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"value": "Consolidated statement of changes in equity
Note 1 - General Information Reach Subsea ASA Group offers subsea services as a
subcontractor and/or directly to end clients, based out of our head office in Haugesund. In recent years, the Group has expanded its operations through a strategic focus on autonomous subsea operations, particularly through the development of the Reach Remote platform. Reach Subsea ASA\u2019s shares are listed on Oslo Stock Exchange (Oslo B\u00f8rs) under the ticker REACH. Reach Subsea ASA is the parent company in the Group and is domiciled in Norway, with office address M\u00f8llervegen 6, 5525 Haugesund. The Group has a Branch in Trinidad & Tobago. The company\u2019s consolidated financial statements for the 2025 financial year covers Reach Subsea ASA and its subsidiaries Reach Subsea AS, Reach Subsea Holding AS, Reach Remote AS, Reach Remote 2 AS, Reach Subsea Shipping AS, Reach International AS, Reach Subsea Inc, Reach Subsea Sweden AB, Subvision AB, Reach Subsea UK Ltd, Reach Subsea Pte Ltd, Reach Subsea Ltd, Reach Subsea Pty Ltd, Guardian Geomatics Pte Ltd and Reach Subsea Brasil Ltda. ",
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"value": "Note 2 - Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation The consolidated financial statements of Reach Subsea ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, and in accordance with the additional requirements following the Norwegian Accounting Act.
The consolidated financial statements are prepared under the assumption of going concern and on a historical cost basis, with some exceptions as detailed under accounting policies set out below. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. New & amended standards adopted by the Group Certain new accounting standards and interpretations have been issued but are not yet effective as at 31 December 2025. The Group has not early adopted these standards. Except as described below, the new standards and interpretations are not expected to have a material impact on the Group\u2019s financial statements in the current or future reporting periods. IFRS 18 Presentation and Disclosure in Financial Statements is effective for annual reporting periods beginning on or after 1 January 2027. IFRS 18 introduces changes to the structure and content of the primary financial statements. The key new concepts introduced by IFRS 18 include: \u2022 a revised structure of the statement of profit or loss with defined subtotals; \u2022 requirements to determine the most useful structured summary for presenting expenses in the statement of profit or loss; \u2022 mandatory disclosures in a single note for certain profit or loss performance measures that are reported outside the financial statements (management-defined performance measures); and \u2022 enhanced principles for aggregation and disaggregation applicable to both the primary financial statements and the notes. The Group is currently assessing the impact of IFRS 18 on the presentation and disclosures in the consolidated financial statements. The standard is not expected to have an impact on the Group\u2019s financial position or cash flows.
Basis of consolidation Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Joint arrangements Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the steering committee that makes strategic decisions. The group has two segments. Oil & Gas and Renewable/Other, and Data and Solutions. Revenues are categorized as either Data or Solutions based on the nature of the service delivered to a client. Data represents delivery of various types of maps, models and/or reports collected through subsea survey and/ or inspection projects. Solutions represents delivery of a specific client solution such as repair, modification, installation or removal of subsea equipment and infrastructure.
Foreign currency translation Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB and Subvision AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency, Reach Subsea Ply Ltd has AUD as functional currency and Reach Subsea Brasil Ltda has BRL as functional currency. Balance sheet items of subsidiaries in other functional currencies are translated into the presentation currency, NOK, according to the exchange rates prevailing on the balance sheet date, while profit or loss items are translated according to average monthly exchange rates for the relevant month. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income within financial income and financial costs.
Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Onerous contracts Provisions for onerous contracts are recognized when the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Leases Accounting as lessee At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract includes the right to control the use of an identified asset for a period in exchange for consideration. Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\"pay-as-you-go\"), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \"pay-as-you-go\" lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying value to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: \u2022 The lease term has changed. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right of use assets is depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost. Investments in fixed income funds Investments in fixed income funds are classified as financial assets measured at fair value through profit or loss (FVPL) in accordance with IFRS 9. Such investments do not meet the criteria for measurement at amortized cost, as the contractual cash flows are not solely payments of principal and interest. Fixed income fund investments are initially recognized at fair value, with subsequent changes in fair value recognized in profit or loss as part of financial income or expenses. De-recognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Trade receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the consolidated statement of comprehensive income on a straight- line basis over the expected lives of the related assets.
Cash and cash equivalents Cash equivalents are ordinary bank deposits.
Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items that are recognized in other comprehensive income, or directly in equity. In such cases the relating tax expense is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. The Group issued a bond loan during the year, which is accounted for in accordance with these principles. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
Share-based payments The group has an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2022 including the impact of any non-vesting conditions (for example, the requirement for employees to save). Non-market performance and service conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge
will be treated as a cash-settled transaction. Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate.
Recognition of revenue General Revenue from sale of services is recognized in accordance with IFRS 15. Revenues are shown net of value added tax and discounts. Sales of services The Group revenue comprises revenue recognized from contracts with customers for the provision of subsea services. Although scope of work varies from project to project, there are similarities in all projects, such as mobilisation and demobilisation of vessel, vessel hire, ROV crewing etc. These elements are highly related and comprise an integrated service negotiated with the customer. As such, all elements within a contract is normally considered to be one single performance obligation. Reach Subsea reviews all customer contracts to assess if there are elements that may indicate several performance obligations within one contract. Such elements may be use of several vessel spreads or project phases requiring separate mobilisation of vessels. For sales of services under fixed rate contracts, revenue is recognized in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. For other services, revenue is recognized based on the agreed rate as the services are rendered. The transaction price for day- rate contracts is determined by the expected value approach being the number of scheduled days multiplied with day-rate. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. For contracts with pricing elements that need to be estimated, revenue is recognised at best estimate only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. Revenue is recognized as control is passed, either over time or at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. Reach Subsea has concluded that customers receive benefits from the subsea services as they are performed, and therefore recognize revenue over the time the subsea service is provided. Incremental costs of obtaining a contract is recognized as an asset if we expect to recover these costs. However, incremental costs are limited to the costs that would not have incurred if the contract had not been successfully obtained. Revenue from leases Revenue from time-charter leases is recognized using a straight-line basis over the term of the contract.
Cash flow statement The cash flow statement is prepared according to the indirect method.
Basis of preparation The consolidated financial statements of Reach Subsea ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, and in accordance with the additional requirements following the Norwegian Accounting Act.
The consolidated financial statements are prepared under the assumption of going concern and on a historical cost basis, with some exceptions as detailed under accounting policies set out below. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. ",
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"reg-ix-289": {
"value": "The consolidated financial statements of Reach Subsea ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, and in accordance with the additional requirements following the Norwegian Accounting Act.
",
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"value": "New & amended standards adopted by the Group Certain new accounting standards and interpretations have been issued but are not yet effective as at 31 December 2025. The Group has not early adopted these standards. Except as described below, the new standards and interpretations are not expected to have a material impact on the Group\u2019s financial statements in the current or future reporting periods. IFRS 18 Presentation and Disclosure in Financial Statements is effective for annual reporting periods beginning on or after 1 January 2027. IFRS 18 introduces changes to the structure and content of the primary financial statements. The key new concepts introduced by IFRS 18 include: \u2022 a revised structure of the statement of profit or loss with defined subtotals; \u2022 requirements to determine the most useful structured summary for presenting expenses in the statement of profit or loss; \u2022 mandatory disclosures in a single note for certain profit or loss performance measures that are reported outside the financial statements (management-defined performance measures); and \u2022 enhanced principles for aggregation and disaggregation applicable to both the primary financial statements and the notes. The Group is currently assessing the impact of IFRS 18 on the presentation and disclosures in the consolidated financial statements. The standard is not expected to have an impact on the Group\u2019s financial position or cash flows.
",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-290": {
"value": "New & amended standards adopted by the Group Certain new accounting standards and interpretations have been issued but are not yet effective as at 31 December 2025. The Group has not early adopted these standards. Except as described below, the new standards and interpretations are not expected to have a material impact on the Group\u2019s financial statements in the current or future reporting periods. IFRS 18 Presentation and Disclosure in Financial Statements is effective for annual reporting periods beginning on or after 1 January 2027. IFRS 18 introduces changes to the structure and content of the primary financial statements. The key new concepts introduced by IFRS 18 include: \u2022 a revised structure of the statement of profit or loss with defined subtotals; \u2022 requirements to determine the most useful structured summary for presenting expenses in the statement of profit or loss; \u2022 mandatory disclosures in a single note for certain profit or loss performance measures that are reported outside the financial statements (management-defined performance measures); and \u2022 enhanced principles for aggregation and disaggregation applicable to both the primary financial statements and the notes. The Group is currently assessing the impact of IFRS 18 on the presentation and disclosures in the consolidated financial statements. The standard is not expected to have an impact on the Group\u2019s financial position or cash flows.
",
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"reg-ix-291": {
"value": "Basis of consolidation Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Joint arrangements Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. ",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"mtpnn43": {
"value": "Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Company Business office Voting rights and ownership Reach Subsea Holding AS Haugesund 100 % Reach Subsea AS (100 % owned by Reach Subsea Holding AS) Haugesund 100 % Reach Remote AS (100 % owned by Reach Subsea Holding AS) Haugesund 100 % Reach Remote 2 AS (100 % owned by Reach Subsea Holding AS) Haugesund 100 % Reach Subsea Shipping AS (100 % owned by Reach Subsea Holding AS) Haugesund 100 % Reach Subsea International AS (100 % owned by Reach Subsea Holding AS) Haugesund 100 % Reach Subsea UK Ltd (100 % owned by Reach Subsea International AS) Scotland, UK 100 % Reach Subsea Pte. Ltd (100 % owned by Reach Subsea International AS) Singapore 100 % Reach Subsea Ltd (100 % owned by Reach Subsea International AS) Limassol, Cyprus 100 % Reach Subsea Inc (100 % owned by Reach Subsea International AS) Delaware, USA 100 % Reach Subsea Sweden AB (100 % owned by Reach Subsea International AS) Gothenburg, Sweden 100 % Subvision AB (100 % owned by Reach Subsea International AS) D\u00f6sjebro, Sweden 100 % Reach Subsea Pty Ltd (100 % owned by Reach Subsea International AS) Perth, Australia 100 % Guardian Geomatics Pte Ltd (100 % owned by Reach Subsea Pty Ltd) Perth, Australia 100 % Reach Subsea Brasil Ltda. (100 % owned by Reach Subsea International AS) Rio de Janeiro, Brasil 100 % Note 12 - Shares in Subsidiaries
Investment in associated companies comprises shares in the entities Eidesvik Reach AS, Eidesvik Agalas Reach AS and Guardian Geomatics Arabia Limited. Reach Subsea holds a 49.9 % ownership in Eidesvik Reach AS, a 33.3 % ownership in Eidesvik Agalas Reach AS, and a 40 % ownership in Guardian Geomatics Arabia Limited. Eidesvik Reach AS owns and operates the vessel Viking Reach. Eidesvik Agalas Reach AS was established for owning and operating offshore vessels and has currently one vessel under construction with scheduled delivery in 2027. Guardian Geomatics Arabia Limited is a Saudi Arabia registered company, and was acquired through the purchase of 100 % of the shares in Guardian Geomatics in November 2023. Investments in associates are accounted for using the equity method, whereby the Group\u2019s share of the associates\u2019 profit or loss is recognised in the income statement and the carrying amount is adjusted accordingly. Reconciliation and specification of carrying amount of investments in associates (NOK 1000) 2025 2024 Opening balance carrying amount of investments in associates 127 221 113 452 Acquisition cost shares acquired, Eidesvik Agalas Reach AS 109 084 - Acquisition cost shares acquired through business combination (note 27), Guardian Geomatics Arabia Limited - - Translation differences Guardian Geomatics Arabia Limited (47) 19 Share of net result in investment, Eidesvik Reach AS 25 242 13 750 Share of net result in investment, Eidesvik Agalas Reach AS (1 185) - Share of net result in investment, Guardian Geomatics Arabia Limited - - Total carrying amount of investments in associates at balance date 260 314 127 221 Financial figures for the associated company Eidesvik Reach AS (unaudited) (NOK 1000) 2025 2024 Revenues 136 354 134 578 Operating result 76 200 81 082 Pre-tax profit 49 394 27 680 Liquidity 52 175 14 080 Net working capital 16 014 13 487 Equity 303 282 252 697 The financial information presented represents 100 % of the associates\u2019 financial figures. Eidesvik Reach AS is an associated company where Reach controls 49.9 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Reach AS owns and operates the vessel Viking Reach with head office in B\u00f8mlo, Norway. The vessel is on contract with Reach Subsea Shipping AS until April 2029. The group has not identified impairment indicators related to the investment in Eidesvik Reach AS. Financial figures for the associated company Eidesvik Agalas Reach AS (unaudited) 2025 2024 Revenues - - Operating result (501) - Pre-tax profit (2 016) - Liquidity 7 772 - Net working capital (10 527) - Equity 326 964 - Eidesvik Agalas Reach AS is an associated company where Reach controls 33.3 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Agalas Reach AS will own and operate the vessel Agalas 2 with head office in B\u00f8mlo, Norway. The vessel is currently under construction with expected delivery in 2027. The newbuild is financed through a combination of equity from the owners and long-term debt, supported by a long-term charter contract with Reach Subsea Shipping AS. The group has not identified impairment indicators related to the investment in Eidesvik Agalas Reach AS. Specification of net result from investment in associates recognised in the income statement (NOK 1000 2025 2024 Share of net result in investment, Eidesvik Reach AS 25 242 13 750 Share of net result in investment, Eidesvik Agalas Reach AS (1 185) Share of net result in investment, Guardian Geomatics Arabia Limited - - Net result from investments in associates 24 056 13 750 Significant associates Note 26 - Investment in associated companies 137
Re",
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"reg-ix-348": {
"value": "Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Company Business office Voting rights and ownership Reach Subsea Holding AS Haugesund 100 % Reach Subsea AS (100 % owned by Reach Subsea Holding AS) Haugesund 100 % Reach Remote AS (100 % owned by Reach Subsea Holding AS) Haugesund 100 % Reach Remote 2 AS (100 % owned by Reach Subsea Holding AS) Haugesund 100 % Reach Subsea Shipping AS (100 % owned by Reach Subsea Holding AS) Haugesund 100 % Reach Subsea International AS (100 % owned by Reach Subsea Holding AS) Haugesund 100 % Reach Subsea UK Ltd (100 % owned by Reach Subsea International AS) Scotland, UK 100 % Reach Subsea Pte. Ltd (100 % owned by Reach Subsea International AS) Singapore 100 % Reach Subsea Ltd (100 % owned by Reach Subsea International AS) Limassol, Cyprus 100 % Reach Subsea Inc (100 % owned by Reach Subsea International AS) Delaware, USA 100 % Reach Subsea Sweden AB (100 % owned by Reach Subsea International AS) Gothenburg, Sweden 100 % Subvision AB (100 % owned by Reach Subsea International AS) D\u00f6sjebro, Sweden 100 % Reach Subsea Pty Ltd (100 % owned by Reach Subsea International AS) Perth, Australia 100 % Guardian Geomatics Pte Ltd (100 % owned by Reach Subsea Pty Ltd) Perth, Australia 100 % Reach Subsea Brasil Ltda. (100 % owned by Reach Subsea International AS) Rio de Janeiro, Brasil 100 % Note 12 - Shares in Subsidiaries
",
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"reg-ix-292": {
"value": "Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
",
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"mtpnn51": {
"value": "Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Investment in associated companies comprises shares in the entities Eidesvik Reach AS, Eidesvik Agalas Reach AS and Guardian Geomatics Arabia Limited. Reach Subsea holds a 49.9 % ownership in Eidesvik Reach AS, a 33.3 % ownership in Eidesvik Agalas Reach AS, and a 40 % ownership in Guardian Geomatics Arabia Limited. Eidesvik Reach AS owns and operates the vessel Viking Reach. Eidesvik Agalas Reach AS was established for owning and operating offshore vessels and has currently one vessel under construction with scheduled delivery in 2027. Guardian Geomatics Arabia Limited is a Saudi Arabia registered company, and was acquired through the purchase of 100 % of the shares in Guardian Geomatics in November 2023. Investments in associates are accounted for using the equity method, whereby the Group\u2019s share of the associates\u2019 profit or loss is recognised in the income statement and the carrying amount is adjusted accordingly. Reconciliation and specification of carrying amount of investments in associates (NOK 1000) 2025 2024 Opening balance carrying amount of investments in associates 127 221 113 452 Acquisition cost shares acquired, Eidesvik Agalas Reach AS 109 084 - Acquisition cost shares acquired through business combination (note 27), Guardian Geomatics Arabia Limited - - Translation differences Guardian Geomatics Arabia Limited (47) 19 Share of net result in investment, Eidesvik Reach AS 25 242 13 750 Share of net result in investment, Eidesvik Agalas Reach AS (1 185) - Share of net result in investment, Guardian Geomatics Arabia Limited - - Total carrying amount of investments in associates at balance date 260 314 127 221 Financial figures for the associated company Eidesvik Reach AS (unaudited) (NOK 1000) 2025 2024 Revenues 136 354 134 578 Operating result 76 200 81 082 Pre-tax profit 49 394 27 680 Liquidity 52 175 14 080 Net working capital 16 014 13 487 Equity 303 282 252 697 The financial information presented represents 100 % of the associates\u2019 financial figures. Eidesvik Reach AS is an associated company where Reach controls 49.9 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Reach AS owns and operates the vessel Viking Reach with head office in B\u00f8mlo, Norway. The vessel is on contract with Reach Subsea Shipping AS until April 2029. The group has not identified impairment indicators related to the investment in Eidesvik Reach AS. Financial figures for the associated company Eidesvik Agalas Reach AS (unaudited) 2025 2024 Revenues - - Operating result (501) - Pre-tax profit (2 016) - Liquidity 7 772 - Net working capital (10 527) - Equity 326 964 - Eidesvik Agalas Reach AS is an associated company where Reach controls 33.3 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Agalas Reach AS will own and operate the vessel Agalas 2 with head office in B\u00f8mlo, Norway. The vessel is currently under construction with expected delivery in 2027. The newbuild is financed through a combination of equity from the owners and long-term debt, supported by a long-term charter contract with Reach Subsea Shipping AS. The group has not identified impairment indicators related to the investment in Eidesvik Agalas Reach AS. Specification of net result from investment in associates recognised in the income statement (NOK 1000 2025 2024 Share of net result in investment, Eidesvik Reach AS 25 242 13 750 Share of net result in investment, Eidesvik Agalas Reach AS (1 185) Share of net result in investment, Guardian Geomatics Arabia Limited - - Net result from investments in associates 24 056 13 750 Significant associates Note 26 - Investment in associated companies 137
Re",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-370": {
"value": "Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Investment in associated companies comprises shares in the entities Eidesvik Reach AS, Eidesvik Agalas Reach AS and Guardian Geomatics Arabia Limited. Reach Subsea holds a 49.9 % ownership in Eidesvik Reach AS, a 33.3 % ownership in Eidesvik Agalas Reach AS, and a 40 % ownership in Guardian Geomatics Arabia Limited. Eidesvik Reach AS owns and operates the vessel Viking Reach. Eidesvik Agalas Reach AS was established for owning and operating offshore vessels and has currently one vessel under construction with scheduled delivery in 2027. Guardian Geomatics Arabia Limited is a Saudi Arabia registered company, and was acquired through the purchase of 100 % of the shares in Guardian Geomatics in November 2023. Investments in associates are accounted for using the equity method, whereby the Group\u2019s share of the associates\u2019 profit or loss is recognised in the income statement and the carrying amount is adjusted accordingly. Reconciliation and specification of carrying amount of investments in associates (NOK 1000) 2025 2024 Opening balance carrying amount of investments in associates 127 221 113 452 Acquisition cost shares acquired, Eidesvik Agalas Reach AS 109 084 - Acquisition cost shares acquired through business combination (note 27), Guardian Geomatics Arabia Limited - - Translation differences Guardian Geomatics Arabia Limited (47) 19 Share of net result in investment, Eidesvik Reach AS 25 242 13 750 Share of net result in investment, Eidesvik Agalas Reach AS (1 185) - Share of net result in investment, Guardian Geomatics Arabia Limited - - Total carrying amount of investments in associates at balance date 260 314 127 221 Financial figures for the associated company Eidesvik Reach AS (unaudited) (NOK 1000) 2025 2024 Revenues 136 354 134 578 Operating result 76 200 81 082 Pre-tax profit 49 394 27 680 Liquidity 52 175 14 080 Net working capital 16 014 13 487 Equity 303 282 252 697 The financial information presented represents 100 % of the associates\u2019 financial figures. Eidesvik Reach AS is an associated company where Reach controls 49.9 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Reach AS owns and operates the vessel Viking Reach with head office in B\u00f8mlo, Norway. The vessel is on contract with Reach Subsea Shipping AS until April 2029. The group has not identified impairment indicators related to the investment in Eidesvik Reach AS. Financial figures for the associated company Eidesvik Agalas Reach AS (unaudited) 2025 2024 Revenues - - Operating result (501) - Pre-tax profit (2 016) - Liquidity 7 772 - Net working capital (10 527) - Equity 326 964 - Eidesvik Agalas Reach AS is an associated company where Reach controls 33.3 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Agalas Reach AS will own and operate the vessel Agalas 2 with head office in B\u00f8mlo, Norway. The vessel is currently under construction with expected delivery in 2027. The newbuild is financed through a combination of equity from the owners and long-term debt, supported by a long-term charter contract with Reach Subsea Shipping AS. The group has not identified impairment indicators related to the investment in Eidesvik Agalas Reach AS. Specification of net result from investment in associates recognised in the income statement (NOK 1000 2025 2024 Share of net result in investment, Eidesvik Reach AS 25 242 13 750 Share of net result in investment, Eidesvik Agalas Reach AS (1 185) Share of net result in investment, Guardian Geomatics Arabia Limited - - Net result from investments in associates 24 056 13 750 Significant associates Note 26 - Investment in associated companies 137
Re",
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"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
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},
"mtpnn5": {
"value": "Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-293": {
"value": "Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-336": {
"value": "Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the steering committee that makes strategic decisions. The group has two segments. Oil & Gas and Renewable/Other, and Data and Solutions. Revenues are categorized as either Data or Solutions based on the nature of the service delivered to a client. Data represents delivery of various types of maps, models and/or reports collected through subsea survey and/ or inspection projects. Solutions represents delivery of a specific client solution such as repair, modification, installation or removal of subsea equipment and infrastructure.
(NOK 1000) 2025 2024 Oil & Gas vs Renewables/other Revenue Oil & Gas 1 565 696 1 774 661 Renewable / other 1 108 933 942 363 Total 2 674 629 2 717 024 Operating expense Oil & Gas (1 479 634) (1 537 511) Renewable / other (1 047 978) (816 434) Total (2 527 612) (2 353 945) Operating result Oil & Gas 86 062 237 150 Renewable / other 60 955 125 929 Total 147 018 363 079 Data vs Solutions Revenue Data 502 535 1 022 239 Solutions 2 172 094 1 694 785 Total 2 674 629 2 717 024 Operating expense Data (474 912) (885 636) Solutions (2 052 700) (1 468 309) Total (2 527 612) (2 353 946) Operating result Data 27 623 136 603 Solutions 119 395 226 476 Total 147 018 363 079 Note 5 - Segment information
Gain from sale of assets in \"Other income\" is not related to a segment and therefore excluded from the tables above. Refer to note 14 for further information. All assets and liabilities are used jointly in all segments.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"reg-ix-294": {
"value": "Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the steering committee that makes strategic decisions. The group has two segments. Oil & Gas and Renewable/Other, and Data and Solutions. Revenues are categorized as either Data or Solutions based on the nature of the service delivered to a client. Data represents delivery of various types of maps, models and/or reports collected through subsea survey and/ or inspection projects. Solutions represents delivery of a specific client solution such as repair, modification, installation or removal of subsea equipment and infrastructure.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-296": {
"value": "Foreign currency translation Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB and Subvision AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency, Reach Subsea Ply Ltd has AUD as functional currency and Reach Subsea Brasil Ltda has BRL as functional currency. Balance sheet items of subsidiaries in other functional currencies are translated into the presentation currency, NOK, according to the exchange rates prevailing on the balance sheet date, while profit or loss items are translated according to average monthly exchange rates for the relevant month. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income within financial income and financial costs.
Foreign currency translation Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB and Subvision AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency, Reach Subsea Ply Ltd has AUD as functional currency and Reach Subsea Brasil Ltda has BRL as functional currency. Balance sheet items of subsidiaries in other functional currencies are translated into the presentation currency, NOK, according to the exchange rates prevailing on the balance sheet date, while profit or loss items are translated according to average monthly exchange rates for the relevant month. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income within financial income and financial costs.
The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP, AUD and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Effect on profit before tax EUR GBP USD AUD 2025 +5 % 19 969 527 (949 588) 34 656 503 157 049 -5 % (19 969 527) 949 588 (34 656 503) (157 049) 2024 +5 % (3 606 594) 4 907 349 (948 187) - -5 % 3 606 594 (4 907 349) 948 187 -
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-295": {
"value": "Foreign currency translation Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB and Subvision AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency, Reach Subsea Ply Ltd has AUD as functional currency and Reach Subsea Brasil Ltda has BRL as functional currency. Balance sheet items of subsidiaries in other functional currencies are translated into the presentation currency, NOK, according to the exchange rates prevailing on the balance sheet date, while profit or loss items are translated according to average monthly exchange rates for the relevant month. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income within financial income and financial costs.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-352": {
"value": "Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Asset category Assets under construction Vessels Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction Vessels ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2025 Opening net book amount 369 475 - 49 796 96 974 151 828 1 269 637 1 937 710 Additions 163 310 57 303 26 729 168 677 111 625 420 585 948 228 Additions from business combination (note 27) - - - - - - Disposals - - - - - - Adjustment of commitment - - - - - - Other reclassification (369 475) 282 697 27 634 - 59 144 - (0) Depreciation - (23 328) (19 256) (28 241) (83 034) (811 227) (965 085) Impairment - - - - - (15 000) (15 000) Translation differences 576 (1 432) (856) Closing net book value 163 310 316 672 84 903 237 410 240 138 862 563 1 904 996 At 31 December 2025 Cost 1.1.25 369 475 - 207 694 211 436 240 701 2 322 198 3 351 503 Additions 163 310 57 303 26 729 168 677 111 625 420 585 948 228 Other reclassification (369 475) 282 697 27 634 - 59 144 - (0) Disposals at cost - - - - - - - Adjustment fully depreciated items - - - - - (102 695) (102 695) Translation differences - - - - 576 (1 432) (856) Cost 31.12.25 163 310 340 000 262 057 380 113 412 046 2 638 654 4 196 179 Note 14 - Property, plant & equipment
Assets under construction can be divided into the following categories: Reach Remote 3 & 4 152 443 Tax deduction scheme Reach Remote-project (SkatteFUNN) (4 750) Minor capex-projects and mobilizations 15 618 Net book value 31.12.25 163 310 Asset category Assets under construction Vessels Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction Vessels ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31 December 2025 Accumulated depreciation 1.1.25 - - (157 770) (114 462) (88 872) (1 052 355) (1 413 459) Depreciation - (23 328) (19 256) (28 241) (83 034) (811 227) (965 085) Depreciation disposed assets - - - - - Adjustment fully depreciated items - - - - 102 695 102 695 Accumulated depreciation 31.12.25 - (23 328) (177 026) (142 703) (171 907) (1 760 887) (2 275 850) Accumulated impairment 1.1.25 - - - - - - - Impairment - - - - - (15 000) (15 000) Adjustment fully depreciated items - - - - - - - Accumulated impairment 31.12.25 - - - - - (15 000) (15 000) Book value 163 310 316 672 84 903 237 410 240 138 862 563 1 904 996 Depreciation plan/useful life 5 - 30 years 3 - 8 years 3 - 8 years 3 years 1 - 6 years Depreciation method Linear Linear Linear Linear Linear Reclassifications is explained by assets under construction being activated during the year. See note 24 for further information for Right of use asset, Vessels and other equipments, and note 22 for Right of use asset ROV, leased from financial institutions.
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2024 Opening net book amount 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Additions from business combination (note 27) - Disposals - - - - Adjustment of commitment - - - - - - Other reclassification (52 909) 690 43 334 8 885 - (0) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Impairment - - - - - - Closing net book value 369 475 49 796 96 974 151 828 1 269 637 1 937 710 At 31 December 2024 Cost 1.1.24 266 658 186 981 125 134 155 858 1 607 273 2 341 904 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Other reclassification (52 909) 690 43 334 8 885 - (0) Disposals at cost - - - - - - Adjustment fully depreciated items - - - - (115 848) (115 848) Cost 31.12.24 369 475 207 694 211 436 240 701 2 322 198 3 351 503
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31 December 2024 Accumulated depreciation 1.1.24 - (142 735) (108 816) (33 130) (444 043) (728 725) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Depreciation disposed assets - - - - - Adjustment fully depreciated items - - - - 115 848 115 848 Accumulated depreciation 31.12.24 - (157 770) (114 462) (88 872) (1 052 355) (1 413 459) Accumulated impairment 1.1.24 - - - - - - Accumulated impairment 31.12.24 - - - - - - Book value 369 475 49 796 96 974 151 828 1 269 637 1 937 710 Depreciation plan/useful life 3 - 8 years 3 - 8 years 3 years 1 - 6 years Depreciation method Linear Linear Linear Linear Reclassifications is explained by assets under construction being activated during the year. Bank borrowings are secured on fixed assets. Refer to note 22 Borrowings for further information.
Impairment Summary Impairment testing has been performed in accordance with IAS 36. An impairment loss of NOK 15 million was recognised. Right-of use-assets - vessels: The right-of-use assets at 31 December 2025 represent the remaining committed vessel days under charter agreements with vessel owners, as well as lease agreements for office premises. For Northern Maria, the impairment assessment performed in Q4 concluded that the recoverable amount was lower than the carrying amount. In accordance with IAS 36 Impairment of Assets, an impairment loss of NOK 15 million was recognised. Impairment testing for the other Right-of-use assets demonstrated that the recoverable amount exceeds the carrying amount, and no impairment was recognised. The recoverable amounts are sensitive to key assumptions, including estimated utilisation and selling rates (shown as sensitivity in estimated revenue). See note 24 for further information on Right-of-use assets. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 10.5 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Sensitivity on Right of use asset: ROV and ROV equipment and Equipment and office machinery: A review has been performed to assess whether any impairment indicators exist for the ROV/equipment CGUs, both owned and leased. No such indicators have been identified. As a result, no impairment calculation has been carried out. Vessels: The Group has assessed whether any impairment indicators exist for Remote I and Remote II, which together have a carrying amount of NOK 317 million. No such indicators have been identified. The assessment is supported by two independent broker valuations, both confirming market values well above the vessels\u2019 carrying amounts, thereby substantiating management\u2019s conclusion that no impairment indicators are present. Accordingly, no impairment calculation has been performed as of 31 December 2025.
Drop in estimated revenue (NOK 1000) Impairment charge on fixed assets 10 % 6 611 20 % 15 578 30 % 45 513
Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-351": {
"value": "Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\"pay-as-you-go\"), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \"pay-as-you-go\" lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The right of use assets is depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Asset category Assets under construction Vessels Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction Vessels ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2025 Opening net book amount 369 475 - 49 796 96 974 151 828 1 269 637 1 937 710 Additions 163 310 57 303 26 729 168 677 111 625 420 585 948 228 Additions from business combination (note 27) - - - - - - Disposals - - - - - - Adjustment of commitment - - - - - - Other reclassification (369 475) 282 697 27 634 - 59 144 - (0) Depreciation - (23 328) (19 256) (28 241) (83 034) (811 227) (965 085) Impairment - - - - - (15 000) (15 000) Translation differences 576 (1 432) (856) Closing net book value 163 310 316 672 84 903 237 410 240 138 862 563 1 904 996 At 31 December 2025 Cost 1.1.25 369 475 - 207 694 211 436 240 701 2 322 198 3 351 503 Additions 163 310 57 303 26 729 168 677 111 625 420 585 948 228 Other reclassification (369 475) 282 697 27 634 - 59 144 - (0) Disposals at cost - - - - - - - Adjustment fully depreciated items - - - - - (102 695) (102 695) Translation differences - - - - 576 (1 432) (856) Cost 31.12.25 163 310 340 000 262 057 380 113 412 046 2 638 654 4 196 179 Note 14 - Property, plant & equipment
Assets under construction can be divided into the following categories: Reach Remote 3 & 4 152 443 Tax deduction scheme Reach Remote-project (SkatteFUNN) (4 750) Minor capex-projects and mobilizations 15 618 Net book value 31.12.25 163 310 Asset category Assets under construction Vessels Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction Vessels ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31 December 2025 Accumulated depreciation 1.1.25 - - (157 770) (114 462) (88 872) (1 052 355) (1 413 459) Depreciation - (23 328) (19 256) (28 241) (83 034) (811 227) (965 085) Depreciation disposed assets - - - - - Adjustment fully depreciated items - - - - 102 695 102 695 Accumulated depreciation 31.12.25 - (23 328) (177 026) (142 703) (171 907) (1 760 887) (2 275 850) Accumulated impairment 1.1.25 - - - - - - - Impairment - - - - - (15 000) (15 000) Adjustment fully depreciated items - - - - - - - Accumulated impairment 31.12.25 - - - - - (15 000) (15 000) Book value 163 310 316 672 84 903 237 410 240 138 862 563 1 904 996 Depreciation plan/useful life 5 - 30 years 3 - 8 years 3 - 8 years 3 years 1 - 6 years Depreciation method Linear Linear Linear Linear Linear Reclassifications is explained by assets under construction being activated during the year. See note 24 for further information for Right of use asset, Vessels and other equipments, and note 22 for Right of use asset ROV, leased from financial institutions.
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2024 Opening net book amount 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Additions from business combination (note 27) - Disposals - - - - Adjustment of commitment - - - - - - Other reclassification (52 909) 690 43 334 8 885 - (0) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Impairment - - - - - - Closing net book value 369 475 49 796 96 974 151 828 1 269 637 1 937 710 At 31 December 2024 Cost 1.1.24 266 658 186 981 125 134 155 858 1 607 273 2 341 904 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Other reclassification (52 909) 690 43 334 8 885 - (0) Disposals at cost - - - - - - Adjustment fully depreciated items - - - - (115 848) (115 848) Cost 31.12.24 369 475 207 694 211 436 240 701 2 322 198 3 351 503
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31 December 2024 Accumulated depreciation 1.1.24 - (142 735) (108 816) (33 130) (444 043) (728 725) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Depreciation disposed assets - - - - - Adjustment fully depreciated items - - - - 115 848 115 848 Accumulated depreciation 31.12.24 - (157 770) (114 462) (88 872) (1 052 355) (1 413 459) Accumulated impairment 1.1.24 - - - - - - Accumulated impairment 31.12.24 - - - - - - Book value 369 475 49 796 96 974 151 828 1 269 637 1 937 710 Depreciation plan/useful life 3 - 8 years 3 - 8 years 3 years 1 - 6 years Depreciation method Linear Linear Linear Linear Reclassifications is explained by assets under construction being activated during the year. Bank borrowings are secured on fixed assets. Refer to note 22 Borrowings for further information.
Note 15 - Intangible assets - continued Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31 December 2024 Accumulated depreciation 1.1.24 (228) (3 375) - (3 603) Depreciation (227) (5 333) - (5 561) Accumulated depreciation 31.12.24 (455) (8 708) - (9 164) Accumulated impairment 1.1.24 - - - - Impairment - - - - Accumulated impairment 31.12.24 - - - - Book value 1 917 23 292 109 590 134 798 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method Linear Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of 31 December 2025 the group has net book values for R&D totalling NOK 1.7 million. Customer relationships and goodwill are related to the acquisition of iSurvey Group in March 2022, Guardian Geomatics in November 2023 and Subvision AB in October 2025. Refer to note 27 for further information regarding the acquisition of Subvision AB. Impairment The impairment assessment performed as of 31 December 2025 identified indicators of impairment related to certain customer relationships. Following a detailed review, the Company has recognised impairment on specific customer relationship assets where the recoverable amount was determined to be lower than the carrying value. Goodwill is assessed for impairment at the corporate level, and is based on a comparison between fair value and book value of equity. The fair value is calculated using the share price as of the balance sheet date. As of year end 2025, the fair value exceeds the book value of equity, and no impairment is thus recognised.
Note 24 - Leases (Group as a lessee) Long and short term leases (committed lease term 12 months or less) of vessels and ROVs are capitalized as right- of use assets and depreciated under IFRS 16. The impact is that all cost in relation to leases of vessels/ROVs are presented as depreciation and interest expenses. No other short term leases, except for vessels and ROVs, are capitalized as right- of use assets and depreciated. As of December 31 2025, Right-of-use assets in the balance sheet consist of contractual commitments for vessels and offices. Short term leases with no contractual commitment (pay as you go contracts), are not capitalized. At inception of a contract the lease liability and the corresponding right-of-use assets is measured at the present value of the estimated lease payments. Short term hired in vessels and ROVs are treated as short term leases under IFRS 16 and are also recognized as depreciations. The lease liability is calculated with a discount rate of 7.5 %. For leases towards credit institutions please see note 22. The following tables are related to leases, except for leases towards credit institutions.
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2024 1 163 222 805 931 386 036 Additions 830 772 - 830 772 Adjusted commitment (197) (206) - Depreciation (724 159) - - Interests - - 112 798 Reclassed from short to long term - (184 539) 184 539 Currency adjustments - - 59 957 Payments - - (783 016) Ending balance 31.12.2024 1 269 637 621 185 791 086
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2025 1 269 637 621 185 791 086 Additions 420 585 - 420 585 Depreciation (811 227) - - Impairment (15 000) - - Interests - - 88 481 Reclassed from short to long term - (380 393) 380 393 Translation differences and other adjustments (1 431) (764) - Currency adjustments - - (65 576) Payments - - (904 075) Ending balance 31.12.2025 862 563 240 028 710 893
Reconciliation of depreciation 2025 2024 Depreciations of long term right-of-use assets 707 100 625 764 Depreciations of short term right-of-use assets (Pay as you go contracts) 104 128 98 396 Depreciations of other assets (Note 14 and 15) 159 249 81 984 Total depreciations 970 476 806 143 Other Information related to leases: For information related to leases to credit institutions, see note 22. For information related to cost of short term leases (except for Vessels and ROVs), see note 7. For information related to right-of-use assets, see note 14.
Note 24 - Leases (Group as a lessee) - continued Lease liabilities 2025 2024 Amounts due for settlement within 12 months 710 893 791 086 Amounts due for settlement after 12 months (present value) 240 028 621 185 Total 950 921 1 412 271 Maturity analysis Not later than 1 year 710 893 791 086 Later than 1 year and not later than 5 years 240 028 621 185 Later than 5 years - - Total instalments 950 921 1 412 271 Future finance charges 67 372 130 156 Total instalments and finance charges 1 018 293 1 542 427 Currency overview Lease liabilities in NOK 558 254 599 403 Lease liabilities in USD 269 444 635 114 Lease liabilities in EUR 90 836 136 061 Lease liabilities in GBP 5 203 5 952 Lease liabilities in AUD 27 184 35 963 Total 950 921 1 412 271
134 Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\"pay-as-you-go\"), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \"pay-as-you-go\" lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The right of use assets is depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
",
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"mtpnn11": {
"value": "Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
",
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"reg-ix-350": {
"value": "Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
The Group\u2019s assets are depreciated over a lifetime of 3 to 30 years. It is the unmanned vessels Reach Remote 1 and 2 which has the longest lifetime. (see Note 14 PROPERTY, PLANT & EQUIPMENT). The groups assessment is that the risk of assets being stranded and impaired due to climate risk is low. A sensitivity analysis has been made standalone for the assets and that there is no alternative use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil&Gas would have this impairment-effect:
Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the Groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2025. Decline in demand for services related to Oil & Gas Impairment charge (NOK 1000) 10 % 3 870 20 % 17 900 30 % 35 424
Impairment Summary Impairment testing has been performed in accordance with IAS 36. An impairment loss of NOK 15 million was recognised. Right-of use-assets - vessels: The right-of-use assets at 31 December 2025 represent the remaining committed vessel days under charter agreements with vessel owners, as well as lease agreements for office premises. For Northern Maria, the impairment assessment performed in Q4 concluded that the recoverable amount was lower than the carrying amount. In accordance with IAS 36 Impairment of Assets, an impairment loss of NOK 15 million was recognised. Impairment testing for the other Right-of-use assets demonstrated that the recoverable amount exceeds the carrying amount, and no impairment was recognised. The recoverable amounts are sensitive to key assumptions, including estimated utilisation and selling rates (shown as sensitivity in estimated revenue). See note 24 for further information on Right-of-use assets. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 10.5 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Sensitivity on Right of use asset: ROV and ROV equipment and Equipment and office machinery: A review has been performed to assess whether any impairment indicators exist for the ROV/equipment CGUs, both owned and leased. No such indicators have been identified. As a result, no impairment calculation has been carried out. Vessels: The Group has assessed whether any impairment indicators exist for Remote I and Remote II, which together have a carrying amount of NOK 317 million. No such indicators have been identified. The assessment is supported by two independent broker valuations, both confirming market values well above the vessels\u2019 carrying amounts, thereby substantiating management\u2019s conclusion that no impairment indicators are present. Accordingly, no impairment calculation has been performed as of 31 December 2025.
Drop in estimated revenue (NOK 1000) Impairment charge on fixed assets 10 % 6 611 20 % 15 578 30 % 45 513
Note 15 - Intangible assets Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31 December 2025 Opening net book amount 1 917 23 292 109 590 134 798 Addition from business combination (note 27) - - 8 353 8 353 Depreciation (228) (5 163) - (5 391) Impairment - (7 883) - (7 883) Closing net book value 1 689 10 246 117 943 129 878 At 31 December 2025 Cost 1.1.25 2 372 32 000 109 590 143 962 Addition from business combination (note 27) - - 8 353 8 353 Cost 31.12.25 2 372 32 000 117 943 152 315
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31 December 2025 Accumulated depreciation 1.1.25 (455) (8 708) - (9 164) Depreciation (228) (5 163) - (5 391) Accumulated depreciation 31.12.25 (683) (13 871) - (14 554) Accumulated impairment 1.1.25 - - - - Impairment - (7 883) - (7 883) Accumulated impairment 31.12.25 - (7 883) - (7 883) Book value 1 689 10 246 117 943 129 878 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method Linear Linear
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31 December 2024 Opening net book amount 2 144 28 625 109 590 140 359 Depreciation (227) (5 333) - (5 561) Closing net book value 1 917 23 292 109 590 134 798 At 31 December 2024 Cost 1.1.24 2 372 32 000 109 590 143 962 Additions - - - - Disposals at cost - - - - Cost 31.12.24 2 372 32 000 109 590 143 962
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31 December 2024 Accumulated depreciation 1.1.24 (228) (3 375) - (3 603) Depreciation (227) (5 333) - (5 561) Accumulated depreciation 31.12.24 (455) (8 708) - (9 164) Accumulated impairment 1.1.24 - - - - Impairment - - - - Accumulated impairment 31.12.24 - - - - Book value 1 917 23 292 109 590 134 798 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method Linear Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of 31 December 2025 the group has net book values for R&D totalling NOK 1.7 million. Customer relationships and goodwill are related to the acquisition of iSurvey Group in March 2022, Guardian Geomatics in November 2023 and Subvision AB in October 2025. Refer to note 27 for further information regarding the acquisition of Subvision AB. Impairment The impairment assessment performed as of 31 December 2025 identified indicators of impairment related to certain customer relationships. Following a detailed review, the Company has recognised impairment on specific customer relationship assets where the recoverable amount was determined to be lower than the carrying value. Goodwill is assessed for impairment at the corporate level, and is based on a comparison between fair value and book value of equity. The fair value is calculated using the share price as of the balance sheet date. As of year end 2025, the fair value exceeds the book value of equity, and no impairment is thus recognised.
",
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"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"reg-ix-300": {
"value": "Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
",
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"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"mtpnn13": {
"value": "Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Note 15 - Intangible assets Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31 December 2025 Opening net book amount 1 917 23 292 109 590 134 798 Addition from business combination (note 27) - - 8 353 8 353 Depreciation (228) (5 163) - (5 391) Impairment - (7 883) - (7 883) Closing net book value 1 689 10 246 117 943 129 878 At 31 December 2025 Cost 1.1.25 2 372 32 000 109 590 143 962 Addition from business combination (note 27) - - 8 353 8 353 Cost 31.12.25 2 372 32 000 117 943 152 315
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31 December 2025 Accumulated depreciation 1.1.25 (455) (8 708) - (9 164) Depreciation (228) (5 163) - (5 391) Accumulated depreciation 31.12.25 (683) (13 871) - (14 554) Accumulated impairment 1.1.25 - - - - Impairment - (7 883) - (7 883) Accumulated impairment 31.12.25 - (7 883) - (7 883) Book value 1 689 10 246 117 943 129 878 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method Linear Linear
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31 December 2024 Opening net book amount 2 144 28 625 109 590 140 359 Depreciation (227) (5 333) - (5 561) Closing net book value 1 917 23 292 109 590 134 798 At 31 December 2024 Cost 1.1.24 2 372 32 000 109 590 143 962 Additions - - - - Disposals at cost - - - - Cost 31.12.24 2 372 32 000 109 590 143 962
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31 December 2024 Accumulated depreciation 1.1.24 (228) (3 375) - (3 603) Depreciation (227) (5 333) - (5 561) Accumulated depreciation 31.12.24 (455) (8 708) - (9 164) Accumulated impairment 1.1.24 - - - - Impairment - - - - Accumulated impairment 31.12.24 - - - - Book value 1 917 23 292 109 590 134 798 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method Linear Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of 31 December 2025 the group has net book values for R&D totalling NOK 1.7 million. Customer relationships and goodwill are related to the acquisition of iSurvey Group in March 2022, Guardian Geomatics in November 2023 and Subvision AB in October 2025. Refer to note 27 for further information regarding the acquisition of Subvision AB. Impairment The impairment assessment performed as of 31 December 2025 identified indicators of impairment related to certain customer relationships. Following a detailed review, the Company has recognised impairment on specific customer relationship assets where the recoverable amount was determined to be lower than the carrying value. Goodwill is assessed for impairment at the corporate level, and is based on a comparison between fair value and book value of equity. The fair value is calculated using the share price as of the balance sheet date. As of year end 2025, the fair value exceeds the book value of equity, and no impairment is thus recognised.
2025 Acquisition of Subvision AB Reach Subsea acquired Subvision AB on 1 October 2025. The acquisition was completed in October 2025, and the company has been consolidated into the Group\u2019s financial statements from the acquisition date. A preliminary purchase price allocation (PPA) has been performed and all identified assets and liabilities have been measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price is NOK 9.1 million. At this stage, the purchase price allocation is preliminary. As a result, the final PPA and the impact on the financial statements from the transaction may differ. The final PPA will be completed within 12 months of the acquisition at the latest. The PPA presented below is based on the PPA on the acquisition date. No updates to the initial PPA have been made. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquisition have been estimated as follows: Purchase price allocation (NOK 1000) Bunkers 16 Trade receivables 349 Other receivables 57 Cash and cash equivalents 636 Total assets 1 057 Deferred tax 44 Trade payables 33 Other current liabilities 195 Total liabilities 273 Total identifiable net assets at fair value 784 Total consideration 9 137 Goodwill 8 353 Note 27 - Business combinations
138 Note 27 - Business combinations - continued Summary Goodwill of NOK 8.4 million was recognised as a result of the transaction. Acquired receivables The fair value of the acquired trade receivables equals the book value of receivables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 0.8 million and net profit of NOK -0.4 million to the group for the period from October 1 to December 31 2025. If the acquisition had occurred on 1 January 2025, consolidated pro-forma revenue and profit for the year ended 31 December 2025 would have increased by NOK 1.8 million and NOK 0.2 million respectively. 2024 The group did not make any transactions or adjustments related to business combinations in 2024.
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"reg-ix-371": {
"value": "Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
2025 Acquisition of Subvision AB Reach Subsea acquired Subvision AB on 1 October 2025. The acquisition was completed in October 2025, and the company has been consolidated into the Group\u2019s financial statements from the acquisition date. A preliminary purchase price allocation (PPA) has been performed and all identified assets and liabilities have been measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price is NOK 9.1 million. At this stage, the purchase price allocation is preliminary. As a result, the final PPA and the impact on the financial statements from the transaction may differ. The final PPA will be completed within 12 months of the acquisition at the latest. The PPA presented below is based on the PPA on the acquisition date. No updates to the initial PPA have been made. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquisition have been estimated as follows: Purchase price allocation (NOK 1000) Bunkers 16 Trade receivables 349 Other receivables 57 Cash and cash equivalents 636 Total assets 1 057 Deferred tax 44 Trade payables 33 Other current liabilities 195 Total liabilities 273 Total identifiable net assets at fair value 784 Total consideration 9 137 Goodwill 8 353 Note 27 - Business combinations
138 Note 27 - Business combinations - continued Summary Goodwill of NOK 8.4 million was recognised as a result of the transaction. Acquired receivables The fair value of the acquired trade receivables equals the book value of receivables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 0.8 million and net profit of NOK -0.4 million to the group for the period from October 1 to December 31 2025. If the acquisition had occurred on 1 January 2025, consolidated pro-forma revenue and profit for the year ended 31 December 2025 would have increased by NOK 1.8 million and NOK 0.2 million respectively. 2024 The group did not make any transactions or adjustments related to business combinations in 2024.
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"value": "Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
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"reg-ix-301": {
"value": "Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
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"value": "Onerous contracts Provisions for onerous contracts are recognized when the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate.
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"reg-ix-302": {
"value": "Onerous contracts Provisions for onerous contracts are recognized when the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate.
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"value": "Leases Accounting as lessee At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract includes the right to control the use of an identified asset for a period in exchange for consideration. Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\"pay-as-you-go\"), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \"pay-as-you-go\" lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying value to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: \u2022 The lease term has changed. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right of use assets is depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
(NOK 1000) 2025 2024 Notes Rental cost 18 405 21 064 23 Consultant cost 62 866 52 408 Operating equipment and maintenance 98 130 82 043 Administration costs 136 106 101 805 Other operating costs, in total 315 508 257 319
Note 7 - Other Operating Costs Specified
Asset category Assets under construction Vessels Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction Vessels ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2025 Opening net book amount 369 475 - 49 796 96 974 151 828 1 269 637 1 937 710 Additions 163 310 57 303 26 729 168 677 111 625 420 585 948 228 Additions from business combination (note 27) - - - - - - Disposals - - - - - - Adjustment of commitment - - - - - - Other reclassification (369 475) 282 697 27 634 - 59 144 - (0) Depreciation - (23 328) (19 256) (28 241) (83 034) (811 227) (965 085) Impairment - - - - - (15 000) (15 000) Translation differences 576 (1 432) (856) Closing net book value 163 310 316 672 84 903 237 410 240 138 862 563 1 904 996 At 31 December 2025 Cost 1.1.25 369 475 - 207 694 211 436 240 701 2 322 198 3 351 503 Additions 163 310 57 303 26 729 168 677 111 625 420 585 948 228 Other reclassification (369 475) 282 697 27 634 - 59 144 - (0) Disposals at cost - - - - - - - Adjustment fully depreciated items - - - - - (102 695) (102 695) Translation differences - - - - 576 (1 432) (856) Cost 31.12.25 163 310 340 000 262 057 380 113 412 046 2 638 654 4 196 179 Note 14 - Property, plant & equipment
Assets under construction can be divided into the following categories: Reach Remote 3 & 4 152 443 Tax deduction scheme Reach Remote-project (SkatteFUNN) (4 750) Minor capex-projects and mobilizations 15 618 Net book value 31.12.25 163 310 Asset category Assets under construction Vessels Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction Vessels ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31 December 2025 Accumulated depreciation 1.1.25 - - (157 770) (114 462) (88 872) (1 052 355) (1 413 459) Depreciation - (23 328) (19 256) (28 241) (83 034) (811 227) (965 085) Depreciation disposed assets - - - - - Adjustment fully depreciated items - - - - 102 695 102 695 Accumulated depreciation 31.12.25 - (23 328) (177 026) (142 703) (171 907) (1 760 887) (2 275 850) Accumulated impairment 1.1.25 - - - - - - - Impairment - - - - - (15 000) (15 000) Adjustment fully depreciated items - - - - - - - Accumulated impairment 31.12.25 - - - - - (15 000) (15 000) Book value 163 310 316 672 84 903 237 410 240 138 862 563 1 904 996 Depreciation plan/useful life 5 - 30 years 3 - 8 years 3 - 8 years 3 years 1 - 6 years Depreciation method Linear Linear Linear Linear Linear Reclassifications is explained by assets under construction being activated during the year. See note 24 for further information for Right of use asset, Vessels and other equipments, and note 22 for Right of use asset ROV, leased from financial institutions.
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2024 Opening net book amount 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Additions from business combination (note 27) - Disposals - - - - Adjustment of commitment - - - - - - Other reclassification (52 909) 690 43 334 8 885 - (0) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Impairment - - - - - - Closing net book value 369 475 49 796 96 974 151 828 1 269 637 1 937 710 At 31 December 2024 Cost 1.1.24 266 658 186 981 125 134 155 858 1 607 273 2 341 904 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Other reclassification (52 909) 690 43 334 8 885 - (0) Disposals at cost - - - - - - Adjustment fully depreciated items - - - - (115 848) (115 848) Cost 31.12.24 369 475 207 694 211 436 240 701 2 322 198 3 351 503
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31 December 2024 Accumulated depreciation 1.1.24 - (142 735) (108 816) (33 130) (444 043) (728 725) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Depreciation disposed assets - - - - - Adjustment fully depreciated items - - - - 115 848 115 848 Accumulated depreciation 31.12.24 - (157 770) (114 462) (88 872) (1 052 355) (1 413 459) Accumulated impairment 1.1.24 - - - - - - Accumulated impairment 31.12.24 - - - - - - Book value 369 475 49 796 96 974 151 828 1 269 637 1 937 710 Depreciation plan/useful life 3 - 8 years 3 - 8 years 3 years 1 - 6 years Depreciation method Linear Linear Linear Linear Reclassifications is explained by assets under construction being activated during the year. Bank borrowings are secured on fixed assets. Refer to note 22 Borrowings for further information.
Impairment Summary Impairment testing has been performed in accordance with IAS 36. An impairment loss of NOK 15 million was recognised. Right-of use-assets - vessels: The right-of-use assets at 31 December 2025 represent the remaining committed vessel days under charter agreements with vessel owners, as well as lease agreements for office premises. For Northern Maria, the impairment assessment performed in Q4 concluded that the recoverable amount was lower than the carrying amount. In accordance with IAS 36 Impairment of Assets, an impairment loss of NOK 15 million was recognised. Impairment testing for the other Right-of-use assets demonstrated that the recoverable amount exceeds the carrying amount, and no impairment was recognised. The recoverable amounts are sensitive to key assumptions, including estimated utilisation and selling rates (shown as sensitivity in estimated revenue). See note 24 for further information on Right-of-use assets. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 10.5 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Sensitivity on Right of use asset: ROV and ROV equipment and Equipment and office machinery: A review has been performed to assess whether any impairment indicators exist for the ROV/equipment CGUs, both owned and leased. No such indicators have been identified. As a result, no impairment calculation has been carried out. Vessels: The Group has assessed whether any impairment indicators exist for Remote I and Remote II, which together have a carrying amount of NOK 317 million. No such indicators have been identified. The assessment is supported by two independent broker valuations, both confirming market values well above the vessels\u2019 carrying amounts, thereby substantiating management\u2019s conclusion that no impairment indicators are present. Accordingly, no impairment calculation has been performed as of 31 December 2025.
Drop in estimated revenue (NOK 1000) Impairment charge on fixed assets 10 % 6 611 20 % 15 578 30 % 45 513
(NOK 1000) 2024 2023 Non current Bank borrowings 118 627 67 538 Lease liabilities to credit institutions (IFRS 16) 134 769 54 055 Other lease liabilities ( IFRS 16) 240 028 621 185 Long-term bonds 487 253 - Total 980 677 742 780 Current Bank borrowings 16 983 14 156 Lease liabilities to credit institutions(IFRS 16) 31 412 8 840 Other lease liabilities ( IFRS 16) 710 893 791 086 Short-term bonds 12 054 - Total 771 342 814 082 Total borrowings 1 752 019 1 556 861 Note 22 - Borrowings \u2022 Minimum liquidity: Free liquidity (incl. 50 % of RCF) to be greater than the higher of 5 % of Interest Bearing Debt and NOK 75 million. \u2022 Leverage Ratio: Net Interest Bearing Debt (a) to EBITDA (b) to be maximum 2.5. \u2022 Booked Equity: Minimum NOK 750 million and Booked Equity Ratio minimum 25 %. As of 31 December 2025, the liquidity position (including 50 % of the RCF) is NOK 564 million, the Leverage Ratio is 1,0, and Booked Equity is NOK 1 218 million / 34 %. All financial covenants are within thresholds. Total borrowings to bank and financial institutions include secured liabilities (bank and collateralised borrowings) of NOK 136 million (2024: NOK 82
million). Bank borrowings are secured by equipment and receivables of the Group. Refinancing completed in the fourth quarter of 2025 The Group completed a refinancing December 16 2025 of existing loans related to Reach Remote 1, Reach Remote 2, the Revolving Credit Facility (RCF) and the Guarantee Facility, as well as new loans securing the financing of Reach Remote 3 and 4. Total new facilities amounted to NOK 735 million with a five-year maturity, established with DNB and Sparebank 1 SR-Bank. Commercial terms improved modestly, including a lower interest margin and updated financial covenants. Following the refinancing, the updated covenant package introduced two key adjustments: \u2022 The minimum booked equity requirement was reduced from NOK 1 000 million to NOK 750 million. \u2022 Only 50 % of the RCF is now included in the minimum liquidity calculation (previously 100 %). All other covenant thresholds remain unchanged, resulting in a more aligned covenant framework across the Group\u2019s borrowings. Bank borrowings: These facilities carry a floating interest rate equal to 3-month NIBOR plus a margin of 3.15 % annually. The bank borrowings are subject to industry-relevant covenants. Due to changes in equity and the financing of ongoing capex-projects, the existing covenants were updated in 2025. The financial covenants are as follows: Carrying amount Fair value (NOK 1000) 2025 2024 2025 2024 Bank borrowings 135 610 81 695 135 610 81 695 Lease liabilities to credit institutions(IFRS 16) 166 181 62 895 166 181 62 895 Other lease liabilities (IFRS 16) 950 921 1 412 271 950 921 1 412 271 Bonds 499 307 - 512 054 - Total 1 752 019 1 556 861 1 764 766 1 556 861
(NOK 1000) 2025 2024 Gross lease liabilities - minimum lease payments No later than 1 year 31 412 8 840 Later than 1 year and no later than 5 years 134 769 54 055 Later than 5 years - - Total instalments on lease liabilities 166 181 62 895 Future finance charges on finance lease liabilities 39 293 15 331 Total instalments and finance charges on lease liabilities 205 474 78 226 The fair value of Bank borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on cash flows discounted using a rate based on the borrowing rate and are within level 3 of the fair value hierarchy. The bonds are measured at amortised cost. The fair value of the bonds is considered to be approximately equal to their carrying amount at the reporting date, as the contractual interest rate is assessed to be in line with current market terms for instruments with similar maturity and credit risk. Accordingly, no separate discounting has been performed in determining the fair value. The carrying amounts of the group\u2019s borrowings are all denominated in Norwegian kroner.
Refer to note 14 Property, plant and equipment for secured assets. For other lease liabilities under IFRS 16 see note 24. Lease liabilities to credit institutions Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default. Bonds: On 17 July 2025, Reach Subsea ASA issued a 3-year senior unsecured floating rate bond loan with an initial nominal amount of NOK 500 million. The bonds carry a coupon of 3M NIBOR + 7.25 % The bonds are governed by Norwegian law and was listed on Oslo B\u00f8rs on 12 December. Interests are paid on a quarterly basis. The financial covenants are as follows: \u2022 Minimum liquidity: Liquidity (excl. RCF) shall not be less than NOK 75 000 000. \u2022 Leverage Ratio: Net Interest Bearing Debt (a) to EBITDA (b) to be maximum 2.5. \u2022 Booked Equity shall be minimum NOK 750 million or Booked Equity Ratio shall be minimum 25 %. As of 31 December 2025 the liquidity position (including RCF) is 614 million, the Leverage Ratio is 1,1, and Booked equity NOK 1 218 million/34 %. All financial covenants are well within the thresholds mentioned above. The carrying amounts and fair value of the interest-bearing debts are as follows:
Note 24 - Leases (Group as a lessee) Long and short term leases (committed lease term 12 months or less) of vessels and ROVs are capitalized as right- of use assets and depreciated under IFRS 16. The impact is that all cost in relation to leases of vessels/ROVs are presented as depreciation and interest expenses. No other short term leases, except for vessels and ROVs, are capitalized as right- of use assets and depreciated. As of December 31 2025, Right-of-use assets in the balance sheet consist of contractual commitments for vessels and offices. Short term leases with no contractual commitment (pay as you go contracts), are not capitalized. At inception of a contract the lease liability and the corresponding right-of-use assets is measured at the present value of the estimated lease payments. Short term hired in vessels and ROVs are treated as short term leases under IFRS 16 and are also recognized as depreciations. The lease liability is calculated with a discount rate of 7.5 %. For leases towards credit institutions please see note 22. The following tables are related to leases, except for leases towards credit institutions.
Short term leases Costs relating to short-term leases recognized in the income statement for 2025 are NOK 15.7 million, of which NOK 1.8 million relates to real estate rentals. The real estate rental is short term with 3 months termination notice.
Note 23 - Commitments
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2024 1 163 222 805 931 386 036 Additions 830 772 - 830 772 Adjusted commitment (197) (206) - Depreciation (724 159) - - Interests - - 112 798 Reclassed from short to long term - (184 539) 184 539 Currency adjustments - - 59 957 Payments - - (783 016) Ending balance 31.12.2024 1 269 637 621 185 791 086
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2025 1 269 637 621 185 791 086 Additions 420 585 - 420 585 Depreciation (811 227) - - Impairment (15 000) - - Interests - - 88 481 Reclassed from short to long term - (380 393) 380 393 Translation differences and other adjustments (1 431) (764) - Currency adjustments - - (65 576) Payments - - (904 075) Ending balance 31.12.2025 862 563 240 028 710 893
Reconciliation of depreciation 2025 2024 Depreciations of long term right-of-use assets 707 100 625 764 Depreciations of short term right-of-use assets (Pay as you go contracts) 104 128 98 396 Depreciations of other assets (Note 14 and 15) 159 249 81 984 Total depreciations 970 476 806 143 Other Information related to leases: For information related to leases to credit institutions, see note 22. For information related to cost of short term leases (except for Vessels and ROVs), see note 7. For information related to right-of-use assets, see note 14.
Lease liabilities 2025 2024 Amounts due for settlement within 12 months 710 893 791 086 Amounts due for settlement after 12 months (present value) 240 028 621 185 Total 950 921 1 412 271 Maturity analysis Not later than 1 year 710 893 791 086 Later than 1 year and not later than 5 years 240 028 621 185 Later than 5 years - - Total instalments 950 921 1 412 271 Future finance charges 67 372 130 156 Total instalments and finance charges 1 018 293 1 542 427 Currency overview Lease liabilities in NOK 558 254 599 403 Lease liabilities in USD 269 444 635 114 Lease liabilities in EUR 90 836 136 061 Lease liabilities in GBP 5 203 5 952 Lease liabilities in AUD 27 184 35 963 Total 950 921 1 412 271
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"reg-ix-303": {
"value": "Leases Accounting as lessee At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract includes the right to control the use of an identified asset for a period in exchange for consideration. Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\"pay-as-you-go\"), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \"pay-as-you-go\" lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying value to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: \u2022 The lease term has changed. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right of use assets is depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
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"reg-ix-372": {
"value": "Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
2025 Acquisition of Subvision AB Reach Subsea acquired Subvision AB on 1 October 2025. The acquisition was completed in October 2025, and the company has been consolidated into the Group\u2019s financial statements from the acquisition date. A preliminary purchase price allocation (PPA) has been performed and all identified assets and liabilities have been measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price is NOK 9.1 million. At this stage, the purchase price allocation is preliminary. As a result, the final PPA and the impact on the financial statements from the transaction may differ. The final PPA will be completed within 12 months of the acquisition at the latest. The PPA presented below is based on the PPA on the acquisition date. No updates to the initial PPA have been made. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquisition have been estimated as follows: Purchase price allocation (NOK 1000) Bunkers 16 Trade receivables 349 Other receivables 57 Cash and cash equivalents 636 Total assets 1 057 Deferred tax 44 Trade payables 33 Other current liabilities 195 Total liabilities 273 Total identifiable net assets at fair value 784 Total consideration 9 137 Goodwill 8 353 Note 27 - Business combinations
Summary Goodwill of NOK 8.4 million was recognised as a result of the transaction. Acquired receivables The fair value of the acquired trade receivables equals the book value of receivables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 0.8 million and net profit of NOK -0.4 million to the group for the period from October 1 to December 31 2025. If the acquisition had occurred on 1 January 2025, consolidated pro-forma revenue and profit for the year ended 31 December 2025 would have increased by NOK 1.8 million and NOK 0.2 million respectively. 2024 The group did not make any transactions or adjustments related to business combinations in 2024.
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"reg-ix-304": {
"value": "Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-362": {
"value": "Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost. Investments in fixed income funds Investments in fixed income funds are classified as financial assets measured at fair value through profit or loss (FVPL) in accordance with IFRS 9. Such investments do not meet the criteria for measurement at amortized cost, as the contractual cash flows are not solely payments of principal and interest. Fixed income fund investments are initially recognized at fair value, with subsequent changes in fair value recognized in profit or loss as part of financial income or expenses. De-recognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. The Group issued a bond loan during the year, which is accounted for in accordance with these principles. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
3.1.1 Market Risk Foreign exchange risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to NOK, USD, GBP, EUR and AUD. Foreign exchange risk arises from future commercial transactions and recognized assets or liabilities. Potential currency fluctuations are considered during the tendering phase. Long-term contracts in a foreign currency will be considered hedged to be consistent with the currency of costs. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not an entity\u2019s functional currency. The Group aims at achieving a natural hedge between cash inflows and cash outflows and manages remaining foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, by forward contracts and similar instruments as appropriate. The Group\u2019s risk management policy is to continuously review its exposure against foreign exchange risk and consider the need for hedging activities on transactions in each major currency. The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP, AUD and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Effect on profit before tax EUR GBP USD AUD 2025 +5 % 19 969 527 (949 588) 34 656 503 157 049 -5 % (19 969 527) 949 588 (34 656 503) (157 049) 2024 +5 % (3 606 594) 4 907 349 (948 187) - -5 % 3 606 594 (4 907 349) 948 187 -
3.1.1 Market Risk - continued The impact on equity will be equivalent. Price risk The Group is exposed to commodity price risk at two main levels: \u2022 The demand for vessels, ROVs and other offshore equipments are sensitive to changes in the offshore energy industry, for example, oil price developments, fluctuation in production levels, exploration results, and general activity levels. Market fluctuations may affect asset utilization and earnings. \u2022 The cost of construction of future units is sensitive to changes in market prices of the input factors. The risks are managed by focusing on targeting moderate risk contracts, signing contracts with suppliers with the necessary financial strength, and using our expertise to complete projects in accordance with agreements. The Group also monitors commodity prices, evaluates the need for hedging activities, and considers commodity prices in our tender process.
3.1.2 Credit Risk Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers. The Group has no significant concentration of credit risk toward single financial institutions and has policies that limit the amount of credit exposure to any single financial institution. Credit exposures to customers arise when entering medium- or short-term contracts and are managed by performing a financial risk evaluation in the tendering process. The level of financial risk analysis performed in each case depends on the nature of the contract (including volume). Where the financial risk is substantial, bank guarantees are requested.
3.1.3 Liquidity Risk Liquidity risk management during 2025 has been closely linked to the Group\u2019s investment programme for new Reach Remote vessels and refinancing activities completed during the year. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities, and the ability to close out market positions. The Group aims to maintain flexibility in its liquidity by keeping committed credit lines available. The need for working capital is continuously being considered based on payment terms and the financial status of clients and the Group\u2019s firm expenses (including loan instalments and interest). Refer to note 21 for maturity analyses. The Group has a Revolving Credit Facility (RCF) providing access to NOK 100 million in committed funding with yearly renewal. Extensions are considered based on liquidity position and needs at the expiry date. In July 2025, the Group issued a NOK 500 million bond loan, and in December 2025 the Group refinanced other existing debt, including facilities related to Reach Remote 1, Reach Remote 2 and the revolving credit facility. As the Group\u2019s business is capital-intensive, the Group may need to raise additional funds in the future to execute the Group\u2019s strategies. The Group\u2019s loan agreement and bank overdraft agreement include terms, conditions, and covenants Group monitors its future liquidity positions on an ongoing basis, with monthly reports on cash flow forecasts and covenants.
(NOK 1000) 2025 2024 Invoiced receivables 386 561 417 009 Revenue recognised, not billed 117 503 234 070 Less: provision for impairment of trade receivables (16 005) - Current portion trade receivables 488 059 651 079 Prepayments 116 022 23 564 Other receivables 67 894 41 621 Current portion other receivables 183 916 65 184 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 370 556 417 009 Revenue recognised, not billed 117 503 234 070 Receivables from related parties - - Loans to related parties - - Total trade receivables 488 059 651 079 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables. There were no losses or provisions for bad debt in 2024. In 2025, provisions for bad debt of NOK 16.0 million were recognised, related to two specific customers. Trade receivables - Counterparty without external credit rating 2025 2024 Group 1 89 537 53 696 Group 2 289 459 354 760 Group 3 7 565 8 553 Total trade receivables 386 561 417 009 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 30 171 13 190 EUR 69 579 24 506 USD 173 057 355 851 GBP 78 872 23 462 CAD 24 812 - AUD 10 069 - Sum 386 561 417 009 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2025 386 561 221 153 102 283 7 416 27 541 28 169 2024 417 009 268 685 82 748 19 487 37 389 8 700
2025 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 488 059 - - 488 059 Other receivables 67 894 - - 67 894 Other current financial assets - 50 423 50 423 Cash and cash equivalents 514 174 - - 514 174 Assets, in total 1 070 127 50 423 - 1 120 550 Financial liabilites Borrowings (long & short term interest bearing debt) 1 252 712 - - 1 252 712 Bonds (long- and short-term) 499 307 - - 499 307 Trade payables 264 719 - - 264 719 Other current liabilities 334 291 - - 334 291 Liabilites, in total 2 351 029 - - 2 351 029 Note 21 - Classification of financial assets and liabilities
Note 21 - Classification of financial assets and liabilities - continued 2024 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 651 079 - - 651 079 Other receivables 41 620 - - 41 620 Cash and cash equivalents 278 022 - - 278 022 Assets, in total 970 721 - - 970 721 Financial liabilites Borrowings (long & short term interest bearing debt) 1 556 861 - - 1 556 861 Trade payables 243 021 - - 243 021 Other current liabilities 268 957 - - 268 957 Liabilites, in total 2 068 839 - - 2 068 839 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalents is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables, trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. Investments in bond funds and money market funds are classified as other current financial assets and are measured at fair value through profit or loss (FVTPL). The investments are redeemable on short notice and are managed for liquidity purposes. Fair value is determined based on quoted prices provided by the fund managers at the reporting date, and changes in fair value are recognised in profit or loss. The fair value measurements are categorised as Level 2 in the fair value hierarchy. The bond loan and other interest-bearing debt are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest method. The fair value of the bond is disclosed at nominal value, which management considers to be a reasonable approximation of fair value.
Financial liabilities 2025 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 264 719 - - - 264 719 Other current liabilities 334 291 - - - 334 291 Interest-bearing debt to credit institutions 20 849 21 158 90 234 169 550 301 791 Interest-bearing debt, leases 361 218 345 689 220 775 23 238 950 921 Interest-bearing debt, bonds - - 500 000 - 500 000 Interest on interest-bearing debt to credit institutions 11 190 10 317 34 192 29 549 85 247 Interest on interest-bearing debt, leases 31 584 18 721 16 620 448 67 372 Interest on interest-bearing debt, bonds 28 450 28 450 85 350 - 142 250 Financial liabilities, in total 1 052 300 424 335 947 171 222 785 2 646 591 Financial liabilities 2024 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 243 021 - - - 243 021 Other current liabilities 268 957 - - - 268 957 Interest-bearing debt to credit institutions 4 207 4 383 43 010 92 990 144 590 Interest-bearing debt, leases 369 177 411 799 537 882 93 413 1 412 271 Interest on interest-bearing debt to credit institutions 5 186 5 010 18 167 15 152 43 516 Interest on interest-bearing debt, leases 47 719 33 535 43 901 5 001 130 156 Financial liabilities, in total 938 268 454 727 642 960 206 556 2 242 511 The tables below provides an analysis of the maturity of financial liabilities.
2025 2024 Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit institutions Interest bearing debt, bonds Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 1 412 271 144 590 - 1 191 967 67 594 Repayment incl interest (904 074) (31 194) (12 747) (783 016) (9 729) Proceeds from loan (net of cost) - 66 886 485 884 - 55 000 Non-cash changes: Addition lease liability credit institutions 121 509 Addition IFRS 16 lease liability throughout the year 420 585 - - 830 773 31 725 Adjustment IFRS 16 lease liability - - - (403) - Currency adjustment and translation differences (66 340) - - 59 957 - Interest expense incurred 88 481 - 26 170 112 994 - Closing balance 950 921 301 791 499 307 1 412 271 144 590 Distribution non-current and current debt 2025 2024 Non-current interest-bearing debt to credit institutions 253 396 121 593 Non-current interest-bearing debt, leases 240 028 621 185 Non-current interest-bearing debt, bonds 487 253 - Current interest-bearing debt to credit institutions 48 394 22 996 Current interest-bearing debt, leases 710 893 791 086 Current interest-bearing debt, bonds 12 054 - Closing balance 1 752 019 1 556 861
(NOK 1000) 2024 2023 Non current Bank borrowings 118 627 67 538 Lease liabilities to credit institutions (IFRS 16) 134 769 54 055 Other lease liabilities ( IFRS 16) 240 028 621 185 Long-term bonds 487 253 - Total 980 677 742 780 Current Bank borrowings 16 983 14 156 Lease liabilities to credit institutions(IFRS 16) 31 412 8 840 Other lease liabilities ( IFRS 16) 710 893 791 086 Short-term bonds 12 054 - Total 771 342 814 082 Total borrowings 1 752 019 1 556 861 Note 22 - Borrowings \u2022 Minimum liquidity: Free liquidity (incl. 50 % of RCF) to be greater than the higher of 5 % of Interest Bearing Debt and NOK 75 million. \u2022 Leverage Ratio: Net Interest Bearing Debt (a) to EBITDA (b) to be maximum 2.5. \u2022 Booked Equity: Minimum NOK 750 million and Booked Equity Ratio minimum 25 %. As of 31 December 2025, the liquidity position (including 50 % of the RCF) is NOK 564 million, the Leverage Ratio is 1,0, and Booked Equity is NOK 1 218 million / 34 %. All financial covenants are within thresholds. Total borrowings to bank and financial institutions include secured liabilities (bank and collateralised borrowings) of NOK 136 million (2024: NOK 82
million). Bank borrowings are secured by equipment and receivables of the Group. Refinancing completed in the fourth quarter of 2025 The Group completed a refinancing December 16 2025 of existing loans related to Reach Remote 1, Reach Remote 2, the Revolving Credit Facility (RCF) and the Guarantee Facility, as well as new loans securing the financing of Reach Remote 3 and 4. Total new facilities amounted to NOK 735 million with a five-year maturity, established with DNB and Sparebank 1 SR-Bank. Commercial terms improved modestly, including a lower interest margin and updated financial covenants. Following the refinancing, the updated covenant package introduced two key adjustments: \u2022 The minimum booked equity requirement was reduced from NOK 1 000 million to NOK 750 million. \u2022 Only 50 % of the RCF is now included in the minimum liquidity calculation (previously 100 %). All other covenant thresholds remain unchanged, resulting in a more aligned covenant framework across the Group\u2019s borrowings. Bank borrowings: These facilities carry a floating interest rate equal to 3-month NIBOR plus a margin of 3.15 % annually. The bank borrowings are subject to industry-relevant covenants. Due to changes in equity and the financing of ongoing capex-projects, the existing covenants were updated in 2025. The financial covenants are as follows: Carrying amount Fair value (NOK 1000) 2025 2024 2025 2024 Bank borrowings 135 610 81 695 135 610 81 695 Lease liabilities to credit institutions(IFRS 16) 166 181 62 895 166 181 62 895 Other lease liabilities (IFRS 16) 950 921 1 412 271 950 921 1 412 271 Bonds 499 307 - 512 054 - Total 1 752 019 1 556 861 1 764 766 1 556 861
(NOK 1000) 2025 2024 Gross lease liabilities - minimum lease payments No later than 1 year 31 412 8 840 Later than 1 year and no later than 5 years 134 769 54 055 Later than 5 years - - Total instalments on lease liabilities 166 181 62 895 Future finance charges on finance lease liabilities 39 293 15 331 Total instalments and finance charges on lease liabilities 205 474 78 226 The fair value of Bank borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on cash flows discounted using a rate based on the borrowing rate and are within level 3 of the fair value hierarchy. The bonds are measured at amortised cost. The fair value of the bonds is considered to be approximately equal to their carrying amount at the reporting date, as the contractual interest rate is assessed to be in line with current market terms for instruments with similar maturity and credit risk. Accordingly, no separate discounting has been performed in determining the fair value. The carrying amounts of the group\u2019s borrowings are all denominated in Norwegian kroner.
Refer to note 14 Property, plant and equipment for secured assets. For other lease liabilities under IFRS 16 see note 24. Lease liabilities to credit institutions Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default. Bonds: On 17 July 2025, Reach Subsea ASA issued a 3-year senior unsecured floating rate bond loan with an initial nominal amount of NOK 500 million. The bonds carry a coupon of 3M NIBOR + 7.25 % The bonds are governed by Norwegian law and was listed on Oslo B\u00f8rs on 12 December. Interests are paid on a quarterly basis. The financial covenants are as follows: \u2022 Minimum liquidity: Liquidity (excl. RCF) shall not be less than NOK 75 000 000. \u2022 Leverage Ratio: Net Interest Bearing Debt (a) to EBITDA (b) to be maximum 2.5. \u2022 Booked Equity shall be minimum NOK 750 million or Booked Equity Ratio shall be minimum 25 %. As of 31 December 2025 the liquidity position (including RCF) is 614 million, the Leverage Ratio is 1,1, and Booked equity NOK 1 218 million/34 %. All financial covenants are well within the thresholds mentioned above. The carrying amounts and fair value of the interest-bearing debts are as follows:
Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost. Investments in fixed income funds Investments in fixed income funds are classified as financial assets measured at fair value through profit or loss (FVPL) in accordance with IFRS 9. Such investments do not meet the criteria for measurement at amortized cost, as the contractual cash flows are not solely payments of principal and interest. Fixed income fund investments are initially recognized at fair value, with subsequent changes in fair value recognized in profit or loss as part of financial income or expenses. De-recognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. The Group issued a bond loan during the year, which is accounted for in accordance with these principles. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
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"reg-ix-307": {
"value": "Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost. Investments in fixed income funds Investments in fixed income funds are classified as financial assets measured at fair value through profit or loss (FVPL) in accordance with IFRS 9. Such investments do not meet the criteria for measurement at amortized cost, as the contractual cash flows are not solely payments of principal and interest. Fixed income fund investments are initially recognized at fair value, with subsequent changes in fair value recognized in profit or loss as part of financial income or expenses. De-recognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-308": {
"value": "De-recognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-324": {
"value": "Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
3.1.2 Credit Risk Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers. The Group has no significant concentration of credit risk toward single financial institutions and has policies that limit the amount of credit exposure to any single financial institution. Credit exposures to customers arise when entering medium- or short-term contracts and are managed by performing a financial risk evaluation in the tendering process. The level of financial risk analysis performed in each case depends on the nature of the contract (including volume). Where the financial risk is substantial, bank guarantees are requested.
(NOK 1000) 2025 2024 Invoiced receivables 386 561 417 009 Revenue recognised, not billed 117 503 234 070 Less: provision for impairment of trade receivables (16 005) - Current portion trade receivables 488 059 651 079 Prepayments 116 022 23 564 Other receivables 67 894 41 621 Current portion other receivables 183 916 65 184 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 370 556 417 009 Revenue recognised, not billed 117 503 234 070 Receivables from related parties - - Loans to related parties - - Total trade receivables 488 059 651 079 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables. There were no losses or provisions for bad debt in 2024. In 2025, provisions for bad debt of NOK 16.0 million were recognised, related to two specific customers. Trade receivables - Counterparty without external credit rating 2025 2024 Group 1 89 537 53 696 Group 2 289 459 354 760 Group 3 7 565 8 553 Total trade receivables 386 561 417 009 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 30 171 13 190 EUR 69 579 24 506 USD 173 057 355 851 GBP 78 872 23 462 CAD 24 812 - AUD 10 069 - Sum 386 561 417 009 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2025 386 561 221 153 102 283 7 416 27 541 28 169 2024 417 009 268 685 82 748 19 487 37 389 8 700
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
(NOK 1000) 2025 2024 Invoiced receivables 386 561 417 009 Revenue recognised, not billed 117 503 234 070 Less: provision for impairment of trade receivables (16 005) - Current portion trade receivables 488 059 651 079 Prepayments 116 022 23 564 Other receivables 67 894 41 621 Current portion other receivables 183 916 65 184 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 370 556 417 009 Revenue recognised, not billed 117 503 234 070 Receivables from related parties - - Loans to related parties - - Total trade receivables 488 059 651 079 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables. There were no losses or provisions for bad debt in 2024. In 2025, provisions for bad debt of NOK 16.0 million were recognised, related to two specific customers. Trade receivables - Counterparty without external credit rating 2025 2024 Group 1 89 537 53 696 Group 2 289 459 354 760 Group 3 7 565 8 553 Total trade receivables 386 561 417 009 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 30 171 13 190 EUR 69 579 24 506 USD 173 057 355 851 GBP 78 872 23 462 CAD 24 812 - AUD 10 069 - Sum 386 561 417 009 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2025 386 561 221 153 102 283 7 416 27 541 28 169 2024 417 009 268 685 82 748 19 487 37 389 8 700
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-355": {
"value": "Trade receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
(NOK 1000) 2025 2024 Invoiced receivables 386 561 417 009 Revenue recognised, not billed 117 503 234 070 Less: provision for impairment of trade receivables (16 005) - Current portion trade receivables 488 059 651 079 Prepayments 116 022 23 564 Other receivables 67 894 41 621 Current portion other receivables 183 916 65 184 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 370 556 417 009 Revenue recognised, not billed 117 503 234 070 Receivables from related parties - - Loans to related parties - - Total trade receivables 488 059 651 079 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables. There were no losses or provisions for bad debt in 2024. In 2025, provisions for bad debt of NOK 16.0 million were recognised, related to two specific customers. Trade receivables - Counterparty without external credit rating 2025 2024 Group 1 89 537 53 696 Group 2 289 459 354 760 Group 3 7 565 8 553 Total trade receivables 386 561 417 009 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 30 171 13 190 EUR 69 579 24 506 USD 173 057 355 851 GBP 78 872 23 462 CAD 24 812 - AUD 10 069 - Sum 386 561 417 009 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2025 386 561 221 153 102 283 7 416 27 541 28 169 2024 417 009 268 685 82 748 19 487 37 389 8 700
The main portion of overdue receivables has been paid after balance shee",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-310": {
"value": "Trade receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn23": {
"value": "Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the consolidated statement of comprehensive income on a straight- line basis over the expected lives of the related assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-311": {
"value": "Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the consolidated statement of comprehensive income on a straight- line basis over the expected lives of the related assets.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn24": {
"value": "Cash and cash equivalents Cash equivalents are ordinary bank deposits.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-312": {
"value": "Cash and cash equivalents Cash equivalents are ordinary bank deposits.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn47": {
"value": "Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
Reach Subsea\u2019s share capital amounts to NOK 327,377,982 divided into 327,377,982 shares, each with a nominal value of NOK 1. As of 31 December 2025, the has a holding of 418,986 treasury shares. Treasury shares are presented as a deduction from equity. No gains or losses have been recognised on the acquisition or holding of treasury shares. Treasury shares comprise the Company\u2019s own shares held following a settlement related to a previous business combination. The shares are not held for trading purposes and do not carry voting rights or rights to dividends. During 2025 the company has had the following changes in share capital: Note 18 - Share capital and information about shareholders The 20 largest shareholders as of 31/12-2025 Number of shares Ownership in per cent 1. WILHELMSEN NEW ENERGY AS 96 844 009 29.6 % 2. NORTH INDUSTRIES 1 AS 50 832 449 15.5 % 3. SURVEY HOLDING AS 29 116 897 8.9 % 4. J.P. Morgan SE 27 161 119 8.3 % 5. HOLME HOLDING AS 6 436 000 2.0 % 6. JT INVEST AS 6 039 539 1.8 % 7. Citibank, N.A. 5 569 086 1.7 % 8. Saxo Bank A/S 4 907 881 1.5 % 9. Pershing LLC 3 940 843 1.2 % 10. BNP Paribas 3 921 328 1.2 % 11. RARA AS 3 654 482 1.1 % 12. Sbakkejord AS 3 654 482 1.1 % 13. Citibank Europe plc 3 654 482 1.1 % 14. LION INVEST AS 3 300 000 1.0 % 15. JAKOB HATTELAND HOLDING AS 3 000 000 0.9 % 16. ALTEA AS 2 973 658 0.9 % 17. STAVA INVEST AS 2 193 426 0.7 % 18. BARRUS CAPITAL AS 2 110 090 0.6 % 19. RMS INVEST AS 2 000 000 0.6 % 20. A-\u00c5 INVEST AS 1 988 725 0.6 % Sum 20 largest 263 298 496 80.4 % The rest of shareholders 64 079 486 19.6 % Total number of shares 327 377 982 100.0 % Date Description Number of shares Nominal value Share capital 01.01.2025 Opening balance share capital 282 670 609 1.00 282 670 609 10.03.2025 Wilhelmsen New Energy exercise of warrants 44 707 373 1.00 327 377 982 On 5 March 2025 Wilhelmsen New Energy AS exercised its remaining 44,707,373 warrants with a strike of NOK 3.28 per share in Reach Subsea ASA. Following the exercise, Wilhelmsen no longer holds any remaining warrants in the Company.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-358": {
"value": "Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
Reach Subsea\u2019s share capital amounts to NOK 327,377,982 divided into 327,377,982 shares, each with a nominal value of NOK 1. As of 31 December 2025, the has a holding of 418,986 treasury shares. Treasury shares are presented as a deduction from equity. No gains or losses have been recognised on the acquisition or holding of treasury shares. Treasury shares comprise the Company\u2019s own shares held following a settlement related to a previous business combination. The shares are not held for trading purposes and do not carry voting rights or rights to dividends. During 2025 the company has had the following changes in share capital: Note 18 - Share capital and information about shareholders The 20 largest shareholders as of 31/12-2025 Number of shares Ownership in per cent 1. WILHELMSEN NEW ENERGY AS 96 844 009 29.6 % 2. NORTH INDUSTRIES 1 AS 50 832 449 15.5 % 3. SURVEY HOLDING AS 29 116 897 8.9 % 4. J.P. Morgan SE 27 161 119 8.3 % 5. HOLME HOLDING AS 6 436 000 2.0 % 6. JT INVEST AS 6 039 539 1.8 % 7. Citibank, N.A. 5 569 086 1.7 % 8. Saxo Bank A/S 4 907 881 1.5 % 9. Pershing LLC 3 940 843 1.2 % 10. BNP Paribas 3 921 328 1.2 % 11. RARA AS 3 654 482 1.1 % 12. Sbakkejord AS 3 654 482 1.1 % 13. Citibank Europe plc 3 654 482 1.1 % 14. LION INVEST AS 3 300 000 1.0 % 15. JAKOB HATTELAND HOLDING AS 3 000 000 0.9 % 16. ALTEA AS 2 973 658 0.9 % 17. STAVA INVEST AS 2 193 426 0.7 % 18. BARRUS CAPITAL AS 2 110 090 0.6 % 19. RMS INVEST AS 2 000 000 0.6 % 20. A-\u00c5 INVEST AS 1 988 725 0.6 % Sum 20 largest 263 298 496 80.4 % The rest of shareholders 64 079 486 19.6 % Total number of shares 327 377 982 100.0 % Date Description Number of shares Nominal value Share capital 01.01.2025 Opening balance share capital 282 670 609 1.00 282 670 609 10.03.2025 Wilhelmsen New Energy exercise of warrants 44 707 373 1.00 327 377 982 On 5 March 2025 Wilhelmsen New Energy AS exercised its remaining 44,707,373 warrants with a strike of NOK 3.28 per share in Reach Subsea ASA. Following the exercise, Wilhelmsen no longer holds any remaining warrants in the Company.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-313": {
"value": "Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn26": {
"value": "Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-314": {
"value": "Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-345": {
"value": "Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items that are recognized in other comprehensive income, or directly in equity. In such cases the relating tax expense is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
(NOK 1000) 2025 2024 Taxes Taxes payable 4 385 70 061 Changes in deferred taxes (27 849) (45 487) Changes in tax estimates (3 638) - Tax expense (27 102) 24 575 Deferred taxes/ (Deferred tax assets) - Temporary differences Other fixed assets (34 563) (19 083) Financial leases 67 053 30 648 Fixed-price contracts - - Inventories (934) (934) Accruals (20 492) (35 117) Right-of-use assets/liabilites (87 683) (142 657) Intangible assets 34 796 58 642 Tax loss carried forward Norway (123 388) - Tax loss carried forward outside of Norway (115 773) (67 650) Temporary differences, in total (280 985) (176 151) Deferred tax assets (62 769) (34 920) Not recognized deferred tax assets - - Deferred tax (assets) in balance sheet 62 769 (34 920) Note 10 - Taxes
Reconciliation from nominal to actual tax rate 31.12.2025 31.12.2024 Payable taxes in the balance sheet Payable taxes in the tax charge (4 385) (63 750) Advances paid on tax charge 53 158 11 407 Tax payable previous years (895) (620) Tax payable from business combinations (note 27) - - Payable taxes in the balance sheet 47 878 (52 963) Note that advances paid on tax charge are classified as other current assets in the balance sheet. Presentation in balance sheet: Other current receivables 53 158 - Taxes, payables (5 280) (52 963) Total 47 878 (52 963) All companies are subject to ordinary taxation, except Reach Subsea Shipping AS, Reach Remote AS and Reach Remote 2 AS which is taxed in the tonnage tax regime. Reconciliation from nominal to actual tax rate 31.12.2025 31.12.2024 Profit & loss before taxes 81 000 230 009 Nominal tax rate 22 % 22 % Anticipated income tax due to nominal tax rate 17 820 50 602 Actual tax cost (27 102) 24 575 Deviation (44 922) (26 027) Tax effects of: Permanent differences 42 611 14 716 Effect of tax rates outside Norway different from 22 % 2 311 (55) Changes in deferred tax assets, not recognized - - Changes in deferred tax assets, previously not recognized - 11 366 Explanation 44 922 26 027 Effective tax rate -33 % 11 %
Deferred tax assets are recognized in the balance sheet based on expected utilization of tax losses carried forward and temporary differences. The carrying amount of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. The Group has a history of profitable operations. The tax losses recognised in the current year arose from circumstances specific to the period and are not considered indicative of the Group\u2019s underlying earnings capacity. The tax losses can be carried forward indefinitely under current tax legislation. Based on approved business plans and forecasts, management considers it probable that sufficient taxable profits will be available to utilise the recognised deferred tax assets.
Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items that are recognized in other comprehensive income, or directly in equity. In such cases the relating tax expense is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-347": {
"value": "Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
(NOK 1000) 2025 2024 Taxes Taxes payable 4 385 70 061 Changes in deferred taxes (27 849) (45 487) Changes in tax estimates (3 638) - Tax expense (27 102) 24 575 Deferred taxes/ (Deferred tax assets) - Temporary differences Other fixed assets (34 563) (19 083) Financial leases 67 053 30 648 Fixed-price contracts - - Inventories (934) (934) Accruals (20 492) (35 117) Right-of-use assets/liabilites (87 683) (142 657) Intangible assets 34 796 58 642 Tax loss carried forward Norway (123 388) - Tax loss carried forward outside of Norway (115 773) (67 650) Temporary differences, in total (280 985) (176 151) Deferred tax assets (62 769) (34 920) Not recognized deferred tax assets - - Deferred tax (assets) in balance sheet 62 769 (34 920) Note 10 - Taxes
Reconciliation from nominal to actual tax rate 31.12.2025 31.12.2024 Payable taxes in the balance sheet Payable taxes in the tax charge (4 385) (63 750) Advances paid on tax charge 53 158 11 407 Tax payable previous years (895) (620) Tax payable from business combinations (note 27) - - Payable taxes in the balance sheet 47 878 (52 963) Note that advances paid on tax charge are classified as other current assets in the balance sheet. Presentation in balance sheet: Other current receivables 53 158 - Taxes, payables (5 280) (52 963) Total 47 878 (52 963) All companies are subject to ordinary taxation, except Reach Subsea Shipping AS, Reach Remote AS and Reach Remote 2 AS which is taxed in the tonnage tax regime. Reconciliation from nominal to actual tax rate 31.12.2025 31.12.2024 Profit & loss before taxes 81 000 230 009 Nominal tax rate 22 % 22 % Anticipated income tax due to nominal tax rate 17 820 50 602 Actual tax cost (27 102) 24 575 Deviation (44 922) (26 027) Tax effects of: Permanent differences 42 611 14 716 Effect of tax rates outside Norway different from 22 % 2 311 (55) Changes in deferred tax assets, not recognized - - Changes in deferred tax assets, previously not recognized - 11 366 Explanation 44 922 26 027 Effective tax rate -33 % 11 %
Deferred tax assets are recognized in the balance sheet based on expected utilization of tax losses carried forward and temporary differences. The carrying amount of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. The Group has a history of profitable operations. The tax losses recognised in the current year arose from circumstances specific to the period and are not considered indicative of the Group\u2019s underlying earnings capacity. The tax losses can be carried forward indefinitely under current tax legislation. Based on approved business plans and forecasts, management considers it probable that sufficient taxable profits will be available to utilise the recognised deferred tax assets.
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn31": {
"value": "Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. The Group issued a bond loan during the year, which is accounted for in accordance with these principles. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-365": {
"value": "Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. The Group issued a bond loan during the year, which is accounted for in accordance with these principles. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
(NOK 1000) 2024 2023 Non current Bank borrowings 118 627 67 538 Lease liabilities to credit institutions (IFRS 16) 134 769 54 055 Other lease liabilities ( IFRS 16) 240 028 621 185 Long-term bonds 487 253 - Total 980 677 742 780 Current Bank borrowings 16 983 14 156 Lease liabilities to credit institutions(IFRS 16) 31 412 8 840 Other lease liabilities ( IFRS 16) 710 893 791 086 Short-term bonds 12 054 - Total 771 342 814 082 Total borrowings 1 752 019 1 556 861 Note 22 - Borrowings \u2022 Minimum liquidity: Free liquidity (incl. 50 % of RCF) to be greater than the higher of 5 % of Interest Bearing Debt and NOK 75 million. \u2022 Leverage Ratio: Net Interest Bearing Debt (a) to EBITDA (b) to be maximum 2.5. \u2022 Booked Equity: Minimum NOK 750 million and Booked Equity Ratio minimum 25 %. As of 31 December 2025, the liquidity position (including 50 % of the RCF) is NOK 564 million, the Leverage Ratio is 1,0, and Booked Equity is NOK 1 218 million / 34 %. All financial covenants are within thresholds. Total borrowings to bank and financial institutions include secured liabilities (bank and collateralised borrowings) of NOK 136 million (2024: NOK 82
million). Bank borrowings are secured by equipment and receivables of the Group. Refinancing completed in the fourth quarter of 2025 The Group completed a refinancing December 16 2025 of existing loans related to Reach Remote 1, Reach Remote 2, the Revolving Credit Facility (RCF) and the Guarantee Facility, as well as new loans securing the financing of Reach Remote 3 and 4. Total new facilities amounted to NOK 735 million with a five-year maturity, established with DNB and Sparebank 1 SR-Bank. Commercial terms improved modestly, including a lower interest margin and updated financial covenants. Following the refinancing, the updated covenant package introduced two key adjustments: \u2022 The minimum booked equity requirement was reduced from NOK 1 000 million to NOK 750 million. \u2022 Only 50 % of the RCF is now included in the minimum liquidity calculation (previously 100 %). All other covenant thresholds remain unchanged, resulting in a more aligned covenant framework across the Group\u2019s borrowings. Bank borrowings: These facilities carry a floating interest rate equal to 3-month NIBOR plus a margin of 3.15 % annually. The bank borrowings are subject to industry-relevant covenants. Due to changes in equity and the financing of ongoing capex-projects, the existing covenants were updated in 2025. The financial covenants are as follows: Carrying amount Fair value (NOK 1000) 2025 2024 2025 2024 Bank borrowings 135 610 81 695 135 610 81 695 Lease liabilities to credit institutions(IFRS 16) 166 181 62 895 166 181 62 895 Other lease liabilities (IFRS 16) 950 921 1 412 271 950 921 1 412 271 Bonds 499 307 - 512 054 - Total 1 752 019 1 556 861 1 764 766 1 556 861
(NOK 1000) 2025 2024 Gross lease liabilities - minimum lease payments No later than 1 year 31 412 8 840 Later than 1 year and no later than 5 years 134 769 54 055 Later than 5 years - - Total instalments on lease liabilities 166 181 62 895 Future finance charges on finance lease liabilities 39 293 15 331 Total instalments and finance charges on lease liabilities 205 474 78 226 The fair value of Bank borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on cash flows discounted using a rate based on the borrowing rate and are within level 3 of the fair value hierarchy. The bonds are measured at amortised cost. The fair value of the bonds is considered to be approximately equal to their carrying amount at the reporting date, as the contractual interest rate is assessed to be in line with current market terms for instruments with similar maturity and credit risk. Accordingly, no separate discounting has been performed in determining the fair value. The carrying amounts of the group\u2019s borrowings are all denominated in Norwegian kroner.
Refer to note 14 Property, plant and equipment for secured assets. For other lease liabilities under IFRS 16 see note 24. Lease liabilities to credit institutions Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default. Bonds: On 17 July 2025, Reach Subsea ASA issued a 3-year senior unsecured floating rate bond loan with an initial nominal amount of NOK 500 million. The bonds carry a coupon of 3M NIBOR + 7.25 % The bonds are governed by Norwegian law and was listed on Oslo B\u00f8rs on 12 December. Interests are paid on a quarterly basis. The financial covenants are as follows: \u2022 Minimum liquidity: Liquidity (excl. RCF) shall not be less than NOK 75 000 000. \u2022 Leverage Ratio: Net Interest Bearing Debt (a) to EBITDA (b) to be maximum 2.5. \u2022 Booked Equity shall be minimum NOK 750 million or Booked Equity Ratio shall be minimum 25 %. As of 31 December 2025 the liquidity position (including RCF) is 614 million, the Leverage Ratio is 1,1, and Booked equity NOK 1 218 million/34 %. All financial covenants are well within the thresholds mentioned above. The carrying amounts and fair value of the interest-bearing debts are as follows:
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. The Group issued a bond loan during the year, which is accounted for in accordance with these principles. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
",
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"reg-ix-359": {
"value": "Share-based payments The group has an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2022 including the impact of any non-vesting conditions (for example, the requirement for employees to save). Non-market performance and service conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge
will be treated as a cash-settled transNote 19 - Share based payments Stock option program 2 In 2024 the Board of Directors of Reach Subsea ASA decided to establish a long-term incentive program for senior executives and key personnel in accordance with the Group's Remuneration Guidelines. The incentive program encompasses up to 15,000,000 new share options. Under the incentive program, participants will receive share options, which, if certain predefined performance criteria are met within a performance period, can be exercised by paying the predefined strike price. The strike price is set as the nominal value, NOK 1.00. One share option gives a contingent entitlement to one share after paying the strike price. Participants in the incentive program can elect to have up to 50 % of their options settled in cash to finance any potential tax expenses. 50 % of the options issued will vest after 3 years given a share price above NOK 9.00. 50 % of the options issued will vest after 5 years given a share price above NOK 12.00. The share price hurdles of NOK 9.00 and NOK 12.00 are subject to adjustments for dividends paid during the vesting period. The options have an exercise period of 6 months after vesting date. Agreed performance period started 15 April 2024. The fair value at grant date was determined using the Monte Carlo valuation method. The most significant inputs and assumptions in determining fair value at grant date was: Exercise price: NOK 1.0 Share price at grant date: NOK 5.96 Expected volatility: 40.14 % Risk free interest rate: 3.172 % Total grant date value: NOK 55 million During 2025 the company has had one active stock option program. During 2024 the company had two active stock programmes. Stock option program 1 expired in December 2024, while Stock option program 2 was established in 2024 and is active as of 31 December 2025, see below for further information.
2025 Average exercise price per share option Number of options At 1 January 1,00 12 840 000 Granted share option program 1 - - Granted share option program 2 1,00 1 000 000 Terminated 1,00 1 960 000 Exercised - - Expired - - At 31 December 1,00 11 880 000 2024 Average exercise price per share option Number of options At 1 January 2.64 975 000 Granted share option program 1 2.64 150 000 Granted share option program 2 1.00 12 840 000 Terminated - - Exercised 2.28 1 125 000 Expired - - At 31 December 1.00 12 840 000 Movements in the number of share options and their related weighted average exercise prices were as follows: Note 19 - Share based payments The group has recognised NOK 15.9 million (including social security tax) in cost related to the options in 2025 (2024: NOK 8.4 million). Other share based payments In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \"\"Guardian Geomatics\"\". The agreement with the sellers included a bad leaver clause for certain key personnel within Guardian Geomatics. The clause was related to the consideration shares and is treated as share-based payments according to IFRS 2. The adjustment was based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35 % (5 years). The group has recognised NOK 3.7 million in cost related to the bad leaver clause in 2025 (2024: NOK 14.6 million). (NOK 1000) 2025 2024 Stock option program 1 - 686 Stock option program 2 13 440 5 822 Bad leaver clause Guardian Geomatics 3 730 14 616 Total 17 170 21 124 Summary of IFRS 2 share-based payments and effect on equity
(NOK 1000) 2025 2024 Projects accruals 269 788 202 141 Accrued salaries and benefits 35 236 46 538 Witholding taxes 12 082 633 Other taxes payable 7 830 6 144 Accrued interests 292 5 Other 9 063 13 498 Other current liabilities, in total 334 291 268 957 Other consists mainly of incurred operational expenses and periodic maintenance not yet invoiced at year end. Note 20 - Other current liabilities
Share-based payments The group has an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2022 including the impact of any non-vesting conditions (for example, the requirement for employees to save). Non-market performance and service conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge
will be treated as a cash-settled trans",
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"mtpnn33": {
"value": "Recognition of revenue General Revenue from sale of services is recognized in accordance with IFRS 15. Revenues are shown net of value added tax and discounts. Sales of services The Group revenue comprises revenue recognized from contracts with customers for the provision of subsea services. Although scope of work varies from project to project, there are similarities in all projects, such as mobilisation and demobilisation of vessel, vessel hire, ROV crewing etc. These elements are highly related and comprise an integrated service negotiated with the customer. As such, all elements within a contract is normally considered to be one single performance obligation. Reach Subsea reviews all customer contracts to assess if there are elements that may indicate several performance obligations within one contract. Such elements may be use of several vessel spreads or project phases requiring separate mobilisation of vessels. For sales of services under fixed rate contracts, revenue is recognized in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. For other services, revenue is recognized based on the agreed rate as the services are rendered. The transaction price for day- rate contracts is determined by the expected value approach being the number of scheduled days multiplied with day-rate. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. For contracts with pricing elements that need to be estimated, revenue is recognised at best estimate only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. Revenue is recognized as control is passed, either over time or at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. Reach Subsea has concluded that customers receive benefits from the subsea services as they are performed, and therefore recognize revenue over the time the subsea service is provided. Incremental costs of obtaining a contract is recognized as an asset if we expect to recover these costs. However, incremental costs are limited to the costs that would not have incurred if the contract had not been successfully obtained. Revenue from leases Revenue from time-charter leases is recognized using a straight-line basis over the term of the contract.
Note 25 - Contract with customers 2025 2024 Contract with customers: Oil & Gas Renewable/ other Total Oil & Gas Renewable/ other Total Revenue from contracts with customers 1 565 696 1 108 933 2 674 629 1 774 661 942 363 2 717 024 Revenue from other contracts - - - - - - Segment revenue 1 565 696 1 108 933 2 674 629 1 774 661 942 363 2 717 024 Timing of revenue recognition At a point in time - - - - - - Over time 1 565 696 1 108 933 2 674 629 1 774 661 942 363 2 717 024 Sum 1 565 696 1 108 933 2 674 629 1 774 661 942 363 2 717 024 The Groups revenue comprises of revenue recognized from contract with customers for the provision of subsea services. Reach Subsea has assessed its contracts with customers and concluded that these fall under the definition of customer contracts in IFRS 15.
Revenue by country (NOK 100) 2024 2023 US 850 398 497 248 UK 377 790 607 487 Norway 266 622 841 036 Germany 253 303 106 546 Australia 190 608 150 576 Canada 165 841 - Ivory Coast 122 028 90 Trinidad & Tobago 117 699 - Netherlands 97 390 87 213 Romania 72 001 - Spain 26 990 - Guyana 24 720 - Singapore 22 914 - France 18 129 66 460 Italy 12 427 52 763 Portugal 10 821 - Malaysia 8 642 16 971 Brazil 8 571 147 748 Greece 6 912 34 Revenue by country (NOK 100) 2024 2023 Thailand 6 539 - Saudi Arabia 6 092 108 240 Estonia 5 338 - Venezuela 1 982 - Ireland 856 - India 14 - Sweden - 13 948 Taiwan (Province of China) - 10 594 Denmark - 9 119 Bangladesh - 951 Total 2 674 629 2 717 024 Assets and liabilities related to contracts with customers The Group do not have any contract asset or liabilities per 31.12.2025.
",
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"reg-ix-319": {
"value": "Recognition of revenue General Revenue from sale of services is recognized in accordance with IFRS 15. Revenues are shown net of value added tax and discounts. Sales of services The Group revenue comprises revenue recognized from contracts with customers for the provision of subsea services. Although scope of work varies from project to project, there are similarities in all projects, such as mobilisation and demobilisation of vessel, vessel hire, ROV crewing etc. These elements are highly related and comprise an integrated service negotiated with the customer. As such, all elements within a contract is normally considered to be one single performance obligation. Reach Subsea reviews all customer contracts to assess if there are elements that may indicate several performance obligations within one contract. Such elements may be use of several vessel spreads or project phases requiring separate mobilisation of vessels. For sales of services under fixed rate contracts, revenue is recognized in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. For other services, revenue is recognized based on the agreed rate as the services are rendered. The transaction price for day- rate contracts is determined by the expected value approach being the number of scheduled days multiplied with day-rate. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. For contracts with pricing elements that need to be estimated, revenue is recognised at best estimate only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. Revenue is recognized as control is passed, either over time or at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. Reach Subsea has concluded that customers receive benefits from the subsea services as they are performed, and therefore recognize revenue over the time the subsea service is provided. Incremental costs of obtaining a contract is recognized as an asset if we expect to recover these costs. However, incremental costs are limited to the costs that would not have incurred if the contract had not been successfully obtained. Revenue from leases Revenue from time-charter leases is recognized using a straight-line basis over the term of the contract.
",
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"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"mtpnn34": {
"value": "Cash flow statement The cash flow statement is prepared according to the indirect method.
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"reg-ix-320": {
"value": "Cash flow statement The cash flow statement is prepared according to the indirect method.
",
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"language": "en",
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"reg-ix-321": {
"value": "Note 3 \u2013 Financial Risk Management 3.1 Financial Risk Factors The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk, and price risk), credit risk, and liquidity risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. Risk management for the Group is carried out by Management. Management identifies, evaluates, and hedges financial risks in close cooperation with the operating units within the Group. The Board approves the principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments, and investment of excess liquidity. 3.1.1 Market Risk Foreign exchange risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to NOK, USD, GBP, EUR and AUD. Foreign exchange risk arises from future commercial transactions and recognized assets or liabilities. Potential currency fluctuations are considered during the tendering phase. Long-term contracts in a foreign currency will be considered hedged to be consistent with the currency of costs. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not an entity\u2019s functional currency. The Group aims at achieving a natural hedge between cash inflows and cash outflows and manages remaining foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, by forward contracts and similar instruments as appropriate. The Group\u2019s risk management policy is to continuously review its exposure against foreign exchange risk and consider the need for hedging activities on transactions in each major currency. The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP, AUD and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Effect on profit before tax EUR GBP USD AUD 2025 +5 % 19 969 527 (949 588) 34 656 503 157 049 -5 % (19 969 527) 949 588 (34 656 503) (157 049) 2024 +5 % (3 606 594) 4 907 349 (948 187) - -5 % 3 606 594 (4 907 349) 948 187 -
3.1.1 Market Risk - continued The impact on equity will be equivalent. Price risk The Group is exposed to commodity price risk at two main levels: \u2022 The demand for vessels, ROVs and other offshore equipments are sensitive to changes in the offshore energy industry, for example, oil price developments, fluctuation in production levels, exploration results, and general activity levels. Market fluctuations may affect asset utilization and earnings. \u2022 The cost of construction of future units is sensitive to changes in market prices of the input factors. The risks are managed by focusing on targeting moderate risk contracts, signing contracts with suppliers with the necessary financial strength, and using our expertise to complete projects in accordance with agreements. The Group also monitors commodity prices, evaluates the need for hedging activities, and considers commodity prices in our tender process.
3.1.2 Credit Risk Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers. The Group has no significant concentration of credit risk toward single financial institutions and has policies that limit the amount of credit exposure to any single financial institution. Credit exposures to customers arise when entering medium- or short-term contracts and are managed by performing a financial risk evaluation in the tendering process. The level of financial risk analysis performed in each case depends on the nature of the contract (including volume). Where the financial risk is substantial, bank guarantees are requested.
3.1.3 Liquidity Risk Liquidity risk management during 2025 has been closely linked to the Group\u2019s investment programme for new Reach Remote vessels and refinancing activities completed during the year. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities, and the ability to close out market positions. The Group aims to maintain flexibility in its liquidity by keeping committed credit lines available. The need for working capital is continuously being considered based on payment terms and the financial status of clients and the Group\u2019s firm expenses (including loan instalments and interest). Refer to note 21 for maturity analyses. The Group has a Revolving Credit Facility (RCF) providing access to NOK 100 million in committed funding with yearly renewal. Extensions are considered based on liquidity position and needs at the expiry date. In July 2025, the Group issued a NOK 500 million bond loan, and in December 2025 the Group refinanced other existing debt, including facilities related to Reach Remote 1, Reach Remote 2 and the revolving credit facility. As the Group\u2019s business is capital-intensive, the Group may need to raise additional funds in the future to execute the Group\u2019s strategies. The Group\u2019s loan agreement and bank overdraft agreement include terms, conditions, and covenants Group monitors its future liquidity positions on an ongoing basis, with monthly reports on cash flow forecasts and covenants.
3.1.4 Cash Flow and Fair Value Interest Rate Risk The Group\u2019s interest rate risk arises from bank deposits held at floating rates, and the possible impact on the financial statement is estimated to be immaterial. 3.1.5 Capital Management The Group\u2019s objectives when managing capital are to \u2022 Safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 Maintain an optimal capital structure to reduce the cost of capital. The Group has defined KPI levels for equity, liquidity, and earnings. The KPIs are consistent with loan covenants and are being reported on a monthly basis as well as in budgets/ forecasts. The development of the KPIs is being monitored closely. Breach of covenants requests a waiver from the bank (measured quarterly) to avoid a formal breach of the loan agreement. If a breach of one or more KPIs is discovered in the forecast, the Board will consider taking actions such as provisioning capital from existing and/or new owners. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue
new shares, or sell assets to reduce debt. 3.1.1 Market Risk Foreign exchange risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to NOK, USD, GBP, EUR and AUD. Foreign exchange risk arises from future commercial transactions and recognized assets or liabilities. Potential currency fluctuations are considered during the tendering phase. Long-term contracts in a foreign currency will be considered hedged to be consistent with the currency of costs. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not an entity\u2019s functional currency. The Group aims at achieving a natural hedge between cash inflows and cash outflows and manages remaining foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, by forward contracts and similar instruments as appropriate. The Group\u2019s risk management policy is to continuously review its exposure against foreign exchange risk and consider the need for hedging activities on transactions in each major currency. The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP, AUD and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Effect on profit before tax EUR GBP USD AUD 2025 +5 % 19 969 527 (949 588) 34 656 503 157 049 -5 % (19 969 527) 949 588 (34 656 503) (157 049) 2024 +5 % (3 606 594) 4 907 349 (948 187) - -5 % 3 606 594 (4 907 349) 948 187 -
3.1.1 Market Risk - continued The impact on equity will be equivalent. Price risk The Group is exposed to commodity price risk at two main levels: \u2022 The demand for vessels, ROVs and other offshore equipments are sensitive to changes in the offshore energy industry, for example, oil price developments, fluctuation in production levels, exploration results, and general activity levels. Market fluctuations may affect asset utilization and earnings. \u2022 The cost of construction of future units is sensitive to changes in market prices of the input factors. The risks are managed by focusing on targeting moderate risk contracts, signing contracts with suppliers with the necessary financial strength, and using our expertise to complete projects in accordance with agreements. The Group also monitors commodity prices, evaluates the need for hedging activities, and considers commodity prices in our tender process.
",
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"reg-ix-325": {
"value": "3.1.3 Liquidity Risk Liquidity risk management during 2025 has been closely linked to the Group\u2019s investment programme for new Reach Remote vessels and refinancing activities completed during the year. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities, and the ability to close out market positions. The Group aims to maintain flexibility in its liquidity by keeping committed credit lines available. The need for working capital is continuously being considered based on payment terms and the financial status of clients and the Group\u2019s firm expenses (including loan instalments and interest). Refer to note 21 for maturity analyses. The Group has a Revolving Credit Facility (RCF) providing access to NOK 100 million in committed funding with yearly renewal. Extensions are considered based on liquidity position and needs at the expiry date. In July 2025, the Group issued a NOK 500 million bond loan, and in December 2025 the Group refinanced other existing debt, including facilities related to Reach Remote 1, Reach Remote 2 and the revolving credit facility. As the Group\u2019s business is capital-intensive, the Group may need to raise additional funds in the future to execute the Group\u2019s strategies. The Group\u2019s loan agreement and bank overdraft agreement include terms, conditions, and covenants Group monitors its future liquidity positions on an ongoing basis, with monthly reports on cash flow forecasts and covenants.
",
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"reg-ix-326": {
"value": "3.1.5 Capital Management The Group\u2019s objectives when managing capital are to \u2022 Safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 Maintain an optimal capital structure to reduce the cost of capital. The Group has defined KPI levels for equity, liquidity, and earnings. The KPIs are consistent with loan covenants and are being reported on a monthly basis as well as in budgets/ forecasts. The development of the KPIs is being monitored closely. Breach of covenants requests a waiver from the bank (measured quarterly) to avoid a formal breach of the loan agreement. If a breach of one or more KPIs is discovered in the forecast, the Board will consider taking actions such as provisioning capital from existing and/or new owners. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue
new shares, or sell assets to reFinancing and capital Reach Subsea's future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the Group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet.
",
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"value": "Note 4 \u2013 Accounting Estimates and Judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are assumed to be reasonable under current circumstances. 4.1 Critical Accounting Estimates and Assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU. Each owned vessel is considered as a separate CGU. Key assumptions applied in impairment testing during 2025 include estimated future utilisation and day-rates for vessels and ROV systems. Reduced utilisation during the year increased the sensitivity of impairment assessments, particularly for right-of-use assets. Assessment of leases under IFRS 16 The Group\u2019s business model is capital intensive and relies significantly on long term vessel charters. Consequently, the application of IFRS 16 has a material impact on the Group\u2019s statement of financial position, EBITDA, depreciation and interest expenses The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction. Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information.
Changes in presentation During the year the group has adjusted the presentation of various accounts, resulting in an adjustment of the corresponding accounts in previous year. The comparative figures for 2024 are adjusted correspondingly. The following table illustrates the effect on the reported figures before and after the adjustments: (NOK 1000) Statement of profit or loss 2024 Reported Adjusted Change Procurement expenses (756 600) (791 171) (34 571) Other operating expenses (291 890) (257 319) 34 571 The Group\u2019s assets are depreciated over a lifetime of 3 to 30 years. It is the unmanned vessels Reach Remote 1 and 2 which has the longest lifetime. (see Note 14 PROPERTY, PLANT & EQUIPMENT). The groups assessment is that the risk of assets being stranded and impaired due to climate risk is low. A sensitivity analysis has been made standalone for the assets and that there is no alternative use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil&Gas would have this impairment-effect:
Financing and capital Reach Subsea's future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the Group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet.
Risks related to the physical impacts of climate change Reach Subsea is exposed to changing weather conditions caused by climate change as a result of its operation activities offshore. Impact of severe climate change could cause damage to assets, disrupt operational activities and result in significantly increased costs. The Group maintains insurance to protect its physical assets and also manage the risk of lost revenue due to weather conditions through its contracts with customers. A more detailed disclosure of the climate-related risks can also be found in the Group's sustainability report on page 52. Note 13 - Climate Risk Climate-related risks to Reach Subsea include market effects from changing demand for oil and gas (implying lower demand for our services in this segment), evolving laws and regulations, stricter climate policies, disruptive technology, as well as physical effects of climate change and reputational effects. Reach Subsea assesses climate transition risks into two major categories: (1) risks related to the transition to a low- carbon economy and (2) risks related to the physical impacts of climate change. Risks related to the transition to a low-carbon economy Demand Demand for our services within the Oil&Gas segment in the long-term is uncertain due to the global clean energy transition. The Groups assessment is that risk of reduced demand for services within Oil&Gas is partly mitigated by correspondingly increased demand for our services within the renewable segment. The Groups primary revenue stream is owning, leasing and operating vessels and ROVs. Based on the 2025-levels of revenue and distribution between different segments, the estimated effect of decrease in demand for services within Oil&Gas are as follows: Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the Groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2025. Decline in demand for services related to Oil & Gas Impairment charge (NOK 1000) 10 % 3 870 20 % 17 900 30 % 35 424
Decline in demand for services related to Oil & Gas Decrease in total revenue (NOK 1000) Decrease in operating result (NOK 1000) 10 % 156 570 8 606 20 % 313 139 17 212 30 % 469 709 25 819 Impairment Summary Impairment testing has been performed in accordance with IAS 36. An impairment loss of NOK 15 million was recognised. Right-of use-assets - vessels: The right-of-use assets at 31 December 2025 represent the remaining committed vessel days under charter agreements with vessel owners, as well as lease agreements for office premises. For Northern Maria, the impairment assessment performed in Q4 concluded that the recoverable amount was lower than the carrying amount. In accordance with IAS 36 Impairment of Assets, an impairment loss of NOK 15 million was recognised. Impairment testing for the other Right-of-use assets demonstrated that the recoverable amount exceeds the carrying amount, and no impairment was recognised. The recoverable amounts are sensitive to key assumptions, including estimated utilisation and selling rates (shown as sensitivity in estimated revenue). See note 24 for further information on Right-of-use assets. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 10.5 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Sensitivity on Right of use asset: ROV and ROV equipment and Equipment and office machinery: A review has been performed to assess whether any impairment indicators exist for the ROV/equipment CGUs, both owned and leased. No such indicators have been identified. As a result, no impairment calculation has been carried out. Vessels: The Group has assessed whether any impairment indicators exist for Remote I and Remote II, which together have a carrying amount of NOK 317 million. No such indicators have been identified. The assessment is supported by two independent broker valuations, both confirming market values well above the vessels\u2019 carrying amounts, thereby substantiating management\u2019s conclusion that no impairment indicators are present. Accordingly, no impairment calculation has been performed as of 31 December 2025.
Drop in estimated revenue (NOK 1000) Impairment charge on fixed assets 10 % 6 611 20 % 15 578 30 % 45 513
2025 Average exercise price per share option Number of options At 1 January 1,00 12 840 000 Granted share option program 1 - - Granted share option program 2 1,00 1 000 000 Terminated 1,00 1 960 000 Exercised - - Expired - - At 31 December 1,00 11 880 000 2024 Average exercise price per share option Number of options At 1 January 2.64 975 000 Granted share option program 1 2.64 150 000 Granted share option program 2 1.00 12 840 000 Terminated - - Exercised 2.28 1 125 000 Expired - - At 31 December 1.00 12 840 000 Movements in the number of share options and their related weighted average exercise prices were as follows: Note 19 - Share based payments The group has recognised NOK 15.9 million (including social security tax) in cost related to the options in 2025 (2024: NOK 8.4 million). Other share based payments In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \"\"Guardian Geomatics\"\". The agreement with the sellers included a bad leaver clause for certain key personnel within Guardian Geomatics. The clause was related to the consideration shares and is treated as share-based payments according to IFRS 2. The adjustment was based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35 % (5 years). The group has recognised NOK 3.7 million in cost related to the bad leaver clause in 2025 (2024: NOK 14.6 million). (NOK 1000) 2025 2024 Stock option program 1 - 686 Stock option program 2 13 440 5 822 Bad leaver clause Guardian Geomatics 3 730 14 616 Total 17 170 21 124 Summary of IFRS 2 share-based payments and effect on equity
4.1 Critical Accounting Estimates and Assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
The Group\u2019s assets are depreciated over a lifetime of 3 to 30 years. It is the unmanned vessels Reach Remote 1 and 2 which has the longest lifetime. (see Note 14 PROPERTY, PLANT & EQUIPMENT). The groups assessment is that the risk of assets being stranded and impaired due to climate risk is low. A sensitivity analysis has been made standalone for the assets and that there is no alternative use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil&Gas would have this impairment-effect:
Financing and capital Reach Subsea's future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the Group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet.
Risks related to the physical impacts of climate change Reach Subsea is exposed to changing weather conditions caused by climate change as a result of its operation activities offshore. Impact of severe climate change could cause damage to assets, disrupt operational activities and result in significantly increased costs. The Group maintains insurance to protect its physical assets and also manage the risk of lost revenue due to weather conditions through its contracts with customers. A more detailed disclosure of the climate-related risks can also be found in the Group's sustainability report on page 52. Note 13 - Climate Risk Climate-related risks to Reach Subsea include market effects from changing demand for oil and gas (implying lower demand for our services in this segment), evolving laws and regulations, stricter climate policies, disruptive technology, as well as physical effects of climate change and reputational effects. Reach Subsea assesses climate transition risks into two major categories: (1) risks related to the transition to a low- carbon economy and (2) risks related to the physical impacts of climate change. Risks related to the transition to a low-carbon economy Demand Demand for our services within the Oil&Gas segment in the long-term is uncertain due to the global clean energy transition. The Groups assessment is that risk of reduced demand for services within Oil&Gas is partly mitigated by correspondingly increased demand for our services within the renewable segment. The Groups primary revenue stream is owning, leasing and operating vessels and ROVs. Based on the 2025-levels of revenue and distribution between different segments, the estimated effect of decrease in demand for services within Oil&Gas are as follows: Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the Groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2025. Decline in demand for services related to Oil & Gas Impairment charge (NOK 1000) 10 % 3 870 20 % 17 900 30 % 35 424
Decline in demand for services related to Oil & Gas Decrease in total revenue (NOK 1000) Decrease in operating result (NOK 1000) 10 % 156 570 8 606 20 % 313 139 17 212 30 % 469 709 25 819 Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction. Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information.
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"value": "(NOK 1000) 2025 2024 Project cost 148 539 249 983 Fuel 98 339 110 568 Victualling 43 576 53 677 Rental offshore equipment 106 738 166 984 Hire offshore personnel 184 932 187 315 Other procurements 14 442 22 644 Procurement expenses, in total 596 565 791 171
(NOK 1000) 2025 2024 Notes Rental cost 18 405 21 064 23 Consultant cost 62 866 52 408 Operating equipment and maintenance 98 130 82 043 Administration costs 136 106 101 805 Other operating costs, in total 315 508 257 319
Note 6 - Procurement Expenses Specified
Note 7 - Other Operating Costs Specified
(NOK 1000) 2025 2024 Project cost 148 539 249 983 Fuel 98 339 110 568 Victualling 43 576 53 677 Rental offshore equipment 106 738 166 984 Hire offshore personnel 184 932 187 315 Other procurements 14 442 22 644 Procurement expenses, in total 596 565 791 171
Note 6 - Procurement Expenses Specified
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"value": "(NOK 1000) 2025 2024 Notes Rental cost 18 405 21 064 23 Consultant cost 62 866 52 408 Operating equipment and maintenance 98 130 82 043 Administration costs 136 106 101 805 Other operating costs, in total 315 508 257 319
Note 7 - Other Operating Costs Specified
(NOK 1000) 2025 2024 Notes Rental cost 18 405 21 064 23 Consultant cost 62 866 52 408 Operating equipment and maintenance 98 130 82 043 Administration costs 136 106 101 805 Other operating costs, in total 315 508 257 319
Note 7 - Other Operating Costs Specified
(NOK 1000) 2025 2024 Notes Rental cost 18 405 21 064 23 Consultant cost 62 866 52 408 Operating equipment and maintenance 98 130 82 043 Administration costs 136 106 101 805 Other operating costs, in total 315 508 257 319
Note 7 - Other Operating Costs Specified
(NOK 1000) 2025 2024 Notes Rental cost 18 405 21 064 23 Consultant cost 62 866 52 408 Operating equipment and maintenance 98 130 82 043 Administration costs 136 106 101 805 Other operating costs, in total 315 508 257 319
Note 7 - Other Operating Costs Specified
Compensation to CEO, CFO, CCO, CTO and COO (NOK 1000) Salary Pension costs Other comp. Share options vested during the year Remaining Share options to be vested/ 2025 Jostein Alendal, Managing Director CEO 2 756 163 530 - 1 800 Birgitte W. Johansen, CFO (until September 2025) 2 137 175 526 - - Arne Joa, CFO (from September 2025) 906 57 5 - 1 000 B\u00e5rd Thuen H\u00f8gheim, CCO 2 615 156 530 - 1 800 Audun Brandtz\u00e6g, CTO 2 625 159 530 - 1 800 Inge Grutle, COO 2 615 156 530 - 1 800 Total 13 652 867 2 650 - 8 200 2024 Jostein Alendal, Managing Director CEO 2 385 105 703 150 1 800 Birgitte W. Johansen, CFO 2 385 116 703 150 1 800 B\u00e5rd Thuen H\u00f8gheim, CCO 2 407 98 737 150 1 800 Audun Brandtz\u00e6g, CTO 2 478 103 703 150 1 800 Inge Grutle, COO 2 385 99 818 150 1 800 Total 12 039 521 3 663 750 9 000 Arne Joa started in his position 1 September 2025. Other comp consists of bonuses, reported gains on exercised options, and other benefits. Refer to note 19 for further information regarding share based payments. Managing director has no agreement regarding early retirement. Managing director will receive NOK 3.0 million in payment if employment is terminated. CFO has no agreement regarding early retirement and no agreement on payment in case of termination of employment. Wages and social costs (NOK 1000) 2025 2024 Salaries and wages including holiday allowance 519 644 426 126 Social security tax 66 691 56 721 Pensions 42 493 18 533 Other benefits 21 187 19 629 Option cost 17 170 22 114 Salaries transferred to CAPEX-projects (45 005) (43 811) Wages and social costs, in total 622 180 499 313 Number of man-years 485 395 The company has a defined contribution plan that complies with the requirements of the Mandatory Occupational Pension Act. Total cost during the year is as specified above. For further information related to share based compensation, see note 19. Compensation and benefits to Management Guidelines for remuneration The company's guideline for management compensation and benefits is to offer competitive conditions to secure continuity in the management group. Reach Subsea shall offer benefits as for comparable Norwegian companies. In accordance with Section 6-16 b. (2) of the Norwegian Public Limited Liability Companies Act and the Norwegian regulations on guidelines and report on remuneration for executives, the Group will publish a separate report on remuneration to executives for presentation at the Annual General Meeting on 28 May 2026. In addition to detailed information on paid and pending remuneration to directors for the 2025 accounting year, the report on remuneration for directors will contain an overview of performance targets that form the basis for variable remuneration. Shareholdings and allocated shares will also be included.
Note 8 - Personnel Expenses 105 Reach Subsea | Annual Report 2025 Contents Business PeThe Boards Remuneration (NOK 1000) Position 2025 2024 Rachid Bendriss Chairperson of the Board 528 489 Anders Onarheim Board member 280 244 Martha K. Bakkevig Board member 315 319 Arvid St\u00e5le Pettersen Board member 315 289 Espen Gjerde Board member 263 244 Kristine Skeie Board member 308 297 Ingunn \u00d8. Iveland Board member 370 371
Auditors Remuneration (NOK 1000) 2025 2024 Auditing 3 619 2 383 Attestation services 149 80 Tax services* 1 038 676 Other assistance* 30 544 Total 5 144 3 683 All amounts are exclusive of value added tax. * Included in tax advice and other assistance are services from Advokatfirmaet PricewaterhouseCoopers AS with the amount of NOK 0.39 million (2024: NOK 0.57 million).
2025 Numbers of shares 31.12.2025 Ownership 31.12.2025 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 15.5 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 6 039 539 1.8 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 284 179 0.4 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 1 004 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 907 500 0.3 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 900 000 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 850 000 0.3 % AUDUN BRANDTZ\u00c6G Management 400 000 0.1 % I \u00d8VERENG AS Owned by Ingunn \u00d8vereng Iveland (Board member) 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 62 288 794 19.0 % 2024 Numbers of shares 31.12.2024 Ownership 31.12.2024 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 18.0 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 5 889 539 2.1 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 284 179 0.5 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 900 000 0.3 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 949 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 907 500 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 605 588 0.2 % BIRGITTE WENDELBO JOHANSEN Management 449 050 0.2 % AUDUN BRANDTZ\u00c6G Management 350 000 0.1 % JOSTEIN ALENDAL CEO 150 000 0.1 % I \u00d8VERENG AS Board Member 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 62 388 432 22.1 % Shares owned by members of the Board and by the management at year-end, including shares owned by immediate family members and/or controlled companies are as follows:
Note 19 - Share based payments Stock option program 2 In 2024 the Board of Directors of Reach Subsea ASA decided to establish a long-term incentive program for senior executives and key personnel in accordance with the Group's Remuneration Guidelines. The incentive program encompasses up to 15,000,000 new share options. Under the incentive program, participants will receive share options, which, if certain predefined performance criteria are met within a performance period, can be exercised by paying the predefined strike price. The strike price is set as the nominal value, NOK 1.00. One share option gives a contingent entitlement to one share after paying the strike price. Participants in the incentive program can elect to have up to 50 % of their options settled in cash to finance any potential tax expenses. 50 % of the options issued will vest after 3 years given a share price above NOK 9.00. 50 % of the options issued will vest after 5 years given a share price above NOK 12.00. The share price hurdles of NOK 9.00 and NOK 12.00 are subject to adjustments for dividends paid during the vesting period. The options have an exercise period of 6 months after vesting date. Agreed performance period started 15 April 2024. The fair value at grant date was determined using the Monte Carlo valuation method. The most significant inputs and assumptions in determining fair value at grant date was: Exercise price: NOK 1.0 Share price at grant date: NOK 5.96 Expected volatility: 40.14 % Risk free interest rate: 3.172 % Total grant date value: NOK 55 million During 2025 the company has had one active stock option program. During 2024 the company had two active stock programmes. Stock option program 1 expired in December 2024, while Stock option program 2 was established in 2024 and is active as of 31 December 2025, see below for further information.
2025 Average exercise price per share option Number of options At 1 January 1,00 12 840 000 Granted share option program 1 - - Granted share option program 2 1,00 1 000 000 Terminated 1,00 1 960 000 Exercised - - Expired - - At 31 December 1,00 11 880 000 2024 Average exercise price per share option Number of options At 1 January 2.64 975 000 Granted share option program 1 2.64 150 000 Granted share option program 2 1.00 12 840 000 Terminated - - Exercised 2.28 1 125 000 Expired - - At 31 December 1.00 12 840 000 Movements in the number of share options and their related weighted average exercise prices were as follows: Note 19 - Share based payments The group has recognised NOK 15.9 million (including social security tax) in cost related to the options in 2025 (2024: NOK 8.4 million). Other share based payments In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \"\"Guardian Geomatics\"\". The agreement with the sellers included a bad leaver clause for certain key personnel within Guardian Geomatics. The clause was related to the consideration shares and is treated as share-based payments according to IFRS 2. The adjustment was based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35 % (5 years). The group has recognised NOK 3.7 million in cost related to the bad leaver clause in 2025 (2024: NOK 14.6 million). (NOK 1000) 2025 2024 Stock option program 1 - 686 Stock option program 2 13 440 5 822 Bad leaver clause Guardian Geomatics 3 730 14 616 Total 17 170 21 124 Summary of IFRS 2 share-based payments and effect on equity
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"value": "(NOK 1000) 2025 2024 Oil & Gas vs Renewables/other Revenue Oil & Gas 1 565 696 1 774 661 Renewable / other 1 108 933 942 363 Total 2 674 629 2 717 024 Operating expense Oil & Gas (1 479 634) (1 537 511) Renewable / other (1 047 978) (816 434) Total (2 527 612) (2 353 945) Operating result Oil & Gas 86 062 237 150 Renewable / other 60 955 125 929 Total 147 018 363 079 Data vs Solutions Revenue Data 502 535 1 022 239 Solutions 2 172 094 1 694 785 Total 2 674 629 2 717 024 Operating expense Data (474 912) (885 636) Solutions (2 052 700) (1 468 309) Total (2 527 612) (2 353 946) Operating result Data 27 623 136 603 Solutions 119 395 226 476 Total 147 018 363 079 Note 5 - Segment information
Gain from sale of assets in \"Other income\" is not related to a segment and therefore excluded from the tables above. Refer to note 14 for further information. All assets and liabilities are used jointly in all segments.
Guidelines for remuneration The company's guideline for management compensation and benefits is to offer competitive conditions to secure continuity in the management group. Reach Subsea shall offer benefits as for comparable Norwegian companies. In accordance with Section 6-16 b. (2) of the Norwegian Public Limited Liability Companies Act and the Norwegian regulations on guidelines and report on remuneration for executives, the Group will publish a separate report on remuneration to executives for presentation at the Annual General Meeting on 28 May 2026. In addition to detailed information on paid and pending remuneration to directors for the 2025 accounting year, the report on remuneration for directors will contain an overview of performance targets that form the basis for variable remuneration. Shareholdings and allocated shares will also be included.
The Boards Remuneration (NOK 1000) Position 2025 2024 Rachid Bendriss Chairperson of the Board 528 489 Anders Onarheim Board member 280 244 Martha K. Bakkevig Board member 315 319 Arvid St\u00e5le Pettersen Board member 315 289 Espen Gjerde Board member 263 244 Kristine Skeie Board member 308 297 Ingunn \u00d8. Iveland Board member 370 371
Note 8 - Personnel Expenses - continued
2025 Numbers of shares 31.12.2025 Ownership 31.12.2025 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 15.5 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 6 039 539 1.8 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 284 179 0.4 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 1 004 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 907 500 0.3 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 900 000 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 850 000 0.3 % AUDUN BRANDTZ\u00c6G Management 400 000 0.1 % I \u00d8VERENG AS Owned by Ingunn \u00d8vereng Iveland (Board member) 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 62 288 794 19.0 % 2024 Numbers of shares 31.12.2024 Ownership 31.12.2024 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 18.0 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 5 889 539 2.1 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 284 179 0.5 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 900 000 0.3 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 949 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 907 500 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 605 588 0.2 % BIRGITTE WENDELBO JOHANSEN Management 449 050 0.2 % AUDUN BRANDTZ\u00c6G Management 350 000 0.1 % JOSTEIN ALENDAL CEO 150 000 0.1 % I \u00d8VERENG AS Board Member 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 62 388 432 22.1 % Shares owned by members of the Board and by the management at year-end, including shares owned by immediate family members and/or controlled companies are as follows:
Short term leases Costs relating to short-term leases recognized in the income statement for 2025 are NOK 15.7 million, of which NOK 1.8 million relates to real estate rentals. The real estate rental is short term with 3 months termination notice.
CAPEX and vessel capacity \"Reach Remote 3 and 4 were ordered late September 2025. Including funding from the EU Innovation Fund, the project is expected to amount to approximately NOK 616 million in total. As of 31 December 2025 the group has capitalized NOK 168 million as Asset under construction. The amount is divided into NOK 152.4 million related to Reach Remote 3 and 4, and 15.6 million related to other ongoing capex projects. In addition, the company has financed ROVs and various equipment through leasing. As per 31 December 2025 these are under construction, and costs not recognized amount to NOK 73 million. The ROVs and equipment will be recognized in the balance sheet at commencement date. Two newbuilds, Viking Vigor and Agalas 2, will enter into the groups chartered fleet in 2026 and 2027 respectively. As of 31 December 2025 remaining committed and planned investments including equipment, upgrades and mobilization for the newbuilds is estimated at NOK 120 million. The group has secured bank and lease financing to partly fund these investments. Viking Vigor is expected to be delivered in second half of 2026 and will increase IFRS 16 lease liabilities with an estimated amount of NOK 414 million at commencement date. Agalas 2 is expected to be delivered during 2027 and will increase IFRS 16 lease liabilities with an estimated amount of NOK 427 million at commencement date.
Note 23 - Commitments
Guidelines for remuneration The company's guideline for management compensation and benefits is to offer competitive conditions to secure continuity in the management group. Reach Subsea shall offer benefits as for comparable Norwegian companies. In accordance with Section 6-16 b. (2) of the Norwegian Public Limited Liability Companies Act and the Norwegian regulations on guidelines and report on remuneration for executives, the Group will publish a separate report on remuneration to executives for presentation at the Annual General Meeting on 28 May 2026. In addition to detailed information on paid and pending remuneration to directors for the 2025 accounting year, the report on remuneration for directors will contain an overview of performance targets that form the basis for variable remuneration. Shareholdings and allocated shares will also be included.
The Boards Remuneration (NOK 1000) Position 2025 2024 Rachid Bendriss Chairperson of the Board 528 489 Anders Onarheim Board member 280 244 Martha K. Bakkevig Board member 315 319 Arvid St\u00e5le Pettersen Board member 315 289 Espen Gjerde Board member 263 244 Kristine Skeie Board member 308 297 Ingunn \u00d8. Iveland Board member 370 371
2025 Numbers of shares 31.12.2025 Ownership 31.12.2025 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 15.5 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 6 039 539 1.8 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 284 179 0.4 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 1 004 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 907 500 0.3 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 900 000 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 850 000 0.3 % AUDUN BRANDTZ\u00c6G Management 400 000 0.1 % I \u00d8VERENG AS Owned by Ingunn \u00d8vereng Iveland (Board member) 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 62 288 794 19.0 % 2024 Numbers of shares 31.12.2024 Ownership 31.12.2024 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 18.0 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 5 889 539 2.1 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 284 179 0.5 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 900 000 0.3 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 949 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 907 500 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 605 588 0.2 % BIRGITTE WENDELBO JOHANSEN Management 449 050 0.2 % AUDUN BRANDTZ\u00c6G Management 350 000 0.1 % JOSTEIN ALENDAL CEO 150 000 0.1 % I \u00d8VERENG AS Board Member 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 62 388 432 22.1 % Shares owned by members of the Board and by the management at year-end, including shares owned by immediate family members and/or controlled companies are as follows:
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"value": "Auditors Remuneration (NOK 1000) 2025 2024 Auditing 3 619 2 383 Attestation services 149 80 Tax services* 1 038 676 Other assistance* 30 544 Total 5 144 3 683 All amounts are exclusive of value added tax. * Included in tax advice and other assistance are services from Advokatfirmaet PricewaterhouseCoopers AS with the amount of NOK 0.39 million (2024: NOK 0.57 million).
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"value": "(NOK 1000) 2025 2024 Interest income on short term bank deposits 10 608 7 556 Total interest income 10 608 7 556 Interest expense on bank borrowings (37 699) (7 208) Interest portion of lease payments (88 481) (112 798) Other interest expense 2 529 (2 173) Total interest expense (123 651) (122 180) Net foreign exchange expense/income (45 445) 26 531 Currency gain/loss on lease liabilities 65 576 (59 888) Other finance costs 424 482 Total other financial items 20 556 (32 875) Finance items - net
(92 487) (147 498) Note 9 - Finance income and Expenses
(NOK 1000) 2025 2024 Interest income on short term bank deposits 10 608 7 556 Total interest income 10 608 7 556 Interest expense on bank borrowings (37 699) (7 208) Interest portion of lease payments (88 481) (112 798) Other interest expense 2 529 (2 173) Total interest expense (123 651) (122 180) Net foreign exchange expense/income (45 445) 26 531 Currency gain/loss on lease liabilities 65 576 (59 888) Other finance costs 424 482 Total other financial items 20 556 (32 875) Finance items - net
(92 487) (147 498) Note 9 - Finance income and Expenses
(NOK 1000) 2025 2024 Interest income on short term bank deposits 10 608 7 556 Total interest income 10 608 7 556 Interest expense on bank borrowings (37 699) (7 208) Interest portion of lease payments (88 481) (112 798) Other interest expense 2 529 (2 173) Total interest expense (123 651) (122 180) Net foreign exchange expense/income (45 445) 26 531 Currency gain/loss on lease liabilities 65 576 (59 888) Other finance costs 424 482 Total other financial items 20 556 (32 875) Finance items - net
(92 487) (147 498) Note 9 - Finance income and Expenses
(NOK 1000) 2025 2024 Interest income on short term bank deposits 10 608 7 556 Total interest income 10 608 7 556 Interest expense on bank borrowings (37 699) (7 208) Interest portion of lease payments (88 481) (112 798) Other interest expense 2 529 (2 173) Total interest expense (123 651) (122 180) Net foreign exchange expense/income (45 445) 26 531 Currency gain/loss on lease liabilities 65 576 (59 888) Other finance costs 424 482 Total other financial items 20 556 (32 875) Finance items - net
(92 487) (147 498) Note 9 - Finance income and Expenses
(NOK 1000) 2025 2024 Interest income on short term bank deposits 10 608 7 556 Total interest income 10 608 7 556 Interest expense on bank borrowings (37 699) (7 208) Interest portion of lease payments (88 481) (112 798) Other interest expense 2 529 (2 173) Total interest expense (123 651) (122 180) Net foreign exchange expense/income (45 445) 26 531 Currency gain/loss on lease liabilities 65 576 (59 888) Other finance costs 424 482 Total other financial items 20 556 (32 875) Finance items - net
(92 487) (147 498) Note 9 - Finance income and Expenses
(NOK 1000) 2025 2024 Interest income on short term bank deposits 10 608 7 556 Total interest income 10 608 7 556 Interest expense on bank borrowings (37 699) (7 208) Interest portion of lease payments (88 481) (112 798) Other interest expense 2 529 (2 173) Total interest expense (123 651) (122 180) Net foreign exchange expense/income (45 445) 26 531 Currency gain/loss on lease liabilities 65 576 (59 888) Other finance costs 424 482 Total other financial items 20 556 (32 875) Finance items - net
(92 487) (147 498) Note 9 - Finance income and Expenses
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"value": "(NOK 1000) 2025 2024 Taxes Taxes payable 4 385 70 061 Changes in deferred taxes (27 849) (45 487) Changes in tax estimates (3 638) - Tax expense (27 102) 24 575 Deferred taxes/ (Deferred tax assets) - Temporary differences Other fixed assets (34 563) (19 083) Financial leases 67 053 30 648 Fixed-price contracts - - Inventories (934) (934) Accruals (20 492) (35 117) Right-of-use assets/liabilites (87 683) (142 657) Intangible assets 34 796 58 642 Tax loss carried forward Norway (123 388) - Tax loss carried forward outside of Norway (115 773) (67 650) Temporary differences, in total (280 985) (176 151) Deferred tax assets (62 769) (34 920) Not recognized deferred tax assets - - Deferred tax (assets) in balance sheet 62 769 (34 920) Note 10 - Taxes
Reconciliation from nominal to actual tax rate 31.12.2025 31.12.2024 Payable taxes in the balance sheet Payable taxes in the tax charge (4 385) (63 750) Advances paid on tax charge 53 158 11 407 Tax payable previous years (895) (620) Tax payable from business combinations (note 27) - - Payable taxes in the balance sheet 47 878 (52 963) Note that advances paid on tax charge are classified as other current assets in the balance sheet. Presentation in balance sheet: Other current receivables 53 158 - Taxes, payables (5 280) (52 963) Total 47 878 (52 963) All companies are subject to ordinary taxation, except Reach Subsea Shipping AS, Reach Remote AS and Reach Remote 2 AS which is taxed in the tonnage tax regime. Reconciliation from nominal to actual tax rate 31.12.2025 31.12.2024 Profit & loss before taxes 81 000 230 009 Nominal tax rate 22 % 22 % Anticipated income tax due to nominal tax rate 17 820 50 602 Actual tax cost (27 102) 24 575 Deviation (44 922) (26 027) Tax effects of: Permanent differences 42 611 14 716 Effect of tax rates outside Norway different from 22 % 2 311 (55) Changes in deferred tax assets, not recognized - - Changes in deferred tax assets, previously not recognized - 11 366 Explanation 44 922 26 027 Effective tax rate -33 % 11 %
Deferred tax assets are recognized in the balance sheet based on expected utilization of tax losses carried forward and temporary differences. The carrying amount of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. The Group has a history of profitable operations. The tax losses recognised in the current year arose from circumstances specific to the period and are not considered indicative of the Group\u2019s underlying earnings capacity. The tax losses can be carried forward indefinitely under current tax legislation. Based on approved business plans and forecasts, management considers it probable that sufficient taxable profits will be available to utilise the recognised deferred tax assets.
(NOK 1000) 2025 2024 Profit (loss) per share is calculated on the consolidated profit (loss) divided by the average number of shares outstanding. Profit (loss) - attributable to the owners (NOK 1000) 108 102 205 434 Basic profit (loss) per share (NOK) 0.34 0.78 Diluted profit (loss) per share (NOK) 0.33 0.68 Average number of shares 319 048 937 264 415 130 Average diluted number of shares for EPS 323 251 204 301 390 931 Number of shares 1/1 282 670 609 271 769 245 Number of shares 31/12 327 377 982 282 670 609 Note 11 - Earnings per share
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"value": "Note 15 - Intangible assets Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31 December 2025 Opening net book amount 1 917 23 292 109 590 134 798 Addition from business combination (note 27) - - 8 353 8 353 Depreciation (228) (5 163) - (5 391) Impairment - (7 883) - (7 883) Closing net book value 1 689 10 246 117 943 129 878 At 31 December 2025 Cost 1.1.25 2 372 32 000 109 590 143 962 Addition from business combination (note 27) - - 8 353 8 353 Cost 31.12.25 2 372 32 000 117 943 152 315
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31 December 2025 Accumulated depreciation 1.1.25 (455) (8 708) - (9 164) Depreciation (228) (5 163) - (5 391) Accumulated depreciation 31.12.25 (683) (13 871) - (14 554) Accumulated impairment 1.1.25 - - - - Impairment - (7 883) - (7 883) Accumulated impairment 31.12.25 - (7 883) - (7 883) Book value 1 689 10 246 117 943 129 878 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method Linear Linear
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31 December 2024 Opening net book amount 2 144 28 625 109 590 140 359 Depreciation (227) (5 333) - (5 561) Closing net book value 1 917 23 292 109 590 134 798 At 31 December 2024 Cost 1.1.24 2 372 32 000 109 590 143 962 Additions - - - - Disposals at cost - - - - Cost 31.12.24 2 372 32 000 109 590 143 962
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31 December 2024 Accumulated depreciation 1.1.24 (228) (3 375) - (3 603) Depreciation (227) (5 333) - (5 561) Accumulated depreciation 31.12.24 (455) (8 708) - (9 164) Accumulated impairment 1.1.24 - - - - Impairment - - - - Accumulated impairment 31.12.24 - - - - Book value 1 917 23 292 109 590 134 798 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method Linear Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of 31 December 2025 the group has net book values for R&D totalling NOK 1.7 million. Customer relationships and goodwill are related to the acquisition of iSurvey Group in March 2022, Guardian Geomatics in November 2023 and Subvision AB in October 2025. Refer to note 27 for further information regarding the acquisition of Subvision AB. Impairment The impairment assessment performed as of 31 December 2025 identified indicators of impairment related to certain customer relationships. Following a detailed review, the Company has recognised impairment on specific customer relationship assets where the recoverable amount was determined to be lower than the carrying value. Goodwill is assessed for impairment at the corporate level, and is based on a comparison between fair value and book value of equity. The fair value is calculated using the share price as of the balance sheet date. As of year end 2025, the fair value exceeds the book value of equity, and no impairment is thus recognised.
(NOK 1000) 2025 2024 Invoiced receivables 386 561 417 009 Revenue recognised, not billed 117 503 234 070 Less: provision for impairment of trade receivables (16 005) - Current portion trade receivables 488 059 651 079 Prepayments 116 022 23 564 Other receivables 67 894 41 621 Current portion other receivables 183 916 65 184 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 370 556 417 009 Revenue recognised, not billed 117 503 234 070 Receivables from related parties - - Loans to related parties - - Total trade receivables 488 059 651 079 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables. There were no losses or provisions for bad debt in 2024. In 2025, provisions for bad debt of NOK 16.0 million were recognised, related to two specific customers. Trade receivables - Counterparty without external credit rating 2025 2024 Group 1 89 537 53 696 Group 2 289 459 354 760 Group 3 7 565 8 553 Total trade receivables 386 561 417 009 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 30 171 13 190 EUR 69 579 24 506 USD 173 057 355 851 GBP 78 872 23 462 CAD 24 812 - AUD 10 069 - Sum 386 561 417 009 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2025 386 561 221 153 102 283 7 416 27 541 28 169 2024 417 009 268 685 82 748 19 487 37 389 8 700
(NOK 1000) 2025 2024 Invoiced receivables 386 561 417 009 Revenue recognised, not billed 117 503 234 070 Less: provision for impairment of trade receivables (16 005) - Current portion trade receivables 488 059 651 079 Prepayments 116 022 23 564 Other receivables 67 894 41 621 Current portion other receivables 183 916 65 184 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 370 556 417 009 Revenue recognised, not billed 117 503 234 070 Receivables from related parties - - Loans to related parties - - Total trade receivables 488 059 651 079 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables. There were no losses or provisions for bad debt in 2024. In 2025, provisions for bad debt of NOK 16.0 million were recognised, related to two specific customers. Trade receivables - Counterparty without external credit rating 2025 2024 Group 1 89 537 53 696 Group 2 289 459 354 760 Group 3 7 565 8 553 Total trade receivables 386 561 417 009 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 30 171 13 190 EUR 69 579 24 506 USD 173 057 355 851 GBP 78 872 23 462 CAD 24 812 - AUD 10 069 - Sum 386 561 417 009 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2025 386 561 221 153 102 283 7 416 27 541 28 169 2024 417 009 268 685 82 748 19 487 37 389 8 700
Rating on banks for cash credit rating 2025 2024 AA+ 5 759 18 A+ 442 591 37 129 A- 60 295 240 875 AA- 5 519 - BBB- 11 1 Total cash and cash equivalents 514 174 278 022 2025 2024 Cash and cash equivalents in NOK 221 001 116 024 Cash and cash equivalents in USD 163 718 112 000 Cash and cash equivalents in EUR 51 458 21 889 Cash and cash equivalents in GBP 34 609 17 723 Cash and cash equivalents in AUD 224 9 559 Cash and cash equivalents in SGD 6 622 827 Cash and cash equivalents in CAD 31 176 - Cash and cash equivalents in SEK 5 366 0 Cash and cash equivalents, in total 514 174 278 022 The company also has restricted cash related to withheld tax of NOK 16,2 million in 2025 (2024: NOK 13.9 million). The Group has access to a revolving credit facility. As of 31 December 2025, available undrawn credit amounted to NOK 100 million. Note 17 - Cash and cash equivalents 122
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"value": "(NOK 1000) 2025 2024 Projects accruals 269 788 202 141 Accrued salaries and benefits 35 236 46 538 Witholding taxes 12 082 633 Other taxes payable 7 830 6 144 Accrued interests 292 5 Other 9 063 13 498 Other current liabilities, in total 334 291 268 957 Other consists mainly of incurred operational expenses and periodic maintenance not yet invoiced at year end. Note 20 - Other current liabilities
(NOK 1000) 2025 2024 Projects accruals 269 788 202 141 Accrued salaries and benefits 35 236 46 538 Witholding taxes 12 082 633 Other taxes payable 7 830 6 144 Accrued interests 292 5 Other 9 063 13 498 Other current liabilities, in total 334 291 268 957 Other consists mainly of incurred operational expenses and periodic maintenance not yet invoiced at year end. Note 20 - Other current liabilities
(NOK 1000) 2025 2024 Projects accruals 269 788 202 141 Accrued salaries and benefits 35 236 46 538 Witholding taxes 12 082 633 Other taxes payable 7 830 6 144 Accrued interests 292 5 Other 9 063 13 498 Other current liabilities, in total 334 291 268 957 Other consists mainly of incurred operational expenses and periodic maintenance not yet invoiced at year end. Note 20 - Other current liabilities
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"value": "Note 21 - Classification of financial assets and liabilities - continued 2024 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 651 079 - - 651 079 Other receivables 41 620 - - 41 620 Cash and cash equivalents 278 022 - - 278 022 Assets, in total 970 721 - - 970 721 Financial liabilites Borrowings (long & short term interest bearing debt) 1 556 861 - - 1 556 861 Trade payables 243 021 - - 243 021 Other current liabilities 268 957 - - 268 957 Liabilites, in total 2 068 839 - - 2 068 839 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalents is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables, trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. Investments in bond funds and money market funds are classified as other current financial assets and are measured at fair value through profit or loss (FVTPL). The investments are redeemable on short notice and are managed for liquidity purposes. Fair value is determined based on quoted prices provided by the fund managers at the reporting date, and changes in fair value are recognised in profit or loss. The fair value measurements are categorised as Level 2 in the fair value hierarchy. The bond loan and other interest-bearing debt are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest method. The fair value of the bond is disclosed at nominal value, which management considers to be a reasonable approximation of fair value.
Financial liabilities 2025 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 264 719 - - - 264 719 Other current liabilities 334 291 - - - 334 291 Interest-bearing debt to credit institutions 20 849 21 158 90 234 169 550 301 791 Interest-bearing debt, leases 361 218 345 689 220 775 23 238 950 921 Interest-bearing debt, bonds - - 500 000 - 500 000 Interest on interest-bearing debt to credit institutions 11 190 10 317 34 192 29 549 85 247 Interest on interest-bearing debt, leases 31 584 18 721 16 620 448 67 372 Interest on interest-bearing debt, bonds 28 450 28 450 85 350 - 142 250 Financial liabilities, in total 1 052 300 424 335 947 171 222 785 2 646 591 Financial liabilities 2024 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 243 021 - - - 243 021 Other current liabilities 268 957 - - - 268 957 Interest-bearing debt to credit institutions 4 207 4 383 43 010 92 990 144 590 Interest-bearing debt, leases 369 177 411 799 537 882 93 413 1 412 271 Interest on interest-bearing debt to credit institutions 5 186 5 010 18 167 15 152 43 516 Interest on interest-bearing debt, leases 47 719 33 535 43 901 5 001 130 156 Financial liabilities, in total 938 268 454 727 642 960 206 556 2 242 511 The tables below provides an analysis of the maturity of financial liabilities.
2025 2024 Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit institutions Interest bearing debt, bonds Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 1 412 271 144 590 - 1 191 967 67 594 Repayment incl interest (904 074) (31 194) (12 747) (783 016) (9 729) Proceeds from loan (net of cost) - 66 886 485 884 - 55 000 Non-cash changes: Addition lease liability credit institutions 121 509 Addition IFRS 16 lease liability throughout the year 420 585 - - 830 773 31 725 Adjustment IFRS 16 lease liability - - - (403) - Currency adjustment and translation differences (66 340) - - 59 957 - Interest expense incurred 88 481 - 26 170 112 994 - Closing balance 950 921 301 791 499 307 1 412 271 144 590 Distribution non-current and current debt 2025 2024 Non-current interest-bearing debt to credit institutions 253 396 121 593 Non-current interest-bearing debt, leases 240 028 621 185 Non-current interest-bearing debt, bonds 487 253 - Current interest-bearing debt to credit institutions 48 394 22 996 Current interest-bearing debt, leases 710 893 791 086 Current interest-bearing debt, bonds 12 054 - Closing balance 1 752 019 1 556 861
Note 21 - Classification of financial assets and liabilities - continued 2024 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 651 079 - - 651 079 Other receivables 41 620 - - 41 620 Cash and cash equivalents 278 022 - - 278 022 Assets, in total 970 721 - - 970 721 Financial liabilites Borrowings (long & short term interest bearing debt) 1 556 861 - - 1 556 861 Trade payables 243 021 - - 243 021 Other current liabilities 268 957 - - 268 957 Liabilites, in total 2 068 839 - - 2 068 839 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalents is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables, trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. Investments in bond funds and money market funds are classified as other current financial assets and are measured at fair value through profit or loss (FVTPL). The investments are redeemable on short notice and are managed for liquidity purposes. Fair value is determined based on quoted prices provided by the fund managers at the reporting date, and changes in fair value are recognised in profit or loss. The fair value measurements are categorised as Level 2 in the fair value hierarchy. The bond loan and other interest-bearing debt are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest method. The fair value of the bond is disclosed at nominal value, which management considers to be a reasonable approximation of fair value.
Financial liabilities 2025 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 264 719 - - - 264 719 Other current liabilities 334 291 - - - 334 291 Interest-bearing debt to credit institutions 20 849 21 158 90 234 169 550 301 791 Interest-bearing debt, leases 361 218 345 689 220 775 23 238 950 921 Interest-bearing debt, bonds - - 500 000 - 500 000 Interest on interest-bearing debt to credit institutions 11 190 10 317 34 192 29 549 85 247 Interest on interest-bearing debt, leases 31 584 18 721 16 620 448 67 372 Interest on interest-bearing debt, bonds 28 450 28 450 85 350 - 142 250 Financial liabilities, in total 1 052 300 424 335 947 171 222 785 2 646 591 Financial liabilities 2024 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 243 021 - - - 243 021 Other current liabilities 268 957 - - - 268 957 Interest-bearing debt to credit institutions 4 207 4 383 43 010 92 990 144 590 Interest-bearing debt, leases 369 177 411 799 537 882 93 413 1 412 271 Interest on interest-bearing debt to credit institutions 5 186 5 010 18 167 15 152 43 516 Interest on interest-bearing debt, leases 47 719 33 535 43 901 5 001 130 156 Financial liabilities, in total 938 268 454 727 642 960 206 556 2 242 511 The tables below provides an analysis of the maturity of financial liabilities.
2025 2024 Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit institutions Interest bearing debt, bonds Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 1 412 271 144 590 - 1 191 967 67 594 Repayment incl interest (904 074) (31 194) (12 747) (783 016) (9 729) Proceeds from loan (net of cost) - 66 886 485 884 - 55 000 Non-cash changes: Addition lease liability credit institutions 121 509 Addition IFRS 16 lease liability throughout the year 420 585 - - 830 773 31 725 Adjustment IFRS 16 lease liability - - - (403) - Currency adjustment and translation differences (66 340) - - 59 957 - Interest expense incurred 88 481 - 26 170 112 994 - Closing balance 950 921 301 791 499 307 1 412 271 144 590 Distribution non-current and current debt 2025 2024 Non-current interest-bearing debt to credit institutions 253 396 121 593 Non-current interest-bearing debt, leases 240 028 621 185 Non-current interest-bearing debt, bonds 487 253 - Current interest-bearing debt to credit institutions 48 394 22 996 Current interest-bearing debt, leases 710 893 791 086 Current interest-bearing debt, bonds 12 054 - Closing balance 1 752 019 1 556 861
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-363": {
"value": "Note 21 - Classification of financial assets and liabilities - continued 2024 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 651 079 - - 651 079 Other receivables 41 620 - - 41 620 Cash and cash equivalents 278 022 - - 278 022 Assets, in total 970 721 - - 970 721 Financial liabilites Borrowings (long & short term interest bearing debt) 1 556 861 - - 1 556 861 Trade payables 243 021 - - 243 021 Other current liabilities 268 957 - - 268 957 Liabilites, in total 2 068 839 - - 2 068 839 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalents is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables, trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. Investments in bond funds and money market funds are classified as other current financial assets and are measured at fair value through profit or loss (FVTPL). The investments are redeemable on short notice and are managed for liquidity purposes. Fair value is determined based on quoted prices provided by the fund managers at the reporting date, and changes in fair value are recognised in profit or loss. The fair value measurements are categorised as Level 2 in the fair value hierarchy. The bond loan and other interest-bearing debt are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest method. The fair value of the bond is disclosed at nominal value, which management considers to be a reasonable approximation of fair value.
Financial liabilities 2025 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 264 719 - - - 264 719 Other current liabilities 334 291 - - - 334 291 Interest-bearing debt to credit institutions 20 849 21 158 90 234 169 550 301 791 Interest-bearing debt, leases 361 218 345 689 220 775 23 238 950 921 Interest-bearing debt, bonds - - 500 000 - 500 000 Interest on interest-bearing debt to credit institutions 11 190 10 317 34 192 29 549 85 247 Interest on interest-bearing debt, leases 31 584 18 721 16 620 448 67 372 Interest on interest-bearing debt, bonds 28 450 28 450 85 350 - 142 250 Financial liabilities, in total 1 052 300 424 335 947 171 222 785 2 646 591 Financial liabilities 2024 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 243 021 - - - 243 021 Other current liabilities 268 957 - - - 268 957 Interest-bearing debt to credit institutions 4 207 4 383 43 010 92 990 144 590 Interest-bearing debt, leases 369 177 411 799 537 882 93 413 1 412 271 Interest on interest-bearing debt to credit institutions 5 186 5 010 18 167 15 152 43 516 Interest on interest-bearing debt, leases 47 719 33 535 43 901 5 001 130 156 Financial liabilities, in total 938 268 454 727 642 960 206 556 2 242 511 The tables below provides an analysis of the maturity of financial liabilities.
2025 2024 Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit institutions Interest bearing debt, bonds Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 1 412 271 144 590 - 1 191 967 67 594 Repayment incl interest (904 074) (31 194) (12 747) (783 016) (9 729) Proceeds from loan (net of cost) - 66 886 485 884 - 55 000 Non-cash changes: Addition lease liability credit institutions 121 509 Addition IFRS 16 lease liability throughout the year 420 585 - - 830 773 31 725 Adjustment IFRS 16 lease liability - - - (403) - Currency adjustment and translation differences (66 340) - - 59 957 - Interest expense incurred 88 481 - 26 170 112 994 - Closing balance 950 921 301 791 499 307 1 412 271 144 590 Distribution non-current and current debt 2025 2024 Non-current interest-bearing debt to credit institutions 253 396 121 593 Non-current interest-bearing debt, leases 240 028 621 185 Non-current interest-bearing debt, bonds 487 253 - Current interest-bearing debt to credit institutions 48 394 22 996 Current interest-bearing debt, leases 710 893 791 086 Current interest-bearing debt, bonds 12 054 - Closing balance 1 752 019 1 556 861
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-366": {
"value": "Total borrowings to bank and financial institutions include secured liabilities (bank and collateralised borrowings) of NOK 136 million (2024: NOK 82
million). Bank borrowings are secured by equipment and receivables of the GroupCarrying amount Fair value (NOK 1000) 2025 2024 2025 2024 Bank borrowings 135 610 81 695 135 610 81 695 Lease liabilities to credit institutions(IFRS 16) 166 181 62 895 166 181 62 895 Other lease liabilities (IFRS 16) 950 921 1 412 271 950 921 1 412 271 Bonds 499 307 - 512 054 - Total 1 752 019 1 556 861 1 764 766 1 556 861
The fair value of Bank borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on cash flows discounted using a rate based on the borrowing rate and are within level 3 of the fair value hierarchy. The bonds are measured at amortised cost. The fair value of the bonds is considered to be approximately equal to their carrying amount at the reporting date, as the contractual interest rate is assessed to be in line with current market terms for instruments with similar maturity and credit risk. Accordingly, no separate discounting has been performed in determining the fair value. The carrying amounts of the group\u2019s borrowings are all denominated in Norwegian kroner.
The carrying amounts and fair value of the interest-bearing debts are as follows:
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-368": {
"value": "Short term leases Costs relating to short-term leases recognized in the income statement for 2025 are NOK 15.7 million, of which NOK 1.8 million relates to real estate rentals. The real estate rental is short term with 3 months termination notice.
CAPEX and vessel capacity \"Reach Remote 3 and 4 were ordered late September 2025. Including funding from the EU Innovation Fund, the project is expected to amount to approximately NOK 616 million in total. As of 31 December 2025 the group has capitalized NOK 168 million as Asset under construction. The amount is divided into NOK 152.4 million related to Reach Remote 3 and 4, and 15.6 million related to other ongoing capex projects. In addition, the company has financed ROVs and various equipment through leasing. As per 31 December 2025 these are under construction, and costs not recognized amount to NOK 73 million. The ROVs and equipment will be recognized in the balance sheet at commencement date. Two newbuilds, Viking Vigor and Agalas 2, will enter into the groups chartered fleet in 2026 and 2027 respectively. As of 31 December 2025 remaining committed and planned investments including equipment, upgrades and mobilization for the newbuilds is estimated at NOK 120 million. The group has secured bank and lease financing to partly fund these investments. Viking Vigor is expected to be delivered in second half of 2026 and will increase IFRS 16 lease liabilities with an estimated amount of NOK 414 million at commencement date. Agalas 2 is expected to be delivered during 2027 and will increase IFRS 16 lease liabilities with an estimated amount of NOK 427 million at commencement date.
Note 23 - Commitments
Short term leases Costs relating to short-term leases recognized in the income statement for 2025 are NOK 15.7 million, of which NOK 1.8 million relates to real estate rentals. The real estate rental is short term with 3 months termination notice.
CAPEX and vessel capacity \"Reach Remote 3 and 4 were ordered late September 2025. Including funding from the EU Innovation Fund, the project is expected to amount to approximately NOK 616 million in total. As of 31 December 2025 the group has capitalized NOK 168 million as Asset under construction. The amount is divided into NOK 152.4 million related to Reach Remote 3 and 4, and 15.6 million related to other ongoing capex projects. In addition, the company has financed ROVs and various equipment through leasing. As per 31 December 2025 these are under construction, and costs not recognized amount to NOK 73 million. The ROVs and equipment will be recognized in the balance sheet at commencement date. Two newbuilds, Viking Vigor and Agalas 2, will enter into the groups chartered fleet in 2026 and 2027 respectively. As of 31 December 2025 remaining committed and planned investments including equipment, upgrades and mobilization for the newbuilds is estimated at NOK 120 million. The group has secured bank and lease financing to partly fund these investments. Viking Vigor is expected to be delivered in second half of 2026 and will increase IFRS 16 lease liabilities with an estimated amount of NOK 414 million at commencement date. Agalas 2 is expected to be delivered during 2027 and will increase IFRS 16 lease liabilities with an estimated amount of NOK 427 million at commencement date.
Note 23 - Commitments
Note 25 - Contract with customers 2025 2024 Contract with customers: Oil & Gas Renewable/ other Total Oil & Gas Renewable/ other Total Revenue from contracts with customers 1 565 696 1 108 933 2 674 629 1 774 661 942 363 2 717 024 Revenue from other contracts - - - - - - Segment revenue 1 565 696 1 108 933 2 674 629 1 774 661 942 363 2 717 024 Timing of revenue recognition At a point in time - - - - - - Over time 1 565 696 1 108 933 2 674 629 1 774 661 942 363 2 717 024 Sum 1 565 696 1 108 933 2 674 629 1 774 661 942 363 2 717 024 The Groups revenue comprises of revenue recognized from contract with customers for the provision of subsea services. Reach Subsea has assessed its contracts with customers and concluded that these fall under the definition of customer contracts in IFRS 15.
Revenue by country (NOK 100) 2024 2023 US 850 398 497 248 UK 377 790 607 487 Norway 266 622 841 036 Germany 253 303 106 546 Australia 190 608 150 576 Canada 165 841 - Ivory Coast 122 028 90 Trinidad & Tobago 117 699 - Netherlands 97 390 87 213 Romania 72 001 - Spain 26 990 - Guyana 24 720 - Singapore 22 914 - France 18 129 66 460 Italy 12 427 52 763 Portugal 10 821 - Malaysia 8 642 16 971 Brazil 8 571 147 748 Greece 6 912 34 Revenue by country (NOK 100) 2024 2023 Thailand 6 539 - Saudi Arabia 6 092 108 240 Estonia 5 338 - Venezuela 1 982 - Ireland 856 - India 14 - Sweden - 13 948 Taiwan (Province of China) - 10 594 Denmark - 9 119 Bangladesh - 951 Total 2 674 629 2 717 024 Assets and liabilities related to contracts with customers The Group do not have any contract asset or liabilities per 31.12.2025.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-373": {
"value": "Proposed dividends The Board proposed a dividend of NOK 0.17 per share, in accordance with the company's dividend policy. The dividend is subject to approval by the Annual General Meeting on 28 May 2026.
News after year end The Group has not identified any material events after the balance sheet date that would require adjustment of the financial statements. 2025 Dividend per share (NOK) 0.17 Total number of shares 327 377 982 Treasury shares (418 986) Shares entitled to dividends 326 958 996 Dividends in total (NOK 1000) 55 583
Note 28 - Subsequent events Proposed dividends The Board proposed a dividend of NOK 0.17 per share, in accordance with the company's dividend policy. The dividend is subject to approval by the Annual General Meeting on 28 May 2026.
2025 Dividend per share (NOK) 0.17 Total number of shares 327 377 982 Treasury shares (418 986) Shares entitled to dividends 326 958 996 Dividends in total (NOK 1000) 55 583
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"reg-ix-375": {
"value": "0.17",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"reg-ix-376": {
"value": "0.17",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5967007LIEEXZXK7FS45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:NOK"
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}