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Note 1: General information
Nordic Semiconductor ASA is listed on the Oslo Stock
Exchange under the ticker NOD, and is a public limited
liability company registered in Norway. The parent
company\u2019s head office is located at Otto Nielsens veg 12,
7052 Trondheim.
Nordic Semiconductor ASA is a global leader in low power
wireless solutions, providing a complete platform of
hardware, software, development tools, and cloud services
that simplify and accelerate connected product
development and ensure reliable performance throughout
their lifecycle. Founded in 1983 and headquartered in
Norway, Nordic employs around 1,400 people worldwide.
After pioneering Bluetooth LE, Nordic has driven the
expansion of wireless IoT with cellular IoT, Wi-Fi, Matter,
Thread, Zigbee, DECT NR+, and satellite connectivity \u2013
powering the next wave of connected innovation. In 2025,
Nordic strengthened its chip-to-cloud offering through the
acquisition of Memfault, adding advanced device
monitoring and cloud-based observability. Nordic\u2019s
technologies enable secure, scalable, and energy-efficient
solutions across consumer, healthcare, and industrial
markets, supporting the growth of a smarter, more
connected world.
The financial accounts were audited and approved for
publication by the Board of Directors on March 23, 2026,
and will be presented for approval at the Annual General
Meeting on April 28, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-220": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-221": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-222": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-223": { "value": "Otto Nielsens veg 12, 7052 Trondheim", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-224": { "value": "Otto Nielsens veg 12, 7052 Trondheim", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-225": { "value": "Nordic Semiconductor ASA is a global leader in low power wireless solutions, providing a complete platform of hardware, software, development tools, and cloud services that simplify and accelerate connected product development and ensure reliable performance throughout their lifecycle. Founded in 1983 and headquartered in Norway, Nordic employs around 1,400 people worldwide. After pioneering Bluetooth LE, Nordic has driven the expansion of wireless IoT with cellular IoT, Wi-Fi, Matter, Thread, Zigbee, DECT NR+, and satellite connectivity \u2013 powering the next wave of connected innovation. In 2025, Nordic strengthened its chip-to-cloud offering through the acquisition of Memfault, adding advanced device monitoring and cloud-based observability. Nordic\u2019s technologies enable secure, scalable, and energy-efficient solutions across consumer, healthcare, and industrial markets, supporting the growth of a smarter, more connected world.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-226": { "value": "worldwide", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-227": { "value": "
Note 2: Basis for preparation
2.1 Compliance with IFRS
The financial accounts for the Group and the parent
company Nordic Semiconductor ASA have been prepared
in accordance with IFRS\u00ae Accounting Standards as
adopted by EU and Norwegian authorities, and are
effective as of December 31, 2025.
Consolidated financial statements are prepared by using
uniform accounting policies for all of the entities in the
Group.
2.2 Accounting standards adopted in
2025
There was no material impact of new accounting
standards or amendments adopted in the period.
The Group has not early adopted any mandatory
amendments and interpretations to existing standards that
have been published and are relevant to the Group\u2019s
annual accounting periods beginning on January 1, 2026 or
later periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-228": { "value": "
2.1 Compliance with IFRS
The financial accounts for the Group and the parent
company Nordic Semiconductor ASA have been prepared
in accordance with IFRS\u00ae Accounting Standards as
adopted by EU and Norwegian authorities, and are
effective as of December 31, 2025.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-229": { "value": "
In April 2024, IASB issued\u00a0IFRS\u00a018\u00a0Presentation and
disclosure in Financial Statements which replaces IAS 1
Presentation of Financial Statements.\u00a0IFRS\u00a018\u00a0expands on
the foundation laid by IAS 1, keeping many sections with
some modifications. However, it introduces new
requirements for presentation within the consolidated
income statement, which includes introduction of specified
totals and subtotals, and the entities are required to
categorizes income and expenses into one of five required
categories: operating, investing, financing, income taxes
and discontinued operations. Furthermore,\u00a0IFRS\u00a018\u00a0also
requires disclosure of newly defined management-defined
performance measures and new requirements for
aggregation and disaggregation of financial information,
to reference similar and dissimilar characteristics in the
financial statements and notes.\u00a0IFRS\u00a018\u00a0is effective for
reporting periods beginning on or after 1 January 2027 and
the Group is currently working to identify impacts the
amendments will have on the financial statements
and\u00a0notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-230": { "value": "
2.3 Basis for consolidation
The consolidated financial statement of the Group
combine the financial data of a parent company and its
subsidiaries, presenting the income statement, statement of
financial positions, statement of changes in equity,
statement of cash flows and relevant disclosures in\u00a0notes.
A subsidiary is an entity that is controlled, either directly or
indirectly, by the parent company. Control exists when the
parent company is exposed, or has rights, to variable
returns from its involvement with the investee and has the
ability to affect those returns through its power to direct
the relevant activities of the investee. Generally, such
power exists where the parent company holds a majority
of the voting rights of an investee.
Subsidiaries are consolidated from the date control is
obtained until the date that control ceases. All subsidiaries
are wholly owned by the parent company and there are
no non-controlling interests.\u00a0 Intercompany transactions,
balances, and unrealized gains on transactions between
group companies are eliminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-231": { "value": "
A subsidiary is an entity that is controlled, either directly or
indirectly, by the parent company. Control exists when the
parent company is exposed, or has rights, to variable
returns from its involvement with the investee and has the
ability to affect those returns through its power to direct
the relevant activities of the investee. Generally, such
power exists where the parent company holds a majority
of the voting rights of an investee.
Subsidiaries are consolidated from the date control is
obtained until the date that control ceases. All subsidiaries
are wholly owned by the parent company and there are
no non-controlling interests.\u00a0 Intercompany transactions,
balances, and unrealized gains on transactions between
group companies are eliminated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-233": { "value": "
2.4 Foreign currency translation
Each entity within the Group has a functional currency,
which is normally the currency in which the entity primarily
generates and expends cash.
At entity level, a foreign currency is a currency other than
the entity\u2019s functional currency. Transactions in the profit
and loss statement denominated in foreign currencies are
recorded in the entity\u2019s functional currency at the
exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies are translated at the exchange rate prevailing
at the balance sheet date. Currency translation differences
arising at entity level are recognized in profit or loss.
The consolidated financial statements are presented in US
dollars (USD), which is the functional currency of the
parent company. On consolidation, assets and liabilities of
foreign operations are translated into USD (the
presentation currency) according to the exchange rates
prevailing on the balance sheet date. Profit or loss items
are translated according to monthly average exchange
rates. Changes in net assets resulting from exchange rate
movements are recognized in other comprehensive income
and taken to the currency translation reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-232": { "value": "
2.4 Foreign currency translation
Each entity within the Group has a functional currency,
which is normally the currency in which the entity primarily
generates and expends cash.
At entity level, a foreign currency is a currency other than
the entity\u2019s functional currency. Transactions in the profit
and loss statement denominated in foreign currencies are
recorded in the entity\u2019s functional currency at the
exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies are translated at the exchange rate prevailing
at the balance sheet date. Currency translation differences
arising at entity level are recognized in profit or loss.
The consolidated financial statements are presented in US
dollars (USD), which is the functional currency of the
parent company. On consolidation, assets and liabilities of
foreign operations are translated into USD (the
presentation currency) according to the exchange rates
prevailing on the balance sheet date. Profit or loss items
are translated according to monthly average exchange
rates. Changes in net assets resulting from exchange rate
movements are recognized in other comprehensive income
and taken to the currency translation reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-234": { "value": "
Note 3: Significant accounting judgments and critical
estimates
The preparation of financial statements requires that
management uses
\u25a0judgments, apart from those involving estimations, in
the process of applying accounting policies that have
the most significant effect on the amounts reported in
the financial statements and its disclosures, and
\u25a0estimates, including information about the key
assumptions concerning the future - and other key
sources of estimation uncertainty at the balance sheet
date - that have significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year.
The most important areas where judgments and estimates
have an impact are listed below. Detailed information of
these judgments and estimates are disclosed in the
relevant notes.
\u25a0Calculation of \"Ship and Debit\" rebate (see Note 6:
Revenues
\u25a0Net realizable value assessment used in testing for
impairment of inventories (see Note 7: Cost of materials
and services / inventory)
\u25a0Capitalization of development costs (see Note 14:
Goodwill and intangible assets)
Management bases its judgments and estimates on
historical experience and other factors, including
expectations on future events, deemed to be reasonable
and sensible given the specific circumstances. Estimates
are reassessed whether needed based on changes in the
underlying assumptions. Changes in accounting estimates
are recognized in the period in which such changes occur.
If such changes also apply to future periods, the effect is
distributed between current and future periods.
6.2 Significant accounting judgments
and critical estimates
Nordic predominantly sells to electronic distributors under
a distribution agreement. The distributors will hold a given
level of Nordic's inventory that is subsequently shipped to
an end customer. Nordic uses a \u201csell in\u201d model in
connection with revenue recognition to distribution
customers. Under a \u201csell in\u201d model, management needs to
make judgments and estimate the amount that can affect
the reported amounts of revenues and expenses. The main
judgments are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors' inventory levels using the
expected value method. The Group estimate the refund
based on an average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 6.4.
14.2 Significant accounting judgments
and critical estimates
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgment by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place.
A key factor in management judgment is whether a
product design meets specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product, and its
market share. The Group evaluates these criteria in relation
to each specific project. Projects related to new product
developments are generally more difficult to substantiate
than projects in which the company has more experience.
Before mass production, the company does extensive
testing on the products to evaluate their quality and
functionality and sends prototype samples to customers.
The expected period of benefits is also dependent on the
future technological development in the market.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-235": { "value": "
Note 4: Segment information
Nordic Semiconductor has only one reportable operating
segment.\u00a0 This corresponds with the internal financial
reporting structure and management activities to monitor
profitability at the group level, as a single reporting unit.
The revenue is broken down into product markets and
geographical areas in which its distributors are located,
see Note 6: Revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-237": { "value": "
Note 6: Revenues
All figures in USD 1 000
6.1 Accounting policies
Nordic Semiconductor is a global leader in low power
wireless connectivity solutions. The main revenue streams
and performance obligations are from sales of integrated
circuits. Other revenue streams are related to cloud
lifecycle services and consultancy.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer.
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer\u00a0rebates.
The parent company sells a large share of its products to a
related party for resale to the customers (the distributors).
The transaction price and terms between the related
parties are established on an arm's length basis, ensuring
that the pricing is consistent with what would be expected
in transactions with unrelated parties. In accordance with
IFRS 15, revenue is recognized when control of the goods is
ultimately transferred to the customers (the distributors),
which occurs when the title to the goods passes to them.
The Group and the customer do not receive financing from
the sales, therefore, there are no significant financing
components to be accounted for separately from the
revenue transaction. The normal credit term is between
30-90 days upon delivery. In other words, the contract
does not require the customer to pay in advance or require
the customer to pay a significant amount after delivery.
\"Ship and debit\"
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless the returned goods are expected to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 6.4.
Sale of services
Sales of services are primary made to customers. Revenue
from cloud lifecycle services arises from two business
models: consumption-based and subscription-based
arrangements. Revenue from the consumption-based
business model is recognized as the service is rendered.
Subscriptions to cloud services are paid upfront, and the
prepaid subscription fee is recognized on a straight-line
basis over the subscription period, reflecting the transfer of
control to the end-customer. The normal subscription
period is 12 months, and credit terms range from 15 to 90
days.
Revenue from other services is recognized as the services
are rendered.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
6.2 Significant accounting judgments
and critical estimates
Nordic predominantly sells to electronic distributors under
a distribution agreement. The distributors will hold a given
level of Nordic's inventory that is subsequently shipped to
an end customer. Nordic uses a \u201csell in\u201d model in
connection with revenue recognition to distribution
customers. Under a \u201csell in\u201d model, management needs to
make judgments and estimate the amount that can affect
the reported amounts of revenues and expenses. The main
judgments are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors' inventory levels using the
expected value method. The Group estimate the refund
based on an average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 6.4.
6.3 Disaggregated revenue information
Revenue classified by end product applications:
The Group focuses on the sale of standard components for wireless communication and
cloud lifecycle services. Nordic reports on the three end-user markets Consumer, Industrial
and Healthcare, and Other. In addition, the Group sells customer-specific ASIC
components (Application Specific Integrated Circuits) and related Consulting\u00a0Services.
GROUP
PARENT
2025
2024
Revenue
2025
2024
400\u00a0303
349\u00a0560
Consumer
372\u00a0285
326\u00a0444
244\u00a0490
146\u00a0812
Industrial and Healthcare
227\u00a0378
137\u00a0103
20\u00a0516
12\u00a0496
Other
19\u00a0080
11\u00a0670
665\u00a0309
508\u00a0868
Total revenue excl. ASIC
618\u00a0743
475\u00a0216
2\u00a0311
2\u00a0547
ASIC components
2\u00a0149
2\u00a0379
667\u00a0619
511\u00a0415
Total revenue from contracts with customers
620\u00a0891
477\u00a0595
Revenue classified by customer location:
The Group also classifies its revenues on a geographical basis according to its customers\u2019
location.
GROUP
PARENT
2025
2024
2025
2024
57\u00a0767
35\u00a0438
Europe
53\u00a0724
33\u00a0094
154\u00a0878
84\u00a0717
Americas
144\u00a0038
79\u00a0114
454\u00a0974
391\u00a0260
Asia/Pacific
423\u00a0130
365\u00a0386
667\u00a0619
511\u00a0415
Total revenue from contracts with customers
620\u00a0891
477\u00a0595
The Group sells its components to distributors, who then sell components onward to
electronics manufacturers that build end products and sell them to customers across the
world. Two distributors were above 10% of revenue in 2025, with 30% and 12% of total
revenue respectively, one located in Asia and the other in the Americas. In comparison,
three distributors were above 10% of revenue in 2024, with 35%, 13% and 10% of total
revenue respectively, two located in Asia and the other in the Americas.
6.4 Refund liabilities
GROUP
PARENT
2025
2024
2025
2024
28\u00a0548
22\u00a0363
Refund liability \u2013 from ship & debit
\u2014
\u2014
5\u00a0581
3\u00a0679
Refund liability \u2013 from end-customer rebates
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-236": { "value": "
Note 6: Revenues
All figures in USD 1 000
6.1 Accounting policies
Nordic Semiconductor is a global leader in low power
wireless connectivity solutions. The main revenue streams
and performance obligations are from sales of integrated
circuits. Other revenue streams are related to cloud
lifecycle services and consultancy.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer.
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer\u00a0rebates.
The parent company sells a large share of its products to a
related party for resale to the customers (the distributors).
The transaction price and terms between the related
parties are established on an arm's length basis, ensuring
that the pricing is consistent with what would be expected
in transactions with unrelated parties. In accordance with
IFRS 15, revenue is recognized when control of the goods is
ultimately transferred to the customers (the distributors),
which occurs when the title to the goods passes to them.
The Group and the customer do not receive financing from
the sales, therefore, there are no significant financing
components to be accounted for separately from the
revenue transaction. The normal credit term is between
30-90 days upon delivery. In other words, the contract
does not require the customer to pay in advance or require
the customer to pay a significant amount after delivery.
\"Ship and debit\"
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless the returned goods are expected to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 6.4.
Sale of services
Sales of services are primary made to customers. Revenue
from cloud lifecycle services arises from two business
models: consumption-based and subscription-based
arrangements. Revenue from the consumption-based
business model is recognized as the service is rendered.
Subscriptions to cloud services are paid upfront, and the
prepaid subscription fee is recognized on a straight-line
basis over the subscription period, reflecting the transfer of
control to the end-customer. The normal subscription
period is 12 months, and credit terms range from 15 to 90
days.
Revenue from other services is recognized as the services
are rendered.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
6.2 Significant accounting judgments
and critical estimates
Nordic predominantly sells to electronic distributors under
a distribution agreement. The distributors will hold a given
level of Nordic's inventory that is subsequently shipped to
an end customer. Nordic uses a \u201csell in\u201d model in
connection with revenue recognition to distribution
customers. Under a \u201csell in\u201d model, management needs to
make judgments and estimate the amount that can affect
the reported amounts of revenues and expenses. The main
judgments are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors' inventory levels using the
expected value method. The Group estimate the refund
based on an average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 6.4.
6.3 Disaggregated revenue information
Revenue classified by end product applications:
The Group focuses on the sale of standard components for wireless communication and
cloud lifecycle services. Nordic reports on the three end-user markets Consumer, Industrial
and Healthcare, and Other. In addition, the Group sells customer-specific ASIC
components (Application Specific Integrated Circuits) and related Consulting\u00a0Services.
GROUP
PARENT
2025
2024
Revenue
2025
2024
400\u00a0303
349\u00a0560
Consumer
372\u00a0285
326\u00a0444
244\u00a0490
146\u00a0812
Industrial and Healthcare
227\u00a0378
137\u00a0103
20\u00a0516
12\u00a0496
Other
19\u00a0080
11\u00a0670
665\u00a0309
508\u00a0868
Total revenue excl. ASIC
618\u00a0743
475\u00a0216
2\u00a0311
2\u00a0547
ASIC components
2\u00a0149
2\u00a0379
667\u00a0619
511\u00a0415
Total revenue from contracts with customers
620\u00a0891
477\u00a0595
Revenue classified by customer location:
The Group also classifies its revenues on a geographical basis according to its customers\u2019
location.
GROUP
PARENT
2025
2024
2025
2024
57\u00a0767
35\u00a0438
Europe
53\u00a0724
33\u00a0094
154\u00a0878
84\u00a0717
Americas
144\u00a0038
79\u00a0114
454\u00a0974
391\u00a0260
Asia/Pacific
423\u00a0130
365\u00a0386
667\u00a0619
511\u00a0415
Total revenue from contracts with customers
620\u00a0891
477\u00a0595
The Group sells its components to distributors, who then sell components onward to
electronics manufacturers that build end products and sell them to customers across the
world. Two distributors were above 10% of revenue in 2025, with 30% and 12% of total
revenue respectively, one located in Asia and the other in the Americas. In comparison,
three distributors were above 10% of revenue in 2024, with 35%, 13% and 10% of total
revenue respectively, two located in Asia and the other in the Americas.
6.4 Refund liabilities
GROUP
PARENT
2025
2024
2025
2024
28\u00a0548
22\u00a0363
Refund liability \u2013 from ship & debit
\u2014
\u2014
5\u00a0581
3\u00a0679
Refund liability \u2013 from end-customer rebates
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-239": { "value": "
6.1 Accounting policies
Nordic Semiconductor is a global leader in low power
wireless connectivity solutions. The main revenue streams
and performance obligations are from sales of integrated
circuits. Other revenue streams are related to cloud
lifecycle services and consultancy.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer.
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer\u00a0rebates.
The parent company sells a large share of its products to a
related party for resale to the customers (the distributors).
The transaction price and terms between the related
parties are established on an arm's length basis, ensuring
that the pricing is consistent with what would be expected
in transactions with unrelated parties. In accordance with
IFRS 15, revenue is recognized when control of the goods is
ultimately transferred to the customers (the distributors),
which occurs when the title to the goods passes to them.
The Group and the customer do not receive financing from
the sales, therefore, there are no significant financing
components to be accounted for separately from the
revenue transaction. The normal credit term is between
30-90 days upon delivery. In other words, the contract
does not require the customer to pay in advance or require
the customer to pay a significant amount after delivery.
\"Ship and debit\"
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless the returned goods are expected to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 6.4.
Sale of services
Sales of services are primary made to customers. Revenue
from cloud lifecycle services arises from two business
models: consumption-based and subscription-based
arrangements. Revenue from the consumption-based
business model is recognized as the service is rendered.
Subscriptions to cloud services are paid upfront, and the
prepaid subscription fee is recognized on a straight-line
basis over the subscription period, reflecting the transfer of
control to the end-customer. The normal subscription
period is 12 months, and credit terms range from 15 to 90
days.
Revenue from other services is recognized as the services
are rendered.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-238": { "value": "
6.1 Accounting policies
Nordic Semiconductor is a global leader in low power
wireless connectivity solutions. The main revenue streams
and performance obligations are from sales of integrated
circuits. Other revenue streams are related to cloud
lifecycle services and consultancy.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer.
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer\u00a0rebates.
The parent company sells a large share of its products to a
related party for resale to the customers (the distributors).
The transaction price and terms between the related
parties are established on an arm's length basis, ensuring
that the pricing is consistent with what would be expected
in transactions with unrelated parties. In accordance with
IFRS 15, revenue is recognized when control of the goods is
ultimately transferred to the customers (the distributors),
which occurs when the title to the goods passes to them.
The Group and the customer do not receive financing from
the sales, therefore, there are no significant financing
components to be accounted for separately from the
revenue transaction. The normal credit term is between
30-90 days upon delivery. In other words, the contract
does not require the customer to pay in advance or require
the customer to pay a significant amount after delivery.
\"Ship and debit\"
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless the returned goods are expected to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 6.4.
Sale of services
Sales of services are primary made to customers. Revenue
from cloud lifecycle services arises from two business
models: consumption-based and subscription-based
arrangements. Revenue from the consumption-based
business model is recognized as the service is rendered.
Subscriptions to cloud services are paid upfront, and the
prepaid subscription fee is recognized on a straight-line
basis over the subscription period, reflecting the transfer of
control to the end-customer. The normal subscription
period is 12 months, and credit terms range from 15 to 90
days.
Revenue from other services is recognized as the services
are rendered.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
7.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance impacts the
cost of goods sold, and variance is monitored on a regular basis. Obsolete inventory is
written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead), and
other costs incurred in bringing the inventories to their present location and condition.
12.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities which do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 8.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
14.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic monitors Goodwill on an operating segment level
since the group comprises only one operating segment. As
a result, the assessment for impairment of Goodwill is
conducted for the group as a whole. Nordic's approach
involves evaluating fair value rather than value in use.
Upon examining the market value of equity as of
December 31 and comparing it to the book value of equity,
it becomes evident that Goodwill and net operating-
related assets could be sold for an amount significantly
higher than their book values.
Valuation
Value
Market value
2\u00a0642\u00a0189
Book value
679\u00a0587
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology, brand, customer relationships), licenses and
computer software. The assets held by the Group have
finite useful lives determined by the expected usage of the
asset by the entity. The assets are amortized over its
estimated useful life, normally 3-15 years. Other intangible
assets with a indefinite useful life are tested for impairment
whenever there is an indication that their carrying amounts
may not be recoverable.
15.1 Accounting policies
Property, plant, and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over their
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual values and useful lives are reviewed annually.
At the end of each reporting period, the Group assesses whether there is any indication
that a fixed asset may be impaired. The recoverable amount of the fixed asset are
normally estimated on a stand-alone basis.
16.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date, less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assesses whether there is any indication
that an RoU asset may be impaired.
Sub-leases
A sublease, where the Group is a lessor, could either be classified as an operational or
finance lease.
Finance lease is applicable for the Group because:
\u25a0The lease term of the sublease is for the major pat of the head lease, and
\u25a0Risk and reward for the subleased space have been transferred to the sub lessee over
the remaining time of the head lease.
The right-of-use asset of the head lease is derecognized equal to the present value of sub-
lease and the Group presents the net investment in the lease as an \"other long-term asset\".
The Group uses the discount rate used for the head lease to measure the net investment in
the sublease.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments), less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as the subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments), or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis and refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
16.2 Leases
The Group is a lessee and has entered into agreements to lease office space, office
equipment and machinery.
The Group's office leases range between 1 to 12 years. Equipment and machinery leases
range between 1 to 4 years.
There are no leases with variable lease payments, other than lease payments linked to a
consumer price index.
Extension and termination options are included in a number of property and equipment
leases across the Group. These are used to maximize operational flexibility in terms of
managing the assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not by the respective
lessor. In calculating lease liability, the option to extend the lease term of the lease has not
been included. The Group could replace the lease assets without significant cost or
business disruption.
The Group also has certain leases with lease terms of 12 months or less and leases with
low value. The Group applies the \"short-term lease\" and \"lease of low-value assets\"
recognition exemptions for these leases.
Leasing activities
In 2025, the following legal entities renegotiated their obligations to existing
office\u00a0locations:
\u25a0In 2025, Nordic Semiconductor ASA exercised the option to transfer addition office
space in Trondheim, with a commencement date of April 1, 2025. The office space is
subleased from these dates on the same terms as the head lease. In addition, Nordic
Semiconductor ASA exercised an option under its existing data center housing
agreement, extending the contracted data center space through an increase in the
number of racks.\u00a0
\u25a0Nordic Semiconductor Finland Oy exercised the option to extend the office lease for
another 2.5 years.
\u25a0Nordic Semiconductor (Philippines) Inc exercised the option to extend the office lease
for another 3 years.
\u25a0Nordic Semiconductor (Shenzhen) Limited exercised the option to extend the office
lease for another 6 months.
In 2025, the following legal entities entered into office rental agreements for new\u00a0locations:
\u25a0Nordic Semiconductor Poland Sp. Z.o.o. entered into a new office rental agreement
with a commencement date of May 5, 2025 which replaced a previously exercised
rental agreement.
\u25a0Nordic Semiconductor South Korea Ltd entered into a new rental agreement with a
commencement date of August 1, 2025 which replaced a previously exercised rental
agreement.\u00a0
\u25a0Nordic Semiconductor Inc signed an office rental agreement with a commencement
date of April 1, 2025 and an data center housing agreement with a commencement
date of January 5, 2025
\u25a0Nordic Semiconductor (Philippines) Inc signed an office rental agreement with a\u00a0
commencement date of January 7, 2025.\u00a0
\u25a0Memfault Inc signed an office rental agreement with a commencement date of January
5, 2026.\u00a0
Contractual cash flow of leases
Below is the expected contractual cash flow of leases not reflected in the measurement of
lease liabilities as of December 31, 2025 (commencement date after balance sheet date).
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
631
256
263
111
Office equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
631
256
263
111
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
\u2014
\u2014
\u2014
\u2014
Office equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
\u2014
\u2014
\u2014
\u2014
Minimum lease payments payable on leases are presented in note 28.
Below is the expected contractual cash flow of subleasing.
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Lease payments
receivables
6\u00a0436
8\u00a0203
980
5\u00a0277
1\u00a0945
Total
6\u00a0436
8\u00a0203
980
5\u00a0277
1\u00a0945
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Lease payments
receivables
6\u00a0436
8\u00a0203
980
5\u00a0277
1\u00a0945
Total
6\u00a0436
8\u00a0203
980
5\u00a0277
1\u00a0945
Amounts recognized in the balance sheet:
Right-of-use assets
GROUP
2025
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
91\u00a0274
370
91\u00a0644
Additions
1\u00a0470
\u2014
1\u00a0470
Adjustments
7\u00a0452
\u2014
7\u00a0452
Net investment in the lease
-3\u00a0595
\u2014
-3\u00a0595
Acquisition cost as of 31.12
96\u00a0601
370
96\u00a0971
Accumulated depreciation and impairment
Opening balance
39\u00a0187
74
39\u00a0261
Depreciation expenses
8\u00a0709
74
8\u00a0784
Currency translation differences
-733
\u2014
-733
Accumulated depreciation and impairment as of 31.12
47\u00a0163
148
47\u00a0312
Net carrying value as of 31.12
49\u00a0437
222
49\u00a0660
PARENT
2025
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
64\u00a0989
370
65\u00a0360
Additions
240
\u2014
240
Adjustments
4\u00a0591
\u2014
4\u00a0591
Net investment in the lease
-3\u00a0595
\u2014
-3\u00a0595
Acquisition cost as of 31.12
66\u00a0225
370
66\u00a0596
Accumulated depreciation and impairment
Opening balance
21\u00a0998
74
22\u00a0072
Depreciation expenses
4\u00a0405
74
4\u00a0479
Accumulated depreciation and impairment as of 31.12
26\u00a0403
148
26\u00a0551
Net carrying value as of 31.12
39\u00a0822
222
40\u00a0045
GROUP
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
83\u00a0580
\u2014
83\u00a0580
Additions
5\u00a0488
370
5\u00a0858
Adjustments
5\u00a0042
\u2014
5\u00a0042
Net investment in the lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
91\u00a0274
370
91\u00a0645
Accumulated depreciation and impairment
Opening balance
28\u00a0910
\u2014
28\u00a0910
Depreciation expenses
8\u00a0960
74
9\u00a0034
Impairment expenses
1\u00a0318
\u2014
1\u00a0318
Accumulated depreciation and impairment as of 31.12
39\u00a0187
74
39\u00a0261
Net carrying value as of 31.12
52\u00a0062
296
52\u00a0358
PARENT
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
63\u00a0250
\u2014
63\u00a0250
Additions
36
370
407
Adjustments
4\u00a0538
\u2014
4\u00a0538
Net investment in the lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
64\u00a0989
370
65\u00a0360
Accumulated depreciation and impairment
Opening balance
17\u00a0724
\u2014
17\u00a0724
Depreciation expenses
4\u00a0274
74
4\u00a0348
Accumulated depreciation and impairment as of 31.12
21\u00a0998
74
22\u00a0072
Net carrying value as of 31.12
42\u00a0991
296
43\u00a0288
Impairment
No indication of impairment was identified during the year, and accordingly, no impairment expenses was recognized.
Lease payment receivables:
Below is the carrying amount of lease payment receivables (from subleasing) and the
movements during the period.
GROUP
PARENT
2\u00a0699
Lease payment receivables as of 1 January 2025
2\u00a0699
-670
Lease payments
-670
3\u00a0595
Acquisitions and adjustments
3\u00a0595
316
Interest
316
497
Foreign exchange adjustments
497
6\u00a0436
Lease payment receivables\u00a0 as of 31 December 2025
6\u00a0436
Below is the disclosure of financial position from lease receivables.
GROUP
PARENT
2025
2024
Lease receivables
2025
2024
923
341
Current
923
341
5\u00a0513
2\u00a0358
Non-Current
5\u00a0513
2\u00a0358
6\u00a0436
2\u00a0699
Total lease receivables
6\u00a0436
2\u00a0699
Lease liabilities
Below is the disclosure of financial position from lease liabilities.
GROUP
PARENT
2025
2024
Lease liabilities
2025
2024
12\u00a0408
10\u00a0360
Current
7\u00a0430
5\u00a0865
50\u00a0813
45\u00a0752
Non-Current
44\u00a0063
38\u00a0957
63\u00a0221
56\u00a0112
Total lease liabilities
51\u00a0493
44\u00a0822
Below is the carrying amount of lease liabilities and the movements during the period.
GROUP
PARENT
56\u00a0112
Net liabilities as of 1 January 2025
44\u00a0821
-12\u00a0324
Lease payments
-7\u00a0112
8\u00a0922
Acquisitions and adjustments
4\u00a0831
\u2014
Disposals
\u2014
3\u00a0800
Interest
3\u00a0182
6\u00a0711
Foreign exchange adjustments
5\u00a0771
63\u00a0221
Net liabilities as of 31 December 2025
51\u00a0493
Other items
Below is the disclosure of other items from operational leases and subleasing:
GROUP
PARENT
2025
2024
Other items from operational leases and
subleasing
2025
2024
677
59
Income from subleasing right-of-use assets
677
59
316
27
Interest income from net investment in finance
leases
316
27
993
86
Total items from subleasing
993
86
365
397
Expenses relating to short-term leases
\u2014
75
451
932
Expenses relating to leases of low-value assets
161
269
3\u00a0800
3\u00a0555
Interest expense on lease liabilities
3\u00a0182
2\u00a0958
4\u00a0616
4\u00a0884
Total items from operational leases
3\u00a0343
3\u00a0302
12\u00a0463
12\u00a0148
The total cash outflow for leases
6\u00a0596
6\u00a0314
19.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 28 for further information.
19.2 Accounts receivable
GROUP
PARENT
2025
2024
2025
2024
93\u00a0488
66\u00a0412
Gross receivables
714
1\u00a0037
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
93\u00a0488
66\u00a0412
Accounts receivable, net
714
1\u00a0037
21.1 Accounting policies
Cash and cash equivalents include cash at bank and money market fund. Money market
funds are defined as cash equivalents because they are highly liquid and not subject to
material fluctuations in value. The purpose of cash and cash equivalents is to meet short-
term commitments.
22.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs, are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
25.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 25.2 Long-term incentive plans.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
27.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-240": { "value": "
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 6.4.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-242": { "value": "
Note 7: Cost of materials and services / inventory
All figures in USD 1 000
7.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance impacts the
cost of goods sold, and variance is monitored on a regular basis. Obsolete inventory is
written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead), and
other costs incurred in bringing the inventories to their present location and condition.
7.2 Significant accounting judgments and critical estimates
Nordic assesses net realizable value for each inventory category (raw materials, work in
progress and finished goods) separately as they have different useful life. Finished goods is
split into five main product categories with distinct technology: Proprietary and Bluetooth\u00ae
(Short-range wireless components), Cellular (Long-range wireless components), Wi-Fi, and
PMIC. Each of these five technologies are then divided into subcategories where the
different standardized chips with respective packaging are shared among a variety of
customers. On this category level, Nordic is applying the practical expedient in IAS 2.29,
stating that grouping of similar or related items with a similar purpose or end use can be
assessed together when assessing net realizable value. Nordic is basing the net realizable
value on orders from third parties, historical inventory turnover ratio, and other factors. This
calculation is based on the most updated facts at any given point in time but are prone to
variation under changing circumstances. One exception from regular calculation of net
realizable value is related to items that are made from older parts and cannot be easily
sold to other customers. These items are written off completely item by item if aging is
more than 2 years.
7.3 Cost of materials and services / inventory
GROUP
PARENT
2025
2024
2025
2024
322\u00a0753
257\u00a0596
Inventories recognized as an expense
321\u00a0690
257\u00a0565
3\u00a0801
11\u00a0850
Changes in inventory write-downs
3\u00a0801
11\u00a0850
-4\u00a0960
\u2014
Reversed previous inventory write-downs
-4\u00a0960
\u2014
321\u00a0594
269\u00a0446
Cost of materials and services
320\u00a0531
269\u00a0415
57\u00a0722
89\u00a0615
Raw materials
57\u00a0722
89\u00a0615
45\u00a0537
35\u00a0435
Work in Progress
45\u00a0537
35\u00a0435
51\u00a0736
46\u00a0857
Finished goods
51\u00a0736
46\u00a0857
154\u00a0994
171\u00a0907
Total inventory
154\u00a0994
171\u00a0907
As Nordic is a fabless manufacturer, all inventories, including raw materials and finished
goods, are located at sub-contractors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-241": { "value": "
Note 7: Cost of materials and services / inventory
All figures in USD 1 000
7.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance impacts the
cost of goods sold, and variance is monitored on a regular basis. Obsolete inventory is
written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead), and
other costs incurred in bringing the inventories to their present location and condition.
7.2 Significant accounting judgments and critical estimates
Nordic assesses net realizable value for each inventory category (raw materials, work in
progress and finished goods) separately as they have different useful life. Finished goods is
split into five main product categories with distinct technology: Proprietary and Bluetooth\u00ae
(Short-range wireless components), Cellular (Long-range wireless components), Wi-Fi, and
PMIC. Each of these five technologies are then divided into subcategories where the
different standardized chips with respective packaging are shared among a variety of
customers. On this category level, Nordic is applying the practical expedient in IAS 2.29,
stating that grouping of similar or related items with a similar purpose or end use can be
assessed together when assessing net realizable value. Nordic is basing the net realizable
value on orders from third parties, historical inventory turnover ratio, and other factors. This
calculation is based on the most updated facts at any given point in time but are prone to
variation under changing circumstances. One exception from regular calculation of net
realizable value is related to items that are made from older parts and cannot be easily
sold to other customers. These items are written off completely item by item if aging is
more than 2 years.
7.3 Cost of materials and services / inventory
GROUP
PARENT
2025
2024
2025
2024
322\u00a0753
257\u00a0596
Inventories recognized as an expense
321\u00a0690
257\u00a0565
3\u00a0801
11\u00a0850
Changes in inventory write-downs
3\u00a0801
11\u00a0850
-4\u00a0960
\u2014
Reversed previous inventory write-downs
-4\u00a0960
\u2014
321\u00a0594
269\u00a0446
Cost of materials and services
320\u00a0531
269\u00a0415
57\u00a0722
89\u00a0615
Raw materials
57\u00a0722
89\u00a0615
45\u00a0537
35\u00a0435
Work in Progress
45\u00a0537
35\u00a0435
51\u00a0736
46\u00a0857
Finished goods
51\u00a0736
46\u00a0857
154\u00a0994
171\u00a0907
Total inventory
154\u00a0994
171\u00a0907
As Nordic is a fabless manufacturer, all inventories, including raw materials and finished
goods, are located at sub-contractors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-243": { "value": "
7.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance impacts the
cost of goods sold, and variance is monitored on a regular basis. Obsolete inventory is
written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead), and
other costs incurred in bringing the inventories to their present location and condition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-244": { "value": "
7.2 Significant accounting judgments and critical estimates
Nordic assesses net realizable value for each inventory category (raw materials, work in
progress and finished goods) separately as they have different useful life. Finished goods is
split into five main product categories with distinct technology: Proprietary and Bluetooth\u00ae
(Short-range wireless components), Cellular (Long-range wireless components), Wi-Fi, and
PMIC. Each of these five technologies are then divided into subcategories where the
different standardized chips with respective packaging are shared among a variety of
customers. On this category level, Nordic is applying the practical expedient in IAS 2.29,
stating that grouping of similar or related items with a similar purpose or end use can be
assessed together when assessing net realizable value. Nordic is basing the net realizable
value on orders from third parties, historical inventory turnover ratio, and other factors. This
calculation is based on the most updated facts at any given point in time but are prone to
variation under changing circumstances. One exception from regular calculation of net
realizable value is related to items that are made from older parts and cannot be easily
sold to other customers. These items are written off completely item by item if aging is
more than 2 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-245": { "value": "
Note 8: Payroll expenses
All figures in USD 1 000
GROUP
PARENT
2025
2024
Combined expenses for salary and other
compensation are distributed as follows:
2025
2024
154\u00a0709
137\u00a0679
Salary and vacation pay
68\u00a0449
55\u00a0930
21\u00a0164
20\u00a0737
Other compensation
14\u00a0043
16\u00a0366
16\u00a0139
14\u00a0429
Payroll tax
11\u00a0038
9\u00a0889
-428
\u2014
Tax grant
-428
\u2014
12\u00a0994
11\u00a0175
Defined contribution pension
4\u00a0839
4\u00a0541
-10\u00a0571
-13\u00a0699
Capitalized development expenses (hourly costs)
-10\u00a0570
-13\u00a0699
194\u00a0007
170\u00a0321
Total
87\u00a0370
73\u00a0026
1\u00a0370
1\u00a0405
Weighted average number of full time employees
565
579
GROUP
PARENT
2025
2024
Employees as of December 31, are distributed as
follows:
2025
2024
570
558
Norway
570
558
291
304
Finland
\u2014
\u2014
110
112
Poland
\u2014
\u2014
49
48
India
\u2014
\u2014
95
62
USA
\u2014
\u2014
59
58
Taiwan
\u2014
\u2014
53
49
UK
\u2014
\u2014
74
62
Philippines
\u2014
1
35
34
Sweden
\u2014
\u2014
30
28
China
\u2014
\u2014
12
12
Hong Kong
\u2014
1
4
4
South Korea
\u2014
3
12
5
Germany
\u2014
\u2014
6
5
Japan
\u2014
\u2014
3
2
The Netherlands
3
2
3
3
Denmark
\u2014
\u2014
3
2
Australia
3
2
8
8
Singapore
\u2014
\u2014
0
1
Bulgaria
\u2014
1
3
3
Spain
3
3
2
2
France
2
2
4
1
Canada
2
1
1
\u2014
Italy
\u2014
\u2014
1
\u2014
Portugal
\u2014
\u2014
3
\u2014
United Arab Emirates
\u2014
\u2014
1\u00a0431
1\u00a0362
Total
583
574
Note 24: Pensions
Defined benefit plan
The total pension liability from defined benefit plans was USD 944,895 for the Group. This
amount consists of liabilities in Norway, the Philippines, Poland and India.
The Norwegian company in the Group is required to have mandatory employment pension
for employees in Norway, according to the Mandatory Employment Pension Act. The
defined benefit plan was closed for new members effective January 1, 2008, and from this
point a new defined contribution plan was established.
Nordic has had a pension plan for the Philippines office as of January 2014. The retirement
plan is unfunded and of the defined benefit type that provides a retirement benefit
calculated based on number of years of credited service. At the end of 2025, the pension
liability was USD\u00a0466,102.
In Finland, earnings-related pensions are financed with insurance contributions paid by
employers and employee. In Poland, the employers and employee contribute to a social
security plan including pensions and disability insurance. In addition, the company offers a
employee capital plan (PPK) financed jointly by the employee, the employer, and the
government.
In India, the company provides for gratuity, a defined benefit plan (the \u201cGratuity Plan\u201d)
covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The
amount of gratuity payable on retirement/termination is the employee's last drawn basic
salary per month, computed proportionately for 15 days' salary multiplied by the number of
years of service.
Defined contribution pension plan
All employees in Norway have a defined contribution pension plan since January 1, 2016.
The main benefit is a contribution of 7% of salary up to 7.1 basis points (G) and 18% of
salary between 7.1 and 12 basis points. In addition to this, the company offers a disability
pension of approximately 66% of salary including estimated social security based on 40
years of full employment. In 2025, the cost of the defined contribution pension was USD
378,618, and the plan had 581 members.
The Indian company has a defined contribution plan, specifically a provident fund.
Contributions are made to provident fund at the rate of 12% of basic salary. The
contributions are made to registered provident fund administered by the government. The
obligation of the Company is limited to the amount contributed. It has no further
contractual or any constructive obligation.
In Poland, each employee who retires is entitled to retirement and pension severance pay
from the employer. This is regulated by the Polish Labor Code.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-246": { "value": "
Note 9: Executive compensation
All figures in USD 1 000
Note 9.1: Management remuneration
Pursuant to the changes in the Public Limited Liability Companies Act, i.e., the addition of a new section 6-16 (b), and associated new regulations, Nordic will publish a separate
management remuneration report for presentation at the Annual General Meeting on April 28, 2026, containing detailed information on remuneration to Executive Management Team
(EMT) for the reporting year 2025. The remuneration report includes detailed information on the EMT's remuneration complementing the numbers presented below. This includes an
overview of the operational, financial, environmental, social, and governance targets that form the basis for the short-term\u00a0incentives.
EMT members\u2019 salaries and other benefits, including long term incentive plans are presented in the table below. Unless otherwise stated, Nordic did not have any loans to or guarantees
made on behalf of any EMT members in 2025 and 2024.
The remuneration paid or awarded to the CEO and other members of the EMT was aligned with Nordics\u2019s remuneration policy. The policy is available in its full at nordicsemi.com.
Total compensation* expensed during the year for the CEO and other executives:
2025
Salary
Bonus
RSUs &
PSUs
Other Comp.
Pension
expenses
Total
Vegard Wollan, CEO
424
382
277
3
73
1\u00a0159
P\u00e5l Elstad, CFO/EVP Finance
269
208
106
4
41
627
Kjetil Holstad, EVP Product Management
260
203
106
5
38
611
Geir Langeland, EVP Sales & Marketing
285
240
112
4
46
687
Ole Fredrik Morken, EVP Supply Chain
252
188
96
2
39
577
St\u00e5le Ytterdal, SVP IR & Strategic Sales
178
82
63
5
23
351
Sonja Kusmin, SVP People & Culture
204
115
43
0
42
405
\u00d8yvind Str\u00f8m, EVP BU Short-Range
261
203
83
4
42
593
\u00d8yvind Birkenes, EVP BU Long-Range
261
203
83
6
42
595
Joakim Ferm, SVP BU WI-FI
171
102
63
3
22
361
Ola Bostr\u00f6m, SVP Quality & Sustainability
178
104
84
2
23
391
Total
2\u00a0743
2\u00a0029
1\u00a0116
37
432
6\u00a0357
2024
Salary
Bonus
RSUs &
PSUs
Other Comp.
Pension
expenses
Total
Vegard Wollan, CEO
358
158
157
3
70
747
P\u00e5l Elstad, CFO/EVP Finance
246
78
109
3
43
479
Svein Egil Nielsen, CTO/EVP R&D and Strategy
618
\u2014
-204
1
33
448
Geir Langeland, EVP Sales & Marketing
262
93
121
4
42
521
Ole Fredrik Morken, EVP Supply Chain**
273
74
88
5
34
474
St\u00e5le Ytterdal, SVP IR & Strategic Sales
165
51
71
4
23
314
Kjetil Holstad, EVP Product Management
233
74
97
4
44
452
Katarina Finneng, EVP People & Communication
257
43
-73
2
33
263
Sonja Kusmin, SVP People & Culture
150
31
33
0
28
243
Linda Pettersson, SVP Legal & Compliance
50
\u2014
-20
0
4
35
Ola Bostr\u00f6m, SVP Quality & Sustainability
164
51
57
2
24
298
Joakim Ferm, SVP BU WI-FI
145
43
38
4
20
250
\u00d8yvind Str\u00f8m, EVP BU Short-Range
155
57
29
1
29
272
\u00d8yvind Birkenes, EVP BU Long-Range
163
59
29
4
30
284
Total
3\u00a0239
812
532
37
458
5\u00a0079
*Management compensation is paid in NOK, with one exception of EURO. Exchange rate for 2025: 10.39 and 2024: 10.74
**Includes expat allowances
***Svein Egil Nielsen, Katarina Finneng and Linda Petterson left the company during 2024
The Group has granted EMT members the following RSUs and performance shares (PSUs):*
EMT member
2025
2024
RSUs
PSUs
RSUs
PSUs
Vegard Wollan, CEO
11\u00a0751
17\u00a0627
10\u00a0493
10\u00a0493
P\u00e5l Elstad, CFO/EVP Finance
5\u00a0410
8\u00a0114
4\u00a0830
4\u00a0830
Katarina Finneng, EVP People & Communication**
\u2014
\u2014
4\u00a0028
4\u00a0028
Geir Langeland, EVP Sales & Marketing
5\u00a0725
8\u00a0587
5\u00a0112
5\u00a0112
Ole Fredrik Morken, EVP Supply Chain
5\u00a0184
7\u00a0777
4\u00a0629
4\u00a0629
St\u00e5le Ytterdal, SVP IR & Strategic Sales
2\u00a0653
3\u00a0979
3\u00a0158
3\u00a0158
Kjetil Holstad, EVP Product Management
5\u00a0184
7\u00a0777
4\u00a0629
4\u00a0629
Ola Bost\u00f8m, SCP Quality & Sustainability
3\u00a0525
5\u00a0288
3\u00a0148
3\u00a0148
Joakim Ferm, SVP BU WI-FI
3\u00a0525
5\u00a0288
3\u00a0148
3\u00a0148
\u00d8yvind Str\u00f8m, EVP BU Short-Range
5\u00a0599
8\u00a0399
5\u00a0000
5\u00a0000
\u00d8yvind Birkenes, EVP BU Long-Range
5\u00a0599
8\u00a0399
5\u00a0000
5\u00a0000
Sonja Kusmin, SVP People & Culture
4\u00a0072
6\u00a0109
2\u00a0203
1\u00a0000
*Overview of outstanding RSU and PSU for the respective EMT members are presented in the remuneration report
**Katarina Finneng left the company end 2024
During 2025 the executives exercised the following RSU and PSU:
Executives
Grant year
Number of
RSU/PSU
Exercised
Share price
at time of
release
in NOK
Cash
payout in
USD 1000
P\u00e5l Elstad, CFO/EVP Finance
2022 RSU
3\u00a0193
163.38
50
2022 PSU
\u2014
\u2014
\u2014
Geir Langeland, EVP Sales & Marketing
2022 RSU
3\u00a0379
163.38
53
2022 PSU
\u2014
\u2014
\u2014
Sonja Kusmin, SVP People & Culture
2022 RSU
1\u00a0000
163.38
16
2024 PSU
640
163.38
10
Ole Fredrik Morken, EVP Supply Chain
2022 RSU
2\u00a0429
163.38
38
2022 PSU
\u2014
\u2014
\u2014
Ola Bostr\u00f8m, SVP Quality & Sustainability
2022 RSU
500
163.38
8
2022 PSU
\u2014
\u2014
\u2014
St\u00e5le Ytterdal, SVP IR & Strategic Sales
2022 RSU
2\u00a0087
163.38
33
2022 PSU
\u2014
\u2014
\u2014
Kjetil Holstad, EVP Product Management
2022 RSU
2\u00a0380
163.38
37
2022 PSU
\u2014
\u2014
\u2014
The RSU for management vest after three years for management two years for employees\u00a0 \u00a0
Note 9.2: Board remuneration
Total compensation expensed for Board Members*
2025
2024
Dieter May, Chair
122
49
Birger Steen, Chair
28
128
Inger Berg \u00d8rstavik, Board Member
65
62
Snorre Kjesbu, Board member
10
62
Annastiina Hintsa, Board Member
65
61
Anita Huun, Board Member
75
62
Helmut Gassel, Board Member
64
49
Jon Helge Nistad, Board Employee Representative (Board remuneration only)
16
15
Morten Dammen, Board Employee Representative (Board remuneration only)
5
15
Anja Dekens, Board Employee Representative (Board remuneration only)
16
15
Krishna Shingala, Board Employee Representative (Board remuneration only)
0
5
Monika Larsen, Board Employee Representative (Board remuneration only)
16
0
Total
483
522
*Numbers noted in USD and converted from NOK using USD/NOK rate of 10.39. for 2025 and 10.74 for
2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-248": { "value": "
Note 10: Other operating expenses
All figures in USD 1 000
GROUP
PARENT
2025
2024
2025
2024
33\u00a0900
30\u00a0284
Service and maintenance
29\u00a0685
26\u00a0132
19\u00a0298
18\u00a0031
Other consultancy fees
15\u00a0252
15\u00a0409
3\u00a0423
3\u00a0582
Office expenses
1\u00a0722
2\u00a0456
1\u00a0837
1\u00a0138
Office equipment
1\u00a0430
815
12\u00a0249
12\u00a0297
Material and components
11\u00a0516
11\u00a0790
-48
\u2014
Tax grant
-48
\u2014
-5\u00a0057
-5\u00a0643
Capitalized development expenses
-5\u00a0057
-5\u00a0643
3\u00a0792
3\u00a0115
Travel and meeting expenses
1\u00a0646
1\u00a0322
16\u00a0373
14\u00a0076
Other operating expenses
9\u00a0145
9\u00a0145
\u2014
\u2014
Other operating expenses intercompany
119\u00a0108
115\u00a0287
85\u00a0768
76\u00a0880
Total other operating expenses
184\u00a0401
176\u00a0714
Auditor remuneration, excl. of VAT
Fees to the auditor are included in consultancy fees above.
GROUP
PARENT
2025
2024
2025
2024
312
309
Audit services
201
216
156
95
Other attestation Services/CSRD
156
95
7
22
Tax advisory Services
\u2014
5
\u2014
26
Other Non Audit service
\u2014
26
475
451
Total audit fee
356
341
Note 11: Net financial items
All figures in USD 1 000
GROUP
PARENT
2025
2024
Net financial items
2025
2024
9\u00a0914
11\u00a0079
Interest income
9\u00a0726
11\u00a0150
\u2014
\u2014
Interest income on intercompany loans
3\u00a0524
\u2014
316
40
Interest income on lease receivables
316
40
\u2014
\u2014
Dividend received from group companies
18\u00a0785
10\u00a0830
\u2014
\u2014
Group contribution received from group
companies
1\u00a0096
\u2014
539
58
Other financial income
526
58
10\u00a0769
11\u00a0177
Financial income
33\u00a0973
22\u00a0078
3\u00a0800
3\u00a0514
Interest expenses on lease liabilities
3\u00a0182
2\u00a0958
\u2014
\u2014
Interest expenses on intercompany loans
332
668
8\u00a0027
7\u00a0239
Borrowing interest expense
8\u00a0027
7\u00a0239
2\u00a0205
1\u00a0366
Other financial expense
2\u00a0186
1\u00a0310
14\u00a0029
12\u00a0119
Financial expense
13\u00a0727
12\u00a0176
-6\u00a0939
3\u00a0819
Foreign exchange gain(loss)
-6\u00a0809
4\u00a0022
-347
-260
Share of gain (loss) from joint venture
-347
-260
-10\u00a0545
2\u00a0617
Net financial items
13\u00a0089
13\u00a0665
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-247": { "value": "
Note 10: Other operating expenses
All figures in USD 1 000
GROUP
PARENT
2025
2024
2025
2024
33\u00a0900
30\u00a0284
Service and maintenance
29\u00a0685
26\u00a0132
19\u00a0298
18\u00a0031
Other consultancy fees
15\u00a0252
15\u00a0409
3\u00a0423
3\u00a0582
Office expenses
1\u00a0722
2\u00a0456
1\u00a0837
1\u00a0138
Office equipment
1\u00a0430
815
12\u00a0249
12\u00a0297
Material and components
11\u00a0516
11\u00a0790
-48
\u2014
Tax grant
-48
\u2014
-5\u00a0057
-5\u00a0643
Capitalized development expenses
-5\u00a0057
-5\u00a0643
3\u00a0792
3\u00a0115
Travel and meeting expenses
1\u00a0646
1\u00a0322
16\u00a0373
14\u00a0076
Other operating expenses
9\u00a0145
9\u00a0145
\u2014
\u2014
Other operating expenses intercompany
119\u00a0108
115\u00a0287
85\u00a0768
76\u00a0880
Total other operating expenses
184\u00a0401
176\u00a0714
Auditor remuneration, excl. of VAT
Fees to the auditor are included in consultancy fees above.
GROUP
PARENT
2025
2024
2025
2024
312
309
Audit services
201
216
156
95
Other attestation Services/CSRD
156
95
7
22
Tax advisory Services
\u2014
5
\u2014
26
Other Non Audit service
\u2014
26
475
451
Total audit fee
356
341
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-252": { "value": "
Note 11: Net financial items
All figures in USD 1 000
GROUP
PARENT
2025
2024
Net financial items
2025
2024
9\u00a0914
11\u00a0079
Interest income
9\u00a0726
11\u00a0150
\u2014
\u2014
Interest income on intercompany loans
3\u00a0524
\u2014
316
40
Interest income on lease receivables
316
40
\u2014
\u2014
Dividend received from group companies
18\u00a0785
10\u00a0830
\u2014
\u2014
Group contribution received from group
companies
1\u00a0096
\u2014
539
58
Other financial income
526
58
10\u00a0769
11\u00a0177
Financial income
33\u00a0973
22\u00a0078
3\u00a0800
3\u00a0514
Interest expenses on lease liabilities
3\u00a0182
2\u00a0958
\u2014
\u2014
Interest expenses on intercompany loans
332
668
8\u00a0027
7\u00a0239
Borrowing interest expense
8\u00a0027
7\u00a0239
2\u00a0205
1\u00a0366
Other financial expense
2\u00a0186
1\u00a0310
14\u00a0029
12\u00a0119
Financial expense
13\u00a0727
12\u00a0176
-6\u00a0939
3\u00a0819
Foreign exchange gain(loss)
-6\u00a0809
4\u00a0022
-347
-260
Share of gain (loss) from joint venture
-347
-260
-10\u00a0545
2\u00a0617
Net financial items
13\u00a0089
13\u00a0665
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-251": { "value": "
Note 11: Net financial items
All figures in USD 1 000
GROUP
PARENT
2025
2024
Net financial items
2025
2024
9\u00a0914
11\u00a0079
Interest income
9\u00a0726
11\u00a0150
\u2014
\u2014
Interest income on intercompany loans
3\u00a0524
\u2014
316
40
Interest income on lease receivables
316
40
\u2014
\u2014
Dividend received from group companies
18\u00a0785
10\u00a0830
\u2014
\u2014
Group contribution received from group
companies
1\u00a0096
\u2014
539
58
Other financial income
526
58
10\u00a0769
11\u00a0177
Financial income
33\u00a0973
22\u00a0078
3\u00a0800
3\u00a0514
Interest expenses on lease liabilities
3\u00a0182
2\u00a0958
\u2014
\u2014
Interest expenses on intercompany loans
332
668
8\u00a0027
7\u00a0239
Borrowing interest expense
8\u00a0027
7\u00a0239
2\u00a0205
1\u00a0366
Other financial expense
2\u00a0186
1\u00a0310
14\u00a0029
12\u00a0119
Financial expense
13\u00a0727
12\u00a0176
-6\u00a0939
3\u00a0819
Foreign exchange gain(loss)
-6\u00a0809
4\u00a0022
-347
-260
Share of gain (loss) from joint venture
-347
-260
-10\u00a0545
2\u00a0617
Net financial items
13\u00a0089
13\u00a0665
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-250": { "value": "
Note 11: Net financial items
All figures in USD 1 000
GROUP
PARENT
2025
2024
Net financial items
2025
2024
9\u00a0914
11\u00a0079
Interest income
9\u00a0726
11\u00a0150
\u2014
\u2014
Interest income on intercompany loans
3\u00a0524
\u2014
316
40
Interest income on lease receivables
316
40
\u2014
\u2014
Dividend received from group companies
18\u00a0785
10\u00a0830
\u2014
\u2014
Group contribution received from group
companies
1\u00a0096
\u2014
539
58
Other financial income
526
58
10\u00a0769
11\u00a0177
Financial income
33\u00a0973
22\u00a0078
3\u00a0800
3\u00a0514
Interest expenses on lease liabilities
3\u00a0182
2\u00a0958
\u2014
\u2014
Interest expenses on intercompany loans
332
668
8\u00a0027
7\u00a0239
Borrowing interest expense
8\u00a0027
7\u00a0239
2\u00a0205
1\u00a0366
Other financial expense
2\u00a0186
1\u00a0310
14\u00a0029
12\u00a0119
Financial expense
13\u00a0727
12\u00a0176
-6\u00a0939
3\u00a0819
Foreign exchange gain(loss)
-6\u00a0809
4\u00a0022
-347
-260
Share of gain (loss) from joint venture
-347
-260
-10\u00a0545
2\u00a0617
Net financial items
13\u00a0089
13\u00a0665
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-249": { "value": "
Note 11: Net financial items
All figures in USD 1 000
GROUP
PARENT
2025
2024
Net financial items
2025
2024
9\u00a0914
11\u00a0079
Interest income
9\u00a0726
11\u00a0150
\u2014
\u2014
Interest income on intercompany loans
3\u00a0524
\u2014
316
40
Interest income on lease receivables
316
40
\u2014
\u2014
Dividend received from group companies
18\u00a0785
10\u00a0830
\u2014
\u2014
Group contribution received from group
companies
1\u00a0096
\u2014
539
58
Other financial income
526
58
10\u00a0769
11\u00a0177
Financial income
33\u00a0973
22\u00a0078
3\u00a0800
3\u00a0514
Interest expenses on lease liabilities
3\u00a0182
2\u00a0958
\u2014
\u2014
Interest expenses on intercompany loans
332
668
8\u00a0027
7\u00a0239
Borrowing interest expense
8\u00a0027
7\u00a0239
2\u00a0205
1\u00a0366
Other financial expense
2\u00a0186
1\u00a0310
14\u00a0029
12\u00a0119
Financial expense
13\u00a0727
12\u00a0176
-6\u00a0939
3\u00a0819
Foreign exchange gain(loss)
-6\u00a0809
4\u00a0022
-347
-260
Share of gain (loss) from joint venture
-347
-260
-10\u00a0545
2\u00a0617
Net financial items
13\u00a0089
13\u00a0665
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-254": { "value": "
Note 12: Tax
All figures in USD 1 000
12.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities which do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 8.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
12.2 Income tax
Income tax expense
GROUP
PARENT
2025
2024
Income tax expense
2025
2024
5\u00a0432
4\u00a0294
Current tax expense
\u2014
251
-9\u00a0172
-8\u00a0979
Change in deferred tax
-8\u00a0207
-8\u00a0358
-3\u00a0740
-4\u00a0685
Total income tax expense (income)
-8\u00a0207
-8\u00a0107
GROUP
PARENT
2025
2024
Net deferred tax recognized in OCI as of 31.12
2025
2024
3
-29
Net gain on actuarial gains and losses
\u2014
-29
3
-29
Total tax expense (income) in OCI
\u2014
-29
Reconciliation of nominal and actual tax expense
GROUP
PARENT
2025
2024
Reconciliation of nominal and actual tax expense
2025
2024
12\u00a0645
-43\u00a0189
Profit before tax
8\u00a0867
-55\u00a0885
2\u00a0782
-9\u00a0502
Computed tax at parent's nominal tax rate of 22%
1\u00a0951
-12\u00a0295
-1\u00a0161
-722
Differences due to different tax rates
\u2014
\u2014
-1\u00a0140
-902
Non taxable income
-5\u00a0498
-2\u00a0443
673
2\u00a0604
Non deductible expenses
81
1\u00a0580
-181
-1\u00a0373
Tax incentives
\u2014
\u2014
206
-170
Adjustment previous years
\u2014
291
\u2014
\u2014
Group contribution
235
\u2014
-5\u00a0333
4\u00a0902
Currency translation differences
-4\u00a0919
4\u00a0760
414
478
Other items
-57
\u2014
-3\u00a0740
-4\u00a0685
Total income tax expense (income)
-8\u00a0207
-8\u00a0107
Net deferred tax presented in the statement of financial
position
GROUP
PARENT
2025
2024
Net deferred tax presented in the statement of
financial position
2025
2024
23\u00a0031
13\u00a0097
Deferred tax assets
20\u00a0903
12\u00a0181
8\u00a0217
\u2014
Deferred tax liabilities
\u2014
\u2014
14\u00a0814
13\u00a0097
Net deferred tax assets as of 31.12
20\u00a0903
12\u00a0181
Deferred tax liabilities is related to recognized intangible assets in connection with the
acquisition of Memfault, see Note 13: Business combinations for details.
Deferred tax on temporary differences
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-253": { "value": "
Note 12: Tax
All figures in USD 1 000
12.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities which do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 8.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
12.2 Income tax
Income tax expense
GROUP
PARENT
2025
2024
Income tax expense
2025
2024
5\u00a0432
4\u00a0294
Current tax expense
\u2014
251
-9\u00a0172
-8\u00a0979
Change in deferred tax
-8\u00a0207
-8\u00a0358
-3\u00a0740
-4\u00a0685
Total income tax expense (income)
-8\u00a0207
-8\u00a0107
GROUP
PARENT
2025
2024
Net deferred tax recognized in OCI as of 31.12
2025
2024
3
-29
Net gain on actuarial gains and losses
\u2014
-29
3
-29
Total tax expense (income) in OCI
\u2014
-29
Reconciliation of nominal and actual tax expense
GROUP
PARENT
2025
2024
Reconciliation of nominal and actual tax expense
2025
2024
12\u00a0645
-43\u00a0189
Profit before tax
8\u00a0867
-55\u00a0885
2\u00a0782
-9\u00a0502
Computed tax at parent's nominal tax rate of 22%
1\u00a0951
-12\u00a0295
-1\u00a0161
-722
Differences due to different tax rates
\u2014
\u2014
-1\u00a0140
-902
Non taxable income
-5\u00a0498
-2\u00a0443
673
2\u00a0604
Non deductible expenses
81
1\u00a0580
-181
-1\u00a0373
Tax incentives
\u2014
\u2014
206
-170
Adjustment previous years
\u2014
291
\u2014
\u2014
Group contribution
235
\u2014
-5\u00a0333
4\u00a0902
Currency translation differences
-4\u00a0919
4\u00a0760
414
478
Other items
-57
\u2014
-3\u00a0740
-4\u00a0685
Total income tax expense (income)
-8\u00a0207
-8\u00a0107
Net deferred tax presented in the statement of financial
position
GROUP
PARENT
2025
2024
Net deferred tax presented in the statement of
financial position
2025
2024
23\u00a0031
13\u00a0097
Deferred tax assets
20\u00a0903
12\u00a0181
8\u00a0217
\u2014
Deferred tax liabilities
\u2014
\u2014
14\u00a0814
13\u00a0097
Net deferred tax assets as of 31.12
20\u00a0903
12\u00a0181
Deferred tax liabilities is related to recognized intangible assets in connection with the
acquisition of Memfault, see Note 13: Business combinations for details.
Deferred tax on temporary differences
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-255": { "value": "
12.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities which do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 8.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-256": { "value": "
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-257": { "value": "
GROUP
Deferred tax
Balance sheet
Income
statement
Other. Comp.
income
31.12.2025
31.12.2024
2025
2024
2025
2024
Inventory
2\u00a0504
2\u00a0593
404
-2\u00a0063
\u2014
\u2014
Fixed Assets
-1\u00a0413
4\u00a0302
-1\u00a0906
-616
\u2014
\u2014
Right-of-use assets
-10\u00a0680
-9\u00a0511
-33
214
\u2014
\u2014
Lease liabilities
11\u00a0388
9\u00a0965
-158
-496
\u2014
\u2014
Social security tax (RSUs)
205
176
-7
-63
\u2014
\u2014
Pension obligation
38
127
102
-51
3
-29
Accruals
1\u00a0699
84
-357
33
\u2014
\u2014
Total assets and liabilities
3\u00a0741
7\u00a0736
-1\u00a0955
-3\u00a0042
3
-29
Gain and loss account
-12
-13
-3
-4
\u2014
\u2014
Items recognized directly in equity
\u2014
\u2014
439
\u2014
\u2014
\u2014
Tax losses carried forward
23\u00a0827
5\u00a0364
-17\u00a0683
-5\u00a0765
\u2014
\u2014
Tax credits carried forward
4\u00a0001
3\u00a0493
\u2014
\u2014
\u2014
\u2014
Currency effect of translation to USD
-1\u00a0543
\u2014
-270
-58
\u2014
\u2014
Other items
-132
-270
-994
-110
\u2014
\u2014
Net deferred tax assets (liabilities)
29\u00a0881
16\u00a0310
-20\u00a0467
-8\u00a0979
3
-29
Deferred tax assets, not recognized
-15\u00a0067
-3\u00a0213
11\u00a0295
\u2014
\u2014
\u2014
Net deferred tax assets (liabilities)
14\u00a0814
13\u00a0097
Changes in deferred tax expense
(income)
-9\u00a0172
-8\u00a0979
3
-29
GROUP
Deductible
temporary
differences
Recognized
deferred
tax assets
Unrecognized
deferred
tax assets
Total
deferred
tax assets
Tax losses carried forward
Norway
69\u00a0742
15\u00a0343
0
15\u00a0343
USA
31\u00a0186
0
8\u00a0484
8\u00a0484
Total tax losses carried forward
100\u00a0928
15\u00a0343
8\u00a0484
23\u00a0827
Tax credits carried forward
Poland
21\u00a0056
416
3\u00a0585
4\u00a0001
Total tax credits carried forward
21\u00a0056
416
3\u00a0585
4\u00a0001
Other tax-deductible temporary
differences
44\u00a0159
7\u00a0272
2\u00a0999
10\u00a0271
Total tax-deductible temporary
differences
166\u00a0143
23\u00a0031
15\u00a0067
38\u00a0099
Netted deferred tax
-36\u00a0811
-8\u00a0217
0
-8\u00a0217
Net tax-deductible temporary
differences
129\u00a0332
14\u00a0814
15\u00a0067
29\u00a0881
The Group has tax losses carried forward of USD 100,928 thousand with no expiry date.
The tax credit carried forward can be carried forward for up to 6 years.
PARENT
Deferred tax
Balance sheet
Income
statement
Other. Comp.
income
31.12.2025
31.12.2024
2025
2024
2025
2024
Inventory
2\u00a0505
2\u00a0593
404
-2\u00a0064
\u2014
\u2014
Fixed assets
3\u00a0625
3\u00a0453
257
-77
\u2014
\u2014
Right-of-use assets
-10\u00a0618
-9\u00a0410
18
127
\u2014
\u2014
Lease liabilities
11\u00a0328
9\u00a0861
-214
-410
\u2014
\u2014
Social security tax (RSUs)
205
176
-7
-64
\u2014
\u2014
Pension obligation
38
127
102
-51
0
-29
Accruals
14
30
19
-19
\u2014
\u2014
Total non-current items
7\u00a0097
6\u00a0830
579
-2\u00a0558
0
-29
Gain and loss account
-12
-13
-3
-3
\u2014
\u2014
Group contribution
\u2014
\u2014
235
\u2014
\u2014
\u2014
Items recognized directly in equity
\u2014
\u2014
439
\u2014
\u2014
\u2014
Tax losses carried forward
15\u00a0343
5\u00a0364
-9\u00a0200
-5\u00a0765
\u2014
\u2014
Currency effect of translation to USD
-1\u00a0525
\u2014
-257
-62
\u2014
\u2014
Other items
\u2014
\u2014
\u2014
30
\u2014
\u2014
Net deferred tax assets (liabilities)
20\u00a0903
12\u00a0181
-8\u00a0207
-8\u00a0358
0
-29
Deferred tax assets, not recognized
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net deferred tax assets (liabilities)
20\u00a0903
12\u00a0181
Changes in deferred tax expense
(income)
-8\u00a0207
-8\u00a0358
0
-29
PARENT
Tax rate of 22%
Deductible
temporary
differences
Recognized
deferred
tax assets
Unrecognized
deferred
tax assets
Total
deferred
tax assets
Tax losses carried forward
69\u00a0742
15\u00a0343
\u2014
15\u00a0343
Other tax-deductible temporary
differences
25\u00a0273
5\u00a0560
\u2014
5\u00a0560
Total tax-deductible temporary
differences
95\u00a0015
20\u00a0903
\u2014
20\u00a0903
Deferred tax liabilities
\u2014
\u2014
\u2014
\u2014
Net tax-deductible temporary
differences
95\u00a0015
20\u00a0903
\u2014
20\u00a0903
Reconciliation of net deferred tax assets
GROUP
PARENT
2025
2024
Reconciliation of net deferred tax assets
2025
2024
13\u00a0097
5\u00a0872
Opening balance as of 1.1
12\u00a0181
4\u00a0948
-8\u00a0195
\u2014
Deferred tax liabilities, acquired
\u2014
\u2014
9\u00a0172
8\u00a0979
Tax expense recognized in the P&L
8\u00a0207
8\u00a0358
-3
29
Tax expense recognized in OCI
\u2014
29
743
-1\u00a0783
Currency effect from translation to USD
516
-1\u00a0154
14\u00a0814
13\u00a0097
Net deferred tax assets (liabilities) as of 31.12
20\u00a0904
12\u00a0181
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-258": { "value": "
Note 13: Business combinations
All figures in USD 1 000
On July 1, 2025, Nordic Semiconductor completed the acquisition of 100% of the shares in Memfault Inc. The acquisition aligns with Nordic's growth strategy, accelerating its position as the
first semiconductor company to offer a complete chip-to-cloud platform that combines world-class hardware, software, and chip-to-cloud services.
In line with the stock exchange announcement, the shareholders of Memfault were offered USD 120 million on a cash- and debt-free basis. The total consideration recognized under IFRS 3
amounted to USD 111.9 million. The difference relates to a share-based remuneration arrangement for the three founders of the company, conditional upon their continued employment
with Nordic Semiconductor for a period of three years following the acquisition. The USD 13.3 million in equity-based payments vest in three tranches and are released annually over the
next three years. The consideration consists of:
Amounts USD thousand
Value
Details of the business combination
Amount settled in cash
111\u00a0926
Total consideration
111\u00a0926
The assets and liabilities recognized as a result of the acquisition are as follows:
Amounts USD thousand
Value
Recognized amounts of identifiable assets
Customer relationships
4\u00a0800
Brand
8\u00a0400
Technology
14\u00a0300
Fixed assets
11
Accounts receivable
541
Other current receivables
511
Cash and cash equivalents
6\u00a0581
Total assets
35\u00a0144
Recognized amounts of identifiable liabilities
Deferred tax liabilities
8\u00a0195
Accounts payable
179
Income taxes payable
58
Public duties
5
Other current liabilities
5\u00a0153
Total liabilities
13\u00a0590
Net identifiable assets and liabilities at fair value
21\u00a0554
Goodwill
90\u00a0372
Total
111\u00a0926
The goodwill is attributable to expected synergies arising from customer and market retention, an enhanced market position, cross-selling opportunities, and the assembled workforce.
Goodwill is not deductible for tax purposes. Acquisition-related transaction costs of USD 2 million were expensed in Q2 2025.
The purchase price allocation is preliminary and may be subject to change as the fair value assessment of identifiable assets and liabilities is finalized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-261": { "value": "
Note 14: Goodwill and intangible assets
All figures in USD 1 000
14.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic monitors Goodwill on an operating segment level
since the group comprises only one operating segment. As
a result, the assessment for impairment of Goodwill is
conducted for the group as a whole. Nordic's approach
involves evaluating fair value rather than value in use.
Upon examining the market value of equity as of
December 31 and comparing it to the book value of equity,
it becomes evident that Goodwill and net operating-
related assets could be sold for an amount significantly
higher than their book values.
Valuation
Value
Market value
2\u00a0642\u00a0189
Book value
679\u00a0587
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology, brand, customer relationships), licenses and
computer software. The assets held by the Group have
finite useful lives determined by the expected usage of the
asset by the entity. The assets are amortized over its
estimated useful life, normally 3-15 years. Other intangible
assets with a indefinite useful life are tested for impairment
whenever there is an indication that their carrying amounts
may not be recoverable.
14.2 Significant accounting judgments
and critical estimates
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgment by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place.
A key factor in management judgment is whether a
product design meets specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product, and its
market share. The Group evaluates these criteria in relation
to each specific project. Projects related to new product
developments are generally more difficult to substantiate
than projects in which the company has more experience.
Before mass production, the company does extensive
testing on the products to evaluate their quality and
functionality and sends prototype samples to customers.
The expected period of benefits is also dependent on the
future technological development in the market.
14.3 Goodwill and intangible assets
GROUP
2025
Software and other
intangible assets
Capitalized
development
expenses
Goodwill
Customer
relationships
Brand
Technology
Total
Acquisition cost
Opening balance
46\u00a0988
98\u00a0331
10\u00a0880
\u2014
\u2014
\u2014
156\u00a0200
Additions
21\u00a0508
15\u00a0628
90\u00a0372
\u2014
\u2014
\u2014
127\u00a0509
Additions from business combinations
\u2014
\u2014
\u2014
4\u00a0800
8\u00a0400
14\u00a0300
27\u00a0500
Currency translation differences
-145
\u2014
58
\u2014
\u2014
\u2014
-87
Acquisition cost as of 31.12
68\u00a0351
113\u00a0959
101\u00a0310
4\u00a0800
8\u00a0400
14\u00a0300
311\u00a0121
Accumulated amortization
Opening balance
33\u00a0226
48\u00a0255
\u2014
\u2014
\u2014
\u2014
81\u00a0481
Amortization expenses
8\u00a0009
10\u00a0797
\u2014
229
\u2014
461
19\u00a0496
Impairment expenses
\u2014
2\u00a0003
\u2014
\u2014
\u2014
\u2014
2\u00a0003
Currency translation differences
-177
\u2014
\u2014
\u2014
\u2014
\u2014
-177
Accumulated amortization and impairment as
of 31.12
41\u00a0058
61\u00a0056
\u2014
229
\u2014
461
102\u00a0803
Net carrying value as of 31.12
27\u00a0293
52\u00a0903
101\u00a0310
4\u00a0571
8\u00a0400
13\u00a0839
208\u00a0316
Estimated useful life
3 - 10 years
1 - 5 years
Indefinite
10 years
Indefinite
15 years
Depreciation method
Straight-line
Straight-line
NA
Straight-line
NA
Straight-line
PARENT
2025
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
42\u00a0599
98\u00a0331
249
141\u00a0179
Additions
21\u00a0348
15\u00a0628
\u2014
36\u00a0976
Additions from business combinations
\u2014
\u2014
\u2014
\u2014
Acquisition cost as of 31.12
63\u00a0947
113\u00a0959
249
178\u00a0155
Accumulated amortization
Opening balance
29\u00a0989
48\u00a0255
\u2014
78\u00a0244
Amortization expenses
7\u00a0329
10\u00a0797
\u2014
18\u00a0126
Impairment expenses
\u2014
2\u00a0003
\u2014
2\u00a0003
Accumulated amortization and impairment as of 31.12
37\u00a0318
61\u00a0056
\u2014
98\u00a0374
Net carrying value as of 31.12
26\u00a0630
52\u00a0903
249
79\u00a0782
Estimated useful life
3 - 10 years
1 - 5 years
Indefinite
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
133\u00a0615
Personnel expenses
57\u00a0708
42\u00a0733
Other operating expenses
33\u00a0979
176\u00a0349
Total cost recognized in income statement
91\u00a0687
191\u00a0977
Total cost for R&D (incl. capitalized development cost)
107\u00a0315
GROUP
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
44\u00a0731
78\u00a0988
10\u00a0891
134\u00a0611
Additions
2\u00a0257
19\u00a0343
\u2014
21\u00a0600
Currency translation differences
\u2014
\u2014
-11
-11
Acquisition cost as of 31.12
46\u00a0988
98\u00a0331
10\u00a0880
156\u00a0200
Accumulated depreciation
Opening balance
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Amortization expenses
7\u00a0203
8\u00a0205
\u2014
15\u00a0408
Impairment expenses
431
\u2014
\u2014
431
Currency translation differences
-77
\u2014
\u2014
-77
Accumulated amortization as of 31.12
33\u00a0226
48\u00a0255
\u2014
81\u00a0482
Net carrying value as of 31.12
13\u00a0762
50\u00a0076
10\u00a0880
74\u00a0718
PARENT
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
40\u00a0217
78\u00a0988
249
119\u00a0454
Additions
2\u00a0381
19\u00a0343
\u2014
21\u00a0723
Acquisition cost as of 31.12
42\u00a0599
98\u00a0331
249
141\u00a0177
Accumulated depreciation
Opening balance
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Amortization expenses
6\u00a0349
8\u00a0205
\u2014
14\u00a0554
Impairment expenses
431
\u2014
\u2014
431
Accumulated amortization as of 31.12
29\u00a0989
48\u00a0255
\u2014
78\u00a0244
Net carrying value as of 31.12
12\u00a0610
50\u00a0076
249
62\u00a0936
Estimated useful life
3 - 10 years
1 - 5 years
Indefinite
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
107\u00a0661
Personnel expenses
45\u00a0641
39\u00a0722
Other operating expenses
33\u00a0075
147\u00a0384
Total cost recognized in income statement
78\u00a0715
166\u00a0727
Total cost for R&D (incl. capitalized development cost)
98\u00a0058
Impairment of intangible assets
The asset group Capitalized development expenses is impaired during the current reporting period, resulting in an impairment loss of USD 2.0m. There have been no indications of possible
impairment related to other intangible assets.
Change in estimate with respect to useful life
The useful life of the intangible assets has been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-260": { "value": "
Note 14: Goodwill and intangible assets
All figures in USD 1 000
14.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic monitors Goodwill on an operating segment level
since the group comprises only one operating segment. As
a result, the assessment for impairment of Goodwill is
conducted for the group as a whole. Nordic's approach
involves evaluating fair value rather than value in use.
Upon examining the market value of equity as of
December 31 and comparing it to the book value of equity,
it becomes evident that Goodwill and net operating-
related assets could be sold for an amount significantly
higher than their book values.
Valuation
Value
Market value
2\u00a0642\u00a0189
Book value
679\u00a0587
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology, brand, customer relationships), licenses and
computer software. The assets held by the Group have
finite useful lives determined by the expected usage of the
asset by the entity. The assets are amortized over its
estimated useful life, normally 3-15 years. Other intangible
assets with a indefinite useful life are tested for impairment
whenever there is an indication that their carrying amounts
may not be recoverable.
14.2 Significant accounting judgments
and critical estimates
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgment by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place.
A key factor in management judgment is whether a
product design meets specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product, and its
market share. The Group evaluates these criteria in relation
to each specific project. Projects related to new product
developments are generally more difficult to substantiate
than projects in which the company has more experience.
Before mass production, the company does extensive
testing on the products to evaluate their quality and
functionality and sends prototype samples to customers.
The expected period of benefits is also dependent on the
future technological development in the market.
14.3 Goodwill and intangible assets
GROUP
2025
Software and other
intangible assets
Capitalized
development
expenses
Goodwill
Customer
relationships
Brand
Technology
Total
Acquisition cost
Opening balance
46\u00a0988
98\u00a0331
10\u00a0880
\u2014
\u2014
\u2014
156\u00a0200
Additions
21\u00a0508
15\u00a0628
90\u00a0372
\u2014
\u2014
\u2014
127\u00a0509
Additions from business combinations
\u2014
\u2014
\u2014
4\u00a0800
8\u00a0400
14\u00a0300
27\u00a0500
Currency translation differences
-145
\u2014
58
\u2014
\u2014
\u2014
-87
Acquisition cost as of 31.12
68\u00a0351
113\u00a0959
101\u00a0310
4\u00a0800
8\u00a0400
14\u00a0300
311\u00a0121
Accumulated amortization
Opening balance
33\u00a0226
48\u00a0255
\u2014
\u2014
\u2014
\u2014
81\u00a0481
Amortization expenses
8\u00a0009
10\u00a0797
\u2014
229
\u2014
461
19\u00a0496
Impairment expenses
\u2014
2\u00a0003
\u2014
\u2014
\u2014
\u2014
2\u00a0003
Currency translation differences
-177
\u2014
\u2014
\u2014
\u2014
\u2014
-177
Accumulated amortization and impairment as
of 31.12
41\u00a0058
61\u00a0056
\u2014
229
\u2014
461
102\u00a0803
Net carrying value as of 31.12
27\u00a0293
52\u00a0903
101\u00a0310
4\u00a0571
8\u00a0400
13\u00a0839
208\u00a0316
Estimated useful life
3 - 10 years
1 - 5 years
Indefinite
10 years
Indefinite
15 years
Depreciation method
Straight-line
Straight-line
NA
Straight-line
NA
Straight-line
PARENT
2025
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
42\u00a0599
98\u00a0331
249
141\u00a0179
Additions
21\u00a0348
15\u00a0628
\u2014
36\u00a0976
Additions from business combinations
\u2014
\u2014
\u2014
\u2014
Acquisition cost as of 31.12
63\u00a0947
113\u00a0959
249
178\u00a0155
Accumulated amortization
Opening balance
29\u00a0989
48\u00a0255
\u2014
78\u00a0244
Amortization expenses
7\u00a0329
10\u00a0797
\u2014
18\u00a0126
Impairment expenses
\u2014
2\u00a0003
\u2014
2\u00a0003
Accumulated amortization and impairment as of 31.12
37\u00a0318
61\u00a0056
\u2014
98\u00a0374
Net carrying value as of 31.12
26\u00a0630
52\u00a0903
249
79\u00a0782
Estimated useful life
3 - 10 years
1 - 5 years
Indefinite
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
133\u00a0615
Personnel expenses
57\u00a0708
42\u00a0733
Other operating expenses
33\u00a0979
176\u00a0349
Total cost recognized in income statement
91\u00a0687
191\u00a0977
Total cost for R&D (incl. capitalized development cost)
107\u00a0315
GROUP
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
44\u00a0731
78\u00a0988
10\u00a0891
134\u00a0611
Additions
2\u00a0257
19\u00a0343
\u2014
21\u00a0600
Currency translation differences
\u2014
\u2014
-11
-11
Acquisition cost as of 31.12
46\u00a0988
98\u00a0331
10\u00a0880
156\u00a0200
Accumulated depreciation
Opening balance
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Amortization expenses
7\u00a0203
8\u00a0205
\u2014
15\u00a0408
Impairment expenses
431
\u2014
\u2014
431
Currency translation differences
-77
\u2014
\u2014
-77
Accumulated amortization as of 31.12
33\u00a0226
48\u00a0255
\u2014
81\u00a0482
Net carrying value as of 31.12
13\u00a0762
50\u00a0076
10\u00a0880
74\u00a0718
PARENT
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
40\u00a0217
78\u00a0988
249
119\u00a0454
Additions
2\u00a0381
19\u00a0343
\u2014
21\u00a0723
Acquisition cost as of 31.12
42\u00a0599
98\u00a0331
249
141\u00a0177
Accumulated depreciation
Opening balance
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Amortization expenses
6\u00a0349
8\u00a0205
\u2014
14\u00a0554
Impairment expenses
431
\u2014
\u2014
431
Accumulated amortization as of 31.12
29\u00a0989
48\u00a0255
\u2014
78\u00a0244
Net carrying value as of 31.12
12\u00a0610
50\u00a0076
249
62\u00a0936
Estimated useful life
3 - 10 years
1 - 5 years
Indefinite
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
107\u00a0661
Personnel expenses
45\u00a0641
39\u00a0722
Other operating expenses
33\u00a0075
147\u00a0384
Total cost recognized in income statement
78\u00a0715
166\u00a0727
Total cost for R&D (incl. capitalized development cost)
98\u00a0058
Impairment of intangible assets
The asset group Capitalized development expenses is impaired during the current reporting period, resulting in an impairment loss of USD 2.0m. There have been no indications of possible
impairment related to other intangible assets.
Change in estimate with respect to useful life
The useful life of the intangible assets has been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-259": { "value": "
Note 14: Goodwill and intangible assets
All figures in USD 1 000
14.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic monitors Goodwill on an operating segment level
since the group comprises only one operating segment. As
a result, the assessment for impairment of Goodwill is
conducted for the group as a whole. Nordic's approach
involves evaluating fair value rather than value in use.
Upon examining the market value of equity as of
December 31 and comparing it to the book value of equity,
it becomes evident that Goodwill and net operating-
related assets could be sold for an amount significantly
higher than their book values.
Valuation
Value
Market value
2\u00a0642\u00a0189
Book value
679\u00a0587
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology, brand, customer relationships), licenses and
computer software. The assets held by the Group have
finite useful lives determined by the expected usage of the
asset by the entity. The assets are amortized over its
estimated useful life, normally 3-15 years. Other intangible
assets with a indefinite useful life are tested for impairment
whenever there is an indication that their carrying amounts
may not be recoverable.
14.2 Significant accounting judgments
and critical estimates
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgment by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place.
A key factor in management judgment is whether a
product design meets specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product, and its
market share. The Group evaluates these criteria in relation
to each specific project. Projects related to new product
developments are generally more difficult to substantiate
than projects in which the company has more experience.
Before mass production, the company does extensive
testing on the products to evaluate their quality and
functionality and sends prototype samples to customers.
The expected period of benefits is also dependent on the
future technological development in the market.
14.3 Goodwill and intangible assets
GROUP
2025
Software and other
intangible assets
Capitalized
development
expenses
Goodwill
Customer
relationships
Brand
Technology
Total
Acquisition cost
Opening balance
46\u00a0988
98\u00a0331
10\u00a0880
\u2014
\u2014
\u2014
156\u00a0200
Additions
21\u00a0508
15\u00a0628
90\u00a0372
\u2014
\u2014
\u2014
127\u00a0509
Additions from business combinations
\u2014
\u2014
\u2014
4\u00a0800
8\u00a0400
14\u00a0300
27\u00a0500
Currency translation differences
-145
\u2014
58
\u2014
\u2014
\u2014
-87
Acquisition cost as of 31.12
68\u00a0351
113\u00a0959
101\u00a0310
4\u00a0800
8\u00a0400
14\u00a0300
311\u00a0121
Accumulated amortization
Opening balance
33\u00a0226
48\u00a0255
\u2014
\u2014
\u2014
\u2014
81\u00a0481
Amortization expenses
8\u00a0009
10\u00a0797
\u2014
229
\u2014
461
19\u00a0496
Impairment expenses
\u2014
2\u00a0003
\u2014
\u2014
\u2014
\u2014
2\u00a0003
Currency translation differences
-177
\u2014
\u2014
\u2014
\u2014
\u2014
-177
Accumulated amortization and impairment as
of 31.12
41\u00a0058
61\u00a0056
\u2014
229
\u2014
461
102\u00a0803
Net carrying value as of 31.12
27\u00a0293
52\u00a0903
101\u00a0310
4\u00a0571
8\u00a0400
13\u00a0839
208\u00a0316
Estimated useful life
3 - 10 years
1 - 5 years
Indefinite
10 years
Indefinite
15 years
Depreciation method
Straight-line
Straight-line
NA
Straight-line
NA
Straight-line
PARENT
2025
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
42\u00a0599
98\u00a0331
249
141\u00a0179
Additions
21\u00a0348
15\u00a0628
\u2014
36\u00a0976
Additions from business combinations
\u2014
\u2014
\u2014
\u2014
Acquisition cost as of 31.12
63\u00a0947
113\u00a0959
249
178\u00a0155
Accumulated amortization
Opening balance
29\u00a0989
48\u00a0255
\u2014
78\u00a0244
Amortization expenses
7\u00a0329
10\u00a0797
\u2014
18\u00a0126
Impairment expenses
\u2014
2\u00a0003
\u2014
2\u00a0003
Accumulated amortization and impairment as of 31.12
37\u00a0318
61\u00a0056
\u2014
98\u00a0374
Net carrying value as of 31.12
26\u00a0630
52\u00a0903
249
79\u00a0782
Estimated useful life
3 - 10 years
1 - 5 years
Indefinite
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
133\u00a0615
Personnel expenses
57\u00a0708
42\u00a0733
Other operating expenses
33\u00a0979
176\u00a0349
Total cost recognized in income statement
91\u00a0687
191\u00a0977
Total cost for R&D (incl. capitalized development cost)
107\u00a0315
GROUP
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
44\u00a0731
78\u00a0988
10\u00a0891
134\u00a0611
Additions
2\u00a0257
19\u00a0343
\u2014
21\u00a0600
Currency translation differences
\u2014
\u2014
-11
-11
Acquisition cost as of 31.12
46\u00a0988
98\u00a0331
10\u00a0880
156\u00a0200
Accumulated depreciation
Opening balance
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Amortization expenses
7\u00a0203
8\u00a0205
\u2014
15\u00a0408
Impairment expenses
431
\u2014
\u2014
431
Currency translation differences
-77
\u2014
\u2014
-77
Accumulated amortization as of 31.12
33\u00a0226
48\u00a0255
\u2014
81\u00a0482
Net carrying value as of 31.12
13\u00a0762
50\u00a0076
10\u00a0880
74\u00a0718
PARENT
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
40\u00a0217
78\u00a0988
249
119\u00a0454
Additions
2\u00a0381
19\u00a0343
\u2014
21\u00a0723
Acquisition cost as of 31.12
42\u00a0599
98\u00a0331
249
141\u00a0177
Accumulated depreciation
Opening balance
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Amortization expenses
6\u00a0349
8\u00a0205
\u2014
14\u00a0554
Impairment expenses
431
\u2014
\u2014
431
Accumulated amortization as of 31.12
29\u00a0989
48\u00a0255
\u2014
78\u00a0244
Net carrying value as of 31.12
12\u00a0610
50\u00a0076
249
62\u00a0936
Estimated useful life
3 - 10 years
1 - 5 years
Indefinite
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
107\u00a0661
Personnel expenses
45\u00a0641
39\u00a0722
Other operating expenses
33\u00a0075
147\u00a0384
Total cost recognized in income statement
78\u00a0715
166\u00a0727
Total cost for R&D (incl. capitalized development cost)
98\u00a0058
Impairment of intangible assets
The asset group Capitalized development expenses is impaired during the current reporting period, resulting in an impairment loss of USD 2.0m. There have been no indications of possible
impairment related to other intangible assets.
Change in estimate with respect to useful life
The useful life of the intangible assets has been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-262": { "value": "
14.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic monitors Goodwill on an operating segment level
since the group comprises only one operating segment. As
a result, the assessment for impairment of Goodwill is
conducted for the group as a whole. Nordic's approach
involves evaluating fair value rather than value in use.
Upon examining the market value of equity as of
December 31 and comparing it to the book value of equity,
it becomes evident that Goodwill and net operating-
related assets could be sold for an amount significantly
higher than their book values.
Valuation
Value
Market value
2\u00a0642\u00a0189
Book value
679\u00a0587
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology, brand, customer relationships), licenses and
computer software. The assets held by the Group have
finite useful lives determined by the expected usage of the
asset by the entity. The assets are amortized over its
estimated useful life, normally 3-15 years. Other intangible
assets with a indefinite useful life are tested for impairment
whenever there is an indication that their carrying amounts
may not be recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-263": { "value": "
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-264": { "value": "
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology, brand, customer relationships), licenses and
computer software. The assets held by the Group have
finite useful lives determined by the expected usage of the
asset by the entity. The assets are amortized over its
estimated useful life, normally 3-15 years. Other intangible
assets with a indefinite useful life are tested for impairment
whenever there is an indication that their carrying amounts
may not be recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-265": { "value": "
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology, brand, customer relationships), licenses and
computer software. The assets held by the Group have
finite useful lives determined by the expected usage of the
asset by the entity. The assets are amortized over its
estimated useful life, normally 3-15 years. Other intangible
assets with a indefinite useful life are tested for impairment
whenever there is an indication that their carrying amounts
may not be recoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-266": { "value": "
GROUP
R&D expenses:
PARENT
133\u00a0615
Personnel expenses
57\u00a0708
42\u00a0733
Other operating expenses
33\u00a0979
176\u00a0349
Total cost recognized in income statement
91\u00a0687
191\u00a0977
Total cost for R&D (incl. capitalized development cost)
107\u00a0315
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-267": { "value": "
Note 15: Fixed assets
All figures in USD 1 000
15.1 Accounting policies
Property, plant, and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over their
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual values and useful lives are reviewed annually.
At the end of each reporting period, the Group assesses whether there is any indication
that a fixed asset may be impaired. The recoverable amount of the fixed asset are
normally estimated on a stand-alone basis.
15.2 Fixed assets
GROUP
2025
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
48\u00a0378
52\u00a0913
6\u00a0977
333
108\u00a0600
Additions
3\u00a0398
13\u00a0599
1\u00a0032
1\u00a0311
19\u00a0341
Currency translation differences
2\u00a0226
268
230
\u2014
2\u00a0724
Acquisition cost as of 31.12
54\u00a0002
66\u00a0780
8\u00a0239
1\u00a0644
130\u00a0666
Opening balance
39\u00a0426
42\u00a0636
4\u00a0584
\u2014
86\u00a0646
Depreciation expenses
7\u00a0023
5\u00a0944
997
\u2014
13\u00a0964
Currency translation differences
770
394
86
\u2014
1\u00a0250
Accumulated depreciation as of 31.12
47\u00a0219
48\u00a0974
5\u00a0667
\u2014
101\u00a0860
Net carrying value as of 31.12
6\u00a0783
17\u00a0806
2\u00a0572
1\u00a0644
28\u00a0805
PARENT
2025
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
23\u00a0009
48\u00a0342
3\u00a0585
333
75\u00a0269
Additions
793
13\u00a0364
685
1\u00a0311
16\u00a0153
Acquisition cost as of 31.12
23\u00a0801
61\u00a0706
4\u00a0270
1\u00a0644
91\u00a0421
Opening balance
18\u00a0262
39\u00a0448
2\u00a0405
\u2014
60\u00a0115
Depreciation expenses
2\u00a0249
5\u00a0563
391
\u2014
8\u00a0203
Accumulated depreciation as of 31.12
20\u00a0511
45\u00a0011
2\u00a0796
\u2014
68\u00a0318
Net carrying value as of 31.12
3\u00a0290
16\u00a0695
1\u00a0474
1\u00a0644
23\u00a0103
GROUP
2024
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
46\u00a0687
49\u00a0703
6\u00a0858
333
103\u00a0581
Additions
2\u00a0003
3\u00a0209
199
\u2014
5\u00a0411
Disposals
-312
\u2014
-80
\u2014
-392
Acquisition cost as of 31.12
48\u00a0378
52\u00a0913
6\u00a0977
333
108\u00a0600
Opening balance
33\u00a0436
37\u00a0393
3\u00a0656
\u2014
74\u00a0485
Depreciation expenses
7\u00a0409
5\u00a0911
1\u00a0062
\u2014
14\u00a0382
Currency translation differences
-1\u00a0217
-668
-69
\u2014
-1\u00a0954
Accumulated depreciation as of 31.12
39\u00a0426
42\u00a0636
4\u00a0584
\u2014
86\u00a0646
Net carrying value as of 31.12
8\u00a0952
10\u00a0278
2\u00a0393
333
21\u00a0955
PARENT
2024
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
21\u00a0177
45\u00a0080
3\u00a0578
333
70\u00a0168
Additions
1\u00a0832
3\u00a0929
86
\u2014
5\u00a0847
Disposals
\u2014
-487
-80
\u2014
-566
Acquisition cost as of 31.12
23\u00a0009
48\u00a0518
3\u00a0585
333
75\u00a0444
Opening balance
15\u00a0724
33\u00a0873
2\u00a0074
\u2014
51\u00a0671
Depreciation expenses
2\u00a0538
5\u00a0701
395
\u2014
8\u00a0635
Disposals
\u2014
-126
-65
\u2014
-190
Accumulated depreciation as of 31.12
18\u00a0262
39\u00a0448
2\u00a0405
0
60\u00a0116
Net carrying value as of 31.12
4\u00a0746
9\u00a0070
1\u00a0180
333
15\u00a0329
GROUP AND PARENT
Estimated useful life
3 - 5 years
3 - 5 years
5 years
Depreciation method
Straight-line
Straight-line
Straight-line
No depreciation
Total depreciation expenses consist of depreciation of fixed assets and depreciation of
intangible assets (Note 14: Goodwill and intangible assets).
Non-depreciable property assets:
The parent company has an apartment in Trondheim for use by employees in the Oslo
office while in Trondheim. The apartment is assessed at acquisition cost. The residual value
is expected to be at least equal to the carrying amount.
Scrapped capital assets
All capital assets that are ready to be scrapped have been fully depreciated and have no
residual book value.
Impairment
There have been no indications of possible impairment related to fixed assets during the
current reporting period.
Change in estimate with respect to useful life
The useful life of the fixed assets has been reviewed during the year. Management has
evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-268": { "value": "
15.1 Accounting policies
Property, plant, and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over their
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual values and useful lives are reviewed annually.
At the end of each reporting period, the Group assesses whether there is any indication
that a fixed asset may be impaired. The recoverable amount of the fixed asset are
normally estimated on a stand-alone basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-269": { "value": "
Note 16: Leases
All figures in USD 1 000.
16.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date, less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assesses whether there is any indication
that an RoU asset may be impaired.
Sub-leases
A sublease, where the Group is a lessor, could either be classified as an operational or
finance lease.
Finance lease is applicable for the Group because:
\u25a0The lease term of the sublease is for the major pat of the head lease, and
\u25a0Risk and reward for the subleased space have been transferred to the sub lessee over
the remaining time of the head lease.
The right-of-use asset of the head lease is derecognized equal to the present value of sub-
lease and the Group presents the net investment in the lease as an \"other long-term asset\".
The Group uses the discount rate used for the head lease to measure the net investment in
the sublease.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments), less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as the subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments), or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis and refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
16.2 Leases
The Group is a lessee and has entered into agreements to lease office space, office
equipment and machinery.
The Group's office leases range between 1 to 12 years. Equipment and machinery leases
range between 1 to 4 years.
There are no leases with variable lease payments, other than lease payments linked to a
consumer price index.
Extension and termination options are included in a number of property and equipment
leases across the Group. These are used to maximize operational flexibility in terms of
managing the assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not by the respective
lessor. In calculating lease liability, the option to extend the lease term of the lease has not
been included. The Group could replace the lease assets without significant cost or
business disruption.
The Group also has certain leases with lease terms of 12 months or less and leases with
low value. The Group applies the \"short-term lease\" and \"lease of low-value assets\"
recognition exemptions for these leases.
Leasing activities
In 2025, the following legal entities renegotiated their obligations to existing
office\u00a0locations:
\u25a0In 2025, Nordic Semiconductor ASA exercised the option to transfer addition office
space in Trondheim, with a commencement date of April 1, 2025. The office space is
subleased from these dates on the same terms as the head lease. In addition, Nordic
Semiconductor ASA exercised an option under its existing data center housing
agreement, extending the contracted data center space through an increase in the
number of racks.\u00a0
\u25a0Nordic Semiconductor Finland Oy exercised the option to extend the office lease for
another 2.5 years.
\u25a0Nordic Semiconductor (Philippines) Inc exercised the option to extend the office lease
for another 3 years.
\u25a0Nordic Semiconductor (Shenzhen) Limited exercised the option to extend the office
lease for another 6 months.
In 2025, the following legal entities entered into office rental agreements for new\u00a0locations:
\u25a0Nordic Semiconductor Poland Sp. Z.o.o. entered into a new office rental agreement
with a commencement date of May 5, 2025 which replaced a previously exercised
rental agreement.
\u25a0Nordic Semiconductor South Korea Ltd entered into a new rental agreement with a
commencement date of August 1, 2025 which replaced a previously exercised rental
agreement.\u00a0
\u25a0Nordic Semiconductor Inc signed an office rental agreement with a commencement
date of April 1, 2025 and an data center housing agreement with a commencement
date of January 5, 2025
\u25a0Nordic Semiconductor (Philippines) Inc signed an office rental agreement with a\u00a0
commencement date of January 7, 2025.\u00a0
\u25a0Memfault Inc signed an office rental agreement with a commencement date of January
5, 2026.\u00a0
Contractual cash flow of leases
Below is the expected contractual cash flow of leases not reflected in the measurement of
lease liabilities as of December 31, 2025 (commencement date after balance sheet date).
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
631
256
263
111
Office equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
631
256
263
111
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
\u2014
\u2014
\u2014
\u2014
Office equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
\u2014
\u2014
\u2014
\u2014
Minimum lease payments payable on leases are presented in note 28.
Below is the expected contractual cash flow of subleasing.
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Lease payments
receivables
6\u00a0436
8\u00a0203
980
5\u00a0277
1\u00a0945
Total
6\u00a0436
8\u00a0203
980
5\u00a0277
1\u00a0945
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Lease payments
receivables
6\u00a0436
8\u00a0203
980
5\u00a0277
1\u00a0945
Total
6\u00a0436
8\u00a0203
980
5\u00a0277
1\u00a0945
Amounts recognized in the balance sheet:
Right-of-use assets
GROUP
2025
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
91\u00a0274
370
91\u00a0644
Additions
1\u00a0470
\u2014
1\u00a0470
Adjustments
7\u00a0452
\u2014
7\u00a0452
Net investment in the lease
-3\u00a0595
\u2014
-3\u00a0595
Acquisition cost as of 31.12
96\u00a0601
370
96\u00a0971
Accumulated depreciation and impairment
Opening balance
39\u00a0187
74
39\u00a0261
Depreciation expenses
8\u00a0709
74
8\u00a0784
Currency translation differences
-733
\u2014
-733
Accumulated depreciation and impairment as of 31.12
47\u00a0163
148
47\u00a0312
Net carrying value as of 31.12
49\u00a0437
222
49\u00a0660
PARENT
2025
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
64\u00a0989
370
65\u00a0360
Additions
240
\u2014
240
Adjustments
4\u00a0591
\u2014
4\u00a0591
Net investment in the lease
-3\u00a0595
\u2014
-3\u00a0595
Acquisition cost as of 31.12
66\u00a0225
370
66\u00a0596
Accumulated depreciation and impairment
Opening balance
21\u00a0998
74
22\u00a0072
Depreciation expenses
4\u00a0405
74
4\u00a0479
Accumulated depreciation and impairment as of 31.12
26\u00a0403
148
26\u00a0551
Net carrying value as of 31.12
39\u00a0822
222
40\u00a0045
GROUP
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
83\u00a0580
\u2014
83\u00a0580
Additions
5\u00a0488
370
5\u00a0858
Adjustments
5\u00a0042
\u2014
5\u00a0042
Net investment in the lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
91\u00a0274
370
91\u00a0645
Accumulated depreciation and impairment
Opening balance
28\u00a0910
\u2014
28\u00a0910
Depreciation expenses
8\u00a0960
74
9\u00a0034
Impairment expenses
1\u00a0318
\u2014
1\u00a0318
Accumulated depreciation and impairment as of 31.12
39\u00a0187
74
39\u00a0261
Net carrying value as of 31.12
52\u00a0062
296
52\u00a0358
PARENT
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
63\u00a0250
\u2014
63\u00a0250
Additions
36
370
407
Adjustments
4\u00a0538
\u2014
4\u00a0538
Net investment in the lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
64\u00a0989
370
65\u00a0360
Accumulated depreciation and impairment
Opening balance
17\u00a0724
\u2014
17\u00a0724
Depreciation expenses
4\u00a0274
74
4\u00a0348
Accumulated depreciation and impairment as of 31.12
21\u00a0998
74
22\u00a0072
Net carrying value as of 31.12
42\u00a0991
296
43\u00a0288
Impairment
No indication of impairment was identified during the year, and accordingly, no impairment expenses was recognized.
Lease payment receivables:
Below is the carrying amount of lease payment receivables (from subleasing) and the
movements during the period.
GROUP
PARENT
2\u00a0699
Lease payment receivables as of 1 January 2025
2\u00a0699
-670
Lease payments
-670
3\u00a0595
Acquisitions and adjustments
3\u00a0595
316
Interest
316
497
Foreign exchange adjustments
497
6\u00a0436
Lease payment receivables\u00a0 as of 31 December 2025
6\u00a0436
Below is the disclosure of financial position from lease receivables.
GROUP
PARENT
2025
2024
Lease receivables
2025
2024
923
341
Current
923
341
5\u00a0513
2\u00a0358
Non-Current
5\u00a0513
2\u00a0358
6\u00a0436
2\u00a0699
Total lease receivables
6\u00a0436
2\u00a0699
Lease liabilities
Below is the disclosure of financial position from lease liabilities.
GROUP
PARENT
2025
2024
Lease liabilities
2025
2024
12\u00a0408
10\u00a0360
Current
7\u00a0430
5\u00a0865
50\u00a0813
45\u00a0752
Non-Current
44\u00a0063
38\u00a0957
63\u00a0221
56\u00a0112
Total lease liabilities
51\u00a0493
44\u00a0822
Below is the carrying amount of lease liabilities and the movements during the period.
GROUP
PARENT
56\u00a0112
Net liabilities as of 1 January 2025
44\u00a0821
-12\u00a0324
Lease payments
-7\u00a0112
8\u00a0922
Acquisitions and adjustments
4\u00a0831
\u2014
Disposals
\u2014
3\u00a0800
Interest
3\u00a0182
6\u00a0711
Foreign exchange adjustments
5\u00a0771
63\u00a0221
Net liabilities as of 31 December 2025
51\u00a0493
Other items
Below is the disclosure of other items from operational leases and subleasing:
GROUP
PARENT
2025
2024
Other items from operational leases and
subleasing
2025
2024
677
59
Income from subleasing right-of-use assets
677
59
316
27
Interest income from net investment in finance
leases
316
27
993
86
Total items from subleasing
993
86
365
397
Expenses relating to short-term leases
\u2014
75
451
932
Expenses relating to leases of low-value assets
161
269
3\u00a0800
3\u00a0555
Interest expense on lease liabilities
3\u00a0182
2\u00a0958
4\u00a0616
4\u00a0884
Total items from operational leases
3\u00a0343
3\u00a0302
12\u00a0463
12\u00a0148
The total cash outflow for leases
6\u00a0596
6\u00a0314
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-270": { "value": "
16.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date, less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assesses whether there is any indication
that an RoU asset may be impaired.
Sub-leases
A sublease, where the Group is a lessor, could either be classified as an operational or
finance lease.
Finance lease is applicable for the Group because:
\u25a0The lease term of the sublease is for the major pat of the head lease, and
\u25a0Risk and reward for the subleased space have been transferred to the sub lessee over
the remaining time of the head lease.
The right-of-use asset of the head lease is derecognized equal to the present value of sub-
lease and the Group presents the net investment in the lease as an \"other long-term asset\".
The Group uses the discount rate used for the head lease to measure the net investment in
the sublease.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments), less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as the subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments), or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis and refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-271": { "value": "
Right-of-use assets
GROUP
2025
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
91\u00a0274
370
91\u00a0644
Additions
1\u00a0470
\u2014
1\u00a0470
Adjustments
7\u00a0452
\u2014
7\u00a0452
Net investment in the lease
-3\u00a0595
\u2014
-3\u00a0595
Acquisition cost as of 31.12
96\u00a0601
370
96\u00a0971
Accumulated depreciation and impairment
Opening balance
39\u00a0187
74
39\u00a0261
Depreciation expenses
8\u00a0709
74
8\u00a0784
Currency translation differences
-733
\u2014
-733
Accumulated depreciation and impairment as of 31.12
47\u00a0163
148
47\u00a0312
Net carrying value as of 31.12
49\u00a0437
222
49\u00a0660
PARENT
2025
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
64\u00a0989
370
65\u00a0360
Additions
240
\u2014
240
Adjustments
4\u00a0591
\u2014
4\u00a0591
Net investment in the lease
-3\u00a0595
\u2014
-3\u00a0595
Acquisition cost as of 31.12
66\u00a0225
370
66\u00a0596
Accumulated depreciation and impairment
Opening balance
21\u00a0998
74
22\u00a0072
Depreciation expenses
4\u00a0405
74
4\u00a0479
Accumulated depreciation and impairment as of 31.12
26\u00a0403
148
26\u00a0551
Net carrying value as of 31.12
39\u00a0822
222
40\u00a0045
GROUP
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
83\u00a0580
\u2014
83\u00a0580
Additions
5\u00a0488
370
5\u00a0858
Adjustments
5\u00a0042
\u2014
5\u00a0042
Net investment in the lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
91\u00a0274
370
91\u00a0645
Accumulated depreciation and impairment
Opening balance
28\u00a0910
\u2014
28\u00a0910
Depreciation expenses
8\u00a0960
74
9\u00a0034
Impairment expenses
1\u00a0318
\u2014
1\u00a0318
Accumulated depreciation and impairment as of 31.12
39\u00a0187
74
39\u00a0261
Net carrying value as of 31.12
52\u00a0062
296
52\u00a0358
PARENT
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
63\u00a0250
\u2014
63\u00a0250
Additions
36
370
407
Adjustments
4\u00a0538
\u2014
4\u00a0538
Net investment in the lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
64\u00a0989
370
65\u00a0360
Accumulated depreciation and impairment
Opening balance
17\u00a0724
\u2014
17\u00a0724
Depreciation expenses
4\u00a0274
74
4\u00a0348
Accumulated depreciation and impairment as of 31.12
21\u00a0998
74
22\u00a0072
Net carrying value as of 31.12
42\u00a0991
296
43\u00a0288
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-272": { "value": "
Note 17: Investments in subsidiaries and joint ventures
All figures in USD 1 000
Note 17.1: Accounting policies
Investments in subsidiaries and joint ventures are accounted for in the Company\u2019s separate financial statements at historical cost. The cost of an investment includes the consideration
transferred at the date of acquisition.\u00a0
Subsequent measurement of investments in joint ventures is accounted for using the equity method, whereby the carrying amount is adjusted to recognize the Company's share of the joint
venture\u2019s profit or loss after the date of acquisition.
Where there is an indication that the investment may be impaired, the carrying amount is tested for impairment.
Dividends received from a subsidiary are recognized in profit or loss when the Company\u2019s right to receive the dividend is established.
Note 17.2: Subsidiaries
The following subsidiaries have been included in the financial statements.
Subsidiaries consolidated in
Established
Year
Location
Share
Ownership
Voting
Rights
Nordic Semiconductor Inc
2006
USA
100%
100%
Nordic Semiconductor Poland S.P z o.o
2013
Poland
100%
100%
Nordic Semiconductor Finland OY
2014
Finland
100%
100%
Nordic Semiconductor KK
2017
Japan
100%
100%
Nordic Semiconductor Germany GmbH
2018
Germany
100%
100%
Nordic Semiconductor Norway AS
2020
Norway
100%
100%
Nordic Semiconductor UK Limited
2020
UK
100%
100%
Nordic Semiconductor India Pvt. Ltd
2020
India
100%
100%
Nordic Semiconductor Sweden AB
2020
Sweden
100%
100%
Nordic Semiconductor Hong Kong Limited
2021
Hong Kong
100%
100%
Nordic Semiconductor (Shenzhen) Limited
2021
China
100%
100%
Nordic Semiconductor Singapore Pte Ltd
2022
Singapore
100%
100%
Nordic Semiconductor Denmark ApS
2022
Denmark
100%
100%
Nordic Semiconductor Philippines, Inc.
2022
Philippines
100%
100%
Nordic Semiconductor South Korea Ltd
2025
South
Korea
100%
100%
Memfault Inc
2025
USA
100%
100%
Memfault Germany GmbH
2025
Germany
100%
100%
Subsidiaries as of 31 December 2025
Ownership
Share of
votes
Net profit
2025
Equity 31.
Dec 2025
Nordic Semiconductor Inc
100%
100%
-1\u00a0165
5\u00a0836
Nordic Semiconductor Poland S.P z o.o
100%
100%
2\u00a0361
8\u00a0182
Nordic Semiconductor Finland OY
100%
100%
4\u00a0246
8\u00a0689
Nordic Semiconductor KK
100%
100%
44
206
Nordic Semiconductor Germany GmbH
100%
100%
46
250
Nordic Semiconductor Norway AS
100%
100%
3\u00a0098
11\u00a0019
Nordic Semiconductor UK Limited
100%
100%
343
3\u00a0242
Nordic Semiconductor India Pvt. Ltd
100%
100%
505
2\u00a0914
Nordic Semiconductor Sweden AB
100%
100%
483
2\u00a0470
Nordic Semiconductor Hong Kong Limited
100%
100%
921
3\u00a0666
Nordic Semiconductor (Shenzhen) Limited
100%
100%
2\u00a0438
9\u00a0003
Nordic Semiconductor Singapore Pte Ltd
100%
100%
12\u00a0583
35\u00a0322
Nordic Semiconductor Denmark ApS
100%
100%
49
369
Nordic Semiconductor Philippines, Inc.
100%
100%
356
710
Nordic Semiconductor South Korea Ltd
100%
100%
51
57
Memfault Inc
100%
100%
-2\u00a0682
-573
Memfault Germany GmbH
100%
100%
24
196
\u25a0All intellectual property (IP) is owned by Nordic Semiconductor ASA, which is the ultimate parent company of the Group. All intercompany transactions are conducted in accordance
with the Group's transfer pricing policy.
\u25a0Nordic Semiconductor Inc is a market development, product promotion, and support company, but since 2016 has run a small R&D department as well.
\u25a0Nordic Semiconductor Poland Sp. z.o.o. is an extension of the software development team in the parent company.
\u25a0Nordic Semiconductor Finland OY is a development company working mainly with long range technology. The R&D team in Finland works closely alongside the rest of the R&D teams
in the Group.
\u25a0Nordic Semiconductor KK is a market development, product promotion, and support company,
\u25a0Nordic Semiconductor Germany GmbH is a market development, product promotion, and support company,
\u25a0Nordic Semiconductor Norway AS is the parent company of Nordic Semiconductor UK Limited, Nordic Semiconductor India Pvt. Ltd, Nordic Semiconductor Sweden AB, Nordic
Semiconductor Hong Kong Limited and Nordic Semiconductor (Shenzhen) Limited.
\u25a0Nordic Semiconductor UK limited is a development company working with Wi-Fi and PMIC technology. The R&D team in the UK works closely alongside the rest of the R&D teams in
the Group.
\u25a0Nordic Semiconductor India Pvt. Ltd is a development company working with Wi-Fi technology. The R&D team in India works closely alongside the rest of the R&D teams in the Group.
\u25a0Nordic Semiconductor Sweden AB is a development company working mainly with Wi-Fi technology. The R&D team in Sweden works closely alongside the rest of the R&D teams in the
Group.
\u25a0Nordic Semiconductor Hong Kong Limited is a market development, product promotion, and support\u00a0company.
\u25a0Nordic Semiconductor (Shenzhen) Limited is a market development, product promotion, and support company.
\u25a0Nordic Semiconductor Singapore Pte Ltd is Nordic's regional head office in the APAC region, distributing the Group's products.
\u25a0Nordic Semiconductor Denmark ApS is a development company working with mainly short range technology.
\u25a0Nordic Semiconductor Philippines, Inc. is a development, supply chain and support company. The R&D team in the Philippines is working across all technologies, and works closely
alongside the rest of the R&D teams in the Group.
\u25a0Nordic Semiconductor South Korea Ltd is a market development, product promotion, and support\u00a0company.
\u25a0Memfault Inc. is a development company, working mainly with nRFCloud and cloud lifecycle services. The R&D team in Memfault works closely alongside the rest of the nRFCloud team
in the Group.
\u25a0Memfault Germany GmbH. is a development company, working mainly with nRFCloud and cloud lifecycle services. The R&D team in Memfault works closely alongside the rest of the
nRFCloud team in the Group.
Note 17.3: Joint ventures
In 2025, Nordic Semiconductor ASA has discontinued the use of equity method,", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-273": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-274": { "value": "
Note 18: Other non-current assets
All figures in USD 1 000
GROUP
PARENT
2025
2024
2025
2024
6\u00a0436
2\u00a0699
Lease payment receivables, see Note 16: Leases
6\u00a0436
2\u00a0699
83\u00a0469
88\u00a0441
Prepayments
83\u00a0469
88\u00a0441
805
\u2014
Other long-term investments in shares, see Note
17.3: Joint ventures
805
\u2014
90\u00a0711
91\u00a0140
Other long term assets
90\u00a0711
91\u00a0140
In 2023, Nordic Semiconductor ASA entered a capacity reservation agreement with a wafer
manufacturer. The company is committed to purchasing wafers according to a purchase
reservation plan for the period from Q4 2023 to Q4 2031.
Nordic has paid USD 100m to secure the quarterly reservation. The prepayment is settled
against committed wafer orders every quarter.
The balance of the prepayment as of December 31, 2025 is USD 92.9m, where USD 83.5m
is classified as Other non-current assets and USD 9.4m is classified as Other current
receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-276": { "value": "
Note 19: Accounts receivable
All figures in USD 1 000
19.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 28 for further information.
19.2 Accounts receivable
GROUP
PARENT
2025
2024
2025
2024
93\u00a0488
66\u00a0412
Gross receivables
714
1\u00a0037
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
93\u00a0488
66\u00a0412
Accounts receivable, net
714
1\u00a0037
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-275": { "value": "
Note 19: Accounts receivable
All figures in USD 1 000
19.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 28 for further information.
19.2 Accounts receivable
GROUP
PARENT
2025
2024
2025
2024
93\u00a0488
66\u00a0412
Gross receivables
714
1\u00a0037
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
93\u00a0488
66\u00a0412
Accounts receivable, net
714
1\u00a0037
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-278": { "value": "
19.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 28 for further information.
19.2 Accounts receivable
GROUP
PARENT
2025
2024
2025
2024
93\u00a0488
66\u00a0412
Gross receivables
714
1\u00a0037
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
93\u00a0488
66\u00a0412
Accounts receivable, net
714
1\u00a0037
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-277": { "value": "
19.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 28 for further information.
19.2 Accounts receivable
GROUP
PARENT
2025
2024
2025
2024
93\u00a0488
66\u00a0412
Gross receivables
714
1\u00a0037
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
93\u00a0488
66\u00a0412
Accounts receivable, net
714
1\u00a0037
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-279": { "value": "
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 28 for further information.
19.2 Accounts receivable
GROUP
PARENT
2025
2024
2025
2024
93\u00a0488
66\u00a0412
Gross receivables
714
1\u00a0037
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
93\u00a0488
66\u00a0412
Accounts receivable, net
714
1\u00a0037
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-280": { "value": "
Note 20: Intercompany
All figures in USD 1 000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
PARENT
2025
2024
Loans to group companies
1\u00a0033
3\u00a0032
Receivables group companies
216\u00a0913
99\u00a0301
Total receivable
217\u00a0946
102\u00a0333
Accounts payable, group companies
29\u00a0949
28\u00a0395
Total payables
29\u00a0949
28\u00a0395
PARENT
2025
2024
Sale of goods
615\u00a0330
474\u00a0356
Total revenue
615\u00a0330
474\u00a0356
Cost of goods sold
326\u00a0392
261\u00a0125
Total cost of goods sold
326\u00a0392
261\u00a0125
Service fee for R&D and product promotion
119\u00a0108
115\u00a0288
Total other operating expenses
119\u00a0108
115\u00a0288
Interest income from loans to group companies
3\u00a0524
353
Interest expenses from loans to group companies
-333
\u2014
Total financial income
3\u00a0191
353
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-282": { "value": "
Note 21: Cash and cash equivalents
All figures in USD 1 000
21.1 Accounting policies
Cash and cash equivalents include cash at bank and money market fund. Money market
funds are defined as cash equivalents because they are highly liquid and not subject to
material fluctuations in value. The purpose of cash and cash equivalents is to meet short-
term commitments.
21.2 Cash and cash equivalents
GROUP
PARENT
2025
2024
Cash and cash equivalents as of the balance
sheet date were as follows:
2025
2024
194\u00a0524
192\u00a0445
Cash at bank
92\u00a0304
90\u00a0164
2\u00a0650
2\u00a0256
Restricted cash (withholding tax account)
2\u00a0650
2\u00a0256
110\u00a0228
93\u00a0213
Money market funds
110\u00a0228
93\u00a0213
307\u00a0402
287\u00a0914
Cash and cash equivalents in statement of
financial position
205\u00a0181
185\u00a0633
\u25a0Cash at banks earns interest at floating rates based on daily bank deposit rates.
\u25a0Money market fund invests in short-term securities in Norwegian fixed-income market.
The instruments are issued or guaranteed by the state, municipalities, county
authorities, industrial companies, and financial institutions. The fund may, for extended
periods, allocate all its investments within just one or a few of these segments.
\u25a0Nordic Semiconductor ASA presents total bank deposits in the international cash pool,
while Nordic Semiconductor OY presents its share of the international cash pool as a
receivable from the company. Nordic Semiconductor ASA and Nordic Semiconductor
OY participate in the cash pool, which is operated by Danske Bank.
\u25a0Restricted deposits are held by Nordic Semiconductor ASA. They are subject to
regulatory restrictions and are therefore not available for general use by the entities
within the Group.
\u25a0Interest on bank deposits is set to floating rates based on daily bank deposit rates.
For information on credit and liquidity risk, see Note 28: Financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-281": { "value": "
Note 21: Cash and cash equivalents
All figures in USD 1 000
21.1 Accounting policies
Cash and cash equivalents include cash at bank and money market fund. Money market
funds are defined as cash equivalents because they are highly liquid and not subject to
material fluctuations in value. The purpose of cash and cash equivalents is to meet short-
term commitments.
21.2 Cash and cash equivalents
GROUP
PARENT
2025
2024
Cash and cash equivalents as of the balance
sheet date were as follows:
2025
2024
194\u00a0524
192\u00a0445
Cash at bank
92\u00a0304
90\u00a0164
2\u00a0650
2\u00a0256
Restricted cash (withholding tax account)
2\u00a0650
2\u00a0256
110\u00a0228
93\u00a0213
Money market funds
110\u00a0228
93\u00a0213
307\u00a0402
287\u00a0914
Cash and cash equivalents in statement of
financial position
205\u00a0181
185\u00a0633
\u25a0Cash at banks earns interest at floating rates based on daily bank deposit rates.
\u25a0Money market fund invests in short-term securities in Norwegian fixed-income market.
The instruments are issued or guaranteed by the state, municipalities, county
authorities, industrial companies, and financial institutions. The fund may, for extended
periods, allocate all its investments within just one or a few of these segments.
\u25a0Nordic Semiconductor ASA presents total bank deposits in the international cash pool,
while Nordic Semiconductor OY presents its share of the international cash pool as a
receivable from the company. Nordic Semiconductor ASA and Nordic Semiconductor
OY participate in the cash pool, which is operated by Danske Bank.
\u25a0Restricted deposits are held by Nordic Semiconductor ASA. They are subject to
regulatory restrictions and are therefore not available for general use by the entities
within the Group.
\u25a0Interest on bank deposits is set to floating rates based on daily bank deposit rates.
For information on credit and liquidity risk, see Note 28: Financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-283": { "value": "
21.1 Accounting policies
Cash and cash equivalents include cash at bank and money market fund. Money market
funds are defined as cash equivalents because they are highly liquid and not subject to
material fluctuations in value. The purpose of cash and cash equivalents is to meet short-
term commitments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-284": { "value": "
Note 22: Share capital and shareholder information
22.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs, are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
22.2 Share capital and shareholder information
Share capital
The share capital in Nordic Semiconductor ASA as of December 31, 2025 consists of one share class with a total of 199,781,600 shares with a par value of NOK 0.01, with a total share
capital of NOK 1,997,816. Each share grants the same rights in the company, and in the event of any increase in capital, existing shareholders have preemptive rights for any new shares.
During the year, the following changes have been made in the number of shares, share capital, and share\u00a0premium.
GROUP
Number of shares
Share capital
(USD 1000)
Treasury shares
(USD 1000)
Share premium
(USD 1000)
2025
2024
2025
2024
2025
2024
2025
2024
Holdings as of 1.1
192\u00a0781\u00a0600
192\u00a0781\u00a0600
317
317
-1
-1
235\u00a0448
235\u00a0448
Issue of share capital
7\u00a0000\u00a0000
\u2014
7
\u2014
\u2014
\u2014
103\u00a0449
\u2014
Change in treasury shares
\u2014
\u2014
\u2014
\u2014
-1
\u2014
\u2014
\u2014
Holdings as of 31.12
199\u00a0781\u00a0600
192\u00a0781\u00a0600
324
317
-2
-1
338\u00a0897
235\u00a0448
Dividend
No dividend was paid during 2025.
Treasury shares
The company owned 1,494,595 treasury shares on December 31, 2025. On January 1, 2025, the company owned 518,692 treasury shares. Based on a resolution of the Annual General
Meeting of May 5, 2025, the Board has authority to purchase the company\u2019s own shares with a limit of a par value of NOK 192,000 through one or more transactions. This authority is
limited to 9.96% of the company\u2019s share capital, and the price per share that the company may pay for shares shall not be lower than the par value and not higher than NOK 350. This
authority applies until the company\u2019s Annual General Meeting in 2026, and by June 30, 2026 at the latest. On February 5, 2026, the board authorized the Company to commence a share
repurchase program based on the aforementioned resolution of the Annual General Meeting. The purpose of the program is to have available shares to settle the company's obligations
under the Employee long-term equity linked incentive programs, including delivery of shares under granted restricted stock units (RSUs).
Long-term incentive plan
On May 5, 2025, the Annual General Meeting of Nordic Semiconductor ASA approved the grant of Restricted Stock Units (RSUs) in accordance with the 2025 Employee Long-Term
Incentive Plan. See note 25 for further\u00a0information.
Shareholder overview
The largest shareholders in Nordic Semiconductor ASA were as follows as of December 31, 2025, based on data provided by an investor relations advisory service provider*, and is
obtained through an analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Nordic VPS share
register.
Shareholder
Shares
Percentage
Folketrygdfondet
24\u00a0784\u00a0246
12.4%
Accelerator Ltd
17\u00a0477\u00a0950
8.7%
DNB Asset Management AS
14\u00a0647\u00a0204
7.3%
ODIN
7\u00a0705\u00a0486
3.9%
Vanguard
6\u00a0971\u00a0293
3.5%
Eika Kapitalforvaltning
5\u00a0489\u00a0760
2.7%
KLP Kapitalforvaltning AS
5\u00a0210\u00a0642
2.6%
Handelsbanken Fonder
4\u00a0583\u00a0455
2.3%
BlackRock
4\u00a0303\u00a0035
2.2%
Storebrand Asset Management
3\u00a0267\u00a0290
1.6%
Danske Invest
3\u00a0150\u00a0231
1.6%
Alfred Berg Kapitalforvaltning
2\u00a0773\u00a0445
1.4%
DNB Asset Management SA
2\u00a0752\u00a0793
1.4%
AAT Invest AS
2\u00a0350\u00a0000
1.2%
Robeco
2\u00a0258\u00a0202
1.1%
Awilhelmsen AS
2\u00a0154\u00a0490
1.1%
Artisan Partners
2\u00a0054\u00a0260
1.0%
Skandia Fonder
1\u00a0986\u00a0813
1.0%
State Street Investment Management
1\u00a0970\u00a0361
1.0%
Svenn-Tore Larsen
1\u00a0847\u00a0142
0.9%
Total for the 20 largest shareholders
117\u00a0738\u00a0098
58.9%
Other shareholders
82\u00a0043\u00a0502
41.1%
Total shares outstanding
199\u00a0781\u00a0600
100.0%
*Every reasonable effort has been made to verify the data, however neither Nordic nor the investor relations advisory service provider can guarantee the accuracy of the analysis.
Shares held by the Board of Directors and Executive Management were as follows as of December 31, 2025:
Board of Directors
Shares
Executive Management
Shares
Dieter May
11\u00a0047
Vegard Wollan
151\u00a0090
Anita Huun
15\u00a0607
Geir Langeland
224\u00a0411
Inger Berg \u00d8rstavik
8\u00a0207
Ole Fredrik Morken
207\u00a0721
Annastiina Hintsa
6\u00a0607
St\u00e5le Ytterdal
143\u00a0708
Helmut Gassel
1\u00a0688
Ola Bostr\u00f8m
6\u00a0177
Anja Dekens
1\u00a0430
P\u00e5l Elstad
54\u00a0138
Monika Lie Larsen
1\u00a0663
\u00d8yvind Birkenes
9\u00a0540
Jon Helge Nistad
1\u00a0519
Kjetil Holstad
19\u00a0859
Joakim Ferm
2\u00a0824
Sonja Kusmin
2\u00a0801
\u00d8yvind Str\u00f8m
10\u00a0000
Total
47\u00a0768
Total
832\u00a0269
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-285": { "value": "
22.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs, are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-286": { "value": "
Dividend
No dividend was paid during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-287": { "value": "
Treasury shares
The company owned 1,494,595 treasury shares on December 31, 2025. On January 1, 2025, the company owned 518,692 treasury shares. Based on a resolution of the Annual General
Meeting of May 5, 2025, the Board has authority to purchase the company\u2019s own shares with a limit of a par value of NOK 192,000 through one or more transactions. This authority is
limited to 9.96% of the company\u2019s share capital, and the price per share that the company may pay for shares shall not be lower than the par value and not higher than NOK 350. This
authority applies until the company\u2019s Annual General Meeting in 2026, and by June 30, 2026 at the latest. On February 5, 2026, the board authorized the Company to commence a share
repurchase program based on the aforementioned resolution of the Annual General Meeting. The purpose of the program is to have available shares to settle the company's obligations
under the Employee long-term equity linked incentive programs, including delivery of shares under granted restricted stock units (RSUs).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-288": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-289": { "value": "
Note 23: Shares outstanding
Basis for calculation of basic earnings per share
2025
2024
Earnings for the year (USD \u2018000)
16\u00a0385
-38\u00a0504
Weighted average number of outstanding shares (\u2018000)
193\u00a0411
192\u00a0196
Earnings per share (USD)
0.08
-0.20
Basis for calculation of fully diluted earnings per share
Earnings for the year (USD \u2018000)
16\u00a0385
-38\u00a0504
Weighted average number of outstanding shares (\u2018000)
196\u00a0567
194\u00a0717
Earnings per share (USD)
0.08
-0.20
The number of shares was as follows:
Date
Shares issued
Shares outstanding
01.01.2025
Opening balance
192\u00a0781\u00a0600
192\u00a0262\u00a0908
31.12.2025
Closing balance
199\u00a0781\u00a0600
198\u00a0287\u00a0005
Restricted Stock Units (RSUs) and Performance Shares (PSUs) granted to employees are
considered to be potential ordinary shares. They have been included in the determination
of diluted earnings per share. RSUs and PSUs have not been included in the determination
of basic earnings per share. Details relating to share based compensation are set out in
note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-290": { "value": "
Note 25: Long-term incentive plans
25.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 25.2 Long-term incentive plans.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
25.2 Long-term incentive plans
The following share-based payment grants were outstanding or had vesting activity during
2024 and/or 2025 and are therefore relevant for the comparative information\u00a0presented.
On April 28, 2022, Nordic Semiconductor ASA granted 486,677 RSUs and Performance
shares to employees. A share price of NOK 183.8 was used as the basis for the calculation
of RSUs and Performance Shares, representing the weighted average share price over the
five trading days following the Annual General Meeting. The RSUs vest after two and three
years. The Performance Shares are issued conditional upon the achievement of a defined
set of objectives. The Performance Shares vest and will be delivered at par value upon
completion of the performance period, which is three\u00a0years.
On July 12, 2023, Nordic Semiconductor ASA granted 1,002,323 RSUs and Performance
shares to employees. A share price of NOK 112.7 was used as the basis for the calculation
of RSUs for employees, representing the weighted average share price over the five trading
days following the Annual General Meeting. The RSUs vest after two and three years. For
EMT, the weighted average share price on July 11, 2023 of NOK 129.9 was used as the basis
for the calculation of RSUs and Performance Shares. The Performance Shares are issued
conditional upon the achievement of a defined set of objectives. The Performance Shares
vest and will be delivered at par value upon completion of the performance period, which
is three years.
On March 20, 2024, Nordic Semiconductor granted 903,000 RSUs and Performance Shares
to employees. The grant was aimed at retaining and motivating employees following a
challenging year of cost optimization initiatives. The grant covered all employees, with the
exception of the Executive Management Team. The RSUs vest in May 2025. The
Performance Shares are issued conditional upon the achievement of a defined set of
objectives. The Performance Shares vest and will be delivered at par value upon
completion of the performance period, which ran until May 2025.
On May 3, 2024, Nordic Semiconductor ASA granted 946,922 RSUs and performance
shares to employees. A share price of NOK 121.5 was used as the basis for the calculation
of RSUs, representing the weighted average share price over the five trading days
following the Annual General Meeting. The RSUs vest over two and three years. The
Performance Shares are issued conditional upon the achievement of a defined set of
objectives. The Performance Shares vest and will be delivered at par value upon
completion of the performance period, which is three years.
With reference to the Annual general meeting held on May 5, 2025, Nordic Semiconductor,
on May 13, 2025, granted 1,111,262 RSUs and PSUs to employees, including EMT. A share
price of NOK 115.7 was used as the basis for the calculation of RSUs, representing the
weighted average share price over the five trading days following the Annual General
Meeting. On July 9, 2025, an additional 402,000 RSUs were granted to employees of newly
acquired Memfault Inc. as part of retention agreement. These RSUs will vest over four years
in equal annual installments, and the shares will be delivered to the employee after the
vesting date against payment of the par value of the share\u00a0 In total, 1,513,262 RSUs and
Performance shares have been granted in 2025, an equivalent to 0.78% of the company's
outstanding share capital. The Annual General Meeting of Nordic Semiconductor ASA
approved the issue of RSUs and PSUs of an aggregate nominal value of up to 1% of the
company\u2019s outstanding share capital.
A summary of RSUs transactions during 2025 and 2024 below:
2025
2024
Outstanding RSUs 1.1
1\u00a0921\u00a0826
1\u00a0404\u00a0565
Granted
1\u00a0425\u00a0918
1\u00a0355\u00a0419
Forfeited
312\u00a0495
462\u00a0508
Released
1\u00a0066\u00a0956
375\u00a0650
Outstanding RSUs 31.12
1\u00a0968\u00a0293
1\u00a0921\u00a0826
A summary of performance shares during 2025 and 2024 below:
2025
2024
Outstanding performance shares 1.1
355\u00a0789
77\u00a0357
Granted
87\u00a0344
516\u00a0983
Forfeited
2\u00a0872
69\u00a0431
Performance adjusted
-10\u00a0929
-169\u00a0120
Released
258\u00a0626
\u2014
Outstanding performance shares 31.12
170\u00a0706
355\u00a0789
The fair value of the RSUs and performance shares are set on the grant date and
expensed over the vesting period. USD 12,110 thousand was expensed during 2025 and
USD 11,661 thousand in 2024. In addition, Nordic expensed USD 4,061 thousand during 2025
for share-based compensation for the three founders of Memfault, where delivery of shares
are conditional upon their continued employment with Nordic Semiconductor for a period
of three years following the acquisition.
The strike price of the RSUs and PSUs are nil and the shares are delivered free of\u00a0payment.
The fair value per RSU and performance share without market condition granted in May
2025 and July 2025 was NOK 123.9 and 138.4, respectively. The fair value of the
performance shares with Relative Total Shareholder Return performance condition granted
in May 2025 was NOK 172.47. The valuation is based on a Monte Carlo simulation model
with the following assumptions:
Share price on the grant date
The closing share price of the company and nine peer group companies were NOK 123.90
and NOK 997.62, respectively. The closing price for the peer group companies represents
the average of the peer companies\u2019 closing share prices, converted to NOK.
Risk-free interest rate
The risk-free interest rate is set equal to the relevant interest rate on government bonds on
the date of grant in 2025, i.e., 3.72 % in Norway.
Volatility
It is assumed that historic volatility is an indication of future volatility. The expected volatility
is therefore stipulated to be the same as the historic volatility, which equaled 57.42% on the
date of grant in 2025 for the Company and 40.91% for the peer group.
Expected lifetime
Performance shares vest on the May 13, 2028. Performance end date is December 31, 2027,
so as of vesting date the quantity to vest is known.
Correlation coefficients
Correlation coefficient quantifies the degree to which the companies\u2019 share prices jointly
react to the news flow. The historic correlation coefficients has been calculated by using
daily share price logarithmic returns of peer group companies in local\u00a0currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-292": { "value": "
25.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 25.2 Long-term incentive plans.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-291": { "value": "
25.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 25.2 Long-term incentive plans.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-293": { "value": "
Note 26: Current liabilities
All figures in USD 1 000
GROUP
PARENT
2025
2024
2025
2024
41\u00a0253
23\u00a0918
Accounts payable
36\u00a0613
22\u00a0903
\u2014
\u2014
Accounts payable from subsidiaries
29\u00a0949
28\u00a0280
2\u00a0567
1\u00a0799
Income taxes payable
\u2014
\u2014
7\u00a0587
6\u00a0737
Social security tax and payroll tax
5\u00a0845
5\u00a0259
12\u00a0408
10\u00a0360
Current lease liabilities
7\u00a0430
5\u00a0865
25\u00a0320
14\u00a0940
Employee benefit obligations
11\u00a0336
6\u00a0074
10\u00a0131
8\u00a0831
Holiday pay
5\u00a0734
4\u00a0845
28\u00a0548
22\u00a0363
Ship and debit
\u2014
\u2014
5\u00a0581
3\u00a0679
End-customer rebate
\u2014
\u2014
7\u00a0693
5\u00a0514
Accrued expenses
5\u00a0176
3\u00a0271
4\u00a0333
4\u00a0947
Other current liabilities
900
2\u00a0743
145\u00a0420
103\u00a0087
Total current liabilities
102\u00a0983
79\u00a0240
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-296": { "value": "
Note 27: Financial instruments
All figures in USD 1 000.
27.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process.
27.2 Financial instruments
Capital structure
Nordic's strategy relating to its capital structure is to maintain sufficient cash and cash
equivalents to meet the Group\u2019s requirements for ongoing operations and for new
investments. Management believes that it is especially important to retain a strong credit
rating and significant liquidity as the Group competes in a global market against larger
companies.
Nordic manages its capital structure and makes revisions in light of changes in the overall
economy and its operating assumptions. In order to maintain or amend the capital
structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic aims for an equity ratio above 50% at all times, measured as total equity divided by
total assets.
GROUP
PARENT
2025
2024
2025
2024
679\u00a0587
569\u00a0766
Total equity
621\u00a0879
515\u00a0052
983\u00a0361
806\u00a0706
Total assets
867\u00a0473
721\u00a0162
69%
71%
Equity share
72%
71%
Financial assets
The Group holds the following financial assets at amortized cost.
GROUP
PARENT
2025
2024
Amortized cost
2025
2024
6\u00a0436
2\u00a0699
Net investment in finance leases
6\u00a0436
2\u00a0699
93\u00a0488
66\u00a0412
Accounts receivable
714
1\u00a0037
3\u00a0707
3\u00a0179
Other current receivables
218\u00a0484
103\u00a0281
197\u00a0114
194\u00a0701
Cash at bank
94\u00a0893
92\u00a0420
300\u00a0745
266\u00a0992
Total financial assets at amortized
cost
320\u00a0527
199\u00a0437
GROUP
PARENT
2025
2024
Fair value through profit or loss
2025
2024
805
\u2014
Other long-term investments in
shares
805
\u2014
110\u00a0288
93\u00a0213
Money market fund
110\u00a0288
93\u00a0213
111\u00a0093
93\u00a0213
Total financial assets at fair value
through profit or loss
111\u00a0093
93\u00a0213
Changes in financial assets at fair value through profit or loss.
GROUP
PARENT
2025
2024
2025
2024
93\u00a0213
98\u00a0731
As at 1 January
93\u00a0213
98\u00a0731
\u2014
\u2014
Disposal of financial instruments
\u2014
\u2014
\u2014
\u2014
Acquisition of financial instruments
\u2014
\u2014
5\u00a0953
5\u00a0008
Changes in fair value
5\u00a0953
5\u00a0008
11\u00a0927
-10\u00a0526
Currency translation differences
11\u00a0927
-10\u00a0526
111\u00a0093
93\u00a0213
As at 31 December
111\u00a0093
93\u00a0213
Financial liabilities
The Group holds the following financial liabilities.
GROUP
PARENT
2025
2024
Amortized cost
2025
2024
98\u00a0377
87\u00a0336
Bond
98\u00a0377
87\u00a0336
41\u00a0253
23\u00a0918
Accounts payable
36\u00a0613
22\u00a0902
663
626
Current financial liabilities
663
626
88\u00a0530
66\u00a0383
Other current liabilities
58\u00a0278
48\u00a0414
50\u00a0813
45\u00a0752
Non-current lease liabilities
44\u00a0063
5\u00a0865
12\u00a0408
10\u00a0360
Current lease liabilities
7\u00a0430
38\u00a0957
292\u00a0044
234\u00a0375
Total financial liabilities at amortized cost
245\u00a0424
204\u00a0100
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in January 2029. The Group needs a banker's acceptance to exercise the option to
extend for 1 + 1 year. As of December 31, 2025, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 155m, accounts receivable USD 93m, and operating
equipment USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 54.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 110m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See Note 21: Cash and cash equivalents for further
information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-295": { "value": "
Note 27: Financial instruments
All figures in USD 1 000.
27.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process.
27.2 Financial instruments
Capital structure
Nordic's strategy relating to its capital structure is to maintain sufficient cash and cash
equivalents to meet the Group\u2019s requirements for ongoing operations and for new
investments. Management believes that it is especially important to retain a strong credit
rating and significant liquidity as the Group competes in a global market against larger
companies.
Nordic manages its capital structure and makes revisions in light of changes in the overall
economy and its operating assumptions. In order to maintain or amend the capital
structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic aims for an equity ratio above 50% at all times, measured as total equity divided by
total assets.
GROUP
PARENT
2025
2024
2025
2024
679\u00a0587
569\u00a0766
Total equity
621\u00a0879
515\u00a0052
983\u00a0361
806\u00a0706
Total assets
867\u00a0473
721\u00a0162
69%
71%
Equity share
72%
71%
Financial assets
The Group holds the following financial assets at amortized cost.
GROUP
PARENT
2025
2024
Amortized cost
2025
2024
6\u00a0436
2\u00a0699
Net investment in finance leases
6\u00a0436
2\u00a0699
93\u00a0488
66\u00a0412
Accounts receivable
714
1\u00a0037
3\u00a0707
3\u00a0179
Other current receivables
218\u00a0484
103\u00a0281
197\u00a0114
194\u00a0701
Cash at bank
94\u00a0893
92\u00a0420
300\u00a0745
266\u00a0992
Total financial assets at amortized
cost
320\u00a0527
199\u00a0437
GROUP
PARENT
2025
2024
Fair value through profit or loss
2025
2024
805
\u2014
Other long-term investments in
shares
805
\u2014
110\u00a0288
93\u00a0213
Money market fund
110\u00a0288
93\u00a0213
111\u00a0093
93\u00a0213
Total financial assets at fair value
through profit or loss
111\u00a0093
93\u00a0213
Changes in financial assets at fair value through profit or loss.
GROUP
PARENT
2025
2024
2025
2024
93\u00a0213
98\u00a0731
As at 1 January
93\u00a0213
98\u00a0731
\u2014
\u2014
Disposal of financial instruments
\u2014
\u2014
\u2014
\u2014
Acquisition of financial instruments
\u2014
\u2014
5\u00a0953
5\u00a0008
Changes in fair value
5\u00a0953
5\u00a0008
11\u00a0927
-10\u00a0526
Currency translation differences
11\u00a0927
-10\u00a0526
111\u00a0093
93\u00a0213
As at 31 December
111\u00a0093
93\u00a0213
Financial liabilities
The Group holds the following financial liabilities.
GROUP
PARENT
2025
2024
Amortized cost
2025
2024
98\u00a0377
87\u00a0336
Bond
98\u00a0377
87\u00a0336
41\u00a0253
23\u00a0918
Accounts payable
36\u00a0613
22\u00a0902
663
626
Current financial liabilities
663
626
88\u00a0530
66\u00a0383
Other current liabilities
58\u00a0278
48\u00a0414
50\u00a0813
45\u00a0752
Non-current lease liabilities
44\u00a0063
5\u00a0865
12\u00a0408
10\u00a0360
Current lease liabilities
7\u00a0430
38\u00a0957
292\u00a0044
234\u00a0375
Total financial liabilities at amortized cost
245\u00a0424
204\u00a0100
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in January 2029. The Group needs a banker's acceptance to exercise the option to
extend for 1 + 1 year. As of December 31, 2025, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 155m, accounts receivable USD 93m, and operating
equipment USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 54.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 110m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See Note 21: Cash and cash equivalents for further
information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-294": { "value": "
Note 27: Financial instruments
All figures in USD 1 000.
27.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process.
27.2 Financial instruments
Capital structure
Nordic's strategy relating to its capital structure is to maintain sufficient cash and cash
equivalents to meet the Group\u2019s requirements for ongoing operations and for new
investments. Management believes that it is especially important to retain a strong credit
rating and significant liquidity as the Group competes in a global market against larger
companies.
Nordic manages its capital structure and makes revisions in light of changes in the overall
economy and its operating assumptions. In order to maintain or amend the capital
structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic aims for an equity ratio above 50% at all times, measured as total equity divided by
total assets.
GROUP
PARENT
2025
2024
2025
2024
679\u00a0587
569\u00a0766
Total equity
621\u00a0879
515\u00a0052
983\u00a0361
806\u00a0706
Total assets
867\u00a0473
721\u00a0162
69%
71%
Equity share
72%
71%
Financial assets
The Group holds the following financial assets at amortized cost.
GROUP
PARENT
2025
2024
Amortized cost
2025
2024
6\u00a0436
2\u00a0699
Net investment in finance leases
6\u00a0436
2\u00a0699
93\u00a0488
66\u00a0412
Accounts receivable
714
1\u00a0037
3\u00a0707
3\u00a0179
Other current receivables
218\u00a0484
103\u00a0281
197\u00a0114
194\u00a0701
Cash at bank
94\u00a0893
92\u00a0420
300\u00a0745
266\u00a0992
Total financial assets at amortized
cost
320\u00a0527
199\u00a0437
GROUP
PARENT
2025
2024
Fair value through profit or loss
2025
2024
805
\u2014
Other long-term investments in
shares
805
\u2014
110\u00a0288
93\u00a0213
Money market fund
110\u00a0288
93\u00a0213
111\u00a0093
93\u00a0213
Total financial assets at fair value
through profit or loss
111\u00a0093
93\u00a0213
Changes in financial assets at fair value through profit or loss.
GROUP
PARENT
2025
2024
2025
2024
93\u00a0213
98\u00a0731
As at 1 January
93\u00a0213
98\u00a0731
\u2014
\u2014
Disposal of financial instruments
\u2014
\u2014
\u2014
\u2014
Acquisition of financial instruments
\u2014
\u2014
5\u00a0953
5\u00a0008
Changes in fair value
5\u00a0953
5\u00a0008
11\u00a0927
-10\u00a0526
Currency translation differences
11\u00a0927
-10\u00a0526
111\u00a0093
93\u00a0213
As at 31 December
111\u00a0093
93\u00a0213
Financial liabilities
The Group holds the following financial liabilities.
GROUP
PARENT
2025
2024
Amortized cost
2025
2024
98\u00a0377
87\u00a0336
Bond
98\u00a0377
87\u00a0336
41\u00a0253
23\u00a0918
Accounts payable
36\u00a0613
22\u00a0902
663
626
Current financial liabilities
663
626
88\u00a0530
66\u00a0383
Other current liabilities
58\u00a0278
48\u00a0414
50\u00a0813
45\u00a0752
Non-current lease liabilities
44\u00a0063
5\u00a0865
12\u00a0408
10\u00a0360
Current lease liabilities
7\u00a0430
38\u00a0957
292\u00a0044
234\u00a0375
Total financial liabilities at amortized cost
245\u00a0424
204\u00a0100
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in January 2029. The Group needs a banker's acceptance to exercise the option to
extend for 1 + 1 year. As of December 31, 2025, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 155m, accounts receivable USD 93m, and operating
equipment USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 54.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 110m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See Note 21: Cash and cash equivalents for further
information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-297": { "value": "
27.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-298": { "value": "
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-299": { "value": "
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-301": { "value": "
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in January 2029. The Group needs a banker's acceptance to exercise the option to
extend for 1 + 1 year. As of December 31, 2025, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 155m, accounts receivable USD 93m, and operating
equipment USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 54.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-300": { "value": "
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in January 2029. The Group needs a banker's acceptance to exercise the option to
extend for 1 + 1 year. As of December 31, 2025, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 155m, accounts receivable USD 93m, and operating
equipment USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 54.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-303": { "value": "
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 110m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See Note 21: Cash and cash equivalents for further
information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-302": { "value": "
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 110m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See Note 21: Cash and cash equivalents for further
information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-304": { "value": "
Note 28: Financial risk management
All figures in USD 1 000.
The Group's Finance department is responsible for carrying out the policies and guidelines
for financial risk management approved by the Board.
The Group is mainly exposed to counterparty credit risk, liquidity risk, market risk and
geopolitical risk.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. The Group is exposed to credit
risk from its operating activities (primarily accounts receivables) and from its financing
activities, including foreign exchange transactions, cash and cash equivalents with banks
and other financial institutions and other financial\u00a0instruments.
The Group\u2019s sale of components takes place through its distribution partners within defined
geographic regions, where Asia is the dominant region. The Group depends on a relatively
small number of customers. Customer credit risk is managed by each region subject to the
Group\u2019s established policy, procedures and control relating to customer credit risk
management. Credit quality of a customer is assessed based on an extensive credit
evaluation and individual credit limits are defined in accordance with this assessment.
Outstanding accounts receivables are regularly monitored and assurance from distributors
that end customer sales is secured through letter of credits\u00a0is\u00a0obtained.
Age distribution of customer receivables was:
GROUP
PARENT
2025
2024
Gross total
2025
2024
69\u00a0473
56\u00a0604
Not due
433
782
18\u00a0691
8\u00a0151
Past due 0-30 days
44
161
5\u00a0222
1\u00a0607
Past due 31-120 days
134
44
102
50
Over 120 days
103
50
93\u00a0488
66\u00a0412
Total
714
1\u00a0037
The Group makes an allowance for expected credit losses on customer receivables based
on internal, historical credit loss data and past due receivables, adjusted for forward-
looking factors specific to the debtors and the economic\u00a0environment.
The Group has a limited number of customers, regular contact and long-term relationships
with most of its customer base. Some of the customers are dependent on Nordic
Semiconductor to stay in business. Historically, there have not been any significant credit
losses. 74% of trade receivables were within terms at the balance sheet date. On that
basis, expected credit loss for trade receivables are limited and allowances for doubtful
accounts at December 31, 2025 was 0m.
The maximum exposure to credit risk on the balance sheet date was:
GROUP
PARENT
2025
2024
2025
2024
93\u00a0488
66\u00a0412
Accounts receivable
714
1\u00a0037
26\u00a0957
27\u00a0029
Other current receivables
237\u00a0430
123\u00a0914
307\u00a0402
287\u00a0914
Cash and cash equivalents
205\u00a0181
185\u00a0633
427\u00a0846
381\u00a0355
Total
443\u00a0325
310\u00a0583
The credit risk in table above is diversified over a range of distributors, vendors, and\u00a0banks.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial
obligations when due and to close out market positions.
Overall, cash flows are being monitored at both Group and entity level. The Group seeks
to minimize risk when investing its cash balances. Investments can only be made in
securities that have been approved by the Board.
As of December 31, 2025, cash and cash equivalents amounted to USD 307.4m (USD
287.9m), see Note 21: Cash and cash equivalents for details. The total balance includes
money market fund at fair value USD 110.3m.
The Group has no externally imposed capital requirements or agreements, and has no
contracts or legal requirements which are not being upheld. The Group has the following
due dates with regard to contracts for financial liabilities as of December 31,\u00a02025.
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond - payment of
principal*
98\u00a0377
99\u00a0215
\u2014
99\u00a0215
\u2014
Bond - payment of
interest**
663
20\u00a0674
7\u00a0015
13\u00a0659
\u2014
Accounts payable
41\u00a0253
41\u00a0253
41\u00a0253
\u2014
\u2014
Other current liabilities
81\u00a0793
81\u00a0793
81\u00a0793
\u2014
\u2014
Lease liabilities***
63\u00a0221
75\u00a0174
12\u00a0028
34\u00a0434
28\u00a0712
Total
285\u00a0307
318\u00a0109
142\u00a0089
147\u00a0308
28\u00a0712
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond - payment of
principal*
98\u00a0377
99\u00a0215
\u2014
99\u00a0215
\u2014
Bond - payment of
interest**
663
20\u00a0674
7\u00a0015
13\u00a0659
\u2014
Accounts payable
36\u00a0613
36\u00a0613
36\u00a0613
\u2014
\u2014
Accounts payable
subsidiaries
29\u00a0949
29\u00a0949
29\u00a0949
\u2014
\u2014
Other current liabilities
23\u00a0290
23\u00a0290
23\u00a0290
\u2014
\u2014
Lease liabilities***
51\u00a0493
62\u00a0428
6\u00a0896
26\u00a0990
28\u00a0542
Total
240\u00a0385
272\u00a0169
103\u00a0763
139\u00a0864
28\u00a0542
* The bond matures in 2028
** The contractual cash flow is calculated using forward yield curve. Estimated interest payments are
based on the contractual cash flow of the bond on December 31, 2023.
*** Lease liabilities are mainly office facility rent in Trondheim, lease ending December 31, 2033 and
December 31, 2037 and in Oslo, leasing ending December 31, 2032
Market risk
Market risk covers interest rate risk and foreign currency risk
Interest rate risk
The Group\u2019s liquidity requirements and risk assessment determine its investment strategy
and interest rate exposure.
The Group\u2019s policy is to maintain a short-term investment horizon for its surplus cash. The
investment portfolio should not have an average duration of longer than six (6)\u00a0months.
The Group has a sustainability linked revolving credit facility, which enables it to borrow up
to USD 200 million with an interest rate equal to SOFR + margin. The line of credit expires
in January 2029, with option to extend. The security for the credit line is provided by
inventory, receivables, and operating equipment.
The Group has issued a 5-year senior unsecured bond with initial issue amount of NOK
1,000m. The interest rate is 3 months Nibor + 3 %.
Interest rate sensitivity analysis
The interest rate sensitivity analysis shows the effects of changes in market interest rate on
borrowing interest costs. The analysis is based on the following assumptions:
\u25a0Revolving credit facility - The profit before tax is not impacted by changes in market
interest rate as the credit facility as of December 31, 2025 is not utilized.
\u25a0Bond - The profit before tax is impacted by changes in market interest rate. The table
below demonstrates the sensitivity to a possible change in interest rates. With all other
variables held constant, the Group\u2019s profit before tax is affected through the impact on
floating rate borrowings, as follows.
2025
2024
Interest rate (3 months NIBOR)
Effect on profit before tax
Effect on profit before tax
+50 basis points
-496
-440
-50 basis points
496
440
Foreign currency risk
The Group is subject to foreign currency risk, as it operates internationally with
development and commercial activities.
Foreign exchange risk arises from future commercial transactions and recognized assets
and liabilities denominated in a currency that is not the functional currency of the relevant
group entity.
The primary functional currency for the Group is USD. The vast majority of the Group's
revenues and cost of goods sold are denominated in USD. However, approximately 40% of
the Group\u2019s operating expenses (excluding depreciation and amortization) are
denominated in NOK and 20% are denominated in EUR. The Group does not use hedging
instruments to minimize its exposure to foreign currency risk from operating activities
affecting profit and loss.
Below is a sensitivity analysis of changes in the NOK exchange rate on monetary Group
balance sheet items, and their impact on profit and loss:
Profit before tax
NOK exchange rate +/- 10%
+/- 4 680
The sensitivity analysis is based on the Group\u2019s monetary assets and liabilities denominated in
currencies other than the Company's functional currencies at the reporting date. The analysis assumes
a 10% change in the NOK exchange rate, with all other variables held constant.
Issued bond and money market fund is nominated in NOK. The impact on profit and loss due to
changes in the NOK exchange rate on these financial instruments offset each other.
The tables below show the exposure in sales to foreign currency risk in the most significant currencies:
GROUP
2025
2024
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
667\u00a0693
667\u00a0693
100.0%
511\u00a0189
511\u00a0189
100.0%
EUR
-150
-175
\u2014%
162
169
\u2014%
Other
1\u00a0033
101
\u2014%
549
57
\u2014%
Total
667\u00a0619
100.0%
511\u00a0415
100.0%
PARENT
2025
2024
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
620\u00a0965
620\u00a0965
100.0%
477\u00a0374
477\u00a0374
100.0%
EUR
-150
-175
\u2014%
162
169
\u2014%
Other
1\u00a0033
101
\u2014%
547
51
\u2014%
Total
620\u00a0891
100.0%
477\u00a0595
100.0%
The tables below show the exposure at the end of reporting period in the most
significant\u00a0currencies:
All amounts stated in USD 1000.
GROUP
2025
2024
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
93\u00a0476
37\u00a0432
66\u00a0250
20\u00a0606
EUR
\u2014
1\u00a0576
156
1\u00a0523
NOK
12
1\u00a0497
6
1\u00a0620
Other
\u2014
748
\u2014
169
Total
93\u00a0488
41\u00a0253
66\u00a0412
23\u00a0918
PARENT
2025
2024
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
702
34\u00a0510
981
20\u00a0606
EUR
\u2014
453
156
590
NOK
12
1\u00a0497
6
1\u00a0620
Other
\u2014
153
\u2014
87
Total
714
36\u00a0613
1\u00a0037
22\u00a0903
Geopolitical risk
The Group operates in a global semiconductor supply chain and may be affected by
geopolitical developments, including trade policies, export controls and sanctions regimes.
Such developments may impact supply chains, customer demand and foreign exchange
markets.
Management monitors these risks and implements mitigating measures on an ongoing
basis. No material adverse financial impact has been identified as of the reporting date.
See page 33 for further information.
Determination of fair value
As of December 31, 2025, the Group had no other financial assets or financial liabilities
than the bond where there is considered to be a difference between book value and fair
due to bond discounts/premiums. The bond is classified as Level 1 in the fair value
hierarchy, as it is a listed financial liability with observable prices.
Below is an overview of Nordic\u2019s financial instruments with difference between book
value and fair value:
GROUP
2025
2024
Book value
Fair market
value
Book value
Fair market
value
Financial liabilities
Bond
98\u00a0377
102\u00a0617
87\u00a0336
90\u00a0900
PARENT
2025
2024
Book value
Fair market
value
Book value
Fair market
value
Financial liabilities
Bond
98\u00a0377
102\u00a0617
87\u00a0336
90\u00a0900
Book value is a reasonable estimate of fair value in cases where these numbers
are\u00a0identical.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-305": { "value": "
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. The Group is exposed to credit
risk from its operating activities (primarily accounts receivables) and from its financing
activities, including foreign exchange transactions, cash and cash equivalents with banks
and other financial institutions and other financial\u00a0instruments.
The Group\u2019s sale of components takes place through its distribution partners within defined
geographic regions, where Asia is the dominant region. The Group depends on a relatively
small number of customers. Customer credit risk is managed by each region subject to the
Group\u2019s established policy, procedures and control relating to customer credit risk
management. Credit quality of a customer is assessed based on an extensive credit
evaluation and individual credit limits are defined in accordance with this assessment.
Outstanding accounts receivables are regularly monitored and assurance from distributors
that end customer sales is secured through letter of credits\u00a0is\u00a0obtained.
Age distribution of customer receivables was:
GROUP
PARENT
2025
2024
Gross total
2025
2024
69\u00a0473
56\u00a0604
Not due
433
782
18\u00a0691
8\u00a0151
Past due 0-30 days
44
161
5\u00a0222
1\u00a0607
Past due 31-120 days
134
44
102
50
Over 120 days
103
50
93\u00a0488
66\u00a0412
Total
714
1\u00a0037
The Group makes an allowance for expected credit losses on customer receivables based
on internal, historical credit loss data and past due receivables, adjusted for forward-
looking factors specific to the debtors and the economic\u00a0environment.
The Group has a limited number of customers, regular contact and long-term relationships
with most of its customer base. Some of the customers are dependent on Nordic
Semiconductor to stay in business. Historically, there have not been any significant credit
losses. 74% of trade receivables were within terms at the balance sheet date. On that
basis, expected credit loss for trade receivables are limited and allowances for doubtful
accounts at December 31, 2025 was 0m.
The maximum exposure to credit risk on the balance sheet date was:
GROUP
PARENT
2025
2024
2025
2024
93\u00a0488
66\u00a0412
Accounts receivable
714
1\u00a0037
26\u00a0957
27\u00a0029
Other current receivables
237\u00a0430
123\u00a0914
307\u00a0402
287\u00a0914
Cash and cash equivalents
205\u00a0181
185\u00a0633
427\u00a0846
381\u00a0355
Total
443\u00a0325
310\u00a0583
The credit risk in table above is diversified over a range of distributors, vendors, and\u00a0banks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-306": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial
obligations when due and to close out market positions.
Overall, cash flows are being monitored at both Group and entity level. The Group seeks
to minimize risk when investing its cash balances. Investments can only be made in
securities that have been approved by the Board.
As of December 31, 2025, cash and cash equivalents amounted to USD 307.4m (USD
287.9m), see Note 21: Cash and cash equivalents for details. The total balance includes
money market fund at fair value USD 110.3m.
The Group has no externally imposed capital requirements or agreements, and has no
contracts or legal requirements which are not being upheld. The Group has the following
due dates with regard to contracts for financial liabilities as of December 31,\u00a02025.
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond - payment of
principal*
98\u00a0377
99\u00a0215
\u2014
99\u00a0215
\u2014
Bond - payment of
interest**
663
20\u00a0674
7\u00a0015
13\u00a0659
\u2014
Accounts payable
41\u00a0253
41\u00a0253
41\u00a0253
\u2014
\u2014
Other current liabilities
81\u00a0793
81\u00a0793
81\u00a0793
\u2014
\u2014
Lease liabilities***
63\u00a0221
75\u00a0174
12\u00a0028
34\u00a0434
28\u00a0712
Total
285\u00a0307
318\u00a0109
142\u00a0089
147\u00a0308
28\u00a0712
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond - payment of
principal*
98\u00a0377
99\u00a0215
\u2014
99\u00a0215
\u2014
Bond - payment of
interest**
663
20\u00a0674
7\u00a0015
13\u00a0659
\u2014
Accounts payable
36\u00a0613
36\u00a0613
36\u00a0613
\u2014
\u2014
Accounts payable
subsidiaries
29\u00a0949
29\u00a0949
29\u00a0949
\u2014
\u2014
Other current liabilities
23\u00a0290
23\u00a0290
23\u00a0290
\u2014
\u2014
Lease liabilities***
51\u00a0493
62\u00a0428
6\u00a0896
26\u00a0990
28\u00a0542
Total
240\u00a0385
272\u00a0169
103\u00a0763
139\u00a0864
28\u00a0542
* The bond matures in 2028
** The contractual cash flow is calculated using forward yield curve. Estimated interest payments are
based on the contractual cash flow of the bond on December 31, 2023.
*** Lease liabilities are mainly office facility rent in Trondheim, lease ending December 31, 2033 and
December 31, 2037 and in Oslo, leasing ending December 31, 2032
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-307": { "value": "
The Group\u2019s liquidity requirements and risk assessment determine its investment strategy
and interest rate exposure.
The Group\u2019s policy is to maintain a short-term investment horizon for its surplus cash. The
investment portfolio should not have an average duration of longer than six (6)\u00a0months.
The Group has a sustainability linked revolving credit facility, which enables it to borrow up
to USD 200 million with an interest rate equal to SOFR + margin. The line of credit expires
in January 2029, with option to extend. The security for the credit line is provided by
inventory, receivables, and operating equipment.
The Group has issued a 5-year senior unsecured bond with initial issue amount of NOK
1,000m. The interest rate is 3 months Nibor + 3 %.
Interest rate sensitivity analysis
The interest rate sensitivity analysis shows the effects of changes in market interest rate on
borrowing interest costs. The analysis is based on the following assumptions:
\u25a0Revolving credit facility - The profit before tax is not impacted by changes in market
interest rate as the credit facility as of December 31, 2025 is not utilized.
\u25a0Bond - The profit before tax is impacted by changes in market interest rate. The table
below demonstrates the sensitivity to a possible change in interest rates. With all other
variables held constant, the Group\u2019s profit before tax is affected through the impact on
floating rate borrowings, as follows.
2025
2024
Interest rate (3 months NIBOR)
Effect on profit before tax
Effect on profit before tax
+50 basis points
-496
-440
-50 basis points
496
440
Foreign currency risk
The Group is subject to foreign currency risk, as it operates internationally with
development and commercial activities.
Foreign exchange risk arises from future commercial transactions and recognized assets
and liabilities denominated in a currency that is not the functional currency of the relevant
group entity.
The primary functional currency for the Group is USD. The vast majority of the Group's
revenues and cost of goods sold are denominated in USD. However, approximately 40% of
the Group\u2019s operating expenses (excluding depreciation and amortization) are
denominated in NOK and 20% are denominated in EUR. The Group does not use hedging
instruments to minimize its exposure to foreign currency risk from operating activities
affecting profit and loss.
Below is a sensitivity analysis of changes in the NOK exchange rate on monetary Group
balance sheet items, and their impact on profit and loss:
Profit before tax
NOK exchange rate +/- 10%
+/- 4 680
The sensitivity analysis is based on the Group\u2019s monetary assets and liabilities denominated in
currencies other than the Company's functional currencies at the reporting date. The analysis assumes
a 10% change in the NOK exchange rate, with all other variables held constant.
Issued bond and money market fund is nominated in NOK. The impact on profit and loss due to
changes in the NOK exchange rate on these financial instruments offset each other.
The tables below show the exposure in sales to foreign currency risk in the most significant currencies:
GROUP
2025
2024
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
667\u00a0693
667\u00a0693
100.0%
511\u00a0189
511\u00a0189
100.0%
EUR
-150
-175
\u2014%
162
169
\u2014%
Other
1\u00a0033
101
\u2014%
549
57
\u2014%
Total
667\u00a0619
100.0%
511\u00a0415
100.0%
PARENT
2025
2024
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
620\u00a0965
620\u00a0965
100.0%
477\u00a0374
477\u00a0374
100.0%
EUR
-150
-175
\u2014%
162
169
\u2014%
Other
1\u00a0033
101
\u2014%
547
51
\u2014%
Total
620\u00a0891
100.0%
477\u00a0595
100.0%
The tables below show the exposure at the end of reporting period in the most
significant\u00a0currencies:
All amounts stated in USD 1000.
GROUP
2025
2024
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
93\u00a0476
37\u00a0432
66\u00a0250
20\u00a0606
EUR
\u2014
1\u00a0576
156
1\u00a0523
NOK
12
1\u00a0497
6
1\u00a0620
Other
\u2014
748
\u2014
169
Total
93\u00a0488
41\u00a0253
66\u00a0412
23\u00a0918
PARENT
2025
2024
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
702
34\u00a0510
981
20\u00a0606
EUR
\u2014
453
156
590
NOK
12
1\u00a0497
6
1\u00a0620
Other
\u2014
153
\u2014
87
Total
714
36\u00a0613
1\u00a0037
22\u00a0903
Geopolitical risk
The Group operates in a global semiconductor supply chain and may be affected by
geopolitical developments, including trade policies, export controls and sanctions regimes.
Such developments may impact supply chains, customer demand and foreign exchange
markets.
Management monitors these risks and implements mitigating measures on an ongoing
basis. No material adverse financial impact has been identified as of the reporting date.
See page 33 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-308": { "value": "
Note 29: Events after the balance sheet date
No events have occurred since December 31, 2025 with any significant effect that will
impact the evaluation of the submitted accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-309": { "value": "
Note 30: Related party transactions
Nordic Semiconductor ASA, the ultimate parent company of the Group, is listed on Oslo
Stock Exchange. The Group has no material transactions with related parties.
The ultimate parent company has transactions with its wholly-owned subsidiaries. See Note
20: Intercompany for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-310": { "value": "Note 30: Related party transactionsNordic Semiconductor ASA, the ultimate parent company of the Group, is listed on Oslo Stock Exchange. The Group has no material transactions with related parties.The ultimate parent company has transactions with its wholly-owned subsidiaries. See Note 20: Intercompany for further information.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-311": { "value": "Note 30: Related party transactionsNordic Semiconductor ASA, the ultimate parent company of the Group, is listed on Oslo Stock Exchange. The Group has no material transactions with related parties.The ultimate parent company has transactions with its wholly-owned subsidiaries. See Note 20: Intercompany for further information.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-312": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }