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Unallocated corporate overhead expenses for 2025 were NOK 8.1 million compared to NOK 11.4 million in 2024 as the Company reduced the use of external services related to the ERP project in 2025. Total recognised expenses for R&D within the Group in 2025 was NOK 17.5 million, compared to NOK 16.4 million in 2024 driven by increased efforts in the Innovation side. NOK 2.2 million was spent on capitalisation of projects related to R&D in 2025, whereas the Company spent NOK 7.6 million in 2024.
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The Company has a Board liability insurance covering the Board of Directors and the CEO in case the individual should become personally liable for damages on the basis of negligence. The insurance covers damages up NOK 30 million per claim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-9": { "value": "ArcticZymes Technologies ASA (hereinafter \u201cAZT\u201d) is a Norwegian life science company focused on the development, manufacturing, and commercialization of novel and high-quality recombinant enzymes for use in molecular research, In Vitro Diagnostics (IVD) and biomanufacturing. The Company is creating value from innovative enzyme technologies which capitalise on more than three decades of world-class research at the Arctic University of Troms\u00f8 and in collaboration with other national and international partners to offer niche and high-quality products. ArcticZymes Technologies\u2019 products and capabilities are protected via a large portfolio of patents and over 20 years know-how in innovating and manufacturing enzymes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-10": { "value": "
(Amounts in NOK 1 000) Note 2025 2024 Sales revenues 5 112 618 104 352 Other income 6 5 588 3 754 Total income 118 206 108 106
(Amounts in NOK 1 000) 2025 2024 Tax grants \"Skattefunn\" 1 638 1 207 Other grants 3 625 2 525 Other adjustments 325 22 Total other income 5 588 3 754 Note 6 Other income
Principles for accounting Other income are different kind of grants. Government grants are recognised at fair value when it is reasonable sure that the grant will be received and that the Company will fulfil the conditions attached to the grant. The grants are recognised as other income in the period in order to match expenses they are intended to compensate. Government grants relating to the purchase of fixed assets are recorded as a reduction in the carrying cost. They are expressed in the profit and loss statement through lower annual depreciation over the expected life of the relevant fixed assets.
See note 17 for grants in the financial position Description of awarded grants: (Amounts in NOK 1 000) Grants expiry 2025 2024 From Research Council of Norway Adept 2027 3 625 2 525 Tax grants \"Skattefunn\": Annually 1 638 1 207 Total grants 5 263
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Note 1 General information The ArcticZymes Technologies group (the Company, the Group) is a Norwegian life science company focused on the development, manufacturing, and commercialisation of novel and high-quality recombinant enzymes. These enzymes are utilized in molecular research, In Vitro Diagnostics (IVD) and biomanufacturing processes. Building on more than three decades of world-class research at the Arctic University of Troms\u00f8 and in collaboration with other national and international partners, the Company offers niche and high-quality life science products. The Groups products and capabilities are protected via a large portfolio of patents and 20+ years of know-how in innovating and manufacturing enzymes. Headquartered at the SIVA Innovation Centre in Troms\u00f8, Norway, ArcticZymes Technologies operates globally, with sales and marketing teams located in Central Europe, North America, and Japan. The company has also established logistic hubs in the United States and the Netherlands to efficiently serve its international customer base. ArcticZymes Technologies ASA has been listed on the Oslo Stock Exchange since 2005 under the ticker [AZT].
The Board of Directors approved the consolidated financial statements on 29. April 2026.
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The Board of Directors approved the consolidated financial statements on 29. April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-182": { "value": "
Note 2 Summary of significant accounting policies The following describes the principal accounting policies applied in the preparation of the consolidated financial statements. These principles have been consistently applied to all periods presented, unless otherwise stated.
Note 2.1 Financial reporting framework
The consolidated financial statements are prepared in accordance with IFRS\u00aeAccounting Standards as adopted by the EU. The consolidated financial statements are prepared on a historical cost basis.
The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company's accounting principles requires management to exercise judgment. For further information about this, see note 4.
The consolidated financial statements are prepared under the going concern assumption.
The Company has adopted all new and amended standards with mandatory application for the current reporting period. The Company does not expect any new, nor newly amended standards to have a material impact on the profit & loss statement or the financial position statement of the Company.
Note 2.2 Principles for consolidation Subsidiaries The consolidated financial statements include the parent company ArcticZymes Technologies ASA and the wholly owned subsidiary ArcticZymes AS. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated.
Note 2.3 Foreign currency translation Functional and presentation currency The accounts of the individual entities within the Group are measured by using the currency of the main economic environment in which the entity operates (its functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency for all Group companies. Transactions and financial position items Foreign currency transactions are translated into the functional currency using the exchange rate at the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary items (assets and liabilities) in foreign currency at year-end, are recorded in the consolidated statement of profit & loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-183": { "value": "
Note 2 Summary of significant accounting policies The following describes the principal accounting policies applied in the preparation of the consolidated financial statements. These principles have been consistently applied to all periods presented, unless otherwise stated.
The Company has adopted all new and amended standards with mandatory application for the current reporting period. The Company does not expect any new, nor newly amended standards to have a material impact on the profit & loss statement or the financial position statement of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-184": { "value": "
The consolidated financial statements are prepared in accordance with IFRS\u00aeAccounting Standards as adopted by the EU. The consolidated financial statements are prepared on a historical cost basis.
The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company's accounting principles requires management to exercise judgment. For further information about this, see note 4.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-185": { "value": "
The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company's accounting principles requires management to exercise judgment. For further information about this, see note 4.
The consolidated financial statements are prepared under the going concern assumption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-187": { "value": "
Note 2.2 Principles for consolidation Subsidiaries The consolidated financial statements include the parent company ArcticZymes Technologies ASA and the wholly owned subsidiary ArcticZymes AS. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-186": { "value": "
Note 2.2 Principles for consolidation Subsidiaries The consolidated financial statements include the parent company ArcticZymes Technologies ASA and the wholly owned subsidiary ArcticZymes AS. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-188": { "value": "
Note 2.3 Foreign currency translation Functional and presentation currency The accounts of the individual entities within the Group are measured by using the currency of the main economic environment in which the entity operates (its functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency for all Group companies. Transactions and financial position items Foreign currency transactions are translated into the functional currency using the exchange rate at the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary items (assets and liabilities) in foreign currency at year-end, are recorded in the consolidated statement of profit & loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-189": { "value": "
Note 3 Financial risk management
Note 3.1 Financial risk factors Certain activities expose the Group to financial risks like market risk, credit risk, interest rate risk and liquidity risk. The Group's overall risk management is to minimise potential adverse effects of any unpredictability in the financial markets. For the reporting period, the Group had no interest-bearing loans. Financial instruments are not used for trading purposes. Interest-bearing investments beyond bank deposits can be made in certificates or bond funds with short maturities. These investments are classified as other assets.
Note 3.1.1 Market risk / Foreign currency risk Revenues for 2025 to the Group are mainly denominated in USD and EUR; distributed 65% at USD and 34% at EUR. A majority of the Group\u2019s cost base is denominated in NOK even though there is a strong growth in foreign currency expenses. A weaker NOK against the USD or EUR will influence the operating profit in a positive direction, while a stronger NOK against the USD or EUR will have the opposite effect. By using an equivalent exchange rate in 2025 as 2024, sales revenues in 2025 would have been NOK 2.8 million higher for the year as the NOK strengthened towards the USD, especially. If NOK relative to USD was 5% stronger / weaker at 31 December 2025 and all other variables held constant, this would lead to a higher/lower operating profit of NOK 683.000. For EUR would such currency changes have affected the result by NOK 59.000. The impact on equity would be correspondingly. The calculated effect is based on a net 5% change in receivables and payables denominated in USD and EUR as of 31.12.2025. The Group exchanges foreign currency into NOK on a regular basis. The Group tries to minimise the balance of foreign currencies in its accounts. Book value of current liabilities and receivables/ assets measured by currency:
(Amounts in NOK 1 000) 2025 2024 Receivables/asset Liabilities Receivables/asset Liabilities NOK 84 905 17 354 80 530 18 257 EUR 3 722 1 927 4 680 1 277 USD 15 067 1 487 13 137 654 Other 218 2 176 86 837 Total 103 913 22 944 98 434 21 025
The Group has little exposure to interest rate risk as the investment of liquid assets are in bank deposits, certificates and / or mutual funds with short maturities. The Group has no interest-bearing debt.
Note 3.1.2 Credit risk The Group is mainly exposed to credit risk related to accounts receivables and some credit risk associated with bank deposits. No single customer represents major outstanding credit records and the associated credit risk is considered to be low. The maximum exposure is expressed at the carrying value of accounts receivable. Losses on accounts receivables were not considered material in 2025. All bank deposits are in DNB Bank ASA. DNB Bank ASA has a AA- S&P rating with stable outlook.
Note 3.1.3 Liquidity risk Based on planned activities and current cash position, the Group considers the liquidity risk to be low. There are no major investments or investments that will have a major impact on the Company\u2019s liquidity. If the Company moves forward with an M&A event, capital will need to be raised to reduce any potential liquidity risk in the short to medium term. The Group has its cash in Norwegian bank deposits. At the reporting date, the Gr oup had bank deposits of NOK 187.8 million. In addition, the Company had NOK 77.0 million in low risk, highly liquid mutual funds defined as short term assets in the financial position statement. The Group\u2019s accounts payable and current liabilities have maturity shorter than one year and will be settled at maturity. Note 3.1.3 (Amounts in NOK 1 000) 2025 2024 Non-current lease liabilities > 12 months 4 155 4 364 < 3 months 4 995 5 120 3 months \u2013 12 months 0 0 Total accounts payable 4 995 5 120 Current lease liabilities < 12 months 1 187 3 735 Other current liabilities < 12 months 12 606 7 806 Total liabilities 22 944 21 025
Note 3.2 Capital management The Group's objectives when managing capital is to achieve equal or better than risk-adjusted returns in relation to established benchmark indices. This given the risk AZT wants to take, taking into account the ability to take risks and the adopted strategy for responsible investments. Presently, the Group is equity financed, but with potential acquisitions through M&A in the future, the Group will consider its capital structure. The Group has no long-term debt and pays no dividends to shareholders as long as the Group has ambitions on inorganic growth initiatives. The table below shows the Group's net cash position as of 31 December: (Amounts in NOK 1 000) 2025 2024 Cash and cash equivalents 187 780 170 954 Less: Restricted cash equivalents -1 803 -1 892 Net cash position 185 977 169 062
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-191": { "value": "
Note 3.1 Financial risk factors Certain activities expose the Group to financial risks like market risk, credit risk, interest rate risk and liquidity risk. The Group's overall risk management is to minimise potential adverse effects of any unpredictability in the financial markets. For the reporting period, the Group had no interest-bearing loans. Financial instruments are not used for trading purposes. Interest-bearing investments beyond bank deposits can be made in certificates or bond funds with short maturities. These investments are classified as other assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-190": { "value": "
Note 3.1 Financial risk factors Certain activities expose the Group to financial risks like market risk, credit risk, interest rate risk and liquidity risk. The Group's overall risk management is to minimise potential adverse effects of any unpredictability in the financial markets. For the reporting period, the Group had no interest-bearing loans. Financial instruments are not used for trading purposes. Interest-bearing investments beyond bank deposits can be made in certificates or bond funds with short maturities. These investments are classified as other assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-192": { "value": "
Note 3.1.1 Market risk / Foreign currency risk Revenues for 2025 to the Group are mainly denominated in USD and EUR; distributed 65% at USD and 34% at EUR. A majority of the Group\u2019s cost base is denominated in NOK even though there is a strong growth in foreign currency expenses. A weaker NOK against the USD or EUR will influence the operating profit in a positive direction, while a stronger NOK against the USD or EUR will have the opposite effect. By using an equivalent exchange rate in 2025 as 2024, sales revenues in 2025 would have been NOK 2.8 million higher for the year as the NOK strengthened towards the USD, especially. If NOK relative to USD was 5% stronger / weaker at 31 December 2025 and all other variables held constant, this would lead to a higher/lower operating profit of NOK 683.000. For EUR would such currency changes have affected the result by NOK 59.000. The impact on equity would be correspondingly. The calculated effect is based on a net 5% change in receivables and payables denominated in USD and EUR as of 31.12.2025. The Group exchanges foreign currency into NOK on a regular basis. The Group tries to minimise the balance of foreign currencies in its accounts. Book value of current liabilities and receivables/ assets measured by currency:
(Amounts in NOK 1 000) 2025 2024 Receivables/asset Liabilities Receivables/asset Liabilities NOK 84 905 17 354 80 530 18 257 EUR 3 722 1 927 4 680 1 277 USD 15 067 1 487 13 137 654 Other 218 2 176 86 837 Total 103 913 22 944 98 434 21 025
The Group has little exposure to interest rate risk as the investment of liquid assets are in bank deposits, certificates and / or mutual funds with short maturities. The Group has no interest-bearing debt.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-193": { "value": "
Note 3.1.1 Market risk / Foreign currency risk Revenues for 2025 to the Group are mainly denominated in USD and EUR; distributed 65% at USD and 34% at EUR. A majority of the Group\u2019s cost base is denominated in NOK even though there is a strong growth in foreign currency expenses. A weaker NOK against the USD or EUR will influence the operating profit in a positive direction, while a stronger NOK against the USD or EUR will have the opposite effect. By using an equivalent exchange rate in 2025 as 2024, sales revenues in 2025 would have been NOK 2.8 million higher for the year as the NOK strengthened towards the USD, especially. If NOK relative to USD was 5% stronger / weaker at 31 December 2025 and all other variables held constant, this would lead to a higher/lower operating profit of NOK 683.000. For EUR would such currency changes have affected the result by NOK 59.000. The impact on equity would be correspondingly. The calculated effect is based on a net 5% change in receivables and payables denominated in USD and EUR as of 31.12.2025. The Group exchanges foreign currency into NOK on a regular basis. The Group tries to minimise the balance of foreign currencies in its accounts. Book value of current liabilities and receivables/ assets measured by currency:
The Group has little exposure to interest rate risk as the investment of liquid assets are in bank deposits, certificates and / or mutual funds with short maturities. The Group has no interest-bearing debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-194": { "value": "
Note 3.1.2 Credit risk The Group is mainly exposed to credit risk related to accounts receivables and some credit risk associated with bank deposits. No single customer represents major outstanding credit records and the associated credit risk is considered to be low. The maximum exposure is expressed at the carrying value of accounts receivable. Losses on accounts receivables were not considered material in 2025. All bank deposits are in DNB Bank ASA. DNB Bank ASA has a AA- S&P rating with stable outlook.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-195": { "value": "
Note 3.1.3 Liquidity risk Based on planned activities and current cash position, the Group considers the liquidity risk to be low. There are no major investments or investments that will have a major impact on the Company\u2019s liquidity. If the Company moves forward with an M&A event, capital will need to be raised to reduce any potential liquidity risk in the short to medium term. The Group has its cash in Norwegian bank deposits. At the reporting date, the Gr oup had bank deposits of NOK 187.8 million. In addition, the Company had NOK 77.0 million in low risk, highly liquid mutual funds defined as short term assets in the financial position statement. The Group\u2019s accounts payable and current liabilities have maturity shorter than one year and will be settled at maturity. Note 3.1.3 (Amounts in NOK 1 000) 2025 2024 Non-current lease liabilities > 12 months 4 155 4 364 < 3 months 4 995 5 120 3 months \u2013 12 months 0 0 Total accounts payable 4 995 5 120 Current lease liabilities < 12 months 1 187 3 735 Other current liabilities < 12 months 12 606 7 806 Total liabilities 22 944 21 025
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-196": { "value": "
Note 4 Accounting estimates and judgments Estimates and judgments undergo continuous evaluation based on historical experience and other factors, including expectations of future events believed to be reasonable under the present circumstances. The Group makes estimates and assumptions concerning the future. Estimates and assumptions are based on parameters available when the financial statements were prepared, but these assumptions may change due to market changes or circumstances arising beyond the control of the Group. These changes are reflected in assumptions when they occur. Estimates and assumptions that might have a significant risk for adjustment in the carrying value in the following years are addressed below: Assessment of capitalisation of development: Capitalisation of development expenses of a defined product assumes that future cash flows from sales of this product exceed the expenses of development. The expected future cash flows are still subject to uncertainties, and may, if reduced, result in impairment of capitalised development expenses. During most of the development phase of a new product there is a significant uncertainty whether the product under development will be suitable for commercialisation. Because of this, the development projects will usually not qualify or recognition as an intangible asset before the latest stages of the development phase. See note 9 for development projects and note 13 for projects that are capitalised. Assessment of useful life of intangible assets: Useful life of intangible assets is based on an assessment of each individual asset. Maximum expected useful lifetime for capitalised development expense and patents are 10 years, which is the estimated useful life for each asset. Assessing start up for amortisation of intangible assets: Amortisation of intangible assets related to capitalised development costs begins when the prototype is ready for distribution / sales. Amortisation of other intangible assets starts with acquisitions.
Options Options are measured at the fair value of the equity instruments at the grant date. Calculation of fair value involves estimates and assumptions. Measurement inputs include share price on measurement date, strike price, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-198": { "value": "
Options Options are measured at the fair value of the equity instruments at the grant date. Calculation of fair value involves estimates and assumptions. Measurement inputs include share price on measurement date, strike price, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-197": { "value": "
Options Options are measured at the fair value of the equity instruments at the grant date. Calculation of fair value involves estimates and assumptions. Measurement inputs include share price on measurement date, strike price, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-199": { "value": "
Note 5 Segment information
Principles for accounting The operating segments in these statements are consistent with the internal reporting provided to the chief operating decision maker. The operating decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated.
The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the goods are Notes to the financial statements for 2025 51
collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants and other research grants.
(Amounts in NOK 1 000) 2025 2024 Enzymes Corporate Total Enzymes Corporate Total Sales revenues 112 618 112 618 104 352 104 352 Cost of materials and change in inventory -4 866 -4 866 -5 983 -5 983 Gross profit 107 752 107 752 98 369 98 369 Other operating income 5 263 325 5 588 3 755 3 755 Operating expenses -92 925 -8 325 -101 561 -85 627 -11 354 -96 981 Depreciation and amortization -9 104 -48 -9 152 -6 528 -53 -6 581 Operating profit/loss(-) 10 986 -8 359 2 627 9 968 -11 407 -1 440 Net financial income/loss (-) -1 005 10 377 9 372 817 11 204 12 021 Profit/loss(-) before tax 9 980 2 018 11 999 10 785 -203 10 581 Net profit/loss(-) from the operating segments:
(Amounts in NOK 1 000) 31.12.2025 31.12.2024 Enzymes Corporate Total Enzymes Corporate Total Assets 128 453 232 815 361 268 123 560 221 712 345 272 Liabilities 16 737 6 207 22 944 11 945 9 080 21 025 Assets, liabilities and investments distributed to the segments: (Amounts in NOK 1 000) 2025 2024 Enzymes Enzymes Norway 254 241 Germany 11 831 5 775 Lithuania 18 694 29 542 France 2 414 1 994 Italy 1 251 3 427 UK 9 529 7 159 Other countries in Europe 8 219 5 150 USA 53 343 44 925 Rest of world 7 083 6 139 Total sales revenues 112 618 104 352 Geographical distribution of sales revenues: Sales revenues from the largest customer in 2025 are NOK 18.6 million (2024: NOK 29.5 million). Notes to the financial statements for 2025 52
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-201": { "value": "
Principles for accounting The operating segments in these statements are consistent with the internal reporting provided to the chief operating decision maker. The operating decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated.
The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the goods are Notes to the financial statements for 2025 51
collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants and other research grants.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-200": { "value": "
Principles for accounting The operating segments in these statements are consistent with the internal reporting provided to the chief operating decision maker. The operating decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated.
The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the goods are Notes to the financial statements for 2025 51
collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants and other research grants.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-202": { "value": "
The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the goods are Notes to the financial statements for 2025 51
collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants and other research grants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-203": { "value": "
(Amounts in NOK 1 000) 2025 2024 Enzymes Corporate Total Enzymes Corporate Total Sales revenues 112 618 112 618 104 352 104 352 Cost of materials and change in inventory -4 866 -4 866 -5 983 -5 983 Gross profit 107 752 107 752 98 369 98 369 Other operating income 5 263 325 5 588 3 755 3 755 Operating expenses -92 925 -8 325 -101 561 -85 627 -11 354 -96 981 Depreciation and amortization -9 104 -48 -9 152 -6 528 -53 -6 581 Operating profit/loss(-) 10 986 -8 359 2 627 9 968 -11 407 -1 440 Net financial income/loss (-) -1 005 10 377 9 372 817 11 204 12 021 Profit/loss(-) before tax 9 980 2 018 11 999 10 785 -203 10 581 Net profit/loss(-) from the operating segments:
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-204": { "value": "
(Amounts in NOK 1 000) 2025 2024 Tax grants \"Skattefunn\" 1 638 1 207 Other grants 3 625 2 525 Other adjustments 325 22 Total other income 5 588 3 754 Note 6 Other income
Principles for accounting Other income are different kind of grants. Government grants are recognised at fair value when it is reasonable sure that the grant will be received and that the Company will fulfil the conditions attached to the grant. The grants are recognised as other income in the period in order to match expenses they are intended to compensate. Government grants relating to the purchase of fixed assets are recorded as a reduction in the carrying cost. They are expressed in the profit and loss statement through lower annual depreciation over the expected life of the relevant fixed assets.
See note 17 for grants in the financial position Description of awarded grants: (Amounts in NOK 1 000) Grants expiry 2025 2024 From Research Council of Norway Adept 2027 3 625 2 525 Tax grants \"Skattefunn\": Annually 1 638 1 207 Total grants 5 263
3 73", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-205": { "value": "
Principles for accounting Other income are different kind of grants. Government grants are recognised at fair value when it is reasonable sure that the grant will be received and that the Company will fulfil the conditions attached to the grant. The grants are recognised as other income in the period in order to match expenses they are intended to compensate. Government grants relating to the purchase of fixed assets are recorded as a reduction in the carrying cost. They are expressed in the profit and loss statement through lower annual depreciation over the expected life of the relevant fixed assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-206": { "value": "
Note 7 Personnel expenses
Principles for accounting 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. The Group has a defined contribution plan for all employees in Norway compliant to requirements for compulsory occupational pension in Norway under which the Group pays a fixed percentage contribution of members' salaries. The Group has no further payment obligations once the contributions are made. The employer's contribution plan are 7% for salaries between 0 G and 7.1 G, and 10% for salaries between 7.1 G and 12 G. Per 31 December 2025, the Group paid for 43 members of the scheme. The Group recognises liabilities and expenses for bonuses based on a review of key personnel achievement. The Group recognises a provision for bonuses based on contractually and probable liabilities.
(Amounts in NOK 1 000) 2025 2024 Salaries 55 053 46 637 Employer's social security contribution 3 446 4 481 Share options granted 4 549 4 462 Pension costs 2 757 2 934 Other benefits 2 135 2 121 Total personnel expenses 67 940 60 634 Number of employees at 31.12: 59,0 55,0 Number of FTEs: 50,9 56,0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-207": { "value": "
Principles for accounting 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. The Group has a defined contribution plan for all employees in Norway compliant to requirements for compulsory occupational pension in Norway under which the Group pays a fixed percentage contribution of members' salaries. The Group has no further payment obligations once the contributions are made. The employer's contribution plan are 7% for salaries between 0 G and 7.1 G, and 10% for salaries between 7.1 G and 12 G. Per 31 December 2025, the Group paid for 43 members of the scheme. The Group recognises liabilities and expenses for bonuses based on a review of key personnel achievement. The Group recognises a provision for bonuses based on contractually and probable liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-208": { "value": "
(Amounts in NOK 1 000) 2025 2024 Salaries 55 053 46 637 Employer's social security contribution 3 446 4 481 Share options granted 4 549 4 462 Pension costs 2 757 2 934 Other benefits 2 135 2 121 Total personnel expenses 67 940 60 634 Number of employees at 31.12: 59,0 55,0 Number of FTEs: 50,9 56,0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-209": { "value": "
Note 8 Related party disclosures There were no related party disclosures for 2025 and 2024. Travels are reimbursed on a cost basis. (Amounts in NOK 1 000) 2025 2024 Salaries paid Bonus paid Pension costs Other benefits Salaries paid Bonus paid Pension costs Other benefits Frank Mathias, Chairman 700 420 Sharon Brownlow, Director 425 255 Petter Dragesund, Director 450 270 Terese Solstad, Director/Employee 175 105 Marie Ann Roskrow, former Chairman 288 2 962 Jane Theaker, former Director 130 Edgar Koster, former Director 113 Bernd K. Striberny, former Director / Employee 55 Michael Akoh, CEO 1 872 163 5 1 858 171 1 B\u00f8rge S\u00f8rvoll, CFO 1 718 118 5 1 656 53 120 8 Marit Sjo Lorentzen, VP Operations 1 286 95 8 1 234 59 95 9 Grethe Ytterstad, VP Quality 1 177 84 8 1 107 141 83 8 Olav Lanes, VP R&D and Applications 1 279 94 8 1 232 36 95 7 Jeremy Gillespie, VP Corp. Dev. and Prod.mgt 605 47 60 1 571 20 47 60 Paul Blackburn , VP sales 1 775 553 Ruth Hendus-Altenburger, PMO Manager 1 015 62 4 869 8 61 4 Dirk Hahneiser, former VP Business Dev.and Markting 1 506 19 11 24 Shares owned or controlled by directors and senior management per 31.12.2025: Shares Options Petter Dragesund, board member 521 739 Sharon Brownlow, board member 10 570 Frank Mathias, chairman of the board 9 000 Lill Hege Henriksen, Observer (employee) 4 188 Michael Akoh, CEO 8 760 375 000 B\u00f8rge S\u00f8rvoll, CFO 101 528 400 000 Marit Sjo Lorentzen, VP Operations 29 831 175 000 Grethe Ytterstad, VP Regulatory Affairs 8 369 75 000 Paul Blackburn, VP sales 105 000 Ruth, Hendus-Altenburger. PMO Manager 75 000 Olav Lanes, VP R&D and applications 8 100 175 000 The Company has a board liability insurance covering the Board of Directors and the CEO in case the individual should become personal liable for damages on the basis of negligence. The insurance covers damages up NOK 30.000.000 per claim. See note 21 in reference to share options to executives and management. Remuneration of Board of Directors and senior management:
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-210": { "value": "
(Amounts in NOK 1 000) 2025 2024 Research and development expenses: Personnel expenses 11 280 10 195 Purchase of external services 4 299 3 115 Other operating expenses 1 891 3 138 Total R&D expenses, not capitalised 17 470 16 448 Note 9 Research and development expenses
Principles for accounting Development expenses are expensed when incurred. Previously expensed development costs are not recognised in subsequent periods. Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-211": { "value": "
Principles for accounting Development expenses are expensed when incurred. Previously expensed development costs are not recognised in subsequent periods. Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-213": { "value": "
Note 10 Other operating expenses
Principles for accounting Expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Net currency related to sales and settlements of other operating expenses are recognised under other operating expenses.
(Amounts in NOK 1 000) 2025 2024 Maintenance premises and materials lab 3 920 5 102 Office equipment and IT 4 373 5 193 External services 10 735 13 824 Marketing expenses 1 828 805 Patent and licensing expenses 1 625 2 021 Other operating expenses 11 140 9 402 Total other operating expenses 33 621 36 346
(Amounts in NOK 1 000) 2025 2024 Statutory audit 788 684 Other attestation services 116 87 Total auditing fees and expenses 904 770 External auditor: Fees and expenses ex VAT:
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-212": { "value": "
Note 10 Other operating expenses
Principles for accounting Expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Net currency related to sales and settlements of other operating expenses are recognised under other operating expenses.
(Amounts in NOK 1 000) 2025 2024 Maintenance premises and materials lab 3 920 5 102 Office equipment and IT 4 373 5 193 External services 10 735 13 824 Marketing expenses 1 828 805 Patent and licensing expenses 1 625 2 021 Other operating expenses 11 140 9 402 Total other operating expenses 33 621 36 346
(Amounts in NOK 1 000) 2025 2024 Statutory audit 788 684 Other attestation services 116 87 Total auditing fees and expenses 904 770 External auditor: Fees and expenses ex VAT:
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-214": { "value": "
Principles for accounting Expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Net currency related to sales and settlements of other operating expenses are recognised under other operating expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-215": { "value": "
(Amounts in NOK 1 000) 2025 2024 Statutory audit 788 684 Other attestation services 116 87 Total auditing fees and expenses 904 770 External auditor: Fees and expenses ex VAT:
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-220": { "value": "
(Amounts in NOK 1 000) 2025 2024 Interest income 8 212 7 009 Changes in fair value for financial investments 2 756 4 624 Net currency gain/loss (-) -1 322 736 Total financial income 9 647 12 370 Other financial expense -275 -349 Total financial expense -275 -349 Total financial income and expense, net 9 372
12 021
Note 11 Financial income and expense
Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Changes in fair value fpr financial investments is based public market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-219": { "value": "
(Amounts in NOK 1 000) 2025 2024 Interest income 8 212 7 009 Changes in fair value for financial investments 2 756 4 624 Net currency gain/loss (-) -1 322 736 Total financial income 9 647 12 370 Other financial expense -275 -349 Total financial expense -275 -349 Total financial income and expense, net 9 372
12 021
Note 11 Financial income and expense
Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Changes in fair value fpr financial investments is based public market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-218": { "value": "
(Amounts in NOK 1 000) 2025 2024 Interest income 8 212 7 009 Changes in fair value for financial investments 2 756 4 624 Net currency gain/loss (-) -1 322 736 Total financial income 9 647 12 370 Other financial expense -275 -349 Total financial expense -275 -349 Total financial income and expense, net 9 372
12 021
Note 11 Financial income and expense
Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Changes in fair value fpr financial investments is based public market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-217": { "value": "
(Amounts in NOK 1 000) 2025 2024 Interest income 8 212 7 009 Changes in fair value for financial investments 2 756 4 624 Net currency gain/loss (-) -1 322 736 Total financial income 9 647 12 370 Other financial expense -275 -349 Total financial expense -275 -349 Total financial income and expense, net 9 372
12 021
Note 11 Financial income and expense
Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Changes in fair value fpr financial investments is based public market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-216": { "value": "
(Amounts in NOK 1 000) 2025 2024 Interest income 8 212 7 009 Changes in fair value for financial investments 2 756 4 624 Net currency gain/loss (-) -1 322 736 Total financial income 9 647 12 370 Other financial expense -275 -349 Total financial expense -275 -349 Total financial income and expense, net 9 372
12 021
Note 11 Financial income and expense
Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Changes in fair value fpr financial investments is based public market valuation at end of year. Net currency relates to gains and losses on bank deposits.
Note 18 Financial assets and debts
Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and low risk interest rate funds obtained through equity issues and trade receivables.
(Amounts in NOK 1 000) 31.12.2025 Assets at fair value 31.12.2024 Assets at fair value FINANCIAL ASSETS Cash bank deposits 187 780 170 954 Mutal funds 76 943 72 981 Total financial assets 264 723 243 935
(Amounts in NOK 1 000) 31.12.2025 Debts at amortised cost 31.12.2024 Debts at amortised cost FINANCIAL DEBTS Leasing (long-term) 4 155 4 364 Leasing (current) 1 187 3 735 Total financial debts 5 343 8 099 The Group has no interest-bearing loans or debt other than lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-221": { "value": "
(Amounts in NOK 1 000) 2025 2024 Interest income 8 212 7 009 Changes in fair value for financial investments 2 756 4 624 Net currency gain/loss (-) -1 322 736 Total financial income 9 647 12 370 Other financial expense -275 -349 Total financial expense -275 -349 Total financial income and expense, net 9 372
12 02
Note 11 Financial income and expense
Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Changes in fair value fpr financial investments is based public market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-224": { "value": "
Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Changes in fair value fpr financial investments is based public market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-223": { "value": "
Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Changes in fair value fpr financial investments is based public market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-222": { "value": "
Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Changes in fair value fpr financial investments is based public market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-226": { "value": "
(Amounts in NOK 1 000): 2025 2024 Change Non current assets 2 626 2 018 -608 Other temporary differences 557 1 066 509 Gains and loss account 3 476 4 346 870 Total temporary differences 6 659 7 429 -770 Financial instruments 9 460 6 704 Adjustment capitalisation Skattefunn 1 573 1 493 Tax assessment loss carried forward -24 628 -32 840 Calculation base deferred tax asset -6 936 -17 214 Deferred tax asset, 22% -1 526 -3 787 -2 261 Profit before income tax 11 999 10 581 Non deductable expenses -2 654 -4 346 Non taxable income -1 904 -2 248 Changes in temporary differences 770 152 Profit before tax loss carried forward 8 212 4 140 Deferred tax loss carried forward -8 212 -4 140 Tax base 0 0 Tax expense -2 261 -2 112 Note 12 Deferred tax asset
Principles for accounting The tax charge in the profit and loss account consists of tax payable for the period and the change in deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax- increasing temporary differences that exist between accounting and tax values, and the tax loss carried forward at the end of the accounting year or from earlier year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse in the same period are set off and entered net. The net deferred tax receivable is entered on the balance sheet to the extent that it is likely that it can be utilised. \u2022 ArcticZymes Technologies has loss carried forward that can be utilised through the use of group contributions from the subsidiary Arcticzymes. \u2022 ArcticZymes is expected to have taxable income for the next 1-2 years which can be offset through group contribution against the tax loss in the parent company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-225": { "value": "
(Amounts in NOK 1 000): 2025 2024 Change Non current assets 2 626 2 018 -608 Other temporary differences 557 1 066 509 Gains and loss account 3 476 4 346 870 Total temporary differences 6 659 7 429 -770 Financial instruments 9 460 6 704 Adjustment capitalisation Skattefunn 1 573 1 493 Tax assessment loss carried forward -24 628 -32 840 Calculation base deferred tax asset -6 936 -17 214 Deferred tax asset, 22% -1 526 -3 787 -2 261 Profit before income tax 11 999 10 581 Non deductable expenses -2 654 -4 346 Non taxable income -1 904 -2 248 Changes in temporary differences 770 152 Profit before tax loss carried forward 8 212 4 140 Deferred tax loss carried forward -8 212 -4 140 Tax base 0 0 Tax expense -2 261 -2 112 Note 12 Deferred tax asset
Principles for accounting The tax charge in the profit and loss account consists of tax payable for the period and the change in deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax- increasing temporary differences that exist between accounting and tax values, and the tax loss carried forward at the end of the accounting year or from earlier year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse in the same period are set off and entered net. The net deferred tax receivable is entered on the balance sheet to the extent that it is likely that it can be utilised. \u2022 ArcticZymes Technologies has loss carried forward that can be utilised through the use of group contributions from the subsidiary Arcticzymes. \u2022 ArcticZymes is expected to have taxable income for the next 1-2 years which can be offset through group contribution against the tax loss in the parent company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-228": { "value": "
Principles for accounting The tax charge in the profit and loss account consists of tax payable for the period and the change in deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax- increasing temporary differences that exist between accounting and tax values, and the tax loss carried forward at the end of the accounting year or from earlier year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse in the same period are set off and entered net. The net deferred tax receivable is entered on the balance sheet to the extent that it is likely that it can be utilised. \u2022 ArcticZymes Technologies has loss carried forward that can be utilised through the use of group contributions from the subsidiary Arcticzymes. \u2022 ArcticZymes is expected to have taxable income for the next 1-2 years which can be offset through group contribution against the tax loss in the parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-227": { "value": "
Principles for accounting The tax charge in the profit and loss account consists of tax payable for the period and the change in deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax- increasing temporary differences that exist between accounting and tax values, and the tax loss carried forward at the end of the accounting year or from earlier year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse in the same period are set off and entered net. The net deferred tax receivable is entered on the balance sheet to the extent that it is likely that it can be utilised. \u2022 ArcticZymes Technologies has loss carried forward that can be utilised through the use of group contributions from the subsidiary Arcticzymes. \u2022 ArcticZymes is expected to have taxable income for the next 1-2 years which can be offset through group contribution against the tax loss in the parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-230": { "value": "
Note 13 Intangible assets
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with IAS 38. The assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has capitalised product development expenses. Other R&D costs are expensed when incurred.
(Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2024 Historic cost 19 423 9 616 29 039 Accumulated depreciation -2 941 -4 -2 945 Book value at 01.01.2024 16 482 9 612 26 094 FINANCIAL YEAR 2024 Addition 7 601 2 029 9 630 Capitalised grants Skattefunn -1 041 -1 041 Amortisation 0 Depreciation -1 005 -445 -1 450 Book value at 31.12.2024 22 039 11 196 33 234 AS OF 31.12.2024 Historic cost 27 024 11 645 38 669 Accumulated depreciation -4 987 -449 -5 436 Book value at 31.12.2024 22 039 11 195 33 234 FINANCIAL YEAR 2025 Addition 2 153 1 499 3 652 Capitalised grants Skattefunn -219 -47 -266 Amortisation 0 Depreciation -1 345 -1 220 -2 565 Book value at 31.12.2025 22 629 11 427 34 056 AS OF 31.12.2025 Historic cost 28 958 13 097 42 055 Accumulated depreciation -6 332 -1 669 -8 001 Book value at 31.12.2025 22 629 11 428 34 056
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-229": { "value": "
Note 13 Intangible assets
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with IAS 38. The assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has capitalised product development expenses. Other R&D costs are expensed when incurred.
(Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2024 Historic cost 19 423 9 616 29 039 Accumulated depreciation -2 941 -4 -2 945 Book value at 01.01.2024 16 482 9 612 26 094 FINANCIAL YEAR 2024 Addition 7 601 2 029 9 630 Capitalised grants Skattefunn -1 041 -1 041 Amortisation 0 Depreciation -1 005 -445 -1 450 Book value at 31.12.2024 22 039 11 196 33 234 AS OF 31.12.2024 Historic cost 27 024 11 645 38 669 Accumulated depreciation -4 987 -449 -5 436 Book value at 31.12.2024 22 039 11 195 33 234 FINANCIAL YEAR 2025 Addition 2 153 1 499 3 652 Capitalised grants Skattefunn -219 -47 -266 Amortisation 0 Depreciation -1 345 -1 220 -2 565 Book value at 31.12.2025 22 629 11 427 34 056 AS OF 31.12.2025 Historic cost 28 958 13 097 42 055 Accumulated depreciation -6 332 -1 669 -8 001 Book value at 31.12.2025 22 629 11 428 34 056
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-233": { "value": "
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with IAS 38. The assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has capitalised product development expenses. Other R&D costs are expensed when incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-232": { "value": "
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with IAS 38. The assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has capitalised product development expenses. Other R&D costs are expensed when incurred.
Note 14 Machinery, equipment and permanent fixtures
Principles for accounting Machinery, equipment and permanent fixture in the Group includes primarily production equipment, office equipment and furnishing. These assets have a carrying value of historical cost less depreciation and amortisation. Acquisition cost includes expenses directly attributable to the acquisition of the asset. Subsequent expenses are included in the assets carrying value or recognised as a separate asset, when it is deemed probable that future economic benefits will benefit the Group and that expenses can be measured reliably. Other repair and maintenance expenses are recognised in the consolidated profit & loss statement for the period in which they are incurred. Assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Machinery / Equipment 3-10 years Permanent fixtures 10 years The actual useful life and residual values of the assets are tested for impairment when there is indication of impairment and adjusted if necessary. If the carrying value of an asset exceeds the estimated fair value, the carrying value is amortised immediately to fair value. Gains and losses on disposals are recognised as the difference between selling price less transaction costs and the carrying value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-231": { "value": "
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with IAS 38. The assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has capitalised product development expenses. Other R&D costs are expensed when incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-234": { "value": "
(Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2024 Historic cost 19 423 9 616 29 039 Accumulated depreciation -2 941 -4 -2 945 Book value at 01.01.2024 16 482 9 612 26 094 FINANCIAL YEAR 2024 Addition 7 601 2 029 9 630 Capitalised grants Skattefunn -1 041 -1 041 Amortisation 0 Depreciation -1 005 -445 -1 450 Book value at 31.12.2024 22 039 11 196 33 234 AS OF 31.12.2024 Historic cost 27 024 11 645 38 669 Accumulated depreciation -4 987 -449 -5 436 Book value at 31.12.2024 22 039 11 195 33 234 FINANCIAL YEAR 2025 Addition 2 153 1 499 3 652 Capitalised grants Skattefunn -219 -47 -266 Amortisation 0 Depreciation -1 345 -1 220 -2 565 Book value at 31.12.2025 22 629 11 427 34 056 AS OF 31.12.2025 Historic cost 28 958 13 097 42 055 Accumulated depreciation -6 332 -1 669 -8 001 Book value at 31.12.2025 22 629 11 428 34 056
(Amounts in NOK 1 000) Machinery Equipment Permanent fixtures Total As of 01.01.2024 Historic cost 17 575 5 800 1 845 25 220 Accumulated depreciation -7 115 -2 717 -366 -10 199 Book value at 01.01.2024 10 461 3 082 1 479 15 020 Financial year 2024 Addition 498 392 42 932 Amortisation 0 Depreciation -1 523 -595 -184 -2 303 Book value at 31.12.2024 9 436 2 877 1 336 13 650 As of 31.12.2024 Historic cost 18 073 6 192 1 887 26 152 Accumulated depreciation -8 638 -3 312 -550 -12 501 Book value at 31.12.2024 9 436 2 877 1 336 13 650 Financial year 2025 Addition 55 201 256 Amortisation 0 Depreciation -1 532 -557 -193 -2 282 Book value at 31.12.2025 7 960 2 521 1 143 11 624 As of 31.12.2025 Historic cost 18 128 6 393 1 887 26 408 Accumulated depreciation -10 170 -3 869 -743 -14 782 Book value at 31.12.2025 7 960 2 521 1 143 11 624 Management considers that there are no impairment indicators at the group level, and that no write-downs of these assets are necessary.
(Amounts in NOK 1 000) Lease assets Historic cost 22 824 Accumulated depreciation including net present value -14 404 Book value at 31.12.2024 8 420 Adjustment and recalculation original contract, Troms\u00f8 1 038 Depreciation -4 305 Book value at 31.12.2025 5 153 Historic cost 23 862 Accumulated depreciation including net present value -18 709 Book value at 31.12.2025 5 153 Lease liabilities 2025 2024 Book value 31.12 (preceding year) -8 099 -12 588 Net present value adjustment 01.01 -713 -226 Cancellation premises Sharelab, Oslo 1 316 Interest expense -266 -356 Payments premises 3 735 3 756 Book value at 31.12 -5 343 -8 099 Where of Current liabilities -1 187 -3 735 Where of Non-current liabilities -4 155 -4 363
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-235": { "value": "
Note 14 Machinery, equipment and permanent fixtures
Principles for accounting Machinery, equipment and permanent fixture in the Group includes primarily production equipment, office equipment and furnishing. These assets have a carrying value of historical cost less depreciation and amortisation. Acquisition cost includes expenses directly attributable to the acquisition of the asset. Subsequent expenses are included in the assets carrying value or recognised as a separate asset, when it is deemed probable that future economic benefits will benefit the Group and that expenses can be measured reliably. Other repair and maintenance expenses are recognised in the consolidated profit & loss statement for the period in which they are incurred. Assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Machinery / Equipment 3-10 years Permanent fixtures 10 years The actual useful life and residual values of the assets are tested for impairment when there is indication of impairment and adjusted if necessary. If the carrying value of an asset exceeds the estimated fair value, the carrying value is amortised immediately to fair value. Gains and losses on disposals are recognised as the difference between selling price less transaction costs and the carrying value.
(Amounts in NOK 1 000) Machinery Equipment Permanent fixtures Total As of 01.01.2024 Historic cost 17 575 5 800 1 845 25 220 Accumulated depreciation -7 115 -2 717 -366 -10 199 Book value at 01.01.2024 10 461 3 082 1 479 15 020 Financial year 2024 Addition 498 392 42 932 Amortisation 0 Depreciation -1 523 -595 -184 -2 303 Book value at 31.12.2024 9 436 2 877 1 336 13 650 As of 31.12.2024 Historic cost 18 073 6 192 1 887 26 152 Accumulated depreciation -8 638 -3 312 -550 -12 501 Book value at 31.12.2024 9 436 2 877 1 336 13 650 Financial year 2025 Addition 55 201 256 Amortisation 0 Depreciation -1 532 -557 -193 -2 282 Book value at 31.12.2025 7 960 2 521 1 143 11 624 As of 31.12.2025 Historic cost 18 128 6 393 1 887 26 408 Accumulated depreciation -10 170 -3 869 -743 -14 782 Book value at 31.12.2025 7 960 2 521 1 143 11 624 Management considers that there are no impairment indicators at the group level, and that no write-downs of these assets are necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-236": { "value": "
Note 14 Machinery, equipment and permanent fixtures
Principles for accounting Machinery, equipment and permanent fixture in the Group includes primarily production equipment, office equipment and furnishing. These assets have a carrying value of historical cost less depreciation and amortisation. Acquisition cost includes expenses directly attributable to the acquisition of the asset. Subsequent expenses are included in the assets carrying value or recognised as a separate asset, when it is deemed probable that future economic benefits will benefit the Group and that expenses can be measured reliably. Other repair and maintenance expenses are recognised in the consolidated profit & loss statement for the period in which they are incurred. Assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Machinery / Equipment 3-10 years Permanent fixtures 10 years The actual useful life and residual values of the assets are tested for impairment when there is indication of impairment and adjusted if necessary. If the carrying value of an asset exceeds the estimated fair value, the carrying value is amortised immediately to fair value. Gains and losses on disposals are recognised as the difference between selling price less transaction costs and the carrying value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-237": { "value": "
Principles for accounting Machinery, equipment and permanent fixture in the Group includes primarily production equipment, office equipment and furnishing. These assets have a carrying value of historical cost less depreciation and amortisation. Acquisition cost includes expenses directly attributable to the acquisition of the asset. Subsequent expenses are included in the assets carrying value or recognised as a separate asset, when it is deemed probable that future economic benefits will benefit the Group and that expenses can be measured reliably. Other repair and maintenance expenses are recognised in the consolidated profit & loss statement for the period in which they are incurred. Assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Machinery / Equipment 3-10 years Permanent fixtures 10 years The actual useful life and residual values of the assets are tested for impairment when there is indication of impairment and adjusted if necessary. If the carrying value of an asset exceeds the estimated fair value, the carrying value is amortised immediately to fair value. Gains and losses on disposals are recognised as the difference between selling price less transaction costs and the carrying value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-238": { "value": "
Note 15 Leases
Principles for accounting At inception of a contract, the Group considers whether or not the contract conveys the right to control the asset for a period of time. At commencement of a contract, the Group recognises a lease liability with a corresponding lease asset. The lease liability is initially recognised at present value of all lease payments for the underlying asset during the lease term. The lease term represents the non-cancellable period of the lease, including the expetected use of extension options in the contract. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the lease payments made and adjustments to the contract reflecting adjustments in effect of index regiulation. The lease asset is initially measured at cost. The cost of the lease asset includes the corresponding amount of the initial recognition of the lease liability. The lease asset is depreciated from the commencement date through the remaining useful life. ArcticZymes Technologies has 4 lease contracts related to operational premises at the Troms\u00f8 Science Park. These are originating from 2011, 2021,2022 and 2023. The contracts will be renegotiated February 2026.
(Amounts in NOK 1 000) Lease assets Historic cost 22 824 Accumulated depreciation including net present value -14 404 Book value at 31.12.2024 8 420 Adjustment and recalculation original contract, Troms\u00f8 1 038 Depreciation -4 305 Book value at 31.12.2025 5 153 Historic cost 23 862 Accumulated depreciation including net present value -18 709 Book value at 31.12.2025 5 153 Lease liabilities 2025 2024 Book value 31.12 (preceding year) -8 099 -12 588 Net present value adjustment 01.01 -713 -226 Cancellation premises Sharelab, Oslo 1 316 Interest expense -266 -356 Payments premises 3 735 3 756 Book value at 31.12 -5 343 -8 099 Where of Current liabilities -1 187 -3 735 Where of Non-current liabilities -4 155 -4 363
Notes to the financial statements for 2025 60
Short-term leases The Group also lease computers and IT equipment with contract terms from 1 to 3 years. The Group has decided not to recognise leases where the underlying asset has a low value, and thus does not recognise lease obligations and lease assets for any of these assetes. Instead, payments for leases are expensed when they occur. Overhead expenses related to premises in the contracts are expensed when they occur. Maturity analysis 2025 2024 Less than one year 1 187 3 735 One to five years 4 113 4 246 More than five years 89 1 144 Total undiscounted lease liabilities at 31.12 5 390 9 125 Summary of other leased assets presented in the consolidated profit & loss statement 2025 2024 Lease of IT equipment 226 313 Overhead expenses related to premises 852 1 314 Total leased assets included in other expenses at 31.12 1 078 1 627
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-239": { "value": "
Principles for accounting At inception of a contract, the Group considers whether or not the contract conveys the right to control the asset for a period of time. At commencement of a contract, the Group recognises a lease liability with a corresponding lease asset. The lease liability is initially recognised at present value of all lease payments for the underlying asset during the lease term. The lease term represents the non-cancellable period of the lease, including the expetected use of extension options in the contract. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the lease payments made and adjustments to the contract reflecting adjustments in effect of index regiulation. The lease asset is initially measured at cost. The cost of the lease asset includes the corresponding amount of the initial recognition of the lease liability. The lease asset is depreciated from the commencement date through the remaining useful life. ArcticZymes Technologies has 4 lease contracts related to operational premises at the Troms\u00f8 Science Park. These are originating from 2011, 2021,2022 and 2023. The contracts will be renegotiated February 2026.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-241": { "value": "
(Amounts in NOK 1 000) 31.12.2025 31.12.2024 Work in progress 335 16 Materials and consumables 13 896 13 385 Finished goods 1 745 2 439 Total inventories 15 976 15 840 Note 16 Inventory and cost of materials
Principles for accounting Inventory are stated at the lower of acquisition expense and net realisable value. Inventories are valued at average acqustition cost. Value of finished goods and work in progress comprises the expense of design, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Cost of materials Total cost of materials include direct materials, services provided by contract manufactures and packaging suppliers, products freights and distribution costs. Royalties for in licensing of technology and rights from other parties are excluded from cost of goods and included in other operating expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-240": { "value": "
(Amounts in NOK 1 000) 31.12.2025 31.12.2024 Work in progress 335 16 Materials and consumables 13 896 13 385 Finished goods 1 745 2 439 Total inventories 15 976 15 840 Note 16 Inventory and cost of materials
Principles for accounting Inventory are stated at the lower of acquisition expense and net realisable value. Inventories are valued at average acqustition cost. Value of finished goods and work in progress comprises the expense of design, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Cost of materials Total cost of materials include direct materials, services provided by contract manufactures and packaging suppliers, products freights and distribution costs. Royalties for in licensing of technology and rights from other parties are excluded from cost of goods and included in other operating expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-242": { "value": "
Principles for accounting Inventory are stated at the lower of acquisition expense and net realisable value. Inventories are valued at average acqustition cost. Value of finished goods and work in progress comprises the expense of design, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Cost of materials Total cost of materials include direct materials, services provided by contract manufactures and packaging suppliers, products freights and distribution costs. Royalties for in licensing of technology and rights from other parties are excluded from cost of goods and included in other operating expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-244": { "value": "
Note 17 Receivables and other assets
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
Fair value of accounts receivable equals book value. There are no significant concentrations of credit risk. (Amounts in NOK 1 000) 31.12.2025 31.12.2024 Accounts receivables 21 883 20 525 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 21 883 20 525 Research grants 0 0 Tax grants 1 904 2 248 Prepayments 2 709 1 759 Mutal funds 76 943 72 981 VAT 475 921 Sum other assets 82 030 77 909 Sum total receivables and other assets 103 913
98 434 Age breakdown of Accounts receivable per 31.12.2025: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 18 912 655 678 11 1 627 21 883
A majority of accounts receivables overdue on 31 December have been settled subsequently. NOK 1.5 mill. was settled in January 2026. Accounts receivable arise from the sale of goods or services within normal operations. Settlements that are due in 12 months or less are classified as current assets. If this is not the case, they are classified as non current assets.
Historically, the Group has not incurred losses on accounts receivable. The Group had 3 losses in account receivables in 2025. Based on this we expect insignficant losses in 2026. No provisions for loss on receivables were made in 2025.
Fair value of receivables by currency: 31.12.2025 31.12.2024 USD 15 067 13 137 EUR 3 722 4 680 GBP 218 86 NOK 84 905 80 530 Total receivables 103 913
98 434 Age breakdown of Accounts receivable per 31.12.2024: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 16 469 2 768 943 131 214 20 525
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-243": { "value": "
Note 17 Receivables and other assets
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
Fair value of accounts receivable equals book value. There are no significant concentrations of credit risk. (Amounts in NOK 1 000) 31.12.2025 31.12.2024 Accounts receivables 21 883 20 525 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 21 883 20 525 Research grants 0 0 Tax grants 1 904 2 248 Prepayments 2 709 1 759 Mutal funds 76 943 72 981 VAT 475 921 Sum other assets 82 030 77 909 Sum total receivables and other assets 103 913
98 434 Age breakdown of Accounts receivable per 31.12.2025: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 18 912 655 678 11 1 627 21 883
A majority of accounts receivables overdue on 31 December have been settled subsequently. NOK 1.5 mill. was settled in January 2026. Accounts receivable arise from the sale of goods or services within normal operations. Settlements that are due in 12 months or less are classified as current assets. If this is not the case, they are classified as non current assets.
Historically, the Group has not incurred losses on accounts receivable. The Group had 3 losses in account receivables in 2025. Based on this we expect insignficant losses in 2026. No provisions for loss on receivables were made in 2025.
Fair value of receivables by currency: 31.12.2025 31.12.2024 USD 15 067 13 137 EUR 3 722 4 680 GBP 218 86 NOK 84 905 80 530 Total receivables 103 913
98 434 Age breakdown of Accounts receivable per 31.12.2024: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 16 469 2 768 943 131 214 20 525
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-245": { "value": "
Note 17 Receivables and other assets
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
Fair value of accounts receivable equals book value. There are no significant concentrations of credit risk. (Amounts in NOK 1 000) 31.12.2025 31.12.2024 Accounts receivables 21 883 20 525 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 21 883 20 525 Research grants 0 0 Tax grants 1 904 2 248 Prepayments 2 709 1 759 Mutal funds 76 943 72 981 VAT 475 921 Sum other assets 82 030 77 909 Sum total receivables and other assets 103 913
98 434 Age breakdown of Accounts receivable per 31.12.2025: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 18 912 655 678 11 1 627 21 883
A majority of accounts receivables overdue on 31 December have been settled subsequently.3
98 434 Age breakdown of Accounts receivable per 31.12.2024: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 16 469 2 768 943 131 214 20 525
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-246": { "value": "
Note 17 Receivables and other assets
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
Fair value of accounts receivable equals book value. There are no significant concentrations of credit risk. (Amounts in NOK 1 000) 31.12.2025 31.12.2024 Accounts receivables 21 883 20 525 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 21 883 20 525 Research grants 0 0 Tax grants 1 904 2 248 Prepayments 2 709 1 759 Mutal funds 76 943 72 981 VAT 475 921 Sum other assets 82 030 77 909 Sum total receivables and other assets 103 913
98 43", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-248": { "value": "
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-247": { "value": "
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-250": { "value": "
Historically, the Group has not incurred losses on accounts receivable. The Group had 3 losses in account receivables in 2025. Based on this we expect insignficant losses in 2026. No provisions for loss on receivables were made in 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-249": { "value": "
Historically, the Group has not incurred losses on accounts receivable. The Group had 3 losses in account receivables in 2025. Based on this we expect insignficant losses in 2026. No provisions for loss on receivables were made in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-251": { "value": "
Note 18 Financial assets and debts
Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and low risk interest rate funds obtained through equity issues and trade receivables.
(Amounts in NOK 1 000) 31.12.2025 Assets at fair value 31.12.2024 Assets at fair value FINANCIAL ASSETS Cash bank deposits 187 780 170 954 Mutal funds 76 943 72 981 Total financial assets 264 723 243 935
(Amounts in NOK 1 000) 31.12.2025 Debts at amortised cost 31.12.2024 Debts at amortised cost FINANCIAL DEBTS Leasing (long-term) 4 155 4 364 Leasing (current) 1 187 3 735 Total financial debts 5 343 8 099 The Group has no interest-bearing loans or debt other than lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-252": { "value": "
Note 18 Financial assets and debts
Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and low risk interest rate funds obtained through equity issues and trade receivables.
(Amounts in NOK 1 000) 31.12.2025 Assets at fair value 31.12.2024 Assets at fair value FINANCIAL ASSETS Cash bank deposits 187 780 170 954 Mutal funds 76 943 72 981 Total financial assets 264 723 243 935
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-254": { "value": "
Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and low risk interest rate funds obtained through equity issues and trade receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-253": { "value": "
Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and low risk interest rate funds obtained through equity issues and trade receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-256": { "value": "Amounts in NOK 1 000)
31.12.2025 31.12.2024 Cash 185 977 169 062 Tax withdrawal accounts 1 803 1 892 Total cash and cash equivalents 187 780 170 954
Principles for accounting Cash and cash equivalents consist of cash and bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-255": { "value": "Amounts in NOK 1 000)
31.12.2025 31.12.2024 Cash 185 977 169 062 Tax withdrawal accounts 1 803 1 892 Total cash and cash equivalents 187 780 170 954
Note 19 Cash and cash equivalents
Principles for accounting Cash and cash equivalents consist of cash and bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-257": { "value": "
(Amounts in NOK 1 000) 2025 2024 Net profit attributable to ordinary shareholders of the parent 9 738 8 470 Net profit to shareholders 9 738 8 470 Weighted number of shares used for calculation of basic EPS(1000 shares) 51 071 50 971 Dilution effect share based payment 0 32 Weighted number of shares used for calculation of diluted EPS (1000 shares) 51 071 51 003 Weighted basic and diluted earnings per share (NOK per share) 0,19 0,17 Weighted diluted earnings per share (NOK per share) 0,19 0,17 Note 20 Earnings per share
Principles for accounting Earnings per share are calculated by dividing net profit/loss to ordinary shareholders by the weighted average number of shares outstanding during the year (see note 21).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-258": { "value": "
Principles for accounting Earnings per share are calculated by dividing net profit/loss to ordinary shareholders by the weighted average number of shares outstanding during the year (see note 21).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-259": { "value": "
(Number of shares)
Shares Whereof treasury shares AS OF 01.01.2024 50 871 390 Share issue - options 200 000 As of 31.12.2024 51 071 390 0 Share issue - options 0 As of 31.12.2025 51 071 390 0 All shares are fully paid up. Par value is NOK 1.00 per share.
Note 21 Share capital, share premium, share options, and other equity
Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity.
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(Number of shares)
Shares Whereof treasury shares AS OF 01.01.2024 50 871 390 Share issue - options 200 000 As of 31.12.2024 51 071 390 0 Share issue - options 0 As of 31.12.2025 51 071 390 0 All shares are fully paid up. Par value is NOK 1.00 per share.
The Annual General meeting of 26. May 2025, granted three authorisations to the Board: 1. To increase the share capital with up to 5,000,000 shares at par value. The authorisation may be used for cash capital increases or capital increases in connection with mergers but does not include non-cash share issues. The authorisation was not used in 2025. 2. To increase the share capital with up to 300,000 shares at par value. The authorisation may only be used in connection with capital increases relating to share option programs. This authorisation was not used in 2025. 3. Authorisation to purchase up to 2,500,000 treasury shares with a nominal value of NOK 2,500,000. The authorisation may be used in connection with option programs, by offering shares to employees or to adjust the capital structure of the company. The authorisation was used to purchase 31,365 shares in connection with employee share programs during 2025.
The Annual General meeting of 26. June 2024, granted one authorisation to the Board: 1. To increase the share capital with up to 300,000 shares at par value. The authorisation may only be used in connection with capital increases relating to share option programs. 200,000 shares of this authorisation was used in 2024.
Share options Per 31.12.2025, there were 1,380,000 outstanding options options in the Group. The Group has a share-based option scheme. The fair value of the services received from the employees in return for the options granted is recognised as an expense in the consolidated profit & loss statement. Total expense for the options is accrued over the contract period based on the fair value of the options granted, excluding impact of any vesting conditions. Criteria not reflected in the market, affect the assumptions about the number of options expected to be vested. At the end of each reporting period, the Company revises its estimates of the number of options expected to be vested. It recognises the importance of the revision of original estimates in the consolidated profit & loss statement with a corresponding adjustment in equity. For 2025, the Company expensed NOK 4.4 million in connection with share options. The net value of proceeds received less directly attributable transaction expenses are credited to the share capital (nominal value) and the share premium when the options are exercised.
2025 2024 Average exercise price Number of share options Average exercise price Number of share options As of 01.01. 44,71 1 030 000 56,14 795 000 Granted during the year 33,46 400 000 20,34 435 000 Exercised during the year 15,00 35 000 Forfeited during the year 10,19 15 000 10,19 200 000 Outstanding at 31.12 1 380 000 1 030 000 Outstandig share options:
Expiry date, exercise price, and outstanding options at year end: Expiry date Average exercise price Average exercise price Number of share options 2025 Number of share options 2024 2025, 14 May 10,19 15,94 15 000 2026, 30 November 89,52 42,81 330 000 330 000 2028, 28 February 42,38 22,51 50 000 50 000 2028, 30 November 26,94 19,42 200 000 200 000 2029, 28 February 38,23 13,49 100 000 100 000 2029, 30 November 15,00 7,31 300 000 335 000 2029, 30 November 33,46 9,03 400 000 Outstanding at 31.12. 1 380 000 1 030 000 Exercisable options at 31.12. 330 000 15 000 The fair value of employee options are calculated according to the Black-Scholes method. The most important parameters are share price at grant date , the risk free rate at award, expected term of options , expected dividend yield, excercise price and 5 year volatility of the ArcticZymes Technoligies ASA share. The fair value is expensed over the vesting period. The Company has no obligations, legal nor implied, to repurchase or settle the options in cash unless general assembly declines to renew its authorisation to issue new shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-261": { "value": "Number of shares)
Shares Whereof treasury shares AS OF 01.01.2024 50 871 390 Share issue - options 200 000 As of 31.12.2024 51 071 390 0 Share issue - options 0 As of 31.12.2025 51 071 390 0 All shares are fully paid up. Par value is NOK 1.00 per share.
Note 21 Share capital, share premium, share options, and other equity
Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity.
Notes to the financial statements for 2025 64
The Annual General meeting of 26. June 2024, granted one authorisation to the Board: 1. To increase the share capital with up to 300,000 shares at par value. The authorisation may only be used in connection with capital increases relating to share option programs. 200,000 shares of this authorisation was used in 2024.
Share options Per 31.12.2025, there were 1,380,000 outstanding options options in the Group. The Group has a share-based option scheme. The fair value of the services received from the employees in return for the options granted is recognised as an expense in the consolidated profit & loss statement. Total expense for the options is accrued over the contract period based on the fair value of the options granted, excluding impact of any vesting conditions. Criteria not reflected in the market, affect the assumptions about the number of options expected to be vested. At the end of each reporting period, the Company revises its estimates of the number of options expected to be vested. It recognises the importance of the revision of original estimates in the consolidated profit & loss statement with a corresponding adjustment in equity. For 2025, the Company expensed NOK 4.4 million in connection with share options. The net value of proceeds received less directly attributable transaction expenses are credited to the share capital (nominal value) and the share premium when the options are exercised.
2025 2024 Average exercise price Number of share options Average exercise price Number of share options As of 01.01. 44,71 1 030 000 56,14 795 000 Granted during the year 33,46 400 000 20,34 435 000 Exercised during the year 15,00 35 000 Forfeited during the year 10,19 15 000 10,19 200 000 Outstanding at 31.12 1 380 000 1 030 000 Outstandig share options:
Notes to the financial statements for 2025 65
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-262": { "value": "
Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity.
Notes to the financial statements for 2025 64
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Share options Per 31.12.2025, there were 1,380,000 outstanding options options in the Group. The Group has a share-based option scheme. The fair value of the services received from the employees in return for the options granted is recognised as an expense in the consolidated profit & loss statement. Total expense for the options is accrued over the contract period based on the fair value of the options granted, excluding impact of any vesting conditions. Criteria not reflected in the market, affect the assumptions about the number of options expected to be vested. At the end of each reporting period, the Company revises its estimates of the number of options expected to be vested. It recognises the importance of the revision of original estimates in the consolidated profit & loss statement with a corresponding adjustment in equity. For 2025, the Company expensed NOK 4.4 million in connection with share options. The net value of proceeds received less directly attributable transaction expenses are credited to the share capital (nominal value) and the share premium when the options are exercised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-266": { "value": "
Note 22 Account payable and other current liabilities
Principles for accounting The Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities.
(Amounts in NOK 1 000) 31.12.2025 31.12.2024 Unpaid holiday pay 3 806 4 111 Bonus 4 485 251 Other personnel 98 6 Accrued public fees and withdrawals 2 421 2 633 Miscellaneous other accrued costs 1 796 805 Other current liabilities 12 606 7 806 Specification of other current laibilities:
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-265": { "value": "
Note 22 Account payable and other current liabilities
Principles for accounting The Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities.
(Amounts in NOK 1 000) 31.12.2025 31.12.2024 Unpaid holiday pay 3 806 4 111 Bonus 4 485 251 Other personnel 98 6 Accrued public fees and withdrawals 2 421 2 633 Miscellaneous other accrued costs 1 796 805 Other current liabilities 12 606 7 806 Specification of other current laibilities:
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-264": { "value": "
Note 22 Account payable and other current liabilities
Principles for accounting The Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities.
(Amounts in NOK 1 000) 31.12.2025 31.12.2024 Unpaid holiday pay 3 806 4 111 Bonus 4 485 251 Other personnel 98 6 Accrued public fees and withdrawals 2 421 2 633 Miscellaneous other accrued costs 1 796 805 Other current liabilities 12 606 7 806 Specification of other current laibilities:
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-267": { "value": "
Principles for accounting The Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-268": { "value": "
Note 23 Events after balance sheet date, 31.12.2025 There are no events of significance to the financial statements for the period from the financial position date to the date of approval ; 29 April 2026.
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