing its project development expertise through a well-organized development strategy. Health, safety and security risk Tens of workers will be involved in the eventual construction, maintenance services and operation of a future large-scale industrial plant, exposing Thor Medical employees, suppliers and partners to potential health, safety and security risk. Thor Medical work systematically to identify, assess and respond appropriately to all occupational health, safety and security risks. Interest rate risk Thor Medical currently has little exposure to changes in interest rates, given the scope and scale of operations. However, Thor Medical operates in a capital-intensive industry. As part of the preparations for the final invest- ment decision for a large-scale plant in 2025, the Company will investigate relevant financing sources and raise the capital needed to support its industrialisation roadmap. Uptake of corporate debt or other liabilities will be subject to interest rate fluctuations. Thor Medical plans to further develop financial management best prac - tices to adequately protect the Company through economic ups and downturns. Currency risk Currency fluctuations pose an acute and inherent risk in global operations and financing strategy. Thor Medical intends to develop strategies and procedures to mitigate currency risk as the Company progresses toward industrial-scale production to ensure financial stability amidst foreign exchange volatility. In 2025, Thor Medical\u2019s exposure to foreign currency was limited. Credit risk Assessing counterparty credit risk is standard procedure when developing new partnerships or customer relationships. Thor Medical also deliberately selects robust financial institutions as partners to ensure financial stability and minimize credit risk. The Company currently has negligible credit risk. Liquidity risk Liquidity risk relates to the Company\u2019s ability to meet financial obligations. Thor Medical completed capital raises in 2025, and the cash position of NOK 180.6 million at the end of 2025 is considered satisfactory for the liquidity requirements going forward. Reference is made to note 5.2 for a maturity analysis of the group\u2019s finan- cial liabilities, including both the remaining contractual maturities of financial liabilities and the undiscounted cash flows associated with those maturities, in acordance with IFRS 7.39. Cyber risk Thor Medical recognises the critical nature of cybersecurity in safeguarding its proprietary technology and sensitive data. In response to the evolving landscape of cyber threats, the Company has implemented and will continue to implement robust security measures, site and office access control and employee training programs to mitigate the risk of data breaches and cyber attacks Climate risk The most serious climate-related risks involve the physical impact of extreme weather events, including droughts and floods. Extreme weather can cause physical damage to Thor Medical\u2019s pilot or future industri- al-scale plants and directly affect both safe and healthy, and operations including deliveries to customers. The risk is mitigated through engineering in the design phase, regular inspections and emergency plans", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "
Interest rate risk
Thor Medical currently has little exposure to changes in interest rates, given the scope and scale of operations.
However, Thor Medical operates in a capital-intensive industry. As part of the preparations for the final invest-
ment decision for a large-scale plant in 2025, the Company will investigate relevant financing sources and raise
the capital needed to support its industrialisation roadmap. Uptake of corporate debt or other liabilities will be
subject to interest rate fluctuations. Thor Medical plans to further develop financial management best prac -
tices to adequately protect the Company through economic ups and downturns.
Currency risk
Currency fluctuations pose an acute and inherent risk in global operations and financing strategy. Thor
Medical intends to develop strategies and procedures to mitigate currency risk as the Company progresses
toward industrial-scale production to ensure financial stability amidst foreign exchange volatility. In 2025, Thor
Medical\u2019s exposure to foreign currency was limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "Credit risk Assessing counterparty credit risk is standard procedure when developing new partnerships or customer relationships. Thor Medical also deliberately selects robust financial institutions as partners to ensure financial stability and minimize credit risk. The Company currently has negligible credit risk", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "
Liquidity risk
Liquidity risk relates to the Company\u2019s ability to meet financial obligations. Thor Medical completed capital
raises in 2025, and the cash position of NOK 180.6 million at the end of 2025 is considered satisfactory for the
liquidity requirements going forward. Reference is made to note 5.2 for a maturity analysis of the group\u2019s finan-
cial liabilities, including both the remaining contractual maturities of financial liabilities and the undiscounted
cash flows associated with those maturities, in acordance with IFRS 7.39.
5.7 Undrawn credit facilities
The Group has access to credit facilities to support its liquidity and working capital requirements.
The loan facility with Innovation Norway amounts to NOK 90 million and was undrawn at year-end. The facility
is structured in three tranches linked to milestones for civil construction completion, mechanical completion
and production ramp at AlphaOne. The facility is subject to financial covenants, including a minimum available
cash balance of NOK 20 million and a minimum equity ratio of 50 percent.
The working capital facility with DNB Bank ASA totals NOK 20 million and was undrawn at year-end. The facility
is structured in two tranches of NOK 10 million each. NOK 10 million was available at year-end, while the
remaining NOK 10 million becomes available upon mechanical completion of the relevant project.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
5.2 Cash and cash equivalents
(Amounts in NOK 1,000)
2025
2024
Employee withholding tax, restricted
1,275
569
Variable interest rate bank accounts
179,281
122,819
Cash and cash equivalents 31.12
180,556
123,389
Of the total balance of cash and cash equivalents, NOK 1.3 million (2024: NOK 0.6 million) relates to restricted
funds for employee withholding taxes. The remainder of the cash is deposited in various banks on variable
interests rate terms. For information about available credit facilities, see note 5.7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "5.2 Cash and cash equivalents
(Amounts in NOK 1,000)
2025
2024
Employee withholding tax, restricted
1,275
569
Variable interest rate bank accounts
179,281
122,819
Cash and cash equivalents 31.12
180,556
123,389
Of the total balance of cash and cash equivalents, NOK 1.3 million (2024: NOK 0.6 million) relates to restricted funds for employee withholding taxes. The remainder of the cash is deposited in various banks on variable interests rate terms. For information about available credit facilities, see note 5.7.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
5.3 Current liabilities
Accounting policy
The group\u2019s financial liabilities consist of accounts payable and other
current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable
are obligations to pay for goods or services that have been acquired in the
ordinary course of business from suppliers . Accounts payable are classi-
fied as current liabilities if payment is due within one year or less (or in the
normal operating cycle of the business if longer). If not, they are presented
as non-current liabilities. Accounts payable and other financial liabilities
are recognised initially at fair value and subsequently measured at amor-
tised cost using the effective interest method .
The table below summarizes the maturity profile of the group\u2019s financial liabilities based on contractual undiscounted payments:
As per 31 December 2025
Less than 3 3 to 12
(Amounts in NOK 1,000)
On demand
months
months
Total
Accounts payable
-
14,854
-
14,854
Unpaid duties and charges
-
1,896
322
2,218
Unpaid vacation pay
-
-
2,079
2,079
Accrued social security related to outstanding non exercised options and RSUs
1
-
-
6,031
6,031
Lease liabilities
-
1,281
10,896
12,177
Other accrued costs
-
1,837
4,461
6,298
Current liabilities 31.12
-
19,868
23,789
43,657
As per 31 December 2024
Less than 3 3 to 12
(Amounts in NOK 1,000)
On demand
months
months
Total
Accounts payable
-
15,230
-
15,230
Unpaid duties and charges
-
949
165
1,114
Unpaid vacation pay
-
-
967
967
Accrued social security related to outstanding non exercised options and RSUs
1
-
-
1,031
1,031
Lease liabilities
-
113
323
437
Other accrued costs
139
2,348
1,635
4,122
Current liabilities 31.12
139
18,640
4,121
22,900
1
Social security is payable when the equity instruments are exercised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "Accounting policy The group\u2019s financial liabilities consist of accounts payable and other current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers . Accounts payable are classi- fied as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amor- tised cost using the effective interest method . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
5.4 Share capital and shareholder information
As at 31 December 2025 the Company\u2019s share capital is NOK 70,815,378.80 (31 December 2024:
NOK 56,098,479), being divided into 354,076,894 ordinary shares, each with a nominal value of NOK 0.20.
All shares carry equal voting rights.
The change in the number of shares during the period
Note
31/12/2025
31/12/2024
Ordinary shares at beginning of the period
280,492,395
233,539,006
Issue of ordinary shares
72,493,525
45,632,920
Issue of ordinary shares under RSUs
6.2
1,090,974
1,320,469
Ordinary shares at the end of the period
354,076,894
280,492,395
Number Percentage of
Shareholder of shares total shares
1
Scatec Innovation AS
82,118,280
23.19%
2
Olili AS
19,000,000
5.37%
3
Roht Invest AS
14,544,640
4.11%
4
Brennebu AS
11,000,000
3.11%
5
Nordnet Livsforsikring AS
7,121,895
2.01%
6
Bergfald Holding AS
6,013,228
1.70%
7
Nordnet Bank AB
4,813,936
1.36%
8
MP Pensjon PK
4,295,063
1.21%
9
J.P. Morgan SE
3,833,386
1.08%
10
Jon Magne Asmyr
3,500,000
0.99%
11
Verdipapirfondet KLP AksjeNorge IN
3,134,843
0.89%
12
Workpartner AS
2,601,890
0.73%
13
B\u00e6kkelaget Holding AS
2,500,000
0.71%
14
Middelboe AS
2,175,949
0.61%
15
Sciencons AS
2,000,000
0.56%
16
Verdipapirfondet DNB Norge Indeks
1,996,485
0.56%
17
Danske Bank A/S
1,977,781
0.56%
18
Eivind Kjellman Opedal
1,651,500
0.47%
19
Verdipapirfondet Storebrand Indeks
1,629,843
0.46%
20
Jan-Tore Pedersen
1,502,099
0.42%
Total shares for top 20 shareholders
177,410,818
50.11%
Total shares for other 14,467 shareholders
176,666,076
49.89%
Total shares for 14,487 shareholders
354,076,894
100.00%
The shares of Thor Medical ASA have been traded on the Oslo Stock Exchange since 23 March 2015. The shareholder
base has increased from 14,061 shareholders as of 31 December 2024 to 14,487 shareholders as of 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "5.4 Share capital and shareholder information As at 31 December 2025 the Company\u2019s share capital is NOK 70,815,378.80 (31 December 2024: NOK 56,098,479), being divided into 354,076,894 ordinary shares, each with a nominal value of NOK 0.20. All shares carry equal voting rights. The change in the number of shares during the period
Note
31/12/2025
31/12/2024
Ordinary shares at beginning of the period
280,492,395
233,539,006
Issue of ordinary shares
72,493,525
45,632,920
Issue of ordinary shares under RSUs
6.2
1,090,974
1,320,469
Ordinary shares at the end of the period
354,076,894
280,492,395
Number Percentage of
Shareholder of shares total shares
1
Scatec Innovation AS
82,118,280
23.19%
2
Olili AS
19,000,000
5.37%
3
Roht Invest AS
14,544,640
4.11%
4
Brennebu AS
11,000,000
3.11%
5
Nordnet Livsforsikring AS
7,121,895
2.01%
6
Bergfald Holding AS
6,013,228
1.70%
7
Nordnet Bank AB
4,813,936
1.36%
8
MP Pensjon PK
4,295,063
1.21%
9
J.P. Morgan SE
3,833,386
1.08%
10
Jon Magne Asmyr
3,500,000
0.99%
11
Verdipapirfondet KLP AksjeNorge IN
3,134,843
0.89%
12
Workpartner AS
2,601,890
0.73%
13
B\u00e6kkelaget Holding AS
2,500,000
0.71%
14
Middelboe AS
2,175,949
0.61%
15
Sciencons AS
2,000,000
0.56%
16
Verdipapirfondet DNB Norge Indeks
1,996,485
0.56%
17
Danske Bank A/S
1,977,781
0.56%
18
Eivind Kjellman Opedal
1,651,500
0.47%
19
Verdipapirfondet Storebrand Indeks
1,629,843
0.46%
20
Jan-Tore Pedersen
1,502,099
0.42%
Total shares for top 20 shareholders
177,410,818
50.11%
Total shares for other 14,467 shareholders
176,666,076
49.89%
Total shares for 14,487 shareholders
354,076,894
100.00%
The shares of Thor Medical ASA have been traded on the Oslo Stock Exchange since 23 March 2015. The shareholder base has increased from 14,061 shareholders as of 31 December 2024 to 14,487 shareholders as of 31 December 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent Company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable .
(Amounts in NOK 1 000)
Note
2025
2024
Finance income
Interest income on tax repaid
68
54
Interest incom on bank deposit
5.2
6,559
1,395
Other finans income
1
9
Currency gains
2,750
242
Total finance income
9,379
1,700
Finance expenses
Interest expense leasing
602
98
Other fees, charges
-
3
Currency loss
1,391
306
Total finance expense
1,993
407
Net finance income (expenses)
7,385
1,293
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent Company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable .
(Amounts in NOK 1 000)
Note
2025
2024
Finance income
Interest income on tax repaid
68
54
Interest incom on bank deposit
5.2
6,559
1,395
Other finans income
1
9
Currency gains
2,750
242
Total finance income
9,379
1,700
Finance expenses
Interest expense leasing
602
98
Other fees, charges
-
3
Currency loss
1,391
306
Total finance expense
1,993
407
Net finance income (expenses)
7,385
1,293
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent Company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable .
(Amounts in NOK 1 000)
Note
2025
2024
Finance income
Interest income on tax repaid
68
54
Interest incom on bank deposit
5.2
6,559
1,395
Other finans income
1
9
Currency gains
2,750
242
Total finance income
9,379
1,700
Finance expenses
Interest expense leasing
602
98
Other fees, charges
-
3
Currency loss
1,391
306
Total finance expense
1,993
407
Net finance income (expenses)
7,385
1,293
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent Company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable .
(Amounts in NOK 1 000)
Note
2025
2024
Finance income
Interest income on tax repaid
68
54
Interest incom on bank deposit
5.2
6,559
1,395
Other finans income
1
9
Currency gains
2,750
242
Total finance income
9,379
1,700
Finance expenses
Interest expense leasing
602
98
Other fees, charges
-
3
Currency loss
1,391
306
Total finance expense
1,993
407
Net finance income (expenses)
7,385
1,293
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent Company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable .
(Amounts in NOK 1 000)
Note
2025
2024
Finance income
Interest income on tax repaid
68
54
Interest incom on bank deposit
5.2
6,559
1,395
Other finans income
1
9
Currency gains
2,750
242
Total finance income
9,379
1,700
Finance expenses
Interest expense leasing
602
98
Other fees, charges
-
3
Currency loss
1,391
306
Total finance expense
1,993
407
Net finance income (expenses)
7,385
1,293
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent Company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable .
(Amounts in NOK 1 000)
Note
2025
2024
Finance income
Interest income on tax repaid
68
54
Interest incom on bank deposit
5.2
6,559
1,395
Other finans income
1
9
Currency gains
2,750
242
Total finance income
9,379
1,700
Finance expenses
Interest expense leasing
602
98
Other fees, charges
-
3
Currency loss
1,391
306
Total finance expense
1,993
407
Net finance income (expenses)
7,385
1,293
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "Accounting policy The group and parent Company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "5.6 Earnings per share (EPS) Accounting policy Earnings per share are calculated by dividing the attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share are calcu-lated as profit or loss attributable to ordinary shareholders of the Company adjusted for the effects of all dilutive potential options. Issued share options, performance share units and restricted stock units have a potential dilutive effect on earnings per share (see note 6.3 for details on share based payments). No dilutive effect has been recognised as potential ordinary shares only shall be treated as dilutive if their conversion to ordinary shares would decrease earnings per share, or increase loss per share from continuing operations. As the Company is currently loss-making an increase in the average number of shares would have anti-dilutive effect. The calculation of basic and diluted earnings per share attributable to the ordinary shareholders of the parent is based on the following data:
(Amounts in NOK 1 000, except number of shares)
Note
2025
2024
Loss for the period (NOKm)
(58.0)
(42.2)
Average number of outstanding shares during
332,004,515
235,793,352
Earnings (loss) per share in NOK\u2013 basic and diluted
(0.17)
(0.18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "Accounting policy Earnings per share are calculated by dividing the attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share are calcu-lated as profit or loss attributable to ordinary shareholders of the Company adjusted for the effects of all dilutive potential options. Issued share options, performance share units and restricted stock units have a potential dilutive effect on earnings per share (see note 6.3 for details on share based payments). No dilutive effect has been recognised as potential ordinary shares only shall be treated as dilutive if their conversion to ordinary shares would decrease earnings per share, or increase loss per share from continuing operations. As the Company is currently loss-making an increase in the average number of shares would have anti-dilutive effect. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "5.8 Commitments The Group has entered into contractual commitments in the ordinary course of business that are not recognized as liabilities in the consolidated statement of financial position. Capital commitments At 31 December 2025, the Group had contractual commitments for the acquisition and construction of property, plant and equipment of NOK 112 million (2024: 0). Of this amount, NOK 67 million has been recognized as assets under construction related to AlphaOne. The remaining NOK 45 million represents capital commitments not recognized as liabilities at the reporting date. Other commitments The Group has entered into agreements for the purchase of raw materials and offtake agreements related to the sale of production volumes. These agreements are entered into in the ordinary course of business and typically include minimum volume commitments and pricing mechanisms linked to market indices or agreed pricing formulas", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "5.8 Commitments The Group has entered into contractual commitments in the ordinary course of business that are not recognized as liabilities in the consolidated statement of financial position. Capital commitments At 31 December 2025, the Group had contractual commitments for the acquisition and construction of property, plant and equipment of NOK 112 million (2024: 0). Of this amount, NOK 67 million has been recognized as assets under construction related to AlphaOne. The remaining NOK 45 million represents capital commitments not recognized as liabilities at the reporting date. Other commitments The Group has entered into agreements for the purchase of raw materials and offtake agreements related to the sale of production volumes. These agreements are entered into in the ordinary course of business and typically include minimum volume commitments and pricing mechanisms linked to market indices or agreed pricing formulas.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "Section 6 - Remuneration 6.1 Remuneration to management Compensation of key management
(Amounts in NOK 1,000)
2025
2024
Short term employment benefits
10,450
6,716
Post-employment pension
560
412
Termination benefits
-
-
Total compensation of key management personnel of the group in cash
11,010
7,127
Imputed share based payment expense
2,800
2,407
Total compensation of key management personnel of the group expense
13,810
9,535
Shares in the Company held by the Executive Leadership Team 31 December 2025
Employed with
Current position the Company Number of Number of
Name within the Company since shares 2025 shares 2024
Current management
Jasper C. Kurth
Chief Executive Officer
01.08.2024
400,000
400,000
Brede Ellings\u00e6ter
Chief Financial- and Operating Ofifcer
01.06.2024
1,481,346
400,000
Alf Bj\u00f8rseth
Executive Vice President Business
Development
01.07.2023
447,855
447,855
Sindre Hassfjell
Chief Technology Officer
01.07.2023
80,000
80,000
Astrid Liland
Executive Vice President HSEQ
01.01.2024
-
-
Total compensation of key management personnel of the group expense
2,409,201
1,327,855
Share options held by members of the management on 31 December 2025 Management have been allocated 11,500,000 share options of which 5,791,666 options had been vested as per 31 December 2025. See note 6.2 for more information on the share based payment programs. For additional information, reference is made to a separate report on management remuneration 6.3 Remuneration to the board The AGM held on 24 April 2025 resolved remuneration to the board and the nomination committee for the period from the 2025 AGM until the AGM in 2026 as shown in the table below. The Board of Directors constitute both the audit comittee and the remuneration committee.
Remuneration Nomination
(Amounts in NOK 1,000, exclusive of social security)
Board of Directors
Audit committee
committee committee
Chair
460
50
30
50
Member
400
30
20
40
Board of Directors and their roles after the 2025 AGM
Remuneration Nomination
(Amounts in NOK 1,000, exclusive of social security)
Board of Directors
Audit committee
committee committee
John Andersen Jr.
Chair
Member
Chair
Mimi Berdal
Member
Member
Ann Ulrika Gidner
Member
Member
Thomas Ramdahl
Member
Member
Jens Gisle Schnelle
Member
Chair
Didrik Leikvang
Chair
J\u00f8rn Aage Johansen
Member
Jon Magne Asmyr
Member
The board members\u2018 election of RSUs as part of their remuneration is disclosed in note 6.2
Remuneration to the Board of Directors for the 12 month period Shares held by the Board
from AGM to AGM the following year of Directors at year end
Board fee and fees for Number of shares as
(Amounts in NOK 1,000, except Served since/ period on the committee work \u2006of 31.12 \u2006
number of shares) board
2024
2025
2025
2024
Current board
John Andersen Jr.
June 2023
300
520
-
-
Mimi Berdal
June 2023
300
420
761,508
416,990
Ann Ulrika Gidner
May 2025
-
430
-
-
Thomas Ramdahl
May 2025
-
420
-
-
Jens Gisle Schnelle
May 2025
-
450
-
-
Former members of the board
Ludvig Sandnes
June 2023\u2013May 2025
300
-
1,028,427
486,489
Total
900
2,240
1,789,935
903,479
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "6.2 Share-based payments and incentive program Allocation of restricted stock units (RSUs) to the Board of Directors Accounting policy Estimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity- settled share-based payments are measured at fair value at the grant date . Overview At the AGM in 2025, the Company resolved to issue restricted stock units (RSUs) to board directors who elected to receive all or parts of their remuneration, in the form of RSUs. Each board member must make such election immediately following the AGM resolution i.e.at the beginning of the board period. The RSUs are non-transferable and each RSU gives the right and obligation to acquire one share in the Company at a price of NOK 0.20 per share (corresponding to the nominal value of the shares) subject to satisfaction of the applicable vesting conditions stated in the RSU agreement. RSUs vest on the first anniversary of the AGM that they were granted. The board directors who elect to receive RSUs, must elect to either (i) receive 100 percent of the compensation in RSUs, (ii) receive 1/3 of the compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the compensation in cash and 1/3 in RSUs. The number of RSUs to be granted to the board is calculated as the NOK amount of the RSU opted portion of total compensation to the board director, divided by the market price for the Thor Medical share. The market price is calculated as volume weighted average share price the 10 trading days prior to the grant date. Following the AGM in 2025, 274,401 RSUs were allocated. At 31 December 2025 there are 274,401 RSUs remaining. Share based payment expenses related to RSUs are recognised in the income statement and disclosed in note 3.1. As per 31 December 2025
Total number of RSUs Remuneration for the period Allocation between Remuneration for the Number of RSUs granted Market price
Number of RSUs exer
-
Total number of RSUs
Name outstanding 31 December 2024 2025\u20132026 in NOK cash and RSUs period 2025-2026 in cash for the period 2025\u20132026 on grant date in NOK cised or settled in 2025 outstanding 31 December 2025
John Andersen Jr.
1
344,518
460,000
460,000
-
-
(344,518)
-
Mimi Berda l
2
344,518
400,000
33% RSU
264,000
54,880
2.43
(344,518)
54,880
Ann Ulrika Gidner
2
-
400,000
400,000
-
-
-
-
Thomas Ramdahl
2
-
400,000
33% RSU
264,000
54,880
2.43
-
54,880
Jens Gisle Schnelle
2
-
400,000
100% RSU
-
164,641
2.43
-
164,641
Ludvig Sandnes (former Chair)
401,938
-
-
-
-
(401,938)
-
Total
1,090,974
2,060,000
1,388,000
274,401
-
(1,090,974)
274,401
1
NOK 460,000
as chairman of the board.
2
NOK 400,000
as board member.
2025 2024
Weighted average Weighted average Weighted average Weighted average
Numbers exercise price fair value Numbers exercise price fair value
RSUs outstanding of RSUs in NOK in NOK of RSUs in NOK in NOK
Balance at 01.01.
1,090,974
0.20
0.87
1,320,469
0.20
0.72
Granted during the year
274,401
0.20
2.43
1,090,974
0.20
0.87
Exercised or settled during the year
(1,090,974)
0.20
0.87
(1,320,469)
0.20
0.72
Forfeited
-
Balance at 31.12.
274,401
0.20
0.87
1,090,974
0.20
0.72
Hereof vested RSUs
-
0.20
0.87
-
0.20
0.72
Share options Accounting policy The share option program is classified as an equity-settled share- based payment arrangement in accordance with IFRS 2 Share-based Payment, as the awards are settled through the issuance of the Company\u2019s shares. Equity-settled share-based payments are measured at the fair value of the options at the grant date. The fair value is recognized as an employee benefit expense with a corresponding increase in equity over the vesting period, reflecting the period during which the employees become unconditionally entitled to the options . Share option program The Company granted no new share options during 2025. Each option provides the holder the right to acquire one ordinary share in the Company at an exercise price equal to the volume-weighted average share price over the ten trading days prior to the grant date. At 31 December 2025, 5,791,666 share options had vested, with the remaining options expected to vest at a rate of approximately 352,000 options per month. The options must be exercised no later than five years after the initial award, after which any unexercised options lapse. The total gross benefit from exercised options under the program is capped at an amount corresponding to the participant\u2019s total base salary over a three-year period. Valuation of share options The fair value of the options granted is determined at the grant date using a Black-Scholes option pricing model, which estimates the fair value of options by considering the following inputs: \u2022 share price at grant date \u2022 exercise price \u2022 expected volatility of the share price \u2022 risk-free interest rate \u2022 expected dividend yield \u2022 expected life of the options The share price input is determined based on the volume-weighted average share price over the ten trading days prior to the grant date, which also determines the exercise price of the options. Expected volatility is estimated based on historical volatility of the Company\u2019s share price. The risk-free interest rate is based on Norwegian government bond yields with a maturity corresponding to the expected life of the options. The expected dividend yield reflects the Company\u2019s expected dividend policy. Key valuation inputs at grant date
Assumption
Grant
Option pricing model
Black-Scholes
Share price at grant date
NOK 1.03
Exercise price
NOK 1.07
Expected volatility
85.33%
Risk-free interest rate
3.74%
Expected dividend yield
-
Expected life of options
2,7 years
As per 31 December 2025
Total number of Number of options Total number of
options outstanding Number of options Weighted average exercised or settled options outstanding
Name 31 December 2024 granted in 2025 exercise price in NOK in 2025 31 December 2025
Jasper C. Kurth
3,600,000
-
-
-
3,600,000
Brede
Ellings\u00e6ter
3,100,000
-
-
-
3,100,000
Alf Bj\u00f8rseth
-
-
-
-
-
Sindre Hassfjell
2,700,000
-
-
-
2,700,000
Astrid Liland
2,100,000
-
-
-
2,100,000
Total
11,500,000
-
1.07
-
11,500,000
2025 2024
Weighted average
Weighted average Numbers of exercise price
Options outstanding
Numbers of options
exercise price in NOK options in NOK
Balance at 01.01.
11,500,000
1.07
-
-
Granted during the year
-
-
11,500,000
1.07
Vested, not exercised
5,791,666
-
-
-
Not vested
5,708,334
-
-
-
Forfeited
-
-
-
-
Balance at 31.12.
11,500,000
1.07
11,500,000
1.07
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "Accounting policy Estimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity- settled share-based payments are measured at fair value at the grant date Accounting policy The share option program is classified as an equity-settled share- based payment arrangement in accordance with IFRS 2 Share-based Payment, as the awards are settled through the issuance of the Company\u2019s shares. Equity-settled share-based payments are measured at the fair value of the options at the grant date. The fair value is recognized as an employee benefit expense with a corresponding increase in equity over the vesting period, reflecting the period during which the employees become unconditionally entitled to the options . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
Section 7 - Tax
7.1 Income tax
Accounting policy
Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are re cog-
nised based on temporary differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities
are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary
differences are recognised to the extent that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised. Deferred tax liabilities and assets are measured at the tax
rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax
rates that have been enacted or substantively enacted by the end of the reporting period.
The Company is in the research phase of its product development and has incurred significant tax losses
related to its operations. The deferred tax asset has not been recognised in the statement of financial position,
as the Company does not consider that taxable income in the short-term will sufficiently support the use of a
deferred tax asset.
Basis for tax calculation
(Amounts in NOK 1,000)
2025
2024
Net profit before income tax
(62,269)
(42,638)
Non-deductible expenses
4,116
2,873
Non-taxable income
(3,039)
(3,710)
Share issue costs
(8,586)
(9,726)
Effect of tax loss carried forward not recognised
65,400
52,942
Change in temporary differences
23,726
2,212
Basis for tax calculation
19,018
1,953
Income tax expense
(4,256)
(430)
Reconciliation of tax expense and the accounting profit (loss)
(Amounts in NOK 1,000)
2025
2024
Expected tax expense
(13,699)
(9,380)
Non-deductible expenses
905
632
Non-taxable income
(669)
(816)
Share issue costs
(1,889)
(2,140)
Change in deferred tax assets not recognised
11,095
11,275
Income tax expense
(4,256)
(430)
The corporate tax rate in Norway was 22 percent in 2025 og 2024 Tax effects on temporary differences
(Amounts in NOK 1,000)
2025
2024
Tax losses carried forward
676,536
666,500
Property, plant and equipment
142
168
Liabilities
6,204
265
Intangible assets
(49,877)
(54,051)
Temporary differences and tax loss carry forward
633,006
612,882
Reconciliation of statement of financial position
(Amounts in NOK 1,000)
2025
2024
Deferred tax assets, net
633,006
612,882
Deferred tax assets, not recognised in statement of financial position
(682,783)
(666,916)
Deferred tax assets \u2013 not recognised in statement of financial position
(49,778)
(54,034)
Deferred tax assets as of 31 December 2025 and 2024 have been calculated using a tax rate of 22 percent. The group is in the research phase of its product development and has incurred significant tax losses related to its operations. The tax losses can be carried forward indefinitely. The group has not recognised a deferred tax asset in the statement of financial position, as it does not consider that taxable income in the near term will sufficiently support the utilization of a deferred tax asset. Thor Medical\u2005\u2005\u2022\u2005\u2005Annual Report 2025 Thor Medical\u2005\u2005\u2022\u2005\u2005Annual Report 2025 69 69 Financials Financials\u2002|\u2002Co nsolidated Financial Statements Financials\u2002|\u2002Consolidated Financial Statements", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "Section 7 - Tax 7.1 Income tax Accounting policy Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are re cog- nised based on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary differences are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The Company is in the research phase of its product development and has incurred significant tax losses related to its operations. The deferred tax asset has not been recognised in the statement of financial position, as the Company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asset. Basis for tax calculation
(Amounts in NOK 1,000)
2025
2024
Net profit before income tax
(62,269)
(42,638)
Non-deductible expenses
4,116
2,873
Non-taxable income
(3,039)
(3,710)
Share issue costs
(8,586)
(9,726)
Effect of tax loss carried forward not recognised
65,400
52,942
Change in temporary differences
23,726
2,212
Basis for tax calculation
19,018
1,953
Income tax expense
(4,256)
(430)
Reconciliation of tax expense and the accounting profit (loss)
(Amounts in NOK 1,000)
2025
2024
Expected tax expense
(13,699)
(9,380)
Non-deductible expenses
905
632
Non-taxable income
(669)
(816)
Share issue costs
(1,889)
(2,140)
Change in deferred tax assets not recognised
11,095
11,275
Income tax expense
(4,256)
(430)
The corporate tax rate in Norway was 22 percent in 2025 og 2024 Tax effects on temporary differences
(Amounts in NOK 1,000)
2025
2024
Tax losses carried forward
676,536
666,500
Property, plant and equipment
142
168
Liabilities
6,204
265
Intangible assets
(49,877)
(54,051)
Temporary differences and tax loss carry forward
633,006
612,882
Reconciliation of statement of financial position
(Amounts in NOK 1,000)
2025
2024
Deferred tax assets, net
633,006
612,882
Deferred tax assets, not recognised in statement of financial position
(682,783)
(666,916)
Deferred tax assets \u2013 not recognised in statement of financial position
(49,778)
(54,034)
Deferred tax assets as of 31 December 2025 and 2024 have been calculated using a tax rate of 22 percent. The group is in the research phase of its product development and has incurred significant tax losses related to its operations. The tax losses can be carried forward indefinitely. The group has not recognised a deferred tax asset in the statement of financial position, as it does not consider that taxable income in the near term will sufficiently support the utilization of a deferred tax asset. Thor Medical\u2005\u2005\u2022\u2005\u2005Annual Report 2025 Thor Medical\u2005\u2005\u2022\u2005\u2005Annual Report 2025 69 69 Financials Financials\u2002|\u2002Co ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "Accounting policy Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are re cog- nised based on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary differences are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The Company is in the research phase of its product development and has incurred significant tax losses related to its operations. The deferred tax asset has not been recognised in the statement of financial position, as the Company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "Accounting policy Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are re cog- nised based on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary differences are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The Company is in the research phase of its product development and has incurred significant tax losses related to its operations. The deferred tax asset has not been recognised in the statement of financial position, as the Company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asse", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "Section 8 - Group Structure 8.1 Information about subsidiaries Accounting policy Shares and investments intended for long-term ownership are reported in the parent company\u2019s statement of financial position as long-term investments and valued at cost. The Company determines at each reporting date whether there is any objective indication that the investment in the subsidiary is impaired. If this is the case, the amount of impairment is calculated as the difference between the recoverable amount of the subsidiary and its carrying value and recognises the amount in the income statement. Any realised and unrealised losses and any write-downs relating to these investments will be included in the parent\u2019s statement of comprehensive income as financial items . The consolidated financial statements of the Group include
Book value % Equity interest
Name
Country of incorporation
(in NOK 1,000)
2025
2024
TM Technologies AS
Norway
234,707
100%
100%
Thor Medical ASA is a public limited liability company incorporated and domiciled in Norway and is the parent company of the group. In 2025 the parent company acquired 100 percent of the shares in TM Technologies AS.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "Section 8 - Group Structure 8.1 Information about subsidiaries Accounting policy Shares and investments intended for long-term ownership are reported in the parent company\u2019s statement of financial position as long-term investments and valued at cost. The Company determines at each reporting date whether there is any objective indication that the investment in the subsidiary is impaired. If this is the case, the amount of impairment is calculated as the difference between the recoverable amount of the subsidiary and its carrying value and recognises the amount in the income statement. Any realised and unrealised losses and any write-downs relating to these investments will be included in the parent\u2019s statement of comprehensive income as financial items . The consolidated financial statements of the Group include
Book value % Equity interest
Name
Country of incorporation
(in NOK 1,000)
2025
2024
TM Technologies AS
Norway
234,707
100%
100%
Thor Medical ASA is a public limited liability company incorporated and domiciled in Norway and is the parent company of the group. In 2025 the parent company acquired 100 percent of the shares in TM Technologies AS.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "8.2 Transactions with related parties Accounting policy The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm\u2019s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or pay - ables. Transactions and balances between companies, which are a member of the group, have been eliminated in the consolidated accounts for the group. Note 8.1 provides information about the group\u2019s structure. The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year
Purchases
(included in other operating expenses)
(Amounts in NOK 1,000)
Note
2025
2024
Subsidiary \u2013 TM Technologies AS
-
-
Purchase of professional services from Scatec Innovation AS
637
1,411
In 2025, the group has used the professional services from majority shareholder Scatec Innovation related to finance, accounting, IT, and legal. The following table provides overview of amounts owed to and by related parties at year-end for the relevant financial year", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }