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"value": "Note 1 Basis for presentation \u00aeThe consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU, their interpretations adopted by the International Accounting Standards Board (\u201cIASB\u201d) and the additional requirements of the Norwegian Accounting Act as of 31 December 2021. The separate financial statements for the parent company have been prepared and presented in accordance with simplified IFRS as approved by Ministry of Finance 10 December 2019. In the separate statements the exception from IFRS for recognition of dividends and group contributions is applies. Otherwise, the explanations of the accounting policy for the group also apply to the separate statement, and the notes to the consolidate financial statements will to a large degree also cover the separate statements. Additional disclosures in accordance with requirements in the Norwegian Accounting Act related to remuneration to the board and the senior management is also included. The notes are an integral part of the consolidated financial statements. The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets financial instruments that have been measured at fair value. The financial statements of the subsidiaries have been prepared for the same reporting year as the Company, using consistent accounting policies. The Company\u2019s functional currency is USD. From 1 January 2026 the Company changed its functional currency to NOK. The Group has changed its presentation currency from USD to NOK and all assets and liabilities have been translated from their functional currency into the new presentation currency at the beginning of the comparative period, using the opening exchange rate and retranslated at the closing rate. Performance statement items are translated at an actual rate or at an average rate approximating to the actual rate. Share capital and share premium are expressed in the new presentation currency as if it had always been the presentation currency. See note 24 Change in presentation currency. The income statement is presented by showing expenses by their nature. The statement of cash flows is presented using the indirect method. The consolidated financial statements of the Group were authorised by the Board of Directors on 26 February 2026. The consolidated financial statements will be presented for approval at the Annual General Meeting on 21 May 2026. Until this date, the Board of Directors has the authority to amend the financial statements. The annual financial statements have been prepared under a going concern assumption. These assumptions rest on financial forecasts and plans for the coming period and plans for coming years based on the assumptions made about future events and planned transactionsThe Group\u2019s business is primarily the sale of equipment to the defence industry through Fjord Defence AS and sale of seismic data from its legacy multi-client library under the brand Axxis. The Group\u2019s the chief operating decision maker (CODM) is the Board of Directors of the Company. The Board of Directors is responsible for allocating resources and assessing the performance of the segments. The Group\u2019s performance is reviewed by the CODM on an industry basis, where the Group has two operating segments; Defence and Seismic. The \u201cGroup\u201d column relates to other business activities, such as head office function, investments and other unallocated items. The principles for measuring segments performance is the same as the Group\u2019s accounting principles. Defence On 20 June 2025, the Group acquired Fjord Defence AS that specialises in the design, development and assembly of weapon solutions for soldiers, military vehicles and naval vessels. Its primary customers include defence contractors and platform integrators in Germany, the United Kingdom, the United States, and Sweden. After the acquisition, Fjord Defence Group ASA, offers a comprehensive range of modular weapon integration systems across three primary domains: ground, vehicle, and maritime. All revenues and expenses in the Defence segment is related to Fjord Defence AS. On 26 November 2025, the Group signed an agreement to acquire Scanfiber. The closing of the transaction was subject to approval from Danish authorities that was granted on 19 February 2026. Subsequent to this, closing took place at 25 February 2026. Scanfiber is not reflected in the Groups financial statements for 2025 and will be included in the Group\u2019s defence segment in future reporting. Seismic The Group\u2019s legacy multi-client business model involves acquiring seismic data in specific areas and licensing it to multiple exploration and production (E&P) companies. This provides E&P companies with non-exclusive access to high-quality seismic data, supporting the discovery and development of petroleum resources. The Group\u2019s multiclient data library currently consists of Ocean Bottom Node (OBN) seismic data from two key projects: the Gulf of Suez in Egypt, finalised in the third quarter of 2022, and Utsira in Norway, finalised in the third quarter of 2020. Following the completion of these projects, the Group has not conducted additional seismic surveys, and its multiclient data library is limited to these datasets. In March 2025 the company received settlement of its financial asset related to the sale of ocean bottom node (OBN) equipment to TGS (via Magseis Fairfield), originally concluded in March 2022. As part of the earnout structure agreed upon in the transaction, the company received the year-three floor payment of USD 1.5 million, and which resulted in \u201cOther gains\u201d in the first quarter of USD 0.2 million. The \u201cOther losses\u201d in 2024 is due to reduction in fair value of financial asset related to the earnout structure.In accordance with IFRS 15, management analyses the revenue contracts with customers and disaggregates the revenue into the following categories, which depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: \uf0b7 Defence equipment \uf0b7 Seismic data Revenues from customers are disaggregated by segment, geography and timing of the reception. The entity has had two customers during the reporting period, each accounting for more than 10% of its total revenues. Revenues from these customers amounted to 35% and 14%, respectively, of the entity\u2019s total revenues for the year. Both customers' revenues are attributable to the Defence segment. Defence Fjord Defence AS\u2019 customer contracts primarily concern deliveries of weapon accessories equipment, including mounts, tripods, pedestals, swing arms, and related equipment. Revenue from proprietary contacts, where Fjord Defence Group ASA delivers services for the exclusive benefit of the customer, is recognised over time, with a percentage of completion basis. Depending on the nature of the contract, progress is measured according to the cost incurred in relation to total cost of the project or part of the project with addition of estimated profit margin. Fjord Defence Group also has significant proportion of deliveries where the revenues are recognised upon delivery. Equipment deliveries are largely assessed as being independent and have a short time horizon, and the revenue is therefore recognised as income upon delivery. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns and trade allowances. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue is recognised net of VAT, discounts and foreign exchange effects if the transaction is in a foreign currency. Intra-group sales are eliminated on consolidation. Seismic The Group owns one legacy multi-client library and has an earn-out agreement on another. The Group earn a revenue share from the late sales of both the libraries. Revenues are recognised at point-in-time when the processed data is delivered to the customer.The cost of materials and direct services items labelled Seismic is related to the seismic segment, other costs are related to Defence. The Group does not recognise personnel expenses, depreciation or amortisation as part of its cost of materials and direct services.Other operating expenses Other operating expenses include personnel expenses, transaction costs related to acquisitions and capital raises, head-office expenses, marketing and other costs related to sales, and other operating expenses. Transaction costs are related to the acquisition of Fjord Defence AS, the uplisting to Oslo B\u00f8rs, and preparation of Prospectuses.The Group has a defined contribution pension plan. The contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Company has no further payment obligations once these contributions have been paid. Contributions are booked as cost on an ongoing basis. The Group meets the requirements for occupational pension scheme under the Act on Obligatory Occupational Pensions. The contribution pension scheme in Norway meets the legal requirements.Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generate taxable income.The Group\u2019s goodwill stems from the acquisition of Fjord Defence AS. Goodwill has indefinite useful life and is not subject to amortisation and is tested annually for impairment or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units or CGU). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.In June 2025, the Group acquired Fjord Defence AS. In connection with the acquisition the Group performed a purchase price allocation to identify assets and liabilities. The intangible assets in the table below were identified. See note 20 Business Combinations for further information. The Group recognises its intangible assets, initially at cost, and subsequently at cost less accumulated amortisation and impairments. The useful life of other intangible assets is reassessed at each financial year-end, or earlier if Management identifies any specific indications. Indicators may be increased churn, cancellation of framework agreements or orders and indicators that the Group\u2019s technology is outdated.The Group\u2019s shares in Capsol Technologies are classified as FVPL and initially recognised at fair value on the date of acquisition and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on closing price on Oslo Stock Exchange at the balance sheet date.Trade receivables in the Group are measured at its amortised cost. The Group\u2019s customers are credit worthy OEMs and governments within the defence industry. The Group's exposure to potential bad debts is not significant and default rates have historically been low. Trade receivables are written off when there is no reasonable expectation of recovery, which may be indicated by the debtor failing to engage in a payment plan or failing to make timely contractual payments. Reasonably possible changes in these estimates are unlikely to have a material impact on the trade and other receivables balance.Inventories consist mainly of raw materials, work-in-progress and finished defence equipment. Finished goods consists primarily of weapon accessories equipment, including mounts, tripods, pedestals, swing arms, and related equipment ready to be shipped to the customers once the entire order is finalised. Inventories are measured at the lower of cost and net realisable value using the first-in-first-out (FIFO) method. The costs of the finished defence equipment consist of direct costs related to the acquisition of the goods. Net realisable value is the estimated sales price less relevant variable costs to sell. Cost of purchased inventory are determined after deducting rebates and discounts.Cash and other cash equivalents includes cash on hand, deposits, restricted deposits and other short-term highly liquid investments with original maturities of three months or less that are readily convertible to cash with insignificant risk of changes in value. Bank overdrafts are shown with borrowings in current liabilities in the balance sheet.The Group has entered into a Senior Facilities Agreement with Nordea Bank ABP on the 20 June 2025. The Facility agreement give Fjord Defence Group ASA access to four distinct facilities, each with specific purposes and terms. Facility A (Term loan): This is a long-term loan of NOK 25 million, designated to finance the acquisition of Fjord Defence AS, repay existing shareholder loans, and cover acquisition costs. The loan has a five-year term and is repaid in semi-annual instalments. This facility is fully drawn from 20 June 2025. Facility B (M&A Facility): This facility provides NOK 30 million earmarked for future acquisitions (Permitted Acquisitions) and related costs. The facility is available for drawdowns until June 2027 and is currently not utilised. Like Facility A, it has a five-year term and is repaid in semi-annual instalments. Overdraft Facility: A short-term overdraft facility of NOK 20 million, available to Fjord Defence AS. It is intended to cover the company\u2019s general working capital needs. As of 31 December 2025, the Group has not drawn down any amounts on the Overdraft Facility. Seasonal Facility: A seasonal short-term loan facility of NOK 10 million, also available to Fjord Defence AS. This facility is designed to address seasonal working capital requirements and is available for three months in a twelve-month period. As of 31 December 2025, the Group has not drawn down any amounts on the Seasonal Facility. The total available loan commitment under the agreement is NOK 85 million. As of 31 December 2025, Fjord Defence Group ASA had the following debt and financial obligations in accordance with the Senior Facilities Agreement and lease obligations, and as detailed in the tables below.Accounting principles 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: \uf0b7 fair values of the assets transferred; \uf0b7 liabilities incurred to the former owners of the acquired business; \uf0b7 equity interests issued by the Group; \uf0b7 fair value of any asset or liability resulting from a contingent consideration arrangement; and \uf0b7 fair value of any pre-existing equity interest in the subsidiary. The acquisition is reported in the Group\u2019s financial statements from the date on which it obtains control of the acquiree. This is normally the closing date of the acquisition, which is the date the consideration is legally transferred and assets of and liabilities of the acquiree are assumed. 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 consideration transferred; amount of any non-controlling interest in the acquired entity; and 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. Transaction costs incurred in connection with a business combination, such as legal, advisory, and due diligence fees, are expensed as incurred and recognised in the statement of profit or loss. These costs are not included as part of the consideration transferred. Adjustments to provisional amounts are made retrospectively within the measurement period, which cannot exceed 12 months from the acquisition date, and are recognised as if they had been completed at the acquisition date. The acquisition of Fjord Defence ASIn September 2025, the Group carried out a reverse share split in the ratio of 12:1. All the number of shares prior to September 2025 in the table have been adjusted to reflect the reverse share split to be comparable. The Company has issued 66 667 options (800 000 before the reverse share split). The options give the holder right to convert the options into 1 360 027 shares. The options are not reflected in the table above as the options were out of the money in 2024 and 2025.",
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"value": "The Company\u2019s functional currency is USD. From 1 January 2026 the Company changed its functional currency to NOK.Note 24 Change in presentation currency The consolidated financial statements are presented in Norwegian Krone (NOK), which is the presentation currency of the Group. Note 2 Basis of presentation provides a description of the change in presentation currency from USD to NOK. Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. The following table sets forth information regarding the average and closing, reference rates for NOK, expressed in NOK per USD, in each case rounded to the nearest five decimal places, based on the daily exchange rate announced by the Central Bank of Norway: CurrencyAverage rateClosing rateFY 2024 from 1 Jan -31 Dec USD/NOK 10.7433 11.3534FY 2025 from 1 Jan -31 Dec USD/NOK 10.3912 10.0791For subsidiaries and operations with a functional currency of USD, assets and liabilities are translated into NOK at the closing rate on the reporting date. Income and expenses are translated at the average exchange rate for the period. For Fjord Defence AS, which has NOK as its functional currency, no translation is required. Translation differences arising from the consolidation of entities with a functional currency of USD are recognised in Other Comprehensive Income (OCI).",
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"f1__s6__6__9": {
"value": "Note 2 Key accounting estimates and assumptions The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. In the process of applying the Group\u2019s accounting policies, management has made various judgements. Those which management has assessed to have the most significant effect on the amounts recognised in the consolidated financial statements have been discussed in the individual notes of the related financial statement line items. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year, are described in the individual notes to the related financial statement line below. The Group based its assumptions and estimated parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future development, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Fair value measurement Certain financial instruments are measured at fair value. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, and can be described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Accounting and business combinations When acquiring business in accordance with IFRS 3, Management performs a purchase price allocation where management uses judgement and estimates to identify, value and estimate useful life of intangible assets and determination of contingent consideration where applicable. Impairment of intangible assets The Group uses the value in use method to estimate the present value of intangible assets. Goodwill is not amortised but tested for impairment annually or when impairment indicators are present. Impairment testing is performed for each cash generating unit (CGU) to which consolidated goodwill is allocated, as defined by Management. Impairments are recognised by reducing the carrying amount of goodwill first, before other assets in the CGU are reduced on a pro-rata basis. Impairments of goodwill are not reversed. The useful life of other intangible assets is reassessed at each financial year-end, or earlier if Management identifies any specific indications. Indicators may be increased churn, cancellation of framework agreements or orders and indicators that the Group\u2019s technology is outdated. Assessment of the multi-client library, project Utsira including the reprocessing and project Egypt, is based on expectations of future multi-client late sales according to the cash flow prognosis used by management for 2025. There are uncertainties when it comes to the timing of the late sales and the size of the late sales. The management has weighted these uncertainties with probability in their discounted cash flow calculations. The WACC used in the calculation is comparable to peers.",
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"f1__s6__6__10": {
"value": "Fair value measurement Certain financial instruments are measured at fair value. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, and can be described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).",
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"f1__s6__6__11-1": {
"value": "Accounting and business combinations When acquiring business in accordance with IFRS 3, Management performs a purchase price allocation where management uses judgement and estimates to identify, value and estimate useful life of intangible assets and determination of contingent consideration where applicable.Note 20 Business combinations Accounting principles 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: \uf0b7 fair values of the assets transferred; \uf0b7 liabilities incurred to the former owners of the acquired business; \uf0b7 equity interests issued by the Group; \uf0b7 fair value of any asset or liability resulting from a contingent consideration arrangement; and \uf0b7 fair value of any pre-existing equity interest in the subsidiary. The acquisition is reported in the Group\u2019s financial statements from the date on which it obtains control of the acquiree. This is normally the closing date of the acquisition, which is the date the consideration is legally transferred and assets of and liabilities of the acquiree are assumed. 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 consideration transferred; amount of any non-controlling interest in the acquired entity; and 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. Transaction costs incurred in connection with a business combination, such as legal, advisory, and due diligence fees, are expensed as incurred and recognised in the statement of profit or loss. These costs are not included as part of the consideration transferred. Adjustments to provisional amounts are made retrospectively within the measurement period, which cannot exceed 12 months from the acquisition date, and are recognised as if they had been completed at the acquisition date. The acquisition of Fjord Defence AS Description On 20 June 2025, the Completion Date, Fjord Defence Group ASA acquired 100% of the outstanding shares of Fjord Defence AS, a company that specialises in the design, development and assembly of weapon solutions for soldiers, military vehicles and naval vessels. The company is headquartered in Vestfold, Norway, with a wholly owned subsidiary in the United States, Fjord Defense Inc. Its primary customers include defence contractors and platform integrators in Germany, the United Kingdom, the United States, and Sweden. Fjord Defence AS offers a comprehensive range of modular weapon integration systems across three primary domains: ground, vehicle, and maritime. Through the Acquisition, the Group has repositioned as a compounder in the defence industry, growing its revenue and profit through accretive acquisitions of fast-growing, profitable, and well-run companies within defence, and the continued organic development and revenue and profit growth of the portfolio companies. The Company has also been renamed \"Fjord Defence Group ASA\". The total Consideration for the shares in Fjord Defence AS amounted to NOK 278 791 540. Of the Consideration, NOK 30 024 626 was settled in cash, and the remaining was settled by the issuance of 175 187 968 Consideration Shares. At the Completion Date, the share price of Fjord Defence Group ASA amounted to NOK 1.42 per share, and the 175 187 968 Consideration Shares' market value were NOK 248 766 914. The amounts recognised as at the acquisition date, by major class of assets acquired and liabilities assumed are the following: Net assets acquired through a business combination Fair value NOK thousandsNon-current assetsProperty, plant and equipment 700 Right of use asset 2 800 Customer relationships 59 500 Order backlog 14 500 Technology 29 900 Deferred tax asset 100 Total non-current assets 107 500 Current assetsInventory 14 900 Trade and other receivables 19 700 Cash and cash equivalents 10 200 Prepayments 1 300 Total current assets 46 100 TOTAL ASSETS 153 600 Non-current liabilitiesBorrowings 9 000 Deferred tax liability 22 600 Lease liability 2 400 Total non-current liabilities 34 000 Current liabilitiesTrade and other payables 7 400 Current tax liabilities 3 300 Overdraft facility 1 600 Other current liabilities 6 200 Lease liability 400 Total current liabilities 18 900 TOTAL LIABILITIES 52 900 Net identifiable assets acquired 100 700 Goodwill 178 100 Net assets acquired 278 800 The goodwill of NOK 178.1 million arising from the acquisition reflects future growth opportunities in an expanding market within the defence industry, assembled workforce, as well as the increase in the share price from the date of agreement to acquire Fjord Defence AS on 27 May 2025 to the completion of the acquisition on 20 June 2025. The Company possesses a state-of-the-art product portfolio, and its management has extensive experience, knowledge and long-term relations in the defence market in Norway and abroad. The combination of attractive product offerings and market relations is considered as a solid fundament for growth and value creation over the next decade or more. Further acquisitions also are intended in accordance with the Groups \u201cBuy and Build Strategy\u201d, and it is likely that further synergies will arise through shared commercial strategies, cross sales or improved margins. The fair value of the receivables acquired is equal to the gross contractual amounts\u2019 receivable. Revenue and profit contribution Fjord Defence AS contributed revenue for an amount of NOK 46 517 thousand; and net loss of NOK 6 197 thousand to the Group for the period from 20 June to 31 December 2025. Fjord Defence AS had revenues of NOK 93 488 thousand and net loss of NOK 2 707 thousand for the year ended 31 December 2025. Accounting policies of Fjord Defence AS are not materially different to the ones applied by the Group. Net cash outflow from the business combination As indicated above, consideration paid is NOK 30 024 626 and shareholder loans totalling NOK 9 000 000 are refinanced as part of the transaction. Cash acquired was NOK 8 613 562 (net of overdraft facility of 1.6 million) and thus the net cash outflows from investing and financing activities as a consequence of the business combination amounted to NOK 30 411 064. Transaction costs incurred Transaction costs of NOK 6 850 thousand were incurred by the Group for the acquisition of Fjord Defence AS. The Scanfiber Acquisition Description On 25 February 2026, the Company acquired 100% of the shares in Scanfiber Composites A/S (\u201cScanfiber\u201d) from EBC Family Invest ApS, EBC Holding A/S and MYTT Holding ApS (together, the \"Sellers\") (the \"Scanfiber Acquisition\"). Following completion of the Scanfiber Acquisition, Scanfiber will be a wholly owned subsidiary of the Company. Danish regulatory authorities have approved the acquisition. The Scanfiber Acquisition will result in the Sellers' holding approximately 11.18% of the outstanding Shares in the Company (adjusted for Company's holding of treasury Shares), The Scanfiber Acquisition will be accounted for in accordance with IFRS 3 Business Combinations and the Company will perform a purchase price allocation to identify and allocate value to the assets acquired. These disclosures will be included in the Q1-26 interim report. Based on preliminary assessments the Company expects to fair value adjustments to customer relationships, technology and research and development. Assets which do not meet the identification criteria in IFRS forms the goodwill and relate to synergies, the organisation\u2019s ability to generate future growth and workforce. About Scanfiber Scanfiber is a private limited liability company incorporated under the laws of Denmark on 20 January 2000 with business registration number 10 01 56 26. The legal name of Scanfiber is \"Scanfiber Composites A/S\", its commercial name of Scanfiber is \"Scanfiber Composites\", and its registered address is Niels Bohrs Vej 11, 9870 Sindal, Denmark. Scanfiber is a private Danish defence and space manufacturing company, headquartered in Sindal, North Jutland, Denmark. Together with its predecessor EBC Holding A/S, which was founded in 1996, Scanfiber has close to 30 years of specialised experience in developing and producing ultra-lightweight ballistic protection solutions using advanced composite materials. Scanfiber has a diverse global customer base in both military and civilian sectors, with a focus on customised, high-performance armour systems. Strategic rationale The strategic step entailed by the Scanfiber Acquisition aligns with the Company's announced objective to invest in and acquire companies in high-growth segments. Scanfiber is a medium-sized group within the defence industry manufacturing ballistic protection solutions using advanced composite materials, specialising in lightweight, durable ballistic protection for vehicles, vessels, aircrafts, buildings, and personnel. The Company believes that the Scanfiber Acquisition will enhance the Group's product portfolio by combining lightweight ballistic protection with precision weapon mounting systems, potentially creating cross-selling opportunities across the combined customer base. Additionally, the Company expects enhanced market positioning as a more comprehensive defence solutions provider. The Company also anticipates that Scanfiber's established relationships in the Danish and broader European defence markets will complement Fjord Defence AS' existing international presence, potentially facilitating market expansion for both product lines. Financing of the Scanfiber Acquisition The total consideration payable by the Company for the shares in Scanfiber amounts to DKK 260 million (approximately NOK 405.6 million) (the \"Purchase Price\"). Of the Purchase Price, approximately DKK 52 million (approximately NOK 78.5 million) will be settled by the issuance of approximately 6.9 million consideration shares in the Company to the Sellers at a subscription price of NOK 12.00 per share. The issuance of the consideration shares will be carried out by the Sellers transferring 1,500 shares in Scanfiber to the Company as contribution in kind in exchange for the consideration shares. The Board of Directors was granted an authorisation to increase the share capital and issue the consideration shares to the Sellers by the extraordinary general meeting of the Company held on 18 December 2025. In addition to the consideration shares, the Company shall pay approximately DKK 208 million (approximately NOK 322.8 million) in cash to the Sellers (the \"Cash Consideration\"). The Cash Consideration will partly be financed by proceeds from the Private Placement and partly by NOK 150 million from new debt financing drawn under to the Group's amended facilities agreement. The Sellers will undertake a lock-up with respect to the consideration shares, under which (i) 100% of the Consideration Shares are subject to 12-month lock-up from 25 February 2026, and (ii) 50% of the Consideration Shares are subject to a 24-month lock-up from the same date. Transaction costs incurred The costs related to the Scanfiber Acquisition amount to approximately NOK 7.8 million.",
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"value": "Impairment of intangible assets The Group uses the value in use method to estimate the present value of intangible assets. Goodwill is not amortised but tested for impairment annually or when impairment indicators are present. Impairment testing is performed for each cash generating unit (CGU) to which consolidated goodwill is allocated, as defined by Management. Impairments are recognised by reducing the carrying amount of goodwill first, before other assets in the CGU are reduced on a pro-rata basis. Impairments of goodwill are not reversed. The useful life of other intangible assets is reassessed at each financial year-end, or earlier if Management identifies any specific indications. Indicators may be increased churn, cancellation of framework agreements or orders and indicators that the Group\u2019s technology is outdated. Assessment of the multi-client library, project Utsira including the reprocessing and project Egypt, is based on expectations of future multi-client late sales according to the cash flow prognosis used by management for 2025. There are uncertainties when it comes to the timing of the late sales and the size of the late sales. The management has weighted these uncertainties with probability in their discounted cash flow calculations. The WACC used in the calculation is comparable to peers.",
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"f1__s6__6__13": {
"value": "Note 3 Segment reporting Income statement 2025/2024* Defence Seismic Group TotalNOK thousands 2025 2024 2025 2024 2025 2024 2025 2024Revenues 46 517 - 12 448 41 941 - - 58 965 41 941Change in fair value investm. (loss) - - - - (18 230) (19 115) (18 230) (19 115)Other gains (losses) - - 2 247 (7 871) - - 2 247 (7 871)Cost of materials and direct services (28 303) - (898) (42 353) - - (29 201) (42 353)Other operating expenses (9 109) - (3 011) (2 134) (39 696) (19 266) (51 816) (21 400)Reversal other accrual - - - 14 211 - - - 14 211Depreciation (828) - - - - - (828) -Amortisation multi-client - - (61 612) (68 865) - - (61 612) (68 865)Impairment multi-client - - - (28 430) - - - (28 430)Amortisation identified intangibles (15 823) - - - - - (15 823) -Operating profit (loss) (EBIT) (7 546) - (50 826) (93 502) (57 926) (38 381) (116 299) (131 883)* Comparative figures have been restated. See note 24 for change in presentation currency.The Group\u2019s business is primarily the sale of equipment to the defence industry through Fjord Defence AS and sale of seismic data from its legacy multi-client library under the brand Axxis. The Group\u2019s the chief operating decision maker (CODM) is the Board of Directors of the Company. The Board of Directors is responsible for allocating resources and assessing the performance of the segments. The Group\u2019s performance is reviewed by the CODM on an industry basis, where the Group has two operating segments; Defence and Seismic. The \u201cGroup\u201d column relates to other business activities, such as head office function, investments and other unallocated items. The principles for measuring segments performance is the same as the Group\u2019s accounting principles. Defence On 20 June 2025, the Group acquired Fjord Defence AS that specialises in the design, development and assembly of weapon solutions for soldiers, military vehicles and naval vessels. Its primary customers include defence contractors and platform integrators in Germany, the United Kingdom, the United States, and Sweden. After the acquisition, Fjord Defence Group ASA, offers a comprehensive range of modular weapon integration systems across three primary domains: ground, vehicle, and maritime. All revenues and expenses in the Defence segment is related to Fjord Defence AS. On 26 November 2025, the Group signed an agreement to acquire Scanfiber. The closing of the transaction was subject to approval from Danish authorities that was granted on 19 February 2026. Subsequent to this, closing took place at 25 February 2026. Scanfiber is not reflected in the Groups financial statements for 2025 and will be included in the Group\u2019s defence segment in future reporting. Seismic The Group\u2019s legacy multi-client business model involves acquiring seismic data in specific areas and licensing it to multiple exploration and production (E&P) companies. This provides E&P companies with non-exclusive access to high-quality seismic data, supporting the discovery and development of petroleum resources. The Group\u2019s multiclient data library currently consists of Ocean Bottom Node (OBN) seismic data from two key projects: the Gulf of Suez in Egypt, finalised in the third quarter of 2022, and Utsira in Norway, finalised in the third quarter of 2020. Following the completion of these projects, the Group has not conducted additional seismic surveys, and its multiclient data library is limited to these datasets. In March 2025 the company received settlement of its financial asset related to the sale of ocean bottom node (OBN) equipment to TGS (via Magseis Fairfield), originally concluded in March 2022. As part of the earnout structure agreed upon in the transaction, the company received the year-three floor payment of USD 1.5 million, and which resulted in \u201cOther gains\u201d in the first quarter of USD 0.2 million. The \u201cOther losses\u201d in 2024 is due to reduction in fair value of financial asset related to the earnout structure. NOK thousands Defence Seismic Group TotalAs of 31 December 2025Total assets 325 666 173 291 224 506 723 463Total liabilities 19 107 15 509 30 391 65 006As of 31 December 2024Total assets - 268 173 58 252 326 425Total liabilities - 15 262 4 431 19 693",
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"f1__s6__6__15": {
"value": "The Group\u2019s business is primarily the sale of equipment to the defence industry through Fjord Defence AS and sale of seismic data from its legacy multi-client library under the brand Axxis. The Group\u2019s the chief operating decision maker (CODM) is the Board of Directors of the Company. The Board of Directors is responsible for allocating resources and assessing the performance of the segments. The Group\u2019s performance is reviewed by the CODM on an industry basis, where the Group has two operating segments; Defence and Seismic. The \u201cGroup\u201d column relates to other business activities, such as head office function, investments and other unallocated items. The principles for measuring segments performance is the same as the Group\u2019s accounting principles. Defence On 20 June 2025, the Group acquired Fjord Defence AS that specialises in the design, development and assembly of weapon solutions for soldiers, military vehicles and naval vessels. Its primary customers include defence contractors and platform integrators in Germany, the United Kingdom, the United States, and Sweden. After the acquisition, Fjord Defence Group ASA, offers a comprehensive range of modular weapon integration systems across three primary domains: ground, vehicle, and maritime. All revenues and expenses in the Defence segment is related to Fjord Defence AS. On 26 November 2025, the Group signed an agreement to acquire Scanfiber. The closing of the transaction was subject to approval from Danish authorities that was granted on 19 February 2026. Subsequent to this, closing took place at 25 February 2026. Scanfiber is not reflected in the Groups financial statements for 2025 and will be included in the Group\u2019s defence segment in future reporting. Seismic The Group\u2019s legacy multi-client business model involves acquiring seismic data in specific areas and licensing it to multiple exploration and production (E&P) companies. This provides E&P companies with non-exclusive access to high-quality seismic data, supporting the discovery and development of petroleum resources. The Group\u2019s multiclient data library currently consists of Ocean Bottom Node (OBN) seismic data from two key projects: the Gulf of Suez in Egypt, finalised in the third quarter of 2022, and Utsira in Norway, finalised in the third quarter of 2020. Following the completion of these projects, the Group has not conducted additional seismic surveys, and its multiclient data library is limited to these datasets. In March 2025 the company received settlement of its financial asset related to the sale of ocean bottom node (OBN) equipment to TGS (via Magseis Fairfield), originally concluded in March 2022. As part of the earnout structure agreed upon in the transaction, the company received the year-three floor payment of USD 1.5 million, and which resulted in \u201cOther gains\u201d in the first quarter of USD 0.2 million. The \u201cOther losses\u201d in 2024 is due to reduction in fair value of financial asset related to the earnout structure.",
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},
"f1__s6__6__86": {
"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s6__6__16": {
"value": "Note 4 Revenues In accordance with IFRS 15, management analyses the revenue contracts with customers and disaggregates the revenue into the following categories, which depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: \uf0b7 Defence equipment \uf0b7 Seismic data Revenues from customers are disaggregated by segment, geography and timing of the reception. The entity has had two customers during the reporting period, each accounting for more than 10% of its total revenues. Revenues from these customers amounted to 35% and 14%, respectively, of the entity\u2019s total revenues for the year. Both customers' revenues are attributable to the Defence segment. Defence Fjord Defence AS\u2019 customer contracts primarily concern deliveries of weapon accessories equipment, including mounts, tripods, pedestals, swing arms, and related equipment. Revenue from proprietary contacts, where Fjord Defence Group ASA delivers services for the exclusive benefit of the customer, is recognised over time, with a percentage of completion basis. Depending on the nature of the contract, progress is measured according to the cost incurred in relation to total cost of the project or part of the project with addition of estimated profit margin. Fjord Defence Group also has significant proportion of deliveries where the revenues are recognised upon delivery. Equipment deliveries are largely assessed as being independent and have a short time horizon, and the revenue is therefore recognised as income upon delivery. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns and trade allowances. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue is recognised net of VAT, discounts and foreign exchange effects if the transaction is in a foreign currency. Intra-group sales are eliminated on consolidation. Seismic The Group owns one legacy multi-client library and has an earn-out agreement on another. The Group earn a revenue share from the late sales of both the libraries. Revenues are recognised at point-in-time when the processed data is delivered to the customer. NOK thousandsRevenues per segment 2025 2024Defence equipment 46 517 - Seismic related revenues 12 448 41 941 Total 58 965 41 941 Revenue recognised based on progress in the projects (over time) 7 388 - Revenue recognised upon delivery of goods and services 51 577 41 941 Total 58 965 41 941 Geographical distribution 2025 2024DefenceCore Europe * 20 483 - Nordics and Baltic states ** 16 972 - USA 2 920 - Rest of Europe 6 142 - Total defence revenue 46 517 - Seismic revenueNorway 9 832 41 941 USA 2 616 - Total seismic revenue 12 448 41 941 Total Group 58 965 41 941 * UK, Germany, France and Poland** Norway, Sweden, Denmark, Finland, Estonia, Latvia, LituaniaOther gains (losses) 2025 2024Sale of note assets - earn-out model 2 247 (7 871) ",
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"entity": "scheme:5967007LIEEXZXKC2G83",
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},
"f1__s6__6__18": {
"value": "In accordance with IFRS 15, management analyses the revenue contracts with customers and disaggregates the revenue into the following categories, which depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: \uf0b7 Defence equipment \uf0b7 Seismic data Revenues from customers are disaggregated by segment, geography and timing of the reception. The entity has had two customers during the reporting period, each accounting for more than 10% of its total revenues. Revenues from these customers amounted to 35% and 14%, respectively, of the entity\u2019s total revenues for the year. Both customers' revenues are attributable to the Defence segment. Defence Fjord Defence AS\u2019 customer contracts primarily concern deliveries of weapon accessories equipment, including mounts, tripods, pedestals, swing arms, and related equipment. Revenue from proprietary contacts, where Fjord Defence Group ASA delivers services for the exclusive benefit of the customer, is recognised over time, with a percentage of completion basis. Depending on the nature of the contract, progress is measured according to the cost incurred in relation to total cost of the project or part of the project with addition of estimated profit margin. Fjord Defence Group also has significant proportion of deliveries where the revenues are recognised upon delivery. Equipment deliveries are largely assessed as being independent and have a short time horizon, and the revenue is therefore recognised as income upon delivery. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns and trade allowances. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue is recognised net of VAT, discounts and foreign exchange effects if the transaction is in a foreign currency. Intra-group sales are eliminated on consolidation. Seismic The Group owns one legacy multi-client library and has an earn-out agreement on another. The Group earn a revenue share from the late sales of both the libraries. Revenues are recognised at point-in-time when the processed data is delivered to the customer.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s6__6__19": {
"value": "Note 5 Cost of materials and direct services NOK thousandsCost of materials and direct services 2025 2024Raw materials and consumables used (29 580) -Change in inventory 1 276 -Reprocessing seismic data (891) (42 382)Other cost of sales including reversals (7) (81)Reversal of cost previous period - 111Total cost of materials and direct services (29 201) (42 353)The cost of materials and direct services items labelled Seismic is related to the seismic segment, other costs are related to Defence. The Group does not recognise personnel expenses, depreciation or amortisation as part of its cost of materials and direct services.",
"dimensions": {
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"f1__s6__6__22": {
"value": "Note 6 Other operating expenses Other operating expenses include personnel expenses, transaction costs related to acquisitions and capital raises, head-office expenses, marketing and other costs related to sales, and other operating expenses. Transaction costs are related to the acquisition of Fjord Defence AS, the uplisting to Oslo B\u00f8rs, and preparation of Prospectuses. NOK thousandsOther operating expenses 2025 2024Personnel expenses 10 806 12 183Transaction costs 20 127 -Other operating expenses 20 884 9 217Total operating expenses 51 816 21 400Personnel expenses and board remunerations 2025 2024Wages and salaries 9 322 7 328Social Security costs 1 813 1 156Pension costs 571 474Other remuneration 260 3 237Share based payment expense - -Refund salary (5) (12)Total personnel expense 11 960 12 183Capitalization of personnel expenses (1 154) -Total personnel expenses, net of capitalisations 10 806 12 183FTEs 2025 2024Number of FTEs for the year ended 31 December 8.5 2.7The Group has a defined contribution pension plan. The contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Company has no further payment obligations once these contributions have been paid. Contributions are booked as cost on an ongoing basis. The Group meets the requirements for occupational pension scheme under the Act on Obligatory Occupational Pensions. The contribution pension scheme in Norway meets the legal requirements. The Group has not granted any loan or collateral to the Chair or other Directors of the Board or other related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__21": {
"value": "Note 6 Other operating expenses Other operating expenses include personnel expenses, transaction costs related to acquisitions and capital raises, head-office expenses, marketing and other costs related to sales, and other operating expenses. Transaction costs are related to the acquisition of Fjord Defence AS, the uplisting to Oslo B\u00f8rs, and preparation of Prospectuses. NOK thousandsOther operating expenses 2025 2024Personnel expenses 10 806 12 183Transaction costs 20 127 -Other operating expenses 20 884 9 217Total operating expenses 51 816 21 400Personnel expenses and board remunerations 2025 2024Wages and salaries 9 322 7 328Social Security costs 1 813 1 156Pension costs 571 474Other remuneration 260 3 237Share based payment expense - -Refund salary (5) (12)Total personnel expense 11 960 12 183Capitalization of personnel expenses (1 154) -Total personnel expenses, net of capitalisations 10 806 12 183FTEs 2025 2024Number of FTEs for the year ended 31 December 8.5 2.7The Group has a defined contribution pension plan. The contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Company has no further payment obligations once these contributions have been paid. Contributions are booked as cost on an ongoing basis. The Group meets the requirements for occupational pension scheme under the Act on Obligatory Occupational Pensions. The contribution pension scheme in Norway meets the legal requirements. The Group has not granted any loan or collateral to the Chair or other Directors of the Board or other related parties. Management and Board of Directors remuneration Remuneration to the Board of Directors and Management is detailed below: NOK thousandsKey management personnel compensation2025 2024Base salary 3 000 2 734Pension 314 233Other Benefits 69 43Number of options held - -Board of Directors compensation2025 2024Board remuneration1 040 1 040Number of options held 66 667 800 000Key management is defined as group management, and the CEO Jon Asbj\u00f8rn B\u00f8 is included from July 2025. For detailed information of executive officers and Board of Directors compensation, see the 2025 Remuneration Report. See note 21 Share capital and shareholder information for the Group for shares held by the executive officers and the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__24": {
"value": "Other operating expenses Other operating expenses include personnel expenses, transaction costs related to acquisitions and capital raises, head-office expenses, marketing and other costs related to sales, and other operating expenses. Transaction costs are related to the acquisition of Fjord Defence AS, the uplisting to Oslo B\u00f8rs, and preparation of Prospectuses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__26": {
"value": "The Group has a defined contribution pension plan. The contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Company has no further payment obligations once these contributions have been paid. Contributions are booked as cost on an ongoing basis. The Group meets the requirements for occupational pension scheme under the Act on Obligatory Occupational Pensions. The contribution pension scheme in Norway meets the legal requirements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__28": {
"value": "The Group has not granted any loan or collateral to the Chair or other Directors of the Board or other related parties. Management and Board of Directors remuneration Remuneration to the Board of Directors and Management is detailed below: NOK thousandsKey management personnel compensation2025 2024Base salary 3 000 2 734Pension 314 233Other Benefits 69 43Number of options held - -Board of Directors compensation2025 2024Board remuneration1 040 1 040Number of options held 66 667 800 000Key management is defined as group management, and the CEO Jon Asbj\u00f8rn B\u00f8 is included from July 2025. For detailed information of executive officers and Board of Directors compensation, see the 2025 Remuneration Report. See note 21 Share capital and shareholder information for the Group for shares held by the executive officers and the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__27": {
"value": "The Group has not granted any loan or collateral to the Chair or other Directors of the Board or other related parties. Management and Board of Directors remuneration Remuneration to the Board of Directors and Management is detailed below: NOK thousandsKey management personnel compensation2025 2024Base salary 3 000 2 734Pension 314 233Other Benefits 69 43Number of options held - -Board of Directors compensation2025 2024Board remuneration1 040 1 040Number of options held 66 667 800 000Key management is defined as group management, and the CEO Jon Asbj\u00f8rn B\u00f8 is included from July 2025. For detailed information of executive officers and Board of Directors compensation, see the 2025 Remuneration Report. See note 21 Share capital and shareholder information for the Group for shares held by the executive officers and the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__29": {
"value": "Note 7 Tax Tax (income) in 2025 was NOK 26 724 thousand compared with NOK 16 185 thousand tax (income) in 2024. Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generate taxable income. NOK thousands 2025 2024Specification of tax expense (income) for the yearPayable tax 1 732 - Withholding tax and corporate tax abroad - - Changes in deferred taxes (28 456) - Changes from previous years - (16 185) Total tax expense (income) (26 724) (16 185) Reconciliation of actual against expected tax expense (income) at the income tax rate of 22%Profit (loss) before tax (117 495) (131 532) 22% tax (25 849) (28 937) Tax effect from:Withholding tax abroad - - Permanent differences 946 1 064 Not booked deferred tax assets (5 598) 6 606 Currency effect 321 (11 104) Non deductable transaction expense 3 456 - Changes from previous years - 16 185 Calculated tax expense (income) (26 724) (16 185) Effective tax rate for the Group 23 % 12 %NOK thousands 31.12.2025 31.12.2024Deferred tax liabilities (assets)Intangible assets 19 377 - Other non-current assets (5 304) (8 858) Capital gain and loss account (1 537) - Accumulated loss carried forward (141 538) (125 362) Gross deferred tax liabilities (assets) (129 002) (134 220) Deferred tax assets not recognised (123 146) (134 220) Deferred tax liabilities (assets) recognised (5 856) - Movement in deferred tax liabilities (assets)01.01 - - Charged to the income statement (28 456) - Effects of business combinations 22 600 - 31.12 (5 856) - The Group has accumulated loss carried forward of NOK 643.3 million in Norway with no expiry date. The Group has recognised a deferred tax asset of NOK 18.3 million related to tax losses carried forward, of which NOK 12.5 million is offset by taxable temporary differences, and NOK 5.8 million related to expected taxable income in the coming years. For NOK 559.8 million of the tax losses carried forward, no deferred tax asset has been recognised. The acquisition of Fjord Defence AS has made it possible to utilize existing loss carried forward in the Group, and has therefore led to a negative tax expense for the year. Withholding taxes Withholding taxes are included in the tax expense to the extent that a tax credit is available in the income tax in the home state. Changes from previous years in 2024 is related to change in accrual for corporate income tax in Egypt, where the taxes have not been settled.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__31": {
"value": "Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generate taxable income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__32": {
"value": "Note 8 Goodwill The Group\u2019s goodwill stems from the acquisition of Fjord Defence AS. Goodwill has indefinite useful life and is not subject to amortisation and is tested annually for impairment or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units or CGU). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Goodwill is allocated to the Defence CGU, which represent the lowest level within the group for internal monitoring of earnings: NOK thousandsDefence TotalBook valueBalance at 1 January 2025- -Acquisition through business combinations178 100 178 100Balance at 31 December 2025178 100 178 100The recoverable amounts of the CGUs were determined based on value in use calculations. The following table sets out the key assumptions for the CGUs value in use that has significant goodwill allocated to them: Defence2025Terminal growth rate (%)2%Pre\ue603-tax WACC (%)12.2%Forecast period5 yearsAdditionally, revenue growth is important for the value in use. Management has prepared detailed analysis of the next five years based on NATO\u2019s historical defence expenditure, NATO\u2019s spending commitments and reports analysing future European defence spending, including OEM pipeline of orders on platforms the Group\u2019s products are used. Management estimates revenue growth in the period of 23.9% CAGR. The estimated margins are in line with Group\u2019s historical performance. The terminal growth rate of 2% and risk-free rate is in line with the economic outlook reports specific to the area in which the CGU operates. Sensitivity Analysis In connection with the impairment testing of goodwill, a sensitivity analysis has been carried out. The sensitivity analysis tested changes in WACC and growth rates. The estimates used to determine future cash flows and WACC when calculating value in use are subject to uncertainty. The assumptions are described below. The recoverable amount is determined based on value-in use, calculated by discounting expected future cash flows and exceeds the carrying amount with a satisfactory margin. An isolated change in the following assumptions would result in the carrying amount being equal to the recoverable amount: \uf0b7 An increase in the discount rate of approximately 0.8 percentage points, or \uf0b7 A reduction in the terminal growth rate of approximately 1.5 percentage points. Management considers such changes reasonably possible but does not expect them to occur simultaneously.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__34": {
"value": "The Group\u2019s goodwill stems from the acquisition of Fjord Defence AS. Goodwill has indefinite useful life and is not subject to amortisation and is tested annually for impairment or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units or CGU). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__35": {
"value": "Note 9 Multi-client The multi-client library comprises geophysical data licensed non-exclusively to customers. Directly attributable costs of production and development (including data acquisition, processing, vessel costs, payroll, project management, hardware/software and mobilisation) are capitalised. The library is carried at capitalised cost, less accumulated amortisation and impairment NOK thousands 31.12.2025 31.12.2024Cost as of 01.01 945 285 945 285 Additions - - Cost as of 31.12 945 285 945 285Accumulated amortisation and impairment as of 01.01 (695 310) (628 950)Amortisation for the period (61 612) (68 865)Impairment - (28 430)Currencey exchange effect (26 228) 30 935Accumulated amortisation and impairment as of 31.12 (783 151) (695 310)Carrying value at 01.01 249 975 316 335Carrying value at 31.12 162 135 249 975Amortisation Completed projects are amortised straight-line over individually assessed useful lives, with estimates revised quarterly. No amortisation is recognised until data licensing begins (typically upon processing completion and customer access). Accelerated amortisation is recognised if recoverable amount (net present value of expected late sales) falls below net book value. Impairment Impairment is tested quarterly and after each significant sale. Each survey is a separate CGU. Impairment losses (carrying amount exceeds recoverable amount, the higher of fair value less costs of disposal and value in use) are recognised immediately in profit or loss. Quarterly impairment testing uses a DCF model with probability-weighted sales scenarios, conservative estimates, and discount rates (WACC 10.10% for Norwegian assets, 12.44% for Egyptian assets). As of 31 December 2025, two surveys exist: \uf0b7 Utsira OBN (Norway): amortisation began Q3 2020 (extended to 10-year life in 2022); 10-year exclusivity from processing completion (original data public domain late 2030, reprocessed 2034); post-impairment carrying amount NOK 148.8 million (including NOK 28.4 million 2024 charge due to reduced prospective clients from APA-2024 awards), as of 31 December 2025. \uf0b7 Egyptian Suez survey: amortisation began Q3 2022 over 4 years; revenue share capped at USD 13.7 million, and a current book value of NOK 13.3 million as of 31 December 2025.",
"dimensions": {
"concept": "FJO:DisclosureOfMultiClientLibrary",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__36": {
"value": "Note 10 Other Intangible assets In June 2025, the Group acquired Fjord Defence AS. In connection with the acquisition the Group performed a purchase price allocation to identify assets and liabilities. The intangible assets in the table below were identified. See note 20 Business Combinations for further information. The Group recognises its intangible assets, initially at cost, and subsequently at cost less accumulated amortisation and impairments. The useful life of other intangible assets is reassessed at each financial year-end, or earlier if Management identifies any specific indications. Indicators may be increased churn, cancellation of framework agreements or orders and indicators that the Group\u2019s technology is outdated. Customer NOK thousandsrelationships Order backlog Technology TotalCost as of 01.01 - - - - Additions - - - - Acquisition through business combinations 59 500 14 500 29 900 103 900 Disposals - - - - Currency adjustment - - - - Cost as of 31.12 59 500 14 500 29 900 103 900 Accumulated amortisation and impairmentBalance as of 01.01 - - - - Amortisation for the year (4 546) (8 373) (2 904) (15 823)Impairment losses - - - - Accumulated amortisation and impairment as of 31.12 (4 546) (8 373) (2 904) (15 823)Carrying value at 01.01 - - - - Carrying value at 31.12 54 954 6 127 26 996 88 077 Useful life 12 0-5 7Amortisation method Declining Based on contracts Straight line",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__38": {
"value": "In June 2025, the Group acquired Fjord Defence AS. In connection with the acquisition the Group performed a purchase price allocation to identify assets and liabilities. The intangible assets in the table below were identified. See note 20 Business Combinations for further information. The Group recognises its intangible assets, initially at cost, and subsequently at cost less accumulated amortisation and impairments. The useful life of other intangible assets is reassessed at each financial year-end, or earlier if Management identifies any specific indications. Indicators may be increased churn, cancellation of framework agreements or orders and indicators that the Group\u2019s technology is outdated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__39": {
"value": "Note 11 Investments The Group\u2019s shares in Capsol Technologies are classified as FVPL and initially recognised at fair value on the date of acquisition and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on closing price on Oslo Stock Exchange at the balance sheet date. NOK thousandsInvestments Number of shares 31.12.2025 31.12.2024Listed securitiesCapsol Tehnologies ASA 4 033 188 26 135 44 365 Listed securities 26 135 44 365 Unlisted securitiesArbaflame AS - - 4 508 Unlisted securities 4 508 Total investments 26 135 48 873 NOK thousandsPricing sensitivity Gain/(loss) Gain/(loss)Investments 31.12.2025 of 5% movement of 10% movementCapsol Tehnologies ASA 26 135 1 307 2 614",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__41": {
"value": "The Group\u2019s shares in Capsol Technologies are classified as FVPL and initially recognised at fair value on the date of acquisition and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on closing price on Oslo Stock Exchange at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__42": {
"value": "Note 12 Trade receivables and other current assets Trade receivables in the Group are measured at its amortised cost. The Group\u2019s customers are credit worthy OEMs and governments within the defence industry. The Group's exposure to potential bad debts is not significant and default rates have historically been low. Trade receivables are written off when there is no reasonable expectation of recovery, which may be indicated by the debtor failing to engage in a payment plan or failing to make timely contractual payments. Reasonably possible changes in these estimates are unlikely to have a material impact on the trade and other receivables balance. NOK thousands31.12.2025 31.12.2024Prepayments 1 050 871Accrued income 11 840 -Other current receivables 6 287 -Total other current assets 19 178 871Ageing of trade receivables 31.12.2025Not past due 448 < 30 days 9 460 30 - 60 days 78 61 - 90 days 546 > 90 days 8 978 Total trade receivables, net 19 510 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__44": {
"value": "Trade receivables in the Group are measured at its amortised cost. The Group\u2019s customers are credit worthy OEMs and governments within the defence industry. The Group's exposure to potential bad debts is not significant and default rates have historically been low. Trade receivables are written off when there is no reasonable expectation of recovery, which may be indicated by the debtor failing to engage in a payment plan or failing to make timely contractual payments. Reasonably possible changes in these estimates are unlikely to have a material impact on the trade and other receivables balance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__45": {
"value": "Note 13 Inventory NOK thousandsInventories 31.12.2025 31.12.2024Inventories at cost 19 702 -Impairment - -Total inventories 19 702 -Inventories consist mainly of raw materials, work-in-progress and finished defence equipment. Finished goods consists primarily of weapon accessories equipment, including mounts, tripods, pedestals, swing arms, and related equipment ready to be shipped to the customers once the entire order is finalised. Inventories are measured at the lower of cost and net realisable value using the first-in-first-out (FIFO) method. The costs of the finished defence equipment consist of direct costs related to the acquisition of the goods. Net realisable value is the estimated sales price less relevant variable costs to sell. Cost of purchased inventory are determined after deducting rebates and discounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__47": {
"value": "Inventories consist mainly of raw materials, work-in-progress and finished defence equipment. Finished goods consists primarily of weapon accessories equipment, including mounts, tripods, pedestals, swing arms, and related equipment ready to be shipped to the customers once the entire order is finalised. Inventories are measured at the lower of cost and net realisable value using the first-in-first-out (FIFO) method. The costs of the finished defence equipment consist of direct costs related to the acquisition of the goods. Net realisable value is the estimated sales price less relevant variable costs to sell. Cost of purchased inventory are determined after deducting rebates and discounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__48": {
"value": "Note 14 Categories of financial instruments Fair value measurement Certain financial instruments are measured at fair value. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, and can be described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). NOK thousandsASSETS31.12.2025 31.12.2024Financial assets at amortised costBank deposits, cash in hand 199 406 11 959Trade receivables 19 510 -Other current receivables 18 594 871Financial assets at fair value through profit and lossInvestments 26 135 48 873Interest rate swaps 207 -Forward foreign exchange contract 377 -Financial assets - 14 747Total financial assets 264 229 76 450LIABILITIES31.12.2025 31.12.2024Financial liabilities at amortised costBank borrowings 21 874 -Leasing 2 176 -Trade payables 19 406 364Other current liabilities 10 668 10 527Total financial liabilities 54 125 10 891The Group's exposure to various risks associated with the financial instruments is discussed in note 14 Financial risk management. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. Due to the short-term nature of bank deposits, cash in hand, trade receivables and other current receivables, their carrying amount is considered to be the same as their fair value. Interest rate swap derivatives and foreign exchange forward contracts The Group uses derivatives for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as FVPL and initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Changes in the fair value of any derivative instrument are recognised immediately in profit or loss and are included in financial income or financial expense. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below. Subsequent to initial recognition, interest bearing loans are measured at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated statements of profit or loss when the liabilities are derecognised as well as through the amortisation process. The carrying value of borrowing is less amortised cost. The carrying amount of trade and other payables is considered to be approximately the same as their fair values, due to their short-term nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__49": {
"value": "Fair value measurement Certain financial instruments are measured at fair value. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, and can be described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). NOK thousandsASSETS31.12.2025 31.12.2024Financial assets at amortised costBank deposits, cash in hand 199 406 11 959Trade receivables 19 510 -Other current receivables 18 594 871Financial assets at fair value through profit and lossInvestments 26 135 48 873Interest rate swaps 207 -Forward foreign exchange contract 377 -Financial assets - 14 747Total financial assets 264 229 76 450LIABILITIES31.12.2025 31.12.2024Financial liabilities at amortised costBank borrowings 21 874 -Leasing 2 176 -Trade payables 19 406 364Other current liabilities 10 668 10 527Total financial liabilities 54 125 10 891The Group's exposure to various risks associated with the financial instruments is discussed in note 14 Financial risk management. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. Due to the short-term nature of bank deposits, cash in hand, trade receivables and other current receivables, their carrying amount is considered to be the same as their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__50": {
"value": "Interest rate swap derivatives and foreign exchange forward contracts The Group uses derivatives for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as FVPL and initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Changes in the fair value of any derivative instrument are recognised immediately in profit or loss and are included in financial income or financial expense. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below. Subsequent to initial recognition, interest bearing loans are measured at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated statements of profit or loss when the liabilities are derecognised as well as through the amortisation process. The carrying value of borrowing is less amortised cost. The carrying amount of trade and other payables is considered to be approximately the same as their fair values, due to their short-term nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__51": {
"value": "Note 15 Cash and other cash equivalents Cash and other cash equivalents includes cash on hand, deposits, restricted deposits and other short-term highly liquid investments with original maturities of three months or less that are readily convertible to cash with insignificant risk of changes in value. Bank overdrafts are shown with borrowings in current liabilities in the balance sheet. NOK thousands31.12.2025 31.12.2024Bank deposits (NOK) 158 706 6 330 Bank deposits (currency) 39 997 5 238 Restricted bank deposits 703 391 Total bank deposits 199 406 11 959 Restricted bank deposits relate to employee withholding tax. These deposits are subject to regulatory restrictions and are therefore not available for general use by the entities within the Group. The account is used to settle employee withholding tax",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__53": {
"value": "Cash and other cash equivalents includes cash on hand, deposits, restricted deposits and other short-term highly liquid investments with original maturities of three months or less that are readily convertible to cash with insignificant risk of changes in value. Bank overdrafts are shown with borrowings in current liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__55-1": {
"value": "Note 16 Borrowings and other liabilities The Group has entered into a Senior Facilities Agreement with Nordea Bank ABP on the 20 June 2025. The Facility agreement give Fjord Defence Group ASA access to four distinct facilities, each with specific purposes and terms. Facility A (Term loan): This is a long-term loan of NOK 25 million, designated to finance the acquisition of Fjord Defence AS, repay existing shareholder loans, and cover acquisition costs. The loan has a five-year term and is repaid in semi-annual instalments. This facility is fully drawn from 20 June 2025. Facility B (M&A Facility): This facility provides NOK 30 million earmarked for future acquisitions (Permitted Acquisitions) and related costs. The facility is available for drawdowns until June 2027 and is currently not utilised. Like Facility A, it has a five-year term and is repaid in semi-annual instalments. Overdraft Facility: A short-term overdraft facility of NOK 20 million, available to Fjord Defence AS. It is intended to cover the company\u2019s general working capital needs. As of 31 December 2025, the Group has not drawn down any amounts on the Overdraft Facility. Seasonal Facility: A seasonal short-term loan facility of NOK 10 million, also available to Fjord Defence AS. This facility is designed to address seasonal working capital requirements and is available for three months in a twelve-month period. As of 31 December 2025, the Group has not drawn down any amounts on the Seasonal Facility. The total available loan commitment under the agreement is NOK 85 million. As of 31 December 2025, Fjord Defence Group ASA had the following debt and financial obligations in accordance with the Senior Facilities Agreement and lease obligations, and as detailed in the tables below. Overview of borrowings and other interest bearing liabilitiesNOK thousands 31.12.2025 31.12.2024Non-currentNordea - Term loan 17 013 -Lease liability 2 176 -Total non-current 19 190 -CurrentNordea - Term loan 4 861 -Lease liability * 451 -Total current 5 312 -* Included in\"Other current liabilities\"Leasing Fjord Defence AS leases its offices and production facility. The table below sets out the payment profile for the Group\u2019s leasing and borrowing. NOK thousands Within 1 year 1-5 years TotalLoan liabilities 5 000 17 500 22 500 Interest liabilities 1 600 3 111 4 711 Leasing 454 2 174 2 627 Total 7 054 22 785 29 838 Facility Amount (NOK) Interest Rate Maturity DateFacility A (Term loan) 25 000 000 NIBOR + 3.00% (adjustable) 5 years after first drawFacility B (M&A Facility) 30 000 000 NIBOR + 3.25% (adjustable) 5 years after first drawOverdraft Facility 20 000 000 Agreed separately Short-term facilitySeasonal Facility 10 000 000 Agreed separately Short-term facilityCovenants As of 31 December 2025 all covenant requirements were met. The Group\u2019s covenants related to its borrowing facilities are: Covenant Definition ConditionNet Debt to LTM pro formaLeverage ratioNot more than 3.5 : 1Adjusted EBITDALTM pro forma Adjusted EBITDAInterest coverage ratioMore than 3:1to interest expensesMinimum liquidityCash and cash equivalentsMore than NOK 25 millionNote 17 Other current liabilities NOK thousands31.12.2025 31.12.2024Holiday pay owed 1 402 553 Egyptian tax * 5 691 6 104 Other accrued costs 3 124 3 870 Lease liability current 451 - Total other current liabilities 10 668 10 527 * These taxes payables are related to Egyptian taxes for withholding and crew related tax originally in EGP, and there is no change for 2025 compared to 2024 except that the Group has made a provision foradditional interest as the company is awaiting results from the corporate tax inspection by Egyptian taxauthorities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__54": {
"value": "Note 16 Borrowings and other liabilities The Group has entered into a Senior Facilities Agreement with Nordea Bank ABP on the 20 June 2025. The Facility agreement give Fjord Defence Group ASA access to four distinct facilities, each with specific purposes and terms. Facility A (Term loan): This is a long-term loan of NOK 25 million, designated to finance the acquisition of Fjord Defence AS, repay existing shareholder loans, and cover acquisition costs. The loan has a five-year term and is repaid in semi-annual instalments. This facility is fully drawn from 20 June 2025. Facility B (M&A Facility): This facility provides NOK 30 million earmarked for future acquisitions (Permitted Acquisitions) and related costs. The facility is available for drawdowns until June 2027 and is currently not utilised. Like Facility A, it has a five-year term and is repaid in semi-annual instalments. Overdraft Facility: A short-term overdraft facility of NOK 20 million, available to Fjord Defence AS. It is intended to cover the company\u2019s general working capital needs. As of 31 December 2025, the Group has not drawn down any amounts on the Overdraft Facility. Seasonal Facility: A seasonal short-term loan facility of NOK 10 million, also available to Fjord Defence AS. This facility is designed to address seasonal working capital requirements and is available for three months in a twelve-month period. As of 31 December 2025, the Group has not drawn down any amounts on the Seasonal Facility. The total available loan commitment under the agreement is NOK 85 million. As of 31 December 2025, Fjord Defence Group ASA had the following debt and financial obligations in accordance with the Senior Facilities Agreement and lease obligations, and as detailed in the tables below. Overview of borrowings and other interest bearing liabilitiesNOK thousands 31.12.2025 31.12.2024Non-currentNordea - Term loan 17 013 -Lease liability 2 176 -Total non-current 19 190 -CurrentNordea - Term loan 4 861 -Lease liability * 451 -Total current 5 312 -* Included in\"Other current liabilities\"Leasing Fjord Defence AS leases its offices and production facility. The table below sets out the payment profile for the Group\u2019s leasing and borrowing. NOK thousands Within 1 year 1-5 years TotalLoan liabilities 5 000 17 500 22 500 Interest liabilities 1 600 3 111 4 711 Leasing 454 2 174 2 627 Total 7 054 22 785 29 838 Facility Amount (NOK) Interest Rate Maturity DateFacility A (Term loan) 25 000 000 NIBOR + 3.00% (adjustable) 5 years after first drawFacility B (M&A Facility) 30 000 000 NIBOR + 3.25% (adjustable) 5 years after first drawOverdraft Facility 20 000 000 Agreed separately Short-term facilitySeasonal Facility 10 000 000 Agreed separately Short-term facilityCovenants As of 31 December 2025 all covenant requirements were met. The Group\u2019s covenants related to its borrowing facilities are: Covenant Definition ConditionNet Debt to LTM pro formaLeverage ratioNot more than 3.5 : 1Adjusted EBITDALTM pro forma Adjusted EBITDAInterest coverage ratioMore than 3:1to interest expensesMinimum liquidityCash and cash equivalentsMore than NOK 25 million",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__57": {
"value": "The Group has entered into a Senior Facilities Agreement with Nordea Bank ABP on the 20 June 2025. The Facility agreement give Fjord Defence Group ASA access to four distinct facilities, each with specific purposes and terms. Facility A (Term loan): This is a long-term loan of NOK 25 million, designated to finance the acquisition of Fjord Defence AS, repay existing shareholder loans, and cover acquisition costs. The loan has a five-year term and is repaid in semi-annual instalments. This facility is fully drawn from 20 June 2025. Facility B (M&A Facility): This facility provides NOK 30 million earmarked for future acquisitions (Permitted Acquisitions) and related costs. The facility is available for drawdowns until June 2027 and is currently not utilised. Like Facility A, it has a five-year term and is repaid in semi-annual instalments. Overdraft Facility: A short-term overdraft facility of NOK 20 million, available to Fjord Defence AS. It is intended to cover the company\u2019s general working capital needs. As of 31 December 2025, the Group has not drawn down any amounts on the Overdraft Facility. Seasonal Facility: A seasonal short-term loan facility of NOK 10 million, also available to Fjord Defence AS. This facility is designed to address seasonal working capital requirements and is available for three months in a twelve-month period. As of 31 December 2025, the Group has not drawn down any amounts on the Seasonal Facility. The total available loan commitment under the agreement is NOK 85 million. As of 31 December 2025, Fjord Defence Group ASA had the following debt and financial obligations in accordance with the Senior Facilities Agreement and lease obligations, and as detailed in the tables below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__59": {
"value": "Note 18 Financial risk and capital management The Group is exposed to financial risks, including market risk, currency risk, interest rate risk, liquidity, and credit risk. This note presents information related to the Group\u2019s exposure to such risks, the Group\u2019s objectives, policies and procedures for risk management and handling, as well as the Group\u2019s management of capital. The Group does not apply hedge accounting. Risk management The Group\u2019s overall risk management plan is to ensure: \uf0b7 the ongoing liquidity of the Group, defined as being able to meet its obligations at any time,including being able meet the financial covenants related to the Group\u2019s borrowings.\uf0b7 flexibility in terms of capital structure and access to liquidity and capital to be able to seize opportunities as they arise to execute its compounder strategy within the defence industryCapital management The purpose of the Group\u2019s capital management is to ensure a predictable financial framework for operations, provide the shareholders with a return and support the portfolio companies\u2019 growth. The Group\u2019s capital structure considers the required financial flexibility to execute strategic plans, to handle existing debt financing arrangement as well as working capital needs. The Group\u2019s leverage ratio may differ over time due to the factors mentioned above but will always be kept below relevant covenants at any time. The Group will strive to maintain leverage ratio at or below 2.5 over time. The Group manages its capital structure and adjusts considering changes in economic conditions. To maintain or adjust the capital structure and available liquidity, the Group may return capital to shareholders, issue new shares, repay or issue new debt. Market risk \u2013 price risk Market risk can be defined as the risk that the Group\u2019s income and expenses, future cash flows or fair value of financial instruments will vary as a result of changes in market prices. The market price includes three types of risks: exchange risks, interest risks and price risks. Market risk is monitored and managed continuously by the Group through a combination of natural hedging techniques and financial derivatives. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. All placements of excess cash are bank deposits. The Group is exposed to credit risk through sales and uses best efforts to manage the risk. The Board monitors these closely, with credit risk managed through customer assessments (primarily blue-chip military OEMs and defence entities considered financially sound), receivables monitoring, and placement of excess cash in low-risk instruments. The Group considers the concentration of risk with respect to trade receivables as low due to the Group\u2019s credit rating policies and its long-standing relationship with the majority of its customers. Liquidity risk The Group\u2019s primary sources of liquidity are cash flow from operations, equity injected by its shareholders and borrowings. The Group\u2019s liquidity requirements consist primarily of funding the Group\u2019s compounder strategy, a liquidity buffer to seize opportunities as they arise and provide working capital and capex injections in the Company\u2019s portfolio companies to support growth. Liquidity risk arises from lack of correlation between cash flow from operations and financial commitments. Liquidity risk is considered low, supported by a solid cash position, net cash flows from operations, and access to facilities following recent transactions and placements. As of the balance sheet date, the Group held current assets of NOK 257 796 thousand, of which cash and cash equivalents represented NOK 199 406 thousand. In comparison, current liabilities amounted to NOK 45 816 thousand. Additionally, the Group has NOK 60 million in undrawn credit facilities. The table below provides an overview of the maturity profile of trade payables and other current liabilities. For bank loans the stated amount includes estimated interest payments. In cases where the counterpart may claim earlier redemption, the amount is places in the earliest period, and the payment may be required from the counterparty. 2025Remaining TermNOK thousands Within 1 year 1-5 yearsTotalTrade payables 19 406 - 19 406 Other current liabilities 10 668 - 10 668 Loan liabilities 5 000 17 500 22 500 Interest liabilities 1 600 3 111 4 711 Leasing 454 2 174 2 627 Total 37 129 22 785 59 913 Currency risk The Group operates internationally and is exposed to changes in foreign exchange rates. For risk management purposes, the Group has identified three types of exchange exposures: a. Revenues and operating expenses in foreign currency; and b. Net investment; and Substantial portions of the Group\u2019s revenues and are in foreign currencies, predominantly (EUR. USD, GBP, SEK and DKK). Due to this, there is a certain operational exposure to exchange rate fluctuations. The Group\u2019s operating expenses are mainly in NOK, additionally the many of the supplier contracts are in foreign currencies. Fjord Defence Group has various financial assets. These are held mainly in USD and NOK. The group\u2019s principal financial liabilities comprise bank loans, trade payables and other current liabilities. The Group\u2019s cash and cash equivalents are primarily held in NOK. The Group\u2019s hedging policy is to naturally hedge Net investment currency risk through lending in the same currency. The Group may also enter into foreign exchange forward contracts to hedge large transactions such as acquisition settlements. For the Scanfiber acquisition the Group has entered into forward contracts to hedge the majority of the currency exposure for the cash settlement. The Company\u2019s functional currency for 2025 is USD, while the reporting currency is NOK. From 1 January 2026 the Company changed its functional currency to NOK. An appreciation or depreciation of the USD relative to NOK of 10% on 31 December would have affected profit or loss before tax with the following amounts: Effect on profit NOK thousandsChange in exchange before taxrate USD/NOKEffect on OCI2025 + 10 % (5 307) - - 10 % 6 486 - 2024 + 10 % (2 669) - - 10 % (2 641) - The Group also have assets in Egypt, where the currency risk towards EGP is mainly related to the tax liabilities to the Egyptian Tax Authorities (which are reflected in the balance sheet). Interest rate risk The Group is exposed to interest rate risk through its floating rate borrowing facilities. The Group\u2019s borrowings are denominated in NOK and exposed to changes in NIBOR. The Group\u2019s policy is to hedge the majority of its interest rate exposure through interest rate swaps with adequate maturities to match the outstanding debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__60": {
"value": "capital management The Group is exposed to financial risks, including market risk, currency risk, interest rate risk, liquidity, and credit risk. This note presents information related to the Group\u2019s exposure to such risks, the Group\u2019s objectives, policies and procedures for risk management and handling, as well as the Group\u2019s management of capital. The Group does not apply hedge accounting. Risk management The Group\u2019s overall risk management plan is to ensure: \uf0b7 the ongoing liquidity of the Group, defined as being able to meet its obligations at any time,including being able meet the financial covenants related to the Group\u2019s borrowings.\uf0b7 flexibility in terms of capital structure and access to liquidity and capital to be able to seize opportunities as they arise to execute its compounder strategy within the defence industryCapital management The purpose of the Group\u2019s capital management is to ensure a predictable financial framework for operations, provide the shareholders with a return and support the portfolio companies\u2019 growth. The Group\u2019s capital structure considers the required financial flexibility to execute strategic plans, to handle existing debt financing arrangement as well as working capital needs. The Group\u2019s leverage ratio may differ over time due to the factors mentioned above but will always be kept below relevant covenants at any time. The Group will strive to maintain leverage ratio at or below 2.5 over time. The Group manages its capital structure and adjusts considering changes in economic conditions. To maintain or adjust the capital structure and available liquidity, the Group may return capital to shareholders, issue new shares, repay or issue new debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__62": {
"value": "credit risk. This note presents information related to the Group\u2019s exposure to such risks, the Group\u2019s objectives, policies and procedures for risk management and handling, as well as the Group\u2019s management of capital. The Group does not apply hedge accounting. Risk management The Group\u2019s overall risk management plan is to ensure: \uf0b7 the ongoing liquidity of the Group, defined as being able to meet its obligations at any time,including being able meet the financial covenants related to the Group\u2019s borrowings.\uf0b7 flexibility in terms of capital structure and access to liquidity and capital to be able to seize opportunities as they arise to execute its compounder strategy within the defence industryCapital management The purpose of the Group\u2019s capital management is to ensure a predictable financial framework for operations, provide the shareholders with a return and support the portfolio companies\u2019 growth. The Group\u2019s capital structure considers the required financial flexibility to execute strategic plans, to handle existing debt financing arrangement as well as working capital needs. The Group\u2019s leverage ratio may differ over time due to the factors mentioned above but will always be kept below relevant covenants at any time. The Group will strive to maintain leverage ratio at or below 2.5 over time. The Group manages its capital structure and adjusts considering changes in economic conditions. To maintain or adjust the capital structure and available liquidity, the Group may return capital to shareholders, issue new shares, repay or issue new debt. Market risk \u2013 price risk Market risk can be defined as the risk that the Group\u2019s income and expenses, future cash flows or fair value of financial instruments will vary as a result of changes in market prices. The market price includes three types of risks: exchange risks, interest risks and price risks. Market risk is monitored and managed continuously by the Group through a combination of natural hedging techniques and financial derivatives. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. All placements of excess cash are bank deposits. The Group is exposed to credit risk through sales and uses best efforts to manage the risk. The Board monitors these closely, with credit risk managed through customer assessments (primarily blue-chip military OEMs and defence entities considered financially sound), receivables monitoring, and placement of excess cash in low-risk instruments. The Group considers the concentration of risk with respect to trade receivables as low due to the Group\u2019s credit rating policies and its long-standing relationship with the majority of its customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__61": {
"value": "Market risk \u2013 price risk Market risk can be defined as the risk that the Group\u2019s income and expenses, future cash flows or fair value of financial instruments will vary as a result of changes in market prices. The market price includes three types of risks: exchange risks, interest risks and price risks. Market risk is monitored and managed continuously by the Group through a combination of natural hedging techniques and financial derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__63": {
"value": "Liquidity risk The Group\u2019s primary sources of liquidity are cash flow from operations, equity injected by its shareholders and borrowings. The Group\u2019s liquidity requirements consist primarily of funding the Group\u2019s compounder strategy, a liquidity buffer to seize opportunities as they arise and provide working capital and capex injections in the Company\u2019s portfolio companies to support growth. Liquidity risk arises from lack of correlation between cash flow from operations and financial commitments. Liquidity risk is considered low, supported by a solid cash position, net cash flows from operations, and access to facilities following recent transactions and placements. As of the balance sheet date, the Group held current assets of NOK 257 796 thousand, of which cash and cash equivalents represented NOK 199 406 thousand. In comparison, current liabilities amounted to NOK 45 816 thousand. Additionally, the Group has NOK 60 million in undrawn credit facilities. The table below provides an overview of the maturity profile of trade payables and other current liabilities. For bank loans the stated amount includes estimated interest payments. In cases where the counterpart may claim earlier redemption, the amount is places in the earliest period, and the payment may be required from the counterparty. 2025Remaining TermNOK thousands Within 1 year 1-5 yearsTotalTrade payables 19 406 - 19 406 Other current liabilities 10 668 - 10 668 Loan liabilities 5 000 17 500 22 500 Interest liabilities 1 600 3 111 4 711 Leasing 454 2 174 2 627 Total 37 129 22 785 59 913 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__64": {
"value": "Note 19 Group structure Fjord Defence Group ASA owns the following legal entities as of 31 December 2025 Date of Ownership and Subsidiary of Fjord Defence Group ASA: acquisition Jurisdictionvoting rights %Fjord Defence Group AS (Neptune Seismic AS) 2017 Norway 100 %Axxis Geo Solution Inc. 2017 USA 100 %Axxis Multi Client AS 2018 Norway 100 %Axxis Production AS 2019 Norway 100 %Aquila Holdings Investment AS 2019 Norway 100 %Axxis Geo Solutions Egypt LLC* 2019 Egypt 100 %Fjord Defence AS 2025 Norway 100 %Fjord Defence Inc. 2025 USA 100 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__67": {
"value": "Accounting principles 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: \uf0b7 fair values of the assets transferred; \uf0b7 liabilities incurred to the former owners of the acquired business; \uf0b7 equity interests issued by the Group; \uf0b7 fair value of any asset or liability resulting from a contingent consideration arrangement; and \uf0b7 fair value of any pre-existing equity interest in the subsidiary. The acquisition is reported in the Group\u2019s financial statements from the date on which it obtains control of the acquiree. This is normally the closing date of the acquisition, which is the date the consideration is legally transferred and assets of and liabilities of the acquiree are assumed. 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 consideration transferred; amount of any non-controlling interest in the acquired entity; and 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. Transaction costs incurred in connection with a business combination, such as legal, advisory, and due diligence fees, are expensed as incurred and recognised in the statement of profit or loss. These costs are not included as part of the consideration transferred. Adjustments to provisional amounts are made retrospectively within the measurement period, which cannot exceed 12 months from the acquisition date, and are recognised as if they had been completed at the acquisition date. The acquisition of Fjord Defence AS",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__68-1": {
"value": "Net cash outflow from the business combination As indicated above, consideration paid is NOK 30 024 626 and shareholder loans totalling NOK 9 000 000 are refinanced as part of the transaction. Cash acquired was NOK 8 613 562 (net of overdraft facility of 1.6 million) and thus the net cash outflows from investing and financing activities as a consequence of the business combination amounted to NOK 30 411 064.Note 26 Reconciliation of cash flows from financing activities Reconciliation of cash flows from financing activitiesNOK thousandsLease Interest liabilitiesbearing debt Total31.12.2024 - - - Loan in Fjord Defence at the acquisition date, without cash effect 9 000 9 000 Loan in Fjord Defence - cash settlement - (9 000) (9 000) Cash outflows from payments of principal (215) (2 500) (2 715) Interests paid (98) (1 335) (1 433) Cash inflows from new borrowings - 25 000 25 000 New leases 2 800 - 2 800 Foreign exchange adjustments - - - Interest expense 84 1 335 1 419 Other changes 56 (626) (570) 31.12.2025 2 627 21 874 24 501 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__69": {
"value": "Note 21 Share capital and shareholder information The Company's share capital per Par Value per 31.12.2025 include the following: Number of shares Share Capital in NOKshareOrdinary shares (one share = one vote) 54 781 578 460 165 2558.40The Company has one class of shares, all shares provide equal rights, including the right to any dividends in line with 2024. Each of the shares carries one vote in line with 2024. Changes in number of sharesSharesNumber of shares 01.01.2025 234 690 967 Issue of ordinary shares (cash settlement) 75 000 013 Issue of ordinary shares (contribution in kind) 175 187 968 Number of shares before reverse share split 484 878 948 Number of shares after reverse share split 40 406 579 Issue of ordinary shares (cash settlement) 14 374 999 Treasury shares 31.12.2025(1\ue603075\ue603571)\ue603\ue603\ue603\ue603\ue603\ue603Number of shares less treasury shares 31.12.2025 53 706 007 Paid/proposed dividend The board has decided not to propose any dividend for 2025 or 2024. The major shareholders in Fjord Defence Group ASA 31 December 2025 were as follows: Shareholders Total shares Ownership share Voting shareSONGA CAPITAL AS 4 174 999 7.8% 7.8%AS SATURN 3 133 565 5.8% 5.8%CUBIC INVEST AS 3 127 840 5.8% 5.8%TRIGGER AS 3 127 840 5.8% 5.8%GKI AS 2 886 321 5.4% 5.4%HUGIN MANAGEMENT AS 2 157 396 4.0% 4.0%F2 FUNDS AS 2 031 273 3.8% 3.8%TIGERSTADEN AS 1 874 999 3.5% 3.5%ALDEN AS 1 688 782 3.1% 3.1%DNB BANK ASA 1 438 332 2.7% 2.7%F1 FUNDS AS 1 147 355 2.1% 2.1%TTC INVEST AS 1 134 999 2.1% 2.1%BALLISTA AS 962 351 1.8% 1.8%TIGERSTADEN MARINE AS 833 333 1.6% 1.6%SIX SIS AG 800 266 1.5% 1.5%J.P. Morgan Securities Plc 750 000 1.4% 1.4%Nordnet Bank AB 657 653 1.2% 1.2%GINNY INVEST AS645 8521.2%1.2%Bank Pictet & Cie (Europe) AG 633 333 1.2% 1.2%LIVERMORE INVEST AS 610 141 1.1% 1.1%Total 20 largest shareholders 33 816 630 63.0% 63.0%Total other shareholders 19 889 377 37.0% 37.0%Total number of shares 53 706 007 100.0% 100.0%Shares owned or controlled by members of the Board of Directors, Chief Executive Officer and Other Executive Officers 31 December 2025 were as follows: Ownership / Number of Board of Directors Position Total sharesvoting shareoptionsNina Skage Chair 3 495 0.0 % - Torstein Sanness Board member 23 750 0.0 % 66 667 Ketil Skorstad Board member 2 135 413 3.9 % - The numbers are adjusted for the 12:1 reverse share split. Shares owned or controlled by members of the Board of Directors, Chief Executive Officer and Other Executive Officers 31 December 2024 were as follows: Ownership Number of Board of Directors Position Total sharesshareoptionsNina Skage Chair 41 942 0.0 % - Torstein SannessBoard member285 0000.1 %800 000The numbers are not adjusted for the 12:1 reverse share split. At 31 December 2025 management ownership were as follows: Number of Executive management PositionsharesJon Asbj\u00f8rn B\u00f8 CEO3 300 231Kristian ZahlCOO100 202Additionally, \u00d8yvind M\u00f8lmann the Group CFO from 1 January 2025 holds 100 000 shares in the Company. Share and options owned by management 31 December 2024 were as follows: Number of Executive management PositionsharesKristian Zahl Interim CEO 1 667 The number of shares does not reflect the 12:1 reverse share split in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__70": {
"value": "Note 22 Earnings per share NOK thousandsEarnings attributable to the ordinary shareholders: 2025 2024Loss after tax (90 772) (115 347) Loss for the year / diluted los attributable to the ordinary shareholders (90 772) (115 347) Number of shares (reflecting the reverse share split in 2025): 2025 2024Number of shares outstanding as of 1 January 17 982 009 18 384 329 Number of shares outstanding as of 31 December 53 706 007 17 982 009 Weighted averag number of shares used in diluted earnings per share 29 861 110 18 175 528 NOK 2025 2024Earnings per share (3.04) (6.35) Earnings per share, diluted (3.04) (6.35) Amounts in number of shares: 31.12.2025 30.12.2024Weighted average number of shares used in basic earnings per share 29 861 110 18 175 528 In September 2025, the Group carried out a reverse share split in the ratio of 12:1. All the number of shares prior to September 2025 in the table have been adjusted to reflect the reverse share split to be comparable. The Company has issued 66 667 options (800 000 before the reverse share split). The options give the holder right to convert the options into 1 360 027 shares. The options are not reflected in the table above as the options were out of the money in 2024 and 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__72": {
"value": "In September 2025, the Group carried out a reverse share split in the ratio of 12:1. All the number of shares prior to September 2025 in the table have been adjusted to reflect the reverse share split to be comparable. The Company has issued 66 667 options (800 000 before the reverse share split). The options give the holder right to convert the options into 1 360 027 shares. The options are not reflected in the table above as the options were out of the money in 2024 and 2025.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__74": {
"value": "Note 23 Auditor\u2019s fee NOK thousandsExpensed audit fee (excluding VAT) 2025 2024Statutory audit 2 067 1 043Tax advice (incl. technical assistance with tax return) 646 432Other attestation services 90 57Other advisory services 1 429 -Total auditors fee 4 232 1 532The independent auditor of the Group and the Norwegian entities is PricewaterhouseCoopers AS (PwC). Ernst & Young Egypt (EY) is the auditor for the subsidiary Axxis Geo Solutions Egypt LLC. HLO revisjon og r\u00e5dgivning AS was the auditor of Fjord Defence AS until October 2025 when PwC was elected as auditor for Fjord Defence AS. 58",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__73": {
"value": "Note 23 Auditor\u2019s fee NOK thousandsExpensed audit fee (excluding VAT) 2025 2024Statutory audit 2 067 1 043Tax advice (incl. technical assistance with tax return) 646 432Other attestation services 90 57Other advisory services 1 429 -Total auditors fee 4 232 1 532The independent auditor of the Group and the Norwegian entities is PricewaterhouseCoopers AS (PwC). Ernst & Young Egypt (EY) is the auditor for the subsidiary Axxis Geo Solutions Egypt LLC. HLO revisjon og r\u00e5dgivning AS was the auditor of Fjord Defence AS until October 2025 when PwC was elected as auditor for Fjord Defence AS. 58",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__76": {
"value": "Note 25 New IFRS standards IFRS 18, Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18 in response to investors\u2019 concerns about comparability and transparency of entities\u2019 performance reporting. The new presentation requirements introduced in IFRS 18 will increase comparability of the financial performance of similar entities, especially related to how \u2018operating profit or loss\u2019 is defined. The new disclosure requirements for \u2018management-defined performance measures\u2019 will enhance transparency. IFRS 18 is effective from 1 January 2027 and has not yet been adopted by the Group. Fjord Defence is in the process of determining the impact on the Group of applying IFRS 18. The Group has prepared a transition plan and is on track to report our first IFRS 18-compliant interim financial statements for the period ending 30 March 2027 and annual financial statements for the period ending 31 December 2027. Part of the ongoing assessment is to determine the treatment of the Group\u2019s legacy seismic assets. These assets may be deemed to generate cash flow materially independent of the Group\u2019s business with limited expected future investments and processes and not be classified as a main business activity. The legacy seismic assets may therefore be assessed to belong in the investing category in accordance with IFRS 18. The Group currently presents an operating profit subtotal. The Group is performing a detailed assessment to determine the appropriate classification of items to ensure that the operating profit subtotal will comply with the requirements of IFRS 18. The Group expects changes in this regard, especially as a result of reclassifying foreign exchange gains and losses within operating activities. Furthermore, the new aggregation and disaggregation requirements will lead into changes to present the most useful structured summary. The Group currently reports an adjusted EBITDA and EBITDA measure to investors. The Group expects that this measure will meet the definition of a management-defined performance measure. The Group is performing an assessment of other measures that are currently being reported outside the financial information and whether these meet the definition of a management-defined performance measure.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__78": {
"value": "Note 27 Events after the reporting period On 25 February 2026, the Company acquired 100% of the shares in Scanfiber. See note 20 Business Combinations for further information. Responsibility statement About Fjord Defence Group ASAFjord Defence Group ASA (\"DFENS\") is a Norwegian \"compounder\" listed on Euronext Oslo B\u00f8rs seeking to acquire and develop fast-growing, profitable, and well-run companies in the defence industry. The company has a buy & build strategy, with focus on acquiring established, profitable businesses within the defence, security and related segments. More information on www.fjorddefencegroup.com. Fjord Defence Group ASA Askekroken 11 0278, Oslo Norway ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__80": {
"value": "About Fjord Defence Group ASAFjord Defence Group ASA (\"DFENS\") is a Norwegian \"compounder\" listed on Euronext Oslo B\u00f8rs seeking to acquire and develop fast-growing, profitable, and well-run companies in the defence industry. The company has a buy & build strategy, with focus on acquiring established, profitable businesses within the defence, security and related segments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__81": {
"value": "Fjord Defence Group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__82": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__84": {
"value": "Askekroken 11 0278, Oslo",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__83": {
"value": "Askekroken 11 0278, Oslo",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__85": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXKC2G83",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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}
}