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1.About the business
Pioneer Property Group ASA (the 'Company') and its subsidiaries (together, the 'Group') invests mainly in a broad range of
properties including retail properties; hotel properties; preschool properties, office properties and property development
within commercial and residential real estate (currently under development). The Group leases out the investment properties
on long-term leases. The current real estate portfolio is situated in Norway and Sweden.
Pioneer Property Group ASA is a public limited company incorporated and domiciled in Norway. The address of the Company's
registered office is R\u00e5dhusgata 23, 0158 Oslo.
The consolidated annual financial statements cover the period from 1 January 2025 to 31 December 2025, with 2024 shown as
comparative period.
These consolidated financial statements are approved by the Board of Directors 26. March 2026.
Key transactions and events in 2025
During 2025, PPG has declared quarterly dividends to the holders of preference shares in total NOK 10.00 per preference
share. As per the articles of association \u00a75, the annual preferred dividend to the holders of preference share is 2.500 per
quarter.
PPG has further increased its investments through Norlandia Eiendom AS' purchase of Helma Home Hotel in Mo i Rana. The
hotel was acquired in July 2025, has 110 rooms and was built in 2014. The property is expected to generate a net lease income
of 12MNOK.
The second largest transaction was the purchase of 50% of Thon Partner Hotel Horten. The property value was MNOK 130 on a
100% basis. An expansion of the hotel with 60 new hotel rooms started in the fall of 2025 and will be finished in 2027. The
expansion is mainly financed by bank loan.
In 2025, PPG established 650 parking lots near Gardermoen through the brand Travelpark. The net lease income in 2025 was
MNOK 2.0, expected to increase to MNOK 4.0 in 2026.
.
3. General Accounting Principles
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting standards and
interpretations by the IFRS Interpretations Committee (IFRIC) as adopted by the EU. The consolidated financial statements
have been prepared under the historical cost convention, except for fair value adjustments of bonds, funds, shares and
investment properties.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated
financial statements are related to valuation of investment properties as described in note 6 and the valuation of financial
instruments measured at fair value as described in note 9.
The statement of cash flow has been prepared using the indirect method.
All financial numbers are presented in NOK thousand, unless otherwise stated.
Consolidation
Subsidiaries are entities over which the group has control. The group controls an entity when the group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of
comprehensive income, statement of changes in equity and balance sheet, respectively.
Foreign currency translation.
The Group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency.
Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using
the exchange rate at the reporting date. All exchange differences are recognized in the consolidated income statement.
Dividend
Pioneer Property Group ASA has two classes of shares, ordinary shares and preference shares. The preference shares are
entitled to annual dividend payments amounting to NOK 10.00 per preference share, in accordance with the company\u2019s
Articles of Association. The board of directors approves payment of dividends based on an authorization from the Annual
General Meeting. The dividend payments have been made quarterly with NOK 2.50 over the course of 2025. The Preference
shares are currently redeemable at a price of NOK 100 per share, which was valid from 1 July 2020, when it was stepped down
from NOK 130 per preference share. The coupon for the preference share has reached its maximum coupon, which is set to
NOK 10 per share.
Dividend distribution to Ordinary shares and Preference Shares is recognized as a liability in the Group's financial statement in
the period in which the dividend is approved by the Board of Directors based on the authorization given by the Company's
shareholders in the General Assembly.
The use of estimates and assessment of accounting policies when preparing the annual accounts
Estimates and assumptions
Estimated and assumptions are used by the management to assess the value of investment property and financial instruments.
These estimates may have affected assets, liabilities, revenues, expenses and information on potential liabilities. Future events
may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and
are based on best estimates and historical experience. Revisions to accounting estimates are recognized in the period in which
the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision
affects both current and future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-257": { "value": "
Pioneer Property Group ASA (the 'Company') and its subsidiaries (together, the 'Group') invests mainly in a broad range of
properties including retail properties; hotel properties; preschool properties, office properties and property development
within commercial and residential real estate (currently under development). The Group leases out the investment properties
on long-term leases. The current real estate portfolio is situated in Norway and Sweden.
Pioneer Property Group ASA is a public limited company incorporated and domiciled in Norway. The address of the Company's
registered office is R\u00e5dhusgata 23, 0158 Oslo.
The consolidated annual financial statements cover the period from 1 January 2025 to 31 December 2025, with 2024 shown as
comparative period.
These consolidated financial statements are approved by the Board of Directors 26. March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-258": { "value": "domiciled in Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-259": { "value": "R\u00e5dhusgata 23, 0158 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-260": { "value": "1 January 2025 to 31 December 2025, with 2024 shown as comparative period.", "dimensions": { "concept": "ifrs-full:PeriodCoveredByFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-266": { "value": "
3. General Accounting Principles
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting standards and
interpretations by the IFRS Interpretations Committee (IFRIC) as adopted by the EU. The consolidated financial statements
have been prepared under the historical cost convention, except for fair value adjustments of bonds, funds, shares and
investment properties.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated
financial statements are related to valuation of investment properties as described in note 6 and the valuation of financial
instruments measured at fair value as described in note 9.
The statement of cash flow has been prepared using the indirect method.
All financial numbers are presented in NOK thousand, unless otherwise stated.
Consolidation
Subsidiaries are entities over which the group has control. The group controls an entity when the group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of
comprehensive income, statement of changes in equity and balance sheet, respectively.
Foreign currency translation.
The Group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency.
Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using
the exchange rate at the reporting date. All exchange differences are recognized in the consolidated income statement.
The use of estimates and assessment of accounting policies when preparing the annual accounts
Estimates and assumptions
Estimated and assumptions are used by the management to assess the value of investment property and financial instruments.
These estimates may have affected assets, liabilities, revenues, expenses and information on potential liabilities. Future events
may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and
are based on best estimates and historical experience. Revisions to accounting estimates are recognized in the period in which
the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision
affects both current and future periods.
Management has, when preparing the financial statements; made certain significant assessments based on critical judgment
when it comes to application of the accounting principles.
Material exercise of judgment and estimates relate to the following matters:
\u2022 Investment properties, note 6
\u2022 Financial instruments, note 9
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-265": { "value": "
3. General Accounting Principles
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting standards and
interpretations by the IFRS Interpretations Committee (IFRIC) as adopted by the EU. The consolidated financial statements
have been prepared under the historical cost convention, except for fair value adjustments of bonds, funds, shares and
investment properties.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated
financial statements are related to valuation of investment properties as described in note 6 and the valuation of financial
instruments measured at fair value as described in note 9.
The statement of cash flow has been prepared using the indirect method.
All financial numbers are presented in NOK thousand, unless otherwise stated.
Consolidation
Subsidiaries are entities over which the group has control. The group controls an entity when the group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of
comprehensive income, statement of changes in equity and balance sheet, respectively.
Foreign currency translation.
The Group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency.
Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using
the exchange rate at the reporting date. All exchange differences are recognized in the consolidated income statement.
Dividend
Pioneer Property Group ASA has two classes of shares, ordinary shares and preference shares. The preference shares are
entitled to annual dividend payments amounting to NOK 10.00 per preference share, in accordance with the company\u2019s
Articles of Association. The board of directors approves payment of dividends based on an authorization from the Annual
General Meeting. The dividend payments have been made quarterly with NOK 2.50 over the course of 2025. The Preference
shares are currently redeemable at a price of NOK 100 per share, which was valid from 1 July 2020, when it was stepped down
from NOK 130 per preference share. The coupon for the preference share has reached its maximum coupon, which is set to
NOK 10 per share.
Dividend distribution to Ordinary shares and Preference Shares is recognized as a liability in the Group's financial statement in
the period in which the dividend is approved by the Board of Directors based on the authorization given by the Company's
shareholders in the General Assembly.
The use of estimates and assessment of accounting policies when preparing the annual accounts
Estimates and assumptions
Estimated and assumptions are used by the management to assess the value of investment property and financial instruments.
These estimates may have affected assets, liabilities, revenues, expenses and information on potential liabilities. Future events
may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and
are based on best estimates and historical experience. Revisions to accounting estimates are recognized in the period in which
the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision
affects both current and future periods.
Management has, when preparing the financial statements; made certain significant assessments based on critical judgment
when it comes to application of the accounting principles.
Material exercise of judgment and estimates relate to the following matters:
\u2022 Investment properties, note 6
\u2022 Financial instruments, note 9
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-264": { "value": "
3. General Accounting Principles
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting standards and
interpretations by the IFRS Interpretations Committee (IFRIC) as adopted by the EU. The consolidated financial statements
have been prepared under the historical cost convention, except for fair value adjustments of bonds, funds, shares and
investment properties.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated
financial statements are related to valuation of investment properties as described in note 6 and the valuation of financial
instruments measured at fair value as described in note 9.
The statement of cash flow has been prepared using the indirect method.
All financial numbers are presented in NOK thousand, unless otherwise stated.
Consolidation
Subsidiaries are entities over which the group has control. The group controls an entity when the group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of
comprehensive income, statement of changes in equity and balance sheet, respectively.
Foreign currency translation.
The Group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency.
Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using
the exchange rate at the reporting date. All exchange differences are recognized in the consolidated income statement.
Dividend
Pioneer Property Group ASA has two classes of shares, ordinary shares and preference shares. The preference shares are
entitled to annual dividend payments amounting to NOK 10.00 per preference share, in accordance with the company\u2019s
Articles of Association. The board of directors approves payment of dividends based on an authorization from the Annual
General Meeting. The dividend payments have been made quarterly with NOK 2.50 over the course of 2025. The Preference
shares are currently redeemable at a price of NOK 100 per share, which was valid from 1 July 2020, when it was stepped down
from NOK 130 per preference share. The coupon for the preference share has reached its maximum coupon, which is set to
NOK 10 per share.
Dividend distribution to Ordinary shares and Preference Shares is recognized as a liability in the Group's financial statement in
the period in which the dividend is approved by the Board of Directors based on the authorization given by the Company's
shareholders in the General Assembly.
The use of estimates and assessment of accounting policies when preparing the annual accounts
Estimates and assumptions
Estimated and assumptions are used by the management to assess the value of investment property and financial instruments.
These estimates may have affected assets, liabilities, revenues, expenses and information on potential liabilities. Future events
may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and
are based on best estimates and historical experience. Revisions to accounting estimates are recognized in the period in which
the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision
affects both current and future periods.
Management has, when preparing the financial statements; made certain significant assessments based on critical judgment
when it comes to application of the accounting principles.
Material exercise of judgment and estimates relate to the following matters:
\u2022 Investment properties, note 6
\u2022 Financial instruments, note 9
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-263": { "value": "
3. General Accounting Principles
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting standards and
interpretations by the IFRS Interpretations Committee (IFRIC) as adopted by the EU. The consolidated financial statements
have been prepared under the historical cost convention, except for fair value adjustments of bonds, funds, shares and
investment properties.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated
financial statements are related to valuation of investment properties as described in note 6 and the valuation of financial
instruments measured at fair value as described in note 9.
The statement of cash flow has been prepared using the indirect method.
All financial numbers are presented in NOK thousand, unless otherwise stated.
Consolidation
Subsidiaries are entities over which the group has control. The group controls an entity when the group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of
comprehensive income, statement of changes in equity and balance sheet, respectively.
Foreign currency translation.
The Group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency.
Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using
the exchange rate at the reporting date. All exchange differences are recognized in the consolidated income statement.
Dividend
Pioneer Property Group ASA has two classes of shares, ordinary shares and preference shares. The preference shares are
entitled to annual dividend payments amounting to NOK 10.00 per preference share, in accordance with the company\u2019s
Articles of Association. The board of directors approves payment of dividends based on an authorization from the Annual
General Meeting. The dividend payments have been made quarterly with NOK 2.50 over the course of 2025. The Preference
shares are currently redeemable at a price of NOK 100 per share, which was valid from 1 July 2020, when it was stepped down
from NOK 130 per preference share. The coupon for the preference share has reached its maximum coupon, which is set to
NOK 10 per share.
Dividend distribution to Ordinary shares and Preference Shares is recognized as a liability in the Group's financial statement in
the period in which the dividend is approved by the Board of Directors based on the authorization given by the Company's
shareholders in the General Assembly.
The use of estimates and assessment of accounting policies when preparing the annual accounts
Estimates and assumptions
Estimated and assumptions are used by the management to assess the value of investment property and financial instruments.
These estimates may have affected assets, liabilities, revenues, expenses and information on potential liabilities. Future events
may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and
are based on best estimates and historical experience. Revisions to accounting estimates are recognized in the period in which
the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision
affects both current and future periods.
Management has, when preparing the financial statements; made certain significant assessments based on critical judgment
when it comes to application of the accounting principles.
Material exercise of judgment and estimates relate to the following matters:
\u2022 Investment properties, note 6
\u2022 Financial instruments, note 9
12. Other current liabilities
NOK in thousand
31.12.2025
31.12.2024
Trade payable
19\u00a0788
37\u00a0021
Government taxes
5\u00a0245
421
Accrued interest
14\u00a0352
14\u00a0636
Dividend
16\u00a0701
9\u00a0701
Accrued cost, Prepaid revenues
485
797
Other current liabilities
33\u00a0235
173\u00a0805
Total other current liabilities
89\u00a0806
236\u00a0383
Dividend relates to Q4 2025 dividend approved by the board 12. October 2025, with payment date in January 2026 of MNOK
9.7 and dividend of T10 Holdco of MNOK 7.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-262": { "value": "
3. General Accounting Principles
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting standards and
interpretations by the IFRS Interpretations Committee (IFRIC) as adopted by the EU. The consolidated financial statements
have been prepared under the historical cost convention, except for fair value adjustments of bonds, funds, shares and
investment properties.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated
financial statements are related to valuation of investment properties as described in note 6 and the valuation of financial
instruments measured at fair value as described in note 9.
The statement of cash flow has been prepared using the indirect method.
All financial numbers are presented in NOK thousand, unless otherwise stated.
Consolidation
Subsidiaries are entities over which the group has control. The group controls an entity when the group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of
comprehensive income, statement of changes in equity and balance sheet, respectively.
Foreign currency translation.
The Group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency.
Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using
the exchange rate at the reporting date. All exchange differences are recognized in the consolidated income statement.
Dividend
Pioneer Property Group ASA has two classes of shares, ordinary shares and preference shares. The preference shares are
entitled to annual dividend payments amounting to NOK 10.00 per preference share, in accordance with the company\u2019s
Articles of Association. The board of directors approves payment of dividends based on an authorization from the Annual
General Meeting. The dividend payments have been made quarterly with NOK 2.50 over the course of 2025. The Preference
shares are currently redeemable at a price of NOK 100 per share, which was valid from 1 July 2020, when it was stepped down
from NOK 130 per preference share. The coupon for the preference share has reached its maximum coupon, which is set to
NOK 10 per share.
Dividend distribution to Ordinary shares and Preference Shares is recognized as a liability in the Group's financial statement in
the period in which the dividend is approved by the Board of Directors based on the authorization given by the Company's
shareholders in the General Assembly.
The use of estimates and assessment of accounting policies when preparing the annual accounts
Estimates and assumptions
Estimated and assumptions are used by the management to assess the value of investment property and financial instruments.
These estimates may have affected assets, liabilities, revenues, expenses and information on potential liabilities. Future events
may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and
are based on best estimates and historical experience. Revisions to accounting estimates are recognized in the period in which
the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision
affects both current and future periods.
Management has, when preparing the financial statements; made certain significant assessments based on critical judgment
when it comes to application of the accounting principles.
Material exercise of judgment and estimates relate to the following matters:
\u2022 Investment properties, note 6
\u2022 Financial instruments, note 9
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-261": { "value": "
3. General Accounting Principles
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting standards and
interpretations by the IFRS Interpretations Committee (IFRIC) as adopted by the EU. The consolidated financial statements
have been prepared under the historical cost convention, except for fair value adjustments of bonds, funds, shares and
investment properties.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated
financial statements are related to valuation of investment properties as described in note 6 and the valuation of financial
instruments measured at fair value as described in note 9.
The statement of cash flow has been prepared using the indirect method.
All financial numbers are presented in NOK thousand, unless otherwise stated.
Consolidation
Subsidiaries are entities over which the group has control. The group controls an entity when the group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of
comprehensive income, statement of changes in equity and balance sheet, respectively.
Foreign currency translation.
The Group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency.
Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using
the exchange rate at the reporting date. All exchange differences are recognized in the consolidated income statement.
Dividend
Pioneer Property Group ASA has two classes of shares, ordinary shares and preference shares. The preference shares are
entitled to annual dividend payments amounting to NOK 10.00 per preference share, in accordance with the company\u2019s
Articles of Association. The board of directors approves payment of dividends based on an authorization from the Annual
General Meeting. The dividend payments have been made quarterly with NOK 2.50 over the course of 2025. The Preference
shares are currently redeemable at a price of NOK 100 per share, which was valid from 1 July 2020, when it was stepped down
from NOK 130 per preference share. The coupon for the preference share has reached its maximum coupon, which is set to
NOK 10 per share.
Dividend distribution to Ordinary shares and Preference Shares is recognized as a liability in the Group's financial statement in
the period in which the dividend is approved by the Board of Directors based on the authorization given by the Company's
shareholders in the General Assembly.
The use of estimates and assessment of accounting policies when preparing the annual accounts
Estimates and assumptions
Estimated and assumptions are used by the management to assess the value of investment property and financial instruments.
These estimates may have affected assets, liabilities, revenues, expenses and information on potential liabilities. Future events
may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and
are based on best estimates and historical experience. Revisions to accounting estimates are recognized in the period in which
the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision
affects both current and future periods.
Management has, when preparing the financial statements; made certain significant assessments based on critical judgment
when it comes to application of the accounting principles.
Material exercise of judgment and estimates relate to the following matters:
\u2022 Investment properties, note 6
\u2022 Financial instruments, note 9
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-267": { "value": "
The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting standards and
interpretations by the IFRS Interpretations Committee (IFRIC) as adopted by the EU. The consolidated financial statements
have been prepared under the historical cost convention, except for fair value adjustments of bonds, funds, shares and
investment properties.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated
financial statements are related to valuation of investment properties as described in note 6 and the valuation of financial
instruments measured at fair value as described in note 9.
The statement of cash flow has been prepared using the indirect method.
All financial numbers are presented in NOK thousand, unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-268": { "value": "All financial numbers are presented in NOK thousand, unless otherwise stated.", "dimensions": { "concept": "ifrs-full:LevelOfRoundingUsedInFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-269": { "value": "
Foreign currency translation.
The Group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency.
Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using
the exchange rate at the reporting date. All exchange differences are recognized in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-270": { "value": "The Group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfPresentationCurrency", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-271": { "value": "
Dividend
Pioneer Property Group ASA has two classes of shares, ordinary shares and preference shares. The preference shares are
entitled to annual dividend payments amounting to NOK 10.00 per preference share, in accordance with the company\u2019s
Articles of Association. The board of directors approves payment of dividends based on an authorization from the Annual
General Meeting. The dividend payments have been made quarterly with NOK 2.50 over the course of 2025. The Preference
shares are currently redeemable at a price of NOK 100 per share, which was valid from 1 July 2020, when it was stepped down
from NOK 130 per preference share. The coupon for the preference share has reached its maximum coupon, which is set to
NOK 10 per share.
Dividend distribution to Ordinary shares and Preference Shares is recognized as a liability in the Group's financial statement in
the period in which the dividend is approved by the Board of Directors based on the authorization given by the Company's
shareholders in the General Assembly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-273": { "value": "
4. Financial risk management
The Group\u2019s activities expose it to a variety of financial risks: market risk (including fair value interest rate risk and cash flow
interest rate risk), credit risk, currency risk and liquidity risk. The Group\u2019s overall risk management program focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance.
Risk management is carried out by management under guidance by the Board of Directors. Management identifies, evaluates
and act upon financial risks.
a) Market risk
Market risk for the Group is the risk that future cash flows in the form of interest payments change as a result of changes in
market interest rates in addition to fluctuations in currencies. The level of interest rate exposure and currency risk exposure
are determined based on an assessment by management and the Board of Directors of existing cash flows, general assessment
of financial condition and available liquidity.
(i) Fair value interest rate risk
The Group holds interest bearing assets in terms for cash deposits and bonds. Fluctuations in interest rates would yield a
higher or lower interest income. At the current level of cash deposits, a change in interest rate of +/- 1 % will not be material
for the financial statements. Further, a change in interest levels may cause changes in the fair value of the real estate portfolio
in addition to the performance of the bonds and bond funds held on PPG's balance sheet.
(ii) Cash flow interest rate risk
Exposure to cash flow interest rate risk is assessed when necessary. As of 31.12.2025, the Group is exposed to variable interest
rates for its borrowings linked to the different investment properties. The Group also holds borrowings with fixed interest
rates. See note 11 for further details.
The need for a fixed rate is periodically assessed, depending on the effects of adverse fluctuations in interest payment cash
flows due to higher interest rates. Management's assessment is that the Group's current financial position does not indicate a
further need for fixed interest rates.
The following table summarizes how the equity and profit or loss, before tax effects in the 2025 reporting period would have
been affected by changes in the interest rate that Management considers are reasonably possible:
Interest rate sensitivity for reporting year 2025
(in TNOK)
\u00a0
-0,50 %
-0,25 %
0,25 %
0,50 %
Change P&L/Equity
9\u00a0598.2
4\u00a0799.1
-4\u00a0799.1
-9\u00a0598.2
Interest rate sensitivity or reporting year 2024
(in TNOK)
\u00a0
-0,50 %
-0,25 %
0,25 %
0,50 %
Change P&L/Equity
7 748.8
3\u00a0874.4
-3\u00a0874.4
-7 748.8
(iii) Currency risk
Currency risk is a financial risk that exists when a financial transaction is denominated in a currency other than that of the base
currency of the company. Currency risk also exists when the foreign subsidiary of a firm maintains financial statements in a
currency other than the reporting currency of the consolidated entity. The risk is that there may be an adverse movement in
the exchange rate of the denomination currency in relation to the base currency before the date when the transaction is
completed.
Monetary assets and liabilities are sensitive to movements in foreign exchange rates. As the operations of the Group are
located in Norway and only some of the joint venture operations are carried out in SEK, and all financing activities are
denominated in NOK (see note 11), Management considers that the exposure to foreign exchange risk is low. All loans are
nominated in NOK and there are no consolidated cash funds in Swedish Krona at year end as PPG no longer has subsidiaries in
Sweden.
b) Credit risk
Credit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. Credit risk is
managed on Group basis. Credit risk arises from cash and cash equivalents; loans granted and trade receivables, including
committed transactions. The Group assess the expected credit losses in relation to its financial assets taking into account its
past experience and also taking into account forwards looking information
Management assesses the credit quality of the customer, taking into account its financial position, past experience and other
factors. Management does not expect any losses from non-performance by the contractual counterparties. The impairment
analysis on trade receivables is performed at each reporting period based on a provision matrix, grouping its receivables in the
number of days past due. As of the end of the 2025 and 2024 reporting periods, there has not been recorded any loss and
there are no significant amount of trade receivables past due at the date of the approval of the financial statements.
Receivables due
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
Not due
between 1 and 60 days overdue
more than 60 days
overdue
Trade Receivables
27\u00a0747
30\u00a0894
-3\u00a0314
167
Other Receivables
51\u00a0384
51\u00a0384
0
0
As per 31.12.2025
79\u00a0131
82\u00a0278
-3\u00a0314
167
\u00a0
Total
Not due
between 1 and 60 days overdue
more than 60 days
overdue
Trade Receivables
698
4\u00a0527
-4\u00a0039
210
Other Receivables
63\u00a0754
63\u00a0754
0
0
As per 31.12.2024
64\u00a0451
29\u00a0024
-4\u00a0039
210
The credit quality of the issuer is also taken into consideration when acquiring bonds.
With respect to the loans to associates and other parties, the Groups applies general approach to assess the impairment of
financial assets measured at amortised cost. In 2025, the change in provisions was MNOK 10.8 in Kongsparken AS, the book
value of the related receivable in Kongsparken is MNOK 14.2 at the end of 2025. Loans to associates are closely monitored by
Management, and concludes that the credit risk, including the probability of default within the next 12 months is low. There
has not been a significant increase in the credit risk since the initial recognition.
c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its obligations at maturity without incurring a significant
increase in finance cost or not being able to meet its obligations at all. The risk also includes that the Group must forfeit
investment opportunities. Cash flow forecasting is performed at Group level.
Group management monitors the Group's liquidity requirements to ensure that it has sufficient cash to meet operational
needs while maintaining sufficient headroom to pay out quarterly dividends to holders of preference shares. The monitoring
takes into account the possibility to raise external debt, as the Group keeps unleveraged assets and properties. The Group also
keeps its liquid funds in cash and cash equivalents, and in high yield funds with high liquidity.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the
balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash
flows:
Maturity of financial liabilities at the end of the 2025 reporting period:
31.12.2025
NOK thousand
\u00a0
<1y
1y-2y
2y-5y
>5y
Total
Borrowings
196\u00a0649
279\u00a0402
807\u00a0918
603\u00a0895
1\u00a0887\u00a0497
Interest on borrowings
86\u00a0036
68\u00a0098
129\u00a0763
153\u00a0926
437\u00a0823
Other current liabilities
89\u00a0808
0
0
0
89\u00a0808
Total
\u00a0
372\u00a0494
347\u00a0500
937\u00a0681
757\u00a0821
2\u00a0415\u00a0495
During 2025, the Group became the counterparty to a number of loan agreements, mostly in connections with its acquisitions
of investment properties. See Note 11 for further details.
As of the end of the 2025 reporting period, Management considers it highly likely that the Group will enter into refinancing
agreement for one or more of the loans maturing in less than 12 months. The new agreements are expected to be paid in
periodic payments over a term of 5 years. However, since at the end of the 2025 reporting period the Group has not
completed the agreement (i.e. no unconditional right to defer settlement for at least 12 months after the reporting period),
the loan is presented as current liabilities.
Maturity of financial liabilities at the end of the 2024 reporting period:
31.12.2024
NOK thousand
\u00a0
<1y
1y-2y
2y-5y
>5y
Total
Borrowings
67\u00a0028
225\u00a0713
775\u00a0201
896\u00a0730
1\u00a0964\u00a0672
Interest on borrowings
139\u00a0747
137\u00a0981
251\u00a0024
330\u00a0196
858\u00a0949
Other current liabilities
236\u00a0383
0
0
0
236\u00a0383
Total
\u00a0
443\u00a0158
363\u00a0694
1\u00a0026\u00a0225
1\u00a0226\u00a0926
3\u00a0060\u00a0004
Capital management
The group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern; to maintain
an optimal capital structure to reduce the cost of capital; and to comply with all covenants agreed with the lenders to the
Group. Compliance with covenants is further described in note 11.
When managing the capital, PPG will take into account the need for sufficient liquidity reserves to meet PPG's financial
obligations.
Management determines that the current liquidity in the Group and the current liquidity forecasts as of 31.12.25 grants the
Group enough resources to meets its obligations and continue with its current investment plan. Management continues to
monitor the optimal capital structure going forward, depending on operational needs. In order to maintain or adjust the
capital structure, the Group may return capital to shareholders, issue new shares or sell assets to repay debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-272": { "value": "
4. Financial risk management
The Group\u2019s activities expose it to a variety of financial risks: market risk (including fair value interest rate risk and cash flow
interest rate risk), credit risk, currency risk and liquidity risk. The Group\u2019s overall risk management program focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance.
Risk management is carried out by management under guidance by the Board of Directors. Management identifies, evaluates
and act upon financial risks.
a) Market risk
Market risk for the Group is the risk that future cash flows in the form of interest payments change as a result of changes in
market interest rates in addition to fluctuations in currencies. The level of interest rate exposure and currency risk exposure
are determined based on an assessment by management and the Board of Directors of existing cash flows, general assessment
of financial condition and available liquidity.
(i) Fair value interest rate risk
The Group holds interest bearing assets in terms for cash deposits and bonds. Fluctuations in interest rates would yield a
higher or lower interest income. At the current level of cash deposits, a change in interest rate of +/- 1 % will not be material
for the financial statements. Further, a change in interest levels may cause changes in the fair value of the real estate portfolio
in addition to the performance of the bonds and bond funds held on PPG's balance sheet.
(ii) Cash flow interest rate risk
Exposure to cash flow interest rate risk is assessed when necessary. As of 31.12.2025, the Group is exposed to variable interest
rates for its borrowings linked to the different investment properties. The Group also holds borrowings with fixed interest
rates. See note 11 for further details.
The need for a fixed rate is periodically assessed, depending on the effects of adverse fluctuations in interest payment cash
flows due to higher interest rates. Management's assessment is that the Group's current financial position does not indicate a
further need for fixed interest rates.
The following table summarizes how the equity and profit or loss, before tax effects in the 2025 reporting period would have
been affected by changes in the interest rate that Management considers are reasonably possible:
Interest rate sensitivity for reporting year 2025
(in TNOK)
\u00a0
-0,50 %
-0,25 %
0,25 %
0,50 %
Change P&L/Equity
9\u00a0598.2
4\u00a0799.1
-4\u00a0799.1
-9\u00a0598.2
Interest rate sensitivity or reporting year 2024
(in TNOK)
\u00a0
-0,50 %
-0,25 %
0,25 %
0,50 %
Change P&L/Equity
7 748.8
3\u00a0874.4
-3\u00a0874.4
-7 748.8
(iii) Currency risk
Currency risk is a financial risk that exists when a financial transaction is denominated in a currency other than that of the base
currency of the company. Currency risk also exists when the foreign subsidiary of a firm maintains financial statements in a
currency other than the reporting currency of the consolidated entity. The risk is that there may be an adverse movement in
the exchange rate of the denomination currency in relation to the base currency before the date when the transaction is
completed.
Monetary assets and liabilities are sensitive to movements in foreign exchange rates. As the operations of the Group are
located in Norway and only some of the joint venture operations are carried out in SEK, and all financing activities are
denominated in NOK (see note 11), Management considers that the exposure to foreign exchange risk is low. All loans are
nominated in NOK and there are no consolidated cash funds in Swedish Krona at year end as PPG no longer has subsidiaries in
Sweden.
b) Credit risk
Credit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. Credit risk is
managed on Group basis. Credit risk arises from cash and cash equivalents; loans granted and trade receivables, including
committed transactions. The Group assess the expected credit losses in relation to its financial assets taking into account its
past experience and also taking into account forwards looking information
Management assesses the credit quality of the customer, taking into account its financial position, past experience and other
factors. Management does not expect any losses from non-performance by the contractual counterparties. The impairment
analysis on trade receivables is performed at each reporting period based on a provision matrix, grouping its receivables in the
number of days past due. As of the end of the 2025 and 2024 reporting periods, there has not been recorded any loss and
there are no significant amount of trade receivables past due at the date of the approval of the financial statements.
Receivables due
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
Not due
between 1 and 60 days overdue
more than 60 days
overdue
Trade Receivables
27\u00a0747
30\u00a0894
-3\u00a0314
167
Other Receivables
51\u00a0384
51\u00a0384
0
0
As per 31.12.2025
79\u00a0131
82\u00a0278
-3\u00a0314
167
\u00a0
Total
Not due
between 1 and 60 days overdue
more than 60 days
overdue
Trade Receivables
698
4\u00a0527
-4\u00a0039
210
Other Receivables
63\u00a0754
63\u00a0754
0
0
As per 31.12.2024
64\u00a0451
29\u00a0024
-4\u00a0039
210
The credit quality of the issuer is also taken into consideration when acquiring bonds.
With respect to the loans to associates and other parties, the Groups applies general approach to assess the impairment of
financial assets measured at amortised cost. In 2025, the change in provisions was MNOK 10.8 in Kongsparken AS, the book
value of the related receivable in Kongsparken is MNOK 14.2 at the end of 2025. Loans to associates are closely monitored by
Management, and concludes that the credit risk, including the probability of default within the next 12 months is low. There
has not been a significant increase in the credit risk since the initial recognition.
c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its obligations at maturity without incurring a significant
increase in finance cost or not being able to meet its obligations at all. The risk also includes that the Group must forfeit
investment opportunities. Cash flow forecasting is performed at Group level.
Group management monitors the Group's liquidity requirements to ensure that it has sufficient cash to meet operational
needs while maintaining sufficient headroom to pay out quarterly dividends to holders of preference shares. The monitoring
takes into account the possibility to raise external debt, as the Group keeps unleveraged assets and properties. The Group also
keeps its liquid funds in cash and cash equivalents, and in high yield funds with high liquidity.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the
balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash
flows:
Maturity of financial liabilities at the end of the 2025 reporting period:
31.12.2025
NOK thousand
\u00a0
<1y
1y-2y
2y-5y
>5y
Total
Borrowings
196\u00a0649
279\u00a0402
807\u00a0918
603\u00a0895
1\u00a0887\u00a0497
Interest on borrowings
86\u00a0036
68\u00a0098
129\u00a0763
153\u00a0926
437\u00a0823
Other current liabilities
89\u00a0808
0
0
0
89\u00a0808
Total
\u00a0
372\u00a0494
347\u00a0500
937\u00a0681
757\u00a0821
2\u00a0415\u00a0495
During 2025, the Group became the counterparty to a number of loan agreements, mostly in connections with its acquisitions
of investment properties. See Note 11 for further details.
As of the end of the 2025 reporting period, Management considers it highly likely that the Group will enter into refinancing
agreement for one or more of the loans maturing in less than 12 months. The new agreements are expected to be paid in
periodic payments over a term of 5 years. However, since at the end of the 2025 reporting period the Group has not
completed the agreement (i.e. no unconditional right to defer settlement for at least 12 months after the reporting period),
the loan is presented as current liabilities.
Maturity of financial liabilities at the end of the 2024 reporting period:
31.12.2024
NOK thousand
\u00a0
<1y
1y-2y
2y-5y
>5y
Total
Borrowings
67\u00a0028
225\u00a0713
775\u00a0201
896\u00a0730
1\u00a0964\u00a0672
Interest on borrowings
139\u00a0747
137\u00a0981
251\u00a0024
330\u00a0196
858\u00a0949
Other current liabilities
236\u00a0383
0
0
0
236\u00a0383
Total
\u00a0
443\u00a0158
363\u00a0694
1\u00a0026\u00a0225
1\u00a0226\u00a0926
3\u00a0060\u00a0004
Capital management
The group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern; to maintain
an optimal capital structure to reduce the cost of capital; and to comply with all covenants agreed with the lenders to the
Group. Compliance with covenants is further described in note 11.
When managing the capital, PPG will take into account the need for sufficient liquidity reserves to meet PPG's financial
obligations.
Management determines that the current liquidity in the Group and the current liquidity forecasts as of 31.12.25 grants the
Group enough resources to meets its obligations and continue with its current investment plan. Management continues to
monitor the optimal capital structure going forward, depending on operational needs. In order to maintain or adjust the
capital structure, the Group may return capital to shareholders, issue new shares or sell assets to repay debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-274": { "value": "
a) Market risk
Market risk for the Group is the risk that future cash flows in the form of interest payments change as a result of changes in
market interest rates in addition to fluctuations in currencies. The level of interest rate exposure and currency risk exposure
are determined based on an assessment by management and the Board of Directors of existing cash flows, general assessment
of financial condition and available liquidity.
(i) Fair value interest rate risk
The Group holds interest bearing assets in terms for cash deposits and bonds. Fluctuations in interest rates would yield a
higher or lower interest income. At the current level of cash deposits, a change in interest rate of +/- 1 % will not be material
for the financial statements. Further, a change in interest levels may cause changes in the fair value of the real estate portfolio
in addition to the performance of the bonds and bond funds held on PPG's balance sheet.
(ii) Cash flow interest rate risk
Exposure to cash flow interest rate risk is assessed when necessary. As of 31.12.2025, the Group is exposed to variable interest
rates for its borrowings linked to the different investment properties. The Group also holds borrowings with fixed interest
rates. See note 11 for further details.
The need for a fixed rate is periodically assessed, depending on the effects of adverse fluctuations in interest payment cash
flows due to higher interest rates. Management's assessment is that the Group's current financial position does not indicate a
further need for fixed interest rates.
The following table summarizes how the equity and profit or loss, before tax effects in the 2025 reporting period would have
been affected by changes in the interest rate that Management considers are reasonably possible:
Interest rate sensitivity for reporting year 2025
(in TNOK)
\u00a0
-0,50 %
-0,25 %
0,25 %
0,50 %
Change P&L/Equity
9\u00a0598.2
4\u00a0799.1
-4\u00a0799.1
-9\u00a0598.2
Interest rate sensitivity or reporting year 2024
(in TNOK)
\u00a0
-0,50 %
-0,25 %
0,25 %
0,50 %
Change P&L/Equity
7 748.8
3\u00a0874.4
-3\u00a0874.4
-7 748.8
(iii) Currency risk
Currency risk is a financial risk that exists when a financial transaction is denominated in a currency other than that of the base
currency of the company. Currency risk also exists when the foreign subsidiary of a firm maintains financial statements in a
currency other than the reporting currency of the consolidated entity. The risk is that there may be an adverse movement in
the exchange rate of the denomination currency in relation to the base currency before the date when the transaction is
completed.
Monetary assets and liabilities are sensitive to movements in foreign exchange rates. As the operations of the Group are
located in Norway and only some of the joint venture operations are carried out in SEK, and all financing activities are
denominated in NOK (see note 11), Management considers that the exposure to foreign exchange risk is low. All loans are
nominated in NOK and there are no consolidated cash funds in Swedish Krona at year end as PPG no longer has subsidiaries in
Sweden.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-275": { "value": "
b) Credit risk
Credit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. Credit risk is
managed on Group basis. Credit risk arises from cash and cash equivalents; loans granted and trade receivables, including
committed transactions. The Group assess the expected credit losses in relation to its financial assets taking into account its
past experience and also taking into account forwards looking information
Management assesses the credit quality of the customer, taking into account its financial position, past experience and other
factors. Management does not expect any losses from non-performance by the contractual counterparties. The impairment
analysis on trade receivables is performed at each reporting period based on a provision matrix, grouping its receivables in the
number of days past due. As of the end of the 2025 and 2024 reporting periods, there has not been recorded any loss and
there are no significant amount of trade receivables past due at the date of the approval of the financial statements.
Receivables due
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
Not due
between 1 and 60 days overdue
more than 60 days
overdue
Trade Receivables
27\u00a0747
30\u00a0894
-3\u00a0314
167
Other Receivables
51\u00a0384
51\u00a0384
0
0
As per 31.12.2025
79\u00a0131
82\u00a0278
-3\u00a0314
167
\u00a0
Total
Not due
between 1 and 60 days overdue
more than 60 days
overdue
Trade Receivables
698
4\u00a0527
-4\u00a0039
210
Other Receivables
63\u00a0754
63\u00a0754
0
0
As per 31.12.2024
64\u00a0451
29\u00a0024
-4\u00a0039
210
The credit quality of the issuer is also taken into consideration when acquiring bonds.
With respect to the loans to associates and other parties, the Groups applies general approach to assess the impairment of
financial assets measured at amortised cost. In 2025, the change in provisions was MNOK 10.8 in Kongsparken AS, the book
value of the related receivable in Kongsparken is MNOK 14.2 at the end of 2025. Loans to associates are closely monitored by
Management, and concludes that the credit risk, including the probability of default within the next 12 months is low. There
has not been a significant increase in the credit risk since the initial recognition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-278": { "value": "
5. Segments
Accounting principles
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and
incur expenses. Furthermore, the entity\u2019s component\u2019s operating results are regularly reviewed by the entity\u2019s chief operating
decision maker to make decisions about resources to be allocated to the segment and to assess its performance, and thus
separate financial information is available. The company has determined that the Board of Directors is collectively the chief
operating decision maker.
Description
During 2025, the Group has continued to increase its investments in the property portfolio, through refurbishment of existing
properties, and acquisitions. As of the end of the reporting period, the Group\u2019s real estate portfolio was comprised of retail
properties; hotel properties; preschool properties; office properties and development properties with both commercial and
residential use.
Management has therefore identified five different segments, all of them held with a view to enter into lease agreements
where the Group acts as a lessor.
Preschools
The Preschool segment consists of three preschool properties owned by PPG, located in Bergen and Oslo. Total lease income
for the Preschool segment amounted to MNOK 7.2 in 2025, an increase from MNOK 6.9 in 2024. The increase is due to CPI
adjustment of the rent. The fair property value based on third party valuation of the property owned by PPG per 31.12.25 was
MNOK 117.0.
Other
\u201cOther\u201d includes activities and revenue in the parent company PPG that does not fall into the other categories.
The information provided to the chief operating decision maker during 2025 includes:
NOK thousand
Preschool
Properties
Retail
Properties
Development
Properties
Hotel
Properties
Office
Properties
Other
Group
Rental income and other
operating revenue
7\u00a0190
34\u00a0468
4\u00a0383
122\u00a0933
4\u00a0695
2\u00a0028
175\u00a0696
Fair Value Adjustment
8\u00a0000
8\u00a0764
-4\u00a0435
58\u00a0542
-1\u00a0301
0
69\u00a0570
Operating profit (Ebit)
14\u00a0837
36\u00a0335
-1\u00a0307
145\u00a0316
2\u00a0716
-2\u00a0944
194\u00a0954
Investment property
117\u00a0000
434\u00a0500
136\u00a0453
1\u00a0796\u00a0770
64\u00a0000
0
2\u00a0548\u00a0722
Project in progress
0
697
18\u00a0070
11\u00a0943
0
0
30\u00a0710
Cash and Cash equivalents
3\u00a0224
5\u00a0565
943
44\u00a0285
3\u00a0240
17\u00a0863
75\u00a0120
The comparative period for 2024 is stated below:
NOK thousand
Preschool
Properties
Retail
Properties
Development
Properties
Hotel
Properties
Office
Properties
Other
Group
Contractual rental income
6\u00a0652
34\u00a0581
20\u00a0316
68\u00a0390
4\u00a0344
150
134\u00a0433
Other income Profit/loss (-)
sale of property
377
0
0
0
0
0
377
Fair Value Adjustment
2\u00a0500
-306
-2\u00a0530
131\u00a0173
2\u00a0554
0
133\u00a0391
Operating profit (Ebit)
9\u00a0039
28\u00a0670
4\u00a0483
180\u00a0783
5\u00a0969
-4\u00a0987
223\u00a0958
Investment Properties
109\u00a0000
473\u00a0000
474\u00a0528
1\u00a0523\u00a0078
63\u00a0000
0
2\u00a0642\u00a0606
Project in progress
0
697
27\u00a0123
9\u00a0053
1\u00a0584
41
38\u00a0498
Cash and Cash equivalents
3\u00a0877
5\u00a0696
17\u00a0856
46\u00a0256
8
186\u00a0573
260\u00a0265
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-277": { "value": "
5. Segments
Accounting principles
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and
incur expenses. Furthermore, the entity\u2019s component\u2019s operating results are regularly reviewed by the entity\u2019s chief operating
decision maker to make decisions about resources to be allocated to the segment and to assess its performance, and thus
separate financial information is available. The company has determined that the Board of Directors is collectively the chief
operating decision maker.
Description
During 2025, the Group has continued to increase its investments in the property portfolio, through refurbishment of existing
properties, and acquisitions. As of the end of the reporting period, the Group\u2019s real estate portfolio was comprised of retail
properties; hotel properties; preschool properties; office properties and development properties with both commercial and
residential use.
Management has therefore identified five different segments, all of them held with a view to enter into lease agreements
where the Group acts as a lessor.
Preschools
The Preschool segment consists of three preschool properties owned by PPG, located in Bergen and Oslo. Total lease income
for the Preschool segment amounted to MNOK 7.2 in 2025, an increase from MNOK 6.9 in 2024. The increase is due to CPI
adjustment of the rent. The fair property value based on third party valuation of the property owned by PPG per 31.12.25 was
MNOK 117.0.
Retail Properties
The retail property segment constitutes of properties owned by the subsidiary Pioneer Retail Properties AS, which was
established to procure and build facilities for retail properties, mainly for the Ferda group all over Norway. The motorhome
market, to which Ferda is exposed to, has been challenging during the last couple of years, as higher interest rates have led to
a contraction in the overall market. In the recent years Ferda has not been able to make profits and is planning on
restructuring its business into two divisions, \"sale of vehicles\" and \"repairment and maintenance\". In the restructure of Ferda,
there will be established new entities with focus on core business for each location in order to make the business profitable.
The segment consists currently of 7 retail properties let out to Ferda, owned by PPG. Total lease income for 2025 for the retail
properties segment amounted to MNOK 34.5, compared to MNOK 34.6, with a fair property value based on third party
valuations per 31.12.25 of MNOK 434.5.
Property Development
Pioneer Property Development AS develop general commercial real estate and housing. The segment consists of 7
development projects at the end of 2025.
The existing development projects includes amongst others a greenfield area in Evenes, Nordland of 400 000 m2 close
proximity to Harstad/Narvik airport in Northern Norway, in addition to a plot of 51\u00a0500 m2, mainly used for parking. This
investment is regarded as an associated company in the accounts. PPG also owns a parking lot close to Gardermoen Airport
and acquired a greenfield area close to the new airport in Mo i Rana in 2024. Total lease income for 2025 for the development
properties segment amounted to MNOK 4.4 with a fair property value based on third party valuations per 31.12.25 of MNOK
136.5.
Hotel Properties
The hotel properties segment included fifteen hotels in Norway in the beginning of 2025, and adding one hotel in July 2025.
The hotels in this segment are rented out to subsidiaries of Norlandia Hotel Group AS and Up North Hospitality AS, who has a
management agreement with Norlandia Hotel Group AS. Norlandia Hotel Group AS operates the hotels on franchise
agreements with leading hotel brands. Norlandia Hotel Group is owned by Hospitality Invest AS.
The properties are owned by subsidiaries of Pioneer Hotel Properties AS, which was established to acquire hotel properties
through the downturn following the Covid-19 pandemic across the Nordics and Europe. The Hotel Properties segment consists
of sixteen hotel, however there are 9 associated companies owning hotels, accounted for using the equity method. Total lease
income for 2025 for the Hotel Properties segment amounted to MNOK 122.9 with a fair property value based on third party
valuations per 31.12.25 of MNOK 1,796.8. The rent has increased from MNOK 68.9 to 122.9 due to increased rent levels after
refurbishment and the acquisition of Norlandia Holding with full effect in the 2025 statements.
PPG also has established Up North Property AS, which is 90.1% owned by Pioneer Hotel Properties and 9.9% indirectly owned
by Svein Arild Mevold, who was the previous CEO of Scandic Norway. Up North Property\u2019s strategy is to acquire hotel
properties in the Nordics and Europe, where there is an opportunity to change the hotel\u2019s market position through
reconfigurations and renovations of the hotel to adapt it to a changed hotel market. The hotels in Voss and Stavanger are
owned through Up North Property AS, and the hotels of JV V\u00e4sterkulla, Havna Tj\u00f8me and Scandic Forus is held as an joint
venture investment.
Office Properties
The first office property was acquired in March 2022, a seven stories tall building in Bod\u00f8. PPG has an ownership of 52 % in the
property, controlling the acquired subsidiary that owns the property. Total lease income for 2025 for the Office Properties
segment amounted to MNOK 4.7 with a fair property value based on third party valuations per 31.12.25 of MNOK 64.
Other
\u201cOther\u201d includes activities and revenue in the parent company PPG that does not fall into the other categories.
The information provided to the chief operating decision maker during 2025 includes:
NOK thousand
Preschool
Properties
Retail
Properties
Development
Properties
Hotel
Properties
Office
Properties
Other
Group
Rental income and other
operating revenue
7\u00a0190
34\u00a0468
4\u00a0383
122\u00a0933
4\u00a0695
2\u00a0028
175\u00a0696
Fair Value Adjustment
8\u00a0000
8\u00a0764
-4\u00a0435
58\u00a0542
-1\u00a0301
0
69\u00a0570
Operating profit (Ebit)
14\u00a0837
36\u00a0335
-1\u00a0307
145\u00a0316
2\u00a0716
-2\u00a0944
194\u00a0954
Investment property
117\u00a0000
434\u00a0500
136\u00a0453
1\u00a0796\u00a0770
64\u00a0000
0
2\u00a0548\u00a0722
Project in progress
0
697
18\u00a0070
11\u00a0943
0
0
30\u00a0710
Cash and Cash equivalents
3\u00a0224
5\u00a0565
943
44\u00a0285
3\u00a0240
17\u00a0863
75\u00a0120
The comparative period for 2024 is stated below:
NOK thousand
Preschool
Properties
Retail
Properties
Development
Properties
Hotel
Properties
Office
Properties
Other
Group
Contractual rental income
6\u00a0652
34\u00a0581
20\u00a0316
68\u00a0390
4\u00a0344
150
134\u00a0433
Other income Profit/loss (-)
sale of property
377
0
0
0
0
0
377
Fair Value Adjustment
2\u00a0500
-306
-2\u00a0530
131\u00a0173
2\u00a0554
0
133\u00a0391
Operating profit (Ebit)
9\u00a0039
28\u00a0670
4\u00a0483
180\u00a0783
5\u00a0969
-4\u00a0987
223\u00a0958
Investment Properties
109\u00a0000
473\u00a0000
474\u00a0528
1\u00a0523\u00a0078
63\u00a0000
0
2\u00a0642\u00a0606
Project in progress
0
697
27\u00a0123
9\u00a0053
1\u00a0584
41
38\u00a0498
Cash and Cash equivalents
3\u00a0877
5\u00a0696
17\u00a0856
46\u00a0256
8
186\u00a0573
260\u00a0265
..
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-276": { "value": "
5. Segments
Accounting principles
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and
incur expenses. Furthermore, the entity\u2019s component\u2019s operating results are regularly reviewed by the entity\u2019s chief operating
decision maker to make decisions about resources to be allocated to the segment and to assess its performance, and thus
separate financial information is available. The company has determined that the Board of Directors is collectively the chief
operating decision maker.
Description
During 2025, the Group has continued to increase its investments in the property portfolio, through refurbishment of existing
properties, and acquisitions. As of the end of the reporting period, the Group\u2019s real estate portfolio was comprised of retail
properties; hotel properties; preschool properties; office properties and development properties with both commercial and
residential use.
Management has therefore identified five different segments, all of them held with a view to enter into lease agreements
where the Group acts as a lessor.
Preschools
The Preschool segment consists of three preschool properties owned by PPG, located in Bergen and Oslo. Total lease income
for the Preschool segment amounted to MNOK 7.2 in 2025, an increase from MNOK 6.9 in 2024. The increase is due to CPI
adjustment of the rent. The fair property value based on third party valuation of the property owned by PPG per 31.12.25 was
MNOK 117.0.
Other
\u201cOther\u201d includes activities and revenue in the parent company PPG that does not fall into the other categories.
The information provided to the chief operating decision maker during 2025 includes:
NOK thousand
Preschool
Properties
Retail
Properties
Development
Properties
Hotel
Properties
Office
Properties
Other
Group
Rental income and other
operating revenue
7\u00a0190
34\u00a0468
4\u00a0383
122\u00a0933
4\u00a0695
2\u00a0028
175\u00a0696
Fair Value Adjustment
8\u00a0000
8\u00a0764
-4\u00a0435
58\u00a0542
-1\u00a0301
0
69\u00a0570
Operating profit (Ebit)
14\u00a0837
36\u00a0335
-1\u00a0307
145\u00a0316
2\u00a0716
-2\u00a0944
194\u00a0954
Investment property
117\u00a0000
434\u00a0500
136\u00a0453
1\u00a0796\u00a0770
64\u00a0000
0
2\u00a0548\u00a0722
Project in progress
0
697
18\u00a0070
11\u00a0943
0
0
30\u00a0710
Cash and Cash equivalents
3\u00a0224
5\u00a0565
943
44\u00a0285
3\u00a0240
17\u00a0863
75\u00a0120
The comparative period for 2024 is stated below:
NOK thousand
Preschool
Properties
Retail
Properties
Development
Properties
Hotel
Properties
Office
Properties
Other
Group
Contractual rental income
6\u00a0652
34\u00a0581
20\u00a0316
68\u00a0390
4\u00a0344
150
134\u00a0433
Other income Profit/loss (-)
sale of property
377
0
0
0
0
0
377
Fair Value Adjustment
2\u00a0500
-306
-2\u00a0530
131\u00a0173
2\u00a0554
0
133\u00a0391
Operating profit (Ebit)
9\u00a0039
28\u00a0670
4\u00a0483
180\u00a0783
5\u00a0969
-4\u00a0987
223\u00a0958
Investment Properties
109\u00a0000
473\u00a0000
474\u00a0528
1\u00a0523\u00a0078
63\u00a0000
0
2\u00a0642\u00a0606
Project in progress
0
697
27\u00a0123
9\u00a0053
1\u00a0584
41
38\u00a0498
Cash and Cash equivalents
3\u00a0877
5\u00a0696
17\u00a0856
46\u00a0256
8
186\u00a0573
260\u00a0265
..
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-279": { "value": "
Accounting principles
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and
incur expenses. Furthermore, the entity\u2019s component\u2019s operating results are regularly reviewed by the entity\u2019s chief operating
decision maker to make decisions about resources to be allocated to the segment and to assess its performance, and thus
separate financial information is available. The company has determined that the Board of Directors is collectively the chief
operating decision maker.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-280": { "value": "
6. Investment properties
Accounting principles
Property held with the purpose of achieving rental income, increase in value or both are classified as investment property.
Investment property also include property under development for future use as investment property. Investment property is
initially recognised at cost including transaction costs.
After initial recognition the investment property is subsequently recognised at fair value. Changes in fair value are presented in
the consolidated statement of comprehensive income in the reporting period when change occurs.
Subsequent costs relating to investment property are included in the carrying amount if it is probable that they will result in
future economic benefits for the investment property and the costs can be measured reliably. Expenses relating to operations
and maintenance of the investment property are charged to the income statement during the financial period in which they
are incurred.
Investment properties are derecognised when they are sold or are permanently out of operations and have no expected future
economic benefit. All gains or losses relating to sales or disposal are presented as \u201cother operating income\u201d in the statement
of comprehensive income the same year as disposal.
Critical accounting estimates
The investment properties are valued in accordance with the fair value method and all have been valued in accordance with
valuation Level 3 in the fair value hierarchy (Level 3 - where inputs for the asset or liability that are not based on observable
market data (that is, unobservable inputs)), see also note 9.
The yield level of the property has been determined on the basis of the unique risk and transactions based on the respective
locations.
At the end of the year, the Group commissioned external cash-flow valuations for the properties from an independent valuer,
except some properties that are under development or immaterial. For these properties, the Management has estimated the
property value. The property value is estimated on an individual basis using a combination of discounted cash-flow analysis
and property yield level. When estimating the value, key metrics, such as price per sqm and rent levels, together with market
transactions is used as reference points. The level of transactions thus influences the level of uncertainty in the assumptions
used in the valuation.
The discounted cash flow method involves discounting future cash flows over a specified period using an estimated discount
rate and then adding a residual value at the end of the period. Future cash flows are calculated on the basis of cash flows from
signed leases, as well as estimated future cash flows based on an expected market rent at the end of the lease terms. The fair
value of investment properties is therefore mainly affected by expected market rents, discount rates, inflation, and capex.
Individual factors for the properties such as relevant country, the property's location in relation to a major city, net-population
change, size of the property, year of build and whether the property is on leased land (Norwegian: festetomt) were applied to
assess the yield for the respective property/location.
PPG provides comprehensive details on the properties, lease contracts, floor space, built year and details of any vacant
premises, and up-to-date and comprehensive information about all ongoing and planned projects.
The external valuer has set the following net yields and market rent per square meter in their valuation report:
\u00a0
Preschool
Properties
Retail
Properties
Development
Properties*
Hotel
Properties
Office
Properties
Total
Net yield 2025
6.2%
7.6%
8.0%
7.2%
7.5%
7.2%
Net yield 2024
6.2%
7.8%
7.8%
7.2%
7.2%
7.2%
Market rent in NOK per sqm 2025
3\u00a0398
1\u00a0341
n/a
1\u00a0792
2\u00a0189
1\u00a0800
Market rent in NOK per sqm 2024
3\u00a0301
1\u00a0484
n/a
1\u00a0724
2\u00a0126
1\u00a0775
*For the development property segment, the only property included in 2024 is the property in Evenes which generates lease
income from parking for the net yield calculation. In 2025, the only property generating lease income is the parking lot in
Gardermoen. The market rent per square meter is not relevant for this segment as most of the value is related to larger plots
without buildings or rental income.
As of the end of the 2025 reporting period, the following gross yield for the investment properties is observed for the
properties and the valuation of the properties implies the following gross yields:
\u00a0
Preschool
Properties
Retail
Properties
Development
Properties
Hotel
Properties
Office
Properties
Total
Gross yield range 2025
4.8% - 6.5%
7.5% - 8.7%
8.0% -8.0%
4.5% - 7.8%
7.8% - 7.8%
4.5% - 8.7%
Weighted average gross yield 2025
6.2%
8.1%
n/a
7.1%
7.3%
7.3%
Gross yield range 2024
4.8% - 6.7%
7.3% - 9.4%
8.0% - 8.0%
5.7% - 9.0%
7.3% - 7.3%
4.7% - 9.0%
Weighted average gross yield 2024
6.4%
8.3%
n/a
7.6%
7.3%
7.7%
The calculated weighted average gross yield is based on annual contractual lease income of 2026 of MNOK 175.0 and is based
on an CPI-adjustment of contractual lease of 3.0%.
Description
As of 31.12.25 the Groups investment property portfolio consists of three preschool properties, seven retail properties,
eighteen hotel properties, one office property, development properties including parking property, and different greenfield
projects in Oslo, Rana, Evenes and Indre \u00d8stfold. The Group owns and manages a total area of approximately 120.500 square
meters, not including associated companies and development properties.
Overview of account movements 2025
NOK thousand
Preschool
Properties
Retail
Properties
Development
Properties
Hotel
Properties
Office
Properties
Group
Fair value in the beginning of the year
109\u00a0000
473\u00a0000
474\u00a0528
1\u00a0523\u00a0078
63\u00a0000
2\u00a0642\u00a0606
Changes between segments
0
0
0
0
0
0
Investment in subsidiaries /properties
0
736
984
215\u00a0150
2\u00a0301
219\u00a0171
Sale of operations/derecognition
0
-48\u00a0000
-333\u00a0929
0
0
-381\u00a0929
Fair value adjustments on investment
properties
8\u00a0000
8\u00a0764
-4\u00a0435
58\u00a0542
-1\u00a0301
69\u00a0570
Fair value in the end of the year
117\u00a0000
434\u00a0500
136\u00a0453
1\u00a0796\u00a0770
64\u00a0000
2\u00a0548\u00a0723
Net change in unrealized gain
8\u00a0000
8\u00a0764
-4\u00a0435
58\u00a0542
-1\u00a0301
69\u00a0570
The segment of hotel properties represented the biggest share of value and investment of properties in the Group at year end
of 2025. The acquisition in 2025 were the purchase of Helma Hotel AS, alongside with refurbishment of Andrikken hotel . This
has has been positively affecting the profits of the group through a fair value adjustment.
The derecognition of Evenes property reduced the development segment with MNOK 333.9 and the Retail properties segment
with MNOK 48.0.
In summary the total Group\u2019s portfolio as of 31 December 2025 was valued to MNOK 2 548.7, an decrease from MNOK 2642.6.
from year-end 2024.
Overview of account movements 2024
The segment of hotel properties represented the biggest share of value of properties in the Group at year end of 2024. The
largest acquisitions in 2024 were purchase of additional shares in Norlandia Holding AS representing a property value of MNOK
708. Included in the property value of MNOK 708 is a tax value adjustment of MNOK 86.0 related to deferred tax of the
properties. This has has been positively affecting the profits of the group through a fair value adjustment.
For the retail property segment, the divestment of D\u00f8vikveien 22, in addition to a negative fair value adjustment resulted in a
fair value year end of MNOK 473.0.
With respect to the development properties, the purchase of 650 parking spaces in Gardermoen, the building of Tesla Evenes
and 550 new parking spaces in Evenes represented an investment of MNOK 131.3.
In summary the total Group\u2019s portfolio as of 31 December 2024 was valued to MNOK 2 642.6 MNOK, an increase from MNOK
1 757.3 from year-end 2023.
NOK thousand
Preschool
Properties
Retail
Properties
Development
Properties
Hotel
Properties
Office
Properties
Group
Fair value in the beginning of the year
106\u00a0500
438\u00a0000
385\u00a0756
766\u00a0000
61\u00a0000
1\u00a0757\u00a0256
Changes between segments
0
46\u00a0222
-46\u00a0222
0
0
0
Investment in subsidiaries /properties
0
6\u00a0084
131\u00a0324
632\u00a0104
-544
768\u00a0958
Sale
0
-17\u00a0000
0
0
0
-9\u00a0420
Fair value adjustments on investment
properies
2\u00a0500
-306
3\u00a0670
124\u00a0974
2\u00a0554
133\u00a0392
Fair value in the end of the year
109\u00a0000
473\u00a0000
474\u00a0528
1\u00a0523\u00a0078
63\u00a0000
2\u00a0642\u00a0606
Net change in unrealized gain
-2\u00a0500
-306
3\u00a0670
124\u00a0974
2\u00a0554
12\u00a0872
Commitments
As of the end of the 2025, the refurbishments ongoing in Notodden Hotel has been completed. There is a planned renovation
of Park Hotel Vossevangen and Andrikken is currently undergoing renovation. Until the hotels are renovated, there is limited
rent income contributions from the property as the rent is based on a lower percentage of the hotel turnover in the renovation
period, agreed with its tenant. When renovation is completed, the annual minimum rent will increase, as well the turnover-
based rent.
Total property operating expenses
The Group did not incur any direct operating expenses (including repairs and maintenance) in any investment property that did
not generate rental income during the 2025 and 2024 reporting periods. As for the investment properties that did generate
rental income during the 2025 and 2024 reporting periods, there were no material direct operating expenses incurred during
the period, as most of the contracts are triple net (i.e. net of insurance, taxes and maintenance).
Climate related matters
Sensitivity analysis
A property analysis is an estimate of the value that an investor is willing to pay for the property at a given time. The valuation
is made on the basis of generally accepted models and certain assumptions on different parameters.
The tables below give an indication of the effects on the value of the property portfolio if yield levels change with 0.5% or
rental income change with 5% NOI is defined as net operating income, meaning all revenue from properties minus all
reasonable operating expenses.
Preschool properties
As of 31 December 2025, the Group had the following sensitivity to changes in these identified significant inputs:
NOK million\u00a0 \u00a0
\u00a0
Yield sensitivity
\u00a0
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -0,5%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,0%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,5%
NOI sensitivity
-5 %
121
111
103
0 %
127
117
108
5 %
134
123
114
Preschool properties - Comparative period 2024
As of 31 December 2024, the Group had the following sensitivity to changes in these identified significant inputs:
NOK million\u00a0 \u00a0
\u00a0
Yield sensitivity
\u00a0
\u00a0
-0,5%
0,0%
0,5%
NOI sensitivity
-5 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 112
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 104
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 96
0 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 118
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 109
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 101
5 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 124
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 114
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 106
Retail properties
As of 31 December 2025, the Group had the following sensitivity to changes in these identified significant inputs:
NOK million\u00a0 \u00a0
\u00a0
Yield sensitivity
\u00a0
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -0,5%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,0%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,5%
NOI sensitivity
-5 %
440
413
389
0 %
463
435
409
5 %
486
456
430
Retail properties - Comparative period 2024
As of 31 December 2024, the Group had the following sensitivity to changes in these identified significant inputs:
NOK million\u00a0 \u00a0
\u00a0
Yield sensitivity
\u00a0
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -0,5%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,0%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,5%
NOI sensitivity
-5 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 478
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 449
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 424
0 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 503
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 473
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 446
5 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 529
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 497
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 468
Development properties
The fair value of the properties classified as property development use the same significant unobservable inputs as the other
categories presented. However, for this segment, most of the properties does not generate lease income. The valuation of the
properties in this segment is not to the same extent as the other segments yield based valuations. Hence, sensitivity regards
change in yield and NOI is not considered relevant.
Hotel properties
As of 31 December 2025, the Group had the following sensitivity to changes in these identified significant inputs:
NOK million\u00a0 \u00a0
\u00a0
Yield sensitivity
\u00a0
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -0,5%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,0%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,5%
NOI sensitivity
-5 %
1\u00a0836
1\u00a0707
1\u00a0595
0 %
1\u00a0933
1\u00a0797
1\u00a0679
5 %
2\u00a0029
1\u00a0887
1\u00a0763
Hotel Properties - Comparative period 2024
As of 31 December 2024, the Group had the following sensitivity to changes in these identified significant inputs:
NOK million\u00a0 \u00a0
\u00a0
Yield sensitivity
\u00a0
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -0,5%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,0%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,5%
NOI sensitivity
-5 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1 548
\u00a0 \u00a0 \u00a0 \u00a0 1 446
\u00a0 \u00a0 \u00a0 \u00a0 1 357
0 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1 630
\u00a0 \u00a0 \u00a0 \u00a0 1 522
\u00a0 \u00a0 \u00a0 \u00a0 1 428
5 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1 711
\u00a0 \u00a0 \u00a0 \u00a0 1 599
\u00a0 \u00a0 \u00a0 \u00a0 1 500
Office properties
As of 31 December 2025, the Group had the following sensitivity to changes in these identified significant inputs:
NOK million\u00a0 \u00a0
\u00a0
Yield sensitivity
\u00a0
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -0,5%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,0%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,5%
NOI sensitivity
-5 %
65
61
57
0 %
68
64
60
5 %
72
67
63
Office properties \u2013 Comparative period 2024
As of 31 December 2024, the Group had the following sensitivity to changes in these identified significant inputs:
NOK million\u00a0 \u00a0
\u00a0
Yield sensitivity
\u00a0
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -0,5%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,0%
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0,5%
NOI sensitivity
-5 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 64
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 60
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 56
0 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 68
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 63
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 59
5 %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 71
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 66
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 62
7. Projects in progress, investment properties
Accounting principles
The Group measures its investment properties under development (\u201cproject in progress, investment properties\u201d) following the
same fair value model as for the investment property. There have been no adjustments to the fair value in 2025 and
management anticipates that historical cost reflects the fair value of the projects in progress. For the current projects in
progress, the cost is mainly related to development project in Vossevangen Park hotel and groundworks and engineering in
Brennemoen, costs that are likely to be compensated with approximately the same amount as the historical cost of the ground
works.\u00a0
Description
Project in progress, investment properties
\u00a0NOK in thousand
2025
2024
Cost 1 January
38\u00a0498
35\u00a0513
Additions
4\u00a0893
6\u00a0109
Completed projects, transferred to investment properties/sale
-12\u00a0681
-3\u00a0143
Carrying value 31 December
30\u00a0710
38\u00a0498
The completed projects/sale is due to the projects in Evenes Holding for 2025, which in 2025 is regarded as an associated
company, not as an subsidiary.
The project in progress is mainly related to refurbishment of existing hotel of Park Hotel Vossevangen, and Studio City Project
in Brennemoen, Indre \u00d8stfold.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-281": { "value": "
Property held with the purpose of achieving rental income, increase in value or both are classified as investment property.
Investment property also include property under development for future use as investment property. Investment property is
initially recognised at cost including transaction costs.
After initial recognition the investment property is subsequently recognised at fair value. Changes in fair value are presented in
the consolidated statement of comprehensive income in the reporting period when change occurs.
Subsequent costs relating to investment property are included in the carrying amount if it is probable that they will result in
future economic benefits for the investment property and the costs can be measured reliably. Expenses relating to operations
and maintenance of the investment property are charged to the income statement during the financial period in which they
are incurred.
Investment properties are derecognised when they are sold or are permanently out of operations and have no expected future
economic benefit. All gains or losses relating to sales or disposal are presented as \u201cother operating income\u201d in the statement
of comprehensive income the same year as disposal.
Accounting principles
The Group measures its investment properties under development (\u201cproject in progress, investment properties\u201d) following the
same fair value model as for the investment property. There have been no adjustments to the fair value in 2025 and
management anticipates that historical cost reflects the fair value of the projects in progress. For the current projects in
progress, the cost is mainly related to development project in Vossevangen Park hotel and groundworks and engineering in
Brennemoen, costs that are likely to be compensated with approximately the same amount as the historical cost of the ground
works.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-282": { "value": "
Critical accounting estimates
The investment properties are valued in accordance with the fair value method and all have been valued in accordance with
valuation Level 3 in the fair value hierarchy (Level 3 - where inputs for the asset or liability that are not based on observable
market data (that is, unobservable inputs)), see also note 9.
The yield level of the property has been determined on the basis of the unique risk and transactions based on the respective
locations.
At the end of the year, the Group commissioned external cash-flow valuations for the properties from an independent valuer,
except some properties that are under development or immaterial. For these properties, the Management has estimated the
property value. The property value is estimated on an individual basis using a combination of discounted cash-flow analysis
and property yield level. When estimating the value, key metrics, such as price per sqm and rent levels, together with market
transactions is used as reference points. The level of transactions thus influences the level of uncertainty in the assumptions
used in the valuation.
The discounted cash flow method involves discounting future cash flows over a specified period using an estimated discount
rate and then adding a residual value at the end of the period. Future cash flows are calculated on the basis of cash flows from
signed leases, as well as estimated future cash flows based on an expected market rent at the end of the lease terms. The fair
value of investment properties is therefore mainly affected by expected market rents, discount rates, inflation, and capex.
Individual factors for the properties such as relevant country, the property's location in relation to a major city, net-population
change, size of the property, year of build and whether the property is on leased land (Norwegian: festetomt) were applied to
assess the yield for the respective property/location.
PPG provides comprehensive details on the properties, lease contracts, floor space, built year and details of any vacant
premises, and up-to-date and comprehensive information about all ongoing and planned projects.
The external valuer has set the following net yields and market rent per square meter in their valuation report:
\u00a0
Preschool
Properties
Retail
Properties
Development
Properties*
Hotel
Properties
Office
Properties
Total
Net yield 2025
6.2%
7.6%
8.0%
7.2%
7.5%
7.2%
Net yield 2024
6.2%
7.8%
7.8%
7.2%
7.2%
7.2%
Market rent in NOK per sqm 2025
3\u00a0398
1\u00a0341
n/a
1\u00a0792
2\u00a0189
1\u00a0800
Market rent in NOK per sqm 2024
3\u00a0301
1\u00a0484
n/a
1\u00a0724
2\u00a0126
1\u00a0775
*For the development property segment, the only property included in 2024 is the property in Evenes which generates lease
income from parking for the net yield calculation. In 2025, the only property generating lease income is the parking lot in
Gardermoen. The market rent per square meter is not relevant for this segment as most of the value is related to larger plots
without buildings or rental income.
As of the end of the 2025 reporting period, the following gross yield for the investment properties is observed for the
properties and the valuation of the properties implies the following gross yields:
\u00a0
Preschool
Properties
Retail
Properties
Development
Properties
Hotel
Properties
Office
Properties
Total
Gross yield range 2025
4.8% - 6.5%
7.5% - 8.7%
8.0% -8.0%
4.5% - 7.8%
7.8% - 7.8%
4.5% - 8.7%
Weighted average gross yield 2025
6.2%
8.1%
n/a
7.1%
7.3%
7.3%
Gross yield range 2024
4.8% - 6.7%
7.3% - 9.4%
8.0% - 8.0%
5.7% - 9.0%
7.3% - 7.3%
4.7% - 9.0%
Weighted average gross yield 2024
6.4%
8.3%
n/a
7.6%
7.3%
7.7%
The calculated weighted average gross yield is based on annual contractual lease income of 2026 of MNOK 175.0 and is based
on an CPI-adjustment of contractual lease of 3.0%.
9. Financial Instruments
Accounting principles
A financial instrument is a contract that gives rise to both a financial asset for one entity and a financial liability or equity
instrument for another entity. Financial instruments are generally recognized as soon as the group becomes a party to the
terms of the financial instrument.
Financial assets
Financial assets include cash and cash equivalents, trade receivables and other loans and receivables. Financial instrument
classification is based on the business model in which the instruments are held as well as the structure of the contractual cash
flows.
Financial assets measured at amortized cost
Financial assets measured at amortized cost in the Group consist of loans and receivables, trade receivables or cash and cash
equivalents.
After initial recognition, these financial assets are measured at amortized cost using the effective interest method less
impairment.
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss, comprise financial assets whose cash flows do not relate solely to
payments of interest and repayments of principal on the outstanding nominal amount. Gains or losses on these financial assets
are recognized through profit or loss.
Financial liabilities
Financial liabilities regularly give rise to a redemption obligation in cash or another financial asset. These include in particular
bonds and other securitized liabilities, trade payables, liabilities to banks, liabilities to affiliated companies and derivatives
designated as hedges. Financial liabilities are classified into the following categories:
\u2022Financial liabilities measured at fair value through profit or loss, and
\u2022Financial liabilities measured at amortized cost.
Upon initial recognition, all financial liabilities are measured at fair value. Trade payables and other non-derivative financial
liabilities are generally measured at amortized cost using the effective interest method.
Fair Value
The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Financial instruments and investment properties that are measured at fair value in the financial statements require disclosure
of fair value measurements by level based on the following fair value measurement hierarchy:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either
directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Critical accounting estimates
For the shares of Hospitality Invest and Pancom, the estimated value is based on assumptions of future cash flow in the
companies and its subsidiaries. Both companies are investment companies, Pancom within the real estate and construction
sector, and Hospitality Invest within Care, Staffing and Hotel Operations. Key metrics such as pricing in recent capital raise,
yield, future cash flow and EBITDA-multiples are assessed to estimate the value of the investments. With the purchase of
additional shares in Norlandia Holding, the Group increased indirectly its investment to Pancom and Hospitality Invest. By year
end 2025, Pancom is recognized as an Associate company. For Hospitality Invest, in addition to the estimates made, the book
value of equity of the company is used as a reference point, of which the financial statements have been prepared in
accordance with International Financial Reporting Standards.
Specification of financial assets and liabilities:
The Group holds the following financial assets and liabilities:
NOK thousand
31.12.2025
\u00a0 \u00a0 \u00a0 31.12.2024
Financial assets at amortised cost
Loan to associated companies
152\u00a0431
87\u00a0201
Loan to other companies
21\u00a0101
36\u00a0187
Cash and cash equivalents
75\u00a0120
260\u00a0265
Trade and other receivables
27\u00a0747
64\u00a0451
\u00a0
Financial assets at fair value through profit or loss
Other investments 1)
51\u00a0384
68\u00a0542
Other Shares 2)
24\u00a0491
24\u00a0492
Sum
352\u00a0274
541\u00a0138
Financial liabilities at amortised cost
Borrowings
1\u00a0887\u00a0497
1\u00a0951\u00a0768
Other current liabilities
89\u00a0807
Sum
1\u00a0977\u00a0304
1\u00a0951\u00a0768
1) Other investments are measured at fair value as level 1 in the fair value hierarchy in accordance with quoted prices
2) Other Shares included other investments in shares where the company have no significant influence or control, which is measured
according to level 3 in the hierarchy.
Specification of investments measured at fair value held as of 31 December 2025:
1) Bonds are measured at fair value as level 2 in the fair value hierarchy in accordance with observed prices.
2) Funds are measured at fair value as level 1 in the fair value hierarchy in accordance with quoted prices.
3) Investments in shares where the company have no significant influence or control, is measured according to level 3 in the
hierarchy. The shares are not traded, not quoted.
NOK thousand
1) Bonds
2) Funds
3) Hospitality Invest AS
3) Other
Total
Fair value in the beginning of year
62\u00a0620
5\u00a0922
23\u00a0969
523
93\u00a0034
Purchase in 2025
50\u00a0500
0
0
0
50\u00a0500
Sold in 2025
-62\u00a0000
-5\u00a0922
0
0
-67\u00a0922
Fair value adjustments
264
0
0
0
264
Fair value year end
51\u00a0384
0
23\u00a0969
523
75\u00a0875
Specification of investments measured at fair value held as of 31 December 2024:
NOK thousand
1) Bonds
2) Funds
3) Hospitality Invest AS
3) Pancom
AS*
3) Other
Total
Fair value in the beginning of the year
62\u00a0620
54\u00a0956
13\u00a0650
30\u00a0741
0
161\u00a0967
Purchase in 2024
0
0
10\u00a0319
58\u00a0859
523
69\u00a0701
Sold in 2024
0
-49\u00a0034
0
0
0
-49\u00a0034
Fair value adjustments
0
0
0
-3\u00a0950
0
-3\u00a0950
Derecgnition from investment to associate
0
0
0
-85\u00a0650
0
-85\u00a0650
Fair value in the end of the year
62\u00a0620
5\u00a0922
23\u00a0969
0
523
93\u00a0034
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-284": { "value": "
8. Associated companies and joint ventures
Accounting principles
Associated companies are all entities over which the company has significant influence, but not control or joint control.
Significant influence is the power to participate in the financial and operating policy decisions of the investee, but without the
ability to have control over those policies.
Joint ventures are those companies that are jointly controlled by the Group and another party.
Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being
recognized at cost.
Description
Kongsparken AS - joint venture
Kongsparken AS was established 11 September 2020 by Eiendomsselskapet Ranheim AS and the Group. Both owns 50% of the
company and contributed each with kroner 50.000. Kongsparken AS have acquired an old closed school, which shall be
demolished and replaced by approximately 400 apartments.
The Group is controlling 50 of the votes in the Board of Directors. The project management and daily operations are performed
by Eiendomsselskapet Ranheim AS, thus it is PPG consideration that the group does not have control in Kongsparken.
Forus Holdco AS - joint venture
Forus Holdco AS was established by Vico Eiendom AS and Up North Property AS to acquire 100 % of the shares in Forusveien
31 - Hotell AS from Vico Eiendom AS. Forusveien 31 - Hotell AS owns Scandic Forus Hotel in Stavanger municipality. The hotel is
let out to Scandic Hotels AS The owners of Vico Eiendom AS is Hauglandgruppen, a family office located in Bergen.
The Group is controlling 50 % of the votes in the Board of Directors. Project management and daily operations are performed
by Hauglandgruppen. It is the Group\u2019s evaluation that PPG does not have control in Forus Holdco AS, and the investment is
regarded as an associated company. Forus Holdco AS was acquired on 29.12.2021.
Ramstadsletta Utvikling AS \u2013 associated company
During the first half of 2021 PPG, through Pioneer Development AS, acquired a 49 000 m2 plot together with local partners at
Ramstadsletta in B\u00e6rum, Norway. The plot has an expected potential to develop around 70 000 m2 of residential and
commercial real estate, and PPG has an ownership in the project of 40.08% as of 31.12.2025. Daily operations is carried out by
ORO Eiendom as business manager, which also holds a 10% share of the company. PPG Is represented in the board, wich
consists of four members. It is the Group\u2019s evaluation that PPG does not have control in Ramstadsletta Utvikling AS and is
treated as an associated company.
JV Havna Tj\u00f8me AS \u2013 associated company
PPG established JV Havna Tj\u00f8me AS with Rica Eiendom AS. JV Havna Tj\u00f8me AS is regarded as an associated company. The joint
venture company, acquired Havna Tj\u00f8me Hotel based on a property value of MNOK 78, settled through a vendor note. The
hotel will undergo refurbishment, expected to be financed by obtaining bank financing. The company is treated as an
associated company.
Pancom AS \u2013 associated company
Pancom is an investment company within the real estate and construction sector. The shares are held through PPG and
Norlandia Holding AS. The investment is regarded as an associated company from 2024, The company is located in Porsgrunn.
Vossevangen utvikling AS \u2013 associated company
In July 2024, PPG acquired 41,49% of the shares in Vossevangen Utvikling.\u00a0 The company owns three properties in Voss which
shall be developed to residentials. The company has four board members, where PPG has one representative in the board. It is
the Group\u2019s evaluation that PPG does not have control in Vossevangen Utvikling and the company is regarded as an associated
company.
JV Nordv\u00e4st Fastighet AB - joint venture
In July 2024 PPG acquired 50,00% of the shares in JV Norv\u00e4st AB. JV Nordv\u00e4st AB was established together with the Swedish
property company V\u00e4sterkulla Hotell Holding AB, and has acquired three hotels in J\u00f6nk\u00f6ping, Eskilstuna and Helsingborg, a
total of 319 hotel rooms and 13.551 sqm. In 2025, there was a loss of MSEK 4.8 due to two of the hotels were closed for
renovation. The total book value of equity was MSEK 153.8.
The Group is controlling 50 % of the votes in the Board of Directors. Project management and daily operations are performed
by V\u00e4sterkulla Hotell Holding AB. It is the Group\u2019s evaluation that PPG does not have control in JV Nordv\u00e4st Fastighet AB and is
regarded as an associated company.
Strand Hotell Borgholm AB - joint venture
The company owns a hotel property in Sweden. The net profit in the company was MSEK 1.6 and the total value of equity was
MNOK 76.9. The Group is controlling 50 % of the votes in the Board of Directors. Project management and daily operations are
performed by Norlandia Fastighet AB. It is the Group\u2019s evaluation that PPG does not have control in Strand Hotell Borgholm AB
and the company is regarded as an associated company.\u00a0
K\u00f6ping Hotellfastighet AB - joint venture
The company owns a hotel property in Sweden. The net profit in the company was MNOK 2.6 and the total value of equity was
MSEK 44.8. The Group is controlling 50 % of the votes in the Board of Directors. Project management and daily operations are
performed by Norlandia Fastighet AB. It is the Group\u2019s evaluation that PPG does not have control in K\u00f6ping Hotellfastighet AB
and the company is regarded as an associated company.
Evenes Holding AS \u2013 associated company
Evenes Holding AS is an investment company within retail and development properties. Through its subsidiaries the company
owns 3 retail properties, one parking property\u00a0 and a greenfield area of land for development. At year end 2025 PPG holds
43,33% of the shares in Evenes Holding AS. The company were last year held as an subsidiary.
The effects from purchase/recognition of Evenes Holding AS as an subsidiary to an associated company s shown in the table
below
NOK thousand
\u00a0
Evenes Holding AS
Associated companies
22 453 724
Income as associate P&L
1 130 329
Gain by derecgnition P&L
6 431 267
As of year end, the Group\u2019s shares of the financial positions in the companies owned is shown below:
NOK thousand
31.12.2025
31.12.2024
Goodwill
-36\u00a0944
-22\u00a0092
Deferred tax
0
17\u00a0648
Investment properties
2\u00a0188\u00a0250
1\u00a0664\u00a0115
Investment property and other investment
227\u00a0587
277\u00a0839
Other non-current assets
35\u00a0498
35\u00a0567
Cash
22\u00a0539
63\u00a0195
Borrowings (current and non-current)
-1\u00a0406\u00a0888
-1\u00a0126\u00a0739
Other current liabilities
-187\u00a0063
-311\u00a0314
Net assets
842\u00a0979
598\u00a0219
Share of ownership
360\u00a0564
286\u00a0667
Distribution of loss uneavenly between share classes
Carrying amount (at percentage of part. by the Group)
360\u00a0564
286\u00a0667
Changes in the Group\u2019s carrying amount in the periods:
NOK thousand
31.12.2025
31.12.2024
Carrying amount at 01.01
286\u00a0667
372\u00a0663
Invested capital/Gain of control (-) in Norlandia Holding AS
0
-193\u00a0184
Invested/repaid (-) capital in Ramstadsletta Utvikling AS
0
1\u00a0002
Loss of control in Evenes Holding AS
22\u00a0454
0
Invested capital Horten Hotell Eiendom AS
44\u00a0390
0
Invested capital JV Havna Tj\u00f8me AS
0
500
Invested capital in other associates companies
-284
14\u00a0523
Invested capital Pancom AS
0
85\u00a0837
Sale of 1% share in Kongsparken AS
0
-1
Interest-free loan to Ramstadsletta AS (Note 20)
0
-3\u00a0256
Share of gain in joint ventures and associated companies
7\u00a0339
8\u00a0582
Carrying amount at 31.12
360\u00a0564
286\u00a0667
The share of profit (loss) is calculated in the following table, showing the breakdown by Joint Ventures (JV) and associated
companies and its contribution to the current year consolidated income statement of the Group, for the year 2025:
JV
JV
JV
JV
JV
NOK
thousand
\u00a0
Kongsparken
AS
JV Nordv\u00e4st
Fastighet AB
Forus Holdco
AS
K\u00f6ping Hotellfastighet
AB
Strand Hotell
Borgholm AB
Net income
14\u00a0737
-5\u00a0022
83\u00a0238
1\u00a0642
2\u00a0687
The Group' share of ownership
49.00%
50.00%
50.00%
50.00%
50.00%
Share of profit or loss in the
owner period
7\u00a0221
-2\u00a0511
41\u00a0619
821
1\u00a0344
Carrying amount at 31.12.25
0
74\u00a0389
58\u00a0585
23\u00a0210
39\u00a0814
Associates
Associates
Associates
Associates
Associates
Associates
NOK
thousand
\u00a0
Ramstadsletta
Utvikling AS
Vossevangen
Utvikling AS
JV Havna
Tj\u00f8me AS
Pancom
AS
Evenes
Holding AS
Norlandia
Holding
associates
Total
Net income
-44\u00a0387
0
-2\u00a0471
-121\u00a0329
2\u00a0609
-860
55\u00a0535
The Group' share of
ownership
40.08%
41.49%
50.00%
20.65%
43.33%
*
Share of profit or loss
in the owner period
-17\u00a0790
0
-1\u00a0759
-25\u00a0054
1\u00a0130
-538
7\u00a0525
Carrying amount at
31.12.25
10\u00a0621
9\u00a0620
0
60\u00a0596
23\u00a0584
12\u00a0713
360\u00a0564
*consist of 11 associates.
Share of profit (loss) is calculated in the following table, showing the breakdown by joint venture and associates and its
contribution to the current year consolidated income statement of the Group, for the comparative year 2024 is calculated as:
.
JV
JV
JV
JV
JV
NOK
thousand
\u00a0
Kongsparken
AS
JV Nordv\u00e4st
Fastighet AB
Forus Holdco
AS
K\u00f6ping Hotellfastighet
AB
Strand Hotell
Borgholm AB
Net income
-2\u00a0826
4\u00a0862
334
1\u00a0539
3\u00a0152
The Group' share of ownership
49.00%
50.00%
50.00%
50.00%
50.00%
Share of profit or loss in the
owner period
-1\u00a0413
2\u00a0432
167
770
1\u00a0576
Carrying amount at 31.12.24
-7\u00a0221
76\u00a0900
16\u00a0966
22\u00a0389
38\u00a0471
Associates
Associates
Associates
Associates
Associates
NOK
thousand
\u00a0
Ramstadsletta
Utvikling AS
Vossevangen
Utvikling AS
JV Havna
Tj\u00f8me AS
Norlandia
Holding AS\u00a0
(01.01.24 -
15.10.24)
Norlandia
Holding
associates
(15.10.24 -
31.12.24)
Total
Net income
-9\u00a0913
-967
2\u00a0518
18\u00a0945
-540
120\u00a0738
The Group' share of ownership
40.08%
41.49%
50.00%
47.80%
*
Share of profit or loss in the
owner period
-3\u00a0973
302
1\u00a0259
9\u00a0056
-289
49\u00a0147
Carrying amount at 31.12.24
28\u00a0411
9\u00a0620
1\u00a0759
0
13\u00a0535
286\u00a0667
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-283": { "value": "
8. Associated companies and joint ventures
Accounting principles
Associated companies are all entities over which the company has significant influence, but not control or joint control.
Significant influence is the power to participate in the financial and operating policy decisions of the investee, but without the
ability to have control over those policies.
Joint ventures are those companies that are jointly controlled by the Group and another party.
Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being
recognized at cost.
Description
Kongsparken AS - joint venture
Kongsparken AS was established 11 September 2020 by Eiendomsselskapet Ranheim AS and the Group. Both owns 50% of the
company and contributed each with kroner 50.000. Kongsparken AS have acquired an old closed school, which shall be
demolished and replaced by approximately 400 apartments.
The Group is controlling 50 of the votes in the Board of Directors. The project management and daily operations are performed
by Eiendomsselskapet Ranheim AS, thus it is PPG consideration that the group does not have control in Kongsparken.
Forus Holdco AS - joint venture
Forus Holdco AS was established by Vico Eiendom AS and Up North Property AS to acquire 100 % of the shares in Forusveien
31 - Hotell AS from Vico Eiendom AS. Forusveien 31 - Hotell AS owns Scandic Forus Hotel in Stavanger municipality. The hotel is
let out to Scandic Hotels AS The owners of Vico Eiendom AS is Hauglandgruppen, a family office located in Bergen.
The Group is controlling 50 % of the votes in the Board of Directors. Project management and daily operations are performed
by Hauglandgruppen. It is the Group\u2019s evaluation that PPG does not have control in Forus Holdco AS, and the investment is
regarded as an associated company. Forus Holdco AS was acquired on 29.12.2021.
Ramstadsletta Utvikling AS \u2013 associated company
During the first half of 2021 PPG, through Pioneer Development AS, acquired a 49 000 m2 plot together with local partners at
Ramstadsletta in B\u00e6rum, Norway. The plot has an expected potential to develop around 70 000 m2 of residential and
commercial real estate, and PPG has an ownership in the project of 40.08% as of 31.12.2025. Daily operations is carried out by
ORO Eiendom as business manager, which also holds a 10% share of the company. PPG Is represented in the board, wich
consists of four members. It is the Group\u2019s evaluation that PPG does not have control in Ramstadsletta Utvikling AS and is
treated as an associated company.
JV Havna Tj\u00f8me AS \u2013 associated company
PPG established JV Havna Tj\u00f8me AS with Rica Eiendom AS. JV Havna Tj\u00f8me AS is regarded as an associated company. The joint
venture company, acquired Havna Tj\u00f8me Hotel based on a property value of MNOK 78, settled through a vendor note. The
hotel will undergo refurbishment, expected to be financed by obtaining bank financing. The company is treated as an
associated company.
Pancom AS \u2013 associated company
Pancom is an investment company within the real estate and construction sector. The shares are held through PPG and
Norlandia Holding AS. The investment is regarded as an associated company from 2024, The company is located in Porsgrunn.
Vossevangen utvikling AS \u2013 associated company
In July 2024, PPG acquired 41,49% of the shares in Vossevangen Utvikling.\u00a0 The company owns three properties in Voss which
shall be developed to residentials. The company has four board members, where PPG has one representative in the board. It is
the Group\u2019s evaluation that PPG does not have control in Vossevangen Utvikling and the company is regarded as an associated
company.
JV Nordv\u00e4st Fastighet AB - joint venture
In July 2024 PPG acquired 50,00% of the shares in JV Norv\u00e4st AB. JV Nordv\u00e4st AB was established together with the Swedish
property company V\u00e4sterkulla Hotell Holding AB, and has acquired three hotels in J\u00f6nk\u00f6ping, Eskilstuna and Helsingborg, a
total of 319 hotel rooms and 13.551 sqm. In 2025, there was a loss of MSEK 4.8 due to two of the hotels were closed for
renovation. The total book value of equity was MSEK 153.8.
The Group is controlling 50 % of the votes in the Board of Directors. Project management and daily operations are performed
by V\u00e4sterkulla Hotell Holding AB. It is the Group\u2019s evaluation that PPG does not have control in JV Nordv\u00e4st Fastighet AB and is
regarded as an associated company.
Strand Hotell Borgholm AB - joint venture
The company owns a hotel property in Sweden. The net profit in the company was MSEK 1.6 and the total value of equity was
MNOK 76.9. The Group is controlling 50 % of the votes in the Board of Directors. Project management and daily operations are
performed by Norlandia Fastighet AB. It is the Group\u2019s evaluation that PPG does not have control in Strand Hotell Borgholm AB
and the company is regarded as an associated company.\u00a0
K\u00f6ping Hotellfastighet AB - joint venture
The company owns a hotel property in Sweden. The net profit in the company was MNOK 2.6 and the total value of equity was
MSEK 44.8. The Group is controlling 50 % of the votes in the Board of Directors. Project management and daily operations are
performed by Norlandia Fastighet AB. It is the Group\u2019s evaluation that PPG does not have control in K\u00f6ping Hotellfastighet AB
and the company is regarded as an associated company.
Evenes Holding AS \u2013 associated company
Evenes Holding AS is an investment company within retail and development properties. Through its subsidiaries the company
owns 3 retail properties, one parking property\u00a0 and a greenfield area of land for development. At year end 2025 PPG holds
43,33% of the shares in Evenes Holding AS. The company were last year held as an subsidiary.
The effects from purchase/recognition of Evenes Holding AS as an subsidiary to an associated company s shown in the table
below
NOK thousand
\u00a0
Evenes Holding AS
Associated companies
22 453 724
Income as associate P&L
1 130 329
Gain by derecgnition P&L
6 431 267
As of year end, the Group\u2019s shares of the financial positions in the companies owned is shown below:
NOK thousand
31.12.2025
31.12.2024
Goodwill
-36\u00a0944
-22\u00a0092
Deferred tax
0
17\u00a0648
Investment properties
2\u00a0188\u00a0250
1\u00a0664\u00a0115
Investment property and other investment
227\u00a0587
277\u00a0839
Other non-current assets
35\u00a0498
35\u00a0567
Cash
22\u00a0539
63\u00a0195
Borrowings (current and non-current)
-1\u00a0406\u00a0888
-1\u00a0126\u00a0739
Other current liabilities
-187\u00a0063
-311\u00a0314
Net assets
842\u00a0979
598\u00a0219
Share of ownership
360\u00a0564
286\u00a0667
Distribution of loss uneavenly between share classes
Carrying amount (at percentage of part. by the Group)
360\u00a0564
286\u00a0667
Changes in the Group\u2019s carrying amount in the periods:
NOK thousand
31.12.2025
31.12.2024
Carrying amount at 01.01
286\u00a0667
372\u00a0663
Invested capital/Gain of control (-) in Norlandia Holding AS
0
-193\u00a0184
Invested/repaid (-) capital in Ramstadsletta Utvikling AS
0
1\u00a0002
Loss of control in Evenes Holding AS
22\u00a0454
0
Invested capital Horten Hotell Eiendom AS
44\u00a0390
0
Invested capital JV Havna Tj\u00f8me AS
0
500
Invested capital in other associates companies
-284
14\u00a0523
Invested capital Pancom AS
0
85\u00a0837
Sale of 1% share in Kongsparken AS
0
-1
Interest-free loan to Ramstadsletta AS (Note 20)
0
-3\u00a0256
Share of gain in joint ventures and associated companies
7\u00a0339
8\u00a0582
Carrying amount at 31.12
360\u00a0564
286\u00a0667
The share of profit (loss) is calculated in the following table, showing the breakdown by Joint Ventures (JV) and associated
companies and its contribution to the current year consolidated income statement of the Group, for the year 2025:
JV
JV
JV
JV
JV
NOK
thousand
\u00a0
Kongsparken
AS
JV Nordv\u00e4st
Fastighet AB
Forus Holdco
AS
K\u00f6ping Hotellfastighet
AB
Strand Hotell
Borgholm AB
Net income
14\u00a0737
-5\u00a0022
83\u00a0238
1\u00a0642
2\u00a0687
The Group' share of ownership
49.00%
50.00%
50.00%
50.00%
50.00%
Share of profit or loss in the
owner period
7\u00a0221
-2\u00a0511
41\u00a0619
821
1\u00a0344
Carrying amount at 31.12.25
0
74\u00a0389
58\u00a0585
23\u00a0210
39\u00a0814
Associates
Associates
Associates
Associates
Associates
Associates
NOK
thousand
\u00a0
Ramstadsletta
Utvikling AS
Vossevangen
Utvikling AS
JV Havna
Tj\u00f8me AS
Pancom
AS
Evenes
Holding AS
Norlandia
Holding
associates
Total
Net income
-44\u00a0387
0
-2\u00a0471
-121\u00a0329
2\u00a0609
-860
55\u00a0535
The Group' share of
ownership
40.08%
41.49%
50.00%
20.65%
43.33%
*
Share of profit or loss
in the owner period
-17\u00a0790
0
-1\u00a0759
-25\u00a0054
1\u00a0130
-538
7\u00a0525
Carrying amount at
31.12.25
10\u00a0621
9\u00a0620
0
60\u00a0596
23\u00a0584
12\u00a0713
360\u00a0564
*consist of 11 associates.
Share of profit (loss) is calculated in the following table, showing the breakdown by joint venture and associates and its
contribution to the current year consolidated income statement of the Group, for the comparative year 2024 is calculated as:
.
JV
JV
JV
JV
JV
NOK
thousand
\u00a0
Kongsparken
AS
JV Nordv\u00e4st
Fastighet AB
Forus Holdco
AS
K\u00f6ping Hotellfastighet
AB
Strand Hotell
Borgholm AB
Net income
-2\u00a0826
4\u00a0862
334
1\u00a0539
3\u00a0152
The Group' share of ownership
49.00%
50.00%
50.00%
50.00%
50.00%
Share of profit or loss in the
owner period
-1\u00a0413
2\u00a0432
167
770
1\u00a0576
Carrying amount at 31.12.24
-7\u00a0221
76\u00a0900
16\u00a0966
22\u00a0389
38\u00a0471
Associates
Associates
Associates
Associates
Associates
NOK
thousand
\u00a0
Ramstadsletta
Utvikling AS
Vossevangen
Utvikling AS
JV Havna
Tj\u00f8me AS
Norlandia
Holding AS\u00a0
(01.01.24 -
15.10.24)
Norlandia
Holding
associates
(15.10.24 -
31.12.24)
Total
Net income
-9\u00a0913
-967
2\u00a0518
18\u00a0945
-540
120\u00a0738
The Group' share of ownership
40.08%
41.49%
50.00%
47.80%
*
Share of profit or loss in the
owner period
-3\u00a0973
302
1\u00a0259
9\u00a0056
-289
49\u00a0147
Carrying amount at 31.12.24
28\u00a0411
9\u00a0620
1\u00a0759
0
13\u00a0535
286\u00a0667
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-285": { "value": "
Associated companies are all entities over which the company has significant influence, but not control or joint control.
Significant influence is the power to participate in the financial and operating policy decisions of the investee, but without the
ability to have control over those policies.
Joint ventures are those companies that are jointly controlled by the Group and another party.
Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being
recognized at cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-293": { "value": "
9. Financial Instruments
Accounting principles
A financial instrument is a contract that gives rise to both a financial asset for one entity and a financial liability or equity
instrument for another entity. Financial instruments are generally recognized as soon as the group becomes a party to the
terms of the financial instrument.
Financial assets
Financial assets include cash and cash equivalents, trade receivables and other loans and receivables. Financial instrument
classification is based on the business model in which the instruments are held as well as the structure of the contractual cash
flows.
Financial assets measured at amortized cost
Financial assets measured at amortized cost in the Group consist of loans and receivables, trade receivables or cash and cash
equivalents.
After initial recognition, these financial assets are measured at amortized cost using the effective interest method less
impairment.
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss, comprise financial assets whose cash flows do not relate solely to
payments of interest and repayments of principal on the outstanding nominal amount. Gains or losses on these financial assets
are recognized through profit or loss.
Financial liabilities
Financial liabilities regularly give rise to a redemption obligation in cash or another financial asset. These include in particular
bonds and other securitized liabilities, trade payables, liabilities to banks, liabilities to affiliated companies and derivatives
designated as hedges. Financial liabilities are classified into the following categories:
\u2022Financial liabilities measured at fair value through profit or loss, and
\u2022Financial liabilities measured at amortized cost.
Upon initial recognition, all financial liabilities are measured at fair value. Trade payables and other non-derivative financial
liabilities are generally measured at amortized cost using the effective interest method.
Fair Value
The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Financial instruments and investment properties that are measured at fair value in the financial statements require disclosure
of fair value measurements by level based on the following fair value measurement hierarchy:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either
directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Critical accounting estimates
For the shares of Hospitality Invest and Pancom, the estimated value is based on assumptions of future cash flow in the
companies and its subsidiaries. Both companies are investment companies, Pancom within the real estate and construction
sector, and Hospitality Invest within Care, Staffing and Hotel Operations. Key metrics such as pricing in recent capital raise,
yield, future cash flow and EBITDA-multiples are assessed to estimate the value of the investments. With the purchase of
additional shares in Norlandia Holding, the Group increased indirectly its investment to Pancom and Hospitality Invest. By year
end 2025, Pancom is recognized as an Associate company. For Hospitality Invest, in addition to the estimates made, the book
value of equity of the company is used as a reference point, of which the financial statements have been prepared in
accordance with International Financial Reporting Standards.
Specification of financial assets and liabilities:
The Group holds the following financial assets and liabilities:
NOK thousand
31.12.2025
\u00a0 \u00a0 \u00a0 31.12.2024
Financial assets at amortised cost
Loan to associated companies
152\u00a0431
87\u00a0201
Loan to other companies
21\u00a0101
36\u00a0187
Cash and cash equivalents
75\u00a0120
260\u00a0265
Trade and other receivables
27\u00a0747
64\u00a0451
\u00a0
Financial assets at fair value through profit or loss
Other investments 1)
51\u00a0384
68\u00a0542
Other Shares 2)
24\u00a0491
24\u00a0492
Sum
352\u00a0274
541\u00a0138
Financial liabilities at amortised cost
Borrowings
1\u00a0887\u00a0497
1\u00a0951\u00a0768
Other current liabilities
89\u00a0807
Sum
1\u00a0977\u00a0304
1\u00a0951\u00a0768
1) Other investments are measured at fair value as level 1 in the fair value hierarchy in accordance with quoted prices
2) Other Shares included other investments in shares where the company have no significant influence or control, which is measured
according to level 3 in the hierarchy.
Specification of investments measured at fair value held as of 31 December 2025:
1) Bonds are measured at fair value as level 2 in the fair value hierarchy in accordance with observed prices.
2) Funds are measured at fair value as level 1 in the fair value hierarchy in accordance with quoted prices.
3) Investments in shares where the company have no significant influence or control, is measured according to level 3 in the
hierarchy. The shares are not traded, not quoted.
NOK thousand
1) Bonds
2) Funds
3) Hospitality Invest AS
3) Other
Total
Fair value in the beginning of year
62\u00a0620
5\u00a0922
23\u00a0969
523
93\u00a0034
Purchase in 2025
50\u00a0500
0
0
0
50\u00a0500
Sold in 2025
-62\u00a0000
-5\u00a0922
0
0
-67\u00a0922
Fair value adjustments
264
0
0
0
264
Fair value year end
51\u00a0384
0
23\u00a0969
523
75\u00a0875
Specification of investments measured at fair value held as of 31 December 2024:
NOK thousand
1) Bonds
2) Funds
3) Hospitality Invest AS
3) Pancom
AS*
3) Other
Total
Fair value in the beginning of the year
62\u00a0620
54\u00a0956
13\u00a0650
30\u00a0741
0
161\u00a0967
Purchase in 2024
0
0
10\u00a0319
58\u00a0859
523
69\u00a0701
Sold in 2024
0
-49\u00a0034
0
0
0
-49\u00a0034
Fair value adjustments
0
0
0
-3\u00a0950
0
-3\u00a0950
Derecgnition from investment to associate
0
0
0
-85\u00a0650
0
-85\u00a0650
Fair value in the end of the year
62\u00a0620
5\u00a0922
23\u00a0969
0
523
93\u00a0034
16. Other financial gains (losses)
NOK thousand
2025
2024
Currency gain/loss
1\u00a0291
236
Derecognition from subsidiary to associate
7\u00a0663
0
Gain on sale shares
0
9\u00a0528
Gain on sale bonds
0
421
Loss on sale funds
0
0
Loss on sale of properties
0
0
Changes in fair value
-21\u00a0932
-11\u00a0645
Other adjustments
0
6\u00a0672
Other financial income
5\u00a0934
38
Other financial expenses
95
7\u00a0675
Sum
-6\u00a0949
12\u00a0924
MNOK 7.6 is mainly related to the derecognition of shares in Evenes Holding AS to be accounted for using the equity method.
The negative change in fair value is mainly related to write down of receivables of Kongsparken AS.
The gain in other financial income is related to effective interest rate adjustments of the long term interest bearing debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-292": { "value": "
9. Financial Instruments
Accounting principles
A financial instrument is a contract that gives rise to both a financial asset for one entity and a financial liability or equity
instrument for another entity. Financial instruments are generally recognized as soon as the group becomes a party to the
terms of the financial instrument.
Financial assets
Financial assets include cash and cash equivalents, trade receivables and other loans and receivables. Financial instrument
classification is based on the business model in which the instruments are held as well as the structure of the contractual cash
flows.
Financial assets measured at amortized cost
Financial assets measured at amortized cost in the Group consist of loans and receivables, trade receivables or cash and cash
equivalents.
After initial recognition, these financial assets are measured at amortized cost using the effective interest method less
impairment.
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss, comprise financial assets whose cash flows do not relate solely to
payments of interest and repayments of principal on the outstanding nominal amount. Gains or losses on these financial assets
are recognized through profit or loss.
Financial liabilities
Financial liabilities regularly give rise to a redemption obligation in cash or another financial asset. These include in particular
bonds and other securitized liabilities, trade payables, liabilities to banks, liabilities to affiliated companies and derivatives
designated as hedges. Financial liabilities are classified into the following categories:
\u2022Financial liabilities measured at fair value through profit or loss, and
\u2022Financial liabilities measured at amortized cost.
Upon initial recognition, all financial liabilities are measured at fair value. Trade payables and other non-derivative financial
liabilities are generally measured at amortized cost using the effective interest method.
Fair Value
The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Financial instruments and investment properties that are measured at fair value in the financial statements require disclosure
of fair value measurements by level based on the following fair value measurement hierarchy:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either
directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Critical accounting estimates
For the shares of Hospitality Invest and Pancom, the estimated value is based on assumptions of future cash flow in the
companies and its subsidiaries. Both companies are investment companies, Pancom within the real estate and construction
sector, and Hospitality Invest within Care, Staffing and Hotel Operations. Key metrics such as pricing in recent capital raise,
yield, future cash flow and EBITDA-multiples are assessed to estimate the value of the investments. With the purchase of
additional shares in Norlandia Holding, the Group increased indirectly its investment to Pancom and Hospitality Invest. By year
end 2025, Pancom is recognized as an Associate company. For Hospitality Invest, in addition to the estimates made, the book
value of equity of the company is used as a reference point, of which the financial statements have been prepared in
accordance with International Financial Reporting Standards.
Specification of financial assets and liabilities:
The Group holds the following financial assets and liabilities:
NOK thousand
31.12.2025
\u00a0 \u00a0 \u00a0 31.12.2024
Financial assets at amortised cost
Loan to associated companies
152\u00a0431
87\u00a0201
Loan to other companies
21\u00a0101
36\u00a0187
Cash and cash equivalents
75\u00a0120
260\u00a0265
Trade and other receivables
27\u00a0747
64\u00a0451
\u00a0
Financial assets at fair value through profit or loss
Other investments 1)
51\u00a0384
68\u00a0542
Other Shares 2)
24\u00a0491
24\u00a0492
Sum
352\u00a0274
541\u00a0138
Financial liabilities at amortised cost
Borrowings
1\u00a0887\u00a0497
1\u00a0951\u00a0768
Other current liabilities
89\u00a0807
Sum
1\u00a0977\u00a0304
1\u00a0951\u00a0768
1) Other investments are measured at fair value as level 1 in the fair value hierarchy in accordance with quoted prices
2) Other Shares included other investments in shares where the company have no significant influence or control, which is measured
according to level 3 in the hierarchy.
Specification of investments measured at fair value held as of 31 December 2025:
1) Bonds are measured at fair value as level 2 in the fair value hierarchy in accordance with observed prices.
2) Funds are measured at fair value as level 1 in the fair value hierarchy in accordance with quoted prices.
3) Investments in shares where the company have no significant influence or control, is measured according to level 3 in the
hierarchy. The shares are not traded, not quoted.
NOK thousand
1) Bonds
2) Funds
3) Hospitality Invest AS
3) Other
Total
Fair value in the beginning of year
62\u00a0620
5\u00a0922
23\u00a0969
523
93\u00a0034
Purchase in 2025
50\u00a0500
0
0
0
50\u00a0500
Sold in 2025
-62\u00a0000
-5\u00a0922
0
0
-67\u00a0922
Fair value adjustments
264
0
0
0
264
Fair value year end
51\u00a0384
0
23\u00a0969
523
75\u00a0875
Specification of investments measured at fair value held as of 31 December 2024:
NOK thousand
1) Bonds
2) Funds
3) Hospitality Invest AS
3) Pancom
AS*
3) Other
Total
Fair value in the beginning of the year
62\u00a0620
54\u00a0956
13\u00a0650
30\u00a0741
0
161\u00a0967
Purchase in 2024
0
0
10\u00a0319
58\u00a0859
523
69\u00a0701
Sold in 2024
0
-49\u00a0034
0
0
0
-49\u00a0034
Fair value adjustments
0
0
0
-3\u00a0950
0
-3\u00a0950
Derecgnition from investment to associate
0
0
0
-85\u00a0650
0
-85\u00a0650
Fair value in the end of the year
62\u00a0620
5\u00a0922
23\u00a0969
0
523
93\u00a0034
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-291": { "value": "
9. Financial Instruments
Accounting principles
A financial instrument is a contract that gives rise to both a financial asset for one entity and a financial liability or equity
instrument for another entity. Financial instruments are generally recognized as soon as the group becomes a party to the
terms of the financial instrument.
Financial assets
Financial assets include cash and cash equivalents, trade receivables and other loans and receivables. Financial instrument
classification is based on the business model in which the instruments are held as well as the structure of the contractual cash
flows.
Financial assets measured at amortized cost
Financial assets measured at amortized cost in the Group consist of loans and receivables, trade receivables or cash and cash
equivalents.
After initial recognition, these financial assets are measured at amortized cost using the effective interest method less
impairment.
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss, comprise financial assets whose cash flows do not relate solely to
payments of interest and repayments of principal on the outstanding nominal amount. Gains or losses on these financial assets
are recognized through profit or loss.
Financial liabilities
Financial liabilities regularly give rise to a redemption obligation in cash or another financial asset. These include in particular
bonds and other securitized liabilities, trade payables, liabilities to banks, liabilities to affiliated companies and derivatives
designated as hedges. Financial liabilities are classified into the following categories:
\u2022Financial liabilities measured at fair value through profit or loss, and
\u2022Financial liabilities measured at amortized cost.
Upon initial recognition, all financial liabilities are measured at fair value. Trade payables and other non-derivative financial
liabilities are generally measured at amortized cost using the effective interest method.
Fair Value
The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Financial instruments and investment properties that are measured at fair value in the financial statements require disclosure
of fair value measurements by level based on the following fair value measurement hierarchy:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either
directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-290": { "value": "
9. Financial Instruments
Accounting principles
A financial instrument is a contract that gives rise to both a financial asset for one entity and a financial liability or equity
instrument for another entity. Financial instruments are generally recognized as soon as the group becomes a party to the
terms of the financial instrument.
Financial assets
Financial assets include cash and cash equivalents, trade receivables and other loans and receivables. Financial instrument
classification is based on the business model in which the instruments are held as well as the structure of the contractual cash
flows.
Financial assets measured at amortized cost
Financial assets measured at amortized cost in the Group consist of loans and receivables, trade receivables or cash and cash
equivalents.
After initial recognition, these financial assets are measured at amortized cost using the effective interest method less
impairment.
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss, comprise financial assets whose cash flows do not relate solely to
payments of interest and repayments of principal on the outstanding nominal amount. Gains or losses on these financial assets
are recognized through profit or loss.
Financial liabilities
Financial liabilities regularly give rise to a redemption obligation in cash or another financial asset. These include in particular
bonds and other securitized liabilities, trade payables, liabilities to banks, liabilities to affiliated companies and derivatives
designated as hedges. Financial liabilities are classified into the following categories:
\u2022Financial liabilities measured at fair value through profit or loss, and
\u2022Financial liabilities measured at amortized cost.
Upon initial recognition, all financial liabilities are measured at fair value. Trade payables and other non-derivative financial
liabilities are generally measured at amortized cost using the effective interest method.
Fair Value
The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Financial instruments and investment properties that are measured at fair value in the financial statements require disclosure
of fair value measurements by level based on the following fair value measurement hierarchy:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either
directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-289": { "value": "
9. Financial Instruments
Accounting principles
A financial instrument is a contract that gives rise to both a financial asset for one entity and a financial liability or equity
instrument for another entity. Financial instruments are generally recognized as soon as the group becomes a party to the
terms of the financial instrument.
Financial assets
Financial assets include cash and cash equivalents, trade receivables and other loans and receivables. Financial instrument
classification is based on the business model in which the instruments are held as well as the structure of the contractual cash
flows.
Financial assets measured at amortized cost
Financial assets measured at amortized cost in the Group consist of loans and receivables, trade receivables or cash and cash
equivalents.
After initial recognition, these financial assets are measured at amortized cost using the effective interest method less
impairment.
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss, comprise financial assets whose cash flows do not relate solely to
payments of interest and repayments of principal on the outstanding nominal amount. Gains or losses on these financial assets
are recognized through profit or loss.
Financial liabilities
Financial liabilities regularly give rise to a redemption obligation in cash or another financial asset. These include in particular
bonds and other securitized liabilities, trade payables, liabilities to banks, liabilities to affiliated companies and derivatives
designated as hedges. Financial liabilities are classified into the following categories:
\u2022Financial liabilities measured at fair value through profit or loss, and
\u2022Financial liabilities measured at amortized cost.
Upon initial recognition, all financial liabilities are measured at fair value. Trade payables and other non-derivative financial
liabilities are generally measured at amortized cost using the effective interest method.
Fair Value
The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Financial instruments and investment properties that are measured at fair value in the financial statements require disclosure
of fair value measurements by level based on the following fair value measurement hierarchy:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either
directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-288": { "value": "
9. Financial Instruments
Accounting principles
A financial instrument is a contract that gives rise to both a financial asset for one entity and a financial liability or equity
instrument for another entity. Financial instruments are generally recognized as soon as the group becomes a party to the
terms of the financial instrument.
Financial assets
Financial assets include cash and cash equivalents, trade receivables and other loans and receivables. Financial instrument
classification is based on the business model in which the instruments are held as well as the structure of the contractual cash
flows.
Financial assets measured at amortized cost
Financial assets measured at amortized cost in the Group consist of loans and receivables, trade receivables or cash and cash
equivalents.
After initial recognition, these financial assets are measured at amortized cost using the effective interest method less
impairment.
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss, comprise financial assets whose cash flows do not relate solely to
payments of interest and repayments of principal on the outstanding nominal amount. Gains or losses on these financial assets
are recognized through profit or loss.
Financial liabilities
Financial liabilities regularly give rise to a redemption obligation in cash or another financial asset. These include in particular
bonds and other securitized liabilities, trade payables, liabilities to banks, liabilities to affiliated companies and derivatives
designated as hedges. Financial liabilities are classified into the following categories:
\u2022Financial liabilities measured at fair value through profit or loss, and
\u2022Financial liabilities measured at amortized cost.
Upon initial recognition, all financial liabilities are measured at fair value. Trade payables and other non-derivative financial
liabilities are generally measured at amortized cost using the effective interest method.
Fair Value
The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Financial instruments and investment properties that are measured at fair value in the financial statements require disclosure
of fair value measurements by level based on the following fair value measurement hierarchy:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either
directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-287": { "value": "
9. Financial Instruments
Accounting principles
A financial instrument is a contract that gives rise to both a financial asset for one entity and a financial liability or equity
instrument for another entity. Financial instruments are generally recognized as soon as the group becomes a party to the
terms of the financial instrument.
Financial assets
Financial assets include cash and cash equivalents, trade receivables and other loans and receivables. Financial instrument
classification is based on the business model in which the instruments are held as well as the structure of the contractual cash
flows.
Financial assets measured at amortized cost
Financial assets measured at amortized cost in the Group consist of loans and receivables, trade receivables or cash and cash
equivalents.
After initial recognition, these financial assets are measured at amortized cost using the effective interest method less
impairment.
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss, comprise financial assets whose cash flows do not relate solely to
payments of interest and repayments of principal on the outstanding nominal amount. Gains or losses on these financial assets
are recognized through profit or loss.
Financial liabilities
Financial liabilities regularly give rise to a redemption obligation in cash or another financial asset. These include in particular
bonds and other securitized liabilities, trade payables, liabilities to banks, liabilities to affiliated companies and derivatives
designated as hedges. Financial liabilities are classified into the following categories:
\u2022Financial liabilities measured at fair value through profit or loss, and
\u2022Financial liabilities measured at amortized cost.
Upon initial recognition, all financial liabilities are measured at fair value. Trade payables and other non-derivative financial
liabilities are generally measured at amortized cost using the effective interest method.
Fair Value
The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Financial instruments and investment properties that are measured at fair value in the financial statements require disclosure
of fair value measurements by level based on the following fair value measurement hierarchy:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either
directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Critical accounting estimates
For the shares of Hospitality Invest and Pancom, the estimated value is based on assumptions of future cash flow in the
companies and its subsidiaries. Both companies are investment companies, Pancom within the real estate and construction
sector, and Hospitality Invest within Care, Staffing and Hotel Operations. Key metrics such as pricing in recent capital raise,
yield, future cash flow and EBITDA-multiples are assessed to estimate the value of the investments. With the purchase of
additional shares in Norlandia Holding, the Group increased indirectly its investment to Pancom and Hospitality Invest. By year
end 2025, Pancom is recognized as an Associate company. For Hospitality Invest, in addition to the estimates made, the book
value of equity of the company is used as a reference point, of which the financial statements have been prepared in
accordance with International Financial Reporting Standards.
Specification of financial assets and liabilities:
The Group holds the following financial assets and liabilities:
NOK thousand
31.12.2025
\u00a0 \u00a0 \u00a0 31.12.2024
Financial assets at amortised cost
Loan to associated companies
152\u00a0431
87\u00a0201
Loan to other companies
21\u00a0101
36\u00a0187
Cash and cash equivalents
75\u00a0120
260\u00a0265
Trade and other receivables
27\u00a0747
64\u00a0451
\u00a0
Financial assets at fair value through profit or loss
Other investments 1)
51\u00a0384
68\u00a0542
Other Shares 2)
24\u00a0491
24\u00a0492
Sum
352\u00a0274
541\u00a0138
Financial liabilities at amortised cost
Borrowings
1\u00a0887\u00a0497
1\u00a0951\u00a0768
Other current liabilities
89\u00a0807
Sum
1\u00a0977\u00a0304
1\u00a0951\u00a0768
1) Other investments are measured at fair value as level 1 in the fair value hierarchy in accordance with quoted prices
2) Other Shares included other investments in shares where the company have no significant influence or control, which is measured
according to level 3 in the hierarchy.
Specification of investments measured at fair value held as of 31 December 2025:
1) Bonds are measured at fair value as level 2 in the fair value hierarchy in accordance with observed prices.
2) Funds are measured at fair value as level 1 in the fair value hierarchy in accordance with quoted prices.
3) Investments in shares where the company have no significant influence or control, is measured according to level 3 in the
hierarchy. The shares are not traded, not quoted.
NOK thousand
1) Bonds
2) Funds
3) Hospitality Invest AS
3) Other
Total
Fair value in the beginning of year
62\u00a0620
5\u00a0922
23\u00a0969
523
93\u00a0034
Purchase in 2025
50\u00a0500
0
0
0
50\u00a0500
Sold in 2025
-62\u00a0000
-5\u00a0922
0
0
-67\u00a0922
Fair value adjustments
264
0
0
0
264
Fair value year end
51\u00a0384
0
23\u00a0969
523
75\u00a0875
Specification of investments measured at fair value held as of 31 December 2024:
NOK thousand
1) Bonds
2) Funds
3) Hospitality Invest AS
3) Pancom
AS*
3) Other
Total
Fair value in the beginning of the year
62\u00a0620
54\u00a0956
13\u00a0650
30\u00a0741
0
161\u00a0967
Purchase in 2024
0
0
10\u00a0319
58\u00a0859
523
69\u00a0701
Sold in 2024
0
-49\u00a0034
0
0
0
-49\u00a0034
Fair value adjustments
0
0
0
-3\u00a0950
0
-3\u00a0950
Derecgnition from investment to associate
0
0
0
-85\u00a0650
0
-85\u00a0650
Fair value in the end of the year
62\u00a0620
5\u00a0922
23\u00a0969
0
523
93\u00a0034
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-286": { "value": "
9. Financial Instruments
Accounting principles
A financial instrument is a contract that gives rise to both a financial asset for one entity and a financial liability or equity
instrument for another entity. Financial instruments are generally recognized as soon as the group becomes a party to the
terms of the financial instrument.
Financial assets
Financial assets include cash and cash equivalents, trade receivables and other loans and receivables. Financial instrument
classification is based on the business model in which the instruments are held as well as the structure of the contractual cash
flows.
Financial assets measured at amortized cost
Financial assets measured at amortized cost in the Group consist of loans and receivables, trade receivables or cash and cash
equivalents.
After initial recognition, these financial assets are measured at amortized cost using the effective interest method less
impairment.
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss, comprise financial assets whose cash flows do not relate solely to
payments of interest and repayments of principal on the outstanding nominal amount. Gains or losses on these financial assets
are recognized through profit or loss.
Financial liabilities
Financial liabilities regularly give rise to a redemption obligation in cash or another financial asset. These include in particular
bonds and other securitized liabilities, trade payables, liabilities to banks, liabilities to affiliated companies and derivatives
designated as hedges. Financial liabilities are classified into the following categories:
\u2022Financial liabilities measured at fair value through profit or loss, and
\u2022Financial liabilities measured at amortized cost.
Upon initial recognition, all financial liabilities are measured at fair value. Trade payables and other non-derivative financial
liabilities are generally measured at amortized cost using the effective interest method.
Fair Value
The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Financial instruments and investment properties that are measured at fair value in the financial statements require disclosure
of fair value measurements by level based on the following fair value measurement hierarchy:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either
directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Critical accounting estimates
For the shares of Hospitality Invest and Pancom, the estimated value is based on assumptions of future cash flow in the
companies and its subsidiaries. Both companies are investment companies, Pancom within the real estate and construction
sector, and Hospitality Invest within Care, Staffing and Hotel Operations. Key metrics such as pricing in recent capital raise,
yield, future cash flow and EBITDA-multiples are assessed to estimate the value of the investments. With the purchase of
additional shares in Norlandia Holding, the Group increased indirectly its investment to Pancom and Hospitality Invest. By year
end 2025, Pancom is recognized as an Associate company. For Hospitality Invest, in addition to the estimates made, the book
value of equity of the company is used as a reference point, of which the financial statements have been prepared in
accordance with International Financial Reporting Standards.
Specification of financial assets and liabilities:
The Group holds the following financial assets and liabilities:
NOK thousand
31.12.2025
\u00a0 \u00a0 \u00a0 31.12.2024
Financial assets at amortised cost
Loan to associated companies
152\u00a0431
87\u00a0201
Loan to other companies
21\u00a0101
36\u00a0187
Cash and cash equivalents
75\u00a0120
260\u00a0265
Trade and other receivables
27\u00a0747
64\u00a0451
\u00a0
Financial assets at fair value through profit or loss
Other investments 1)
51\u00a0384
68\u00a0542
Other Shares 2)
24\u00a0491
24\u00a0492
Sum
352\u00a0274
541\u00a0138
Financial liabilities at amortised cost
Borrowings
1\u00a0887\u00a0497
1\u00a0951\u00a0768
Other current liabilities
89\u00a0807
Sum
1\u00a0977\u00a0304
1\u00a0951\u00a0768
1) Other investments are measured at fair value as level 1 in the fair value hierarchy in accordance with quoted prices
2) Other Shares included other investments in shares where the company have no significant influence or control, which is measured
according to level 3 in the hierarchy.
Specification of investments measured at fair value held as of 31 December 2025:
1) Bonds are measured at fair value as level 2 in the fair value hierarchy in accordance with observed prices.
2) Funds are measured at fair value as level 1 in the fair value hierarchy in accordance with quoted prices.
3) Investments in shares where the company have no significant influence or control, is measured according to level 3 in the
hierarchy. The shares are not traded, not quoted.
NOK thousand
1) Bonds
2) Funds
3) Hospitality Invest AS
3) Other
Total
Fair value in the beginning of year
62\u00a0620
5\u00a0922
23\u00a0969
523
93\u00a0034
Purchase in 2025
50\u00a0500
0
0
0
50\u00a0500
Sold in 2025
-62\u00a0000
-5\u00a0922
0
0
-67\u00a0922
Fair value adjustments
264
0
0
0
264
Fair value year end
51\u00a0384
0
23\u00a0969
523
75\u00a0875
Specification of investments measured at fair value held as of 31 December 2024:
NOK thousand
1) Bonds
2) Funds
3) Hospitality Invest AS
3) Pancom
AS*
3) Other
Total
Fair value in the beginning of the year
62\u00a0620
54\u00a0956
13\u00a0650
30\u00a0741
0
161\u00a0967
Purchase in 2024
0
0
10\u00a0319
58\u00a0859
523
69\u00a0701
Sold in 2024
0
-49\u00a0034
0
0
0
-49\u00a0034
Fair value adjustments
0
0
0
-3\u00a0950
0
-3\u00a0950
Derecgnition from investment to associate
0
0
0
-85\u00a0650
0
-85\u00a0650
Fair value in the end of the year
62\u00a0620
5\u00a0922
23\u00a0969
0
523
93\u00a0034
11. Borrowings
Accounting principles
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for
at least 12 months after the balance sheet date.
Description
Borrowings and available cash and cash equivalents constitute the capital of the Group. The Group's main source of financing
are bank loans and trade credit.
The Group had the following borrowing as of 31 December 2025:
NOK thousand
31.12.2025
31.12.2024
Non-current
Commercial bank loans
1\u00a0517\u00a0136
1\u00a0704\u00a0115
Other loans
173\u00a0639
194\u00a0621
Total
1\u00a0690\u00a0775
1\u00a0898\u00a0736
NOK thousand
31.12.2025
31.12.2024
Current
Commercial bank loans
196\u00a0722
53\u00a0033
Other loans
\u2014
\u2014
Total
196\u00a0722
53\u00a0033
NOK thousand
31.12.2025
31.12.2024
Total non-current and current
Commercial bank loans
1\u00a0713\u00a0858
1\u00a0757\u00a0148
Other loans
173\u00a0639
194\u00a0621
Total
1\u00a0887\u00a0497
1\u00a0951\u00a0769
The borrowings the Group holds as of the end of 2025 and 2024 are linked to the investment properties owned by the Group.
The following assets have been pledged as security for liabilities:
NOK thousand
31.12.2025
31.12.2024
Investment property
2\u00a0517\u00a0922
2\u00a0631\u00a0956
Total pledged assets
2\u00a0517\u00a0922
2\u00a0631\u00a0956
For the properties that are pledged as security for liabilities, the amount pledged corresponds to the fair value of the
investment properties. (see note 6 for further information).
Relevant terms and conditions
Out of the total amortised cost value of all borrowings held as of 31.12.2025, MNOK 37.9 have a fixed annual interest rate that
ranges from 0 to 4%. The rest of the borrowings are subject to an interest rate structure that is comprised of a variable interest
rate based on the 3-month NIBOR plus a margin that typically approximates 2-3% annually. On average, the annual average
interest rates realised for 2025 has been 7.07%. All loans are denominated in NOK.
See note 4 for the maturity of financial liabilities at the end of the period, and for a description of the financial risks arising
from changes in the interest rates.
Compliance with covenants
The borrowing agreements typically include covenants that the Group must fulfil. The nature and characteristics of the
covenants vary from agreement to agreement, but the typical financial covenants are loan-to-value ratios ranging from 60 to
65%; and minimum liquidity requirements in the subsidiary that is the counterparty to the borrowing agreement with the
lender. The typical measurement date for the company's Loan to Value covenants and minimum liquidity requirements is
December 31, 2025. There are also change-of-control clauses as covenants in the lending agreements. The Group has
numerous covenants as each subsidiary has separate lending agreements with different terms. The loan-to-value covenants
that the Group has is the following:
Company
LTV - requirement
Current LTV
Guard Hotel AS
Max. 60%
55.0%
Pioneer Retail Properties (\u00c5s N\u00e6ring AS and Askjem Eiendom AS
Max. 65%
58.0%
Norlandia Holding AS
Max. 65%
62.8%
Management has determined that, as of the end of the 2025 reporting period, the Group is in compliance with all the
covenants required by the lenders.
Changes in borrowings from financing activities:
NOK thousand
Non-current
borrowings
Current
borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Total
At 1 January 2025
1\u00a0898\u00a0736
53\u00a0033
1\u00a0951\u00a0769
Cash flows
Cash flow received
509\u00a0778
0
509\u00a0778
Repayments
-307\u00a0352
-53\u00a0033
-360\u00a0385
Non-cash:\u00a0
0
Reclassification of subsidiary to associates from 2024 to 2025
-213\u00a0665
0
-213\u00a0665
Borrowing classified as non-current at 31 December
2024 becoming current during 2025
-196\u00a0722
196\u00a0722
0
Purchase of operations
0
0
At 31 December 2025
1\u00a0690\u00a0775
196\u00a0722
1\u00a0887\u00a0498
At 1 January 2024
925\u00a0924
223\u00a0195
1\u00a0149\u00a0119
Cash flows
0
Cash flow received
774\u00a0110
0
774\u00a0110
Repayments
-140\u00a0355
-223\u00a0195
-363\u00a0550
Non-cash:\u00a0
Reclassification from 2023 to 2024
0
0
0
Borrowing classified as non-current at 31 December 2023
becoming current during 2024
-53\u00a0033
53\u00a0033
0
Purchase of operations
388\u00a0757
0
388\u00a0757
Interest
3\u00a0331
0
3\u00a0331
At 31 December 2024
1\u00a0898\u00a0736
53\u00a0033
1\u00a0951\u00a0769
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-295": { "value": "
10. Cash and cash equivalents
Accounting principles
Cash comprises demand deposits. Cash equivalents are short-term, highly liquid investments that are convertible to cash in
three months or less to known amounts of cash and which are subject to an insignificant risk of changes in value. The Group
had no cash equivalents as of the end of the periods presented.
Description
Cash and cash equivalents include bank deposits:
NOK in thousand
31.12.2025
31.12.2024
Bank deposits
75\u00a0120
260\u00a0265
Total
75\u00a0120
260\u00a0265
All interest income relates to interest on bank deposits.
The bank deposits include restricted cash related to tax withholding account of TNOK 578 per 31 December 2025 (TNOK 241
per 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-294": { "value": "
10. Cash and cash equivalents
Accounting principles
Cash comprises demand deposits. Cash equivalents are short-term, highly liquid investments that are convertible to cash in
three months or less to known amounts of cash and which are subject to an insignificant risk of changes in value. The Group
had no cash equivalents as of the end of the periods presented.
Description
Cash and cash equivalents include bank deposits:
NOK in thousand
31.12.2025
31.12.2024
Bank deposits
75\u00a0120
260\u00a0265
Total
75\u00a0120
260\u00a0265
All interest income relates to interest on bank deposits.
The bank deposits include restricted cash related to tax withholding account of TNOK 578 per 31 December 2025 (TNOK 241
per 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-296": { "value": "
Accounting principles
Cash comprises demand deposits. Cash equivalents are short-term, highly liquid investments that are convertible to cash in
three months or less to known amounts of cash and which are subject to an insignificant risk of changes in value. The Group
had no cash equivalents as of the end of the periods presented.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-300": { "value": "
11. Borrowings
Accounting principles
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for
at least 12 months after the balance sheet date.
Description
Borrowings and available cash and cash equivalents constitute the capital of the Group. The Group's main source of financing
are bank loans and trade credit.
The Group had the following borrowing as of 31 December 2025:
NOK thousand
31.12.2025
31.12.2024
Non-current
Commercial bank loans
1\u00a0517\u00a0136
1\u00a0704\u00a0115
Other loans
173\u00a0639
194\u00a0621
Total
1\u00a0690\u00a0775
1\u00a0898\u00a0736
NOK thousand
31.12.2025
31.12.2024
Current
Commercial bank loans
196\u00a0722
53\u00a0033
Other loans
\u2014
\u2014
Total
196\u00a0722
53\u00a0033
NOK thousand
31.12.2025
31.12.2024
Total non-current and current
Commercial bank loans
1\u00a0713\u00a0858
1\u00a0757\u00a0148
Other loans
173\u00a0639
194\u00a0621
Total
1\u00a0887\u00a0497
1\u00a0951\u00a0769
The borrowings the Group holds as of the end of 2025 and 2024 are linked to the investment properties owned by the Group.
The following assets have been pledged as security for liabilities:
NOK thousand
31.12.2025
31.12.2024
Investment property
2\u00a0517\u00a0922
2\u00a0631\u00a0956
Total pledged assets
2\u00a0517\u00a0922
2\u00a0631\u00a0956
For the properties that are pledged as security for liabilities, the amount pledged corresponds to the fair value of the
investment properties. (see note 6 for further information).
Relevant terms and conditions
Out of the total amortised cost value of all borrowings held as of 31.12.2025, MNOK 37.9 have a fixed annual interest rate that
ranges from 0 to 4%. The rest of the borrowings are subject to an interest rate structure that is comprised of a variable interest
rate based on the 3-month NIBOR plus a margin that typically approximates 2-3% annually. On average, the annual average
interest rates realised for 2025 has been 7.07%. All loans are denominated in NOK.
See note 4 for the maturity of financial liabilities at the end of the period, and for a description of the financial risks arising
from changes in the interest rates.
Compliance with covenants
The borrowing agreements typically include covenants that the Group must fulfil. The nature and characteristics of the
covenants vary from agreement to agreement, but the typical financial covenants are loan-to-value ratios ranging from 60 to
65%; and minimum liquidity requirements in the subsidiary that is the counterparty to the borrowing agreement with the
lender. The typical measurement date for the company's Loan to Value covenants and minimum liquidity requirements is
December 31, 2025. There are also change-of-control clauses as covenants in the lending agreements. The Group has
numerous covenants as each subsidiary has separate lending agreements with different terms. The loan-to-value covenants
that the Group has is the following:
Company
LTV - requirement
Current LTV
Guard Hotel AS
Max. 60%
55.0%
Pioneer Retail Properties (\u00c5s N\u00e6ring AS and Askjem Eiendom AS
Max. 65%
58.0%
Norlandia Holding AS
Max. 65%
62.8%
Management has determined that, as of the end of the 2025 reporting period, the Group is in compliance with all the
covenants required by the lenders.
Changes in borrowings from financing activities:
NOK thousand
Non-current
borrowings
Current
borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Total
At 1 January 2025
1\u00a0898\u00a0736
53\u00a0033
1\u00a0951\u00a0769
Cash flows
Cash flow received
509\u00a0778
0
509\u00a0778
Repayments
-307\u00a0352
-53\u00a0033
-360\u00a0385
Non-cash:\u00a0
0
Reclassification of subsidiary to associates from 2024 to 2025
-213\u00a0665
0
-213\u00a0665
Borrowing classified as non-current at 31 December
2024 becoming current during 2025
-196\u00a0722
196\u00a0722
0
Purchase of operations
0
0
At 31 December 2025
1\u00a0690\u00a0775
196\u00a0722
1\u00a0887\u00a0498
At 1 January 2024
925\u00a0924
223\u00a0195
1\u00a0149\u00a0119
Cash flows
0
Cash flow received
774\u00a0110
0
774\u00a0110
Repayments
-140\u00a0355
-223\u00a0195
-363\u00a0550
Non-cash:\u00a0
Reclassification from 2023 to 2024
0
0
0
Borrowing classified as non-current at 31 December 2023
becoming current during 2024
-53\u00a0033
53\u00a0033
0
Purchase of operations
388\u00a0757
0
388\u00a0757
Interest
3\u00a0331
0
3\u00a0331
At 31 December 2024
1\u00a0898\u00a0736
53\u00a0033
1\u00a0951\u00a0769
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-299": { "value": "
11. Borrowings
Accounting principles
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for
at least 12 months after the balance sheet date.
Description
Borrowings and available cash and cash equivalents constitute the capital of the Group. The Group's main source of financing
are bank loans and trade credit.
The Group had the following borrowing as of 31 December 2025:
NOK thousand
31.12.2025
31.12.2024
Non-current
Commercial bank loans
1\u00a0517\u00a0136
1\u00a0704\u00a0115
Other loans
173\u00a0639
194\u00a0621
Total
1\u00a0690\u00a0775
1\u00a0898\u00a0736
NOK thousand
31.12.2025
31.12.2024
Current
Commercial bank loans
196\u00a0722
53\u00a0033
Other loans
\u2014
\u2014
Total
196\u00a0722
53\u00a0033
NOK thousand
31.12.2025
31.12.2024
Total non-current and current
Commercial bank loans
1\u00a0713\u00a0858
1\u00a0757\u00a0148
Other loans
173\u00a0639
194\u00a0621
Total
1\u00a0887\u00a0497
1\u00a0951\u00a0769
The borrowings the Group holds as of the end of 2025 and 2024 are linked to the investment properties owned by the Group.
The following assets have been pledged as security for liabilities:
NOK thousand
31.12.2025
31.12.2024
Investment property
2\u00a0517\u00a0922
2\u00a0631\u00a0956
Total pledged assets
2\u00a0517\u00a0922
2\u00a0631\u00a0956
For the properties that are pledged as security for liabilities, the amount pledged corresponds to the fair value of the
investment properties. (see note 6 for further information).
Relevant terms and conditions
Out of the total amortised cost value of all borrowings held as of 31.12.2025, MNOK 37.9 have a fixed annual interest rate that
ranges from 0 to 4%. The rest of the borrowings are subject to an interest rate structure that is comprised of a variable interest
rate based on the 3-month NIBOR plus a margin that typically approximates 2-3% annually. On average, the annual average
interest rates realised for 2025 has been 7.07%. All loans are denominated in NOK.
See note 4 for the maturity of financial liabilities at the end of the period, and for a description of the financial risks arising
from changes in the interest rates.
Compliance with covenants
The borrowing agreements typically include covenants that the Group must fulfil. The nature and characteristics of the
covenants vary from agreement to agreement, but the typical financial covenants are loan-to-value ratios ranging from 60 to
65%; and minimum liquidity requirements in the subsidiary that is the counterparty to the borrowing agreement with the
lender. The typical measurement date for the company's Loan to Value covenants and minimum liquidity requirements is
December 31, 2025. There are also change-of-control clauses as covenants in the lending agreements. The Group has
numerous covenants as each subsidiary has separate lending agreements with different terms. The loan-to-value covenants
that the Group has is the following:
Company
LTV - requirement
Current LTV
Guard Hotel AS
Max. 60%
55.0%
Pioneer Retail Properties (\u00c5s N\u00e6ring AS and Askjem Eiendom AS
Max. 65%
58.0%
Norlandia Holding AS
Max. 65%
62.8%
Management has determined that, as of the end of the 2025 reporting period, the Group is in compliance with all the
covenants required by the lenders.
Changes in borrowings from financing activities:
NOK thousand
Non-current
borrowings
Current
borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Total
At 1 January 2025
1\u00a0898\u00a0736
53\u00a0033
1\u00a0951\u00a0769
Cash flows
Cash flow received
509\u00a0778
0
509\u00a0778
Repayments
-307\u00a0352
-53\u00a0033
-360\u00a0385
Non-cash:\u00a0
0
Reclassification of subsidiary to associates from 2024 to 2025
-213\u00a0665
0
-213\u00a0665
Borrowing classified as non-current at 31 December
2024 becoming current during 2025
-196\u00a0722
196\u00a0722
0
Purchase of operations
0
0
At 31 December 2025
1\u00a0690\u00a0775
196\u00a0722
1\u00a0887\u00a0498
At 1 January 2024
925\u00a0924
223\u00a0195
1\u00a0149\u00a0119
Cash flows
0
Cash flow received
774\u00a0110
0
774\u00a0110
Repayments
-140\u00a0355
-223\u00a0195
-363\u00a0550
Non-cash:\u00a0
Reclassification from 2023 to 2024
0
0
0
Borrowing classified as non-current at 31 December 2023
becoming current during 2024
-53\u00a0033
53\u00a0033
0
Purchase of operations
388\u00a0757
0
388\u00a0757
Interest
3\u00a0331
0
3\u00a0331
At 31 December 2024
1\u00a0898\u00a0736
53\u00a0033
1\u00a0951\u00a0769
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-298": { "value": "
11. Borrowings
Accounting principles
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for
at least 12 months after the balance sheet date.
Description
Borrowings and available cash and cash equivalents constitute the capital of the Group. The Group's main source of financing
are bank loans and trade credit.
The Group had the following borrowing as of 31 December 2025:
NOK thousand
31.12.2025
31.12.2024
Non-current
Commercial bank loans
1\u00a0517\u00a0136
1\u00a0704\u00a0115
Other loans
173\u00a0639
194\u00a0621
Total
1\u00a0690\u00a0775
1\u00a0898\u00a0736
NOK thousand
31.12.2025
31.12.2024
Current
Commercial bank loans
196\u00a0722
53\u00a0033
Other loans
\u2014
\u2014
Total
196\u00a0722
53\u00a0033
NOK thousand
31.12.2025
31.12.2024
Total non-current and current
Commercial bank loans
1\u00a0713\u00a0858
1\u00a0757\u00a0148
Other loans
173\u00a0639
194\u00a0621
Total
1\u00a0887\u00a0497
1\u00a0951\u00a0769
The borrowings the Group holds as of the end of 2025 and 2024 are linked to the investment properties owned by the Group.
The following assets have been pledged as security for liabilities:
NOK thousand
31.12.2025
31.12.2024
Investment property
2\u00a0517\u00a0922
2\u00a0631\u00a0956
Total pledged assets
2\u00a0517\u00a0922
2\u00a0631\u00a0956
For the properties that are pledged as security for liabilities, the amount pledged corresponds to the fair value of the
investment properties. (see note 6 for further information).
Relevant terms and conditions
Out of the total amortised cost value of all borrowings held as of 31.12.2025, MNOK 37.9 have a fixed annual interest rate that
ranges from 0 to 4%. The rest of the borrowings are subject to an interest rate structure that is comprised of a variable interest
rate based on the 3-month NIBOR plus a margin that typically approximates 2-3% annually. On average, the annual average
interest rates realised for 2025 has been 7.07%. All loans are denominated in NOK.
See note 4 for the maturity of financial liabilities at the end of the period, and for a description of the financial risks arising
from changes in the interest rates.
Compliance with covenants
The borrowing agreements typically include covenants that the Group must fulfil. The nature and characteristics of the
covenants vary from agreement to agreement, but the typical financial covenants are loan-to-value ratios ranging from 60 to
65%; and minimum liquidity requirements in the subsidiary that is the counterparty to the borrowing agreement with the
lender. The typical measurement date for the company's Loan to Value covenants and minimum liquidity requirements is
December 31, 2025. There are also change-of-control clauses as covenants in the lending agreements. The Group has
numerous covenants as each subsidiary has separate lending agreements with different terms. The loan-to-value covenants
that the Group has is the following:
Company
LTV - requirement
Current LTV
Guard Hotel AS
Max. 60%
55.0%
Pioneer Retail Properties (\u00c5s N\u00e6ring AS and Askjem Eiendom AS
Max. 65%
58.0%
Norlandia Holding AS
Max. 65%
62.8%
Management has determined that, as of the end of the 2025 reporting period, the Group is in compliance with all the
covenants required by the lenders.
Changes in borrowings from financing activities:
NOK thousand
Non-current
borrowings
Current
borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Total
At 1 January 2025
1\u00a0898\u00a0736
53\u00a0033
1\u00a0951\u00a0769
Cash flows
Cash flow received
509\u00a0778
0
509\u00a0778
Repayments
-307\u00a0352
-53\u00a0033
-360\u00a0385
Non-cash:\u00a0
0
Reclassification of subsidiary to associates from 2024 to 2025
-213\u00a0665
0
-213\u00a0665
Borrowing classified as non-current at 31 December
2024 becoming current during 2025
-196\u00a0722
196\u00a0722
0
Purchase of operations
0
0
At 31 December 2025
1\u00a0690\u00a0775
196\u00a0722
1\u00a0887\u00a0498
At 1 January 2024
925\u00a0924
223\u00a0195
1\u00a0149\u00a0119
Cash flows
0
Cash flow received
774\u00a0110
0
774\u00a0110
Repayments
-140\u00a0355
-223\u00a0195
-363\u00a0550
Non-cash:\u00a0
Reclassification from 2023 to 2024
0
0
0
Borrowing classified as non-current at 31 December 2023
becoming current during 2024
-53\u00a0033
53\u00a0033
0
Purchase of operations
388\u00a0757
0
388\u00a0757
Interest
3\u00a0331
0
3\u00a0331
At 31 December 2024
1\u00a0898\u00a0736
53\u00a0033
1\u00a0951\u00a0769
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-297": { "value": "
11. Borrowings
Accounting principles
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for
at least 12 months after the balance sheet date.
Description
Borrowings and available cash and cash equivalents constitute the capital of the Group. The Group's main source of financing
are bank loans and trade credit.
The Group had the following borrowing as of 31 December 2025:
NOK thousand
31.12.2025
31.12.2024
Non-current
Commercial bank loans
1\u00a0517\u00a0136
1\u00a0704\u00a0115
Other loans
173\u00a0639
194\u00a0621
Total
1\u00a0690\u00a0775
1\u00a0898\u00a0736
NOK thousand
31.12.2025
31.12.2024
Current
Commercial bank loans
196\u00a0722
53\u00a0033
Other loans
\u2014
\u2014
Total
196\u00a0722
53\u00a0033
NOK thousand
31.12.2025
31.12.2024
Total non-current and current
Commercial bank loans
1\u00a0713\u00a0858
1\u00a0757\u00a0148
Other loans
173\u00a0639
194\u00a0621
Total
1\u00a0887\u00a0497
1\u00a0951\u00a0769
The borrowings the Group holds as of the end of 2025 and 2024 are linked to the investment properties owned by the Group.
The following assets have been pledged as security for liabilities:
NOK thousand
31.12.2025
31.12.2024
Investment property
2\u00a0517\u00a0922
2\u00a0631\u00a0956
Total pledged assets
2\u00a0517\u00a0922
2\u00a0631\u00a0956
For the properties that are pledged as security for liabilities, the amount pledged corresponds to the fair value of the
investment properties. (see note 6 for further information).
Relevant terms and conditions
Out of the total amortised cost value of all borrowings held as of 31.12.2025, MNOK 37.9 have a fixed annual interest rate that
ranges from 0 to 4%. The rest of the borrowings are subject to an interest rate structure that is comprised of a variable interest
rate based on the 3-month NIBOR plus a margin that typically approximates 2-3% annually. On average, the annual average
interest rates realised for 2025 has been 7.07%. All loans are denominated in NOK.
See note 4 for the maturity of financial liabilities at the end of the period, and for a description of the financial risks arising
from changes in the interest rates.
Compliance with covenants
The borrowing agreements typically include covenants that the Group must fulfil. The nature and characteristics of the
covenants vary from agreement to agreement, but the typical financial covenants are loan-to-value ratios ranging from 60 to
65%; and minimum liquidity requirements in the subsidiary that is the counterparty to the borrowing agreement with the
lender. The typical measurement date for the company's Loan to Value covenants and minimum liquidity requirements is
December 31, 2025. There are also change-of-control clauses as covenants in the lending agreements. The Group has
numerous covenants as each subsidiary has separate lending agreements with different terms. The loan-to-value covenants
that the Group has is the following:
Company
LTV - requirement
Current LTV
Guard Hotel AS
Max. 60%
55.0%
Pioneer Retail Properties (\u00c5s N\u00e6ring AS and Askjem Eiendom AS
Max. 65%
58.0%
Norlandia Holding AS
Max. 65%
62.8%
Management has determined that, as of the end of the 2025 reporting period, the Group is in compliance with all the
covenants required by the lenders.
Changes in borrowings from financing activities:
NOK thousand
Non-current
borrowings
Current
borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Total
At 1 January 2025
1\u00a0898\u00a0736
53\u00a0033
1\u00a0951\u00a0769
Cash flows
Cash flow received
509\u00a0778
0
509\u00a0778
Repayments
-307\u00a0352
-53\u00a0033
-360\u00a0385
Non-cash:\u00a0
0
Reclassification of subsidiary to associates from 2024 to 2025
-213\u00a0665
0
-213\u00a0665
Borrowing classified as non-current at 31 December
2024 becoming current during 2025
-196\u00a0722
196\u00a0722
0
Purchase of operations
0
0
At 31 December 2025
1\u00a0690\u00a0775
196\u00a0722
1\u00a0887\u00a0498
At 1 January 2024
925\u00a0924
223\u00a0195
1\u00a0149\u00a0119
Cash flows
0
Cash flow received
774\u00a0110
0
774\u00a0110
Repayments
-140\u00a0355
-223\u00a0195
-363\u00a0550
Non-cash:\u00a0
Reclassification from 2023 to 2024
0
0
0
Borrowing classified as non-current at 31 December 2023
becoming current during 2024
-53\u00a0033
53\u00a0033
0
Purchase of operations
388\u00a0757
0
388\u00a0757
Interest
3\u00a0331
0
3\u00a0331
At 31 December 2024
1\u00a0898\u00a0736
53\u00a0033
1\u00a0951\u00a0769
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-302": { "value": "
Accounting principles
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for
at least 12 months after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-301": { "value": "
Accounting principles
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for
at least 12 months after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-303": { "value": "
Relevant terms and conditions
Out of the total amortised cost value of all borrowings held as of 31.12.2025, MNOK 37.9 have a fixed annual interest rate that
ranges from 0 to 4%. The rest of the borrowings are subject to an interest rate structure that is comprised of a variable interest
rate based on the 3-month NIBOR plus a margin that typically approximates 2-3% annually. On average, the annual average
interest rates realised for 2025 has been 7.07%. All loans are denominated in NOK.
See note 4 for the maturity of financial liabilities at the end of the period, and for a description of the financial risks arising
from changes in the interest rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-304": { "value": "
Out of the total amortised cost value of all borrowings held as of 31.12.2025, MNOK 37.9 have a fixed annual interest rate that
ranges from 0 to 4%. The rest of the borrowings are subject to an interest rate structure that is comprised of a variable interest
rate based on the 3-month NIBOR plus a margin that typically approximates 2-3% annually. On average, the annual average
interest rates realised for 2025 has been 7.07%. All loans are denominated in NOK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-308": { "value": "
12. Other current liabilities
NOK in thousand
31.12.2025
31.12.2024
Trade payable
19\u00a0788
37\u00a0021
Government taxes
5\u00a0245
421
Accrued interest
14\u00a0352
14\u00a0636
Dividend
16\u00a0701
9\u00a0701
Accrued cost, Prepaid revenues
485
797
Other current liabilities
33\u00a0235
173\u00a0805
Total other current liabilities
89\u00a0806
236\u00a0383
Dividend relates to Q4 2025 dividend approved by the board 12. October 2025, with payment date in January 2026 of MNOK
9.7 and dividend of T10 Holdco of MNOK 7.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-307": { "value": "
12. Other current liabilities
NOK in thousand
31.12.2025
31.12.2024
Trade payable
19\u00a0788
37\u00a0021
Government taxes
5\u00a0245
421
Accrued interest
14\u00a0352
14\u00a0636
Dividend
16\u00a0701
9\u00a0701
Accrued cost, Prepaid revenues
485
797
Other current liabilities
33\u00a0235
173\u00a0805
Total other current liabilities
89\u00a0806
236\u00a0383
Dividend relates to Q4 2025 dividend approved by the board 12. October 2025, with payment date in January 2026 of MNOK
9.7 and dividend of T10 Holdco of MNOK 7.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-306": { "value": "
12. Other current liabilities
NOK in thousand
31.12.2025
31.12.2024
Trade payable
19\u00a0788
37\u00a0021
Government taxes
5\u00a0245
421
Accrued interest
14\u00a0352
14\u00a0636
Dividend
16\u00a0701
9\u00a0701
Accrued cost, Prepaid revenues
485
797
Other current liabilities
33\u00a0235
173\u00a0805
Total other current liabilities
89\u00a0806
236\u00a0383
Dividend relates to Q4 2025 dividend approved by the board 12. October 2025, with payment date in January 2026 of MNOK
9.7 and dividend of T10 Holdco of MNOK 7.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-305": { "value": "
12. Other current liabilities
NOK in thousand
31.12.2025
31.12.2024
Trade payable
19\u00a0788
37\u00a0021
Government taxes
5\u00a0245
421
Accrued interest
14\u00a0352
14\u00a0636
Dividend
16\u00a0701
9\u00a0701
Accrued cost, Prepaid revenues
485
797
Other current liabilities
33\u00a0235
173\u00a0805
Total other current liabilities
89\u00a0806
236\u00a0383
Dividend relates to Q4 2025 dividend approved by the board 12. October 2025, with payment date in January 2026 of MNOK
9.7 and dividend of T10 Holdco of MNOK 7.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-310": { "value": "Rental income
Accounting principles
The Group enters into lease agreements where it acts as a lessor. This constitutes the Group\u2019s main source of income. This
constitutes the Group\u2019s main source of income. All leases held by the Group are considered operating leases. This is the case
because, even though lease agreements have a typical duration of several years, the lease term is substantially shorter than
the asset\u2019s economic life, and the minimum lease payments does not amount to substantially all of the fair value of the
investment property. Management has not identified any other indications that the Group has transferred substantially all of
the risks and rewards incidental to ownership of its investment properties.
Revenue consists of rental income, which is typically recognised on a straight-line basis over the period of the lease
agreements with its lessees (see note 3 for further information). Revenues are presented net of VAT, discounts, and rebates.
Service charge expenses are charged to tenants and recognised in the balance sheet together with payments on account of
tenants, and therefore does not affect the result beyond an administrative premium recognised under revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-309": { "value": "Rental income
Accounting principles
The Group enters into lease agreements where it acts as a lessor. This constitutes the Group\u2019s main source of income. This
constitutes the Group\u2019s main source of income. All leases held by the Group are considered operating leases. This is the case
because, even though lease agreements have a typical duration of several years, the lease term is substantially shorter than
the asset\u2019s economic life, and the minimum lease payments does not amount to substantially all of the fair value of the
investment property. Management has not identified any other indications that the Group has transferred substantially all of
the risks and rewards incidental to ownership of its investment properties.
Revenue consists of rental income, which is typically recognised on a straight-line basis over the period of the lease
agreements with its lessees (see note 3 for further information). Revenues are presented net of VAT, discounts, and rebates.
Service charge expenses are charged to tenants and recognised in the balance sheet together with payments on account of
tenants, and therefore does not affect the result beyond an administrative premium recognised under revenue.
Description
The group holds twenty-nine revenue generating properties per year end, in general leased out on long-term triple net
contracts.
The group is the lessor of investment properties. The group\u2019s contractual rental income is distributed as follows, where the
numbers are adjusted annually to reflect the change in CPI. The rent in the table below are adjusted with an annual CPI-
adjustment of 2%:
NOK in thousand
\u00a0
31.12.2025
31.12.2024
Within 1 year
173\u00a0491
153\u00a0591
Year 2
171\u00a0284
141\u00a0966
Year 3
168\u00a0194
144\u00a0039
Year 4
165\u00a0265
140\u00a0992
Year 5
166\u00a0317
138\u00a0106
After 5 years
\u00a0
904\u00a0936
884\u00a0573
Total
\u00a0
1\u00a0749\u00a0487
1\u00a0603\u00a0267
The Group typically rents out the investment properties to tenants on long term triple-net contracts where the operator has
the main responsibility for annual maintenance, insurance, and other directly related property. All agreements are fully
adjusted annually to reflect the change in CPI. However, the hotel investment properties typically have the characteristic that
rental income is subject to certain positive variables over an agreed minimum lease payment: lease payments are based on the
highest of a minimum rent and a percentage of the hotel\u2019s turnover.
All revenue during 2025 and 2024 has been originated in Norway and Sweden.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-311": { "value": "
The Group enters into lease agreements where it acts as a lessor. This constitutes the Group\u2019s main source of income. This
constitutes the Group\u2019s main source of income. All leases held by the Group are considered operating leases. This is the case
because, even though lease agreements have a typical duration of several years, the lease term is substantially shorter than
the asset\u2019s economic life, and the minimum lease payments does not amount to substantially all of the fair value of the
investment property. Management has not identified any other indications that the Group has transferred substantially all of
the risks and rewards incidental to ownership of its investment properties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-316": { "value": "
14. Employee expenses and management remuneration
NOK\u00a0 (thousands)
2025
2024
Salary
11\u00a0220
7\u00a0964
Payroll tax
1\u00a0893
1\u00a0351
Pension benefits
841
289
Other benefits
340
61
Total salary and pension costs
14\u00a0295
9\u00a0665
Average Employees
9.5
6
The remuneration to the management in 2025:
NOK
Salary
Other
benefits
Bonus*
Pension benefits
Total compensation
John Ivar Busklein (CEO)
617\u00a0134
0
250\u00a0000
8\u00a0361
875\u00a0495
\u00d8ystein B. Grini (CFO)
1\u00a0650\u00a0000
3\u00a0392
150\u00a0000
28\u00a0616
1\u00a0832\u00a0008
Johnny Sundal (CEO Norlandia Holding AS)
1\u00a0617\u00a0600
205\u00a0081
0
32\u00a0664
1\u00a0855\u00a0345
Total management remuneration
3\u00a0884\u00a0734
208\u00a0473
400\u00a0000
69\u00a0642
4\u00a0562\u00a0849
*The bonus for John Ivar Busklein was paid in Q1 2026.
The remuneration to the management in 2024:
NOK
Salary
Other
benefits
Bonus
Pension benefits
Total compensation
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
John Ivar Busklein (CEO)
585\u00a0040
0
176\u00a0667
8\u00a0685
770\u00a0392
\u00d8ystein B. Grini (CFO)
1\u00a0503\u00a0000
4\u00a0392
0
30\u00a0952
1\u00a0538\u00a0344
Total management remuneration
2\u00a0088\u00a0040
4\u00a0392
176\u00a0667
39\u00a0637
2\u00a0308\u00a0736
John Ivar Busklein has been CEO of Pioneer Property Group ASA in a part time position at 28,4%.\u00a0
No member of the management has in their agreement that they will get any right to compensation after termination of
employment. No loans or guarantees have been given to any members of the management, the Board of directors or other
corporate bodies.
The board of directors of PPG has prepared a determination of salary and other remuneration to the executive management,
in accordance with applicable law. The declaration includes the policies which PPG uses\u00a0 for the determination of salary and
other remuneration to its executive management in the calendar year 2025 as published on the company's web page
pioneerproperty.no.
The remuneration to the Board of Directors:
NOK
2025
2024
Roger Adolfsen (Charirman of the board)
110\u00a0000
100\u00a0000
Geir Hjorth (board member)
110\u00a0000
110\u00a0000
Sandra Riise (board member)
110\u00a0000
110\u00a0000
Ane Carlsen (board member)
110\u00a0000
90\u00a0000
Even Carlsen (resigned board member)
0
10\u00a0000
Nina H\u00f8is\u00e6ter (board member)
110\u00a0000
110\u00a0000
Total remuneration
550\u00a0000
530\u00a0000
.:
17. Income taxes
Accounting principles
The tax expense for the period comprises current and deferred tax.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet
date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which
the deductible temporary differences can be utilized.
Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
The Group has applied the main rule for recognition of deferred tax in connection with the purchase of shares in property
companies that are not acquired through a business combination. This means that deferred tax is recognised as the difference
between the tax value and accounting value of investment property in the subsidiary, and value changes of the investment
property. Not recognized deferred tax linked to initial recognition exemption for investment properties per 31 December 2025
is MNOK 222.7 (MNOK 162.8 in 2024).
Changes in deferred tax liabilities:
NOK in thousand
\u00a0
Investment property
Other items
Total
01.01.2024
\u00a0
54\u00a0615
-8\u00a0178
46\u00a0437
Recognized deferred tax
25\u00a0337
-3\u00a0324
22\u00a0013
31.12.2024
\u00a0
79\u00a0952
-11\u00a0502
68\u00a0450
Recognized deferred tax
34\u00a0830
-145
34\u00a0685
31.12.2025
\u00a0
114\u00a0782
-11\u00a0648
103\u00a0135
Changes in deferred tax assets:
NOK in thousand
Investment property
Other items
Total
01.01.2025
0
9\u00a0609
9\u00a0609
Acquired deferred tax asset from acquired
subsidiary
0
3\u00a0236
3\u00a0236
Recognized deferred tax
0
8\u00a0419
8\u00a0419
31.12.2025
0
21\u00a0264
21\u00a0264
Income tax expense:
NOK in thousand
\u00a0
\u00a0
2025
2024
Tax payable
0
633
Change in deferred tax
23\u00a0031
22\u00a0013
Other changes
\u00a0
11\u00a0225
4\u00a0419
Income tax expense
\u00a0
\u00a0
34\u00a0256
27\u00a0065
Reconciliation of tax expense:
NOK in thousand
\u00a0
\u00a0
2025
2024
Profit before income tax
105\u00a0743
145\u00a0184
Tax expense based on standard rate of
Norwegian (22%)
23\u00a0263
31\u00a0941
Adjustments for:
Permanent differences
0
-11\u00a0853
Other differences
10\u00a0993
6\u00a0997
Income tax expense for the period
\u00a0
\u00a0
34\u00a0256
27\u00a0065
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-315": { "value": "
14. Employee expenses and management remuneration
NOK\u00a0 (thousands)
2025
2024
Salary
11\u00a0220
7\u00a0964
Payroll tax
1\u00a0893
1\u00a0351
Pension benefits
841
289
Other benefits
340
61
Total salary and pension costs
14\u00a0295
9\u00a0665
Average Employees
9.5
6
The remuneration to the management in 2025:
NOK
Salary
Other
benefits
Bonus*
Pension benefits
Total compensation
John Ivar Busklein (CEO)
617\u00a0134
0
250\u00a0000
8\u00a0361
875\u00a0495
\u00d8ystein B. Grini (CFO)
1\u00a0650\u00a0000
3\u00a0392
150\u00a0000
28\u00a0616
1\u00a0832\u00a0008
Johnny Sundal (CEO Norlandia Holding AS)
1\u00a0617\u00a0600
205\u00a0081
0
32\u00a0664
1\u00a0855\u00a0345
Total management remuneration
3\u00a0884\u00a0734
208\u00a0473
400\u00a0000
69\u00a0642
4\u00a0562\u00a0849
*The bonus for John Ivar Busklein was paid in Q1 2026.
The remuneration to the management in 2024:
NOK
Salary
Other
benefits
Bonus
Pension benefits
Total compensation
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
John Ivar Busklein (CEO)
585\u00a0040
0
176\u00a0667
8\u00a0685
770\u00a0392
\u00d8ystein B. Grini (CFO)
1\u00a0503\u00a0000
4\u00a0392
0
30\u00a0952
1\u00a0538\u00a0344
Total management remuneration
2\u00a0088\u00a0040
4\u00a0392
176\u00a0667
39\u00a0637
2\u00a0308\u00a0736
John Ivar Busklein has been CEO of Pioneer Property Group ASA in a part time position at 28,4%.\u00a0
No member of the management has in their agreement that they will get any right to compensation after termination of
employment. No loans or guarantees have been given to any members of the management, the Board of directors or other
corporate bodies.
The board of directors of PPG has prepared a determination of salary and other remuneration to the executive management,
in accordance with applicable law. The declaration includes the policies which PPG uses\u00a0 for the determination of salary and
other remuneration to its executive management in the calendar year 2025 as published on the company's web page
pioneerproperty.no.
The remuneration to the Board of Directors:
NOK
2025
2024
Roger Adolfsen (Charirman of the board)
110\u00a0000
100\u00a0000
Geir Hjorth (board member)
110\u00a0000
110\u00a0000
Sandra Riise (board member)
110\u00a0000
110\u00a0000
Ane Carlsen (board member)
110\u00a0000
90\u00a0000
Even Carlsen (resigned board member)
0
10\u00a0000
Nina H\u00f8is\u00e6ter (board member)
110\u00a0000
110\u00a0000
Total remuneration
550\u00a0000
530\u00a0000
.:
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-314": { "value": "
14. Employee expenses and management remuneration
NOK\u00a0 (thousands)
2025
2024
Salary
11\u00a0220
7\u00a0964
Payroll tax
1\u00a0893
1\u00a0351
Pension benefits
841
289
Other benefits
340
61
Total salary and pension costs
14\u00a0295
9\u00a0665
Average Employees
9.5
6
The remuneration to the management in 2025:
NOK
Salary
Other
benefits
Bonus*
Pension benefits
Total compensation
John Ivar Busklein (CEO)
617\u00a0134
0
250\u00a0000
8\u00a0361
875\u00a0495
\u00d8ystein B. Grini (CFO)
1\u00a0650\u00a0000
3\u00a0392
150\u00a0000
28\u00a0616
1\u00a0832\u00a0008
Johnny Sundal (CEO Norlandia Holding AS)
1\u00a0617\u00a0600
205\u00a0081
0
32\u00a0664
1\u00a0855\u00a0345
Total management remuneration
3\u00a0884\u00a0734
208\u00a0473
400\u00a0000
69\u00a0642
4\u00a0562\u00a0849
*The bonus for John Ivar Busklein was paid in Q1 2026.
The remuneration to the management in 2024:
NOK
Salary
Other
benefits
Bonus
Pension benefits
Total compensation
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
John Ivar Busklein (CEO)
585\u00a0040
0
176\u00a0667
8\u00a0685
770\u00a0392
\u00d8ystein B. Grini (CFO)
1\u00a0503\u00a0000
4\u00a0392
0
30\u00a0952
1\u00a0538\u00a0344
Total management remuneration
2\u00a0088\u00a0040
4\u00a0392
176\u00a0667
39\u00a0637
2\u00a0308\u00a0736
John Ivar Busklein has been CEO of Pioneer Property Group ASA in a part time position at 28,4%.\u00a0
No member of the management has in their agreement that they will get any right to compensation after termination of
employment. No loans or guarantees have been given to any members of the management, the Board of directors or other
corporate bodies.
The board of directors of PPG has prepared a determination of salary and other remuneration to the executive management,
in accordance with applicable law. The declaration includes the policies which PPG uses\u00a0 for the determination of salary and
other remuneration to its executive management in the calendar year 2025 as published on the company's web page
pioneerproperty.no.
The remuneration to the Board of Directors:
NOK
2025
2024
Roger Adolfsen (Charirman of the board)
110\u00a0000
100\u00a0000
Geir Hjorth (board member)
110\u00a0000
110\u00a0000
Sandra Riise (board member)
110\u00a0000
110\u00a0000
Ane Carlsen (board member)
110\u00a0000
90\u00a0000
Even Carlsen (resigned board member)
0
10\u00a0000
Nina H\u00f8is\u00e6ter (board member)
110\u00a0000
110\u00a0000
Total remuneration
550\u00a0000
530\u00a0000
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-313": { "value": "
14. Employee expenses and management remuneration
NOK\u00a0 (thousands)
2025
2024
Salary
11\u00a0220
7\u00a0964
Payroll tax
1\u00a0893
1\u00a0351
Pension benefits
841
289
Other benefits
340
61
Total salary and pension costs
14\u00a0295
9\u00a0665
Average Employees
9.5
6
The remuneration to the management in 2025:
NOK
Salary
Other
benefits
Bonus*
Pension benefits
Total compensation
John Ivar Busklein (CEO)
617\u00a0134
0
250\u00a0000
8\u00a0361
875\u00a0495
\u00d8ystein B. Grini (CFO)
1\u00a0650\u00a0000
3\u00a0392
150\u00a0000
28\u00a0616
1\u00a0832\u00a0008
Johnny Sundal (CEO Norlandia Holding AS)
1\u00a0617\u00a0600
205\u00a0081
0
32\u00a0664
1\u00a0855\u00a0345
Total management remuneration
3\u00a0884\u00a0734
208\u00a0473
400\u00a0000
69\u00a0642
4\u00a0562\u00a0849
*The bonus for John Ivar Busklein was paid in Q1 2026.
The remuneration to the management in 2024:
NOK
Salary
Other
benefits
Bonus
Pension benefits
Total compensation
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
John Ivar Busklein (CEO)
585\u00a0040
0
176\u00a0667
8\u00a0685
770\u00a0392
\u00d8ystein B. Grini (CFO)
1\u00a0503\u00a0000
4\u00a0392
0
30\u00a0952
1\u00a0538\u00a0344
Total management remuneration
2\u00a0088\u00a0040
4\u00a0392
176\u00a0667
39\u00a0637
2\u00a0308\u00a0736
John Ivar Busklein has been CEO of Pioneer Property Group ASA in a part time position at 28,4%.\u00a0
No member of the management has in their agreement that they will get any right to compensation after termination of
employment. No loans or guarantees have been given to any members of the management, the Board of directors or other
corporate bodies.
The board of directors of PPG has prepared a determination of salary and other remuneration to the executive management,
in accordance with applicable law. The declaration includes the policies which PPG uses\u00a0 for the determination of salary and
other remuneration to its executive management in the calendar year 2025 as published on the company's web page
pioneerproperty.no.
The remuneration to the Board of Directors:
NOK
2025
2024
Roger Adolfsen (Charirman of the board)
110\u00a0000
100\u00a0000
Geir Hjorth (board member)
110\u00a0000
110\u00a0000
Sandra Riise (board member)
110\u00a0000
110\u00a0000
Ane Carlsen (board member)
110\u00a0000
90\u00a0000
Even Carlsen (resigned board member)
0
10\u00a0000
Nina H\u00f8is\u00e6ter (board member)
110\u00a0000
110\u00a0000
Total remuneration
550\u00a0000
530\u00a0000
20. Related party transactions
Balances and transactions between the company and its subsidiaries, which are related parties to the company, have been
eliminated on consolidation and are not disclosed in this note.
The Group has the following related parties as of 31.12.2025:
Related party
Relation to the Group
\u00a0
\u00a0
Roger Adolfsen
Chairman of the Board and owner of Mecca Invest AS
Sandra Henriette Riise
Board member
Nina Hj\u00f8rdis Torp H\u00f8is\u00e6ter
Board member
John Ivar Busklein
Chief Executive Officer
\u00d8ystein Grini
Chief Financial Officer
Johnny Sundal
Chief Executive Officer in Norlandia Eiendom AS
Hospitality Invest AS
Substantial shareholder
Klevenstern AS
Substantial shareholder
Mecca Invest AS
Substantial shareholder
Kongsparken AS
Associated company
JV Nordv\u00e4st Fastighet AB
Associated company
Forus Holdco AS
Associated company
K\u00f6ping Hotellfastighet AB
Associated company
Strand Hotel Borgholm AB
Associated company
Ramstadsletta Utvikling AS
Associated company
Vossevangen Utvikling AS
Associated company
JV Havna Tj\u00f8me AS
Associated company
Pancom AS
Associated company
HI Capital AS
Controlled by substantial
shareholders, refer to note 21
Norlandia Health & Care Group AS
Controlled by substantial
shareholders, refer to note 21
Norlandia Holding AS
Controlled by substantial shareholders, refer to note 21
Kara Invest AS
Controlled by substantial shareholders, refer to note 21
Ferda Norge AS
Controlled by substantial shareholders, refer to note 21
Caravan Eiendom \u00c5lg\u00e5rd AS
Controlled by substantial shareholders, refer to note 21
Norlandia Hotel Group
Controlled by substantial shareholders, refer to note 21
Up North Hospitality AS
Controlled by substantial shareholders, refer to note 21
Evenes Holding AS
Controlled by substantial shareholders, refer to note 21
Evenes Parkering AS
Controlled by substantial shareholders, refer to note 21
Nordmela AS
Controlled by substantial shareholders, refer to note 21
Haneseth Gruppen AS
Controlled by substantial shareholders, refer to note 21
The Group had the following related parties as of 31.12.2024:
Related party
Relation to the Group
Roger Adolfsen
Chairman of the Board and owner of Mecca Invest AS
Sandra Henriette Riise
Board member
\u00a0
\u00a0
Geir Hjort
Board member
\u00a0
\u00a0
Ane Nordahl Carlsen
Board member and owner of Grafo AS
Nina Hj\u00f8rdis Torp H\u00f8is\u00e6ter
Board member
\u00a0
\u00a0
John Ivar Busklein
Chief Executive Officer
\u00a0
\u00a0
\u00d8ystein Grini
Chief Financial Officer
\u00a0
\u00a0
Hospitality Invest AS
Substantial shareholder
\u00a0
\u00a0
Grafo AS
Substantial shareholder
\u00a0
\u00a0
Klevenstern AS
Substantial shareholder
\u00a0
\u00a0
Mecca Invest AS
Substantial shareholder
\u00a0
\u00a0
Kongsparken AS
Associated company
JV Nordv\u00e4st Fastighet AB
Associated company
Forus Holdco AS
Associated company
K\u00f6ping Hotellfastighet AB
Associated company
Strand Hotel Borgholm AB
Associated company
Ramstadsletta Utvikling AS
Associated company
Vossevangen Utvikling AS
Associated company
JV Havna Tj\u00f8me AS
Associated company
Pancom AS
Associated company
HI Capital AS
Controlled by substantial shareholders, refer to note 21
Norlandia Health & Care Group AS
Controlled by substantial shareholders, refer to note 21
Norlandia Holding AS
Controlled by substantial shareholders, refer to note 21
Kara Invest AS
Controlled by substantial shareholders, refer to note 21
Ferda Norge AS
Controlled by substantial shareholders, refer to note 21
Caravan Eiendom \u00c5lg\u00e5rd AS
Controlled by substantial shareholders, refer to note 21
Norlandia Hotel Group
Controlled by substantial shareholders, refer to note 21
\u00a0
Up North Hospitality AS
Controlled by substantial shareholders, refer to note 21
Haneseth Gruppen AS
Controlled by substantial shareholders, refer to note 21
Indirect ownership of shares by board member per the balance sheet date:
2025
2024
\u00a0
Ord. Shares
Pref. shares
Ord. Shares
Pref. shares
Roger Adolfsen
\u00a0 \u00a0 \u00a0 \u00a0 3 160 192
0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3 160 192
0
The Group had the following material transactions with related parties:
NOK in thousand
\u00a0
\u00a0
2025
2024
Rent revenue from Norlandia Health & Care Group AS including subsidiaries
10\u00a0348
7\u00a0473
Rent revenue from Ferda Norge AS
34\u00a0438
34\u00a0581
Rent revenue from Norlandia Hotel Group
110\u00a0185
68\u00a0890
Rent revenue from BG Entrepren\u00f8r
0
2\u00a0428
Rent revenue from Haneseth Group
4\u00a0531
3\u00a0778
Interest income from associated companies
9\u00a0522
111
Interest expense to associated companies
2\u00a0113
2\u00a0782
Services related to real estate from Haneseth Gruppen AS including subisidiaries
1\u00a0137
0
Management fee from Up North Hospitality AS
0
678
Management fee to Oslo Corporate Holding AS
1\u00a0200
960
M&A Services and Management fee to Hospitality
Invest AS
5\u00a0027
4\u00a0888
Sale of shares to Norlandia Hotel Group AS
0
30
Fee from NHG Development regarding refurbishment (subsidiary of Hospitality Invest AS)
1\u00a0281
0
Purchase of shares and properties from related parties, please refer to note 19
194\u00a0651
Transactions made between the related parties are made on terms equivalent to those that prevail in the market at arm\u2019s
length.
Receivables from related parties
NOK in thousand
\u00a0
31.12.2025
31.12.2024
Norlandia companies
60\u00a0629
41\u00a0303
Kongsparken AS
14\u00a0205
21\u00a0856
Husflidskulen AS
500
0
Smedplassen Eiendom AS
0
1\u00a0432
Evenes Holding AS
60\u00a0094
0
Wayfare Invest AS
0
29\u00a0667
Strand Hotell Borgholm Fastighet AB
20\u00a0649
30\u00a0724
K\u00f6ping Hotellfastighet AB
0
3\u00a0686
Liabilities to related parties
NOK in thousand
\u00a0
31.12.2025
31.12.2024
Norlandia companies
0
10\u00a0679
HI Capital AS
12\u00a0000
0
Horten Hotell Eiendom AS
23\u00a0870
0
Sellers vendor note to companies controlled by Kristian and Roger Adolfsen
115\u00a0299
144\u00a0651
For compensation to key management personnel, see note 14.
Loans to associate entities
During the 2025 reporting period, the Group lent its associates funds in the form of loans to finance its investments, in
agreement with the other shareholders of the associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-312": { "value": "
14. Employee expenses and management remuneration
NOK\u00a0 (thousands)
2025
2024
Salary
11\u00a0220
7\u00a0964
Payroll tax
1\u00a0893
1\u00a0351
Pension benefits
841
289
Other benefits
340
61
Total salary and pension costs
14\u00a0295
9\u00a0665
Average Employees
9.5
6
The remuneration to the management in 2025:
NOK
Salary
Other
benefits
Bonus*
Pension benefits
Total compensation
John Ivar Busklein (CEO)
617\u00a0134
0
250\u00a0000
8\u00a0361
875\u00a0495
\u00d8ystein B. Grini (CFO)
1\u00a0650\u00a0000
3\u00a0392
150\u00a0000
28\u00a0616
1\u00a0832\u00a0008
Johnny Sundal (CEO Norlandia Holding AS)
1\u00a0617\u00a0600
205\u00a0081
0
32\u00a0664
1\u00a0855\u00a0345
Total management remuneration
3\u00a0884\u00a0734
208\u00a0473
400\u00a0000
69\u00a0642
4\u00a0562\u00a0849
*The bonus for John Ivar Busklein was paid in Q1 2026.
The remuneration to the management in 2024:
NOK
Salary
Other
benefits
Bonus
Pension benefits
Total compensation
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
John Ivar Busklein (CEO)
585\u00a0040
0
176\u00a0667
8\u00a0685
770\u00a0392
\u00d8ystein B. Grini (CFO)
1\u00a0503\u00a0000
4\u00a0392
0
30\u00a0952
1\u00a0538\u00a0344
Total management remuneration
2\u00a0088\u00a0040
4\u00a0392
176\u00a0667
39\u00a0637
2\u00a0308\u00a0736
John Ivar Busklein has been CEO of Pioneer Property Group ASA in a part time position at 28,4%.\u00a0
No member of the management has in their agreement that they will get any right to compensation after termination of
employment. No loans or guarantees have been given to any members of the management, the Board of directors or other
corporate bodies.
The board of directors of PPG has prepared a determination of salary and other remuneration to the executive management,
in accordance with applicable law. The declaration includes the policies which PPG uses\u00a0 for the determination of salary and
other remuneration to its executive management in the calendar year 2025 as published on the company's web page
pioneerproperty.no.
The remuneration to the Board of Directors:
NOK
2025
2024
Roger Adolfsen (Charirman of the board)
110\u00a0000
100\u00a0000
Geir Hjorth (board member)
110\u00a0000
110\u00a0000
Sandra Riise (board member)
110\u00a0000
110\u00a0000
Ane Carlsen (board member)
110\u00a0000
90\u00a0000
Even Carlsen (resigned board member)
0
10\u00a0000
Nina H\u00f8is\u00e6ter (board member)
110\u00a0000
110\u00a0000
Total remuneration
550\u00a0000
530\u00a0000
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-317": { "value": "
NOK\u00a0 (thousands)
2025
2024
Salary
11\u00a0220
7\u00a0964
Payroll tax
1\u00a0893
1\u00a0351
Pension benefits
841
289
Other benefits
340
61
Total salary and pension costs
14\u00a0295
9\u00a0665
Average Employees
9.5
6
The remuneration to the management in 2025:
NOK
Salary
Other
benefits
Bonus*
Pension benefits
Total compensation
John Ivar Busklein (CEO)
617\u00a0134
0
250\u00a0000
8\u00a0361
875\u00a0495
\u00d8ystein B. Grini (CFO)
1\u00a0650\u00a0000
3\u00a0392
150\u00a0000
28\u00a0616
1\u00a0832\u00a0008
Johnny Sundal (CEO Norlandia Holding AS)
1\u00a0617\u00a0600
205\u00a0081
0
32\u00a0664
1\u00a0855\u00a0345
Total management remuneration
3\u00a0884\u00a0734
208\u00a0473
400\u00a0000
69\u00a0642
4\u00a0562\u00a0849
*The bonus for John Ivar Busklein was paid in Q1 2026.
The remuneration to the management in 2024:
NOK
Salary
Other
benefits
Bonus
Pension benefits
Total compensation
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
John Ivar Busklein (CEO)
585\u00a0040
0
176\u00a0667
8\u00a0685
770\u00a0392
\u00d8ystein B. Grini (CFO)
1\u00a0503\u00a0000
4\u00a0392
0
30\u00a0952
1\u00a0538\u00a0344
Total management remuneration
2\u00a0088\u00a0040
4\u00a0392
176\u00a0667
39\u00a0637
2\u00a0308\u00a0736
John Ivar Busklein has been CEO of Pioneer Property Group ASA in a part time position at 28,4%.\u00a0
No member of the management has in their agreement that they will get any right to compensation after termination of
employment. No loans or guarantees have been given to any members of the management, the Board of directors or other
corporate bodies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-320": { "value": "
15. Other operating expenses
NOK in thousand
2025
2024
Accounting fees, auditing, legal expenses and other fees
11\u00a0519
8\u00a0440
Other operating expenses
3\u00a0772
14\u00a0740
Total other operating expenses
15\u00a0291
23\u00a0180
Fees from the auditor:
Fees from the auditor
\u00a0
\u00a0
NOK in thousand
2025
2024
Auditing fees
2\u00a0935
3\u00a0529
Other fees from the auditor
126
18
Total auditing fees
3\u00a0061
3\u00a0547
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-319": { "value": "
15. Other operating expenses
NOK in thousand
2025
2024
Accounting fees, auditing, legal expenses and other fees
11\u00a0519
8\u00a0440
Other operating expenses
3\u00a0772
14\u00a0740
Total other operating expenses
15\u00a0291
23\u00a0180
Fees from the auditor:
Fees from the auditor
\u00a0
\u00a0
NOK in thousand
2025
2024
Auditing fees
2\u00a0935
3\u00a0529
Other fees from the auditor
126
18
Total auditing fees
3\u00a0061
3\u00a0547
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-318": { "value": "
15. Other operating expenses
NOK in thousand
2025
2024
Accounting fees, auditing, legal expenses and other fees
11\u00a0519
8\u00a0440
Other operating expenses
3\u00a0772
14\u00a0740
Total other operating expenses
15\u00a0291
23\u00a0180
Fees from the auditor:
Fees from the auditor
\u00a0
\u00a0
NOK in thousand
2025
2024
Auditing fees
2\u00a0935
3\u00a0529
Other fees from the auditor
126
18
Total auditing fees
3\u00a0061
3\u00a0547
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-323": { "value": "
16. Other financial gains (losses)
NOK thousand
2025
2024
Currency gain/loss
1\u00a0291
236
Derecognition from subsidiary to associate
7\u00a0663
0
Gain on sale shares
0
9\u00a0528
Gain on sale bonds
0
421
Loss on sale funds
0
0
Loss on sale of properties
0
0
Changes in fair value
-21\u00a0932
-11\u00a0645
Other adjustments
0
6\u00a0672
Other financial income
5\u00a0934
38
Other financial expenses
95
7\u00a0675
Sum
-6\u00a0949
12\u00a0924
MNOK 7.6 is mainly related to the derecognition of shares in Evenes Holding AS to be accounted for using the equity method.
The negative change in fair value is mainly related to write down of receivables of Kongsparken AS.
The gain in other financial income is related to effective interest rate adjustments of the long term interest bearing debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-322": { "value": "
16. Other financial gains (losses)
NOK thousand
2025
2024
Currency gain/loss
1\u00a0291
236
Derecognition from subsidiary to associate
7\u00a0663
0
Gain on sale shares
0
9\u00a0528
Gain on sale bonds
0
421
Loss on sale funds
0
0
Loss on sale of properties
0
0
Changes in fair value
-21\u00a0932
-11\u00a0645
Other adjustments
0
6\u00a0672
Other financial income
5\u00a0934
38
Other financial expenses
95
7\u00a0675
Sum
-6\u00a0949
12\u00a0924
MNOK 7.6 is mainly related to the derecognition of shares in Evenes Holding AS to be accounted for using the equity method.
The negative change in fair value is mainly related to write down of receivables of Kongsparken AS.
The gain in other financial income is related to effective interest rate adjustments of the long term interest bearing debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-321": { "value": "
16. Other financial gains (losses)
NOK thousand
2025
2024
Currency gain/loss
1\u00a0291
236
Derecognition from subsidiary to associate
7\u00a0663
0
Gain on sale shares
0
9\u00a0528
Gain on sale bonds
0
421
Loss on sale funds
0
0
Loss on sale of properties
0
0
Changes in fair value
-21\u00a0932
-11\u00a0645
Other adjustments
0
6\u00a0672
Other financial income
5\u00a0934
38
Other financial expenses
95
7\u00a0675
Sum
-6\u00a0949
12\u00a0924
MNOK 7.6 is mainly related to the derecognition of shares in Evenes Holding AS to be accounted for using the equity method.
The negative change in fair value is mainly related to write down of receivables of Kongsparken AS.
The gain in other financial income is related to effective interest rate adjustments of the long term interest bearing debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-326": { "value": "
17. Income taxes
Accounting principles
The tax expense for the period comprises current and deferred tax.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet
date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which
the deductible temporary differences can be utilized.
Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
The Group has applied the main rule for recognition of deferred tax in connection with the purchase of shares in property
companies that are not acquired through a business combination. This means that deferred tax is recognised as the difference
between the tax value and accounting value of investment property in the subsidiary, and value changes of the investment
property. Not recognized deferred tax linked to initial recognition exemption for investment properties per 31 December 2025
is MNOK 222.7 (MNOK 162.8 in 2024).
Changes in deferred tax liabilities:
NOK in thousand
\u00a0
Investment property
Other items
Total
01.01.2024
\u00a0
54\u00a0615
-8\u00a0178
46\u00a0437
Recognized deferred tax
25\u00a0337
-3\u00a0324
22\u00a0013
31.12.2024
\u00a0
79\u00a0952
-11\u00a0502
68\u00a0450
Recognized deferred tax
34\u00a0830
-145
34\u00a0685
31.12.2025
\u00a0
114\u00a0782
-11\u00a0648
103\u00a0135
Changes in deferred tax assets:
NOK in thousand
Investment property
Other items
Total
01.01.2025
0
9\u00a0609
9\u00a0609
Acquired deferred tax asset from acquired
subsidiary
0
3\u00a0236
3\u00a0236
Recognized deferred tax
0
8\u00a0419
8\u00a0419
31.12.2025
0
21\u00a0264
21\u00a0264
Income tax expense:
NOK in thousand
\u00a0
\u00a0
2025
2024
Tax payable
0
633
Change in deferred tax
23\u00a0031
22\u00a0013
Other changes
\u00a0
11\u00a0225
4\u00a0419
Income tax expense
\u00a0
\u00a0
34\u00a0256
27\u00a0065
Reconciliation of tax expense:
NOK in thousand
\u00a0
\u00a0
2025
2024
Profit before income tax
105\u00a0743
145\u00a0184
Tax expense based on standard rate of
Norwegian (22%)
23\u00a0263
31\u00a0941
Adjustments for:
Permanent differences
0
-11\u00a0853
Other differences
10\u00a0993
6\u00a0997
Income tax expense for the period
\u00a0
\u00a0
34\u00a0256
27\u00a0065
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-325": { "value": "
17. Income taxes
Accounting principles
The tax expense for the period comprises current and deferred tax.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet
date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which
the deductible temporary differences can be utilized.
Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
The Group has applied the main rule for recognition of deferred tax in connection with the purchase of shares in property
companies that are not acquired through a business combination. This means that deferred tax is recognised as the difference
between the tax value and accounting value of investment property in the subsidiary, and value changes of the investment
property. Not recognized deferred tax linked to initial recognition exemption for investment properties per 31 December 2025
is MNOK 222.7 (MNOK 162.8 in 2024).
Changes in deferred tax liabilities:
NOK in thousand
\u00a0
Investment property
Other items
Total
01.01.2024
\u00a0
54\u00a0615
-8\u00a0178
46\u00a0437
Recognized deferred tax
25\u00a0337
-3\u00a0324
22\u00a0013
31.12.2024
\u00a0
79\u00a0952
-11\u00a0502
68\u00a0450
Recognized deferred tax
34\u00a0830
-145
34\u00a0685
31.12.2025
\u00a0
114\u00a0782
-11\u00a0648
103\u00a0135
Changes in deferred tax assets:
NOK in thousand
Investment property
Other items
Total
01.01.2025
0
9\u00a0609
9\u00a0609
Acquired deferred tax asset from acquired
subsidiary
0
3\u00a0236
3\u00a0236
Recognized deferred tax
0
8\u00a0419
8\u00a0419
31.12.2025
0
21\u00a0264
21\u00a0264
Income tax expense:
NOK in thousand
\u00a0
\u00a0
2025
2024
Tax payable
0
633
Change in deferred tax
23\u00a0031
22\u00a0013
Other changes
\u00a0
11\u00a0225
4\u00a0419
Income tax expense
\u00a0
\u00a0
34\u00a0256
27\u00a0065
Reconciliation of tax expense:
NOK in thousand
\u00a0
\u00a0
2025
2024
Profit before income tax
105\u00a0743
145\u00a0184
Tax expense based on standard rate of
Norwegian (22%)
23\u00a0263
31\u00a0941
Adjustments for:
Permanent differences
0
-11\u00a0853
Other differences
10\u00a0993
6\u00a0997
Income tax expense for the period
\u00a0
\u00a0
34\u00a0256
27\u00a0065
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-324": { "value": "
17. Income taxes
Accounting principles
The tax expense for the period comprises current and deferred tax.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet
date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which
the deductible temporary differences can be utilized.
Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
The Group has applied the main rule for recognition of deferred tax in connection with the purchase of shares in property
companies that are not acquired through a business combination. This means that deferred tax is recognised as the difference
between the tax value and accounting value of investment property in the subsidiary, and value changes of the investment
property. Not recognized deferred tax linked to initial recognition exemption for investment properties per 31 December 2025
is MNOK 222.7 (MNOK 162.8 in 2024).
Changes in deferred tax liabilities:
NOK in thousand
\u00a0
Investment property
Other items
Total
01.01.2024
\u00a0
54\u00a0615
-8\u00a0178
46\u00a0437
Recognized deferred tax
25\u00a0337
-3\u00a0324
22\u00a0013
31.12.2024
\u00a0
79\u00a0952
-11\u00a0502
68\u00a0450
Recognized deferred tax
34\u00a0830
-145
34\u00a0685
31.12.2025
\u00a0
114\u00a0782
-11\u00a0648
103\u00a0135
Changes in deferred tax assets:
NOK in thousand
Investment property
Other items
Total
01.01.2025
0
9\u00a0609
9\u00a0609
Acquired deferred tax asset from acquired
subsidiary
0
3\u00a0236
3\u00a0236
Recognized deferred tax
0
8\u00a0419
8\u00a0419
31.12.2025
0
21\u00a0264
21\u00a0264
Income tax expense:
NOK in thousand
\u00a0
\u00a0
2025
2024
Tax payable
0
633
Change in deferred tax
23\u00a0031
22\u00a0013
Other changes
\u00a0
11\u00a0225
4\u00a0419
Income tax expense
\u00a0
\u00a0
34\u00a0256
27\u00a0065
Reconciliation of tax expense:
NOK in thousand
\u00a0
\u00a0
2025
2024
Profit before income tax
105\u00a0743
145\u00a0184
Tax expense based on standard rate of
Norwegian (22%)
23\u00a0263
31\u00a0941
Adjustments for:
Permanent differences
0
-11\u00a0853
Other differences
10\u00a0993
6\u00a0997
Income tax expense for the period
\u00a0
\u00a0
34\u00a0256
27\u00a0065
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-327": { "value": "
Accounting principles
The tax expense for the period comprises current and deferred tax.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet
date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which
the deductible temporary differences can be utilized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-328": { "value": "
Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
The Group has applied the main rule for recognition of deferred tax in connection with the purchase of shares in property
companies that are not acquired through a business combination. This means that deferred tax is recognised as the difference
between the tax value and accounting value of investment property in the subsidiary, and value changes of the investment
property. Not recognized deferred tax linked to initial recognition exemption for investment properties per 31 December 2025
is MNOK 222.7 (MNOK 162.8 in 2024).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-329": { "value": "
18. Earnings per share
Accounting principles
The Group's preference shares are entitled to a fixed dividend of NOK 10.00 per annum from 01 July 2022, if the General
Assembly approves payment of dividends. To calculate the earnings per share the entitled dividend to the preference shares is
deducted from comprehensive income for the period. The earnings per ordinary share is the remaining comprehensive income
deducted the preference share dividend divided by the weighted average number of shares in issue during the period.
Earnings per share from total operations
NOK
31.12.2025
31.12.2024
Profit/(loss) attributable to shareholders of parent
64\u00a0447
119\u00a0817
Less pref share dividends
-38\u00a0806
-38\u00a0806
Profit attributable to ord shares
25\u00a0641
81\u00a0011
Weighted average ordinary shares
6\u00a0530\u00a0422
9 814\u00a0470*
EPS to ordinary shares
3.93
8.25
*On 3 December 2024, the extraordinary general meeting of Pioneer Property Group ASA passed a resolution to reduce the Company's share capital by NOK
3,284,048, through the redemption of a total of 3,284,048 ordinary shares. Furthermore, the extraordinary general meeting passed a resolution to reduce the
Company's share capital by NOK 500,000, through the redemption of a total of 500,000 preference shares held in treasury by the Company. The share capital
reductions were registered 22 January 2025 and is not included in the weighted average ordinary share calculation above for 2024.
Diluted
As per 31 December 2025 no rights are issued which would cause diluted earnings per share to be different to basic earnings
per share. Refer to note 21 for information related to the classes of shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-330": { "value": "
The Group's preference shares are entitled to a fixed dividend of NOK 10.00 per annum from 01 July 2022, if the General
Assembly approves payment of dividends. To calculate the earnings per share the entitled dividend to the preference shares is
deducted from comprehensive income for the period. The earnings per ordinary share is the remaining comprehensive income
deducted the preference share dividend divided by the weighted average number of shares in issue during the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-332": { "value": "
19. Group structure and acquisition of companies
Accounting Principles
Acquisition of subsidiaries not viewed as a business combination
Upon purchase of property management assess whether the purchase constitute purchase of a business or purchase of an
asset in accordance with IFRS 3. The Group assesses whether companies acquired constitute a business, which is when the
acquired set of activities and assets include an input and a substantive process that together significantly contribute to the
ability to create outputs.
An acquisition of entities not comprising any business activities is viewed as a purchase of assets. The acquisition cost is
allocated to the acquired assets and no deferred tax is calculated for temporary differences that arise at their initial
recognition. Acquisition related costs are capitalized with the asset.
All acquisition of subsidiaries made by the Group were classified as purchase of assets, as no substantive processes have been
identified.
Acquisition of companies regarded as asset purchase:
Helma AS
Within the hotel property segment, PPG acquired Helma AS, a company owning a hotel in Mo i Rana.\u00a0
Total acquisition/sale of companies regarded as assets purchase/sale:
NOK in thousand
2025
2024
Purchase of subsidiaries/Properties -cash
20\u00a0904
380\u00a0893
Cash acquired companies
904
55\u00a0091
Debt acquired companies
150\u00a0000
415\u00a0598
Sale of subsidiaries/Properties -cash
0
-18\u00a0067
Non controlling interest:
The non-controlling interest in PPG is related to the shares in Park Hotel Holdco, Evenes Holding, AS, T10 Holdco AS, Up North
Property AS, BM3 Eiendom AS. For 2025, the transactions with non-controlling interest have been purchase of shares in Park
Hotel Holdco AS.
Companies bought or incorporated in 2025:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Helma AS
Norway
100%
100%
Companies bought or incorporated in 2024:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Fagerlia Tomteselskap AS
Norway
70%
70%
S\u00f8r Gardermoen Invest AS
Norway
100%
100%
Norlandia Holding AS with subsidiaries
Norway
85%
85%
Companies sold in 2024:
PPG Hylle 3 AS
Norway
100%
100%
The Group consists of the following subsidiaries per 31 December 2025:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Pioneer Property Group International AS
Norway
100%
100%
Pioneer Preschools AS
Norway
100%
100%
\u00a0 Kidsa Ospeli Eiendom AS
Norway
100%
100%
\u00a0 Gaustadskogen Eiendom AS
Norway
100%
100%
\u00a0 Tjuvholmen Eiendom AS
Norway
100%
100%
Pioneer Retail Properties AS
Norway
100%
100%
\u00a0 Bobil Eiendom Rana AS
Norway
100%
100%
\u00a0 Bobil Eiendom Evenes AS
Norway
100%
100%
\u00a0 H\u00e5hjem AS
Norway
100%
100%
\u00a0 \u00c5s N\u00e6ring AS
Norway
100%
100%
\u00a0 Askjem Eiendom AS
Norway
100%
100%
\u00a0 Bobil Eiendom Grimstad AS
Norway
100%
100%
\u00a0 Bobil Eiendom Fauske AS
Norway
100%
100%
\u00a0 Bobil Eiendom Balsfjord AS
Norway
100%
100%
Pioneer Property Development AS
Norway
100%
100%
\u00a0 S\u00f8r Gardermoen Invest AS
Norway
100%
100%
\u00a0 Fagerlia Tomteselskap AS
Norway
70%
70%
\u00a0 BM3 Eiendom AS
Norway
88%
88%
\u00a0 Brennemoen Eiendom AS
Norway
100%
100%
\u00a0 Steinbekkhaugen AS
Norway
100%
100%
\u00a0 Norab Eiendom Vest AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Neptun Eiendom Invest AS
Norway
100%
100%
Pioneer Hotel Properties AS
Norway
100%
100%
\u00a0 Up North Property AS
Norway
90%
90%
\u00a0 Forum Holdco AS
Norway
100%
100%
\u00a0 Forum Hotellbygg AS
Norway
100%
100%
\u00a0 Park Hotel Holdco AS
Norway
95%
95%
\u00a0 Park Hotel Eiendom AS
Norway
100%
100%
\u00a0 Brennemoen Hotel Eiendom AS
Norway
100%
100%
\u00a0 Guard Hotel AS
Norway
100%
100%
Norlandia Holding AS
Norway
85%
85%
\u00a0 Norlandia Eiendom AS\u00a0
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Andrikken Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Backlund Hotel Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Baronen Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Helma Hotelleiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Thomas von Westens gate 3 AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 M\u00e5l\u00f8y Hotel Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Vestfjord Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Geilo Hotel Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Dronningen Hotel AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Norlandia Utvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Spjelkavik Utvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Oppdal Prosjektuvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Storslett Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Solsiden Eiendomsutvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 B\u00f8 Utvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 T10 Holdco AS
Norway
52%
52%
\u00a0 \u00a0 \u00a0 \u00a0 T10 Eiendom AS
Norway
100%
100%
The Group consists of the following subsidiaries per 31 December 2024:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Pioneer Property Group International AS
Norway
100%
100%
Pioneer Preschools AS
Norway
100%
100%
\u00a0 Kidsa Ospeli Eiendom AS
Norway
100%
100%
\u00a0 Gaustadskogen Eiendom AS
Norway
100%
100%
\u00a0 Tjuvholmen Eiendom AS
Norway
100%
100%
Pioneer Retail Properties AS
Norway
100%
100%
\u00a0 Bobil Eiendom Rana AS
Norway
100%
100%
\u00a0 Bobil Eiendom Evenes AS
Norway
100%
100%
\u00a0 H\u00e5hjem AS
Norway
100%
100%
\u00a0 \u00c5s N\u00e6ring AS
Norway
100%
100%
\u00a0 Askjem Eiendom AS
Norway
100%
100%
\u00a0 Bobil Eiendom Grimstad AS
Norway
100%
100%
\u00a0 Bobil Eiendom Fauske AS
Norway
100%
100%
\u00a0 Bobil Eiendom Balsfjord AS
Norway
100%
100%
Pioneer Property Development AS
Norway
100%
100%
\u00a0 Bm3 Eiendom AS
Norway
100%
100%
\u00a0 Brennemoen Eiendom AS
Norway
100%
100%
\u00a0 S\u00f8r Gardermoen Invest AS
Norway
100%
100%
\u00a0 Steinbekkhaugen AS
Norway
100%
100%
\u00a0 Fagerlia Tomteselskap AS
Norway
70%
70%
\u00a0 Norab Eiendom Vest AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Neptun Eiendom Invest AS
Norway
100%
100%
\u00a0 Evenes Holding AS
Norway
43%
53%
\u00a0 \u00a0 \u00a0 Evenes Tomteselskap AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Nord AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Midt AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET \u00d8st N AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET \u00d8st S AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Vest N AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Vest S AS
Norway
100%
100%
\u00a0 Evenes Parkering AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Evenes Utvikling AS
Norway
85%
85%
Pioneer Hotel Properties AS
Norway
100%
100%
\u00a0 Up North Property AS
Norway
90%
90%
\u00a0 Forum Holdco AS
Norway
100%
100%
\u00a0 Forum Hotellbygg AS
Norway
100%
100%
\u00a0 Park Hotel Holdco AS
Norway
95%
95%
\u00a0 Park Hotel Eiendom AS
Norway
95%
95%
\u00a0 Brennemoen Hotel Eiendom AS
Norway
100%
100%
\u00a0 Guard Hotel AS
Norway
100%
100%
Norlandia Holding AS
Norway
85%
85%
\u00a0 Norlandia Eiendom AS\u00a0
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Andrikken Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Backlund Hotel Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Baronen Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 M\u00e5l\u00f8y Hotel Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Vestfjord Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Geilo Hotel Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Dronningen Hotel AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 Norlandia Utvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Spjelkavik Utvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Oppdal Prosjektuvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Storslett Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Solsiden Eiendomsutvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 B\u00f8 Utvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 T10 Holdco AS
Norway
52%
52%
\u00a0 \u00a0 \u00a0 \u00a0 T10 Eiendom AS
Norway
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-331": { "value": "
19. Group structure and acquisition of companies
Accounting Principles
Acquisition of subsidiaries not viewed as a business combination
Upon purchase of property management assess whether the purchase constitute purchase of a business or purchase of an
asset in accordance with IFRS 3. The Group assesses whether companies acquired constitute a business, which is when the
acquired set of activities and assets include an input and a substantive process that together significantly contribute to the
ability to create outputs.
An acquisition of entities not comprising any business activities is viewed as a purchase of assets. The acquisition cost is
allocated to the acquired assets and no deferred tax is calculated for temporary differences that arise at their initial
recognition. Acquisition related costs are capitalized with the asset.
All acquisition of subsidiaries made by the Group were classified as purchase of assets, as no substantive processes have been
identified.
Acquisition of companies regarded as asset purchase:
Helma AS
Within the hotel property segment, PPG acquired Helma AS, a company owning a hotel in Mo i Rana.\u00a0
Total acquisition/sale of companies regarded as assets purchase/sale:
NOK in thousand
2025
2024
Purchase of subsidiaries/Properties -cash
20\u00a0904
380\u00a0893
Cash acquired companies
904
55\u00a0091
Debt acquired companies
150\u00a0000
415\u00a0598
Sale of subsidiaries/Properties -cash
0
-18\u00a0067
Non controlling interest:
The non-controlling interest in PPG is related to the shares in Park Hotel Holdco, Evenes Holding, AS, T10 Holdco AS, Up North
Property AS, BM3 Eiendom AS. For 2025, the transactions with non-controlling interest have been purchase of shares in Park
Hotel Holdco AS.
Companies bought or incorporated in 2025:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Helma AS
Norway
100%
100%
Companies bought or incorporated in 2024:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Fagerlia Tomteselskap AS
Norway
70%
70%
S\u00f8r Gardermoen Invest AS
Norway
100%
100%
Norlandia Holding AS with subsidiaries
Norway
85%
85%
Companies sold in 2024:
PPG Hylle 3 AS
Norway
100%
100%
The Group consists of the following subsidiaries per 31 December 2025:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Pioneer Property Group International AS
Norway
100%
100%
Pioneer Preschools AS
Norway
100%
100%
\u00a0 Kidsa Ospeli Eiendom AS
Norway
100%
100%
\u00a0 Gaustadskogen Eiendom AS
Norway
100%
100%
\u00a0 Tjuvholmen Eiendom AS
Norway
100%
100%
Pioneer Retail Properties AS
Norway
100%
100%
\u00a0 Bobil Eiendom Rana AS
Norway
100%
100%
\u00a0 Bobil Eiendom Evenes AS
Norway
100%
100%
\u00a0 H\u00e5hjem AS
Norway
100%
100%
\u00a0 \u00c5s N\u00e6ring AS
Norway
100%
100%
\u00a0 Askjem Eiendom AS
Norway
100%
100%
\u00a0 Bobil Eiendom Grimstad AS
Norway
100%
100%
\u00a0 Bobil Eiendom Fauske AS
Norway
100%
100%
\u00a0 Bobil Eiendom Balsfjord AS
Norway
100%
100%
Pioneer Property Development AS
Norway
100%
100%
\u00a0 S\u00f8r Gardermoen Invest AS
Norway
100%
100%
\u00a0 Fagerlia Tomteselskap AS
Norway
70%
70%
\u00a0 BM3 Eiendom AS
Norway
88%
88%
\u00a0 Brennemoen Eiendom AS
Norway
100%
100%
\u00a0 Steinbekkhaugen AS
Norway
100%
100%
\u00a0 Norab Eiendom Vest AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Neptun Eiendom Invest AS
Norway
100%
100%
Pioneer Hotel Properties AS
Norway
100%
100%
\u00a0 Up North Property AS
Norway
90%
90%
\u00a0 Forum Holdco AS
Norway
100%
100%
\u00a0 Forum Hotellbygg AS
Norway
100%
100%
\u00a0 Park Hotel Holdco AS
Norway
95%
95%
\u00a0 Park Hotel Eiendom AS
Norway
100%
100%
\u00a0 Brennemoen Hotel Eiendom AS
Norway
100%
100%
\u00a0 Guard Hotel AS
Norway
100%
100%
Norlandia Holding AS
Norway
85%
85%
\u00a0 Norlandia Eiendom AS\u00a0
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Andrikken Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Backlund Hotel Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Baronen Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Helma Hotelleiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Thomas von Westens gate 3 AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 M\u00e5l\u00f8y Hotel Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Vestfjord Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Geilo Hotel Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Dronningen Hotel AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Norlandia Utvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Spjelkavik Utvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Oppdal Prosjektuvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Storslett Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Solsiden Eiendomsutvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 B\u00f8 Utvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 T10 Holdco AS
Norway
52%
52%
\u00a0 \u00a0 \u00a0 \u00a0 T10 Eiendom AS
Norway
100%
100%
The Group consists of the following subsidiaries per 31 December 2024:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Pioneer Property Group International AS
Norway
100%
100%
Pioneer Preschools AS
Norway
100%
100%
\u00a0 Kidsa Ospeli Eiendom AS
Norway
100%
100%
\u00a0 Gaustadskogen Eiendom AS
Norway
100%
100%
\u00a0 Tjuvholmen Eiendom AS
Norway
100%
100%
Pioneer Retail Properties AS
Norway
100%
100%
\u00a0 Bobil Eiendom Rana AS
Norway
100%
100%
\u00a0 Bobil Eiendom Evenes AS
Norway
100%
100%
\u00a0 H\u00e5hjem AS
Norway
100%
100%
\u00a0 \u00c5s N\u00e6ring AS
Norway
100%
100%
\u00a0 Askjem Eiendom AS
Norway
100%
100%
\u00a0 Bobil Eiendom Grimstad AS
Norway
100%
100%
\u00a0 Bobil Eiendom Fauske AS
Norway
100%
100%
\u00a0 Bobil Eiendom Balsfjord AS
Norway
100%
100%
Pioneer Property Development AS
Norway
100%
100%
\u00a0 Bm3 Eiendom AS
Norway
100%
100%
\u00a0 Brennemoen Eiendom AS
Norway
100%
100%
\u00a0 S\u00f8r Gardermoen Invest AS
Norway
100%
100%
\u00a0 Steinbekkhaugen AS
Norway
100%
100%
\u00a0 Fagerlia Tomteselskap AS
Norway
70%
70%
\u00a0 Norab Eiendom Vest AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Neptun Eiendom Invest AS
Norway
100%
100%
\u00a0 Evenes Holding AS
Norway
43%
53%
\u00a0 \u00a0 \u00a0 Evenes Tomteselskap AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Nord AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Midt AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET \u00d8st N AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET \u00d8st S AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Vest N AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Vest S AS
Norway
100%
100%
\u00a0 Evenes Parkering AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Evenes Utvikling AS
Norway
85%
85%
Pioneer Hotel Properties AS
Norway
100%
100%
\u00a0 Up North Property AS
Norway
90%
90%
\u00a0 Forum Holdco AS
Norway
100%
100%
\u00a0 Forum Hotellbygg AS
Norway
100%
100%
\u00a0 Park Hotel Holdco AS
Norway
95%
95%
\u00a0 Park Hotel Eiendom AS
Norway
95%
95%
\u00a0 Brennemoen Hotel Eiendom AS
Norway
100%
100%
\u00a0 Guard Hotel AS
Norway
100%
100%
Norlandia Holding AS
Norway
85%
85%
\u00a0 Norlandia Eiendom AS\u00a0
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Andrikken Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Backlund Hotel Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Baronen Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 M\u00e5l\u00f8y Hotel Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Vestfjord Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Geilo Hotel Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Dronningen Hotel AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 Norlandia Utvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Spjelkavik Utvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Oppdal Prosjektuvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Storslett Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Solsiden Eiendomsutvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 B\u00f8 Utvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 T10 Holdco AS
Norway
52%
52%
\u00a0 \u00a0 \u00a0 \u00a0 T10 Eiendom AS
Norway
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-333": { "value": "
Accounting Principles
Acquisition of subsidiaries not viewed as a business combination
Upon purchase of property management assess whether the purchase constitute purchase of a business or purchase of an
asset in accordance with IFRS 3. The Group assesses whether companies acquired constitute a business, which is when the
acquired set of activities and assets include an input and a substantive process that together significantly contribute to the
ability to create outputs.
An acquisition of entities not comprising any business activities is viewed as a purchase of assets. The acquisition cost is
allocated to the acquired assets and no deferred tax is calculated for temporary differences that arise at their initial
recognition. Acquisition related costs are capitalized with the asset.
All acquisition of subsidiaries made by the Group were classified as purchase of assets, as no substantive processes have been
identified.
Acquisition of companies regarded as asset purchase:
Helma AS
Within the hotel property segment, PPG acquired Helma AS, a company owning a hotel in Mo i Rana.\u00a0
Total acquisition/sale of companies regarded as assets purchase/sale:
NOK in thousand
2025
2024
Purchase of subsidiaries/Properties -cash
20\u00a0904
380\u00a0893
Cash acquired companies
904
55\u00a0091
Debt acquired companies
150\u00a0000
415\u00a0598
Sale of subsidiaries/Properties -cash
0
-18\u00a0067
Non controlling interest:
The non-controlling interest in PPG is related to the shares in Park Hotel Holdco, Evenes Holding, AS, T10 Holdco AS, Up North
Property AS, BM3 Eiendom AS. For 2025, the transactions with non-controlling interest have been purchase of shares in Park
Hotel Holdco AS.
Companies bought or incorporated in 2025:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Helma AS
Norway
100%
100%
Companies bought or incorporated in 2024:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Fagerlia Tomteselskap AS
Norway
70%
70%
S\u00f8r Gardermoen Invest AS
Norway
100%
100%
Norlandia Holding AS with subsidiaries
Norway
85%
85%
Companies sold in 2024:
PPG Hylle 3 AS
Norway
100%
100%
The Group consists of the following subsidiaries per 31 December 2025:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Pioneer Property Group International AS
Norway
100%
100%
Pioneer Preschools AS
Norway
100%
100%
\u00a0 Kidsa Ospeli Eiendom AS
Norway
100%
100%
\u00a0 Gaustadskogen Eiendom AS
Norway
100%
100%
\u00a0 Tjuvholmen Eiendom AS
Norway
100%
100%
Pioneer Retail Properties AS
Norway
100%
100%
\u00a0 Bobil Eiendom Rana AS
Norway
100%
100%
\u00a0 Bobil Eiendom Evenes AS
Norway
100%
100%
\u00a0 H\u00e5hjem AS
Norway
100%
100%
\u00a0 \u00c5s N\u00e6ring AS
Norway
100%
100%
\u00a0 Askjem Eiendom AS
Norway
100%
100%
\u00a0 Bobil Eiendom Grimstad AS
Norway
100%
100%
\u00a0 Bobil Eiendom Fauske AS
Norway
100%
100%
\u00a0 Bobil Eiendom Balsfjord AS
Norway
100%
100%
Pioneer Property Development AS
Norway
100%
100%
\u00a0 S\u00f8r Gardermoen Invest AS
Norway
100%
100%
\u00a0 Fagerlia Tomteselskap AS
Norway
70%
70%
\u00a0 BM3 Eiendom AS
Norway
88%
88%
\u00a0 Brennemoen Eiendom AS
Norway
100%
100%
\u00a0 Steinbekkhaugen AS
Norway
100%
100%
\u00a0 Norab Eiendom Vest AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Neptun Eiendom Invest AS
Norway
100%
100%
Pioneer Hotel Properties AS
Norway
100%
100%
\u00a0 Up North Property AS
Norway
90%
90%
\u00a0 Forum Holdco AS
Norway
100%
100%
\u00a0 Forum Hotellbygg AS
Norway
100%
100%
\u00a0 Park Hotel Holdco AS
Norway
95%
95%
\u00a0 Park Hotel Eiendom AS
Norway
100%
100%
\u00a0 Brennemoen Hotel Eiendom AS
Norway
100%
100%
\u00a0 Guard Hotel AS
Norway
100%
100%
Norlandia Holding AS
Norway
85%
85%
\u00a0 Norlandia Eiendom AS\u00a0
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Andrikken Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Backlund Hotel Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Baronen Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Helma Hotelleiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Thomas von Westens gate 3 AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 M\u00e5l\u00f8y Hotel Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Vestfjord Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Geilo Hotel Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Dronningen Hotel AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Norlandia Utvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Spjelkavik Utvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Oppdal Prosjektuvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Storslett Eiendom AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 Solsiden Eiendomsutvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 B\u00f8 Utvikling AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 T10 Holdco AS
Norway
52%
52%
\u00a0 \u00a0 \u00a0 \u00a0 T10 Eiendom AS
Norway
100%
100%
The Group consists of the following subsidiaries per 31 December 2024:
Company
Location
Share of
Share of\u00a0
Name
\u00a0
ownership
voting rights
Pioneer Property Group International AS
Norway
100%
100%
Pioneer Preschools AS
Norway
100%
100%
\u00a0 Kidsa Ospeli Eiendom AS
Norway
100%
100%
\u00a0 Gaustadskogen Eiendom AS
Norway
100%
100%
\u00a0 Tjuvholmen Eiendom AS
Norway
100%
100%
Pioneer Retail Properties AS
Norway
100%
100%
\u00a0 Bobil Eiendom Rana AS
Norway
100%
100%
\u00a0 Bobil Eiendom Evenes AS
Norway
100%
100%
\u00a0 H\u00e5hjem AS
Norway
100%
100%
\u00a0 \u00c5s N\u00e6ring AS
Norway
100%
100%
\u00a0 Askjem Eiendom AS
Norway
100%
100%
\u00a0 Bobil Eiendom Grimstad AS
Norway
100%
100%
\u00a0 Bobil Eiendom Fauske AS
Norway
100%
100%
\u00a0 Bobil Eiendom Balsfjord AS
Norway
100%
100%
Pioneer Property Development AS
Norway
100%
100%
\u00a0 Bm3 Eiendom AS
Norway
100%
100%
\u00a0 Brennemoen Eiendom AS
Norway
100%
100%
\u00a0 S\u00f8r Gardermoen Invest AS
Norway
100%
100%
\u00a0 Steinbekkhaugen AS
Norway
100%
100%
\u00a0 Fagerlia Tomteselskap AS
Norway
70%
70%
\u00a0 Norab Eiendom Vest AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Neptun Eiendom Invest AS
Norway
100%
100%
\u00a0 Evenes Holding AS
Norway
43%
53%
\u00a0 \u00a0 \u00a0 Evenes Tomteselskap AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Nord AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Midt AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET \u00d8st N AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET \u00d8st S AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Vest N AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 \u00a0 ET Vest S AS
Norway
100%
100%
\u00a0 Evenes Parkering AS
Norway
100%
100%
\u00a0 \u00a0 \u00a0 Evenes Utvikling AS
Norway
85%
85%
Pioneer Hotel Properties AS
Norway
100%
100%
\u00a0 Up North Property AS
Norway
90%
90%
\u00a0 Forum Holdco AS
Norway
100%
100%
\u00a0 Forum Hotellbygg AS
Norway
100%
100%
\u00a0 Park Hotel Holdco AS
Norway
95%
95%
\u00a0 Park Hotel Eiendom AS
Norway
95%
95%
\u00a0 Brennemoen Hotel Eiendom AS
Norway
100%
100%
\u00a0 Guard Hotel AS
Norway
100%
100%
Norlandia Holding AS
Norway
85%
85%
\u00a0 Norlandia Eiendom AS\u00a0
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Andrikken Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Backlund Hotel Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Baronen Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 M\u00e5l\u00f8y Hotel Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Vestfjord Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Geilo Hotel Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Dronningen Hotel AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 Norlandia Utvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Spjelkavik Utvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Oppdal Prosjektuvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Storslett Eiendom AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 Solsiden Eiendomsutvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 \u00a0 B\u00f8 Utvikling AS
Norway
100 %
100 %
\u00a0 \u00a0 \u00a0 T10 Holdco AS
Norway
52%
52%
\u00a0 \u00a0 \u00a0 \u00a0 T10 Eiendom AS
Norway
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "
Acquisition of subsidiaries not viewed as a business combination
Upon purchase of property management assess whether the purchase constitute purchase of a business or purchase of an
asset in accordance with IFRS 3. The Group assesses whether companies acquired constitute a business, which is when the
acquired set of activities and assets include an input and a substantive process that together significantly contribute to the
ability to create outputs.
An acquisition of entities not comprising any business activities is viewed as a purchase of assets. The acquisition cost is
allocated to the acquired assets and no deferred tax is calculated for temporary differences that arise at their initial
recognition. Acquisition related costs are capitalized with the asset.
All acquisition of subsidiaries made by the Group were classified as purchase of assets, as no substantive processes have been
identified.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "
Balances and transactions between the company and its subsidiaries, which are related parties to the company, have been
eliminated on consolidation and are not disclosed in this note.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-338": { "value": "
21. Share capital and shareholder information
The Company has two classes of shares, ordinary shares and preference shares. As of 31 December 2025, Pioneer Property
Group ASA had a share capital of NOK 10,898,975, divided into 6,530,422 ordinary shares and 4,368,553 preference shares
with a nominal value of NOK 1 per share for both categories.
The differences between the share classes are differing voting rights and differing rights to the Company\u2019s profit. The
regulations on voting rights and dividends are decided upon by the Shareholders\u2019 Meeting and can be found in the Articles of
Association.
The ordinary share
The Company's ordinary share confers one vote unlike the preference shares that confer one-tenth of a vote.
The preference shares
The Company\u2019s preference shares confer a preferential right over ordinary shares to an annual dividend of NOK 10.00 per
preference share per annum. Dividend payments are made quarterly with NOK 2.500 per preference share, if approved by the
Board of Directors based on the authorisation given by the General Assembly. The preference share does not otherwise confer
a right to dividend. If the general meeting decided not to pay dividends or to pay dividends that fall below NOK 2.500 per
preference share during a quarter, the difference between paid dividends and NOK 2.500 per preference share shall be
accumulated and adjusted upwards with an annual interest rate of 5 per cent until full dividends have been distributed. No
dividends may be distributed to the ordinary shareholders until the preference shareholders have received full dividends
including the withheld amount.
Share value in NOK
\u00a0
Number of
shares
Ordinary
shares
Preference
shares
Share premium
Treasury shares
Total
At 1 January 2024
14\u00a0683\u00a0023
9\u00a0814\u00a0470
4\u00a0868\u00a0553
555\u00a0636\u00a0899
-987\u00a0966
569\u00a0331\u00a0956
Capital reduction not registered
-3\u00a0784\u00a0048
-3\u00a0284\u00a0048
-500\u00a0000
-151\u00a0788\u00a0699
500\u00a0000
-155\u00a0072\u00a0747
Payment premiums 2024
0
0
0
0
0
0
Acquisition of treasury shares
0
0
0
0
0
0
At 31 December 2024
10\u00a0898\u00a0975
6\u00a0530\u00a0422
4\u00a0368\u00a0553
403\u00a0848\u00a0200
-487\u00a0966
414\u00a0259\u00a0209
Capital reduction not registered
0
0
0
0
0
0
Payment premiums 2025
0
0
0
0
0
0
Acquisition of treasury shares
0
0
0
0
0
0
At 31 December 2025
10\u00a0898\u00a0975
6\u00a0530\u00a0422
4\u00a0368\u00a0553
403\u00a0848\u00a0200
-487\u00a0966
414\u00a0259\u00a0209
PPG holds 487,966 preference shares in PPG at purchased a price of NOK 102.00 per preference share. This equals
approximately 4.5% of the share capital, which represents 0.7% of the votes. Detailed information regarding dividends, issues
and redemption can be found in the Company's Articles of Association, available in the prospectus at the Company's website.
During 2025, PPG has declared quarterly dividends to the holders of preference shares, in total MNOK 38.8.
10 largest shareholders registered in VPS as of 31 December 2025:
\u00a0
Ordinary
shares
Preference
shares
Voting
share
Hospitality Invest AS
49.03%
0.00%
45.96%
Klevenstern AS AS
23.72%
0.00%
22.24%
Mecca Invest AS
23.72%
0.00%
22.24%
Avanza Bank AB
0.00%
13.34%
0.74%
Nordnet Bank AB
0.00%
10.79%
0.60%
HI CAPITAL AS
3.52%
0.00%
0.49%
Nordnet Livs
0.00%
4.24%
0.24%
Danske Bank A/S
0.00%
3.24%
0.18%
Gnananantham
0.00%
1.98%
0.11%
\u00d8stlandske pensjonistboliger AS
0.00%
1.95%
0.11%
Other Shareholders
0.00%
64.46%
7.10%
Total
100 %
100 %
100%
10 largest shareholders registered in VPS as of 31 December 2024:
\u00a0
Ordinary
shares
Preference
shares
Voting
share
Hospitality Invest AS
32,62%
0,00%
31,08%
Eidissen Consult AS
16,73%
0,00%
15,94%
Grafo AS
16,73%
0,00%
15,94%
Mecca Invest AS
15,78%
0,00%
15,04%
Klevenstern AS
15,78%
0,00%
15,04%
HI Capital AS
2,34%
0,00%
2,23%
Skandinaviska Enskilda Banken AB
0,00%
0,00%
12,88%
Nordnet Bank AB
0,00%
10,25%
0,39%
Avanza Bank AB
0,00%
8,44%
0,37%
The Bank of New York Mellon
0,00%
7,54%
0,28%
Other Shareholders
0,00%
60,88%
3,21%
Total
100 %
100 %
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "
21. Share capital and shareholder information
The Company has two classes of shares, ordinary shares and preference shares. As of 31 December 2025, Pioneer Property
Group ASA had a share capital of NOK 10,898,975, divided into 6,530,422 ordinary shares and 4,368,553 preference shares
with a nominal value of NOK 1 per share for both categories.
The differences between the share classes are differing voting rights and differing rights to the Company\u2019s profit. The
regulations on voting rights and dividends are decided upon by the Shareholders\u2019 Meeting and can be found in the Articles of
Association.
The ordinary share
The Company's ordinary share confers one vote unlike the preference shares that confer one-tenth of a vote.
The preference shares
The Company\u2019s preference shares confer a preferential right over ordinary shares to an annual dividend of NOK 10.00 per
preference share per annum. Dividend payments are made quarterly with NOK 2.500 per preference share, if approved by the
Board of Directors based on the authorisation given by the General Assembly. The preference share does not otherwise confer
a right to dividend. If the general meeting decided not to pay dividends or to pay dividends that fall below NOK 2.500 per
preference share during a quarter, the difference between paid dividends and NOK 2.500 per preference share shall be
accumulated and adjusted upwards with an annual interest rate of 5 per cent until full dividends have been distributed. No
dividends may be distributed to the ordinary shareholders until the preference shareholders have received full dividends
including the withheld amount.
Share value in NOK
\u00a0
Number of
shares
Ordinary
shares
Preference
shares
Share premium
Treasury shares
Total
At 1 January 2024
14\u00a0683\u00a0023
9\u00a0814\u00a0470
4\u00a0868\u00a0553
555\u00a0636\u00a0899
-987\u00a0966
569\u00a0331\u00a0956
Capital reduction not registered
-3\u00a0784\u00a0048
-3\u00a0284\u00a0048
-500\u00a0000
-151\u00a0788\u00a0699
500\u00a0000
-155\u00a0072\u00a0747
Payment premiums 2024
0
0
0
0
0
0
Acquisition of treasury shares
0
0
0
0
0
0
At 31 December 2024
10\u00a0898\u00a0975
6\u00a0530\u00a0422
4\u00a0368\u00a0553
403\u00a0848\u00a0200
-487\u00a0966
414\u00a0259\u00a0209
Capital reduction not registered
0
0
0
0
0
0
Payment premiums 2025
0
0
0
0
0
0
Acquisition of treasury shares
0
0
0
0
0
0
At 31 December 2025
10\u00a0898\u00a0975
6\u00a0530\u00a0422
4\u00a0368\u00a0553
403\u00a0848\u00a0200
-487\u00a0966
414\u00a0259\u00a0209
PPG holds 487,966 preference shares in PPG at purchased a price of NOK 102.00 per preference share. This equals
approximately 4.5% of the share capital, which represents 0.7% of the votes. Detailed information regarding dividends, issues
and redemption can be found in the Company's Articles of Association, available in the prospectus at the Company's website.
During 2025, PPG has declared quarterly dividends to the holders of preference shares, in total MNOK 38.8.
10 largest shareholders registered in VPS as of 31 December 2025:
\u00a0
Ordinary
shares
Preference
shares
Voting
share
Hospitality Invest AS
49.03%
0.00%
45.96%
Klevenstern AS AS
23.72%
0.00%
22.24%
Mecca Invest AS
23.72%
0.00%
22.24%
Avanza Bank AB
0.00%
13.34%
0.74%
Nordnet Bank AB
0.00%
10.79%
0.60%
HI CAPITAL AS
3.52%
0.00%
0.49%
Nordnet Livs
0.00%
4.24%
0.24%
Danske Bank A/S
0.00%
3.24%
0.18%
Gnananantham
0.00%
1.98%
0.11%
\u00d8stlandske pensjonistboliger AS
0.00%
1.95%
0.11%
Other Shareholders
0.00%
64.46%
7.10%
Total
100 %
100 %
100%
10 largest shareholders registered in VPS as of 31 December 2024:
\u00a0
Ordinary
shares
Preference
shares
Voting
share
Hospitality Invest AS
32,62%
0,00%
31,08%
Eidissen Consult AS
16,73%
0,00%
15,94%
Grafo AS
16,73%
0,00%
15,94%
Mecca Invest AS
15,78%
0,00%
15,04%
Klevenstern AS
15,78%
0,00%
15,04%
HI Capital AS
2,34%
0,00%
2,23%
Skandinaviska Enskilda Banken AB
0,00%
0,00%
12,88%
Nordnet Bank AB
0,00%
10,25%
0,39%
Avanza Bank AB
0,00%
8,44%
0,37%
The Bank of New York Mellon
0,00%
7,54%
0,28%
Other Shareholders
0,00%
60,88%
3,21%
Total
100 %
100 %
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "
21. Share capital and shareholder information
The Company has two classes of shares, ordinary shares and preference shares. As of 31 December 2025, Pioneer Property
Group ASA had a share capital of NOK 10,898,975, divided into 6,530,422 ordinary shares and 4,368,553 preference shares
with a nominal value of NOK 1 per share for both categories.
The differences between the share classes are differing voting rights and differing rights to the Company\u2019s profit. The
regulations on voting rights and dividends are decided upon by the Shareholders\u2019 Meeting and can be found in the Articles of
Association.
The ordinary share
The Company's ordinary share confers one vote unlike the preference shares that confer one-tenth of a vote.
The preference shares
The Company\u2019s preference shares confer a preferential right over ordinary shares to an annual dividend of NOK 10.00 per
preference share per annum. Dividend payments are made quarterly with NOK 2.500 per preference share, if approved by the
Board of Directors based on the authorisation given by the General Assembly. The preference share does not otherwise confer
a right to dividend. If the general meeting decided not to pay dividends or to pay dividends that fall below NOK 2.500 per
preference share during a quarter, the difference between paid dividends and NOK 2.500 per preference share shall be
accumulated and adjusted upwards with an annual interest rate of 5 per cent until full dividends have been distributed. No
dividends may be distributed to the ordinary shareholders until the preference shareholders have received full dividends
including the withheld amount.
Share value in NOK
\u00a0
Number of
shares
Ordinary
shares
Preference
shares
Share premium
Treasury shares
Total
At 1 January 2024
14\u00a0683\u00a0023
9\u00a0814\u00a0470
4\u00a0868\u00a0553
555\u00a0636\u00a0899
-987\u00a0966
569\u00a0331\u00a0956
Capital reduction not registered
-3\u00a0784\u00a0048
-3\u00a0284\u00a0048
-500\u00a0000
-151\u00a0788\u00a0699
500\u00a0000
-155\u00a0072\u00a0747
Payment premiums 2024
0
0
0
0
0
0
Acquisition of treasury shares
0
0
0
0
0
0
At 31 December 2024
10\u00a0898\u00a0975
6\u00a0530\u00a0422
4\u00a0368\u00a0553
403\u00a0848\u00a0200
-487\u00a0966
414\u00a0259\u00a0209
Capital reduction not registered
0
0
0
0
0
0
Payment premiums 2025
0
0
0
0
0
0
Acquisition of treasury shares
0
0
0
0
0
0
At 31 December 2025
10\u00a0898\u00a0975
6\u00a0530\u00a0422
4\u00a0368\u00a0553
403\u00a0848\u00a0200
-487\u00a0966
414\u00a0259\u00a0209
PPG holds 487,966 preference shares in PPG at purchased a price of NOK 102.00 per preference share. This equals
approximately 4.5% of the share capital, which represents 0.7% of the votes. Detailed information regarding dividends, issues
and redemption can be found in the Company's Articles of Association, available in the prospectus at the Company's website.
During 2025, PPG has declared quarterly dividends to the holders of preference shares, in total MNOK 38.8.
10 largest shareholders registered in VPS as of 31 December 2025:
\u00a0
Ordinary
shares
Preference
shares
Voting
share
Hospitality Invest AS
49.03%
0.00%
45.96%
Klevenstern AS AS
23.72%
0.00%
22.24%
Mecca Invest AS
23.72%
0.00%
22.24%
Avanza Bank AB
0.00%
13.34%
0.74%
Nordnet Bank AB
0.00%
10.79%
0.60%
HI CAPITAL AS
3.52%
0.00%
0.49%
Nordnet Livs
0.00%
4.24%
0.24%
Danske Bank A/S
0.00%
3.24%
0.18%
Gnananantham
0.00%
1.98%
0.11%
\u00d8stlandske pensjonistboliger AS
0.00%
1.95%
0.11%
Other Shareholders
0.00%
64.46%
7.10%
Total
100 %
100 %
100%
10 largest shareholders registered in VPS as of 31 December 2024:
\u00a0
Ordinary
shares
Preference
shares
Voting
share
Hospitality Invest AS
32,62%
0,00%
31,08%
Eidissen Consult AS
16,73%
0,00%
15,94%
Grafo AS
16,73%
0,00%
15,94%
Mecca Invest AS
15,78%
0,00%
15,04%
Klevenstern AS
15,78%
0,00%
15,04%
HI Capital AS
2,34%
0,00%
2,23%
Skandinaviska Enskilda Banken AB
0,00%
0,00%
12,88%
Nordnet Bank AB
0,00%
10,25%
0,39%
Avanza Bank AB
0,00%
8,44%
0,37%
The Bank of New York Mellon
0,00%
7,54%
0,28%
Other Shareholders
0,00%
60,88%
3,21%
Total
100 %
100 %
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-339": { "value": "
22. Contingent liabilities
The group has not been involved in any legal or financial disputes in the period covered by these consolidated financial
statements, where an adverse outcome is considered more likely than remote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-341": { "value": "
23. New standards not yet adopted
IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 Presentation of Financial Statements and
introduces new requirements for the presentation in the income statement, aggregation and disaggregation of information,
and disclosures regarding management defined performance measures. Additionally, IFRS 18 brings changes to IAS 7
Statement of Cash Flows. The group has begun evaluating the impacts of IFRS 18.
There are a number of standards, amendments to standards, and interpretations which have been issued by the International
Accounting Standards Board (IASB) that are effective in future accounting periods that the Group has decided not to adopt
early. None of these would be expected to have a material impact on the entity in the future reporting periods and on
foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-340": { "value": "
23. New standards not yet adopted
IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 Presentation of Financial Statements and
introduces new requirements for the presentation in the income statement, aggregation and disaggregation of information,
and disclosures regarding management defined performance measures. Additionally, IFRS 18 brings changes to IAS 7
Statement of Cash Flows. The group has begun evaluating the impacts of IFRS 18.
There are a number of standards, amendments to standards, and interpretations which have been issued by the International
Accounting Standards Board (IASB) that are effective in future accounting periods that the Group has decided not to adopt
early. None of these would be expected to have a material impact on the entity in the future reporting periods and on
foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-342": { "value": "23. New standards not yet adoptedIFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 Presentation of Financial Statements and introduces new requirements for the presentation in the income statement, aggregation and disaggregation of information, and disclosures regarding management defined performance measures. Additionally, IFRS 18 brings changes to IAS 7 Statement of Cash Flows. The group has begun evaluating the impacts of IFRS 18.There are a number of standards, amendments to standards, and interpretations which have been issued by the International Accounting Standards Board (IASB) that are effective in future accounting periods that the Group has decided not to adopt early. None of these would be expected to have a material impact on the entity in the future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-343": { "value": "
24. Subsequent events
In March 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJ3BC22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }