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Note 1 - General Information Gentian Diagnostics ASA is registered in Norway and listed on Euronext Oslo B\u00f8rs. The company's headquarters are in Bj\u00f8rn\u00e5sveien 5, 1596 Moss, Norway. The company is a research and development-
based company that develops and manufactures biochemical reagents for use in medical diagnostics
and research. The customers are medical laboratories and universities worldwide. The group consists of the parent company Gentian Diagnostics ASA and the subsidiary Gentian AS, also located in Norway. In addition, Gentian AS has a wholly owned subsidiary, registered in Florida, USA, named Gentian USA Inc, and a wholly owned subsidiary in Sweden, Gentian Diagnostics AB. Gentian Diagnostics AB also has a wholly owned subsidiary in Sweden, Getica AB, 100 % of the shares in Getica AB was sold from Gentian Diagnostics ASA to Gentian Diagnostics AB on November 25, 2024.
The consolidated financial statements were approved by the board on 17 March 2026.
The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-191": { "value": "Gentian Diagnostics ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-190": { "value": "Gentian Diagnostics ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-192": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-195": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-194": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-193": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-196": { "value": "Bj\u00f8rn\u00e5sveien 5, 1596 Moss, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-197": { "value": "The company is a research and development- based company that develops and manufactures biochemical reagents for use in medical diagnostics and research.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-198": { "value": "Gentian Diagnostics ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-199": { "value": "
The consolidated financial statements were approved by the board on 17 March 2026.
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Note 2 - Summary of the most important accounting principles
2.1 Basis for the preparation of the annual accounts
The company issues the consolidated financial statements in accordance with IFR
\u00ae Accounting Standards as adopted by the EU and additional disclosure requirement in the Norwegian Accounting Act.
The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified.
The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in Note 3.
The consolidated accounts have been prepared on the basis of going concern.
2.2 Changes in accounting policies and disclosures The International Accounting Standards Board (IASB) has issued new and amended accounting standards and interpretations that are not yet effective and have therefore not been implemented in the consolidated financial statements of Gentian Diagnostics ASA for 2025. The Group will adopt the relevant standards and interpretations as they become effective. In 2024, the IASB issued IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d, which will replace IAS 1 \u201cPresentation of Financial Statements\u201d. IFRS 18 introduces new requirements for presentation and disclosure in the financial statements.
The group is currently assessing the impact that IFRS 18 and taking the necessary steps to prepare for its implementation. 2.3 Principles for consolidation
The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of
31 December 2025. A subsidiary is an entity controlled by the group. An entity has been assessed as
being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions
between members of the group are eliminated in full on consolidation.
2.4 Currency The accounts of the individual entities in the group are measured in the currency used in which the entity mainly operates (functional currency). The consolidated financial statements are presented in
Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition
in the functional currency at the spot exchange rate at the transaction date. Monetary items in foreign currency are translated at the exchange rate on the balance sheet date. Exchange differences arising on the settlement of monetary items or on translating monetary items are recognised in profit or loss, with exception of exchange differences arising on a monetary item that is part of the net investment in a foreign operation. Assets and liabilities in foreign entities / units are translated into the presentation currency using the current exchange rate at the balance sheet date.
2.5 Segments For management purposes, the group is organized as one business unit, and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment.
2.6 Revenue from contracts with customers The group generates revenue from the sale of biochemical reagents used in medical diagnostics and research. The group\u2019s customers are primarily medical laboratories and universities worldwide. Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods. Sale of goods Revenue from the sale of goods is recognised at a point in time when control of the goods is transferred to the customer. For the majority of sales, control is transferred upon dispatch of the goods from the group\u2019s warehouse, which coincides with invoicing. For certain contracts where the group retains
responsibility for delivery to the customer\u2019s premises, control is transferred upon delivery to the customer. The transaction price corresponds to the agreed sales price for the reagents as specified in each individual customer contract. The Group does not typically provide discounts, rebates, or other forms of variable consideration. The normal credit term is 30 to 60 days from delivery. There are no other significant financing components, warranties, or other material contractual terms associated with contracts with customers.
2.7 Employee benefit expenses The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group has put in place defined contribution plans. The company provides annual bonuses to the employees in the bonus program based on individual and company performance. These bonuses are recognized as an expense in the period in which the company has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made.
The group has a share-based program for key personnel. Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue.
2.8 Intangible assets Intangible assets are recognised in the balance sheet when it is probable that the expected future economic benefits will flow to the group, and the cost of the asset can be measured reliably. Intangible assets with finite useful lives are measured at cost less accumulated amortisation and impairment losses. Intangible assets with indefinite useful lives are tested for impairment annually, see Note 18 for further information on impairment testing.
Development costs Capitalised development costs include materials, salary and social expenses, and costs directly attributable to the development of the asset. A significant part of capitalised development costs consists
of hours booked on each R&D project. In addition, capitalised development costs include external costs such as consultancy services, clinical studies, reagents, and consumables. In the early product development phase (Proof of Concept; PoC), new biomarker or assay ideas are evaluated through testing of technical feasibility, preparation of a business plan and assessment of standardisation possibilities. The results are documented in a final PoC report and reviewed by an independent review group. Capitalisation of development costs normally commences when the project has successfully passed the Proof of Concept stage, management has approved a comprehensive development plan and budget, and the recognition criteria under IAS 38 are considered to be met. At this stage, the project enters the optimisation phase under formal design control and transitions from exploratory feasibility activities to structured product development with defined technical specifications, documentation requirements, governance and committed resources.
Amortizations starts when the asset is available for use. Capitalised development costs are amortized over 10 years.
2.9 Property, plant, and equipment The group's long-term assets consist mainly of production equipment and fixtures. The property, plant and equipment are recognised at acquisition cost less depreciation. Acquisition costs include costs directly related to the acquisition of the asset. Subsequent expenses are added to the carrying amount of the assets or are capitalised separately when it is probable that future economic benefits associated with the expense will flow to the group and the expense can be measured reliably. Other repair and maintenance costs are charged to the profit and loss account during the period incurred. The property,
plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \ue002 Machinery/ equipment 10-15 years \ue002 Fixtures 3-8 years
2.10 Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \ue001 Leases of low value assets; and \ue001 Leases with a duration of 12 months or less. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option.
The lease payments included in the measurement comprise of:
\ue001
Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \ue001 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The majority of the lease liability relates to a property rental agreement with yearly index adjustments. When the index adjustment of a lease contract is revised significantly from the original measurement, the lease liability and corresponding right- of-use asset are adjusted to reflect the revised index rate. The lease payments are generally discounted using the company\u2019s incremental borrowing rate. The group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The group applies the depreciation
requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset.
The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.
2.11 Inventory Inventory is valued at the lower of cost and net realisable value. Cost of inventory is primarily determined using the weighted average cost method. For certain raw materials, cost is determined using standard cost. Standard costs are regularly reviewed and adjusted and are designed to approximate actual cost. Inventories comprise consumables used in production, raw materials, work in progress and finished goods. For work in progress and finished goods, cost includes material consumption and direct labour costs. Net realisable value is estimated sales price less variable costs for completion and sale.
2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction.
2.13 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial Assets The group\u00b4s financial assets are trade receivables, and cash and cash equivalents. These financial assets are measured at amortised cost.
Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost.
Research and development cost Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility and probable future economic benefits in accordance with IAS 38, as further described in Note 2.8. The most significant judgment relates to the assessment of when the recognition criteria are met, including technological and commercial feasibility. The main estimation uncertainty relates to assumptions about future revenues from both existing and new products, including expected sales volumes, pricing, margins and timing of market introduction. Further information regarding impairment of intangible assets is provided in Note 18.
Deferred tax assets As of 31.12.2025, the group has recognized a deferred tax asset of NOK 12.8 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. The group has generated taxable profits in both 2024 and 2025, supporting this assessment. This assessment involves significant judgment and is based on key assumptions, including:
- The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates.
Note 18 - Intangible assets
20
5 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 25 864 20 690 46 554 Additions during the year - 11 697 11 679 Adjustments - - - Grants received - -2 145 -2 145 Accumulated cost as at 31.12 25 864 30 242 56 106 Amortisation and impairment Carrying amount at 01.01 18 098 - 18 098 Amortisation during the year 2 176 - 2 176 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12
20 2
3 - 20 273 Carrying amount in balance sheet as at 31.12
5 5
1 30 242 35 833
20
4 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 18 017 18 965 36 982 Additions during the year - 11 818 9 573 Adjustments 7 847 -7 847 - Grants received - -2 245 - Accumulated cost as at 31.12 25 864 20 690 46 554 Amortisation and impairment Carrying amount at 01.01 15 824 - 15 824 Amortisation during the year 2 274 - 2 274 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 18 098 - 18 098 Carrying amount in balance sheet as at 31.12 7 766 20 690 28 457
Intangible assets with indefinite useful lives (projects under development) Gentian has recognised internally generated intangible assets with indefinite useful lives related to the development of diagnostic products. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually, and whenever there is an indication of impairment, in accordance with IAS\u202f36 Impairment of Assets. For the purposes of the impairment test, the intangible assets are assessed at product level, which represents the lowest level at which independent cash inflows can be identified. The impairment test
as of 31 December 2025 is limited to the product N
\u2011proBNP. At the balance sheet date, the carrying
amount of N
\u2011proBNP amounted to NOK 30.2 million. The recoverable amount has been determined based on value in use, calculated using a discounted cash flow (DCF) model before tax.
Assumptions Future cash flows The cash flow projections are based on the Groups approved business plan and budgets and reflect management\u2019s expectations regarding future sales volume and price, gross margin and remaining development costs for the product. An explicit forecast period of ten years (2026\u20132035) has been applied, with no terminal value included. The use of a long explicit forecast period reflects the long development and commercialization cycle for new diagnostic products and the expectation that the product will not reach a stable mature phase within a shorter time horizon. Pre-tax discount rate Cash flows were discounted to a weighted average cost of capital (WACC) corresponding to 12,3 % before tax. Result of the impairment test
The impairment test performed indicates that the recoverable amount of N
\u2011proBNP exceeds its carrying amount. The group has also done sensitivity tests. No reasonable changes in key assumptions would lead to impairment. See also Note 23 \u2013 Events after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-201": { "value": "
2.1 Basis for the preparation of the annual accounts
The company issues the consolidated financial statements in accordance with IFR
\u00ae Accounting Standards as adopted by the EU and additional disclosure requirement in the Norwegian Accounting Act.
The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified.
The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in Note 3.
The consolidated accounts have been prepared on the basis of going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-202": { "value": "The company issues the consolidated financial statements in accordance with IFR
\u00ae Accounting Standards as adopted by the EU and additional disclosure requirement in the Norwegian Accounting Act.
The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-203": { "value": "
The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in Note 3.
Note 3 - Significant estimates and uncertainties The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that effect the recognition and measurement of certain assets, liabilities, revenue, and expense. The following area involves the most critical estimates and judgments for the group: \ue002 Research and development cost related to internally developed technology \ue002 Deferred tax assets
Research and development cost Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility and probable future economic benefits in accordance with IAS 38, as further described in Note 2.8. The most significant judgment relates to the assessment of when the recognition criteria are met, including technological and commercial feasibility. The main estimation uncertainty relates to assumptions about future revenues from both existing and new products, including expected sales volumes, pricing, margins and timing of market introduction. Further information regarding impairment of intangible assets is provided in Note 18.
Deferred tax assets As of 31.12.2025, the group has recognized a deferred tax asset of NOK 12.8 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. The group has generated taxable profits in both 2024 and 2025, supporting this assessment. This assessment involves significant judgment and is based on key assumptions, including:
- The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates.
Intangible assets with indefinite useful lives (projects under development) Gentian has recognised internally generated intangible assets with indefinite useful lives related to the development of diagnostic products. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually, and whenever there is an indication of impairment, in accordance with IAS\u202f36 Impairment of Assets. For the purposes of the impairment test, the intangible assets are assessed at product level, which represents the lowest level at which independent cash inflows can be identified. The impairment test
as of 31 December 2025 is limited to the product N
\u2011proBNP. At the balance sheet date, the carrying
amount of N
\u2011proBNP amounted to NOK 30.2 million. The recoverable amount has been determined based on value in use, calculated using a discounted cash flow (DCF) model before tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-204": { "value": "The consolidated accounts have been prepared on the basis of going concern", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mtpnn1": { "value": "
2.2 Changes in accounting policies and disclosures The International Accounting Standards Board (IASB) has issued new and amended accounting standards and interpretations that are not yet effective and have therefore not been implemented in the consolidated financial statements of Gentian Diagnostics ASA for 2025. The Group will adopt the relevant standards and interpretations as they become effective. In 2024, the IASB issued IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d, which will replace IAS 1 \u201cPresentation of Financial Statements\u201d. IFRS 18 introduces new requirements for presentation and disclosure in the financial statements.
The group is currently assessing the impact that IFRS 18 and taking the necessary steps to prepare for its implementation. 2.3 Principles for consolidation
The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of
31 December 2025. A subsidiary is an entity controlled by the group. An entity has been assessed as
being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions
between members of the group are eliminated in full on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-205": { "value": "
2.2 Changes in accounting policies and disclosures The International Accounting Standards Board (IASB) has issued new and amended accounting standards and interpretations that are not yet effective and have therefore not been implemented in the consolidated financial statements of Gentian Diagnostics ASA for 2025. The Group will adopt the relevant standards and interpretations as they become effective. In 2024, the IASB issued IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d, which will replace IAS 1 \u201cPresentation of Financial Statements\u201d. IFRS 18 introduces new requirements for presentation and disclosure in the financial statements.
The group is currently assessing the impact that IFRS 18 and taking the necessary steps to prepare for its implementation. 2.3 Principles for consolidation
The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of
31 December 2025. A subsidiary is an entity controlled by the group. An entity has been assessed as
being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions
between members of the group are eliminated in full on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-206": { "value": "
The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of
31 December 2025. A subsidiary is an entity controlled by the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mtpnn26": { "value": "A subsidiary is an entity controlled by the group. An entity has been assessed as
being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions
between members of the group are eliminated in full on consolidation
Note 5 - Group companies Company Office Ownership Gentian Diagnostics ASA Moss Parent company Gentian AS Moss 100 % Subsidiary Gentian USA Inc Orlando, FL USA 100 % Subsidiary of Gentian AS Gentian Diagnostics AB Stockholm, Sweden 100 % Subsidiary of Gentian AS Getica AB Gothenburg, Sweden 100 % Subsidiary of Gentian Diagnostics AB
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-237": { "value": "A subsidiary is an entity controlled by the group. An entity has been assessed as
being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions
between members of the group are eliminated in full on consolidation
Note 5 - Group companies Company Office Ownership Gentian Diagnostics ASA Moss Parent company Gentian AS Moss 100 % Subsidiary Gentian USA Inc Orlando, FL USA 100 % Subsidiary of Gentian AS Gentian Diagnostics AB Stockholm, Sweden 100 % Subsidiary of Gentian AS Getica AB Gothenburg, Sweden 100 % Subsidiary of Gentian Diagnostics AB
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-207": { "value": "A subsidiary is an entity controlled by the group. An entity has been assessed as
being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions
between members of the group are eliminated in full on consolidation", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mtpnn4": { "value": "
2.4 Currency The accounts of the individual entities in the group are measured in the currency used in which the entity mainly operates (functional currency). The consolidated financial statements are presented in
Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition
in the functional currency at the spot exchange rate at the transaction date. Monetary items in foreign currency are translated at the exchange rate on the balance sheet date. Exchange differences arising on the settlement of monetary items or on translating monetary items are recognised in profit or loss, with exception of exchange differences arising on a monetary item that is part of the net investment in a foreign operation. Assets and liabilities in foreign entities / units are translated into the presentation currency using the current exchange rate at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-208": { "value": "
2.4 Currency The accounts of the individual entities in the group are measured in the currency used in which the entity mainly operates (functional currency). The consolidated financial statements are presented in
Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition
in the functional currency at the spot exchange rate at the transaction date. Monetary items in foreign currency are translated at the exchange rate on the balance sheet date. Exchange differences arising on the settlement of monetary items or on translating monetary items are recognised in profit or loss, with exception of exchange differences arising on a monetary item that is part of the net investment in a foreign operation. Assets and liabilities in foreign entities / units are translated into the presentation currency using the current exchange rate at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-209": { "value": "The consolidated financial statements are presented in
Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition
in the functional currency at the spot exchange rate at the transaction date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-211": { "value": "
2.5 Segments For management purposes, the group is organized as one business unit, and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-210": { "value": "
2.5 Segments For management purposes, the group is organized as one business unit, and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mtpnn6": { "value": "
2.6 Revenue from contracts with customers The group generates revenue from the sale of biochemical reagents used in medical diagnostics and research. The group\u2019s customers are primarily medical laboratories and universities worldwide. Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods. Sale of goods Revenue from the sale of goods is recognised at a point in time when control of the goods is transferred to the customer. For the majority of sales, control is transferred upon dispatch of the goods from the group\u2019s warehouse, which coincides with invoicing. For certain contracts where the group retains
responsibility for delivery to the customer\u2019s premises, control is transferred upon delivery to the customer. The transaction price corresponds to the agreed sales price for the reagents as specified in each individual customer contract. The Group does not typically provide discounts, rebates, or other forms of variable consideration. The normal credit term is 30 to 60 days from delivery. There are no other significant financing components, warranties, or other material contractual terms associated with contracts with customers.
Note 6 \u2013 Sales revenue Geographical split of sales revenue 2025 2024 Europe 114 183 116 169 Asia 32 879 23 715 USA 29 437 12 186 Total 176 499 152 069 Sales revenue by product category 2025 2024 Renal diagnostic products 66 960 50 600 Inflammation diagnostic products 74 189 71 991 Other diagnostic products 35 350 29 479 Total 176 499 152 069
The company has a significant concentration of revenue from a single global commercial partner. For the year ended December 31, 2025, revenues from this partner accounted for approximately 40% of total revenue. The loss of this partner could have a material adverse effect on the company\u2019s financial condition and results of operations. The company has received advance payments of NOK 6.4 million for goods that have not yet been delivered. The goods will be delivered and fully recognised as revenue in 2026. The advance payments are presented as other short-term liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-212": { "value": "
2.6 Revenue from contracts with customers The group generates revenue from the sale of biochemical reagents used in medical diagnostics and research. The group\u2019s customers are primarily medical laboratories and universities worldwide. Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods. Sale of goods Revenue from the sale of goods is recognised at a point in time when control of the goods is transferred to the customer. For the majority of sales, control is transferred upon dispatch of the goods from the group\u2019s warehouse, which coincides with invoicing. For certain contracts where the group retains
responsibility for delivery to the customer\u2019s premises, control is transferred upon delivery to the customer. The transaction price corresponds to the agreed sales price for the reagents as specified in each individual customer contract. The Group does not typically provide discounts, rebates, or other forms of variable consideration. The normal credit term is 30 to 60 days from delivery. There are no other significant financing components, warranties, or other material contractual terms associated with contracts with customers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-244": { "value": "
2.7 Employee benefit expenses The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group has put in place defined contribution plans. The company provides annual bonuses to the employees in the bonus program based on individual and company performance. These bonuses are recognized as an expense in the period in which the company has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made.
The group has a share-based program for key personnel. Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue.
Note 10 - Employee benefit expenses
20
5
20
4 Wages and salaries 62 262 55 287 Payroll tax 9 683 9 206 Pension costs (mandatory occupational pension) 4 622 3 521 Share based payments (including employer\u2019s 4 136 2 576 social security tax) Other expenses 1 881 2 175 Total 82 584 72 765
The group had 64 employees per 31 December 2025. The corresponding number per 31 December
2024 was 63 employees. The company has a share option program covering certain key personnel. Per 31 December 2025, the program has fifteen members. The share option program for key personnel is settled in shares. The fair value of the issued options is expensed over the vesting period: For options issued from 2021,1/3 of the options will vest 24 months after the day of grant, 1/3 will vest 36 months after the day of grant and 1/3 will vest 48 months. For options issued from 2022, 2023 and 2024, 1/2 of the options will vest after 36 months and 1/2 of the options will vest after 48 months. Unvested options may be cancelled if the holder terminates its employment with the group. All outstanding options will immediately vest if a single shareholder acquires more than 50% of the company\u2019s shares. In addition, any acquisition, sale, or disposition of shares or assets of the Company, or any merger or other form of consolidation resulting in a change of ownership of all or substantially all of the Company\u2019s assets, will also lead to immediate vesting of all outstanding options. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued options of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognised as salary and personnel cost in profit and loss and in other paid- in capital. Social security tax on options is recorded as a liability and is recognised over the estimated vesting period. 2025 2024 Outstanding options 01.01 1 080 632 1 115 594 Options granted - 295 000 Options forfeited - - Options terminated -32 500 -120 000 Options expired -80 000 -209 962 Outstanding options 31.12 968 132 1 080 632
The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2026-11 72.60 133 174 2027-12 46.67 199 996 2028-11 40.17 339 962 2029-11 52.39 295 000 968 132 No share options were granted during the year. The fair value of options granted in previous years was determined at grant date using the Black-Scholes-Merton option pricing model.
Management salary 2025 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen Chief Executive Officer 3 545 - 749 271 360 4 925 Njaal Kind Group Chief Financial Officer 2 400 - 87 419 5 2 911 Aleksandra Havelka Chief Scientific Officer 1 826 - 404 256 44 2 530 Markus Jaquemar * Chief Growth Officer 2 528 - - 440 - 2 968 Frank Frantzen Chief Technology Officer 1 483 - 83 193 28 1 787 Total management salary 11 782 - 1 323 1 578 438 15 121 * CGO from 25 February 2025 2024 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen ** Chief Executive Officer 1 196 - - 12 162 1 370 Hilja Ibert *** Chief Executive Officer 1 370 633 - 979 57 3 039 Njaal Kind **** Group Chief Financial Officer 2 470 339 77 457 9 3 353 Aleksandra Havelka Chief Scientific Officer 1 509 231 410 235 43 2 428 Markus Jaquemar Chief Commercial Officer 2 440 418 - 341 - 3 199 Frank Frantzen ***** Chief Technology Officer 712 - 39 8 19 779 Total management salary 9 698 1 621 526 2 032 290 14 168 ** CEO from 1 October 2024 *** CEO until 29 April 2024 **** Acting CEO from 30 April to 30 September 2024 ***** CTO from 5 August 2024
The CEO is entitled to compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) if the employment is terminated. The group operates a performance-based bonus scheme for selected employees. The bonus is based on predefined financial targets and individual performance objectives. Financial targets comprise group revenue and EBITDA performance, while individual objectives are agreed annually and assessed at year-end. Bonus payments are subject to predefined performance thresholds and capped at a maximum payout level. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s website: www.gentian.com. Management share options
20
5 2024 Matti Heinonen ** Chief Executive Officer 100 000 100 000 Hilja Ibert *** Chief Executive Officer 219 962 219 962 Njaal Kind **** Group Chief Financial Officer 140 670 180 670 Aleksandra Havelka Chief Scientific Officer from 1.1.23 80 000 80 000 Markus Jaquemar * Chief Commercial Officer 107 500 127 500 Frank Frantzen ***** Chief Technology Officer 50 000 50 000 Share options 698 132 758 132 Board remuneration
20
5
20
4 Remuneration to the board 1 050 1 050 For further details see the Remuneration report.
Pension costs The company is obliged to have an occupational pension scheme for the Norwegian employees in accordance with the Act on Compulsory Occupational Pensions. Currently all eligible employees in Norway receive 5 % of their fixed salary up to 12G as a contribution to the pension plan, which is in accordance with the Act on Compulsory Occupational Pensions. For employees in the foreign subsidiaries, local regulations are followed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-213": { "value": "
2.7 Employee benefit expenses The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group has put in place defined contribution plans. The company provides annual bonuses to the employees in the bonus program based on individual and company performance. These bonuses are recognized as an expense in the period in which the company has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made.
The group has a share-based program for key personnel. Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-246": { "value": "
The group has a share-based program for key personnel. Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue.
ad 64 employees per 31 December 2025. The corresponding number per 31 December
2024 was 63 employees. The company has a share option program covering certain key personnel. Per 31 December 2025, the program has fifteen members. The share option program for key personnel is settled in shares. The fair value of the issued options is expensed over the vesting period: For options issued from 2021,1/3 of the options will vest 24 months after the day of grant, 1/3 will vest 36 months after the day of grant and 1/3 will vest 48 months. For options issued from 2022, 2023 and 2024, 1/2 of the options will vest after 36 months and 1/2 of the options will vest after 48 months. Unvested options may be cancelled if the holder terminates its employment with the group. All outstanding options will immediately vest if a single shareholder acquires more than 50% of the company\u2019s shares. In addition, any acquisition, sale, or disposition of shares or assets of the Company, or any merger or other form of consolidation resulting in a change of ownership of all or substantially all of the Company\u2019s assets, will also lead to immediate vesting of all outstanding options. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued options of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognised as salary and personnel cost in profit and loss and in other paid- in capital. Social security tax on options is recorded as a liability and is recognised over the estimated vesting period. 2025 2024 Outstanding options 01.01 1 080 632 1 115 594 Options granted - 295 000 Options forfeited - - Options terminated -32 500 -120 000 Options expired -80 000 -209 962 Outstanding options 31.12 968 132 1 080 632
The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2026-11 72.60 133 174 2027-12 46.67 199 996 2028-11 40.17 339 962 2029-11 52.39 295 000 968 132 No share options were granted during the year. The fair value of options granted in previous years was determined at grant date using the Black-Scholes-Merton option pricing model.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-214": { "value": "
The group has a share-based program for key personnel. Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-263": { "value": "
2.8 Intangible assets Intangible assets are recognised in the balance sheet when it is probable that the expected future economic benefits will flow to the group, and the cost of the asset can be measured reliably. Intangible assets with finite useful lives are measured at cost less accumulated amortisation and impairment losses. Intangible assets with indefinite useful lives are tested for impairment annually, see Note 18 for further information on impairment testing.
Development costs Capitalised development costs include materials, salary and social expenses, and costs directly attributable to the development of the asset. A significant part of capitalised development costs consists
of hours booked on each R&D project. In addition, capitalised development costs include external costs such as consultancy services, clinical studies, reagents, and consumables. In the early product development phase (Proof of Concept; PoC), new biomarker or assay ideas are evaluated through testing of technical feasibility, preparation of a business plan and assessment of standardisation possibilities. The results are documented in a final PoC report and reviewed by an independent review group. Capitalisation of development costs normally commences when the project has successfully passed the Proof of Concept stage, management has approved a comprehensive development plan and budget, and the recognition criteria under IAS 38 are considered to be met. At this stage, the project enters the optimisation phase under formal design control and transitions from exploratory feasibility activities to structured product development with defined technical specifications, documentation requirements, governance and committed resources.
Amortizations starts when the asset is available for use. Capitalised development costs are amortized over 10 years.
Note 18 - Intangible assets
20
5 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 25 864 20 690 46 554 Additions during the year - 11 697 11 679 Adjustments - - - Grants received - -2 145 -2 145 Accumulated cost as at 31.12 25 864 30 242 56 106 Amortisation and impairment Carrying amount at 01.01 18 098 - 18 098 Amortisation during the year 2 176 - 2 176 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12
20 2
3 - 20 273 Carrying amount in balance sheet as at 31.12
5 5
1 30 242 35 833
20
4 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 18 017 18 965 36 982 Additions during the year - 11 818 9 573 Adjustments 7 847 -7 847 - Grants received - -2 245 - Accumulated cost as at 31.12 25 864 20 690 46 554 Amortisation and impairment Carrying amount at 01.01 15 824 - 15 824 Amortisation during the year 2 274 - 2 274 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 18 098 - 18 098 Carrying amount in balance sheet as at 31.12 7 766 20 690 28 457
Intangible assets with indefinite useful lives (projects under development) Gentian has recognised internally generated intangible assets with indefinite useful lives related to the development of diagnostic products. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually, and whenever there is an indication of impairment, in accordance with IAS\u202f36 Impairment of Assets. For the purposes of the impairment test, the intangible assets are assessed at product level, which represents the lowest level at which independent cash inflows can be identified. The impairment test
as of 31 December 2025 is limited to the product NT
\u2011proBNP. At the balance sheet date, the carrying
amount of NT
\u2011proBNP amounted to NOK 30.2 million. The recoverable amount has been determined based on value in use, calculated using a discounted cash flow (DCF) model before tax.
Assumptions Future cash flows The cash flow projections are based on the Groups approved business plan and budgets and reflect management\u2019s expectations regarding future sales volume and price, gross margin and remaining development costs for the product. An explicit forecast period of ten years (2026\u20132035) has been applied, with no terminal value included. The use of a long explicit forecast period reflects the long development and commercialization cycle for new diagnostic products and the expectation that the product will not reach a stable mature phase within a shorter time horizon. Pre-tax discount rate Cash flows were discounted to a weighted average cost of capital (WACC) corresponding to 12,3 % before tax. Result of the impairment test
The impairment test performed indicates that the recoverable amount of NT
\u2011proBNP exceeds its carrying amount. The group has also done sensitivity tests. No reasonable changes in key assumptions would lead to impairment. See also Note 23 \u2013 Events after the balance sheet date.
In early 2026, unforeseen performance challenges were identified in the development of NT-proBNP, resulting in increased uncertainty related to the assay. At this stage, the group considers the key assumptions underlying the impairment test disclosed in Note 18 to represent its best current estimates. Accordingly, no changes have been made to the assumptions applied in the impairment test or to the financial statement assessments as of the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-215": { "value": "
2.8 Intangible assets Intangible assets are recognised in the balance sheet when it is probable that the expected future economic benefits will flow to the group, and the cost of the asset can be measured reliably. Intangible assets with finite useful lives are measured at cost less accumulated amortisation and impairment losses. Intangible assets with indefinite useful lives are tested for impairment annually, see Note 18 for further information on impairment testing.
Development costs Capitalised development costs include materials, salary and social expenses, and costs directly attributable to the development of the asset. A significant part of capitalised development costs consists
of hours booked on each R&D project. In addition, capitalised development costs include external costs such as consultancy services, clinical studies, reagents, and consumables. In the early product development phase (Proof of Concept; PoC), new biomarker or assay ideas are evaluated through testing of technical feasibility, preparation of a business plan and assessment of standardisation possibilities. The results are documented in a final PoC report and reviewed by an independent review group. Capitalisation of development costs normally commences when the project has successfully passed the Proof of Concept stage, management has approved a comprehensive development plan and budget, and the recognition criteria under IAS 38 are considered to be met. At this stage, the project enters the optimisation phase under formal design control and transitions from exploratory feasibility activities to structured product development with defined technical specifications, documentation requirements, governance and committed resources.
Amortizations starts when the asset is available for use. Capitalised development costs are amortized over 10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-262": { "value": "
2.8 Intangible assets Intangible assets are recognised in the balance sheet when it is probable that the expected future economic benefits will flow to the group, and the cost of the asset can be measured reliably. Intangible assets with finite useful lives are measured at cost less accumulated amortisation and impairment losses. Intangible assets with indefinite useful lives are tested for impairment annually, see Note 18 for further information on impairment testing.
Development costs Capitalised development costs include materials, salary and social expenses, and costs directly attributable to the development of the asset. A significant part of capitalised development costs consists
of hours booked on each R&D project. In addition, capitalised development costs include external costs such as consultancy services, clinical studies, reagents, and consumables. In the early product development phase (Proof of Concept; PoC), new biomarker or assay ideas are evaluated through testing of technical feasibility, preparation of a business plan and assessment of standardisation possibilities. The results are documented in a final PoC report and reviewed by an independent review group. Capitalisation of development costs normally commences when the project has successfully passed the Proof of Concept stage, management has approved a comprehensive development plan and budget, and the recognition criteria under IAS 38 are considered to be met. At this stage, the project enters the optimisation phase under formal design control and transitions from exploratory feasibility activities to structured product development with defined technical specifications, documentation requirements, governance and committed resources.
Amortizations starts when the asset is available for use. Capitalised development costs are amortized over 10 years.
Note 18 - Intangible assets
20
5 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 25 864 20 690 46 554 Additions during the year - 11 697 11 679 Adjustments - - - Grants received - -2 145 -2 145 Accumulated cost as at 31.12 25 864 30 242 56 106 Amortisation and impairment Carrying amount at 01.01 18 098 - 18 098 Amortisation during the year 2 176 - 2 176 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12
20 2
3 - 20 273 Carrying amount in balance sheet as at 31.12
5 5
1 30 242 35 833
20
4 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 18 017 18 965 36 982 Additions during the year - 11 818 9 573 Adjustments 7 847 -7 847 - Grants received - -2 245 - Accumulated cost as at 31.12 25 864 20 690 46 554 Amortisation and impairment Carrying amount at 01.01 15 824 - 15 824 Amortisation during the year 2 274 - 2 274 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 18 098 - 18 098 Carrying amount in balance sheet as at 31.12 7 766 20 690 28 457
Intangible assets with indefinite useful lives (projects under development) Gentian has recognised internally generated intangible assets with indefinite useful lives related to the development of diagnostic products. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually, and whenever there is an indication of impairment, in accordance with IAS\u202f36 Impairment of Assets. For the purposes of the impairment test, the intangible assets are assessed at product level, which represents the lowest level at which independent cash inflows can be identified. The impairment test
as of 31 December 2025 is limited to the product NT
\u2011proBNP. At the balance sheet date, the carrying
amount of NT
\u2011proBNP amounted to NOK 30.2 million. The recoverable amount has been determined based on value in use, calculated using a discounted cash flow (DCF) model before tax.
Assumptions Future cash flows The cash flow projections are based on the Groups approved business plan and budgets and reflect management\u2019s expectations regarding future sales volume and price, gross margin and remaining development costs for the product. An explicit forecast period of ten years (2026\u20132035) has been applied, with no terminal value included. The use of a long explicit forecast period reflects the long development and commercialization cycle for new diagnostic products and the expectation that the product will not reach a stable mature phase within a shorter time horizon. Pre-tax discount rate Cash flows were discounted to a weighted average cost of capital (WACC) corresponding to 12,3 % before tax. Result of the impairment test
The impairment test performed indicates that the recoverable amount of NT
\u2011proBNP exceeds its carrying amount. The group has also done sensitivity tests. No reasonable changes in key assumptions would lead to impairment. See also Note 23 \u2013 Events after the balance sheet date.
In early 2026, unforeseen performance challenges were identified in the development of NT-proBNP, resulting in increased uncertainty related to the assay. At this stage, the group considers the key assumptions underlying the impairment test disclosed in Note 18 to represent its best current estimates. Accordingly, no changes have been made to the assumptions applied in the impairment test or to the financial statement assessments as of the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-218": { "value": "
2.8 Intangible assets Intangible assets are recognised in the balance sheet when it is probable that the expected future economic benefits will flow to the group, and the cost of the asset can be measured reliably. Intangible assets with finite useful lives are measured at cost less accumulated amortisation and impairment losses. Intangible assets with indefinite useful lives are tested for impairment annually, see Note 18 for further information on impairment testing.
Development costs Capitalised development costs include materials, salary and social expenses, and costs directly attributable to the development of the asset. A significant part of capitalised development costs consists
of hours booked on each R&D project. In addition, capitalised development costs include external costs such as consultancy services, clinical studies, reagents, and consumables. In the early product development phase (Proof of Concept; PoC), new biomarker or assay ideas are evaluated through testing of technical feasibility, preparation of a business plan and assessment of standardisation possibilities. The results are documented in a final PoC report and reviewed by an independent review group. Capitalisation of development costs normally commences when the project has successfully passed the Proof of Concept stage, management has approved a comprehensive development plan and budget, and the recognition criteria under IAS 38 are considered to be met. At this stage, the project enters the optimisation phase under formal design control and transitions from exploratory feasibility activities to structured product development with defined technical specifications, documentation requirements, governance and committed resources.
Amortizations starts when the asset is available for use. Capitalised development costs are amortized over 10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-217": { "value": "
2.8 Intangible assets Intangible assets are recognised in the balance sheet when it is probable that the expected future economic benefits will flow to the group, and the cost of the asset can be measured reliably. Intangible assets with finite useful lives are measured at cost less accumulated amortisation and impairment losses. Intangible assets with indefinite useful lives are tested for impairment annually, see Note 18 for further information on impairment testing.
Development costs Capitalised development costs include materials, salary and social expenses, and costs directly attributable to the development of the asset. A significant part of capitalised development costs consists
of hours booked on each R&D project. In addition, capitalised development costs include external costs such as consultancy services, clinical studies, reagents, and consumables. In the early product development phase (Proof of Concept; PoC), new biomarker or assay ideas are evaluated through testing of technical feasibility, preparation of a business plan and assessment of standardisation possibilities. The results are documented in a final PoC report and reviewed by an independent review group. Capitalisation of development costs normally commences when the project has successfully passed the Proof of Concept stage, management has approved a comprehensive development plan and budget, and the recognition criteria under IAS 38 are considered to be met. At this stage, the project enters the optimisation phase under formal design control and transitions from exploratory feasibility activities to structured product development with defined technical specifications, documentation requirements, governance and committed resources.
Amortizations starts when the asset is available for use. Capitalised development costs are amortized over 10 years.
Note 3 - Significant estimates and uncertainties The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that effect the recognition and measurement of certain assets, liabilities, revenue, and expense. The following area involves the most critical estimates and judgments for the group: \ue002 Research and development cost related to internally developed technology \ue002 Deferred tax assets
Research and development cost Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility and probable future economic benefits in accordance with IAS 38, as further described in Note 2.8. The most significant judgment relates to the assessment of when the recognition criteria are met, including technological and commercial feasibility. The main estimation uncertainty relates to assumptions about future revenues from both existing and new products, including expected sales volumes, pricing, margins and timing of market introduction. Further information regarding impairment of intangible assets is provided in Note 18.
Deferred tax assets As of 31.12.2025, the group has recognized a deferred tax asset of NOK 12.8 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. The group has generated taxable profits in both 2024 and 2025, supporting this assessment. This assessment involves significant judgment and is based on key assumptions, including:
- The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates.
Note 12 - Research and development expenses The Gentian Group has per 31 December 2025 three ongoing R&D projects. Costs related to the projects consist of salary, external procurement of services, and other operating expenses. Recognised research and development expenses
20
5
20
4 Purchase of external services 3 046 2 329 Salary and other operating expenses 25 562 25 223 Depreciation and amortisation 4 109 3 936 Capitalised research and development expenses -9 552 -9 573 Total 23 164 21 916
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-216": { "value": "
2.8 Intangible assets Intangible assets are recognised in the balance sheet when it is probable that the expected future economic benefits will flow to the group, and the cost of the asset can be measured reliably. Intangible assets with finite useful lives are measured at cost less accumulated amortisation and impairment losses. Intangible assets with indefinite useful lives are tested for impairment annually, see Note 18 for further information on impairment testing.
Development costs Capitalised development costs include materials, salary and social expenses, and costs directly attributable to the development of the asset. A significant part of capitalised development costs consists
of hours booked on each R&D project. In addition, capitalised development costs include external costs such as consultancy services, clinical studies, reagents, and consumables. In the early product development phase (Proof of Concept; PoC), new biomarker or assay ideas are evaluated through testing of technical feasibility, preparation of a business plan and assessment of standardisation possibilities. The results are documented in a final PoC report and reviewed by an independent review group. Capitalisation of development costs normally commences when the project has successfully passed the Proof of Concept stage, management has approved a comprehensive development plan and budget, and the recognition criteria under IAS 38 are considered to be met. At this stage, the project enters the optimisation phase under formal design control and transitions from exploratory feasibility activities to structured product development with defined technical specifications, documentation requirements, governance and committed resources.
Amortizations starts when the asset is available for use. Capitalised development costs are amortized over 10 years.
Research and development cost Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility and probable future economic benefits in accordance with IAS 38, as further described in Note 2.8. The most significant judgment relates to the assessment of when the recognition criteria are met, including technological and commercial feasibility. The main estimation uncertainty relates to assumptions about future revenues from both existing and new products, including expected sales volumes, pricing, margins and timing of market introduction. Further information regarding impairment of intangible assets is provided in Note 18.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-219": { "value": "
2.8 Intangible assets Intangible assets are recognised in the balance sheet when it is probable that the expected future economic benefits will flow to the group, and the cost of the asset can be measured reliably. Intangible assets with finite useful lives are measured at cost less accumulated amortisation and impairment losses. Intangible assets with indefinite useful lives are tested for impairment annually, see Note 18 for further information on impairment testing.
The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.
Note 18 - Intangible assets
20
5 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 25 864 20 690 46 554 Additions during the year - 11 697 11 679 Adjustments - - - Grants received - -2 145 -2 145 Accumulated cost as at 31.12 25 864 30 242 56 106 Amortisation and impairment Carrying amount at 01.01 18 098 - 18 098 Amortisation during the year 2 176 - 2 176 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12
20 2
3 - 20 273 Carrying amount in balance sheet as at 31.12
5 5
1 30 242 35 833
20
4 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 18 017 18 965 36 982 Additions during the year - 11 818 9 573 Adjustments 7 847 -7 847 - Grants received - -2 245 - Accumulated cost as at 31.12 25 864 20 690 46 554 Amortisation and impairment Carrying amount at 01.01 15 824 - 15 824 Amortisation during the year 2 274 - 2 274 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 18 098 - 18 098 Carrying amount in balance sheet as at 31.12 7 766 20 690 28 457
Intangible assets with indefinite useful lives (projects under development) Gentian has recognised internally generated intangible assets with indefinite useful lives related to the development of diagnostic products. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually, and whenever there is an indication of impairment, in accordance with IAS\u202f36 Impairment of Assets. For the purposes of the impairment test, the intangible assets are assessed at product level, which represents the lowest level at which independent cash inflows can be identified. The impairment test
as of 31 December 2025 is limited to the product N
\u2011proBNP. At the balance sheet date, the carrying
amount of N
\u2011proBNP amounted to NOK 30.2 million. The recoverable amount has been determined based on value in use, calculated using a discounted cash flow (DCF) model before tax.
Assumptions Future cash flows The cash flow projections are based on the Groups approved business plan and budgets and reflect management\u2019s expectations regarding future sales volume and price, gross margin and remaining development costs for the product. An explicit forecast period of ten years (2026\u20132035) has been applied, with no terminal value included. The use of a long explicit forecast period reflects the long development and commercialization cycle for new diagnostic products and the expectation that the product will not reach a stable mature phase within a shorter time horizon. Pre-tax discount rate Cash flows were discounted to a weighted average cost of capital (WACC) corresponding to 12,3 % before tax. Result of the impairment test
The impairment test performed indicates that the recoverable amount of N
\u2011proBNP exceeds its carrying amount. The group has also done sensitivity tests. No reasonable changes in key assumptions would lead to impairment. See also Note 23 \u2013 Events after the balance sheet date.
In early 2026, unforeseen performance challenges were identified in the development of NT-proBNP, resulting in increased uncertainty related to the assay. At this stage, the group considers the key assumptions underlying the impairment test disclosed in Note 18 to represent its best current estimates. Accordingly, no changes have been made to the assumptions applied in the impairment test or to the financial statement assessments as of the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-259": { "value": "
Amortizations starts when the asset is available for use. Capitalised development costs are amortized over 10 years.
The property,
plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \ue002 Machinery/ equipment 10-15 years \ue002 Fixtures 3-8 years
The group applies the depreciation
requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset.
Note 15 - Property, plant, and equipment
20
5 Property &
Righ
-
o
-use equipment assets Total Acquisition costs Carrying amount at 01.01 23 921 27 393 51 314 Additions during the year 1 207 - 1 207 Adjustments - 17 239 17 239 Exchange differences 16 - 16 Accumulated cost as at 31.12 25 144 44 632 69 776 Depreciation and impairment Carrying amount at 01.01 17 662 19 629 37 291 Depreciation during the year 3 065 3 874 6 939 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 20 727 23 503 44 230 Carrying amount in balance sheet as at 31.12 4 417 21 129 25 546
20
4 Property &
Righ
-
o
-use equipment assets Total Acquisition costs Carrying amount at 01.01 22 537 26 110 48 647 Additions during the year 1 377 948 2 325 Adjustments - 335 335 Exchange differences 7 - 7 Accumulated cost as at 31.12 23 921 27 393 51 314 Depreciation and impairment Carrying amount at 01.01 14 785 15 816 30 602 Depreciation during the year 2 877 3 812 6 690 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 17 662 19 629 37 291 Carrying amount in balance sheet as at 31.12 6 259 7 764 14 023
Note 18 - Intangible assets
20
5 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 25 864 20 690 46 554 Additions during the year - 11 697 11 679 Adjustments - - - Grants received - -2 145 -2 145 Accumulated cost as at 31.12 25 864 30 242 56 106 Amortisation and impairment Carrying amount at 01.01 18 098 - 18 098 Amortisation during the year 2 176 - 2 176 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12
20 2
3 - 20 273 Carrying amount in balance sheet as at 31.12
5 5
1 30 242 35 833
20
4 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 18 017 18 965 36 982 Additions during the year - 11 818 9 573 Adjustments 7 847 -7 847 - Grants received - -2 245 - Accumulated cost as at 31.12 25 864 20 690 46 554 Amortisation and impairment Carrying amount at 01.01 15 824 - 15 824 Amortisation during the year 2 274 - 2 274 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 18 098 - 18 098 Carrying amount in balance sheet as at 31.12 7 766 20 690 28 457
Intangible assets with indefinite useful lives (projects under development) Gentian has recognised internally generated intangible assets with indefinite useful lives related to the development of diagnostic products. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually, and whenever there is an indication of impairment, in accordance with IAS\u202f36 Impairment of Assets. For the purposes of the impairment test, the intangible assets are assessed at product level, which represents the lowest level at which independent cash inflows can be identified. The impairment test
as of 31 December 2025 is limited to the product N
\u2011proBNP. At the balance sheet date, the carrying
amount of N
\u2011proBNP amounted to NOK 30.2 million. The recoverable amount has been determined based on value in use, calculated using a discounted cash flow (DCF) model before tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-220": { "value": "
Amortizations starts when the asset is available for use. Capitalised development costs are amortized over 10 years.
The property,
plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \ue002 Machinery/ equipment 10-15 years \ue002 Fixtures 3-8 years
The group applies the depreciation
requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-260": { "value": "
2.9 Property, plant, and equipment The group's long-term assets consist mainly of production equipment and fixtures. The property, plant and equipment are recognised at acquisition cost less depreciation. Acquisition costs include costs directly related to the acquisition of the asset. Subsequent expenses are added to the carrying amount of the assets or are capitalised separately when it is probable that future economic benefits associated with the expense will flow to the group and the expense can be measured reliably. Other repair and maintenance costs are charged to the profit and loss account during the period incurred. The property,
plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \ue002 Machinery/ equipment 10-15 years \ue002 Fixtures 3-8 years
Note 15 - Property, plant, and equipment
20
5 Property &
Righ
-
o
-use equipment assets Total Acquisition costs Carrying amount at 01.01 23 921 27 393 51 314 Additions during the year 1 207 - 1 207 Adjustments - 17 239 17 239 Exchange differences 16 - 16 Accumulated cost as at 31.12 25 144 44 632 69 776 Depreciation and impairment Carrying amount at 01.01 17 662 19 629 37 291 Depreciation during the year 3 065 3 874 6 939 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 20 727 23 503 44 230 Carrying amount in balance sheet as at 31.12 4 417 21 129 25 546
20
4 Property &
Righ
-
o
-use equipment assets Total Acquisition costs Carrying amount at 01.01 22 537 26 110 48 647 Additions during the year 1 377 948 2 325 Adjustments - 335 335 Exchange differences 7 - 7 Accumulated cost as at 31.12 23 921 27 393 51 314 Depreciation and impairment Carrying amount at 01.01 14 785 15 816 30 602 Depreciation during the year 2 877 3 812 6 690 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 17 662 19 629 37 291 Carrying amount in balance sheet as at 31.12 6 259 7 764 14 023
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-221": { "value": "
2.9 Property, plant, and equipment The group's long-term assets consist mainly of production equipment and fixtures. The property, plant and equipment are recognised at acquisition cost less depreciation. Acquisition costs include costs directly related to the acquisition of the asset. Subsequent expenses are added to the carrying amount of the assets or are capitalised separately when it is probable that future economic benefits associated with the expense will flow to the group and the expense can be measured reliably. Other repair and maintenance costs are charged to the profit and loss account during the period incurred. The property,
plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \ue002 Machinery/ equipment 10-15 years \ue002 Fixtures 3-8 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-258": { "value": "
2.10 Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \ue001 Leases of low value assets; and \ue001 Leases with a duration of 12 months or less. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option.
Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \ue001 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The majority of the lease liability relates to a property rental agreement with yearly index adjustments. When the index adjustment of a lease contract is revised significantly from the original measurement, the lease liability and corresponding right- of-use asset are adjusted to reflect the revised index rate. The lease payments are generally discounted using the company\u2019s incremental borrowing rate. The group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The group applies the depreciation
requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset.
The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.
Note 15 - Property, plant, and equipment
20
5 Property &
Righ
-
o
-use equipment assets Total Acquisition costs Carrying amount at 01.01 23 921 27 393 51 314 Additions during the year 1 207 - 1 207 Adjustments - 17 239 17 239 Exchange differences 16 - 16 Accumulated cost as at 31.12 25 144 44 632 69 776 Depreciation and impairment Carrying amount at 01.01 17 662 19 629 37 291 Depreciation during the year 3 065 3 874 6 939 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 20 727 23 503 44 230 Carrying amount in balance sheet as at 31.12 4 417 21 129 25 546
20
4 Property &
Righ
-
o
-use equipment assets Total Acquisition costs Carrying amount at 01.01 22 537 26 110 48 647 Additions during the year 1 377 948 2 325 Adjustments - 335 335 Exchange differences 7 - 7 Accumulated cost as at 31.12 23 921 27 393 51 314 Depreciation and impairment Carrying amount at 01.01 14 785 15 816 30 602 Depreciation during the year 2 877 3 812 6 690 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 17 662 19 629 37 291 Carrying amount in balance sheet as at 31.12 6 259 7 764 14 023
Note 16 - Leases/right-of-use assets Right-of-use assets Right-of-use assets mainly consists of leased offices. The estimated lease liabilities related to these agreements are NOK 21.8 million on 31 December 2025 and NOK 8.3 million on 31 December 2024. Lease liabilities Undiscounted lease liabilities and maturity of cash outflows 2025 2024 Less than 1 year 4 883 4 762 1-2 years 4 802 4 713 3-5 years 17 673 5 070 Total undiscounted lease liabilities at 31.12. 27 358 14 545 Summary of lease liabilities 2025 2024 Lease liabilities at 01.01. 10 040 13 050 New lease liabilities recognised in the year - 948 Lease payments -4 962 -4 950 Adjustments 17 239 335 Interest expense on lease liabilities 672 657 Total lease liabilities at 31.12. 22 989 10 040 Current lease liabilities 3 547 4 532 Non-current lease liabilities 19 442 5 507 Information regarding right-of-use assets is included in Note 15.
Note 17 \u2013 Changes in Liabilities Reconciliation of changes in liabilities arising from financing activities is shown in the tables below: Non-cash changes
01.01.20
5 Cash flows New leases Other non- cash changes Re- classi- fication
31.12.20
5 Lease liabilities non-current 5 507 - 17 239 672 -3 976 19 442 Lease liabilities current 4 532 -4 962 - - 3 976 3 547 Total liabilities from financing activities 10 040 -4 962 17 239 672 0 22 989
01.01.20
4 Cash flows New leases Other non- cash changes Re- classi- fication
31.12.20
4 Lease liabilities non-current 9 006 - 948 657 -5 104 5 507 Lease liabilities current 4 043 -4 950 - 335 5 104 4 532 Total liabilities from financing activities 13 050 -4 950 948 992 0 10 040 New leases include both lease liabilities recognised from new lease contracts and non-cash increases in lease liabilities arising from reassessments of existing lease terms, including the inclusion of extension option.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-222": { "value": "
2.10 Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \ue001 Leases of low value assets; and \ue001 Leases with a duration of 12 months or less. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option.
Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \ue001 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The majority of the lease liability relates to a property rental agreement with yearly index adjustments. When the index adjustment of a lease contract is revised significantly from the original measurement, the lease liability and corresponding right- of-use asset are adjusted to reflect the revised index rate. The lease payments are generally discounted using the company\u2019s incremental borrowing rate. The group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The group applies the depreciation
requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset.
The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-223": { "value": "
The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.
Deferred tax assets As of 31.12.2025, the group has recognized a deferred tax asset of NOK 12.8 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. The group has generated taxable profits in both 2024 and 2025, supporting this assessment. This assessment involves significant judgment and is based on key assumptions, including:
- The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates.
Note 18 - Intangible assets
20
5 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 25 864 20 690 46 554 Additions during the year - 11 697 11 679 Adjustments - - - Grants received - -2 145 -2 145 Accumulated cost as at 31.12 25 864 30 242 56 106 Amortisation and impairment Carrying amount at 01.01 18 098 - 18 098 Amortisation during the year 2 176 - 2 176 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12
20 2
3 - 20 273 Carrying amount in balance sheet as at 31.12
5 5
1 30 242 35 833
20
4 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 18 017 18 965 36 982 Additions during the year - 11 818 9 573 Adjustments 7 847 -7 847 - Grants received - -2 245 - Accumulated cost as at 31.12 25 864 20 690 46 554 Amortisation and impairment Carrying amount at 01.01 15 824 - 15 824 Amortisation during the year 2 274 - 2 274 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 18 098 - 18 098 Carrying amount in balance sheet as at 31.12 7 766 20 690 28 457
Intangible assets with indefinite useful lives (projects under development) Gentian has recognised internally generated intangible assets with indefinite useful lives related to the development of diagnostic products. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually, and whenever there is an indication of impairment, in accordance with IAS\u202f36 Impairment of Assets. For the purposes of the impairment test, the intangible assets are assessed at product level, which represents the lowest level at which independent cash inflows can be identified. The impairment test
as of 31 December 2025 is limited to the product N
\u2011proBNP. At the balance sheet date, the carrying
amount of N
\u2011proBNP amounted to NOK 30.2 million. The recoverable amount has been determined based on value in use, calculated using a discounted cash flow (DCF) model before tax.
Assumptions Future cash flows The cash flow projections are based on the Groups approved business plan and budgets and reflect management\u2019s expectations regarding future sales volume and price, gross margin and remaining development costs for the product. An explicit forecast period of ten years (2026\u20132035) has been applied, with no terminal value included. The use of a long explicit forecast period reflects the long development and commercialization cycle for new diagnostic products and the expectation that the product will not reach a stable mature phase within a shorter time horizon. Pre-tax discount rate Cash flows were discounted to a weighted average cost of capital (WACC) corresponding to 12,3 % before tax. Result of the impairment test
The impairment test performed indicates that the recoverable amount of N
\u2011proBNP exceeds its carrying amount. The group has also done sensitivity tests. No reasonable changes in key assumptions would lead to impairment. See also Note 23 \u2013 Events after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-224": { "value": "
The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.
Note 18 - Intangible assets
20
5 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 25 864 20 690 46 554 Additions during the year - 11 697 11 679 Adjustments - - - Grants received - -2 145 -2 145 Accumulated cost as at 31.12 25 864 30 242 56 106 Amortisation and impairment Carrying amount at 01.01 18 098 - 18 098 Amortisation during the year 2 176 - 2 176 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12
20 2
3 - 20 273 Carrying amount in balance sheet as at 31.12
5 5
1 30 242 35 833
20
4 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 18 017 18 965 36 982 Additions during the year - 11 818 9 573 Adjustments 7 847 -7 847 - Grants received - -2 245 - Accumulated cost as at 31.12 25 864 20 690 46 554 Amortisation and impairment Carrying amount at 01.01 15 824 - 15 824 Amortisation during the year 2 274 - 2 274 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 18 098 - 18 098 Carrying amount in balance sheet as at 31.12 7 766 20 690 28 457
Intangible assets with indefinite useful lives (projects under development) Gentian has recognised internally generated intangible assets with indefinite useful lives related to the development of diagnostic products. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually, and whenever there is an indication of impairment, in accordance with IAS\u202f36 Impairment of Assets. For the purposes of the impairment test, the intangible assets are assessed at product level, which represents the lowest level at which independent cash inflows can be identified. The impairment test
as of 31 December 2025 is limited to the product N
\u2011proBNP. At the balance sheet date, the carrying
amount of N
\u2011proBNP amounted to NOK 30.2 million. The recoverable amount has been determined based on value in use, calculated using a discounted cash flow (DCF) model before tax.
Assumptions Future cash flows The cash flow projections are based on the Groups approved business plan and budgets and reflect management\u2019s expectations regarding future sales volume and price, gross margin and remaining development costs for the product. An explicit forecast period of ten years (2026\u20132035) has been applied, with no terminal value included. The use of a long explicit forecast period reflects the long development and commercialization cycle for new diagnostic products and the expectation that the product will not reach a stable mature phase within a shorter time horizon. Pre-tax discount rate Cash flows were discounted to a weighted average cost of capital (WACC) corresponding to 12,3 % before tax. Result of the impairment test
The impairment test performed indicates that the recoverable amount of N
\u2011proBNP exceeds its carrying amount. The group has also done sensitivity tests. No reasonable changes in key assumptions would lead to impairment. See also Note 23 \u2013 Events after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-264": { "value": "
2.11 Inventory Inventory is valued at the lower of cost and net realisable value. Cost of inventory is primarily determined using the weighted average cost method. For certain raw materials, cost is determined using standard cost. Standard costs are regularly reviewed and adjusted and are designed to approximate actual cost. Inventories comprise consumables used in production, raw materials, work in progress and finished goods. For work in progress and finished goods, cost includes material consumption and direct labour costs. Net realisable value is estimated sales price less variable costs for completion and sale.
Note 19 \u2013 Inventory The inventory on 31 December consists of the following: 2025 2024 Raw materials and consumables 13 918 22 507 Goods in process 29 253 17 630 Finished goods 11 976 6 811 Provision for obsolescence -1 005 -1 005 Total 54 142 45 943
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-225": { "value": "
2.11 Inventory Inventory is valued at the lower of cost and net realisable value. Cost of inventory is primarily determined using the weighted average cost method. For certain raw materials, cost is determined using standard cost. Standard costs are regularly reviewed and adjusted and are designed to approximate actual cost. Inventories comprise consumables used in production, raw materials, work in progress and finished goods. For work in progress and finished goods, cost includes material consumption and direct labour costs. Net realisable value is estimated sales price less variable costs for completion and sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-256": { "value": "
2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction.
Note 14 \u2013 Taxes Income tax expense:
20
5
20
4
Deferred ta
: Changes in deferred tax 12 410 -25 229 Total income tax expense 12 410 -25 229 Reconciliation of effective tax rate
20
5
20
4 Profit before tax 25 666 20 064 22% tax of profit before tax 5 647 4 414 Permanent differences 4 080 -854 Change in non-recognized deferred tax asset 1 653 -30 459 Effect of different tax rates 1 030 1 670 Income tax expense 12 410 -25 229
Calculation of deferred tax/deferred tax asset 2025 2024 Property, plant, and equipment -12 001 761 Right-of-use assets -1 860 -2 276 Inventories -1 005 -1 005 Tax losses carried forward -131 406 -192 649 Basis for deferred tax/deferred tax asset (gross) -146 272 -195 169 Unrecognised temporary differences 88 003 80 491 Basis for deferred tax/deferred tax asset (net) -58 269 -114 678 Deferred tax liability/asset (-) -12 819 -25 229 In 2025, the group continues to recognise a deferred tax asset related to previously unutilized tax losses. The recognition is based on the profitability of the subsidiary Gentian AS and the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize the remaining tax losses. Gentian AS had a profit before tax of NOK 35.1 million in 2024 and a profit before tax of NOK 44.8 million in 2025, while remaining tax losses carried forward is NOK 52.3 million. This assessment is supported by the company\u2019s expected growth, and the foundation of long-term customer contracts. The deferred tax asset recognized amounts to NOK 12.8 million, reflecting the anticipated benefit of the carried forward tax losses specifically related to Gentian AS. NOK 17.2 million of the total deferred tax assets for the group of NOK 30.1 million, has not been recognized per 31 December 2025.The recognition of deferred tax assets related to the remaining carried forward tax losses will be reassessed, together with the capitalized deferred tax asset, at each
reporting date to ensure ongoing recoverability.
GENTIAN DIAGNOSTICS ASA - GROUP Notes to the consolidated financial statements 2025 65 The tax losses can be carried forward indefinitely in Norway and Sweden. Correction of prior period error The reconciliation of the effective tax rate for the comparative period 2024 has been restated due to a calculation error identified in 2025. The correction affects only the presentation of the effective tax rate reconciliation and has no impact on the Group\u2019s tax expense, profit for the year, or equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-226": { "value": "
2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-257": { "value": "
2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction.
25 229
Calculation of deferred tax/deferred tax asset 2025 2024 Property, plant, and equipment -12 001 761 Right-of-use assets -1 860 -2 276 Inventories -1 005 -1 005 Tax losses carried forward -131 406 -192 649 Basis for deferred tax/deferred tax asset (gross) -146 272 -195 169 Unrecognised temporary differences 88 003 80 491 Basis for deferred tax/deferred tax asset (net) -58 269 -114 678 Deferred tax liability/asset (-) -12 819 -25 229 In 2025, the group continues to recognise a deferred tax asset related to previously unutilized tax losses. The recognition is based on the profitability of the subsidiary Gentian AS and the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize the remaining tax losses. Gentian AS had a profit before tax of NOK 35.1 million in 2024 and a profit before tax of NOK 44.8 million in 2025, while remaining tax losses carried forward is NOK 52.3 million. This assessment is supported by the company\u2019s expected growth, and the foundation of long-term customer contracts. The deferred tax asset recognized amounts to NOK 12.8 million, reflecting the anticipated benefit of the carried forward tax losses specifically related to Gentian AS. NOK 17.2 million of the total deferred tax assets for the group of NOK 30.1 million, has not been recognized per 31 December 2025.The recognition of deferred tax assets related to the remaining carried forward tax losses will be reassessed, together with the capitalized deferred tax asset, at each
reporting date to ensure ongoing reco", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-227": { "value": "
2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-233": { "value": "
2.13 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial Assets The group\u00b4s financial assets are trade receivables, and cash and cash equivalents. These financial assets are measured at amortised cost.
Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost.
Deferred tax assets As of 31.12.2025, the group has recognized a deferred tax asset of NOK 12.8 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. The group has generated taxable profits in both 2024 and 2025, supporting this assessment. This assessment involves significant judgment and is based on key assumptions, including:
- The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates.
Note 4 - Financial risk management The group\u2019s financial assets and liabilities comprise cash at bank and cash equivalents, receivables, and trade creditors that originate from its operations. Alle financial assets and liabilities are carried at amortised cost. All financial assets and liabilities, other than long-term leasing liabilities, are short-term and their carrying value approximates fair value. The group's goal of asset management is to ensure continued operations for the group to ensure returns for the owners and other stakeholders and to maintain an optimal capital structure to reduce capital costs. The group does currently not use financial derivatives to manage financial risk such as interest rate risk and currency risk.
Credit risk Credit risk is the risk that the counterparty will incur a loss on the group by failing to settle the group's receivables. Credit exposure is primarily related to accounts receivable and other receivables. The maximum credit exposure as of 31 December
20
5 amounts to: Accounts receivables and other receivables 24 270 Total 24 270 For further information on accounts receivables see Note 20.
Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR, and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding.
As at 31 December 2025; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting, and functional currency.
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The company\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these requirements. Additional information regarding the company's debt The following table sets out the group's contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities. Period left
31.12.20
5 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities
(no
-derivatives) Account payables 2 453 - - - 2 453 Other short-term liabilities 15 320 - - - 15 320 Lease liabilities 4 883 4 802 17 673 - 27 358 Interest lease liabilities 2 034 1 639 721 - 4 395 Total 24 690 6 441 18 394 - 49 526 Period left
31.12.20
4 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities
(no
-derivatives) Account payables 6 547 - - - 6 547 Other short-term liabilities 12 840 - - - 12 840 Lease liabilities 4 762 4 713 5 070 - 14 545 Interest lease liabilities 1 088 664 227 - 1 979 Total 25 236 5 377 5 297 - 35 910 Interest lease liabilities represent estimated interest cash flows on lease liabilities, calculated based on average outstanding lease liabilities and the applicable discount rate. Advance payments described in Note 6 are not included in other short-term liabilities.
Note 20 - Accounts receivables and other receivables 2025
20
4 Accounts receivables 13 792 23 293 Claims on government grants 4 587 3 815 Public receivables (VAT, etc.) 1 773 1 822 Other receivables / Prepayments 4 117 2 344 Total 24 270 31 275 Due accounts receivables 2025 2024 Not due and within <30 days 12 776 22 899 30-60d 932 -16 60-90d 2 27 >90d 82 384 Total
13 7
2 23 293 The group has not incurred any losses on its receivables in 2025 or 2024 and considers that its counterparties are able to settle all outstanding debt to the group. Based on this assessment, no provision for expected loss on receivables has been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-228": { "value": "
2.13 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial Assets The group\u00b4s financial assets are trade receivables, and cash and cash equivalents. These financial assets are measured at amortised cost.
Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost.
Deferred tax assets As of 31.12.2025, the group has recognized a deferred tax asset of NOK 12.8 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. The group has generated taxable profits in both 2024 and 2025, supporting this assessment. This assessment involves significant judgment and is based on key assumptions, including:
- The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-229": { "value": "
Financial Assets The group\u00b4s financial assets are trade receivables, and cash and cash equivalents. These financial assets are measured at amortised cost.
Deferred tax assets As of 31.12.2025, the group has recognized a deferred tax asset of NOK 12.8 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. The group has generated taxable profits in both 2024 and 2025, supporting this assessment. This assessment involves significant judgment and is based on key assumptions, including:
- The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-230": { "value": "
Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-234": { "value": "
Deferred tax assets As of 31.12.2025, the group has recognized a deferred tax asset of NOK 12.8 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. The group has generated taxable profits in both 2024 and 2025, supporting this assessment. This assessment involves significant judgment and is based on key assumptions, including:
- The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates.
Credit risk Credit risk is the risk that the counterparty will incur a loss on the group by failing to settle the group's receivables. Credit exposure is primarily related to accounts receivable and other receivables. The maximum credit exposure as of 31 December
20
5 amounts to: Accounts receivables and other receivables 24 270 Total 24 270 For further information on accounts receivables see Note 20.
Note 20 - Accounts receivables and other receivables 2025
20
4 Accounts receivables 13 792 23 293 Claims on government grants 4 587 3 815 Public receivables (VAT, etc.) 1 773 1 822 Other receivables / Prepayments 4 117 2 344 Total 24 270 31 275 Due accounts receivables 2025 2024 Not due and within <30 days 12 776 22 899 30-60d 932 -16 60-90d 2 27 >90d 82 384 Total
13 7
2 23 293 The group has not incurred any losses on its receivables in 2025 or 2024 and considers that its counterparties are able to settle all outstanding debt to the group. Based on this assessment, no provision for expected loss on receivables has been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-266": { "value": "
Deferred tax assets As of 31.12.2025, the group has recognized a deferred tax asset of NOK 12.8 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. The group has generated taxable profits in both 2024 and 2025, supporting this assessment. This assessment involves significant judgment and is based on key assumptions, including:
- The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates.
Note 20 - Accounts receivables and other receivables 2025
20
4 Accounts receivables 13 792 23 293 Claims on government grants 4 587 3 815 Public receivables (VAT, etc.) 1 773 1 822 Other receivables / Prepayments 4 117 2 344 Total 24 270 31 275 Due accounts receivables 2025 2024 Not due and within <30 days 12 776 22 899 30-60d 932 -16 60-90d 2 27 >90d 82 384 Total
13 7
2 23 293 The group has not incurred any losses on its receivables in 2025 or 2024 and considers that its counterparties are able to settle all outstanding debt to the group. Based on this assessment, no provision for expected loss on receivables has been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-231": { "value": "
Deferred tax assets As of 31.12.2025, the group has recognized a deferred tax asset of NOK 12.8 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. The group has generated taxable profits in both 2024 and 2025, supporting this assessment. This assessment involves significant judgment and is based on key assumptions, including:
- The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-232": { "value": "
Note 4 - Financial risk management The group\u2019s financial assets and liabilities comprise cash at bank and cash equivalents, receivables, and trade creditors that originate from its operations. Alle financial assets and liabilities are carried at amortised cost. All financial assets and liabilities, other than long-term leasing liabilities, are short-term and their carrying value approximates fair value. The group's goal of asset management is to ensure continued operations for the group to ensure returns for the owners and other stakeholders and to maintain an optimal capital structure to reduce capital costs. The group does currently not use financial derivatives to manage financial risk such as interest rate risk and currency risk.
Credit risk Credit risk is the risk that the counterparty will incur a loss on the group by failing to settle the group's receivables. Credit exposure is primarily related to accounts receivable and other receivables. The maximum credit exposure as of 31 December
20
5 amounts to: Accounts receivables and other receivables 24 270 Total 24 270 For further information on accounts receivables see Note 20.
Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR, and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding.
As at 31 December 2025; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting, and functional currency.
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The company\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these requirements. Additional information regarding the company's debt The following table sets out the group's contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities. Period left
31.12.20
5 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities
(no
-derivatives) Account payables 2 453 - - - 2 453 Other short-term liabilities 15 320 - - - 15 320 Lease liabilities 4 883 4 802 17 673 - 27 358 Interest lease liabilities 2 034 1 639 721 - 4 395 Total 24 690 6 441 18 394 - 49 526 Period left
31.12.20
4 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities
(no
-derivatives) Account payables 6 547 - - - 6 547 Other short-term liabilities 12 840 - - - 12 840 Lease liabilities 4 762 4 713 5 070 - 14 545 Interest lease liabilities 1 088 664 227 - 1 979 Total 25 236 5 377 5 297 - 35 910 Interest lease liabilities represent estimated interest cash flows on lease liabilities, calculated based on average outstanding lease liabilities and the applicable discount rate. Advance payments described in Note 6 are not included in other short-term liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-235": { "value": "
Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR, and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding.
As at 31 December 2025; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting, and functional currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-236": { "value": "
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The company\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these requirements. Additional information regarding the company's debt The following table sets out the group's contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities. Period left
31.12.20
5 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities
(no
-derivatives) Account payables 2 453 - - - 2 453 Other short-term liabilities 15 320 - - - 15 320 Lease liabilities 4 883 4 802 17 673 - 27 358 Interest lease liabilities 2 034 1 639 721 - 4 395 Total 24 690 6 441 18 394 - 49 526 Period left
31.12.20
4 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities
(no
-derivatives) Account payables 6 547 - - - 6 547 Other short-term liabilities 12 840 - - - 12 840 Lease liabilities 4 762 4 713 5 070 - 14 545 Interest lease liabilities 1 088 664 227 - 1 979 Total 25 236 5 377 5 297 - 35 910 Interest lease liabilities represent estimated interest cash flows on lease liabilities, calculated based on average outstanding lease liabilities and the applicable discount rate. Advance payments described in Note 6 are not included in other short-term liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-238": { "value": "
Note 6 \u2013 Sales revenue Geographical split of sales revenue 2025 2024 Europe 114 183 116 169 Asia 32 879 23 715 USA 29 437 12 186 Total 176 499 152 069 Sales revenue by product category 2025 2024 Renal diagnostic products 66 960 50 600 Inflammation diagnostic products 74 189 71 991 Other diagnostic products 35 350 29 479 Total 176 499 152 069
The company has a significant concentration of revenue from a single global commercial partner. For the year ended December 31, 2025, revenues from this partner accounted for approximately 40% of total revenue. The loss of this partner could have a material adverse effect on the company\u2019s financial condition and results of operations. The company has received advance payments of NOK 6.4 million for goods that have not yet been delivered. The goods will be delivered and fully recognised as revenue in 2026. The advance payments are presented as other short-term liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mtpnn27": { "value": "
The company has a significant concentration of revenue from a single global commercial partner. For the year ended December 31, 2025, revenues from this partner accounted for approximately 40% of total revenue. The loss of this partner could have a material adverse effect on the company\u2019s financial condition and results of operations. The company has received advance payments of NOK 6.4 million for goods that have not yet been delivered. The goods will be delivered and fully recognised as revenue in 2026. The advance payments are presented as other short-term liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-239": { "value": "
The company has a significant concentration of revenue from a single global commercial partner. For the year ended December 31, 2025, revenues from this partner accounted for approximately 40% of total revenue. The loss of this partner could have a material adverse effect on the company\u2019s financial condition and results of operations. The company has received advance payments of NOK 6.4 million for goods that have not yet been delivered. The goods will be delivered and fully recognised as revenue in 2026. The advance payments are presented as other short-term liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-240": { "value": "
Note 7 - Costs of goods sold
20
5
20
4 Change in inventory -8 200 -8 826 Purchase of raw materials and other components 44 848 38 577 Other manufacturing expenses 41 652 39 503 Total 78 300 69 254
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-241": { "value": "
Note 8 \u2013 Other income
20
5 2024 Public grants 4 750 4 601 Total 4 750 4 601
Other operating expenses 2025 2024 Marketing expenses 2 133 2 908 Purchase of external services 8 782 7 981 Patent, certification and license costs 782 1 082 Costs premises and office costs 2 948 2 990 Laboratory costs 2 549 4 783 Other expenses 4 754 4 545 Capitalised other expenses -2 943 -3 668 Total 19 004 20 621
Auditor The remuneration to the auditor is distributed as follows:
20
5
20
4 Audit fee 1 674 1 121 Other attestation services 22 - Other services non-audit related 58 163 Total (ex. VAT) 1 755 1 284
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-242": { "value": "
Note 9 - Public grants In some cases, Gentian is eligible for tax deductions (SkatteFUNN) for some of the ongoing projects. The company also from time to time is rewarded with other grants from national and international programs.
20
5
20
4 SkatteFUNN* 4 750 4 423 Other research programs - 178 Total 4 750 4 601 *The SkatteFUNN R&D tax incentive scheme is a government program where the incentive is a tax credit and comes in the form of a possible deduction from a company's payable corporate tax. If the tax credit for the R&D expenses is greater than the amount the company is liable to pay in tax, the remainder will be paid out in cash to the company. The company complies with the different requirements and conditions related to the grants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-243": { "value": "
Note 10 - Employee benefit expenses
20
5
20
4 Wages and salaries 62 262 55 287 Payroll tax 9 683 9 206 Pension costs (mandatory occupational pension) 4 622 3 521 Share based payments (including employer\u2019s 4 136 2 576 social security tax) Other expenses 1 881 2 175 Total 82 584 72 765
The group had 64 employees per 31 December 2025. The corresponding number per 31 December
2024 was 63 employees. The company has a share option program covering certain key personnel. Per 31 December 2025, the program has fifteen members. The share option program for key personnel is settled in shares. The fair value of the issued options is expensed over the vesting period: For options issued from 2021,1/3 of the options will vest 24 months after the day of grant, 1/3 will vest 36 months after the day of grant and 1/3 will vest 48 months. For options issued from 2022, 2023 and 2024, 1/2 of the options will vest after 36 months and 1/2 of the options will vest after 48 months. Unvested options may be cancelled if the holder terminates its employment with the group. All outstanding options will immediately vest if a single shareholder acquires more than 50% of the company\u2019s shares. In addition, any acquisition, sale, or disposition of shares or assets of the Company, or any merger or other form of consolidation resulting in a change of ownership of all or substantially all of the Company\u2019s assets, will also lead to immediate vesting of all outstanding options. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued options of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognised as salary and personnel cost in profit and loss and in other paid- in capital. Social security tax on options is recorded as a liability and is recognised over the estimated vesting period. 2025 2024 Outstanding options 01.01 1 080 632 1 115 594 Options granted - 295 000 Options forfeited - - Options terminated -32 500 -120 000 Options expired -80 000 -209 962 Outstanding options 31.12 968 132 1 080 632
The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2026-11 72.60 133 174 2027-12 46.67 199 996 2028-11 40.17 339 962 2029-11 52.39 295 000 968 132 No share options were granted during the year. The fair value of options granted in previous years was determined at grant date using the Black-Scholes-Merton option pricing model.
Management salary 2025 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen Chief Executive Officer 3 545 - 749 271 360 4 925 Njaal Kind Group Chief Financial Officer 2 400 - 87 419 5 2 911 Aleksandra Havelka Chief Scientific Officer 1 826 - 404 256 44 2 530 Markus Jaquemar * Chief Growth Officer 2 528 - - 440 - 2 968 Frank Frantzen Chief Technology Officer 1 483 - 83 193 28 1 787 Total management salary 11 782 - 1 323 1 578 438 15 121 * CGO from 25 February 2025 2024 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen ** Chief Executive Officer 1 196 - - 12 162 1 370 Hilja Ibert *** Chief Executive Officer 1 370 633 - 979 57 3 039 Njaal Kind **** Group Chief Financial Officer 2 470 339 77 457 9 3 353 Aleksandra Havelka Chief Scientific Officer 1 509 231 410 235 43 2 428 Markus Jaquemar Chief Commercial Officer 2 440 418 - 341 - 3 199 Frank Frantzen ***** Chief Technology Officer 712 - 39 8 19 779 Total management salary 9 698 1 621 526 2 032 290 14 168 ** CEO from 1 October 2024 *** CEO until 29 April 2024 **** Acting CEO from 30 April to 30 September 2024 ***** CTO from 5 August 2024
The CEO is entitled to compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) if the employment is terminated. The group operates a performance-based bonus scheme for selected employees. The bonus is based on predefined financial targets and individual performance objectives. Financial targets comprise group revenue and EBITDA performance, while individual objectives are agreed annually and assessed at year-end. Bonus payments are subject to predefined performance thresholds and capped at a maximum payout level. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s website: www.gentian.com. Management share options
20
5 2024 Matti Heinonen ** Chief Executive Officer 100 000 100 000 Hilja Ibert *** Chief Executive Officer 219 962 219 962 Njaal Kind **** Group Chief Financial Officer 140 670 180 670 Aleksandra Havelka Chief Scientific Officer from 1.1.23 80 000 80 000 Markus Jaquemar * Chief Commercial Officer 107 500 127 500 Frank Frantzen ***** Chief Technology Officer 50 000 50 000 Share options 698 132 758 132 Board remuneration
20
5
20
4 Remuneration to the board 1 050 1 050 For further details see the Remuneration report.
Pension costs The company is obliged to have an occupational pension scheme for the Norwegian employees in accordance with the Act on Compulsory Occupational Pensions. Currently all eligible employees in Norway receive 5 % of their fixed salary up to 12G as a contribution to the pension plan, which is in accordance with the Act on Compulsory Occupational Pensions. For employees in the foreign subsidiaries, local regulations are followed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-245": { "value": "
The group had 64 employees per 31 December 2025. The corresponding number per 31 December
2024 was 63 employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-248": { "value": "
Management salary 2025 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen Chief Executive Officer 3 545 - 749 271 360 4 925 Njaal Kind Group Chief Financial Officer 2 400 - 87 419 5 2 911 Aleksandra Havelka Chief Scientific Officer 1 826 - 404 256 44 2 530 Markus Jaquemar * Chief Growth Officer 2 528 - - 440 - 2 968 Frank Frantzen Chief Technology Officer 1 483 - 83 193 28 1 787 Total management salary 11 782 - 1 323 1 578 438 15 121 * CGO from 25 February 2025 2024 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen ** Chief Executive Officer 1 196 - - 12 162 1 370 Hilja Ibert *** Chief Executive Officer 1 370 633 - 979 57 3 039 Njaal Kind **** Group Chief Financial Officer 2 470 339 77 457 9 3 353 Aleksandra Havelka Chief Scientific Officer 1 509 231 410 235 43 2 428 Markus Jaquemar Chief Commercial Officer 2 440 418 - 341 - 3 199 Frank Frantzen ***** Chief Technology Officer 712 - 39 8 19 779 Total management salary 9 698 1 621 526 2 032 290 14 168 ** CEO from 1 October 2024 *** CEO until 29 April 2024 **** Acting CEO from 30 April to 30 September 2024 ***** CTO from 5 August 2024
The CEO is entitled to compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) if the employment is terminated. The group operates a performance-based bonus scheme for selected employees. The bonus is based on predefined financial targets and individual performance objectives. Financial targets comprise group revenue and EBITDA performance, while individual objectives are agreed annually and assessed at year-end. Bonus payments are subject to predefined performance thresholds and capped at a maximum payout level. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s website: www.gentian.com. Management share options
20
5 2024 Matti Heinonen ** Chief Executive Officer 100 000 100 000 Hilja Ibert *** Chief Executive Officer 219 962 219 962 Njaal Kind **** Group Chief Financial Officer 140 670 180 670 Aleksandra Havelka Chief Scientific Officer from 1.1.23 80 000 80 000 Markus Jaquemar * Chief Commercial Officer 107 500 127 500 Frank Frantzen ***** Chief Technology Officer 50 000 50 000 Share options 698 132 758 132 Board remuneration
20
5
20
4 Remuneration to the board 1 050 1 050 For further details see the Remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-247": { "value": "
Management salary 2025 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen Chief Executive Officer 3 545 - 749 271 360 4 925 Njaal Kind Group Chief Financial Officer 2 400 - 87 419 5 2 911 Aleksandra Havelka Chief Scientific Officer 1 826 - 404 256 44 2 530 Markus Jaquemar * Chief Growth Officer 2 528 - - 440 - 2 968 Frank Frantzen Chief Technology Officer 1 483 - 83 193 28 1 787 Total management salary 11 782 - 1 323 1 578 438 15 121 * CGO from 25 February 2025 2024 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen ** Chief Executive Officer 1 196 - - 12 162 1 370 Hilja Ibert *** Chief Executive Officer 1 370 633 - 979 57 3 039 Njaal Kind **** Group Chief Financial Officer 2 470 339 77 457 9 3 353 Aleksandra Havelka Chief Scientific Officer 1 509 231 410 235 43 2 428 Markus Jaquemar Chief Commercial Officer 2 440 418 - 341 - 3 199 Frank Frantzen ***** Chief Technology Officer 712 - 39 8 19 779 Total management salary 9 698 1 621 526 2 032 290 14 168 ** CEO from 1 October 2024 *** CEO until 29 April 2024 **** Acting CEO from 30 April to 30 September 2024 ***** CTO from 5 August 2024
The CEO is entitled to compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) if the employment is terminated. The group operates a performance-based bonus scheme for selected employees. The bonus is based on predefined financial targets and individual performance objectives. Financial targets comprise group revenue and EBITDA performance, while individual objectives are agreed annually and assessed at year-end. Bonus payments are subject to predefined performance thresholds and capped at a maximum payout level. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s website: www.gentian.com. Management share options
20
5 2024 Matti Heinonen ** Chief Executive Officer 100 000 100 000 Hilja Ibert *** Chief Executive Officer 219 962 219 962 Njaal Kind **** Group Chief Financial Officer 140 670 180 670 Aleksandra Havelka Chief Scientific Officer from 1.1.23 80 000 80 000 Markus Jaquemar * Chief Commercial Officer 107 500 127 500 Frank Frantzen ***** Chief Technology Officer 50 000 50 000 Share options 698 132 758 132 Board remuneration
20
5
20
4 Remuneration to the board 1 050 1 050 For further details see the Remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-249": { "value": "
Expenses by nature 2025 2024 Cost of materials 36 648 29 751 Employee benefit expenses 82 584 72 765 Depreciation 9 115 8 963 Operating expenses in production 8 447 8 847 Other operating expenses 19 004 20 621 Total 155 798 140 947
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-250": { "value": "
Other operating expenses 2025 2024 Marketing expenses 2 133 2 908 Purchase of external services 8 782 7 981 Patent, certification and license costs 782 1 082 Costs premises and office costs 2 948 2 990 Laboratory costs 2 549 4 783 Other expenses 4 754 4 545 Capitalised other expenses -2 943 -3 668 Total 19 004 20 621
Auditor The remuneration to the auditor is distributed as follows:
20
5
20
4 Audit fee 1 674 1 121 Other attestation services 22 - Other services non-audit related 58 163 Total (ex. VAT) 1 755 1 284
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-251": { "value": "
Auditor The remuneration to the auditor is distributed as follows:
20
5
20
4 Audit fee 1 674 1 121 Other attestation services 22 - Other services non-audit related 58 163 Total (ex. VAT) 1 755 1 284
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mtpnn32": { "value": "
Note 13 - Finance income and finance cost
Finance income 2025 2024 Interest income 3 499 3 585 Foreign exchange gains 1 912 3 251 Other finance income 20 20 Total finance income 5 431 6 857
Finance cost
20
5
20
4 Foreign exchange loss 4 542 1 755 Interest leasing liabilities 672 657 Other financial costs 2 105 Total finance cost 5 216 2 516
Net financial items
2
4 4 340
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-253": { "value": "
Note 13 - Finance income and finance cost
Finance income 2025 2024 Interest income 3 499 3 585 Foreign exchange gains 1 912 3 251 Other finance income 20 20 Total finance income 5 431 6 857
Finance cost
20
5
20
4 Foreign exchange loss 4 542 1 755 Interest leasing liabilities 672 657 Other financial costs 2 105 Total finance cost 5 216 2 516
Net financial items
2
4 4 340
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mtpnn30": { "value": "
Note 13 - Finance income and finance cost
Finance income 2025 2024 Interest income 3 499 3 585 Foreign exchange gains 1 912 3 251 Other finance income 20 20 Total finance income 5 431 6 857
Finance cost
20
5
20
4 Foreign exchange loss 4 542 1 755 Interest leasing liabilities 672 657 Other financial costs 2 105 Total finance cost 5 216 2 516
Net financial items
2
4 4 340
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-252": { "value": "
Note 13 - Finance income and finance cost
Finance income 2025 2024 Interest income 3 499 3 585 Foreign exchange gains 1 912 3 251 Other finance income 20 20 Total finance income 5 431 6 857
Finance cost
20
5
20
4 Foreign exchange loss 4 542 1 755 Interest leasing liabilities 672 657 Other financial costs 2 105 Total finance cost 5 216 2 516
Net financial items
2
4 4 340
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-254": { "value": "
Finance cost
20
5
20
4 Foreign exchange loss 4 542 1 755 Interest leasing liabilities 672 657 Other financial costs 2 105 Total finance cost 5 216 2 516
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-255": { "value": "
Note 14 \u2013 Taxes Income tax expense:
20
5
20
4
Deferred ta
: Changes in deferred tax 12 410 -25 229 Total income tax expense 12 410 -25 229 Reconciliation of effective tax rate
20
5
20
4 Profit before tax 25 666 20 064 22% tax of profit before tax 5 647 4 414 Permanent differences 4 080 -854 Change in non-recognized deferred tax asset 1 653 -30 459 Effect of different tax rates 1 030 1 670 Income tax expense 12 410 -25 229
Calculation of deferred tax/deferred tax asset 2025 2024 Property, plant, and equipment -12 001 761 Right-of-use assets -1 860 -2 276 Inventories -1 005 -1 005 Tax losses carried forward -131 406 -192 649 Basis for deferred tax/deferred tax asset (gross) -146 272 -195 169 Unrecognised temporary differences 88 003 80 491 Basis for deferred tax/deferred tax asset (net) -58 269 -114 678 Deferred tax liability/asset (-) -12 819 -25 229 In 2025, the group continues to recognise a deferred tax asset related to previously unutilized tax losses. The recognition is based on the profitability of the subsidiary Gentian AS and the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize the remaining tax losses. Gentian AS had a profit before tax of NOK 35.1 million in 2024 and a profit before tax of NOK 44.8 million in 2025, while remaining tax losses carried forward is NOK 52.3 million. This assessment is supported by the company\u2019s expected growth, and the foundation of long-term customer contracts. The deferred tax asset recognized amounts to NOK 12.8 million, reflecting the anticipated benefit of the carried forward tax losses specifically related to Gentian AS. NOK 17.2 million of the total deferred tax assets for the group of NOK 30.1 million, has not been recognized per 31 December 2025.The recognition of deferred tax assets related to the remaining carried forward tax losses will be reassessed, together with the capitalized deferred tax asset, at each
reporting date to ensure ongoing recoverability.
GENTIAN DIAGNOSTICS ASA - GROUP Notes to the consolidated financial statements 2025 65 The tax losses can be carried forward indefinitely in Norway and Sweden. Correction of prior period error The reconciliation of the effective tax rate for the comparative period 2024 has been restated due to a calculation error identified in 2025. The correction affects only the presentation of the effective tax rate reconciliation and has no impact on the Group\u2019s tax expense, profit for the year, or equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-261": { "value": "
Note 17 \u2013 Changes in Liabilities Reconciliation of changes in liabilities arising from financing activities is shown in the tables below: Non-cash changes
01.01.20
5 Cash flows New leases Other non- cash changes Re- classi- fication
31.12.20
5 Lease liabilities non-current 5 507 - 17 239 672 -3 976 19 442 Lease liabilities current 4 532 -4 962 - - 3 976 3 547 Total liabilities from financing activities 10 040 -4 962 17 239 672 0 22 989
01.01.20
4 Cash flows New leases Other non- cash changes Re- classi- fication
31.12.20
4 Lease liabilities non-current 9 006 - 948 657 -5 104 5 507 Lease liabilities current 4 043 -4 950 - 335 5 104 4 532 Total liabilities from financing activities 13 050 -4 950 948 992 0 10 040 New leases include both lease liabilities recognised from new lease contracts and non-cash increases in lease liabilities arising from reassessments of existing lease terms, including the inclusion of extension option.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-265": { "value": "
Note 20 - Accounts receivables and other receivables 2025
20
4 Accounts receivables 13 792 23 293 Claims on government grants 4 587 3 815 Public receivables (VAT, etc.) 1 773 1 822 Other receivables / Prepayments 4 117 2 344 Total 24 270 31 275 Due accounts receivables 2025 2024 Not due and within <30 days 12 776 22 899 30-60d 932 -16 60-90d 2 27 >90d 82 384 Total
13 7
2 23 293 The group has not incurred any losses on its receivables in 2025 or 2024 and considers that its counterparties are able to settle all outstanding debt to the group. Based on this assessment, no provision for expected loss on receivables has been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-268": { "value": "
Note 21 - Cash and cash equivalents
2
25
20
4 Cash and bank deposits 103 655 82 384 Withhold tax account 2 274 2 354 Total 105 929 84 738
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-267": { "value": "
Note 21 - Cash and cash equivalents
2
25
20
4 Cash and bank deposits 103 655 82 384 Withhold tax account 2 274 2 354 Total 105 929 84 738
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-269": { "value": "
Note 22 - Share capital, shareholders, and equity Number of shares Nominal value Share capital Ordinary shares 15 422 350
0
10 1 542 Changes in share capital and share premium: Change in share capital 2025 2024 Share capital at period start 1 542 1 542 Share capital increase - - Share capital at period end 1 542 1 542 Change in share premium
20
5
20
4 Share premium at period start 293 810 293 810 Share premium increase - - Cost of share issue - - Share premium at period end 293 810 293 810
All shares in the company have equal voting rights and equal rights to dividends.
Overview of the parent compan
\u2019
s shareholders as at 31.12.0
5 Number of shares Ownership share Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 803 368 11.69 % Carpe Diem Afseth AS 885 528 5.74 % Norda ASA 716 099 4.64 % Safrino AS 649 700 4.21 % DNB Carnegie Investment Bank AB 645 146 4.18 % Insr ASA 614 251 3.98 % J.P. Morgan SE 600 000 3.89 % DNB Bank ASA, Meglerkonto Innland 547 710 3.55 % Verdipapirfondet Delphi Norge 389 572 2.53 % Verdipapirfondet DNB Smb 322 027 2.09 % Krefting, Johan Henrik 302 400 1.96 % Portia AS 300 000 1.95 % Intertrade Shipping AS 257 716 1.67 % Silvercoin Industries AS 237 455 1.54 % Lioness AS 220 000 1.43 % Marstal AS 212 407 1.38 % Sp Capital 22 AS 200 000 1.30 % T.D. Veen AS 174 598 1.13 % Caaby AS 173 500 1.12 % Top 20 shareholders 11 361 701 73.67 % Total other shareholders 4 060 649 26.33 % Total number of shares 15 422 350 100.00 % Shares controlled by board members and the Management Runar Vatne (Vatne Equity AS) 2 110 224 13.68 % Christian \u00c5byholm (Caaby AS) 173 500 1.12 % Njaal Kind 26 125 0.17 % Frank Frantzen 20 000 0.13 % Hilja Ibert 6 525 0.04 % Kjersti Grimsrud 5 000 0.03 % Matti Heinonen 5 000 0.03 % Kari E. Krogstad 2 325 0.02 % Aleksandra Havelka 2 000 0.01 %
Earnings per share Earnings per share are calculated by dividing net income by the weighted average of shares during the year.
20
5
20
4 Profit for the year 13 256 45 293
Number of share
: Weighted average number of outstanding ordinary shares 15 422
15
22 Effect of dilutive potential shares: Share options 67 340 Weighted average number of shares issued with diluted effect 15 489 15 762 Basic earnings/loss (-) per share 0.86 2.94 Diluted earnings/loss (-) per share 0.86 2.87
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-270": { "value": "
Note 22 - Share capital, shareholders, and equity Number of shares Nominal value Share capital Ordinary shares 15 422 350
0
10 1 542 Changes in share capital and share premium: Change in share capital 2025 2024 Share capital at period start 1 542 1 542 Share capital increase - - Share capital at period end 1 542 1 542 Change in share premium
20
5
20
4 Share premium at period start 293 810 293 810 Share premium increase - - Cost of share issue - - Share premium at period end 293 810 293 810
All shares in the company have equal voting rights and equal rights to dividends.
Overview of the parent compan
\u2019
s shareholders as at 31.12.0
5 Number of shares Ownership share Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 803 368 11.69 % Carpe Diem Afseth AS 885 528 5.74 % Norda ASA 716 099 4.64 % Safrino AS 649 700 4.21 % DNB Carnegie Investment Bank AB 645 146 4.18 % Insr ASA 614 251 3.98 % J.P. Morgan SE 600 000 3.89 % DNB Bank ASA, Meglerkonto Innland 547 710 3.55 % Verdipapirfondet Delphi Norge 389 572 2.53 % Verdipapirfondet DNB Smb 322 027 2.09 % Krefting, Johan Henrik 302 400 1.96 % Portia AS 300 000 1.95 % Intertrade Shipping AS 257 716 1.67 % Silvercoin Industries AS 237 455 1.54 % Lioness AS 220 000 1.43 % Marstal AS 212 407 1.38 % Sp Capital 22 AS 200 000 1.30 % T.D. Veen AS 174 598 1.13 % Caaby AS 173 500 1.12 % Top 20 shareholders 11 361 701 73.67 % Total other shareholders 4 060 649 26.33 % Total number of shares 15 422 350 100.00 % Shares controlled by board members and the Management Runar Vatne (Vatne Equity AS) 2 110 224 13.68 % Christian \u00c5byholm (Caaby AS) 173 500 1.12 % Njaal Kind 26 125 0.17 % Frank Frantzen 20 000 0.13 % Hilja Ibert 6 525 0.04 % Kjersti Grimsrud 5 000 0.03 % Matti Heinonen 5 000 0.03 % Kari E. Krogstad 2 325 0.02 % Aleksandra Havelka 2 000 0.01 %
Earnings per share Earnings per share are calculated by dividing net income by the weighted average of shares during the year.
20
5
20
4 Profit for the year 13 256 45 293
Number of share
: Weighted average number of outstanding ordinary shares 15 422
15
22 Effect of dilutive potential shares: Share options 67 340 Weighted average number of shares issued with diluted effect 15 489 15 762 Basic earnings/loss (-) per share 0.86 2.94 Diluted earnings/loss (-) per share 0.86 2.87
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-271": { "value": "
Earnings per share Earnings per share are calculated by dividing net income by the weighted average of shares during the year.
20
5
20
4 Profit for the year 13 256 45 293
Number of share
: Weighted average number of outstanding ordinary shares 15 422
15
22 Effect of dilutive potential shares: Share options 67 340 Weighted average number of shares issued with diluted effect 15 489 15 762 Basic earnings/loss (-) per share 0.86 2.94 Diluted earnings/loss (-) per share 0.86 2.87
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-273": { "value": "
Note 23 \u2013 Events after the balance sheet date After the reporting period, the Board of Directors proposed a dividend of NOK 0.60 per share, amounting to a total of NOK 9 253 410. The proposed dividend is subject to approval by the annual general meeting and has therefore not been recognised as a liability in the financial statements as of 31 December 2025, in accordance with IAS 10 Events after the Reporting Period.
In early 2026, unforeseen performance challenges were identified in the development of NT-proBNP, resulting in increased uncertainty related to the assay. At this stage, the group considers the key assumptions underlying the impairment test disclosed in Note 18 to represent its best current estimates. Accordingly, no changes have been made to the assumptions applied in the impairment test or to the financial statement assessments as of the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-272": { "value": "
Note 23 \u2013 Events after the balance sheet date After the reporting period, the Board of Directors proposed a dividend of NOK 0.60 per share, amounting to a total of NOK 9 253 410. The proposed dividend is subject to approval by the annual general meeting and has therefore not been recognised as a liability in the financial statements as of 31 December 2025, in accordance with IAS 10 Events after the Reporting Period.
In early 2026, unforeseen performance challenges were identified in the development of NT-proBNP, resulting in increased uncertainty related to the assay. At this stage, the group considers the key assumptions underlying the impairment test disclosed in Note 18 to represent its best current estimates. Accordingly, no changes have been made to the assumptions applied in the impairment test or to the financial statement assessments as of the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-274": { "value": "
Alternative performance measures
No
\u2011IFRS financial measures / alternative performance measures In this annual report, the group presents certain alternative performance measures (\u201cAPMs\u201d). An APM is defined as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specific in the applicable financial reporting framework (IFRS). The APMs presented herein are not measurements of financial performance or liquidity under IFRS or other generally accepted accounting principles, are not audited and investors should not consider any such measures to be an alternative to (a) operating revenues or operating profit (as determined in accordance with generally accepted accounting principles), (b) as a measure of the group\u2019s operating performance; or (c) any other measures of performance under generally accepted accounting principles. The APMs presented herein may not be indicative of the group\u2019s historical operating results, nor are such measures meant to be predictive of the group\u2019s future results. The company uses APMs to measure operating performance and is of the view that the APMs provide investors with relevant and specific operating figures which may enhance their understanding of the group\u2019s performance. Because companies calculate APMs differently, the APMs presented herein may not be comparable to similarly titled measures used by other companies. Below is an overview of APMs presented, including an overview of reconciliation and calculation of the relevant APMs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-275": { "value": "
EBITDA EBITDA is a measurement of operating earnings before depreciation and amortisation of tangible and intangible assets and impairment charges. EBITDA are used for providing information of operating performance which is relative to other companies and frequently used by other stakeholders. Reconciliation 2025 2024 (NOK 1000) Operating profit 25 452 15 723 Depreciation and Amortisation 9 115 8 963 Impairment - - EBITDA 34 567 24 687
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-276": { "value": "
Gross Margin Gross margin refers to gross profit in % of sales revenues. Gross Margin % is used for providing consistent information of performance related to the production of goods which is relative to other companies and frequently used by other stakeholders. The change in cogs consists of depreciations related to production. 2025 2024 (NOK 1000) Sales revenues 176 499 152 069 Cost of goods sold -78 300 -69 254 Gross profit 98 199 82 816 Gross Margin 56 % 54 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }