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Highlights 2025
Contents
Letter from the CEO
3
Annual report from the Board of Directors including Sustainability report
5
Financial statements and Notes – VIEW Group Consolidated
69
Financial statements and Notes – VIEW Group AS
108
1 150+ Employees
Adding 533 million NOK of annualized
revenue through 7 acquisitions in 2025
5 Countries
Proforma revenue last twelve
months of 1 693 MNOK +19%
vs. last year
Adjusted EBITDA of 170
MNOK
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Letter from the CEO
“2025 marks VIEW Group’s most ambitious and transformative year to date,
delivering record revenues”
Dear all,
VIEW Group concludes 2025 with record full-year revenues of NOK 1,459 million,
a growth of 42% compared to the prior year. This achievement reflects the
extraordinary efforts of our 1,150 colleagues across five countries and reinforces
our position as a leading Nordic AccounTech provider. With this growth comes not
only new opportunities, but also a heightened responsibility to ensure that our activities are sustainable,
transparent, and aligned with the expectations of our stakeholders.
Throughout the year, we continued to execute our growth strategy, completing seven acquisitions and adding
approximately NOK 533 million in annualised revenue. In December, we welcomed Cottons Group to the
VIEW family, a well-established UK accounting firm with 101 employees, strengthening our presence in the
United Kingdom and expanding our international platform.
The finance and payroll market was demanding in 2025, characterised by cost pressures and continued
competition for talent. Our reported EBITDA margin of 7.4% was impacted by non-recurring acquisition costs;
adjusted for these items, our underlying margin was 11.7%, in line with our operational targets.
As we move into 2026, artificial intelligence is rapidly transforming our industry and the accounting software
industry, reshaping how financial services are delivered, how data is utilised, and how value is created for our
clients. We see AI as a powerful force that will redefine productivity, quality, and customer experience across
the AccounTech landscape. VIEW Group structures and manages customer’s data to unlock their full potential
and enable broad rollouts of internal AI tools.
We enter 2026 with a strong pipeline, a larger and more capable organisation, and clear ambitions for
continued, profitable growth across the Nordics and UK.
Thank you for your continued trust and partnership!
John Hugosson
CEO, VIEW Group
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The VIEW Group: enabling business success
“You can focus on your business while we handle your accounting, payroll, Accounting tech, and IT needs. We
will make you succeed through insight and Technology” - John Hugosson, CEO
The VIEW Group was founded in 2004 to offer
customers real-time financial information for better
business decision making.
VIEW Group is one of the leading Business Process
Outsourcing companies in Northern Europe with a
strong focus on technology and innovation. VIEW
Group's delivery model consists of cloud-based
ERP- and financial solutions, along with financial
and payroll services, IT-services and consulting
services.
Headquartered in Oslo, Norway, VIEW Group also
has operations in Sweden, Finland and the UK,
supported by our operations in India.  VIEW Group
stands firm behind its mission to help businesses
succeed through insight and technology.
We offer customised solutions and services to meet
our customers’ specific needs, depending on their
business's geography, size, and industry. We also
specialise in tailor-made solutions for many
industries, including maritime, construction, real
estate, family office, and international TAX/VAT
services.
Through our own brand and partnerships, we offer
a blend of advisory services in several countries
within our three core business areas.
Accounting and Payroll services
Our services include accounting, budgeting,
reporting, expense handling, liquidity management,
tax returns, and annual report preparation. We also
offer complete payroll and HR services and ESG
advisory.
AccounTech and BI services
Our accounting technology solutions include
Xledger, Tripletex, Fortnox, Netvisor, SD Works,
Hogia, and industry-specific add-on solutions. We
create, implement and integrate unique business
systems for our customers, including continuous
user support. We also provide our own Insight BI
solution and external product partnerships such as
Microsoft leveraging the expertise of our
experienced BI consultants. VIEW Group has a
significant team working with business intelligence.
IT Outsourcing Services
We offer all the hardware, software and cloud
services essential for running offices and production
facilities. This includes Office 365, Microsoft Azure
data centres, data communication, voice services,
end-user devices and conference room equipment
– all integrated with the necessary cloud services
and licenses. We also offer products combined with
Network and Security Operation Services, and
incident response to ensure security. All services
are available in the public cloud or through our
modern private cloud solutions, which include
certification levels and redundancy for a secure
operational experience.
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Annual report of the board of directors 2025
Financials
Performance
VIEW Group achieved robust growth in 2025
compared to the previous year. Revenues reached
1,459 million NOK, up from 1,027 million NOK
during the same period last year, a growth of 42.1%
for the Group.
There was healthy organic growth in technology-
related products and services, while the more
traditional accounting and payroll services faced a
challenging market and experiences limited organic
growth. Overall, the organic growth for the group
ended at 3% for 2025.
In 2025, VIEW Group achieved substantial growth
across all markets. Revenue increased by 45% and
14% respectively in Norway and Sweden which are
our more established markets, with acquisitions
serving as the principal growth driver. VIEW
experienced growth in Finland and the UK of 77%
and 564% (in VIEW Group Holding owner period)
respectively. These regions represent key areas
where we are focused on building critical mass. The
results in both Finland and the UK reflect successful
acquisitions and robust organic growth.
2025 ended with an EBITDA of 108 million NOK,
compared to 111 million NOK last year. Translating
to a profitability of 7.4%, compared to 10.8% last
year.
The decline in profitability was largely driven by
merger activities and transaction costs related to
acquisitions throughout the year. In 2025, we
welcomed 408 new employees, all of whom were
affected by integration initiatives such as the
implementation of new systems and comprehensive
training, as part of our vision to create a unified
VIEW Group.
Adjusting for transaction costs and other non-
recurring items, EBITDA reached 170 million NOK
for the year with a profitability of 11.7%, which is a
minor decrease from our profitability of 12,8% and
an EBITDA of 131 million NOK in 2024. See note 3
for further details.
The year-to-date result before tax was -96 million
NOK, influenced by 97 million NOK in depreciation,
net financial costs of 111 million NOK, and currency
gain of 4 million NOK.
Reported revenue
Million NOK
Financing & Cash Flow
In the first quarter of 2025, VIEW Group issued a
senior secured bond totalling 1 billion NOK, followed
by a tap issue of 180 million NOK at the start of the
third quarter. These funds were utilised to refinance
existing bank debt and strategically position the
Group for further mergers and acquisitions. By the
end of 2025, the Group’s net interest-bearing debt
stood at 1,341 million NOK.
Net financial costs for 2025 amounted to 111 million
NOK, representing an increase of 83 million NOK
compared to the same period last year. The Group
recorded a net currency gain of 4 million NOK during
the year.
Operational cash flow made a positive contribution
of 63 million NOK, down 40 million NOK from 2024.
Investment activities resulted in a negative cash flow
of 490 million NOK for 2025, primarily due to ongoing
M&A activities. Financing activities contributed 645
million NOK, mainly driven by the issuance of the
senior secured bond.
The group's liquidity position is considered to be
good.
Balance sheet positions
VIEW Group’s short-term debt increased from 385
million NOK to 569 million NOK. Long-term debt
increased from 382 million NOK to a total of 1,540
million NOK. The total increase in debt is mainly
driven by M&A related items, such as the bond issue.
The Group’s equity increased by 147 million NOK to
609 million NOK. Total equity represents 22% of total
assets, down from 40% in 2024.
Total assets for the year-end 2025 were 2,718
million NOK, an increase from 1,229 last year.
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VIEW Group’s financial position is considered to be
good.
Balance sheet composition
Million NOK
The Group continues to build customer numbers and
predicts continued organic growth in 2026. This is to
be expected as a result of the increase in sales and
marketing capabilities over recent years, and our
investments in digitalisation initiatives. The board's
assessment is that these investments, over time, will
ensure our position as a leading player.
Parent company
The revenue in our parent company was 612 million
NOK in 2025 versus 411 million NOK in 2024.
Meanwhile, the company's annual profit was -120
million NOK in 2025 against 3 million NOK in 2024.
Total assets were 2 263 million NOK as of 31.12.2025
compared to 999 million NOK as of 31.12.2024.
The markets
VIEW Group operates in four markets, offering
customers exceptional service in Norway, Sweden,
the UK and Finland. We’ve invested in scalable IT
solutions that improve our operations and processes,
as well as tools to ensure legal compliance in all
markets.
Our Norwegian operation:
Is our largest operations, generating 52% of
revenue*,
Consists of 16 offices and have 511 employees
offering our customers all our services: accounting,
payroll, advisory, accounTech solutions, BI solutions
and IT outsourcing.
Our Swedish operation:
Generating 26% of revenue*, Consists of 8 offices
and have 252 employees offering our customers all
our services: accounting, payroll, advisory,
accounTech solutions, BI solutions and IT
outsourcing.
Our Finnish operation:
Generating 12% of revenue*, Consists of 15 offices
and have 190 employees offering our customers
accounting, payroll, advisory, accounTech solutions
and BI solutions.
Our UK operations:
Generating 10% of revenue*, Consists of 5 offices
and have 170 employees offering our customers
accounting, payroll, advisory, and accounTech
solutions
Our Indian operations:
The Bangalore service centre supports the Group
operations, allowing us to access skill sets that are
hard to acquire in our other markets, and tap into the
growing tech environment in India. VIEW Group has
74 employees in India.
*proforma figures
Significant acquisitions in 2025
During 2025 VIEW Group has acquired key
competences and expanded to important
geographical locations through acquisition. Both
being important components in building VIEW Group
as a robust international company.
Date
Employees
Revenue
Location
Feb
230
305
Norway
Mar
17
20
UK
April
21
23
Finland
Aug
15
26
Finland
Sep
14
13
Finland
Sep
10
22
Sweden
Dec
101
124
UK
408
533
In addition, View Group AS acquired 49% of the
shares in Accurise Ltd in April 2025. As of December
2025, VIEW Group AS own 100% of the shares in
Accurise Ltd.
Other considerations
The Group has prepared the Consolidated Financial
Statement in accordance with the international
accounting standards (IFRS) according to paragraph
3-9 of the Norwegian Accounting Act.
In the board’s opinion, the Consolidated Financial
Statements and the Parent Company Financial
Statements give a true and fair view of the financial
position as of 31 December 2025. The board is not
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familiar with any events after the balance sheet date
that would have an impact on the 2025 financial
report. The board proposes to transfer the profit after
tax to retained earnings for the parent company.
People and culture
Building an inclusive environment
We put a strong emphasis on creating an inclusive
work environment where all employees feel valued
and respected. In VIEW Group we recognise that a
diverse and inclusive workplace is vital for fostering
innovation, sustainable growth, and for creating a
great place to work. Our values CARE, COMMIT, and
CREATE serve as guiding principles to shape our
organisational culture and day-to-day operations.
These values extend beyond our office walls and
guide our approach to our corporate and social
responsibilities. See further information in the
sustainability section of this report.
Risk management
We take risk seriously and monitor defined risk
categories periodically. We do this to ensure a steady
and continuous operation for our employees,
shareholders and customers. Here are some of the
ways we manage risk:
Financial risk
The financial risks we monitor are liquidity, credit, and
foreign exchange (market risk).
Liquidity risk is monitored by forecasting liquidity
metrics, ensuring funds are available for payments
when they're due. We aim to continue the robust
liquidity position in which we closed 2025. Se cash
flow statement for further information.
Foreign exchange risk is naturally hedged by
financing our operations in local currency as a main
principle. We also closely monitor the duration of our
foreign exchange commitments to make sure our
liquidity and bank covenants aren’t impacted. This
monitoring occurs on a weekly basis and is reported
to senior management. It’s the board’s opinion that
the Group’s financial risk level is satisfactory.
Information and Communication Technology
(ICT) risk
We manage our cyber domain risks by focusing on
three target areas.
Confidentiality
We ensure that secure information is only accessible
to those authorised to view it. We achieve this by
using security mechanisms like Identity Management,
access authorization checks, and encryption.
Integrity
We maintain high data-processing standards and
strive to make sure the information we hold is
accurate and complete. This is achieved by clear
system ownership, competence development, clear
procedures for innovation processes, adoption of new
technology and operation of the solutions.
Availability
We ensure that users have access to information and
associated assets when needed. Various
technologies help us do this, including availability
zones, redundant data communication paths,
disaster recovery capabilities, scalability, and backup
processing.
VIEW Group continuously assesses its IT platforms
and IT architecture. We also assess the processes
relating to these systems to ensure that our IT
processes and business performance are always
optimal. This is embedded in an annual wheel for the
ICT organisation that contains extensive sets of
governance operations for compliance, training,
security, documentation and governance of internal
and external assets and partners. The board’s
opinion is that the Group’s ICT risk level is
satisfactory.
Compliance and conduct
VIEW Group operates in an industry that’s subject to
various legislations. We’ve established internal
control measures to ensure compliance – including
random and regular frequency checks – to report on
compliance. We also have systems in place for the
continuous monitoring of compliance-related
procedures, and the results of these efforts are
presented to and reviewed by the board.
Taking care of our customers is paramount, so our
goal is always to create trust and deliver value
through our high-quality services. Every day, we work
hard to ensure that the reporting we submit to
authorities, on behalf of ourselves and our customers,
is accurate and delivered on time.
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Concession and legislation
In all markets, we adhere to national demands of
internal control regulations and anti-money
laundering regulations. Our internal anti-money
laundering processes are always updated in line with
national legislation, and all our accounting employees
are trained on it once a year. VIEW Group’s internal
control regulations are always set out in accordance
with national recommendations. We could be subject
to national and local authority compliance audits at
any moment in all the markets in which we operate.
In Norway, VIEW Group is also subject to a license
from the Norwegian Financial Supervisory Authority
(Finanstilsynet).
Going concern
The board confirms that the annual financial
statements for 2025 are presented according to the
going concern principle. It is hereby confirmed that
the conditions for operation as a going concern exist.
Insurance for board members and executive
management
VIEW Group AS has liability insurance for the board
and executive management. This covers any
indemnity for financial loss arising from personal
managerial liability, including personal liability for the
company’s debts, arising from any claim first made
against the company.
Transparency act
VIEW Group is subject to regulations related to
vendor transparency. The Group has board-approved
policies and procedures in place to ensure
compliance. Our ability to conduct business
responsibly relies upon the support of our suppliers
and business associates. That’s why establishing
trust and transparency in our business relationships
is essential. It’s crucial that our suppliers and partners
align with our values on ethics and compliance – and
that they uphold fundamental standards for human
rights and labour rights. By strengthening these vital
relationships, we can ensure that our whole supply
chain is managed responsibly and ethically, which
aligns with our policy.
You can read our sustainability report online at
viewgroup.no/om-oss/rapporter for more
information about how we comply with the
Transparency Act.
Future outlook and strategic
priorities
Our strategic roadmap prioritises expanding our
service offerings and strengthening our market
position. We are confident that these approaches will
drive solid and sustainable organic growth, delivering
lasting value for customers, employees, and
shareholders alike.
In the coming years, we will place greater emphasis
on profitability within our more mature markets in
Sweden and Norway, aiming to achieve the leverage
necessary to support ongoing growth. We will also
continue investing across all regions, with a particular
focus on scaling our less mature markets.
Throughout this journey, we will remain guided by our
core values: Care, Commit, Create.
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SUSTAINABILITY REPORT
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ESRS 2 General disclosures
Basis for preparation
BP-1 General basis for preparation of the sustainability statement
This sustainability report has been prepared in accordance with the European Union's Corporate Sustainability
Reporting Directive (CSRD), which has been implemented in Norwegian law, and are based on the European
Sustainability Reporting Standards (ESRS).
The scope of this sustainability report is the same as for the consolidated financial statements for the period 1
st
of
January to 31
st
of December 2025 and includes the VIEW Group with its parent company VIEW Group AS and wholly
owned subsidiaries (including their underlying subsidiaries) (the Group). This sustainability statement has been
prepared on a consolidated basis unless otherwise stated elsewhere in the report.
The sustainability statement covers VIEW Group’s own activities and the upstream and downstream value chain.
VIEW Group has based value chain assessments on publicly available data and reports. This may limit the precision
of our assessment of impact, risks, and opportunities in the value chain.
BP-2 Disclosures in relation to specific circumstances
Time horizons
When preparing the sustainability statement, the following time horizons were used as of the end of the reporting
period:
➢ For short-term - the period adopted as the reporting period in the financial statements
➢ For medium-term - from the end of the short-term reporting period up to five years
➢ For long-term - more than five years.
Use of Estimates
VIEW Group has used estimates when calculating and reporting greenhouse gas emissions. The sources of
measurement uncertainty and assumptions, approximations and judgements are described in ESRS E1-6. We have
also used estimates and assumptions regarding some of the social metrics in S1. This is described under the relevant
disclosure requirements.
Use of phase-in provisions in accordance with amended Appendix C of ESRS 1:
1) ESRS S4 – Consumers and end-users
As a result of the materiality assessment, we have assessed sustainability topics in ESRS S4 to be material. We have
used the option to omit information in ESRS S4 in accordance with amended Appendix C of ESRS 1. We found the
following topics material:
➢ Personal safety of consumers and/or end-user (cybersecurity)
VIEW Group handles data from customers, employees, suppliers, and partners, and robust data protection is
fundamental to business activities and to maintaining the trust of stakeholders. Digital security is increasingly exposed
to threats, and safeguarding this information is a legal and operational requirement, as well as a core ethical
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responsibility. Data security is therefore a strategic priority, fully integrated into our business model, governance
structure, and overall strategy.
VIEW Group’s IT Compliance Policy establishes the Group’s organizational commitment, defines key responsibilities,
and formalizes the Group’s approach to continuous improvement in cybersecurity. The policy is founded on the core
values of VIEW Group - CARE, CREATE and COMMIT - to anchor the availability, confidentiality, and integrity of both
VIEW Group’s own data and data entrusted to the Group. The Group uses a risk-based Information Security
Management System (ISMS) to secure the data. The policy applies to all employees, suppliers, and partners handling
organizational data. Mandatory cybersecurity training and compliance reporting are required. The Group Management
Team owns the policy, secures resources, and approves updates while the Security Team (CISO/CIO) oversees risk
assessments, training, and continuous improvement. Cybersecurity activities, including incident reporting and
compliance checks, are monitored and reported to top management. The policy is reviewed annually, or as needed, to
maintain strong protection for consumers and end-users.
VIEW Group is implementing several actions to address cybersecurity risks and compliance. These include pursuing
ISO 27001 certification
1
on information security management systems (ISMS) for IT- companies where relevant,
adopting strong encryption protocols, and enforcing secure data management and deletion practices.
VIEW Group manages its cyber and information security risks as an integral part of the operational risk management
framework. Cybersecurity is embedded in our governance processes, which is more closely described in G1. Controls
are reviewed and improved through annual ICT (Information and Communication Technology) governance cycles that
include compliance assessments, security training, documentation, and oversight of internal and external digital
assets and partners. VIEW Group conducts regular ICT risk assessments to identify vulnerabilities and monitor the
effectiveness of security controls. Findings are reviewed by the ICT management team and reported to the board.
Each department is responsible for addressing and following up on these findings, with regular reporting to senior
management.
2) ESRS 2 SBM-3 paragraph 48 (e) anticipated financial effects
3) ESRS E1-9 – Anticipated financial effects from material physical and transition risks and potential climate-related
opportunities
4) ESRS S1-7 - Characteristics of non-employee workers in the undertaking’s own workforce
5) ESRS S-11 – Social protection
6) ESRS S1-12 – Persons with disabilities
7) ESRS S1-13 – Training and skills development
8) ESRS S1-14 – Health and safety – regarding datapoints on work-related ill health and number of days lost to
injuries, accidents, fatalities and work-related ill health
9) ESRS S1-14 – Health and safety – regarding datapoints on non-employees
Governance
GOV-1 The role of administrative, management and supervisory bodies
GOV-2 Information provided to, and sustainability matters addressed by VIEW Group’s
administrative, management and supervisory bodies
VIEW Group's Board of Directors and the Group Management Team (GMT) constitute the Group's administrative,
management and supervisory bodies.
Board of Directors
The Board of Directors (the board) has overall responsibility for the management of VIEW Group. The board sets
requirements and expectations for business conduct, culture and ESG in the Group through the governing documents
VIEW Group ESG Policy and Code of Conduct (Etiske retningslinjer). The board has three sub-committees: the Risk
1
https://www.iso.org/standard/27001
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Committee, Board Remuneration Committee, and the Audit Committee. The Audit Committee prepares the board's
follow-up on the sustainability reporting process and associated internal control, while the Risk Committee prepares
the board's follow-up of risk management in the Group. In 2025, the VIEW Group’s board was informed of the
following sustainability topics:
➢ The progress in the Group’s work with social conditions and corporate governance through regular reporting.
➢ Sustainability due diligence through the Group's risk reporting and signing of the annual report pursuant to the
Transparency Act.
➢ The first double materiality assessment (DMA) conducted by VIEW Group, where material sustainability topics
for the Group were identified. See a more detailed discussion of the material impacts, risks, and opportunities
that were identified under ESRS 2 SBM-3, page 19. The DMA confirmed several of the material topics already
identified and addressed by the board in regular meetings.
VIEW Group is in the early phase of formalizing its sustainability governance framework. When overseeing VIEW
Group’s strategy, decisions on major transactions, and risk management process, the administrative, management
and supervisory bodies have considered impacts, risks and opportunities (IROs) that are associated with VIEW
Group’s strategy and values. VIEW Group has established routines regarding topics found to be material for the
Group’s business model. VIEW Group has not yet implemented policies, actions and targets for all identified material
sustainability topics. A structured process for evaluating the effectiveness of policies, actions, metrics and targets
adopted to address the impacts, risks and opportunities (IRO’s), is also a work in progress.
The board combines competencies in corporate governance, financial oversight, risk management, and compliance,
together with operational and strategic understanding of the Group’s business model. The board consists of six
members. All members are non-executive members. One of the members is an employee representative.
Executive members
0
Non-executive members
6
Women
3 (50%)
Men
3 (50%)
Board's gender diversity ratio
3/3 = 1
Employee representative
1
Independent board members
83%
Frode Haugli (b. 1960) (Chairman of the Board): Professional board member and management consultant with long
experience in corporate governance, strategy oversight and audit committee work.
Morten Olgar Bratlie (b. 1960): Co-Founder and Head of Corporate Development of VIEW Group, with deep
operational and strategic insight into the business model, growth levers and value chain in account-tech/financial
services.
Elena Gorder (b. 1987) (Employee representative): Group IT & Client Service Manager at VIEW Group, with strong
grounding in combining accounting/regulatory knowledge and digital/automation (RPA, IT systems) vital for a tech-
enabled financial services board.
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Anette Willumsen (b. 1963): CEO of Heder Bank and experienced non-executive director/strategic advisor, with robust
expertise in finance, regulatory compliance, risk management and board oversight in financial services.
Simen Vier Simensen (b. 1958): Senior board member bringing longstanding experience and continuity in leadership;
adds depth in oversight and institutional knowledge in a financial-services environment.
Åsa Ulrika Wirén (b. 1968): Senior advisor and board member with international CFO/audit partner background,
offering cross-border financial and governance competence particularly relevant for a Nordic tech-financial business.
VIEW Group's terms of reference, board mandates or other related policies do not specifically mention the
responsibility for impacts, risks and opportunities (IROs), but as the work with sustainability continues to evolve in the
Group, a formalized and updated framework of mandates, policies, actions and targets will be developed.
Group Management Team
The executive management of VIEW Group is performed by the Group Management Team (GMT), and consists of the
following members:
John Hugosson - Group Chief Executive Officer (CEO)
Espen Hovland - Group Chief Financial Officer (CFO)
Dag Ove Valsgaard - Group Chief Information Officer (CIO)
Karl Fredrik Giertsen - Group Chief Commercial Officer (CCO)
Tonje Magnussøn - Group HR Director
Jan Otto Innvær - Managing Director Norway
Siri Hane – Managing Director Sweden
Jaakko Kaidesoja – Managing Director Finland
Group Management Team gender composition:
Women
2
Men
6
% of women
25 %
Overall percentage of members of administrative, management and supervisory bodies by gender and other aspects
of diversity:
% of women 36 % (5/14)
The Group CFO is the head of sustainability for the Group, and is responsible for overseeing impacts, risks, and
opportunities. The Group CFO has delegated operational work with sustainability to a working group – the
Sustainability Working Group. This working group is driving the efforts on sustainability and presenting sustainability
matters to GMT. The Group CFO reports relevant sustainability topics to the board on a yearly basis or when needed.
The Sustainability Working Group communicates directly with Group CFO, both on an informal and formal basis.
Sustainability matters, like identified IROs and implementation of due diligence in compliance with The Norwegian
Transparency Act (“åpenhetsloven”), are presented and addressed in GMT, when needed.
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Skills and expertise
The board and Group Management Team (GMT) include senior executives with broad experience from management
positions. The board and GMT monitor the organization’s competence needs, including competence in sustainability
topics, and have the overarching responsibility for maintaining and developing relevant knowledge through internal
training, recruitment and external advisory support.
VIEW Group has built internal competence within sustainability and sustainability reporting over recent years. The
company has trained dedicated sustainability advisors and continues to develop the skills of key employees. In
addition, sustainability expertise has been strengthened through acquisitions, bringing new knowledge and experience
into the Group. These sustainability experts are available to support the board and GMT with sustainability topics and
to assist with CSRD-aligned reporting and governance. This approach enables VIEW Group to ensure that sufficient
skills are in place to oversee sustainability matters and to meet evolving regulatory requirements.
The Group possesses skills and expertise in identified material impacts, risks and opportunities regarding topics like
own workforce and cybersecurity. Other areas need more skill development. Recognizing that sustainability
competence will be a critical success factor going forward, VIEW Group aims to strengthen knowledge and capacity
within both management and the board over time.
GOV-1 paragraph 5
(a) and (b) in ESRS
G1 Business Conduct
The board, through the GMT, maintains oversight of business conduct
matters, including compliance and anti-corruption and bribery. They are
responsible for ensuring familiarity with whistleblowing procedures,
handling reports, maintain confidentiality, and preventing negative
consequences for whistleblowers. They must also ensure a safe work
environment and investigate reports adequately within a reasonable time.
The board and the Group Management Team (GMT) includes senior
executives with broad experience from management positions involving
business conduct matters.
GOV-3 Integration of sustainability-related performance in incentive schemes
VIEW Group has not established incentive schemes or remuneration policies linked to sustainability matters for
members of administrative, management or supervisory bodies. As VIEW Group continues to develop insights through
reliable data, and establishes governance structures, incentive schemes connected to relevant sustainability topics
may be developed.
GOV-3, paragraph 13
ESRS E1 Climate
change
VIEW Group has not factored climate-related considerations
into remuneration of members of administrative, management
and supervisory bodies.
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GOV-4 Statement on due diligence
Sustainability due diligence and risk management are embedded into business processes through policies and
procedures. These include VIEW Group’s ESG Policy, Code of Conduct, Supplier Code of Conduct, and general risk
management. The due diligence work is anchored with GMT and the board.
VIEW Group conducts due diligence through a third-party system
2
, where all suppliers are uploaded, categorized by
industry, and screened for publicly available social-sustainability information. Suppliers without such disclosures
receive a standard questionnaire, and all responses are archived in the system. The system’s risk-analysis tool
identifies main risks:
➢ Risk from IT procurement in high-risk countries
➢ Health, safety and environmental risks in the ICT industry
➢ Risks linked to VIEW Group’s activities in India, including their subcontractors and suppliers
Risk assessments are updated annually, and identified risks are followed through supplier dialogue. For further
information see VIEW Group’s report on the Norwegian Transparency Act
3
.
The table below provides an overview of where additional information about the Group's due diligence process has
been provided in this sustainability report.
Core elements of due diligence in VIEW Group
Paragraphs in the sustainability
statement
a) Embedding due diligence in governance, strategy and
business model
ESRS 2 GOV-2
ESRS 2 GOV-4
ESRS G1-1
b) Engaging with affected stakeholders in all key steps of
the due diligence
ESRS 2 SBM -2
ESRS 2 IRO-1
c) Identifying and assessing adverse impacts
ESRS 2 SBM-3
ESRS 2 IRO-1
d) Taking actions to address those adverse impacts
ESRS E1-3
ESRS S1-4
ESRS S2-4
ESRS G1-3
e) Tracking the effectiveness of these efforts and
communicating
ESRS S1-4
2
https://tavler.no
3
https://viewgroup.no/wp-content/uploads/sites/3/2025/06/2025-Transparency-report-VIEW-Group.pdf
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GOV-5 Risk management and internal controls over sustainability reporting
In connection with reporting on disclosure requirements, VIEW Group has identified risks that may lead to errors. This
applies primarily to the reporting of immature information processes and the use of estimates and expectations.
Management and internal controls over sustainability reporting follows general risk management and internal control
procedures. The internal control processes include identifying relevant data sources and structuring data collection
processes. The main features encompass the evaluation of risks such as the completeness and integrity of data, the
accuracy of estimation results, availability of value chain data, and timing of information availability. Control
components include using data platform tools
4
, DMA tools and expert partners to enhance structured processes,
ensuring compliance with disclosure requirements.
The Audit Committee focuses on the fulfillment of the board’s supervisory responsibility relating to risk assessment,
internal control, internal auditing, accounting, financial and sustainability reporting and auditing. The Audit Committee
holds regular meetings, to be informed of internal control and risk management in sustainability reporting. The Chair of
the Committee reports on the committee’s work, findings, and recommendations to the board.
Financial reporting and sustainability reporting are currently managed through separate processes. VIEW Group is
establishing a unified governance and data framework to support integrated financial and sustainability reporting, from
the 2026 reporting. This work includes aligning roles, responsibilities, systems, and internal controls to secure
consistent, reliable, and transparent reporting across the organization.
Strategy
SBM-1 Strategy, business model and value chain
VIEW Group is an accounting and technology (AccounTech) company mainly based in the Nordic countries. The
company was established in 2004 and has its headquarters in Oslo. VIEW Group offers services to the business
market, from small and medium-sized companies to large enterprises.
Main business areas:
Finance & Payroll: Finance and payroll are VIEW Groups largest business areas. The services offered include
accounting, budgeting, reporting, expense handling, liquidity management, tax returns, annual report preparation, and
complete payroll services. HR services and ESG advisory are also offered.
AccounTech Solutions: VIEW Group offer accounting technology and industry-specific add-on solutions. VIEW
Group creates, implements and integrates unique business systems for customers. BI consultants offer Insight BI
solutions and external product partnerships.
IT outsourcing: VIEW Group offer hardware, software, and cloud services.
VIEW Group’s strategy is continued growth, both organic and through strategic acquisitions. This impacts VIEW
Group’s workforce, both in a positive and negative way, and it provides both risks and
opportunities. VIEW Group has prioritized sustainability, diversity, and responsible business practices through its core
values: CARE, COMMIT and CREATE.
4
https://app.morescope.com/
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For information about the number of employees by geographical area, see S1-6 Characteristics of the undertaking’s
employees.
Business model:
Core Activities
Key Inputs
Key Outputs
• Accounting, payroll, ERP
and IT services for
customers
• Consulting
• Support and administrative
activities
• Skilled employees (own
workforce)
• IT hardware and software
• Infrastructure (electricity
and IT infrastructure like
data storage)
• Office locations
• Accounting and payroll, and
IT services for customers,
who may focus on their core
business
• Return on investment for
investors
• Employee satisfaction
VIEW Group’s business model dictates which sustainability topics are most relevant to the Group. The company is a
major employer and a provider of critical accounting, payroll, and IT services for thousands of businesses. The
business model entails direct impacts, risks, and opportunities connected to operations. This applies, among other
things, to the impacts, risks and opportunities associated with its own employees, business ethics behaviors, and the
safety and privacy of its end users.
Core activities: VIEW Group delivers integrated accounting, payroll, and financial technology services that combine
financial expertise with advanced digital systems. Main activities are services in accounting, payroll, ERP, consulting
and IT services. In addition, VIEW Group has an administrative staff who provide internal shared services.
Key inputs: VIEW Group’s activities are reliant on a skilled workforce and robust it- and office infrastructure. IT
hardware and software are essential in performing these services and are secured through partnership agreements.
Key outputs and outcomes: The expected benefits for stakeholders include customer satisfaction and trust in our
digital services, alongside compliance with data privacy regulations. The company’s solutions provide tangible benefits
such as improved efficiency, automation of financial processes, greater flexibility, and access to modern, cloud-based
systems that reduce administrative burden and enhance decision-making. These outcomes help clients strengthen
competitiveness, meet reporting and compliance obligations, and focus resources on their core business. Investors
are receiving returns on their investments.
Value chain
The main features of VIEW Group's value chain are as follows:
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Upstream value chain: The upstream segment consists of various suppliers and sub-suppliers contributing to VIEW
Group's infrastructure and operations, providing raw materials, IT- hardware, and digital infrastructure necessary for
the undertaking's activities.
Downstream value chain: The downstream activities focus on how VIEW Group’s services are delivered and utilized,
emphasizing customer satisfaction, trust in digital services, and compliance with data privacy regulations.
SBM-2 Interests and views of stakeholders
VIEW Group’s stakeholders are those who can affect or be affected by the company’s activities. The affected
stakeholders are individuals or groups whose interests are affected or could be affected, positively or negatively, by
VIEW Group’s activities (directly or indirectly). The other main group of stakeholders are the users of VIEW Group’s
sustainability statements. VIEW Group’s key stakeholders are customers, suppliers and business partners,
employees, investors, and lenders. VIEW Group is committed to maintaining an open and continuous dialogue with its
stakeholders to ensure that their interests, concerns, and expectations are considered in our strategic decisions and
business model development. Stakeholder dialogues with key stakeholders were carried out in connection with the
DMA. See further description under ESRS 2 IRO-1, on page 20.
The board and GMT are informed of key stakeholders' views through the processes described above. VIEW Group
has no plans to make changes to the overall strategy or business model because of the dialogue with the
stakeholders.
Stakeholder engagement
Stakeholders
Type of engagement
Purpose
Employees
- Bi-weekly employee surveys by
Winningtemp
- Annual survey on sustainability
- Annual employee interview
- Town hall meetings
- Representation in the Board of Directors
- Representation in the Working
Environment Committee (AMU)
- Whistleblower channels
- Get information on the
interests and views of
employees regarding
sustainability topics and
human rights
- Enhance employee well-
being
- Inform the employees
and foster transparency
- Inform the DMA
Customers
- Day-to-day customer contact with Key
Account Managers or designated customer
contacts
- Annual customer satisfaction surveys
- Interviews regarding sustainability
- Deliver services to
customers’ satisfaction
- Get information on the
interests and concerns
of customers on
sustainability topics
- Inform the DMA
Suppliers/
Software
partners
- Meetings with substantial suppliers
- Ongoing dialogue with system owners
- Get information on the
interests and views of
partners
- Feedback from users of
the software
- Support
- Present VIEW Group’s
Code of Conduct for
Suppliers
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Investors,
financial
institutions
and lenders
- Regular meetings
- Get information on the
interests and views of
owners and lenders
regarding sustainability
topics and present
relevant information on
the development of
VIEW Group
SBM-2, paragraph 12
ESRS S1 Own workforce
VIEW Group is informed by the interests, views, and rights of our
employees through employee surveys and town hall meetings,
leadership coaching, and performance reviews. These engagements
aim to mitigate material potential and actual negative impacts by
enhancing employee well-being, fostering transparent
communication, and promoting career development.
SBM-2, paragraph 9 ESRS
S2 Workers in the value
chain
Information about interests, views, and rights of workers in the value
chain are mainly obtained by using publicly available information
regarding the risks of human rights violations in the value chain of IT
hardware. VIEW Group has not conducted interviews or in other
ways been in personal contact with workers in the value chain. See
S2 Workers in the value chain for more information.
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business
model
VIEW Group’s material impacts are linked to its digital accounting and financial services business model. The
company’s reliance on technology, data processing, and skilled employees connects its material topics—climate,
workforce, customers, and business conduct—to core activities and strategy. Environmental impacts arise from
energy use and digital infrastructure; social impacts from workforce well-being and competence needs; customer-
related impacts from data privacy and security; and governance impacts from ethical conduct and compliance. These
areas are central to VIEW Group’s strategic objectives and long-term value creation, making responsible management
of these impacts an integral part of its growth model.
VIEW Group identified its material impacts, risks and opportunities (IROs) by performing a DMA, see IRO -1, page 20.
The identified IROs were related to Climate Change (E1), Own Workforce (S1), Workers in the Value Chain (S2),
Consumers and end-users (S4) and Business Conduct (G1), see table below. More details on how these elements
are integrated into our strategy and how VIEW Group addresses specific issues are described in the sustainability
statement under each relevant topical standard. VIEW Group has opted for the phase-in regulation in ESRS 2 BP -2,
and a brief description regarding consumers and end-users is provided at page 10.
VIEW Group’s material impacts, risks and opportunities are expected to unfold over time. The assessment is based on
the time intervals set out in Chapter 6 of ESRS 1.
VIEW Group has not identified nor quantified current financial effects of material risks and opportunities on financial
position, financial performance and cash flows and material risks and opportunities for which there is significant risk of
material adjustment within next annual reporting period to the carrying amounts of assets and liabilities reported in
related financial statements.
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VIEW Group has not conducted an assessment of the resilience of the Group’s strategy and business model
regarding its capacity to address its material impacts and risks and to take advantage of its material opportunities. The
IROs identified regarding health and well-being of the Group’s own workforce and cybersecurity are topics that are the
core of VIEW Group’s business model and are continuously evaluated and improved.
Material impact, risks and opportunities
Value chain location
Time horizon
Up-
stream
Own
activities
Down-
stream
Short-
term
Medium-
term
Long-
term
E1 Climate Change
Climate change mitigation
GHG emissions
Actual negative impact
x
x
x
x
x
S1 Own Workforce
Working conditions
Excessive workloads in periods
Potential negative impact
x
x
x
x
Excessive workloads in periods
Risk
x
x
x
x
Health issues related to office
work
Actual negative impact
x
x
x
x
Health issues related to office
work
Risk
x
x
x
x
Training and skills development
Knowledge gap on sustainability
Risk
x
x
Diversity and equal treatment
Lack of specific DEI policy
Potential negative impact
x
x
S2 Workers in the value chain
Working conditions
Violations of human rights
Potential negative impact
x
x
x
x
Other work-related rights
Child labor, forced labor
Potential negative impact
x
x
x
x
S4 Consumers and end-users
Personal safety of consumers and/or end-user
Non-compliance of GDPR/Data
breach risk
Potential negative impact
x
x
x
x
x
Non-compliance of GDPR/Data
breach risk
Risk
x
x
x
x
x
G1 Business Conduct
Corporate Culture
Prevention of corruption and
bribery
Potential negative impact
x
x
x
x
x
x
Impact, risk and opportunity management
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities
The Double Materiality Assessment (DMA)
The double materiality assessment combines two perspectives: how VIEW Group’s activities impact people and the
environment and how sustainability matters can influence the Group’s financial performance. The assessment carried
out considered both positive and negative impacts in own activities, and throughout VIEW Group’s upstream and
downstream value chain. The financial risks and opportunities that may arise due to the identified potential or actual
impacts and/or dependencies or other sustainability matters, were also evaluated.
The DMA was conducted in alignment with the ESRS requirements. VIEW Group recognizes that there is potential for
improvement in the coming DMA process, with increased involvement across the Group and additional stakeholder
involvement. This will be addressed in future DMAs, as this is a continuous process.
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Methodology
The DMA has been conducted with a top-down approach. The process started assessing the sustainability topics in
ESRS 1, AR 16, identifying a long list of possible impacts, risks, and opportunities (IROs) across VIEW Group
operations. The comprehensive list of IROs was assessed through systematic scoring to prioritize the most material
impacts, risks, and opportunities. VIEW Group’s double materiality process focused on identifying areas within own
activities and the value chain, that presents heightened risk of adverse impacts due to specific activities, business
relationships, and geographies.
All potential impacts were evaluated for potential interdependent risks and opportunities. The financial risk of the
dependencies on the availability of natural and human resources was also evaluated. Risks or opportunities were
evaluated to find whether they had a material influence or could reasonably be expected to have a material influence
on VIEW Group’s development, financial position, financial performance, cash flows, access to finance, or cost of
capital.
Applying the methodology outlined above, VIEW Group did not identify any climate-related risks and opportunities as
material. No scenario analysis was deemed necessary at the time, but a climate-risk analysis, including scenario
analysis, will be considered when performing VIEW Group’s next DMA.
Assessment of impacts, risks and opportunities
Impact materiality was evaluated based on severity and likelihood. The severity of the impact is measured by its scale,
scope, and irremediability.
➢ Scale - how grave is the impact on people or the environment
➢ Scope - how widespread the impact is
➢ Irremediability - how difficult would it be to remediate the negative impact
The thresholds that were applied for scale, scope, and irremediability followed a scale of 1-4, ranging from low (1) to
critical (4) impact. The thresholds for likelihood followed a similar scale, where (1) indicates a very low and (4)
indicates very high likelihood or actual happening. For potential negative human rights-related impacts, severity was
prioritized over likelihood, in line with the ESRS framework.
Financial materiality was also assessed based on severity and likelihood. Severity ranging from 1-4, (1) being low, and
(4) being critical. The financial thresholds have been used with a large degree of uncertainty. Due to lack of available
financial information and uncertainty about financial outcomes, it was not possible to perform financial estimations or
calculations. Therefore, the assessments were made qualitatively based on the scales for severity and probability. The
severity was assessed based on the assumed size of the potential loss or gain the potential risk and opportunity may
have for VIEW Group. The thresholds for likelihood followed the same scale as for impact materiality. The threshold
for materiality was set at a score of 9 or higher.
The assessments were quality-assured through internal workshops held by the Sustainability Working Group and
internal sustainability experts. Subject matter experts were consulted with regards to relevant topics. The quantitative
scoring was supplemented with an overarching qualitative assessment to make sure the shortlist accurately reflected
VIEW Group’s material IROs. The assessment was followed by stakeholder engagement. The insights from
stakeholders helped inform the assessment and decisions regarding material IROs. The process has been repetitive,
combining internal insights with external expertise. Initial IRO evaluations were conducted early, followed by
stakeholder input to validate and refine the findings. In the process VIEW Group has not conducted consultations with
affected communities.
Employee Surveys: Employee survey on sustainability was sent out to all employees and had a response rate of
around 23%-40% (some answered the survey in part). Employees' opinions on VIEW Group's impacts, risks and
opportunities were gathered and addressed in the DMA process.
Dialogue with Customers: Three customer interviews were conducted: It revealed that customers were concerned
with the wellbeing and working environment of employees, about emissions and environmental impacts related to IT
equipment and services, and potential risks related to cybersecurity and GDPR compliance.
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The Sustainability Working Group presented the findings of the DMA to GMT. The IROs were then formally presented
to the audit committee and adopted by the board.
IRO-1, paragraph 20,
21 ESRS E1 Climate
change
To identify and assess climate-related IROs VIEW Group did a two-step
process. First, the Group considered climate-related IROs as part of its
DMA. A general qualitative assessment was carried out considering the
industry, business model, and geography. VIEW Group identified actual
negative impacts related to climate change mitigation as there is
greenhouse gas emission across the value chain. Second, a
comprehensive inventory of GHG emissions was established, which
clearly identified the Group’s principal sources of GHG emissions.
VIEW Group has not conducted a formal resilience or scenario analysis
regarding climate risks.
IRO-1, paragraph 6
ESRS G1 Business
conduct
In relation to identifying and assessing IROs regarding business conduct
matters, VIEW Group has mainly focused on the activities performed by
the Group as a provider of accounting services and the general risks in
the accounting sector in our markets in the Nordic countries, Poland and
UK.
IRO-1- Processes for assessing non-material sustainability topics
ESRS Topic
Overall assessments underlying the materiality conclusion
E2 Pollution
VIEW Group screened its business activities and site locations and did
not identify any actual or potential IROs in connection to pollution in its
own activities. VIEW Group provides accounting and IT services from
office locations located in cities and, with no direct pollution stemming
from its services. Ther may be some risk in the value chain, but the
overall likelihood and impact from VIEW Groups activities remain low.
E3 Water and marine
resources
VIEW Group operates in areas without water usage restrictions, and the
Group activities have low water consumption, as VIEW Group provides
accounting and IT services from office locations located in cities. VIEW
Group has no use of marine resources. VIEW Group has not identified
risk connected to the use of water and marine resources in the value
chain.
E4 Biodiversity and
ecosystems
VIEW Group provides accounting and IT services from office locations
located in cities and, therefore, biodiversity and ecosystem-related IROs
have not been assessed in any detail as the risk is considered low.
Ther may be some risk in the value chain, but the overall likelihood and
impact from VIEW Groups activities remain low.
E5 Circular Economy
VIEW Group screened its assets and activities to identify IROs in its own
activities related to resource use and circular economy. VIEW Group did
identify some reuse of computers, but on a small scale, and therefore
the topic was not found material. WIEW Group did not use any specific
methodologies, assumptions, or tools in the screening.
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IRO -2 Disclosure requirements in ESRS covered by VIEW Group’s sustainability statement
The table in Appendix 1 outlines all ESRS disclosure requirements in ESRS 2 and the four topical standards that are
material to VIEW Group: ESRS E1 Climate Change, ESRS S1 Own Workforce, ESRS S2 Workers in the Value Chain,
and ESRS G1 Business Conduct. These standards have guided the preparation of the Group’s sustainability
statement. The table serves as a navigation tool, allowing readers to locate information on specific ESRS disclosure
requirements.
VIEW Group has concluded, based on our DMA, that the topics in ESRS E2 Pollution, ESRS E3 Water and marine
resources, ESRS E4 Biodiversity and ecosystems, ESRS E5 Resource use and circular economy, and ESRS S3
Affected communities were immaterial. These topics are therefore not included in the sustainability statement. S4
Consumers and end-users were found to be material, but due to phase-in regulations, the standard is not included in
the report. A short description of ESRS S4 is found under ESRS 2 BP-2, on page 10.
VIEW Group has disclosed information according to the Disclosure Requirements (including Application
Requirements) related to that specific sustainability matter in the corresponding topical ESRS based on the
conclusions of the DMA that a sustainability matter is material.
The information prescribed within a Disclosure Requirement including its datapoints is disclosed when VIEW Group
has assessed that the information is relevant from one or more of the following perspectives:
(a) the significance of the information in relation to the matter it purports to depict or explain; or
(b) the capacity of such information to meet the users’ decision-making needs, including the needs of primary users of
general-purpose financial reporting and/or the needs of users whose principal interest is in information about the
undertaking’s impacts.
At the end of the sustainability statement an index (Appendix 2) is listing all data points derived from other EU
legislation, their locations in the report, and an indication of whether any of them are deemed not material is included.
Both Appendix 1 and 2 are integrated parts of the sustainability statement.
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Environment
ESRS E1 Climate Change
Material IRO
Value chain location
Time horizon
GHG emission
Actual negative impact
Upstream,
downstream
Short-, medium-, and
long-term
The materiality assessment, described in disclosure requirement IRO-1, identified GHG emissions as an actual
negative impact. No climate-related risk was assessed as material for the short term, medium-term, and long-term
time horizons. VIEW Group opted to exercise the phase-in to omit disclosure of the financial effects from material
climate-related physical and transition risks and opportunities required in E1-9. For information on GOV-3, see
General Disclosures Section.
Strategy
Disclosure Requirement E1-1 – Transition plan for climate change mitigation
VIEW Group does not have a transition plan for climate change mitigation as of 2025. The insights given with the
GHG inventory calculated for 2025 will enable WIEW Group to decide whether a transition plan and GHG emission
targets will be beneficial for future work regarding climate change mitigation in the Group.
Impact, risk and opportunity management
SMB-3, paragraph 18,
19 ESRS E1 Climate
change
The Group’s principal sources of GHG emissions are related to office
activities and business travel. Furthermore, emissions are generated
across the upstream value chain, particularly through the production of IT
equipment, data storage, and the transportation of goods and services.
Based on the findings, VIEW Group did not find climate-related risks
material when conducting its DMA, and no formal resilience or scenario
analysis has been conducted beyond the considerations included in the
DMA. VIEW Group operates in accounting and IT services, which involves
asset-light and knowledge-based activities with limited direct exposure to
physical climate risks. Activities are mainly in the Nordic countries and the
United Kingdom, where climate-related risks are not currently expected to
materially affect the viability of the business model or the execution of the
strategy in the short to medium term. VIEW Group will monitor climate-
related risks and reassess the need for more detailed analysis in future
reporting periods.
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Disclosure Requirement E1-2 – Policies related to climate change mitigation and adaptation
The overarching VIEW Group ESG Policy defines direction, principles and responsibilities for sustainable and
responsible business conduct (ESG). The ESG Policy was adopted in March 2025 and is a relatively new part of
VIEW Group’s policy framework. The ESG Policy is applicable to all companies in the Group. The policy is signed and
supervised by the CFO. The implementation of the policy will be starting in 2026, delegated to ESG ambassadors for
each country.
This overarching ESG Policy encompasses the Group’s policy regarding climate change. This new policy states that
the overall goal is to conduct all operations and work-related activities in an “environmentally responsible manner”.
Furthermore, the policy addresses climate change mitigation matters through commitments to minimize environmental
impact. Key focus areas include reducing emissions from business travel by prioritizing digital meetings, sustainable
procurement of IT equipment prioritizing energy-efficiency, long lifespan, and recyclability, which is a practice already
in place.
VIEW Group’s ESG policy does not specifically address climate change adaptation or renewable energy deployment.
Disclosure Requirement E1-3 – Actions and resources in relation to climate change policies
Most of VIEW Group’s GHG emissions are indirect emissions from the value chain, see E1-6. VIEW Group recognizes
that the Group can reduce its overall carbon footprint by actively considering climate change mitigation in its decisions
and value chain activities.
Key actions in 2025:
Actions
Decarbonization levers
Reducing business travel through digital
meeting solutions.
Reducing emissions
Collaboration with an external company who
specializes in circular IT- services
5
for secure
reuse and recycling of IT equipment.
Circular economy
Prioritizing energy-efficient hardware.
Energy-efficiency
The amounts of operational and capital expenditure required for the implementation of these actions are not
considered material. Reduction of business travel saves operational expenses. VIEW Group has not calculated the
achieved and expected GHG emission reductions outcome of the actions for climate change mitigation. 2025 is the
base year for VIEW Groups GHG emissions inventory and its starting point for measuring potential effects of actions
taken.
VIEW Group has not prepared a formal action plan to implement and follow up on the actions to address the negative
impacts related to climate change. Thus, the Group has not assessed the specific resource requirements needed to
5
Foxway https://www.foxway.com/no/?gad_source=1&gad_campaignid=21160193453&gbraid=0AAAAA9il2DguH7Ox_t-
oia3zCjxuc1Wh0&gclid=Cj0KCQiAubrJBhCbARIsAHIdxD98wK--
yC3V_QMd1YUFX2ZaO_PB40P1NRs5QZp_JPj8c9b6Z8R3D1IaAtKJEALw_wcB
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execute on necessary actions, but as most emissions originate from the upstream value chain the actions needed are
deemed to be mainly connected to purchasing policies and awareness. This will need both some human and financial
resources, but it may also reduce expenditure over time. There is limited knowledge of the extent to which financial,
human, and technological resources will influence implementation.
Metrics and targets
Disclosure Requirement E1-4 – Targets related to climate change mitigation and adaption
VIEW Group has currently no targets in relation to GHG emission reduction.
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Disclosure Requirement E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions
VIEW Group GHG emissions:
Retrospective
Milestones and target years
Base
year
=2025
Compara-
tive
2025(N)
%N/N-1
2025
2030
(2050)
Annual
% target/
Base year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions
(tCO2eq)
1.3
1.3
Percentage of Scope 1GHG
emissions form regulated emission
trading schemes (%)
0 %
0%
Scope 2 GHG emissions
Gross location-based Scope 2 GHG
emissions (tCO2eq)
32.0
32.0
Gross market-based Scope 2 GHG
emissions (tCO2eq)
691.0
691.0
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG
emissions (tCO2eq) -location based
3,091.0
3.091
1. Purchased goods and services
2,265.0
2,265.0
2. Capital goods
8.2
8.2
3. Fuel and energy-related activities
(not included in Scope 1 or Scope 2)
14.0
14.0
4. Upstream transportation and
distribution
20.0
20.0
5. Waste generated in operations
60.0
60.0
6. Business traveling
117.0
117.0
7. Employee commuting
573.0
573.0
8. Upstream leased assets
27.0
27.0
9. Downstream transportation
10. Processing of sold products
11. Use of sold products
12. End-of - life treatment of sold
products
13. Downstream leased assets
14. Franchises
15 Investments
6,1
6,1
Total GHG emissions
Total GHG emissions (location-
based) (tCO2eq)
3,124.3
3,124.3
Total GHG emissions (market-
based) (tCO2eq)
3,783.3
3,783.3
VIEW Group’s Greenhouse Gas Emissions
VIEW Group presents its first greenhouse gas (GHG) inventory for 2025, and 2025 will be the base year for the
Group’s GHG reporting. Total GHG emissions for the Group amount to 3,124 tonnes of CO
2
e location based and
3,783 tonnes of CO
2
e market based. The Group’s climate impact is mainly driven by Scope 3 emissions. This reflects
an office-based business model with limited combustion activities in its own operations.
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VIEW Group follows the regulations in the ESRS and uses the standards of the GHG Protocol when presenting its
GHG inventory. The Group is using the operational control approach, which means that emissions from companies
and activities where VIEW Group has operational control are included. During 2025, VIEW Group completed mergers
and acquisitions that affected the reporting boundary. As a main principle, companies acquired during the year are
included in the GHG inventory from the effective date on which operational control was obtained. Where companies
were divested, emissions are included to the date operational control ceased.
Using a data platform
6
, the undertaking applies a hybrid GHG accounting approach that combines spend‑based
estimates (top‑down) with activity‑based data (bottom‑up) where available, ensuring flexibility and improved accuracy
over time. Financial spend-data is used as a starting point for Scope 1, Scope 2, and Scope 3, and is progressively
replaced with granular activity data (e.g., fuel consumption, energy use, and transport metrics) as these data become
accessible. The data platform uses emission factors from several sources. The platform’s parameter library contains
over 30,000 emission factors that are constantly maintained and expanded. Main sources include DEFRA (UK
Government GHG Conversion Factors), IPCC (Intergovernmental Panel on Climate Change), EPA (US Environmental
Protection Agency), OECD data and Eurostat, and EDGAR dataset. The platform works with research institutions to
ensure that the data source remains comprehensive and in line with methodological improvements.
No International Renewable Energy Certificates (I-RECs), removals, carbon credits or offsetting instruments are
included in the calculation of Scope 1, 2 or 3 GHG emissions.
Emissions by Scope - location based:
6
Morescope
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Emissions by Scope - market based:
Emissions by Scope
Scope 1
Scope 1 emissions amount to approximately 1.3 tonnes of CO
2
e and are related to mobile combustion. The low level
of emissions reflects limited use of company‑owned vehicles and the absence of material stationary combustion or
process emissions.
Scope 2
Scope 2 emissions relate mainly to purchased electricity and a smaller amount of purchased heat. Location based
emissions are 32.0 tonnes of CO
2
e and market based 691.0 tonnes of CO
2
e.
Scope 3
Scope 3 emissions represent most of the Group’s GHG emissions, with around 3,100 tonnes of CO
2
e. These
emissions constitute the Group’s most significant climate‑related impacts and are therefore the primary focus of the
climate‑related impact, risk and opportunity (IRO) assessment.
See a more detailed description of scopes 1, 2, and 3 below.
Emissions by country
Norway
38 %
Sweden
32 %
Finland
22 %
Poland
1 %
India
2 %
UK
5 %
GHG emisssions per country
(location based)
Norway Sweden Finland
Poland India UK
Norway
44 %
Sweden
26 %
Finland
23 %
Poland
1 %
India
1 %
UK
5 %
GHG emissions per country
(market based)
Norway Sweden Finland
Poland India UK
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The Group’s greenhouse gas (GHG) emissions reflect the geographical distribution of its activities, workforce, and
customer base. Emissions are concentrated in countries where the Group has its largest operational presence, most
employees, and the highest level of activity. The UK has a smaller share of the emissions than the size of its activities,
given that the acquisition of Cottons Group, which almost doubled the Group’s activities in UK, took place in
December of 2025, and therefore only a month of emissions are included.
Significant Scope 3 categories
VIEW Group has identified its significant Scope 3 GHG emission categories in accordance with the GHG Protocol
Corporate Value Chain (Scope 3) Accounting and Reporting Standard (2011). All 15 Scope 3 categories were initially
screened using appropriate estimates. Categories were subsequently assessed for significance based on a
combination of criteria, including:
– the magnitude of estimated GHG emissions;
– financial spend and relevance to the Group’s business model;
– the undertaking’s ability to influence emissions in the value chain;
– potential transition risks and opportunities; and
– relevance to stakeholder expectations.
Based on this assessment, the following Scope 3 categories have been identified as significant and prioritized for
disclosure:
➢ Purchased goods and services (Scope 3.1).
➢ Employee commuting (Scope 3.7).
➢ Business travel (Scope 3.6)
➢ Waste generated in operations (Scope 3.5)
Purchased goods and services represent the largest sources of Scope 3 emissions, driven by the Group’s purchase of
IT equipment, software‑related services, and other operational inputs. The category is considered significant due to its
potential high emissions and material financial expenditure. Employee commuting is identified as a significant
category due to its expected material emissions and its relevance for an office‑oriented organization. Business travel
is considered significant based on its magnitude of emissions relative to other operational activities and stakeholder
expectations regarding travel‑related emissions. Waste is included as a significant category due to its relevance to
operational sustainability, although it represents a minor share of total Scope 3 emissions.
Scope 3 categories will be reviewed annually. Updates will be made in the event of material changes in the Group’s
activities, acquisitions, value chain structure or data availability, in line with the GHG Protocol. The Group’s climate
impact is located mainly in the upstream value chain, rather than in its own operations. The Group expects data
quality and the share of activity‑based data—particularly within Scope 3—to improve over time as data availability
increases, and internal systems and processes are further developed.
Scope 3 Category
Assessment of non-significance
3.2 Capital Goods
VIEW Group does not acquire substantial
amounts of capital goods, and the category are
not considered significant.
3.3 Fuel and energy-related activities (not
included in scope 1 and 2)
VIEW Group does not use large amounts of fuel
and energy, and the category is not deemed
significant. (The category is automatic
calculated based on inputs in scope 1 and 2)
3.4 Upstream transportation and distribution
This category is not assessed significant, as
upstream transportation and distribution
activities are not material to the undertaking’s
business model as a service provider.
3.8 Upstream leased assets
This category is assessed as not relevant, as
the VIEW Group does not act as a lessee of
assets that generate material emissions.
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3.9 Downstream transport and distribution:
This category is not assessed as relevant, as
downstream transportation and distribution
activities are not material to the undertaking’s
business model as a service provider.
3.10 Processing of sold products:
This category is assessed as not relevant, as
VIEW Group does not sell products that require
further processing.
3.11 Use of sold products:
VIEW Group do not sell products that generate
material emissions when used.
3.12 End of life treatment of sold products:
This category is assessed as not relevant, as
VIEW Group does not sell physical products that
result in material end-of-life emissions.
3.13 Downstream leased assets:
This category is assessed as not relevant, as
the VIEW Group does not act as a lessor of
assets that generate material emissions.
3.14 Franchises:
VIEW Group do not have any franchises.
3.15 Investments:
VIEW Group has limited investments.
VIEW Group’s GHG inventory
Gross Scope 1 GHG emissions - own direct emissions
Scope 1 emissions of 1.3 tCO
2
e relate to mobile combustion from a few vehicles. Only one company in VIEW Group
operates vehicles as part of their activities. As a result, Scope 1 emissions represent a minor share of the Group’s
total GHG emissions.
Gross Scope 2 GHG emissions – purchased electricity, heat and cooling
GHG emissions of 32.0 tCO
2
e location-based/ 691.0 tCO
2
e market-based arise from the Group’s purchased
electricity, heat and cooling across its office locations. The Group has collected activity‑based data from 44 out of 62
locations, covering 82,5 % of the calculated emissions. For the remaining locations, we have used spend‑based
estimates where possible. For coming GHG emissions inventories, there is an ambition to have activity-based data for
all of Scope 2 emissions.
94.3 % of Scope 1 and 2 emissions are calculated using primary (activity‑based) data.
Limitations: We have used estimates when calculating Scope 2 emissions for December from Cottons Group, and
calculated the emissions based on the existing office location in the UK.
Gross Scope 3 GHG emissions – value chain
Total emissions in Scope 3 are calculated to 3,091.0 tCO
2
e.
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1) Purchased goods and services (Scope 3.1)
Purchased goods and services are the largest Scope 3 emission category with 2,265 tonnes of CO
2
e. Emissions
primarily relate to the purchase of IT equipment and digital infrastructure, which is used for internal activities.
Activity‑based data is used on a portion of purchased IT equipment, while most remaining emissions are estimated
using spend‑based methodologies.
Limitations: Due to lack of (sufficient) data we have used estimates for some of the smaller Finish companies based
on the average emissions per employee for this category in Sweden, which is a neighboring country with similar
features. The same estimates are used for the newly acquired Swedish company Seemly and for the Polish
subsidiary, for which we have not received any information in this category. For Cottons Group in the UK, we have
used the average emissions in this category from Petticoat, which has a similar business as Cottons, albeit smaller in
size.
2) Employee commuting (Scope 3.7)
Employee commuting represents the second largest material Scope 3 category, with emissions of 573 tonnes of
CO
2
e. Emissions related to employee commuting are calculated based on distance travelled times mode of transport.
Activity data has been collected through an employee commuting survey, where mode of transportation, number of
commuting days per week, and distance travelled by employees per week were collected. Average commuting
distance per mode of transportation per employee per week is calculated for each country, which then is multiplied by
number of employees and number of working weeks to get the annual emissions for employee commuting.
Limitations: We have only got responses from Norway, Sweden, Finland and India. The emissions from Poland and
UK were calculated using the Group’s average commuting distance per mode of transportation instead of country’s
average.
3) Business travel (Scope 3.6)
Business travel emissions are calculated to 117.0 tonnes of CO
2
e. Activity‑based data is used where available,
primarily from internal travel records.
1. Purchased
goods and
services
76 %
5. Waste
generated in
operations
1 %
6. Business
traveling
4 %
7. Emplyee
commuting
19 %
Significant Scope 3 Categories
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Limitations: Spend‑based data for business travel has not been used in the reporting period due to data quality
constraints. Estimates have been applied at Group level to reflect total business travel activity, based on the available
activity data. The availability of data has been limited, and there is therefore a risk of this category to be
underreported.
4) Waste generated in operations (Scope 3.5)
Waste‑related emissions are calculated to be 60.0 tonnes of CO
2
e.
Limitations: Data was available only for a limited number of VIEW Group’s locations. Many office locations have waste
management services included in the lease agreements, and detailed waste data is therefore not separately available
without doing substantial research. Based on the available information on 9 locations in Norway with a total emission
of around 9 tonnes of CO
2
e, we have estimated emissions of 1 tonne per location. VIEW Group have 60 locations,
and based on this assumption, – a total of 60 tonnes of GHG emissions from waste.
Limitations and uncertainties
The most significant uncertainties relate to Scope 3 Category 1 (Purchased goods and services), where emissions are
calculated using a spend‑based methodology. The categorization of spend relies on general assumptions to classify
purchases based on supplier type and available financial data, which may not fully reflect the actual emissions
intensity of the underlying goods and services. As more granular activity data and supplier‑specific information
become available, the accuracy of emissions will improve.
In addition, certain activity-based data required has not been fully available. This includes electricity consumption from
some of the smaller offices, waste data from office locations, and business travel data from all Group companies.
Furthermore, supplier‑specific information for IT equipment is only partially available, resulting in the use of estimates
or secondary data for certain purchases.
GHG emissions intensity 2025
VIEW Groups’ net revenue for 2025 amounts to 1,458 MNOK. Information about the Group’s revenue can be found in
VIEW Group’s financial statements on page 70, and in note 3.
2025
Total GHG emissions per net revenue tCO
2
e/MNOK (location-based)
2.14
Total GHG emissions per net revenue tCO
2
e/MNOK (market-based)
2.59
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Taxonomy
Introduction
The EU taxonomy is a classification system designed to assist companies and investors in identifying environmentally
sustainable economic activities, thereby facilitating sustainable investment decisions. These activities should make a
substantial contribution to at least one of the EU’s climate and environmental objectives while not significantly harming
any of these objectives and adhering to minimum safeguards. The EU Taxonomy Regulation is a key part of the
European Green Deal, which aims to make Europe a climate-neutral continent by 2050. It provides a framework to
guide investments into environmentally friendly activities.
VIEW Group EU Taxonomy disclosures for 2025 have been prepared in accordance with the Taxonomy Regulation
(EU) 2020/852 and the Disclosure Delegated Act (EU) 2021/2178, as implemented in Norwegian law (“Lov om
bærekraftig finans”). The regulatory changes simplifying EU Taxonomy reporting in Commission Delegated Regulation
(EU) 2026/73, are effective from January 1st, 2026, in EU. The Norwegian Ministry of Finance have confirmed that
Norwegian companies may use these simplifications for their 2025 reporting, and VIEW Group has applied the
Simplified EU Taxonomy reporting option. The key adjustments include the application of a 10% materiality threshold,
meaning that activities assessed as non-material are not further assessed for Taxonomy eligibility or alignment and
are instead disclosed in summary as ‘not assessed due to non-materiality’.
Screening process
A taxonomy-eligible activity is an economic activity that falls within the scope of the EU Taxonomy Regulation and is
listed in the delegated acts as potentially environmentally sustainable. These activities are identified based on their
potential to contribute to one or more of the six environmental objectives outlined in the regulation. Eligible activities
are then again assessed using the technical screening criteria to determine taxonomy alignment.
VIEW Group has identified economic activities by screening the economic activities relevant to our industry in the
Climate Delegated Act (2021/2139), the Complementary Climate Delegated Act (2022/1214), the Environmental
Delegated Act (2023/2486) and the amendments to the Climate Delegated Act (2023/2485). All economic activities
were screened for Taxonomy eligibility in accordance with these Delegated Acts. The identified taxonomy-eligible
activities are connected to climate change mitigation (CCM):
➢ CCM 7.7 Acquisition and ownership of buildings. VIEW Group recognizes right-of-use assets for buildings and
property; therefore, this is included in reporting.
➢ CCM 8.1 Data processing, hosting and related activities. VIEW Group provides a wide variety of services to
customers through data centers.
Given the simplifying regulations, no further assessments need to be conducted if VIEW Group do not identify any
taxonomy-eligible activities which accumulated constitute more than 10% of the relevant KPI. Activities contributing
less than 10% to the respective KPI denominators are found as ‘not assessed due to non-materiality’ in line with the
EU Taxonomy simplification rules.
Accounting Principles
Financial data in this report is reported in line with IFRS Accounting Standards and refers to VIEW Group’s 2025
consolidated financial statements. The information is prepared on a Group consolidated level and presented in
Norwegian kroner (NOK), as in the consolidated financial statements.
Right-of-use assets recognized in accordance with IFRS 16 are considered to fall under the scope of the activity
"Acquisition and ownership of buildings."
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Turnover
Turnover comprises the fair value for the sale of goods and services, and amounts to a total of 1,458 MNOK. More
information on how different types of revenue are recognized in VIEW Group can be found in Note 3 to the Financial
Statements.
Taxonomy-eligible turnover consists of revenue, in accordance with the IFRS standard, associated with taxonomy-
eligible activities. Revenues from data processing, hosting and related activities (CCM 8.1) account for taxonomy-
eligible turnover of NOK 24,4 MNOK and subletting of Right-of-use assets (CCM 7.7) account for taxonomy-eligible
turnover of 6,4 MNOK. Aggregated a total of 30,85 MNOK which accounts for 2,1% of VIEW Groups total turnover.
As their cumulative value falls below the 10% materiality threshold no further assessment and reporting on turnover
will be necessary.
Operating Expenditure
The KPI for Operating Expenditure (OpEx) need only to be calculated if operational expenditure, as defined in the
Taxonomy, is material for the business model. If the economic activities are not assed to be material VIEW Group may
omit assessing whether operational expenditure related to all its economic activities are taxonomy-eligible or
taxonomy-aligned, provided that:
(a) the disclosure of the total value of the OpEx KPI denominator referred to in Section 1.1.3.1 of Annex I to (EU)
2021/2178;
(b) an explanation of why the operational expenditure is not material for the business model.
The OpEx denominator shall cover direct non-capitalised costs that relate to research and development, building
renovation measures, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-
to-day servicing of assets of property, plant and equipment by VIEW Group or third party to whom activities are
outsourced that are necessary to ensure the continued and effective functioning of such assets.
VIEW Group has assessed its operational expenditure and found that
NOK 0,711 MNOK (0%) of the Group’s total operational expenditure of 1,351 MNOK (see Consolidated Income
Statement page 70 and note 5 to the Financial Statement) fell within the EU Taxonomy definition of OpEx. Based on
this, taxonomy OpEx are not considered material for VIEW Group’s business model. Accordingly, the OPEX KPI is not
reported in the 2025 report.
Capital Expenditure
Capital expenditure (Cap Ex) as defined in EU 2021/2178 covers additions to tangible and intangible assets during the
financial year considered before depreciation, amortization and any re-measurements, including those resulting from
revaluations and impairments.
In VIEW Group, additions in buildings and properties including right-of-use assets (activity CCM 7.7 Acquisition and
ownership of buildings) accounted for 11.25 MNOK of a total CapEx of 306.2 MNOK (3.7 %) making it not material
according to the amended Taxonomy regulations, see notes 9, 10 and 11 to the Financial Statement.
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Conclusion
All VIEW Group’s eligible activities fall below the 10% materiality threshold, both for the Turnover KPI and the CapEx
KPI. OpEx KPI is not reported as OpEx is assessed as not material for VIEW Group’s business model. No further
detailed Taxonomy reporting is required for these activities, as their cumulative contribution remains below the 10%
materiality threshold. The assessment will be refreshed annually, and reporting will be expanded if the threshold is
exceeded.
2025
Climate
Change
Mitigatiom
Climate
change
Adoption
Water
Circular
Economy
Pollution Biodiversity
NOK thousands % MNOK % % % % % % % % % % MNOK %
Turnover 1 458 671 000 0 0 0 0 0 0 0 0 0 0 0 2,10 % N/A N/A
CapEx 306 226 0 0 0 0 0 0 0 0 0 0 0 3,70 % N/A N/A
OpEx 711 0 0 0 0 0 0 0 0 0 0 0 0 % N/A N/A
Proportion of
Taxonomy-aligned
activities in
previous
financial year
(N-1)
Breakdown by environmental objectieves of Taxonomy-aligned avtivities
Total
KPI
Proportion of
Taxonomy
eligible
activities
Taxonomy
aligned
activities
Proportion of
Taxonomy
aligned
activities
Proportion
of
enabling
activities
Proportion of
transitional
activities
Not assessed
activities
considered
nonmaterial
Taxonomy-
aligned
activities in
previous
financial year (N-
1)
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Social
ESRS S1 Own Workforce
Material IROs
Value chain location
Time horizon
Excessive workloads
in periods
Potential negative
impact, risk
Own activities
Short-, medium-, and
long-term
Health issues related
to office work
Actual negative impact,
risk
Own activities
Short-, medium-, and
long-term
Knowledge gap on
sustainability
Risk
Own activities
Medium-term
Lack of specific DEI
policy
Potential negative
impact
Own activities
Medium-term
Strategy
SBM-3, Material
impacts, risks and
opportunities and
their interaction with
strategy and
business model
At the end of 2025, VIEW Group had a workforce of around 1,200 people,
which are all included in this report. Own workforce means all permanent
and temporary employees in VIEW Group, as well as hired consultants,
temps or self-employed (non-employees). VIEW Group has a very limited
number of non-employees, and they perform the same activities as the
rest of VIEW Group’s workforce. Hereafter the workforce will collectively
be referred to as own employees. The Group’s employees work mainly as
accountants, advisors, consultants, and administrative staff.
The identified material impacts: excessive workloads in periods, and
health issues related to office work, are directly connected to VIEW
Group’s business model as provider of accounting and IT services. Long
working hours due to deadlines in accounting and payroll activities,
occupational health issues connected to sedentary work, and challenges
connected with diversity and inclusion, are actual and potential negative
impacts that can be found in the Group. The Group has taken several
actions to mitigate the negative impacts. See S1-4, page 41.
The identified negative impacts may result in a financial risk for the Group.
Excessive workloads, and health issues related to office work, may lead
to increased costs due to a high level of sick leave and lower productivity
and job satisfaction. The latter may also result in a higher turnover with
cost implications.
Financial risk may also result from limited knowledge of sustainability
across the organization, as this may result in lost business opportunities
and thus loss of potential income. Lack of sustainability knowledge may
result in a reputational risk, as there will be expectations from customers
about knowledge in this area in a medium-term timeline. By helping its
customers navigate ESG expectations, VIEW Group can enhance the
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38
value of its services, making sustainability a natural extension of its
existing offerings.
Employees working with accounting and payroll activities, which often
encompass tight deadlines, are at greater risk of harm related to negative
impacts from excessive workloads and stress during periods. All
employees are at risk of experiencing health issues related to office work.
The Group has employees in India, which is considered a high-risk
country for both forced labor and child labor. Even with laws in place, child
labor and forced labor still occur in the country, especially in rural eras
and in agriculture and production-industry. VIEW Group’s activities in the
city of Bangalore in India are related to accounting services and IT-
support, which require higher education.
VIEW Group has not identified material risks or opportunities arising from
impacts or dependencies on people in its own workforce that relate to
specific groups of employees. Based on our current assessment, no
groups of employees have been subject to differentiated or group-specific
impacts that would require separate disclosure.
Disclosure Requirement S1-1 – Policies related to own workforce
As mentioned on page 25, the VIEW Group ESG Policy is VIEW Group’s main overarching policy regarding ESG, and
it includes policies regarding its workforce. The policy defines direction, principles, and responsibilities for sustainable
and responsible business conduct. In addition to the ESG Policy, there are country specific employee guidelines for
Norway, Sweden, UK, and India. View Group in Poland is using the Norwegian guidelines. VIEW Group in Finland is
in the process of merging several small accounting firms, and when the merger is completed, a new common
guideline for employees will be prepared.
Policies regarding impacts, risks and opportunities
The ESG Policy states that VIEW Group is working in a targeted and systematic manner for decent working
conditions. This is reflected in the Group’s employees’ handbooks and guidelines. To mitigate the negative impacts,
there are regulations about flexible working hours, home-office options
7
and ergonomic office furniture and physical
therapy recommendations. VIEW Group UK has a highly detailed staff handbook which in addition regulates flexible
holidays, giving added flexibility to the employees. The combined Code of Conduct and Corporate Policies for VIEW
Group India adhere to Indian labor laws governing working conditions, leave and employee rights.
Diversity and inclusion principles are included in VIEW Group’s existing policies, including the Code of Conduct and
employee guidelines, which states equal treatment, non-discrimination, and respect for all employees. However, VIEW
Group does not have a specific policy for diversity and inclusion, aimed at the elimination of discrimination, which is
deemed to have a possible negative impact. Nor does VIEW Group have specific policy commitments related to
inclusion or positive measures for groups that may be particularly vulnerable within its workforce. VIEW Group is in
the process of strengthening and structuring its approach to inclusion and diversity, including development of explicit
commitments and targeted measures.
7
For the Norwegian employees this is regulated in the employee contract and in law. In India there are no mention of working from
home.
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The VIEW Group ESG Policy further states that VIEW Group is working to enhance employees' awareness of
sustainable choices and provide them with knowledge to make responsible decisions in their daily work. The policy
also states that the Group seeks to influence clients to make sustainable decisions by offering insights and advisory
services grounded in its sustainability expertise. This helps to anchor and reinforce the Group’s sustainability efforts.
Human Rights policies
VIEW Group is committed to respecting internationally recognized human rights across its operations These principles
are embedded in the Code of Conduct, and although the guidelines do not explicitly mention human rights
commitments or cite specific human rights frameworks, they are based on Norwegian law, which is aligned with
internationally recognized standards, including the UN Guiding Principles on Business and Human Rights and the ILO
Conventions. The guidelines provide information and guidance for employees and managers, while also regulating the
prevention and management of discrimination and harassment. For VIEW Group’s international workforce, the same
principles for preventing and managing discrimination and harassment apply through local policies or legislation. In
India, they also have provisions regarding menstrual leave one day per month and other mandatory schemes included
in their policy.
Neither the ESG Policy nor any guidelines provide or enable any clear measures for engagement with employees or
remedy for negative human rights impacts. VIEW Group’s policies for employees do not explicitly address human
trafficking, forced labor or child labor.
The VIEW Group ESG Policy emphasizes the importance of a decent working environment, but VIEW Group does not
have specific policies for accidents in the workplace. Given the nature of the work, a specific policy regarding
accidents is not deemed necessary.
While certain human rights topics, such as forced labour, child labour, and human trafficking, are not currently
addressed in policy documents, these risks are considered as part of the Group’s overall risk assessments. VIEW
Group will continue to further develop and formalize its approach to human rights, including more explicit articulation
of key risk areas and expectations across the organization and value chain.
Disclosure Requirement S1-2 – Processes for engaging with own workforce and workers’
representatives about impacts
VIEW Group has regular engagement with its employees, where topics like working conditions and health issues are
discussed. Engagement with the Group’s employees primarily takes place through regular employee surveys,
individual performance reviews, and internal meetings. Employees are further involved in decision-making processes
through representation on the Board of Directors, the presence of safety delegates, and participation in the Working
Environment Committee (AMU).
For effective two-way communication, VIEW Group utilizes a variety of channels designed to both share important
information and actively listen to employee feedback. The Group conducts short employee surveys bi-weekly with help
of a platform
8
designed for conducting employee surveys and analyzing feedback. The surveys include questions
about a range of topics including work environment, engagement, company culture, job satisfaction, as well as about
harassment and discrimination. It opens for general written feedback, enabling employees to express their views
anonymously. Based on insights from these surveys, regular engagement sessions, ”temperature meetings”, are
conducted with staff to review and discuss the results. These surveys are an important tool for identifying areas of
improvement and ensuring that employees can make their views known.
8
Winningtemp; https://www.winningtemp.com/no
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One-on-one performance and development dialogues between employees and their managers are held once a year.
These sessions provide a structured environment for personal feedback, goal setting, and mutual dialogue.
VIEW Group holds regular town hall meetings in all countries where it operates. These meetings are an opportunity for
leadership to share key updates, strategic goals, and achievements, while also allowing employees to ask questions
and voice their thoughts directly. The Group also uses its internal communication platform, VIVA Engage, as a central
hub for news, updates, and resources. It allows employees to interact, share insights, and stay informed about what is
happening across the organization.
In VIEW Group Norway, a Diversity Committee has been established to promote inclusion and awareness across the
organization. The committee consists of four employees plus a committee leader from the HR department. The
committee uses a structured content calendar to facilitate regular events, discussions, and awareness activities
throughout the year. A Diversity Committee is also under establishment at Group level, where one representative from
each country will participate. These initiatives aim to strengthen knowledge, belonging, and visibility across identities,
beliefs, and life situations.
VIEW Group’s HR Director has operational responsibility for the engagement with employees. The HR Director
oversees the overall strategy and makes sure that employee engagement is embedded in organizational practices. In
addition, each country has its own Managing Director who, supported by HR’s processes, is responsible for workload,
wellbeing and working conditions, implementing engagement initiatives locally, and for the insights from employee
interactions to be reflected in local decision-making and operations.
Disclosure Requirement S1-3 – Processes to remediate negative impacts and channels for own
workforce to raise concerns
VIEW Group wants to be informed of any kind of misconduct in the organization and encourages the reporting of
discrimination, harassment, and other forms of misconduct through multiple channels.
Employees can report misconduct to their immediate manager or to the safety representative. If the issue relates to
one of these individuals, or if the employee does not wish to report to them for some other reason, the employee can
report to the manager’s or safety representative’s immediate superior. Another alternative is to report via the Group’s
whistleblowing reporting channel: www.myreport.com/www.mittvarsel.no. There is also an option to report
anonymously. For a more detailed description of the reporting process, see G1-1.
The bi-weekly surveys described above in S1-2 give the possibility to submit feedback on whatever is on the
employee’s mind, including grievance or complaints. Through these surveys, employees can raise concerns
anonymously, directly with HR or managers. Upon receipt of any report, the HR department will evaluate the
complaints, and appropriate corrective actions will be taken. Grievance or complaints handling mechanisms related to
employee matters are also connected to the yearly employee interviews. In these formal conversations, employees
are encouraged to speak up regarding complaints and other topics which they are concerned about.
As part of the ongoing employee surveys conducted throughout the year, VIEW Group also gathers information on
whether and how its workforce is aware of and has confidence in the structures or processes available for raising their
concerns or needs and having them addressed. Together, these inputs provide a picture of the organization’s speak-
up-culture, levels of trust, and perceived psychological safety related to the reporting of misconduct and grievance,
even though the effectiveness of the reporting channels is not currently formally evaluated.
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Disclosure Requirement S1-4 – Taking action on material impacts on own workforce, and
approaches to managing material risks and pursuing material opportunities related to own
workforce, and effectiveness of those actions
VIEW Group has implemented several actions to address its potential and actual negative impacts.
Key actions in 2025
Expected outcome
Time horizon
Flexible working hours and hybrid
work arrangements.
These actions may help
employees with everyday
challenges and improve the
work-life balance in times of
excessive work.
Ongoing
Access to proper ergonomic
support including ergonomic
furniture and equipment and
regular physiotherapist visits.
Mitigate the negative effect of
prolonged sitting.
Ongoing (Norway)
Organizing various social events
for employees is a key priority
across all offices, supporting
social and psychological well-
being. Activities like sauna,
running club, knitting evenings,
“Fika”, indoor sports, use of SATS’
complimentary online training
platform, “Bring Your kids to Work
Day” or other casual gatherings,
such as sharing a meal together.
Enhance the working
environment and mitigate stress
Ongoing
A mental wellbeing service
9
has
been introduced to support
employees’ mental health.
Mitigate stress and improve
mental health
Ongoing
Strengthen sustainability
competencies internally through
an established sustainability forum
and webinars
Reduce knowledge gap on
sustainability
Ongoing
Start the preparation of including
DEI in policies and guidelines
Formalizing a policy in 2026
The flexibility offered to the employees may help mitigate the stress of excessive workloads and reduce strain on the
physical and mental health in the workplace. In India, flexibility and working hours are in adherence to local
regulations.
9
The digital tool is called Auntie is an easily accessible, preventive mental-health service offered to all employees. The
service provides structured support and guidance from qualified professionals, with a focus on early intervention and
prevention.
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VIEW Group monitors and manages sick leave, to evaluate the effectiveness of the different actions taken to mitigate
the potential negative impacts of an excessive workload and prolonged sitting in front of computers. The company
receives aggregated and anonymized impact data from the digital mental health-tool, providing insight into service
utilization and self-reported outcomes. Data for 2025 indicates that employees who used the tool reported a reduction
in perceived stress, an increase in overall satisfaction, and an increase in their perceived ability to perform well at
work upon completing the program. The data are used as indicative effectiveness metrics for the company’s
preventive efforts related to mental health and are assessed alongside other HR indicators, including sick leave and
results from the regular surveys. The tool is an easily accessible support service fully financed by the employer and
forms part of the company’s broader approach to working environment, health, and prevention of work-related strain.
Other than this, VIEW Group does not have a systematic tracking and assessment of the effectiveness of these
actions and initiatives in delivering outcomes for its own workforce. VIEW Group does not have a specific process
through which the Group identifies what action is needed and appropriate in response to a particular actual or
potential negative impact on its own employees.
Management of material impacts related to the working environment, health, whistleblowing, and DEI (Diversity,
Equity and Inclusion) is embedded in the company’s standard HR and leadership responsibilities. In 2025, and going
forward, a dedicated HR resource corresponding to approximately 50% of a full-time position has been allocated to
work on sickness absence follow-up and DEI-related matters. In addition, several other HR resources contribute
continuously within these areas. Overall, these matters are managed through a combination of internal HR and
leadership resources, external service providers, and established processes, without the creation of fully dedicated
positions or detailed budget lines specifically assigned to each individual topic.
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Metrics and targets
Methods and estimations
Data is collected based on the actual headcount at the end of the reporting period. This
comprehensive data collection includes the number of employees, permanent employees,
temporary employees, non-guaranteed hours employees, full-time and part-time employees. The
number of leavers is reported based on the actual headcount. All information is collected based on
reports from the HR system or payroll system. All salaries have been calculated into Norwegian
Kroner, using the Norwegian Bank average exchange rate for 2025 for the valuta in question.
For one of the smaller companies acquired in 2025, Bilanssi Oy (15 employees), we have not
received any information regarding the workforce other than the number of employees and gender.
For the remaining of the employee calculations, we have used the assumption that that Bilanssi Oy
have similar data and ratios as the other Finish companies.
Disclosure Requirement S1-5 – Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
Monitoring employee well-being is an important priority for VIEW Group. Identified impacts and risks regarding
employee health, “excessive workloads in periods” and “health issues related to office work”, are monitored by
keeping track of sick leave and Employee Net Promoter Score (eNPS).
Sick leave is tracked regularly across the Group to provide insight into employee health and working conditions, and to
support follow-up actions where needed. In addition to sick leave, VIEW Group monitors employee engagement and
satisfaction through regular surveys, including eNPS and other relevant indicators. These metrics provide important
input to assess trends related to well-being, workload, and work environment.
While the Group has not yet established formal quantitative targets for all workforce-related topics, relevant KPIs are
continuously monitored and used as a basis for management follow-up and improvement initiatives. The development
of more structured targets and KPIs is part of the ongoing maturation of the Group’s sustainability framework.
Sick leave
Monitoring sick leave is important for VIEW Group, as it gives insight into the health and wellbeing of the employees.
The overall sick leave for the Group is calculated to 4.05%:
Country
Sick leave (short term + long term)
Norway
5.3%
Sweden
3.4%
Finland
3.2%
UK
1.8%
India
1.5%
VIEW Group
4.05%
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Norway
For VIEW Group in Norway there is a set target of keeping the sick leave below the Norwegian average sick leave
calculated by the Norwegian Statistics Bureau (SSB- Statistisk sentralbyrå). As the table below describes, VIEW
Group has met its targets for all quarters in 2025.
VIEW Group Norway
Norway SSB
Short term
Long term
Total
Short term
Long term
Total
Q4
0.97
4.70
5.67
1.03
5.55
6.58
Q3
0.67
4.00
4.67
1.01
5.46
6.47
Q2
0.40
3.90
4.30
1.00
5.55
6.55
Q1
0.90
4.88
5.78
1.07
5.64
6.71
Employee Net Promoter Score (eNPS)
To measure employee loyalty, VIEW Group tracks eNPS. In addition to loyalty, the score also gives information about
employee satisfaction, as an employee is more likely to be loyal to a company in which the employee feels content. In
2025, VIEW Group had a target for an eNPS score of over 15 for the whole Group. By the end of the year, the score
was 22. The yearly average was 16. For 2026, the target is a score above 20.
Disclosure Requirement S1-6 – Characteristics of the undertaking’s employees
The total number of employees broken down by gender and by country across the Group is presented in the tables
below.
Country
Number of employees
(headcount)
Norway
490
Sweden
259
Finland
192
India
73
UK
171
Poland
6
Total
1,191
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*Gender as specified by the employees themselves
Female employees make up approximately 65% of the total employees. The vast majority (99%) of our employees are
permanent: reflecting a stable employment structure. Temporary employment may be used for short-term needs or
specific projects.
The table below presents the number of employees by contract type, disaggregated by gender, and reported as
headcount. Employment categories are reported using the definitions that apply in each country where we operate.
Permanent, full-time, part-time, and non-guaranteed hours employees are classified according to the national rules in
the respective countries.
Female
Male
Other
Not reported
Total
Employees
770
421
0
0
1,191
Permanent
employees
762
419
0
0
1,181
Temporary
employees
5
5
0
0
10
Non- guaranteed
hours employees
0
0
0
0
0
Full-time
employees
681
399
0
0
1,080
Part-time
employees
87
24
0
0
111
Turnover
Number of employees
% of total
Turnover
155*
13%
The numbers in the table above are all in headcount and reflect status by the end of 2025. It includes voluntary
resignations, dismissals, retirements and death.
* For the newly acquired companies Cottons Group, Bilanssi Oy, Tilitoimisto Torn Oy, Tilitoimisto Auctora Oy, and
Auctora Yrityspalvelut Oy VIEW Group has estimated that these companies have the same level of turnover as the
organization as a whole, which is 13%. The total number of employees that have left VIEW Group during 2025 is
calculated to be 155.
Gender
Number of employees
(headcount)
Male
421
Female
770
Other*
0
Not reported
0
Total
1,191
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Disclosure Requirement S1-8 – Collective bargaining coverage and social dialogue
Collective Bargaining Coverage
Social Dialogue
Coverage Rate
Employees - EEA
Employees non-EEA
Workplace
representation (EEA
Only)
0-19%
Norway, Sweden, Poland
UK, India
20-39%
40-59%
60-79%
80-100%
Finland
Norway, Sweden,
Finland, Poland
Number of employees covered by collective bargain agreements is 0 in Norway, Sweden and Poland. In Finland we
have calculated a total of 90%=172 in total. This is based on 90% coverage in the Finish companies.
100% of the employees within EEA work in companies where employees are represented by workers’ representatives.
Disclosure Requirement S1-9 – Diversity metrics
VIEW Group has defined top management as leadership teams in Norway, Sweden and Finland.
The gender distribution in number and percentage at top management level:
Top management
Number of employees
(headcount)
% of total
Female
9
45%
Male
11
55%
Total
20
100%
The gender distribution of GMT is described on page 13.
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The age distribution for the total workforce in number and percentage:
Age
Number of employees
(headcount)
% of total
Under 30 years old
175
14,7%
30-50 years old
662
55,6%
Over 50 years old
354
29,7%
Total employees
1,191
100,0%
Disclosure Requirement S1-10 – Adequate wages
All of VIEW Group’s employees receive wages that meet or exceed the applicable adequate wage as determined by
legislation or collective bargaining agreements.
Disclosure Requirement S1-15 – Work-life balance metrics
All employees of VIEW Group are entitled to family-related leave in accordance with national legislation. This includes
maternity leave, paternity leave, parental leave and carer’s leave as defined under applicable law.
Around 10% of the total number of employees have been taken family-related leave during the reporting period. The
number of employees who have made use of these leaves during the reporting period is presented in the table below:
Number of employees
(estimated)*
Percent
Female
83
73%
Male
31
27%
Total
115
100%
* For Cottons Group, Bilanssi Oy, Tilitoimisto Torn Oy, Tilitoimisto Auctora Oy, and Auctora Yrityspalvelut Oy VIEW
Group has made the assumption that these companies have the same level of family-related leave as the organization
as a whole.
Disclosure Requirement S1-16 – Remuneration metrics (pay gap and total remuneration)*
Total remuneration includes fixed salary, variable pay, bonuses and other cash-based compensation. The highest-
paid individual is identified based on total annual remuneration within the reporting period.
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Gender pay gap
The unadjusted gender pay gap is 13 % for the whole Group.
The gender pay gap is primarily driven by workforce composition. During the last year, the Group has completed
several acquisitions where senior leadership positions were predominantly held by men with higher total remuneration
levels. The gap therefore reflects differences in role distribution and seniority rather than unequal pay for equal work.
The Group continuously monitors pay equity and considers gender balance as part of its long-term people and
leadership strategy.
For the Finish companies of Bilanssi Oy, Tilitoimisto Torn Oy, Tilitoimisto Auctora Oy, and Auctora Yrityspalvelut we
have estimated the salaries based on the average female and male salaries in the other Finish companies.
Total remuneration ratio
The total remuneration ratio is 4.8.
The Group CEO is the highest-paid individual at VIEW Group. The total remuneration ratio compares the annual total
remuneration of the highest paid individual to the median annual total remuneration of all employees, excluding the
highest paid individual.
The median remuneration was calculated by adding a standard 4% benefits adjustment to all employee salaries
across the group, sorting the adjusted amounts from highest to lowest and identifying the median value. The 4%
reflects common benefits such as insurance, mobile- and internet coverage and similar.
Disclosure Requirement S1-17 – Incidents, complaints and severe human rights impacts
Number
Reported cases of discrimination or harassment
1
Complaints submitted by employees through the
applicable internal grievance channels
8
Fines or penalties imposed in connection with the above
NOK 0
No severe human rights incidents were identified. Accordingly, the number of severe human rights cases in which the
undertaking played a role in securing remedy is reported as zero.
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ESRS S2 Workers in the value chain
Material IROs
Value chain location
Time horizon
Violations of human
rights
Potential negative
impact, risk
Upstream
Short-, medium-, and
long-term
Child labor, forced
labor
Potential negative
impact, risk
Upstream
Short-, medium-, and
long-term
Strategy
Disclosure Requirement related to ESRS 2 SBM 3- Material impacts, risks and opportunities and
their interactions with strategy and business model
SBM-3, paragraphs
10, 11, 12 and 13,
ESRS S2 Workers in
the value chain
The IT value chain is complex, involving extensive global supply networks
with thousands of sub‑suppliers. Various production stages take place in
high‑risk countries, where weak regulatory frameworks and societal
conditions increase the likelihood of human rights violations, including
forced labor and child labor. As a result, the IT sector faces significant
challenges related to labor rights and worker well‑being.
IT- hardware and software are key inputs in VIEW Group’s business
model and value chain. VIEW Group’s double materiality assessment
identified two potential negative impacts on value chain workers. These
include the potential human rights violations and potential use of forced
labor and child labor. During the reporting period, VIEW Group did not
identify or receive any reports of non‑respect of the UNGPs, ILO
Declaration or OECD Guidelines involving value chain workers in any
country of operation. We have not revealed any concrete, actual negative
consequences related to human rights or working conditions in 2025.
Nevertheless, there is an inherent possibility that violations of laws and
guidelines occur with third parties, especially among players in the
upstream value chain. These issues are widespread across the global IT
value chain and represent systemic risks to workers’ rights and
well‑being.
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Impact, risk and opportunity management
Disclosure Requirement S 2-1 – Policies related to value chain workers
VIEW Group operates within the framework of ethical and professional standards, applicable laws, regulations,
internal guidelines, and core values. We expect our third parties to comply with both local and international laws and
regulations. This means that they establish the necessary policies and procedures, as well as implement actions to
ensure compliance.
VIEW Group has written policies in Norway and India, while entities in Sweden, Finland, UK, Poland and Denmark
operated without policies addressing value chain workers. In these countries VIEW Group follow applicable national
legislation and operational practices. VIEW Group Norway’s Ethical Guidelines for Suppliers (Code of Conduct)
applies to all suppliers and their subcontractors and is based on applicable Norwegian legislation, UN conventions,
and ILO conventions. When national law and the Ethical Guidelines differ, suppliers are required to apply the rule
providing the highest level of protection for workers. VIEW Group India follows the Comprehensive Code of Conduct
and Corporate Policies, which includes requirements for suppliers and subcontractors. The policy is based on Indian
central and state labour laws, relevant regulations, international laws and conventions as well as the Group’s ethical
framework.
The policies in Norway and India require suppliers to comply with national laws and relevant international labour
conventions that regulate and prohibit forced labour, compulsory labour, trafficking in human beings and child labour.
These topics are not addressed as separate sections in the Norwegian or Indian documents, but suppliers are
required to follow the legal and international frameworks governing these areas.
Suppliers must report suspected breaches, and repeated non-compliance may lead to termination of the business
relationship. Reporting channels are:
• Norway: apenhetsloven@viewledger.com
• India: info@viewgroup.in (available for the whole Group)
As part of our responsibility, VIEW Group Norway is committed to promoting human rights in line with the Norwegian
Transparency Act. The Act contributes to accountability for fundamental rights, decent working conditions and
transparency regarding suppliers and business partners and is a part of our work on sustainability and ethical
business practices. See GOV-4, page 15.
Disclosure Requirement S2-2 – Processes for engaging with value chain workers about impacts
Engaging directly with workers across all segments of the IT value chain is challenging. Establishing safe and effective
channels for workers to raise concerns is further complicated by the structure of the industry. A single component
manufacturer may supply multiple assembly factories, which in turn deliver products to numerous IT brands and
resellers. Direct engagement from every company places an unrealistic burden on workers.
VIEW Group currently has no formal routines for dialogue and follow-up of value chain workers. Through the Group’s
due diligence process we identify suppliers where there is a heightened risk for human rights violations, see page 15.
VIEW Group will work to establish routines for follow-up and management of our third-party portfolio. In addition, we
will seek out potential memberships or partnerships with relevant organizations or alliances to increase knowledge
and impact regarding working conditions for workers in the value chain in the IT sector. The responsibility for follow-up
and management of workers in the value chain and third parties lies with Group CFO as head of sustainability in
VIEW Group.
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Disclosure Requirement S2-3 – Processes to remediate negative impacts and channels for value
chain workers to raise concerns
VIEW Group offers a confidential, anonymous, web-based whistleblower hotline which is accessible 24/7. This is
available for all employees but also for external partners and workers in the value chain. See the above S1-1. We
have not assessed whether value chain workers are aware of and trust our structures or processes. More information
regarding our whistleblower function and how we track and monitor issues raised is described in G1-1.
Disclosure Requirement S2-4 – Taking action on material impacts on value chain workers, and
approaches to managing material risks and pursuing material opportunities related to value chain
workers, and effectiveness of those actions
VIEW Group has a due diligence tool to help evaluate our suppliers, but we do not have any tool to manage impacts
on the value chain above tier one, see ESRS 2 GOV-4.
To reduce the likelihood of negative impact on our value chain, we will, going forward, implement actions to strengthen
insight and due diligence assessments across the organization. We will among other things:
o Clarify the responsibility for due diligence assessments.
o Establish Supplier Code of Conduct for the whole Group.
o Update our routines for responsible procurement practices, to ensure that the climate, environment, and social
conditions are safeguarded in pre-qualification of suppliers, together with the technical and commercial
requirements. For larger purchases, ensure compliance with conditions in general and our Code of conduct in
particular.
o Ensure that all suppliers with supplier contracts sign VIEW Group’s Supplier Code of Conduct.
Metrics and targets
Disclosure Requirement S2-5 – Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
VIEW Group has not yet developed any targets concerning workers in the value chain. We focus on assessing our
suppliers. In coming years, we will consider measurable, outcome-oriented targets as part of our due diligence and
supplier evaluation.
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Governance
Material IROs
Value chain location
Time horizon
Prevention of corruption
and bribery
Potential negative
impact
Upstream, Own
activities, Downstream
Short-, medium-, and
long-term
ESRS G1 Business Conduct
Governance
Disclosure Requirement G1-1– Business conduct policies and corporate culture
Corporate Culture at VIEW Group
Figure: Illustration corporate culture
10
10
https://www.frc.org.uk/library/standards-codes-policy/corporate-governance/corporate-culture/
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Culture in a corporate context can be defined as a combination of the values, attitudes and behaviors manifested by a
company in its activities and relations with its stakeholders
11
. A positive working culture is based on transparency,
trust, and respect, which supports organizational resilience and performance. A good corporate culture promotes
ethical business conduct and helps maintain trust. It is essential to avoid unethical behavior that can lead to significant
losses, and it affects both employees and external stakeholders. In the DMA, corporate culture therefore was
considered a material topic for VIEW Group.
VIEW Group employees’ behavior shapes the culture. At the core of VIEW Group’s culture are the Group’s corporate
values: CARE, COMMIT and CREATE. The values serve as a foundation for how people in our Group think, act, and
interact within the organization, and with our clients and partners. All new employees, either by hiring or by
acquisitions, learn about the values when they start in VIEW Group. All managers and team leaders are promoting our
values at regular meetings. The values are also a regular theme in the Group’s internal communication channels and
gatherings. In this way, all employees are constantly reminded of the values.
The Code of Conduct (Etiske retningslinjer) reflects the Group's values and forms the foundation of the corporate
culture. All employees in VIEW Group are obliged to comply with the Code of Conduct. The Code of Conduct
describes expectations, obligations, and requirements for all employees. It contains standards of conduct that provide
guidance in various situations and constitute a governing document at the highest level of the Group's management
hierarchy. The Code of Conduct covers a wide range of topics, including integrity, objectivity, professionalism, bribery
and corruption, due care, confidentiality, loyalty and equality.
During onboarding, and through ongoing internal communication, VIEW Group provides training and guidance to all
employees on its values and Code of Conduct. Managers carry a special responsibility for enforcing the code and are
required to act as role models in promoting integrity, professionalism, and transparency. VIEW Group has a
whistleblowing channel for identifying and reporting behavior that is not in line with internal guidelines and VIEW
Group's Code of Conduct (see further description below).
The evaluation of corporate culture is based on information from employee surveys. An important measure of the
corporate culture is the perceived safety for the employees to voice their concerns. Specific questions regarding this
are included in the bi-weekly employee questionnaire described earlier. The level of turnover, sickness leave, and
internal mobility are also indicators of the corporate culture. To boost knowledge and remembrance, adherence to
VIEW Group’s values are rewarded in public settings, like monthly meetings, annual events, and in postings on the
intranet.
Policies on business conduct
VIEW Group’s ESG Policy describes, establishes and sets the overall direction for sustainable and responsible
business practices in all aspects of its operations. The policy emphasizes the importance of the whole organization
implementing and following the ethical guidelines, the responsible handling of customer data, and compliance with all
laws and regulations. The policy states that VIEW Group values transparency and ESG reporting and works to
prevent corruption and financial crime across all areas of its business. The Code of Conduct described above also
includes rules of ethical behavior for all employees.
VIEW Group has adopted an Anti-Money Laundering (AML) and Counter-Terrorist Financing policy applicable to all
subsidiaries and employees. The policy has a risk-based approach and sets out requirements for customer due
diligence (Know Your Customer - KYC), including customer risk classification, screening against Political Exposed
Person (PEP) and sanctions lists, enhanced due diligence for high-risk customers, and ongoing monitoring. This
policy and accompanying routines will also lower the risk of corruption and bribery. Clear roles and responsibilities are
defined for the board, executive management, Anti-Money Laundering Officer, and second-line control functions.
11
As defined in the 2016 Corporate Culture and the Role of Boards report from Financial Reporting Council in UK,
https://www.frc.org.uk/library/standards-codes-policy/corporate-governance/corporate-culture/
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The policy includes procedures for suspicious activity reporting, mandatory employee training, record-keeping, and
whistleblowing, and is reviewed and updated at least annually. This way, any changes in applicable AML legislation or
other relevant regulations are taken into the policy.
Reporting Process
VIEW Group also has a whistleblowing routine, which applies to both employees and contracted personnel. The
routine states that all employees are obliged to report any significant irregularities or unethical behavior discovered in
their work. All reports are considered as reasonable whistleblowing, thus covered by whistleblower protection under
labor law
12
. This protection allows employees to report actions contrary to the law or Code of Conduct without fear of
retaliation. The whistleblowing routine is in adherence to the requirements of the Norwegian Working Environment
Act
13
. The whistleblowing routine is translated to English and will be implemented for all Group employees during
2026. As for now, UK has its own whistleblowing policy which does not have the same protection of the whistleblower
as established in the Norwegian law. In the Indian combined policy and code of conduct whistleblowing is not
mentioned regarding employees, only suppliers. The Group's whistleblowing channel (www.mittvarsel.no/
www.myreport.com) is available to all employees, regardless of the country of operation.
The whistleblowing procedure is designed to ensure that reported concerns are handled responsibly, transparently,
and in compliance with applicable legislation. The cases received through the whistleblowing channel are logged into
a secure case management system. Each report is assigned a unique reference number, enabling structured tracking,
monitoring, and documentation of all actions taken throughout the process. Cases are reviewed by designated case
handlers in the HR department or compliance representatives who are not part of the chain of commands involved in
the reported matter. These individuals are responsible for ensuring impartial investigation, confidentiality, and
protection of the whistleblower from retaliation. Investigations and actions will be evaluated based on the nature of the
report, adhering to applicable laws. When needed, an independent third party (a law firm) is included in the
whistleblowing process. There are established safeguards to hinder that information about the whistleblower, or the
person being reported is not made known to anyone other than those responsible for the case.
Remedial actions may include, but are not limited to, management follow-up, dialogue with HR, organisational
adjustments, workplace environment measures, or other appropriate actions depending on the nature of the case.
Follow-up after case closure is assessed on a case-by-case basis and, in most instances, includes subsequent
management follow-up. The effectiveness of implemented actions is primarily assessed through qualitative follow-up,
including dialogue between HR and management, as well as an evaluation of whether similar issues recur. At present,
no standardised quantitative effectiveness measurement is conducted; however, insights and experience gained from
completed cases are actively utilised in preventive HR and workplace environment initiatives.
The whistleblower is not entitled to information about the assessment's content or the actions taken. The case
handlers must make sure that whistleblowing does not have negative consequences for the person who reports
significant irregularities or unethical behavior discovered in their work. VIEW Group follows the regulations in the
Norwegian Labor Law. All managers in VIEW Group with personnel responsibility are responsible for making this
routine known to the employees and hired personnel.
In addition to the Group's whistleblowing channel, there are several ways to report a concern. These include
management, HR, and contact with safety delegates. Reports can be submitted anonymously via the external
channel, which is operated independently from operational management. If a report is not addressed, it can be
escalated to a superior or the safety representative.
These mechanisms accommodate reporting from both internal stakeholders (employees) and external stakeholders
(suppliers and customers). All cases are handled discretely to protect those involved, and findings are addressed
through corrective or disciplinary actions where appropriate.
12
Arbeidsmiljøloven kap 2A
13
Lov om arbeidsmiljø, arbeidstid og stillingsvern mv, kapittel 2 A
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55
The functions most at risk in respect of corruption and bribery are those involving client relations, procurement, and
advisory services, where employees may be exposed to conflicts of interest, gifts, or undue influence. VIEW Group
mitigates these risks through strict independence requirements, transparency on any benefits received, and
adherence to its Code of Conduct prohibiting the acceptance of significant advantages from clients or suppliers.
Disclosure Requirement G1-3 – Prevention and detection of corruption and bribery
As stated in the ESG policy, Code of Conduct and Code of Conduct for Suppliers, VIEW Group has zero tolerance for
all forms of corruption. VIEW Group shall actively work to prevent corruption and financial crime across all areas of our
business. For the industry in which VIEW Group operates, Anti-Money-Laundering (AML) is essential. VIEW Group
has adopted an Anti-Money Laundering and Counter-Terrorist Financing policy applicable to all subsidiaries and
employees, see description on page 53.
Another means of action towards zero incidents of corruption and bribery is to create a culture with a high ethical
standard and zero tolerance for any breaches of the Code of Conduct or legal rules. As stated earlier VIEW Group’s
business model is dependent on trust, and any actions that may impair this trust will not be tolerated.
Code of Conduct for Suppliers
Code of Conduct for Suppliers addresses anti-corruption. VIEW Group has zero tolerance for any form of corruption
and bribery in any of our own business activities or among suppliers or business partners, including suppliers,
distributors, agents and joint venture partners. The supplier is expected to exercise reasonable diligence to prevent
and detect corruption in all business arrangements.
Anti-Money Laundering (AML) - procedures
VIEW Group has extensive Anti-Money Laundering (AML) procedures. This is essential for detecting unlawful money
laundering from criminal activities, including corruption and bribery. All employees with customer contact must adhere
to these procedures, and mandatory training is provided at onboarding and yearly thereafter. Each country’s
compliance manager is responsible for adhering to these procedures.
Training
The procedures are communicated as part of the onboarding process for new employees and hired help. The Risk
Committee receives enhanced information and training on key risks, including financial crime and compliance risks,
meeting six times per year. The Committee Chair reports findings and actions to the Board of Directors.
The training covers compliance with anti-money laundering laws and regulations, and prohibits offering, giving,
receiving, or soliciting bribes or improper benefits. Training is mandatory as part of the onboarding process and has an
annual update. The employees who have customer contact and relevant management receive mandatory training.
Client-responsible employees and the Quality Team receive extended AML and compliance training as part of their
role requirements. VIEW Group has introduced a dedicated annual training day with a focus on AML. Training
responsibilities and requirements are embedded in the Group’s AML procedures.
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During the 2025 financial year, VIEW Group provided training to its at-risk own workers. For those at-risk functions,
training is mandatory. In addition, VIEW Group made available voluntary training for other own workers. Details of its
training during the year are as follows:
At-risk
functions
Managers
The bord
and GMT
Other own
workers
Training coverage
Total
946
58
14
173
Total receiving training
878
57
14
16
Delivery method and duration
Classroom training
1-2,5 hours
1-5 hours
3,5 hours
2,5 hours
Computer-based training
30 min – 4 hours
30 min – 4 hours
30 min
Voluntary computer-based training
Frequency
How often training is required
Annually
(onboarding only
in Finland)
Annually
(onboarding only
in Finland)
Annually
Annually
Topics covered
Definition of corruption
x
x
x
x
Policy
x
x
x
x
Procedures on suspicion/detection
x
x
x
Status, consequences of breaches etc.
x
x
Other red flags (Finland)
x
x
Other (Finland)
x
x
As shown in the table above, 92% of employees at risk received training in corruption and bribery in 2025. The goal is
100%. In Finland it is reported that training on this subject is only on onboarding. Going forward, VIEW Group will work
on implementing the same training for the whole Group.
Metrics and targets
Disclosure Requirement G1-4 – Incidents of corruption or bribery
There have been no incidents, convictions, or fines in connection with corruption or bribery.
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Appendices:
Appendix 1: Reported Disclosure Requirements
DISCLOSURE
REQUIREMENTS
NAME
PAGE
ESRS 2
GENERAL DISCLOSURES
BP-1
General basis for preparation of the sustainability statement
10
BP-2
Disclosures in relation to specific circumstances
10
GOV-1
The role of the administrative, management and supervisory bodies
11
GOV-2
Information provided to and sustainability matters addressed by the undertaking’s
administrative, management and supervisory bodies
11
GOV-3
Integration of sustainability-related performance in incentive schemes
14
GOV-4
Statement on due diligence
15
GOV-5
Risk management and internal controls over sustainability reporting
16
SBM-1
Strategy, business model and value chain
16
SBM-2
Interests and views of stakeholders
18
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and
business model
19
IRO -1
Description of the processes to identify and assess material impacts, risks and
opportunities
20
IRO-2
Disclosure requirements in ESRS covered by the undertaking’s sustainability
statement
23
Appendix B:
List of datapoints that derive from other EU legislation
59
ESRS E1
CLIMATE CHANGE
ESRS 2, GOV-3
Integration of sustainability-related performance in incentive schemes
14
E1-1
Transition plan for climate change mitigation
24
ESRS 2, SBM-3
Material impacts, risks and opportunities and their interaction with strategy and
business model
24
ESRS 2 IRO-1
Description of the processes to identify and assess material climate-related
impacts, risks and opportunities
22
E1-2
Policies related to climate change mitigation and adaption
25
E1-3
Action and resources in relation to climate change policies
25
E1-4
Targets related to climate change mitigation and adaption
26
E1-6
Gross Scopes 1, 2, 3 and total GHG emission
26
ESRS S1
OWN WORKFORCE
ESRS 2, SBM-2
Interests and views of stakeholders
19
ESRS 2, SBM-3
Material impacts, risks and opportunities and their interaction with strategy and
business model
37
S1-1
Policies related to own workforce
38
S1-2
Processes for engaging with own workers and workers’ representatives about
impacts
39
S1-3
Processes to remediate negative impacts and channels for own workers to raise
concerns
40
S1-4
Taking action on material impacts on own workforce, and approaches to
mitigating material risks and pursuing material opportunities related to own
workforce, and effectiveness of those actions
41
S1-5
Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and
opportunities
43
S1-6
Characteristics of the undertaking’s employees
44
S1-8
Collective bargaining coverage and social dialogue
46
S1-9
Diversity metrics
46
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S1-10
Adequate wages
47
S1-15
Work-life balance metrics
47
S1-16
Remuneration metrics (pay gap and total remuneration)
47
S1-17
Incidents, complaints and severe human rights impacts
48
ESRS S2
WORKERS IN THE VALUE CHAIN
ESRS 2, SBM-2
Interests and views of stakeholders
19
ESRS 2, SBM-3
Material impacts, risks and opportunities and their interaction with strategy and
business model
49
S2-1
Policies related to value chain workers
50
S2-2
Processes for engaging with value chain workers about impacts
50
S2-3
Processes to remediate negative impacts and channels for value chain workers
to raise concerns
51
S2-4
Taking action on material impacts on value chain workers, and approaches to
mitigating material risks and pursuing material opportunities related to value chain
workers, and effectiveness of those actions
51
S2-5
Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and
opportunities
51
ESRS G1
BUSINESS CONDUCT
ESRS 2, GOV -1
The role of the administrative, management and supervisory bodies
14
ESRS 2, IRO-1
Description of the processes to identify and assess material impacts, risks and
opportunities
22
G1-1
Business conduct policies and corporate culture
52
G1-3
Prevention and detection of corruption and bribery
55
G1-4
Incidents of corruption and bribery
56
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Appendix 2: List of datapoints in cross-cutting and topical standards that derive from other EU legislation
Disclosure
Requirement and
related datapoint
SFDR
14
reference
Pillar 3 reference
15
Benchmark
Regulation
16
reference
EU Climate
Law
17
reference
Material/N
ot material
Page
ESRS 2 GOV-1
Board's gender
diversity paragraph
21 (d)
Indicator
number 13 of
Table #1 of
Annex 1
Commission
Delegated
Regulation
(EU)2020/1816
18
,
Annex II
Material
12
ESRS 2 GOV-1
Percentage of
board members
who are
independent
paragraph 21 (e)
Delegated
Regulation
(EU)2020/1816,
Annex II
Material
12
ESRS 2 GOV-4
Statement on due
diligence paragraph
30
Indicator
number 10
Table #3 of
Annex 1
Material
15
ESRS 2 SBM-1
Involvement in
activities related to
fossil fuel activities
paragraph 40 (d) i
Indicators
number 4
Table#1 of
Annex 1
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/245313 Table
1: Qualitative
information on
Environmental risk
and Table 2:
Qualitative
information on
Social risk
Delegated
Regulation
(EU)2020/1816,
Annex II
Not
material
ESRS 2 SBM-1
Involvement in
activities related to
Indicator
number 9 Table
#2 of Annex 1
Delegated
Regulation
(EU)2020/1816,
Annex II
Not
material
14
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‑
related disclosures in the financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p.
1). 24 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital
Requirements Regulation “CRR”) (OJ L 176, 27.6.2013, p. 1).
15
https://www.eba.europa.eu/regulation-and-policy/transparency-and-pillar-3
16
Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as
benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and
amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).
17
Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework
for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate
Law’) (OJ L 243, 9.7.2021, p. 1).
18
Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the
European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental,
social and governance factors are reflected in each benchmark provided and published (OJ L 406, 3.12.2020, p. 1).
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chemical production
paragraph 40 (d) ii
ESRS 2 SBM-1
Involvement in
activities related to
controversial
weapons paragraph
40 (d) iii
Indicator
number 14
Table #1 of
Annex 1
Delegated
Regulation
(EU)2020/1818
19
,
Article 12(1)
Delegated
Regulation
(EU)2020/1816,
Annex II
Not
material
ESRS 2 SBM-1
Involvement in
activities related to
cultivation and
production of
tobacco paragraph
40 (d) iv
Delegated
Regulation
(EU)2020/1818,
Article 12(1)
Delegated
Regulation
(EU)2020/1816,
Annex II
Not
material
ESRS E1-1
Transition plan to
reach climate
neutrality by 2050
paragraph 14
Regulation
(EU)2021/11
19, Article
2(1)
Not
material
ESRS E1-1
Undertakings
excluded from
Paris-aligned
Benchmarks
paragraph 16 (g)
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 1:
Banking Book
Climate Change
transition risk:
Credit quality of
exposures by
sector, emissions
and residual
maturity
Delegated
Regulation
(EU)2020/1818,
Article12.1 (d) to
(g), and
Article12.2
Not
material
ESRS E1-4 GHG
emission reduction
targets paragraph
34
Indicator
number 4 Table
#2 of Annex 1
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 3:
Banking book –
Climate change
Delegated
Regulation (EU)
2020/1818,
Article 6
Not
material
19
Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the
European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU
Parisaligned Benchmarks (OJ L 406, 3.12.2020, p. 17).
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transition risk:
alignment metrics
ESRS E1-5 Energy
consumption from
fossil sources
disaggregated by
sources (only high
climate impact
sectors) paragraph
38
Indicator
number 5 Table
#1 and Indicator
n. 5 Table #2 of
Annex 1
Not
material
ESRS E1-5 Energy
consumption and
mix paragraph 37
Indicator
number 5 Table
#1 of Annex 1
Not
material
ESRS E1-5 Energy
intensity associated
with activities in
high climate impact
sectors paragraphs
40 to 43
Indicator
number 6 Table
#1 of Annex 1
Not
material
ESRS E1-6 Gross
Scope 1, 2, 3 and
Total GHG
emissions
paragraph 44
Indicators
number 1 and 2
Table #1 of
Annex 1
Article 449a;
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 1:
Banking book –
Climate change
transition risk:
Credit quality of
exposures by
sector, emissions
and residual
maturity
Delegated
Regulation
(EU)2020/1818,
Article 5(1), 6 and
8(1)
Material
26
ESRS E1-6 Gross
GHG emissions
intensity paragraphs
53 to 55
Indicators
number
3Table#1 of
Annex 1
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 3:
Banking book –
Climate change
transition risk:
alignment metrics
Delegated
Regulation
(EU)2020/1818,
Article 8 (1)
Material
33
ESRS E1-7 GHG
removals and
carbon credits
paragraph 56
Regulation
(EU)
2021/1119,A
rticle 2(1)
Not
material
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62
ESRS E1-9
Exposure of the
benchmark portfolio
to climate-related
physical risks
paragraph 66
Delegated
Regulation (EU)
2020/1818, Annex
II
Delegated
Regulation (EU)
2020/1816, Annex
II
Not
material
ESRS E1-9
Disaggregation of
Monetary amounts
by acute and
chronic physical risk
paragraph 66 (a)
ESRS E1-9
Location of
significant assets at
material physical
risk
paragraph 66 (c).
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Paragraphs 46 and
47; Template 5:
Banking book -
Climate change
physical risk:
Exposures subject
to physical risk.
Not
material
ESRS E1-9
Breakdown of the
carrying value of its
real estate assets
by energy efficiency
classes paragraph
67 (c).
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
paragraph 34;
Template 2:
Banking book -
Climate change
transition risk:
Loans collateralized
by immovable
property – Energy
efficiency of the
collateral
Not
material
ESRS E1-9 Degree
of exposure of the
portfolio to climate
related
opportunities
paragraph 69
Delegated
Regulation
(EU)
2020/1818,
Annex II
Not
material
ESRS E2-4 Amount
of each pollutant
listed in Annex II of
the EPRTR
Regulation
(European Pollutant
Release and
Transfer Register)
emitted to air, water
Indicator
number 8 Table
#1 of Annex 1
Indicator
number 2 Table
#2 of Annex 1
Indicator
number1 Table
#2 of Annex 1
Not
material
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63
and soil, paragraph
28
Indicator
number 3 Table
#2 of Annex 1
ESRS E3-1 Water
and marine
resources
paragraph 9
Indicator
number 7 Table
#2 of Annex 1
Not
material
ESRS E3-1
Dedicated policy
paragraph 13
Indicator
number 8 Table
2 of Annex 1
Not
material
ESRS E3-1
Sustainable oceans
and seas paragraph
14
Indicator
number 12
Table #2 of
Annex 1
Not
material
ESRS E3-4 Total
water recycled and
reused paragraph
28 (c)
Indicator
number 6.2
Table #2 of
Annex 1
Not
material
ESRS E3-4 Total
water consumption
in m3 per net
revenue on own
operations
paragraph 29
Indicator
number 6.1
Table #2 of
Annex 1
Not
material
ESRS 2- IRO 1 - E4
paragraph 16 (a) i
Indicator
number 7 Table
#1 of Annex 1
Not
material
ESRS 2- IRO 1 - E4
paragraph 16 (b)
Indicator
number 10
Table #2 of
Annex 1
Not
material
ESRS 2- IRO 1 - E4
paragraph 16 (c)
Indicator
number 14
Table #2 of
Annex 1
Not
material
ESRS E4-2
Sustainable land
/agriculture
practices or policies
paragraph 24 (b)
Indicator
number 11
Table #2 of
Annex 1
Not
material
ESRS E4-2
Sustainable oceans
/ seas practices or
policies paragraph
24 (c)
Indicator
number 12
Table #2 of
Annex 1
Not
material
ESRS E4-2 Policies
to address
deforestation
paragraph 24 (d)
Indicator
number 15
Table #2 of
Annex 1
Not
material
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64
ESRS E5-5 Non-
recycled waste
paragraph 37 (d)
Indicator
number 13
Table #2 of
Annex 1
Not
material
ESRS E5-5
Hazardous waste
and radioactive
waste paragraph 39
Indicator
number 9 Table
#1 of Annex 1
Not
material
ESRS 2- SBM3 - S1
Risk of incidents of
forced labour
paragraph 14 (f)
Indicator
number 12
Table #3 of
Annex I
Material
37
ESRS S1-1 Human
rights policy
commitments
paragraph 20
Indicator
number 9 Table
#3 and Indicator
number 11Table
#1 of Annex I
Material
39
ESRS S1-1Due
diligence policies on
issues addressed
by the fundamental
International Labor
Organisation
Conventions 1 to 8,
paragraph 21
Delegated
Regulation
(EU)2020/1816,
Annex II
Material
39
ESRS S1-1
processes and
measures for
preventing
trafficking in human
beings paragraph
22
Indicator
number 11
Table #3 of
Annex I
Not
material
ESRS S1-1
workplace accident
prevention policy or
management
system paragraph
23
Indicator
number 1 Table
#3 of Annex I
Not
material
ESRS S1-3
grievance/complaint
s handling
mechanisms
paragraph 32 (c)
Indicator
number 5 Table
#3 of Annex I
Material
40
ESRS S1-14
Number of fatalities
and number and
rate of work-related
accidents
paragraph 88 (b)
and (c)
Indicator
number 2 Table
#3 of Annex I
Delegated
Regulation
(EU)2020/1816,
Annex II
Not
material
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ESRS S1-14
Number of days lost
to injuries,
accidents, fatalities
or illness paragraph
88 (e)
Indicator
number 3 Table
#3 of Annex I
Not
material
ESRS S1-16
Unadjusted gender
pay gap paragraph
97 (a)
Indicator
number 12
Table #1 of
Annex I
Delegated
Regulation
(EU)2020/1816,
Annex II
Material
48
ESRS S1-16
Excessive CEO pay
ratio paragraph 97
(b)
Indicator
number 8 Table
#3 of Annex I
Material
48
ESRS S1-17
Incidents of
discrimination
paragraph 103 (a)
Indicator
number 7 Table
#3 of Annex I
Material
48
ESRS S1-17
Nonrespect of
UNGPs on
Business and
Human Rights and
OECD paragraph
104 (a)
Indicator
number 10Table
#1 and Indicator
n. 14Table #3 of
Annex I
Delegated
Regulation
(EU)2020/1816,
Annex II
Delegated
Regulation
(EU)2020/1818
Art 12(1)
Material
48
ESRS 2- SBM3 –
S2 Significant risk
of child labor or
forced labor in the
value chain
paragraph 11 (b)
Indicators
number 12 and
n. 13 Table #3
of Annex I
Material
49
ESRS S2-1 Human
rights policy
commitments
paragraph 17
Indicator
number 9 Table
#3 and Indicator
n. 11 Table #1
of Annex 1
Material
50
ESRS S2-1 Policies
related to value
chain workers
paragraph 18
Indicator
number 11 and
n. 4 Table #3 of
Annex 1
Material
50
ESRS S2- 1
Nonrespect of
UNGPs on
Business and
Human Rights
principles and
OECD guidelines
paragraph 19
Indicator
number 10
Table #1 of
Annex 1
Delegated
Regulation (EU)
2020/1816,
Annex I
Delegated
Regulation (EU)
2020/1816, Annex
II Delegated
Regulation (EU)
2020/1818, Art 12
(1)
Material
50
ESRS S2-1 Due
diligence policies on
issues addressed
Delegated
Regulation (EU)
Material
50
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66
by the fundamental
International Labor
Organisation
Conventions 1 to 8,
paragraph 19
2020/1816, Annex
II
ESRS S2-4 Human
rights issues and
Incidents connected
to its upstream and
downstream value
chain paragraph 36
Indicator
number 14
Table #3 of
Annex 1
Material
51
ESRS S3-1 Human
rights policy
commitments
paragraph 16
Indicator
number 9 Table
#3 of Annex 1
and Indicator
number 11
Table #1 of
Annex 1
Not
material
ESRS S3-1
nonrespect of
UNGPs on
Business and
Human Rights, ILO
principles or and
OECD guidelines
paragraph 17
Indicator
number 10
Table #1 Annex
1
Delegated
Regulation (EU)
2020/1816, Annex
II Delegated
Regulation (EU)
2020/1818, Art 12
(1)
Not
material
ESRS S3-4 Human
rights issues and
incidents paragraph
3
Indicator
number 14
Table #3 of
Annex 1
Not
material
ESRS S4-1 Policies
related to
consumers and
end-users
paragraph 16
Indicator
number 10
Table #1 of
Annex 1
Delegated
Regulation (EU)
2020/1816, Annex
II
Delegated
Regulation (EU)
2020/1818, Art 12
(1)
Material
11
ESRS S4-4 Human
rights issues and
incidents paragraph
35
Indicator
number 14
Table #3 of
Annex 1
Not
material
ESRS G1-1 United
Nations Convention
against Corruption
paragraph 10 (b)
Indicator
number 15
Table #3 of
Annex 1
Material
53
ESRS G1-1
Protection of
whistle- blowers
paragraph 10 (d)
Indicator
number 6 Table
#3 of Annex 1
Material
54
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
67
ESRS G1-4 Fines
for violation of anti-
corruption and anti-
bribery laws
paragraph 24 (a)
Indicator
number 17Table
#3 of Annex1
Delegated
Regulation
(EU)2020/1816,
Annex II)
Material
56
ESRS G1-4
Standards of
anticorruption and
anti- bribery
paragraph 24 (b)
Indicator
number 16
Table #3 of
Annex 1
Material
56
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
68
Oslo, 29
th
of April 2026
Digital signature
Digital signature
Frode Haugli
Anette Willumsen
Chairman of the board
Board member
Digital signature
Digital signature
Åsa Wiren
Morten Olgar Bratlie
Board member
Board member
Digital signature
Digital signature
Simen Vier Simensen
Elena Gorder
Board member
Board member
Digital signature
John Hugosson
CEO
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
69
VIEW Group
Consolidated annual financial statements
For the year ended 31 December 2025
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
70
Consolidated statement of comprehensive income
Income statement
Notes
2025
2024
(Amounts in NOK thousand)
Operating revenue
1 426 870
1 015 096
Other income
31 801
11 769
Total income
3
1 458 671
1 026 865
Cost of hardware and software licences
-285 778
-189 488
Personnel expenses
4
-872 050
-608 775
Other operating expenses
5,12
-193 102
-117 928
Total operating expenses
-1 350 930
-916 191
Net operating Income (EBITDA)
3
107 741
110 674
Depreciations, amortizations and impairments
8,9,10,11
-97 063
-68 148
Earnings before Interest and Tax (EBIT)
10 679
42 526
Financial income
6
12 988
1 110
Financial expenses
6
-123 718
-29 141
Net currency gain/(loss)
6
4 153
-4 241
Net financial items
-106 577
-32 271
Profit before tax
-95 899
10 255
Tax expense
7
-3 606
-11 506
Net profit
-99 505
-1 252
Attributable to:
Equity holders of the parent company
-103 341
-3 133
Non-controlling interests
3 836
1 881
Net profit
-99 505
-1 252
Statement of Other comprehensive income
Notes
2025
2024
(Amounts in NOK thousand)
Net Income
-99 505
-1 252
Items that may be reclassified to the income statement:
Translations differences on investments in foreign operations
-3 536
10 809
Oher comprehensive income (OCI)
-3 536
10 809
Total comprehensive income (loss), attributable to:
-103 041
9 557
Equity holders of the parent company
-106 700
7 880
Non-controlling interests
3 659
1 677
Total comprehensive income
-103 041
9 557
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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Consolidated statement of financial position
ASSETS
Notes
31.12.2025
31.12.2024
(Amounts in NOK thousand)
Non-current assets
Intangible assets
9
22 237
21 581
Deferred tax assets
7
-
-
Customer contracts and customer relations
9,21
383 760
176 317
Goodwill
8,21
1 544 986
668 239
Right-of-use assets
11
93 362
74 802
Property, plant and equipment
10
29 877
19 198
Investments in associated companies
10 257
2 005
Other non-current assets
3
12 065
13 075
Total non-current assets
2 096 545
975 217
Current assets
Inventory
1 148
1 384
Trade receivables
12
255 927
141 848
Other receivables
12,24
87 474
50 345
Cash and cash equivalents
13
276 770
60 325
Total current assets
15
621 319
253 902
Total assets
2 717 864
1 229 119
EQUITY AND DEBT
31.12.2025
31.12.2024
(Amounts in NOK thousand)
Equity
Share capital
23
16 091
10 013
Share premium
508 361
264 193
Unregistered capital increase
-
-
Currency translation reserve
42 423
45 959
Retained earnings
34 168
137 509
Non-controlling interest
8 218
4 382
Total equity
609 261
462 056
Non-current liabilities
Deferred tax liabilities
7
90 187
40 855
Long-term lease liabilities
17
59 507
47 194
Long-term interest-bearing debt
16,18
1 310 821
280 244
Other non-current liabilities
79 516
13 898
Total non-current liabilities
15
1 540 030
382 191
Current liabilities
Short-term lease liabilities
17
40 104
30 802
Short-term interest-bearing debt
16,18
29 788
41 015
Trade payables
36 995
68 244
Tax payables
7
4 532
-
Other current liabilities
14
457 153
244 810
Total current liabilities
15
568 572
384 872
Total equity and liabilities
2 717 863
1 229 119
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
72
Board of Directors
Oslo, 29. April 2026
Electronically signed
Electronically signed
Electronically signed
Electronically signed
Frode Haugli
Simen Vier Simensen
Anette Willumsen
Åsa Wiren
Chair of the Board
Board Member
Board Member
Board Member
Electronically signed
Electronically signed
Electronically signed
Morten Bratlie
Elena Gorder
John Hugosson
Board Member
Board Member
CEO
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
73
Consolidated statement of cash flows
CASH FLOWS FROM OPERATING ACTIVITIES:
Notes
2025
2024
(Amounts in NOK thousand)
Income before tax
-95 899
10 255
Depreciations, amortizations and impairments
8,9,10,11
97 063
68 148
Net interest expense
6
99 378
27 430
Corporation tax paid
7
-14 799
-9 889
Change in trade receivables
12
-38 322
-2 384
Change in trade payables
-41 998
12 283
Changes in other NWC items
54 295
-494
Other changes
-8
-2 048
Income from investments in associates
1 873
-
Net cash flow from operating activities
61 583
103 301
CASH FLOWS FROM INVESTMENT ACTIVITIES:
Acquisition of property, plant and equipment
10
-10 312
-8 250
Proceeds from sale of property, plant and equipment
10
671
5 912
Acquisition of intangible assets
9
-5 474
-13 262
Incremental costs to obtain a contract
-4 636
-4 636
Acquisition of other investments (associated companies)
-1 103
-
Loan disbursment
12,24
-
-4 121
Interest received
12 248
1 061
Acquisition of subsidiaries, net of cash acquired
21
-481 431
-31 417
Net cash flow from investing activities
-490 037
-54 713
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings
16,18
1 310 931
59 612
Repayments of long term debt
16,18
-437 385
-2 850
Repayments of short term debt
-21 926
-
Payments of sellers credits and Earn outs related to acquisitions
-36 654
-42 124
Payment of principal portion of lease liabilities
17
-45 909
-34 206
Net change in overdraft facility
16,18
-22 369
23 289
Repayments of other loans
24
-
-9 350
Interest paid
-96 785
-30 609
Dividend paid
-5 769
-998
Issue costs
-70
-
Net cash flow from financing activities
644 064
-37 237
Change in cash and cash equivalents
215 609
11 350
Effect of exchange rate changes on cash and cash equivalents
836
1 158
Cash and cash equivalents at the start of the period
60 325
47 816
Cash and cash equivalents at the end of the period
13
276 770
60 325
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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Consolidated statement of changes in equity
(Amounts in NOK thousand)
Share
capital
Share
premium
Currency
translation
reserve
Retained
earnings
Non
controlling
interest
Total
equity
Balance at 1 January 2024
8 011
174 398
35 150
140 642
3 499
361 700
Net income for the year
-
-
-
-3 133
1 881
-1 252
Other comprehensive income
-
-
10 809
-
-
10 809
Total comprehensive income
-
-
10 809
-3 133
1 881
9 557
Capital Increase
2 002
89 795
-
-
-
91 797
Dividend
-
-
-
-
-998
-998
Non controlling interest on acquisition
-
-
-
-
-
-
Balance at 31 December 2024
10 013
264 193
45 959
137 509
4 382
462 056
Balance at 1 January 2025
10 013
264 193
45 959
137 509
4 382
462 056
Net income for the year
-
-
-
-103 341
3 836
-99 505
Other comprehensive income
-
-
-3 536
-
-
-3 536
Total comprehensive income
-
-
-3 536
-103 341
3 836
-103 041
Capital Increase
6 078
244 168
-
-
-
250 246
Dividend
-
-
-
-
-
-
Non controlling interest on acquisition
-
-
-
-
-
-
Balance at 31 December 2025
16 091
508 361
42 423
34 168
8 218
609 261
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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Notes to the consolidated financial statements
GENERAL INFORMATION ................................................................................................................................................... 76
1. GROUP INFORMATION AND BASIS FOR PREPARATION ......................................................................................................... 76
2. SUMMARY OF GENERAL ACCOUNTING POLICIES ................................................................................................................. 78
PERFORMANCE ............................................................................................................................................................. 79
3. SEGMENT INFORMATION ...................................................................................................................................................... 79
4. EMPLOYEE BENEFITS ........................................................................................................................................................... 82
5. OTHER OPERATING EXPENSES ............................................................................................................................................ 82
6. FINANCIAL RESULT ............................................................................................................................................................... 83
7. INCOME TAX ......................................................................................................................................................................... 84
OPERATING ASSETS AND LIABILITIES .......................................................................................................................... 86
8. GOODWILL ........................................................................................................................................................................... 86
9. INTANGIBLE ASSETS ............................................................................................................................................................. 88
10. PROPERTY, PLANT AND EQUIPMENT ............................................................................................................................... 89
11. RIGHT-OF-USE ASSETS ................................................................................................................................................... 90
12. TRADE RECEIVABLES AND OTHER CURRENT ASSETS ..................................................................................................... 91
13. CASH AND CASH EQUIVALENTS ....................................................................................................................................... 91
14. OTHER CURRENT LIABILITIES .......................................................................................................................................... 92
FINANCIAL ASSETS, LIABILITIES AND RISK MANAGEMENT .................................................................................... 93
15. FINANCIAL INSTRUMENTS ................................................................................................................................................ 93
16. INTEREST-BEARING DEBT ................................................................................................................................................ 94
17. LEASE LIABILITIES ............................................................................................................................................................ 96
18. RECONCILIATION OF CASH FLOWS FROM FINANCING ACTIVITIES ................................................................................... 96
19. FINANCIAL RISKS AND CAPITAL MANAGEMENT ................................................................................................................ 97
20. CAPITAL MANAGEMENT ................................................................................................................................................... 99
GROUP STRUCTURE ......................................................................................................................................................... 100
21. BUSINESS COMBINATIONS ............................................................................................................................................. 100
22. GROUP STRUCTURE ...................................................................................................................................................... 103
OTHER .................................................................................................................................................................................. 104
23. SHARE CAPITAL AND OWNERSHIP STRUCTURE ............................................................................................................. 104
24. RELATED PARTIES ......................................................................................................................................................... 105
25. EVENTS AFTER THE REPORTING PERIOD ...................................................................................................................... 106
26. DEFINITIONS OF APMS ................................................................................................................................................. 107
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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GENERAL INFORMATION
1. Group information and basis for preparation
1.1. Corporate information
VIEW Group AS (“the Company”) is the parent company in VIEW Group (“the Group”). The consolidated
financial statements of VIEW Group comprise the parent company and its subsidiaries.
The Group offers customized financial solutions and financial services depending on the geography, size
and industry of the customer. The services include accounting & payroll services, technology solutions and
IT sourcing.
The registered office of VIEW Group AS is located at Dronning Eufemias gate 16, Oslo, Norway. The
Company was registered on 22 September 2004 and founded on 23 August 2004.
These consolidated financial statements of VIEW Group for the year ended 31 December 2025, and
comparative period for 31 December 2024, were authorized for issue in accordance with a resolution of the
board of directors on the date of the signed balance sheet.
VIEW Group AS changed name from VIEW Ledger AS during 2025.
1.2. Basis of preparation
These consolidated financial statements for 2025 have been prepared in accordance with the IFRS
Accounting Standards as adopted by the European Union (EU) as well as additional information
requirements in accordance with the Norwegian Accounting Act.
The financial statements are presented in NOK and all amounts are rounded to the nearest thousand,
unless stated otherwise.
These consolidated financial statements have been prepared based on the going concern assumption.
When preparing financial statements, Management has made an assessment of the Group’s ability to
continue as a going concern. There are no material uncertainties related to events or conditions that may
cast significant doubt upon the Group’s ability to continue as a going concern.
These consolidated financial statements have been prepared following the historical cost basis, with no
material exceptions.
1.3. Significant transactions and events during the reporting period
In 2025, VIEW Group AS issued a bond loan of NOK 1,180 million, which was also listed during the year.
For further information, please refer to Note 16.
The main transactions and events in relation to the Group are presented in note 21.1.
Other than those noted above, the Group has presented the material information of its financial position,
highlighting any material changes, policies, judgements and estimates in the Group for the period
presented.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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1.4. New standards and interpretations not yet adopted
At the date of authorization of these financial statements, the following standard that could affect the
Group’s consolidated financial statements were issued but not effective:
IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (effective for annual periods beginning on or
after 1 January 2027)
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 ‘Presentation of Financial Statements’. The
new standard will be effective for annual reporting periods beginning on or after 1 January 2027, with early
adoption permitted. IFRS 18 introduces a defined structure for the statement of profit or loss with new
totals and subtotals, and in which all income and expenses should be classified in one of the following
categories: operating, investing, financing, income taxes and discontinued operations, where the first three
are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures.
Additionally, IFRS 18 made narrow scope amendments to IAS 7 ‘Statements of Cash Flows’.
Management anticipates that the new IFRS 18 standard will be adopted at effective dates stated above
provided that the changes are approved by the EU. There are no other standards, interpretations, or
amendments effective from 1 January 2025 or later that are expected to have a significant impact on the
consolidated financial statements.
1.5. Critical accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of
certain critical accounting estimates. It also requires the management to exercise its judgement in the
process of applying the Group’s accounting policies. Changes in assumptions may have a significant
impact on the financial statements in the period the assumptions change. Management believes the
underlying assumptions are appropriate.
This note provides an overview of the areas that involve a higher degree of judgement or complexity, and of
items which are more likely to be materially adjusted due to final outcomes deviating from estimates and
assumptions made. These areas are as follows:
● Testing goodwill for impairment – Changes in key assumptions can have a material impact on the
recoverable amount of the CGUs to which goodwill relates, and this can potentially result in
impairment losses. See note 8 for further details.
● Accounting for business combinations – particularly related to the identification and valuation of
intangible assets and determination of contingent consideration (earn-out). See note 21 for further
details.
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2. Summary of general accounting policies
Descriptions of accounting principles are generally included in the various notes to the financial statements.
The general principles relating to foreign currency translation and distinction between current and non-
current assets and liabilities are described below.
2.1. Functional currency
The Group presents its financial statements in NOK, which is VIEW Group AS’s functional currency.
The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets
and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the
rate of exchange at the reporting date. The income statements are translated at the average exchange
rates for the year. The translation differences arising from the translation are recognized in other
comprehensive income until the disposal of the net investment, at which time they are recognized in the
income statement.
2.2. Foreign currency transactions
Transactions in foreign currency are recorded, on initial recognition, at the spot rate at which the
transaction qualifies for recognition under IFRS. For monetary items, the difference between the spot
exchange rate at reporting date (or settlement date) and initial rate is recognized in the consolidated
statement of comprehensive income and presented as part of financial result, at each reporting date and
until the moment of the settlement.
Non-monetary items are translated using the rates at initial recognition.
2.3. Current/non-current classification
An asset or liability is classified as current when it is expected to be realized, sold, used or settled in the
Group’s normal operating cycle, which is normally within twelve months after the reporting date.
Other assets and liabilities are classified as non-current. Financial instruments, other than those held for
trading, are classified based on maturity.
2.4. Statement of cash flows
The Group presents interests paid as part of financial activities and interest received as part of investment
activities.
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PERFORMANCE
3. Segment information
The Group’s business offers customized financial solutions and financial services depending on the
geography, size and industry of the customer.
Operating segments are components of the Group regularly reviewed by the chief operating decision maker
(“CODM”), which include Group CEO and Group CFO, to assess performance and be able to allocate
resources. CHR, Group CIO, Group CCO and Managing directors of the Norwegian, Swedish and Finnish
operations reports to the CODM on a regular basis. See note 4 for a disaggregation of revenue based on
the major class of products in the Group.
The reporting of segment assets and liabilities is not part of the internal management reporting in the
Group. Material assets and liabilities are monitored at Group level and individual key figures (e.g. trade
receivables) are valued in the individual legal companies. Segment assets and liabilities are therefore not
presented.
Revenue is recognized when it is likely that transactions will generate future financial benefits that will
accrue to the Group, and the size of the amount can be reliably estimated. Revenue from services
delivered are recognized based on the price specified in the contract with the customer. Revenue is
measured excluding VAT and any discounts are offset against the revenue. The group mainly sells services
(hourly based, unit price, fixed price, system and implementations). The Group calculates revenue from the
sale of services over time, as the customer simultaneously receives and consumes benefits as these are
offered by the Group. The Group recognizes revenue over time on the basis of the degree of completion of
the project, using an input or output data method. The method used is the one that best reflects the transfer
of control. System Revenue is recognized as an agent (net) or principal (gross) depending on the terms of
the contract with the system suppliers.
Due to the nature of the Group’s business, no single customer represents more than 10% of the Group’s
total revenues.
01.01. - 31.12.2025 Norway Sweden Finland UK India Group Total elim (Amounts in NOK thousand) Operating revenue 850 789 399 735 164 364 11 945 - - 1 426 834 Other income 27 321 2 076 2 441 - - - 31 837 Intersegment sales 1 848 12 208 644 - 19 444 -34 144 - Total operating revenue 879 958 414 019 167 449 11 945 19 444 -34 144 1 458 671 Cost of hardware and software licences 153 230 105 160 26 493 3 331 - -2 437 285 778 Personnel expenses 541 788 224 573 104 562 9 333 11 736 -19 942 872 050 Other operating expenses 105 928 55 826 23 655 18 075 1 390 -11 76 193 108 EBITDA 79 011 28 460 12 739 -18 794 6 318 - 107 735 Ebitda/revenue 9,0% 6,9% 7,6% -157,3% 32,5% - 7,4% Non-recurring items* 27 467 15 970 4 231 14 568 - - 62 236 EBITDA net of adjustments 106 478 44 430 16 970 -4 226 6 318 - 169 971 Adjusted EBITDA/Revenue 12,1% 10,7% 10,1% -35,4% 32,5% - 11,7%
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01.01. - 31.12.2024 Norway Sweden Finland UK India Group Total elim (Amounts in NOK thousand) Operating revenue 549 453 354 239 111 404 - - - 1 015 097 Other income 2 833 8 388 548 - - - 11 769 Intersegment sales - 5 946 - - 17 466 -23 412 - Total operating revenue 552 286 368 573 111 952 - 17 466 -23 412 1 026 865 Cost of hardware and software licences 95 092 76 757 18 280 - - -641 189 488 Personnel expenses 328 343 206 718 69 918 - 9 630 -5 834 608 775 Other operating expenses 74 311 46 504 11 572 - 2 643 -17 102 117 927 EBITDA 54 540 38 594 12 182 - 5 193 165 110 674 Ebitda/revenue 9,9% 10,5% 10,9% - 29,7% - 10,8% Non-recurring items* 15 147 -1 405 1 327 - - 5 725 20 793 EBITDA adjusted 69 687 37 188 13 510 - 5 193 131 468 EBITDA adjusted/Revenue 12,6% 10,1% 12,1% - 29,7% 12,8%
*Specification of non-recurring items 2025 2024 M&A related costs 38 433 10 237 Severance payments 10 644 2 491 Advisory fees 8 363 4 446 Other non-recurring costs 4 797 3 619 Total 62 236 20 793
M&A related costs: Transaction fees, advisory fees, integration, redundant property costs, stay-on bonus
related to acquisitions.
Severance payments: Personnel restructuring and transition costs.
Advisory fees: Third party advisory fees related to specific non-recurring initiatives
Other non-recurring costs: listing costs, cut-off adjustments and other non-recurring costs
No adjustment for internal time spent on integration activities.
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Revenue from contracts with customers
3.1. Ordinary activities of the Group
The Group’s ordinary activities consist of sales of accounting & payroll services, Accounting technology
solutions, and IT outsourcing.
3.2. Revenue disaggregation
The revenue disaggregation in the table below originate from the segments. Finland, UK and India only
originate revenue from Finance and Payroll. Norway generates 80% of its revenue from Finance and
Payroll, 16% from AccounTech and 4% from IT Outsourcing. Sweden generate 65% of its revenue from
Finance and Payroll, 16% from AccounTech and 19% from IT Outsouring.
Business area - Revenue 2025 2024 (Amounts in NOK thousand) Finance and payroll 1 103 310 790 686 AccountTech 186 436 123 224 IT Outsourcing 168 925 112 955 Total 1 458 671 1 026 865
3.3. Contract costs
Contract costs 2025 2024 (Amounts in NOK thousand) Cost Balance at 1 January 16 881 12 245 Additions for the year 4 636 4 636 Disposals - - Currency adjustment - - Balance at 31 December 21 517 16 881 Accumulated amortisation and impairment Balance at 1 January 5 359 3 677 Amortisation for the year 2 127 1 682 Impairment losses - - Disposals - - Currency adjustment - - Balance at 31 December 7 486 5 359 Book value at 31 December 14 032 11 522 Amortisation plan Straight-line Economic life 10 years
The Group accumulates contract costs to secure recurring long term contracts. The average contract length
of the recurring contracts are 10 years. Contract costs are classified as other non-current assets in the
balance sheet.
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4. Employee benefits
The Group’s remuneration to employees for the periods presented in the financial statements are
disaggregated as follows:
(Amounts in NOK thousand) 2025 2024 Wages and salaries 687 791 473 015 Other social security costs 121 805 90 814 Pension costs 59 150 41 725 Other personnel expenses 3 305 3 221 Total personnel expenses 872 050 608 776 Average full-time employees (FTEs) 1 075 803
5. Other operating expenses
5.1. Disaggregation
Other operating expenses incurred by the Group can be disaggregated as follows:
(Amounts in NOK thousand) 2025 2024 Office expenses included machinery and equipment cost 30 075 13 689 Marketing, selling and administrative expenses 15 332 9 415 Transaction expenses related to acquisitions 38 433 7 778 Loss on trade receivables 7 742 3 569 IT costs 38 569 27 328 External consultants 40 451 31 401 Other 22 500 24 747 Total other operating expenses 193 102 117 927
5.2. Fees to statutory auditors
The total remuneration to the auditor for the periods presented in these financial statements has been the
following:
PwC Other Remuneration to auditors 2025 2024 2025 2024 (Amounts in NOK thousand) Statutory audit 3 649 2 153 605 442 Other attestation services 570 - - - Tax advice 30 - - - Other non-audit services 2 066 3 462 - Total remuneration to auditor 6 315 5 615 605 442
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6. Financial result
Financial income 2025 2024 (Amounts in NOK thousand) Interest income 12 248 1 061 Gain on sale of shares - - Unrealized gain on shares measured at fair value - - Other financial income 740 49 Total financial income 12 988 1 110 Financial expenses 2025 2024 (Amounts in NOK thousand) Interest expense on loans 104 448 23 884 Interest expense on lease liabilities 7 178 4 607 Loss on sale of shares - - Unrealized loss on shares measured at fair value - - Other financial expenses 12 092 650 Total financial expenses 123 718 29 141 Net currency gain/(loss) 2025 2024 (Amounts in NOK thousand) Foreign currency gains 11 789 3 263 Foreign currency losses 7 636 7 504 Net currency gain/(loss) 4 153 -4 241
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7. Income tax
7.1. Income tax expense
Tax expense in the income statement 2025 2024 (Amounts in NOK thousand) Tax payables 5 869 8 568 Change in deferred tax -2 263 2 939 Tax expense 3 607 11 507 Tax payables in the balance sheet 2025 2024 (Amounts in NOK thousand) Payable tax expense for the year 5 869 8 568 Prepaid tax / tax payable prior year -1 337 -11 210 Tax paid on group contribution - - Tax payables 4 533 -2 642 Reconciliation from nominal to effective tax rate 2025 2024 (Amounts in NOK thousand) Income before tax -95 899 10 255 Tax on profit -21 098 2 256 Effect of different tax rates 1 719 -301 Permanent differences 338 6 743 Change in unrecognized deferred tax asset 22 312 3 025 Other tax adjustments 335 -216 Tax expense 3 607 11 507 Effective tax rate 3,8% 112,2%
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Specification of the tax effect of temporary differences and tax loss
carry forwards:
Deferred tax liabilities:
(Amounts in NOK thousand) Intangible current Contract assets assets costs Total Balance at 1 January 2024 38 332 1 985 420 40 737 Profit/-loss for the period 1 696 - 1 985 3 599 3 310 Direct to Equity (acquisitions) - - - - Balance at 31 December 2024 40 028 - 4 019 44 047 Balance at 1 January 2025 40 028 - 4 019 44 047 Profit/-loss for the period 16 351 3 348 3 715 Direct to Equity (acquisitions) 51 595 - - 51 595 Balance at 31 December 2025 91 639 351 7 367 99 357
Deferred tax asset:
(Amounts in NOK thousand) Fixed current Loss carried assets assets Liabilities forward Total Balance at 1 January 2024 676 656 - - 1 332 Profit/-loss for the period - 676 - 456 511 2 480 1 860 Direct to Equity (acquisitions) - - - - - Currency translation differences - - - - - Balance at 31 December 2024 - 200 511 2 480 3 192 Balance at 1 January 2025 - 200 511 2 480 3 192 - Profit/-loss for the period 1 179 630 20 743 2 949 25 502 Direct to Equity (acquisitions) - - - - - Not recognised deferred tax asset - - - 19 623 - - 19 523 Balance at 31 December 2025 1 179 830 1 731 5 430 9 170
2025 2024 Net deferred tax asset - - Net deferred tax liability 90 187 40 855
Deferred tax assets, including the tax base of tax loss carry forwards are recognized if it is assessed that
there will be sufficient future taxable income against which the temporary differences and unutilized tax
losses can be utilized.
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OPERATING ASSETS AND LIABILITIES
8. Goodwill
8.1. Origination of goodwill
(Amounts in NOK thousand) Norway Finland Sweden UK Total Book value Balance at 1 January 2024 221 386 90 675 267 133 - 579 194 Acquisition through business combinations 67 166 7 025 5 515 - 79 705 Impairment losses - - - - - Currency adjustment - 4 953 4 387 - 9 340 Balance at 31 December 2024 288 552 102 652 277 035 - 668 239 Balance at 1 January 2025 288 552 102 652 277 035 - 668 239 Acquisition through business combinations 414 420 104 229 15 582 324 077 858 308 Impairment losses - - - - - Currency adjustment - 1 677 15 627 1 136 18 440 Balance at 31 December 2025 702 972 208 559 308 244 325 212 1 544 986
8.2. Impairment testing
Goodwill is not amortized but tested for impairment annually or when impairment indicators are present.
Impairment testing is performed at a country level as defined by Group Management. Goodwill is written
down through the consolidated statement of profit or loss when the recoverable amount of the CGU’s to
which the goodwill relates is lower than the carrying amount. Impairments are recognized by reducing the
carrying amount of goodwill first, before other assets are reduced on a pro-rata basis. Impairments of
goodwill are not reversed.
The recoverable amount is determined using the value in use, which is the present value of future net cash
flows. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with
the addition of risks specific to the individual country, such as geographical and financial exposure. The
cash flow for 2026 is based on approved budgets. The cash flows after 2026 are projected based on
historical trends, including an expected growth in operating revenues and margins.
The following table sets out the key assumptions for the group of CGUs that have significant goodwill
allocated to them:
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(Amounts in NOK thousand) Norway Finland Sweden UK 2025 Operating revenue (% CAGR) 5,6% 6,2% 5,6% 17,0% Operating costs (% of operating revenue) 88,5% 87,9% 89,0% 81,3% Change in NWC (% of operating revenue) 4,0% 5,5% 2,8% 15,6% Annual CAPEX (% of operating revenue) 0,4% 1,1% 0,5% 0,6% Terminal growth rate (%) 2,0% 2,0% 2,0% 2,0% Post -tax WACC (%) 9,8% 9,1% 8,5% 10,7% Pre-tax WACC (%) 12,6% 11,3% 10,7% 13,3%
(Amounts in NOK thousand) Norway Finland Sweden UK 2024 Operating revenue (% CAGR) 8,6% 9,2% 9,0% - Operating costs (% of operating revenue) 88,0% 90,5% 90,1% - Change in NWC (% of operating revenue) 5,4% 6,6% -2,1% - Annual CAPEX (% of operating revenue) 0,6% 1,8% 0,7% - Terminal growth rate (%) 1,5% 1,5% 1,5% - Post -tax WACC (%) 10,0% 10,1% 9,0% - Pre-tax WACC (%) 12,8% 12,6% 11,3% -
The Group’s management applies estimates that are assessed to be realistic and consistent with peers. No
write-downs of goodwill have been carried out during 2025. The Group performed a sensitivity analysis of
the discount rate and the operating revenue compound annual growth rate (CAGR) when making this
assessment.
The headroom between the carrying value and book value is sufficient to deem the risk of impairment as
low. A reasonable change in WACC and profitability would not result in impairments in a normalized
scenario.
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9. Intangible assets
The following table includes a reconciliation of the carrying amount of the intangible assets held by the
Group:
(Amounts in NOK thousand) Customer Capitalized Concessions, contracts and development patent, rights customer expenditures etc. relations Total Cost Balance at 1 January 2024 22 645 3 214 231 124 256 983 Additions 12 496 766 - 13 262 Acquisition through business combinations 304 - 21 160 21 464 Disposals -179 - - -179 Currency adjustment 2 605 30 3 474 6 109 Balance at 31 December 2024 37 871 4 010 255 758 297 640 Balance at 1 January 2025 37 871 4 010 255 758 297 640 Additions 4 345 1 129 - 5 474 Acquisition through business combinations 312 - 235 101 235 413 Disposals - - - - Currency adjustment - - 5 594 5 594 Balance at 31 December 2025 42 529 5 139 496 453 544 121 Accumulated amortisation and impairment Balance at 1 January 2024 9 632 3 204 57 401 70 237 Amortisation for the year 4 668 661 23 518 28 847 Impairment losses - - - - Currency adjustment 2 106 30 -1 478 658 Balance at 31 December 2024 16 406 3 895 79 441 99 742 Balance at 1 January 2025 16 406 3 895 79 441 99 742 Amortisation for the year 6 457 216 31 709 38 381 Impairment losses - - - - Currency adjustment - - - - Balance at 31 December 2025 22 863 4 111 111 150 138 123 Book value at 31 December 2024 21 465 115 176 317 197 897 Book value at 31 December 2025 19 665 1 029 385 303 405 998
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10. Property, plant and equipment
The following table includes a reconciliation of the carrying amount of the property, plant and equipment
held by the Group:
(Amounts in NOK thousand) Furniture and Machinery and Leasehold fixtures equipment improvements Total Cost Balance at 1 January 2024 25 794 12 736 6 300 44 830 Additions 3 955 2 647 1 648 8 250 Acquisition through business combinations 300 1 835 - 2 135 Disposals -3 863 -4 441 -794 -9 099 Currency adjustment 925 - - 925 Balance at 31 December 2024 27 110 12 776 7 154 47 041 Balance at 1 January 2025 27 110 12 736 6 300 46 147 Additions 6 564 3 253 495 10 312 Acquisition through business combinations 5 965 867 18 6 850 Disposals -470 - - -470 Currency adjustment 5 788 - - 5 788 Balance at 31 December 2025 44 957 16 856 6 814 68 626 Accumulated depreciation and impairment Balance at 1 January 2024 12 576 10 651 5 572 28 799 Depreciation for the year 3 032 2 637 221 5 889 Impairment losses -3 824 -1 546 -765 -6 135 Currency adjustment -710 - - -710 Balance at 31 December 2024 11 074 11 741 5 028 27 843 Balance at 1 January 2025 11 074 11 741 5 028 27 843 Depreciation for the year 7 473 2 352 611 10 436 Impairment losses - - - - Disposals 470 - - 470 Acquisition through business combinations - - - - Currency adjustment - - - Balance at 31 December 2025 19 017 14 094 5 639 38 749 Book value at 31 December 2024 16 037 1 035 2 126 19 198 Book value at 31 December 2025 25 940 2 762 1 175 29 877
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11. Right-of-use assets
The Group’s leasing activities mainly relate to buildings and other properties. Additionally, the Group also
leases some machinery, equipment and vehicles.
11.1. The Group’s right-of-use assets and movements during the period are the following
ones:
Right-of-use assets Buildings and Machinery and other property equipment Vehicles Total (Amounts in NOK thousand) Book value at 1 January 2024 48 516 2 264 1 230 52 010 Additions from the year 9 386 3 302 1 795 14 483 Additions from business combinations 6 016 - - 6 016 Adjustments 34 944 1 -2 34 943 Depreciation for the year -29 546 -2 752 -1 659 -33 956 Disposal -577 - - -577 Currency adjustment 1 726 86 71 1 883 Book value at 31 December 2024 70 465 2 902 1 435 74 802 Book value at 1 January 2025 70 465 2 902 1 435 74 802 Additions from the year 26 427 2 633 1 181 30 241 Additions from business combinations 29 546 29 546 Adjustments 10 949 119 -186 10 882 Impairments -2 127 -2 127 Depreciation for the year -41 358 -3 344 -1 398 -46 100 Disposal -3 782 - -20 -3 801 Currency adjustment -81 -81 Book value at 31 December 2025 90 040 2 310 1 012 93 362 Remaining rental period 1-6 years 1-4 years 1-3 years Depreciation plan Straight-line Straight-line Straight-line Discount rate 1.5 % - 9.4 2.5 % - 7.3 % 5.8 % - 7.3 % %
11.2. Amounts recognized in the consolidated statement of comprehensive income
Lease effects in statement of profit or loss 2025 2024 (Amounts in NOK thousand) Short-term and low-value leases 586 1 315 Depreciation of right-of-use asset 46 100 33 956 Interest expense on lease liabilities 7 178 4 607 Total recognised in statement of profit or loss 53 864 39 878
Total cash outflows for leases have been tNOK 53 087 for 2025, compared to tNOK 38 813 for 2024
including short-term and low value leases.
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12. Trade receivables and other current assets
Trade receivables 31 December 31 December 2025 2024 (Amounts in NOK thousand) Trade receivables 268 389 145 500 Allowance for expected credit losses -12 463 -3 652 Total trade receivables 255 927 141 848 Ageing of trade receivables Not past due 1 - 30 days 31 - 90 days > 90 days Total (Amounts in NOK thousand) Trade receivables 190 345 52 522 9 015 16 507 268 389 Allowance for expected credit losses -2 000 -1 311 -1 246 -7 906 -12 463 Total trade receivables 188 345 51 211 7 769 8 601 255 927
Other current assets 31 December 2025 31 December 2024 (Amounts in NOK thousand) Prepaid costs 86 143 30 829 Accrued revenue - - Tax refunds - 2 853 Other current receivables 1 331 10 092 Investment in shares - - Recievables from related parties - 6 571 Total other current assets 87 474 50 345
13. Cash and cash equivalents
The Group’s cash and cash equivalents can be disaggregated as follows:
(Amounts in NOK thousand) 31 December 2025 31 December 2024 Employees' tax deductions 20 691 1 068 Restricted client funds 14 279 11 791 Rent deposit - - Other bank deposits and cash 241 800 47 466 Total cash and cash equivalents 276 770 60 325
Restricted client funds are amounts the Group holds on behalf of certain clients, typically related to VAT
and salaries. These funds are subsequently paid to tax authorities and employees. The corresponding
liability is presented under other current liabilities (Note 12).
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14. Other current liabilities
The Group’s other current liabilities are disaggregated as follows:
(Amounts in NOK thousand) 31 December 2025 31 December 2024 Sellers credit (non-interest-bearing) - 2 500 Contingent consideration (earn-out) 53 918 7 201 Stay-on bonus related to acquistions - 1 065 Accrued costs (salaries, holiday pay etc.) 173 505 143 367 Advances from customers 13 913 9 586 Government taxes 129 664 65 102 Deposits 1 974 204 Short term debt to related parties 84 179 15 786 Total other current liabilities 457 153 244 811
See Note 24 for details related to “short term debt to related parties” and Note 15 for further details related
to “Contingent consideration (earn-out)”.
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FINANCIAL ASSETS, LIABILITIES AND RISK MANAGEMENT
15. Financial instruments
This section contains an overview of the Group’s financial assets and liabilities.
Financial assets Fair value Category 31 December 2025 31 December 2024 level (Amounts i NOK thousand) Deposits not classified as cash FAAC* - - Trade receivables FAAC 255 927 141 848 Investment in shares held for trading 3 FVPL** - - Other receivables FAAC 87 474 50 345 Cash and cash equivalents FAAC 276 770 60 325 Total financial assets 620 171 252 518 Financial liabilities Fair value Category 31 December 2025 31 December 2024 (Amounts i NOK thousand) level Lease liabilities FLAC*** 99 611 77 996 Interest-bearing debt FLAC 1 340 609 321 259 Trade payables FLAC 36 995 68 244 Tax payables FLAC 4 532 - Sellers credit (non-interest-bearing) FLAC - 2 500 Contingent payments (earn-out) 3 FVPL 125 122 21 539 Stay-on bonus related to acquistions FLAC 1 929 1 761 Other debt FLAC 409 617 232 909 Total financial liabilities 2 018 416 726 208
Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments
Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
* FAAC - Financial assets at amortised cost
** FVPL - Fair value through profit or loss
*** FLAC - Financial liabilities at amortised cost
Contingent payments (earn-outs) are recognized in the balance sheet under “Other non-current liabilities”
and “Other current liabilities”. Fair value changes related to earn-outs are presented under ‘other income’ in
the P&L (impact of NOK 5.7 million and NOK 8 million in 2024 and 2025, respectively).
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16. Interest-bearing debt
The Group takes on interest-bearing debt to finance its operations. Over the periods presented, the main
form of financing has been through debt to credit institutions.
The following tables disaggregate interest-bearing loans held by the Group:
(Amounts in NOK thousand) 2025 2024 Bond debt 1 164 938 Debt to credit institutions 145 883 280 244 Sellers credit - - Other long-term interest-bearing debt - - Total long-term interest-bearing debt 1 310 821 280 244 (Amounts in NOK thousand) 2025 2024 Bank debt/use of overdraft facility 11 609 41 015 Sellers credit 18 179 - Total short-term interest-bearing debt 29 788 41 015
The nominal value of the Interest-bearing debt is MNOK 1.360.
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Main terms, conditions and compliance with covenants
Bond terms and covenant
VIEW Group AS has issued a Senior Secured Callable Bond of MNOK 1.180. The bond has an interest of 4.50% +
NIBOR and principal shall be paid in full on the maturity date (31.01.2029).
In relation with the bond, the Group must have the higher of MNOK 40 or 5% of the aggregate outstanding nominal
bond amount in free liquidity at any time. The Group complies with this covenant requirement throughout the reporting
periods presented in these financial statements, and there are no indications that the Group may have difficulties
complying with the covenants in the foreseeable future.
In order for the Group to tap on the bond according to the term sheet, the Incurrence test must be below 4.75. Per Q4
2025 the leverage ratio was 5.65x.
Item* 2025 Cash and cash equivalents 271 301 Restricted cash -34 799 Unused overdraft facility 83 391 Free liquidity 319 893 Covenant requirement highest of MNOK 40 or 5% 59 000 Over-/under coverage 260 893 *Adjustment for minorities
Debt Leverage* 2025 Interest-bearing debt (including lease liabilities) 1 439 208 Free cash -236 502 Net interest bearing debt 1 202 706 EBITDA LTM used for covenant computation** 212 849 Net interest-bearing debt to EBITDA 5,65x
*Adjustment for minorities.
**EBITDA LTM is proforma last twelve months included allowed one-off adjustments (non-recurring items) under
terms of agreement for the bond. EBITDA is not adjusted for future synergies.
Sellers credits
The Group has interest-bearing sellers credits with a nominal value of MNOK 18.2. The interest rate is 5.5%-7.5% and
the credit matures in Q3 2026.
Assets pledged as security for liabilities
Nordic Trustee AS has collateral of up to MNOK 4 000. Nordic Trustee AS holds security in shares, inventory,
receivables, intra-group loans, bank deposits, and operating assets in the Issuer and each Guarantor. The security
granted depends on the jurisdiction in which the relevant Guarantor is incorporated.
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17. Lease liabilities
This note gives further information about the lease liabilities of the Group. Refer to note 12 Right-of-use
assets for description of accounting policies. Note 20 Reconciliation of cash flows from financing activities
includes more information about the cash flow movements in lease liabilities.
The Group’s lease liabilities and movements during the period are the following ones:
Lease liabilities 2025 2024 (Amounts in NOK thousand) Book value at 1 January 77 996 54 963 Additions 59 625 56 211 Adjustments 10 875 - Interest expense 7 178 4 607 Lease payments -53 087 -38 813 Disposal -3 088 - Currency adjustment 120 1 028 Book value at 31 December 99 620 77 996
(Amounts in NOK thousand) 31 December 31 December 2025 2024 Long-term lease liabilities 59 507 47 194 Short-term lease liabilities 40 113 30 802 Total lease liabilities 99 620 77 996 Maturity profile of undiscounted lease liabilities 31 December 31 December (Amounts in NOK thousand) 2025 2024 < 1 year 44 167 32 157 1 - 5 years 67 103 54 191 > 5 years 2 420 - Total undiscounted lease liabilities 113 690 86 348 Additions include new contracts, existing contracts from new acquisitions, extension options, and index
adjustments.
18. Reconciliation of cash flows from financing activities
(Amounts in NOK thousand) Lease Interest-SC/EO Other Total liabilities bearing loans debt 1 January 2024 54 963 235 378 40 977 102 408 433 726 Cash outflows from payments of principal -34 206 -2 850 -42 124 -9 350 -88 530 Interests paid -4 607 -23 449 -2 553 - -30 609 Cash inflows from new borrowings - 82 900 - - 82 900 New leases/SC&EO (non-cash change) 56 211 - 22 669 - 78 880 Foreign exchange adjustments (non-cash change) 1 028 2 234 1 471 - 4 733 Interest expense (non-cash change) 4 607 22 969 915 - 28 491 Other changes (non-cash change) - 4 076 2 685 -77 272 -70 511 31 December 2024 77 996 321 258 24 039 15 786 439 079 Cash outflows from payments of principal -45 909 -481 680 -36 654 - -564 243 Interests paid -7 178 -88 288 -1 319 - -96 786 Cash inflows from new borrowings - 1 310 931 - - 1 310 931 New leases/SC&EO/bank debt (non-cash change) 59 625 166 023 158 674 - 384 322 Foreign exchange adjustments (non-cash change) 120 206 3 280 - 3 605 Interest expense (non-cash change) 7 178 103 129 1 319 - 111 627 Reclassification of interest-bearing sellers credit - 18 179 -18 179 - Other changes (non-cash change) 7 787 -9 148 -6 037 70 893 63 496 31 December 2025 99 620 1 340 609 125 122 86 679 1 652 030
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19. Financial risks and capital management
This section covers the main risks to which the Group is exposed, and how the Group manages those risks.
Those risks are mainly credit risk, liquidity risk and market risk. For each type of risk identified, this note
discloses or cross-references to information about the Group’s exposures to the risk, how it arises; the
Group’s objectives, policies, and processes for managing the risk and the methods used to measure the
risk. The Group’s senior management oversees the management of these risks.
19.1. Market risk
Market risk for the Group is the risk that the future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk for the Group comprises two types of risk: Currency risk
and interest rate risk.
19.2. Interest rate risk
Interest rate risk for the Group is the risk that future cash flows of a financial instrument will fluctuate
because of changes in market interest rates.
The Group is mainly exposed to interest rate risk from its interest-bearing debt as these instruments are
exposed to changes in NIBOR.
The following table demonstrates the sensitivity of the Group to a reasonably possible change in interest
rates. With all other variables held constant, the Group’s profit after tax and equity is affected through the
impact on floating rate borrowings, as follows:
Sensitivity of changes in interest rates on interest-bearing
debt:
Impact on profit or loss and equity (Amounts in NOK thousand) 31 Dec 2025 31 Dec 2024 Increase in interest rate of 1% -13 406 -3 213 Decrease in interest rate of 0.5% 6 703 1 606
The table above does not illustrate the offsetting effects that the holdings of cash and cash equivalents by
the Group mainly due to the materiality of cash and interest income versus interest-bearing debt and
interest expenses.
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19.3. Foreign currency risk
Foreign currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates.
The Group is exposed to currency risk in its financial assets and liabilities where the functional currency of
the company in the Group is different to the currency in which the asset will be paid, or the liability
discharged. The Group’s policy in this respect is to have a natural hedge, by which the Group match, to the
extent possible, inflows and outflows of the currency.
The following table presents the Group’s sensitivity to reasonably possible changes in exchange rates for
the most material currencies in the Group. The following table includes financial instruments at 31
December that are denominated in other currency than NOK:
Sensitivity of foreign currency rates: Impact on profit or loss and equity (Amounts in NOK thousand) 31 Dec 2025 31 Dec 2024 5 % increase in amount of NOK per: SEK 1 963 1 595 EUR 667 209 INR 434 261 GBP 410 39 5 % decrease in amount of NOK per: SEK -1 963 -1 595 EUR -667 -209 INR -434 -261 GBP -410 -39
19.4. Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by
failing to discharge an obligation, leading to a financial loss. The Group is exposed to credit risk from its
operating activities (primarily trade receivables) and from its financing activities, including deposits with
banks and financial institutions, foreign exchange transactions and other financial instruments.
Trade receivables
Credit risk is mainly concentrated in the Group’s trade receivables with customers. The group invoice
customers with 10-30 days delayed payment, which results in an outstanding receivable balance. The
credit risk is monitored. Historically confirmed losses have been relatively low. The Group’s provision for
future losses is based on analysing historical customer payment behaviours and have resulted in a relative
low loss provision. The credit risk is considered to be low for the Group.
The Group follows up the aging of the trade receivables with customers on an ongoing basis. See note 11
for distributed aging of trade receivables.
Cash and cash equivalents
The Group manages its exposure towards credit risks of individual banks by considering the amount of
deposits that can be held in a single bank, considering among other factors the credit rating of its banks.
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19.5. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with
financial liabilities that are settled by delivering cash or another financial asset.
The Group manages its liquidity risk by regularly monitoring its liquidity needs for working capital, and
strategical investments, both for short-term and long-term needs, and periodically updates estimations
through rolling forecasts. Liquidity risk is considered low, due to a stable cash flow from operations.
Through capital increase, bank debt and improved profitability, the group has strengthened its liquidity
throughout the year. The bond issued in February 2025 added significant liquidity reserves to the Group.
19.6. Contractual maturities for financial liabilities
(Amounts in NOK thousand) Less than Between More than Total one year one and three years three years Liabilities as of 31 December 2024 Interest-bearing debt 41 015 342 599 - 383 614 Other interest-bearing debt - - - - Trade payables 68 244 - - 68 244 Other liabilities 244 662 13 898 - 258 560 Total 353 921 356 497 - 710 419 Liabilities as of 31 December 2025 Interest-bearing debt 29 788 179 697 1 497 627 1 707 111 Other interest-bearing debt - - - - Trade payables 36 995 - - 36 995 Other liabilities 442 592 79 516 - 522 108 Total 509 375 259 212 1 497 627 2 266 214
The figures above do not include future lease payments.
20. Capital management
The Group defines capital as equity. The Group’s main objective when managing capital is to ensure the
ability of the Group to continue as a going concern and to meet all requirements imposed by external
financing agreements in the form of covenants. See note 14 for covenants to which the Group is subject to.
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GROUP STRUCTURE
21. Business combinations
21.1. Description of business combinations
Business combinations 2025
• Hubro Group Holding AS and its subsidiaries (06.02.25) – Norway – 100% of the shares
• Petticoat Management Team Ltd (26.03.25) – UK - 100% of the shares
• Tilitoimisto Auctora Oy and subisdiary Auctora Yrityspalvelut Oy (02.04.25) – Finland – 100% of the
shares
• Accurise Ltd (21.03.25) – UK – 48.56% of the shares
• Accurise Ltd (03.12.25) – UK - 51.44% of the shares
• Seemly Finance and Search AB (01.09.25) – Sweden – 100% of the shares
• Bilanssi Oy (28.08.25) – Finland – 100% of the shares
• Tilitoimisto Torn Oy (04.09.25) – Finland - 100% of the shares
• Cottons Group Ltd and its subsidiary (16.12.25) – UK - 100% of the shares
Business combinations 2024
• Faktucon (03.04.2024) – Finland – 100% of the shares
• Consulta (26.04.2024) – Sweden - 100% of the shares
• Avito Holding AS and its subsidiaries (01.11.2024) - 100% of the shares
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21.2. Purchase price allocation – Assets acquired and liabilities assumed
The amounts recognized at the date of business combinations in respect of identifiable assets acquired and
liabilities assumed are set out in the table below. The assets and liabilities recognized as a result of the
acquisition are as follows (2025):
(Amounts in NOK thousand) Hubro Cottons Other Total Identifiable assets acquired at fair value: Customer contracts and customer relations 117 261 67 540 50 612 235 413 Deferred tax asset 1 651 - - 1 651 Right-of-use assets 23 898 5 648 - 29 546 Property, plant and equipment 2 294 2 994 4 171 9 459 Other non-current assets 4 857 3 041 884 8 782 Cash and cash equivalents 32 005 - 10 366 42 371 Other current assets 61 110 54 166 18 299 133 575 Deferred tax liabilities -25 856 -17 043 -10 561 -53 460 Lease liabilities -23 898 -5 648 - -29 546 Interest-bearing debt -126 200 -21 870 -4 853 -152 Current liabilities -106 256 -28 294 -25 399 -159 923 Total net identifiable assets acquired at fair value -39 134 60 534 43 520 64 920 949 Less: Non-controlling interest - - - - Add: Goodwill 412 545 270 517 175 246 858 308 Net assets acquired 373 411 331 051 218 766 923 228 (Amounts in NOK thousand) Hubro Cottons Other Total Cottons Cash consideration 250 700 178 885 93 903 523 488 Option/deferred payment - - - - Estimated contingent payment (earn-out) - 57 500 41 666 99 166 Settled by Parent Company 122 711 94 665 83 197 300 573 Total consideration 373 411 331 050 218 766 923 227 - Paid in cash 250 700 178 885 93 903 523 488 Less: Cash and cash equivalents acquired -32 005 - -10 052 -42 057 Net cash outflow - Investing activities 218 695 178 885 83 851 481 431
The discrepancy between the amount 'Settled by Parent Company' and the capital increase reported in the
Statement of Changes in Equity (SCE) is due to the structure of the reinvestment. The funds were initially
recognized as a liability to the parent company. A portion of this liability was converted to equity during
2025, while the remaining balance is scheduled for conversion during 2026. Consequently, the SCE only
reflects the portion of the capital that was formally converted within the 2025 financial year.
Business acquisitions carry contingent considerations tied to financial targets (revenue and EBITDA), and
these are recognised as liabilities in the amount that the management considers likely to arise.
Revenue and net profit during ownership period in 2025 for acquired companies in the same year
amounted to tNOK 356 470 and tNOK 21 857, respectively.
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The assets and liabilities recognized as a result of the acquisition are as follows (2024):
(Amounts in NOK thousand) 2024 Identifiable assets acquired at fair value: Customer contracts and customer relations 21 160 Deferred tax asset 1 386 Right-of-use assets 6 016 Property, plant and equipment 607 Development - Other non-current assets 674 Cash and cash equivalents 14 026 Other current assets 14 985 Deferred tax liabilities -4 559 Lease liabilities -6 016 Interest-bearing debt -13 838 Current liabilities -12 154 Total net identifiable assets acquired at fair value 22 288 Less: Non-controlling interest - Add: Goodwill 79 505 Net assets acquired 101 793 (Amounts in NOK thousand) 2024 Cash consideration 45 443 Seller's credit (deferred payments) - Estimated contingent payment (earn-out) 22 669 Settled by Parent Company 33 682 Total consideration 101 793 Paid in cash 45 443 Cash and cash equivalents acquired -14 026 Net cash outflow - Investing activities 31 417
Business acquisitions carry contingent considerations tied to financial targets (revenue and EBITDA), and
these are recognised as liabilities in the amount that the management considers likely to arise.
Revenue and net profit during ownership period in 2024 for acquired companies in the same year
amounted to tNOK 26 295 and tNOK 3 822, respectively.
21.3. Revenue and profit contribution
If the acquisitions had occurred on 01.01.25 (01.01.24), consolidated pro-forma revenue and net profit for
the year ended 31.12.25 (31.12.24) would have been tNOK 1 702 865 (tNOK 1 633 080) and tNOK – 60
018 (tNOK -24 026).
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22. Group structure
VIEW Group is the parent of the Group and is comprised of the following subsidiaries:
Company Year of Relationship to Business Vote and purchase parent company office ownership VIEW Group AS (VGAS) - Group ultimate parent Oslo Other companies included in the consolidation: VIEW Maritime AS 2012 Sub of VGAS Oslo 50,1% VIEW Ledger AB (VLAB) 2015 Sub of VGAS Stockholm 100,0% VIEW Group India 2020 Sub of VGAS Bangalore 80,0% VIEW Group OY (VGOY) 2021 Sub of VGAS Tampere 100,0% VIEW.Group Sweden AB (VGAB) 2022 Sub of VGAS Stockholm 100,0% VIEW.Group IT & Communication Sweden AB (VGIT) 2022 Sub of VGAB Stockholm 100,0% VIEW.Group Business Solutions Holding AB (VGBS) 2022 Sub of VGAB Stockholm 100,0% PrimeQ SiteSmart AB 2022 Sub of VGIT Stockholm 100,0% VIEW.Group Attendit AB 2022 Sub of VGIT Stockholm 100,0% VIEW.Group Innovation Sweden AB 2022 Sub of VGIT Stockholm 100,0% VIEW.Group Business Consulting AB 2022 Sub of VGBS Stockholm 100,0% VIEW.Group Business Solutions Sweden AB 2022 Sub of VGBS Stockholm 100,0% Insera AB 2022 Sub of VGBS Norrköping 100,0% VIEW Group ITC AS 2023 Sub of VGAS Kristiansand 100,0% VIEW Procurator AS 2023 Sub of VGAS Oslo 100,0% Consulta Hosting Services AB 2024 Sub of VGIT Stockholm 100,0% Consulta IT-service AB 2024 Sub of VGIT Stockholm 100,0% Avito AS 2024 Sub of VGAS Stavanger 100,0% Athene TAX AS 2025 Sub of VGAS Oslo 100,0% Athene Registerservice AS 2025 Sub of VGAS Oslo 100,0% Athene Spaces AS 2025 Sub of VGAS Oslo 100,0% Petticoat Management Team ltd 2025 Sub of Accurise Stonehouse 100,0% Accurise Ltd (Accurise) 2025 Sub of VGUK Bristol 100,0% Tilitoimisto Auctora Oy (Auctora) 2025 Sub of VGOY Vantaa 100,0% Auctora Yrityspalvelut Oy 2025 Sub of Auctora Jämsä 100,0% Seemly Finance and Search AB 2025 Sub of VLAB Gothenburg 100,0% Athene Tax AB 2025 Sub of VLAB Stockholm 100,0% Athene Group AB 2025 Sub of VGAS Stockholm 100,0% Athene Accounting AB 2025 Sub of VLAB Stockholm 100,0% Athene BPO Services S.P.O.O 2025 Sub of VGAS Warszaw 100,0% Athene Group Denmark ApS 2025 Sub of VGAS Horsens 100,0% Athene Tax OY 2025 Sub of VGAS Helsinki 100,0% Bilanssi OY 2025 Sub of VGOY Helsinki 100,0% Tilitoimisto Torn Oy 2025 Sub of VGOY Turku 100,0% Cottons Group Ltd 2025 Sub of VGUK Rugby 100,0% VIEW Group UK Holdings Limited (VGUK) 2025 Sub of VGAS Altrincham 100,0% Addero AS 2025 Sub of VGAS Fredrikstad 100,0%
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OTHER
23. Share capital and ownership structure
Share classes Number of shares Share capital Ordinary 2 002 750 16 022 000 Total 2 002 750 16 022 000
VIEW Group AS presents the following ownership structure:
Shareholders Total shares Ownership Voting rights VIEW Group Holding AS 2 002 750 100,0% 100,0% Total 2 002 750 100,0% 100,0%
VIEW Group AS has one types of shares, ordinary shares, with a nominal value of NOK 8.00. All shares
have equal voting rights.
There were three capital increases during 2025, increasing the nominal value from 5.00 to 8.00 and the
share capital from NOK 10 013 750 to NOK 16 022 000.
One capital increase was carried out in March 2026 through a debt conversion. Following the capital
increase, the company’s share capital amounts to NOK 18,024,750, divided into 2 002 750 shares with a
nominal value of NOK 9.00 each.
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24. Related parties
24.1. Remuneration to key management personnel
The Board received no remuneration during the periods presented in the financial statements.
Key management personnel in the Group are comprised of the board of directors, the chief executive
officer and chief financial officer.
Benefits to senior executives charged in the financial statements:
Benefits to key management in the financial statement:
(Amounts in NOK thousand) Salary (incl. Bonuses) Pension costs Other benefits Remuneration to the Group Management team CEO 2 939 97 - CFO 2 262 97 - Remuneration to the board of directors Frode Haugli (chairman) 250 - - Anette Willumsen 200 - - Morten Bratlie - - - Siemen Simensen - - - Åsa Wirén 200 - - Elena Gorder (employee representative) - - -
No additional remuneration has been paid for services beyond the normal functions of senior executives.
Upon termination or change of employment for the Chief Executive officer or chairman of the board, no
special remuneration has been agreed.
The Group has not granted loans, advance payments or other provision of security for Executive
management or Board members. The Board of Directors has signed a liability insurance.
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24.2. Transactions and balances with related parties
Transactions and balances with related parties are presented in the tables below.
Transaction Line item Counterpart Relationship 2025 2024 (Amounts in NOK thousand) Board fee Payroll Explore Equity holding Owner 75 - Consulting fee Payroll AS Explore Equity holding Owner 150 113 Consulting fee Operating AS Explore Equity holding Owner - 3 150 Consulting fee expenses Operating AS Edorf Invest AS Chairman 359 325 Total expenses 584 3 588
Receivables and Payables Line item Counterpart Relationship 2025 2024 (Amounts in NOK thousand) Receivable Loan Other receivables Accurise Ltd Sister - 4 121 Receivable Loan Other receivables VIEW Group Holding company Parent - 2 450 Payable Loan* Other current AS VIEW Group Holding Parent -84 179 -15 786 Accounts receivable liabilities Trade receivables AS VIEW Group Holding Parent 2 450 - Accounts payable Trade payables AS VIEW Group Holding Parent -2 500 - Total AS -84 229 -9 215
*Debt to the parent company related to reinvestments in acquired companies. The debt was converted into
equity in March 2026.
There have been no material transactions with any other related parties during the periods presented in
these financial statements.
25. Events after the reporting period
No significant events to report after the reporting period.
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26. Definitions of APMs
VIEW uses terms in the consolidated financial statements that are not anchored in the IFRS® accounting
standards. VIEW uses Alternative Performance Measures for understanding and evaluation of performance
within the business. Our definitions and explanations of these terms follow below:
Foreign exchange effects
Group consolidation restated with exchange rates as comparable period the previous year. Change in
volume or balance calculated with the same exchange rates for the both periods are defined as underlying
growth. Change based on the change in exchange rates are defined as foreign exchange effects. The sum
of underlying growth and foreign exchange effects represent the total change between the periods.
EBITDA
Operating profit without costs for depreciation and Impairments
EBITDA margin (%)
Operating profit (EBITDA) / Revenue
Net working capital
Inventory + Contract assets + Accounts Receivables – Accounts Payable
Net Interest-bearing debt
Interest bearing Cash and cash equivalents + Interest bearing Loans
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VIEW Group AS
Annual financial statements
For the year ended 31 December 2025
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VIEW Group AS statement of comprehensive income
Income statement
Notes
2025
2024
(Amounts in NOK thousand)
Operating revenue
593 691
395 521
Other income
18 286
15 208
Total revenue
3
611 977
410 729
Cost of hardware and software licences
-87 487
-64 576
Personnel expenses
4
-396 936
-241 157
Other operating expenses
5,12
-99 257
-59 035
Total operating expenses
-583 679
-364 768
Net operating Income (EBITDA)
3
28 298
45 961
Depreciations, amortizations and impairments
8,9,10,11
-29 701
-15 284
Earnings before Interest and Tax (EBIT)
-1 404
30 677
Financial income
6
23 149
5 488
Financial expenses
6
-134 465
-28 204
Net currency gain/(loss)
6
4 523
-3 847
Net financial items
-106 793
-26 562
Profit before tax
-108 197
4 115
Tax expense
7
-10 514
-751
Net profit
-118 711
3 363
Attributable to:
Equity holders of the parent company
-118 711
3 363
Net profit
-118 711
3 363
Statement of Other comprehensive income
Notes
2025
2024
(Amounts in NOK thousand)
Net Income
-118 711
3 363
Items that may be reclassified to the income statement:
Translations differences on investments in foreign operations
-
-
Oher comprehensive income (OCI)
-
-
Total comprehensive income (loss), attributable to:
-118 711
3 363
Equity holders of the parent company
-118 711
3 363
Non-controlling interests
-
-
Total comprehensive income
-118 711
3 363
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VIEW Group AS statement of financial position
ASSETS
Notes
31.12.2025
31.12.2024
01.01.2024
(Amounts in NOK thousand)
Non-current assets
Intangible assets
9
3 202
2 697
2 536
Deferred tax assets
7
-
-
-
Customer contracts and customer relations
9,21
74 301
-
-
Goodwill
8,21
449 915
153 741
153 652
Right-of-use assets
11
40 152
30 916
33 164
Investments in subsidiaries
834 186
616 546
543 761
Property, plant and equipment
10
6 828
3 164
2 475
Investments in associated companies
5 877
-
-
Receivables from group companies
430 563
-
-
Other non-current assets
3
11 791
10 131
15 853
Total non-current assets
1 856 817
817 194
751 440
Current assets
Inventory
-
-
-
Trade receivables
12
70 120
37 396
44 611
Current receivables from group companies
163 677
124 345
79 698
Other receivables
12,24
5 971
19 197
4 540
Cash and cash equivalents
13
167 075
731
8 450
Total current assets
15
406 844
181 669
137 300
Total assets
2 263 660
998 863
888 740
EQUITY AND DEBT
Notes
31.12.2025
31.12.2024
01.01.2024
(Amounts in NOK thousand)
Equity
Share capital
23
16 022
10 014
8 011
Share premium
508 291
264 193
174 378
Unregistered capital increase
-
-
-
Currency translation reserve
-
-
-
Retained earnings
55 103
152 635
151 193
Non-controlling interest
-
-
-
Total equity
579 415
426 842
333 582
Non-current liabilities
Deferred tax liabilities
7
21 436
2 130
1 414
Long-term lease liabilities
17
25 644
20 296
24 276
Long-term interest-bearing debt
16,18
1 310 761
285 648
223 866
Other non-current liabilities
1 205
15 293
18 222
Total non-current liabilities
15
1 359 045
323 366
267 779
Current liabilities
Short-term lease liabilities
17
16 553
12 890
11 559
Short-term interest-bearing debt
16,18
29 788
33 978
10 668
Trade payables
16 418
35 368
26 653
Liabilities to group companies
127 805
88 308
143 962
Tax payables
7
6 481
-
-
Other current liabilities
14
128 155
78 111
94 538
Total current liabilities
15
325 200
248 655
287 379
Total equity and liabilities
2 263 660
998 863
888 740
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Board of Directors
Oslo, 29. April 2026
Electronically signed
Electronically signed
Electronically signed
Electronically signed
Frode Haugli
Simen Vier Simensen
Anette Willumsen
Åsa Wiren
Chair of the Board
Board Member
Board Member
Board Member
Electronically signed
Electronically signed
Electronically signed
Morten Bratlie
Elena Gorder
John Hugosson
Board Member
Board Member
CEO
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VIEW Group AS statement of cash flows
CASH FLOWS FROM OPERATING ACTIVITIES:
Notes
2025
2024
(Amounts in NOK thousand)
Income before tax
-108 197
4 115
Income from investment in subsidiary
-2 301
-4 719
Depreciations, amortizations and impairments
8,9,10,11
29 701
15 284
Impairment of investments in subsidiaries
6
16 544
-
Net interest expense
6
84 805
24 676
Corporation tax paid
7
-1 179
-
Change in trade receivables
12
9 706
7 215
Change in trade payables
-24 613
8 715
Changes in other NWC items
-17 149
-6 026
Changes in group operating items
-5 296
2 897
Other changes
-
-
Net cash flow from operating activities
-17 977
52 155
CASH FLOWS FROM INVESTMENT ACTIVITIES:
Acquisition of property, plant and equipment
10
-2 806
-1 909
Proceeds from sale of property, plant and equipment
10
-
-
Acquisition of intangible assets
9
-506
-968
Incremental costs to obtain a contract
-3 219
-3 219
Changes in intragroup lending
12,24
-302 514
-28 672
Interest received
11 246
510
Acquisition of other investments (associated companies)
-1 103
-
Acquisition of subsidiaries
21
-250 699
-36 427
Net cash flow from investing activities
-549 600
-70 685
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings
16,18
1 310 931
59 612
Repayments of long term debt
16,18
-419 194
-
Payments of sellers credits and Earn outs related to acquisitions
-29 647
-42 124
Payment of principal portion of lease liabilities
17
-18 755
-12 232
Net change in overdraft facility
16,18
-22 369
23 310
Changes in intragroup loans
24
-15 679
9 109
Interest paid
-90 256
-26 925
Dividend paid
-3 274
-
Issue costs
-70
-
Net cash flow from financing activities
711 686
10 748
Change in cash and cash equivalents
144 109
-7 781
Cash and cash equivalents from merger
22 237
62
Cash and cash equivalents at the start of the period
731
8 450
Cash and cash equivalents at the end of the period
13
167 076
731
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VIEW Group AS statement of changes in equity
(Amounts in NOK thousand)
Share
capital
Share
premium
Unreg.
capital
increase
Currency
translation
reserve
Retained
earnings
Total
equity
Balance at 1 January 2024
8 011
174 378
-
-
151 193
333 582
Net profit/(loss) for the year
-
-
-
-
3 363
3 363
Other comprehensive
income
-
-
-
-
-
-
Total comprehensive
income
8 011
174 378
-
-
154 556
336 945
Capital Increase
2 003
89 815
-
-
-
91 818
Dividend
-
-
-
-
-
-
Merger effects
-
-
-
-
-1 921
-1 921
Balance at 31 December
2024
10 014
264 193
-
-
152 635
426 842
Balance at 1 January 2025
10 014
264 193
-
-
152 635
426 842
Net profit/(loss) for the year
-
-
-
-
-118 711
-118 711
Other comprehensive
income
-
-
-
-
-
-
Total comprehensive
income
10 014
264 193
-
-
33 924
308 131
Capital Increase
6 008
244 098
-
-
-
250 106
Dividend
-
-
-
-
-
-
Merger effects
-
-
-
-
21 178
21 178
Balance at 31 December
2025
16 022
508 291
-
-
55 102
579 415
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Notes to the VIEW Company AS financial statements
PERFORMANCE ............................................................................................................................................................ 115
GENERAL INFORMATION ................................................................................................................................................. 115
1. INFORMATION AND BASIS FOR PREPARATION .................................................................................................................... 115
2. SUMMARY OF GENERAL ACCOUNTING POLICIES ............................................................................................................... 117
3. SEGMENT INFORMATION .................................................................................................................................................... 118
4. EMPLOYEE BENEFITS ......................................................................................................................................................... 120
5. OTHER OPERATING EXPENSES .......................................................................................................................................... 121
6. FINANCIAL RESULT ............................................................................................................................................................. 122
7. INCOME TAX ....................................................................................................................................................................... 123
OPERATING ASSETS AND LIABILITIES ........................................................................................................................ 125
8. GOODWILL ......................................................................................................................................................................... 125
9. INTANGIBLE ASSETS ........................................................................................................................................................... 127
10. PROPERTY, PLANT AND EQUIPMENT ............................................................................................................................. 128
11. RIGHT-OF-USE ASSETS ................................................................................................................................................. 129
12. TRADE RECEIVABLES AND OTHER CURRENT ASSETS ................................................................................................... 130
13. CASH AND CASH EQUIVALENTS ..................................................................................................................................... 130
14. OTHER CURRENT LIABILITIES ........................................................................................................................................ 131
FINANCIAL ASSETS, LIABILITIES AND RISK MANAGEMENT .................................................................................. 131
15. FINANCIAL INSTRUMENTS .............................................................................................................................................. 131
16. INTEREST-BEARING DEBT .............................................................................................................................................. 132
17. LEASE LIABILITIES .......................................................................................................................................................... 134
18. RECONCILIATION OF CASH FLOWS FROM FINANCING ACTIVITIES ................................................................................. 135
19. FINANCIAL RISKS AND CAPITAL MANAGEMENT .............................................................................................................. 135
20. CAPITAL MANAGEMENT ................................................................................................................................................. 138
OTHER .................................................................................................................................................................................. 139
21. SHARE CAPITAL AND OWNERSHIP STRUCTURE ............................................................................................................. 139
22. RELATED PARTIES ......................................................................................................................................................... 140
23. EVENTS AFTER THE REPORTING PERIOD ...................................................................................................................... 143
24. IMPLEMENTATION OF IFRS ........................................................................................................................................... 144
25. DEFINITIONS OF APMS ................................................................................................................................................. 150
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PERFORMANCE
GENERAL INFORMATION
1. Information and basis for preparation
1.1. Corporate information
The VIEW Group AS (hereafter VIEW Group or Company) offers customized financial solutions and
financial services depending on the geography, size and industry of the customer. The services include
accounting & payroll services and technology solutions
The registered office of VIEW Group AS is located at Dronning Eufemias gate 16, Oslo, Norway. The
Company was registered on 22 September 2004 and founded on 23 August 2004.
These financial statements of VIEW Group for the year ended 31 December 2025, and comparative period
for 31 December 2024, were authorized for issue in accordance with a resolution of the board of directors
on the date of the signed balance sheet.
1.2. Basis of preparation
These consolidated financial statements for 2025 have been prepared in accordance with IFRS as adopted
by the EU as well as additional information requirements in accordance with the Norwegian Accounting Act.
The financial statements are presented in NOK and all amounts are rounded to the nearest thousand,
unless stated otherwise.
These financial statements have been prepared based on the going concern assumption. When preparing
financial statements, Management has made an assessment of the Company’s ability to continue as a
going concern. There are no material uncertainties related to events or conditions that may cast significant
doubt upon the Company’s ability to continue as a going concern.
These financial statements have been prepared following the historical cost basis, with no material
exceptions.
1.3. Significant transactions and events during the reporting period
The company acted as the acquiring entity in some subsidiary mergers in 2025. The mergers have been
accounted for using the continuity method (pooling of interests), effective as of January 1st (for VIEW
Construct AS and Avito Holding AS which were fully owned before 2025) as well as of February the 6th (for
Hubro Group Holding AS, Lou Consulting AS and Regnskapskollegiet AS).
Equity Effect: Details regarding the impact on equity are disclosed in SOCE.
Detailed financial information regarding the acquired values, specifically concerning goodwill and capital
contributions, is disclosed in note 8 and 9.
Mergers are mainly related to acquisitions in 2025 and comparables are not restated. Mergers related
acquisitions from previous periods are not considered to have a material effect on comparable figures.
Other than those noted above, the Group has presented the material information of its financial position,
highlighting any material changes, policies, judgements and estimates in the Group for the period
presented.
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1.4. New standards and interpretations adopted by the Group and other changes in accounting
policies
As required by IFRS 1, the Group has applied the same accounting policies for all periods presented in the
financial statements (including financial position at date of transition to IFRS). These accounting policies
are the ones including all standards, amendments and interpretations effective for the annual periods
beginning on or after 1 January 2024.
1.5. New standards and interpretations not yet adopted
At the date of authorization of these financial statements, the following standard that could affect the
Company’s consolidated financial statements were issued but not effective:
IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (effective for annual periods beginning on or
after 1 January 2027)
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 ‘Presentation of Financial Statements’. The
new standard will be effective for annual reporting periods beginning on or after 1 January 2027, with early
adoption permitted. IFRS 18 introduces a defined structure for the statement of profit or loss with new
totals and subtotals, and in which all income and expenses should be classified in one of the following
categories: operating, investing, financing, income taxes and discontinued operations, where the first three
are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures.
Additionally, IFRS 18 made narrow scope amendments to IAS 7 ‘Statements of Cash Flows’.
Management anticipates that the new IFRS 18 standard will be adopted at effective dates stated above
provided that the changes are approved by the EU. There are no other standards, interpretations, or
amendments effective from 1 January 2025 or later that are expected to have a significant impact on the
consolidated financial statements.
1.6. Critical accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of
certain critical accounting estimates. It also requires the management to exercise its judgement in the
process of applying the Company’s accounting policies. Changes in assumptions may have a significant
impact on the financial statements in the period the assumptions change. Management believes the
underlying assumptions are appropriate.
This note provides an overview of the areas that involve a higher degree of judgement or complexity, and of
items which are more likely to be materially adjusted due to final outcomes deviating from estimates and
assumptions made. These areas are as follows:
● Testing goodwill for impairment – Changes in key assumptions can have a material impact on the
recoverable amount of the CGUs to which goodwill relates, and this can potentially result in
impairment losses. See note 8 for further details.
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2. Summary of general accounting policies
Descriptions of accounting principles are generally included in the various notes to the financial statements.
The general principles relating to foreign currency translation and distinction between current and non-
current assets and liabilities are described below.
2.1. Functional currency
The Company presents its financial statements in NOK, which is VIEW Group AS’s functional currency.
2.2. Foreign currency transactions
Transactions in foreign currency are recorded, on initial recognition, at the spot rate at which the
transaction qualifies for recognition under IFRS. For monetary items, the difference between the spot
exchange rate at reporting date (or settlement date) and initial rate is recognized in the consolidated
statement of comprehensive income and presented as part of financial result, at each reporting date and
until the moment of the settlement.
Non-monetary items are translated using the rates at initial recognition.
2.3. Current/non-current classification
An asset or liability is classified as current when it is expected to be realized, sold, used or settled in the
Group’s normal operating cycle, which is normally within twelve months after the reporting date.
Other assets and liabilities are classified as non-current. Financial instruments, other than those held for
trading, are classified based on maturity.
2.4. Statement of cash flows
The Group presents interests paid as part of financial activities and interest received as part of investment
activities.
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3. Segment information
3.1. Segments
The VIEW Group AS (hereafter VIEW Group or Company) business offers customized financial solutions
and financial services depending on the size and industry of the customer.
Operating segments are components of the company’s regularly reviewed by the chief operating decision
maker (“CODM”), which include Group CEO and Group CFO, to assess performance and be able to
allocate resources.to assess performance and be able to allocate resources. Operating segments are
reported to the CODM regularly.
The reporting of segment assets and liabilities is not part of the internal management reporting in the
Company. Material assets and liabilities are monitored at company level and individual key figures (e.g.
trade receivables) are valued in the individual legal companies. Segment assets and liabilities are therefore
not presented.
Revenue is recognized when it is likely that transactions will generate future financial benefits that will
accrue to the company, and the size of the amount can be reliably estimated. Revenue from services
delivered are recognized based on the price specified in the contract with the customer. Revenue is
measured excluding VAT and any discounts are offset against the revenue. The company mainly sells
services (hourly based, unit price, fixed price, system and implementations). The company calculates
revenue from the sale of services over time, as the customer simultaneously receives and consumes
benefits as these are offered by the company. The company recognizes revenue over time on the basis of
the degree of completion of the project, using an input or output data method. The method used is the one
that best reflects the transfer of control. System Revenue is recognized as an agent (net) or principal
(gross) depending on the terms of the contract with the system suppliers.
The Company’s ordinary activities consist of sales of accounting & payroll services (F&P), and Accounting
technology solutions (AccounTech).
Due to the nature of the company’s business, no single customer represents more than 10% of the
Company’s total revenues.
01.01. - 31.12.2025
F&P
AccounTech
Total
(Amounts in NOK thousand)
Operating revenue
533 119
60 572
593 691
Other income
18 286
-
18 286
Total operating revenue
551 405
60 572
611 977
Cost of hardware and software licences
62 877
24 610
87 487
Personnel expenses
378 827
18 109
396 936
Other operating expenses
96 603
2 654
99 257
EBITDA
13 098
15 199
28 298
Ebitda/revenue
2,4%
25,1%
4,6%
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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01.01. - 31.12.2024
F&P
AccounTech
Total
(Amounts in NOK thousand)
Operating revenue
365 076
30 445
395 521
Other income
15 208
-
15 208
Total operating revenue
380 284
30 445
410 729
Cost of hardware and software licences
58 302
6 274
64 576
Personnel expenses
220 812
20 345
241 157
Other operating expenses
55 877
3 158
59 035
EBITDA
45 293
668
45 961
Ebitda/revenue
11,9%
2,2%
11,2%
3.2. Contract costs
Contract costs
2025
2024
(Amounts in NOK thousand)
Cost
Balance at 1 January
15 035
11 816
Additions for the year
3 219
3 219
Disposals
-
-
Currency adjustment
-
-
Balance at 31 December
18 254
15 035
Accumulated amortisation and impairment
Balance at 1 January
5 012
3 508
Amortisation for the year
1 806
1 504
Impairment losses
-
-
Disposals
-
-
Currency adjustment
-
-
Balance at 31 December
6 818
5 012
Book value at 31 December
11 436
10 023
Amortisation plan
Straight-line
Economic life
10 years
The Company accumulates contract costs to secure recurring long term contracts. The average contract
length of the recurring contracts are 10 years. Contract costs are classified as other non-current assets in
the balance sheet.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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4. Employee benefits
The Company’s remuneration to employees for the periods presented in the financial statements are
disaggregated as follows:
(Amounts in NOK thousand)
2025
2024
Wages and salaries
318 372
188 490
Other social security costs
48 775
30 172
Pension costs
19 380
11 019
Other personnel expenses
10 409
11 477
Total personnel expenses
396 936
241 157
Average full-time employees (FTEs)
313
249
VIEW Group AS has a defined contribution pension scheme in accordance with local laws. The defined
contribution pension scheme covers all employees, and amounts to 5% of their salary.
As at 31.12.2025, there were 420 members in the scheme.
The recognised cost of contributions amounted to NOK 19 380 tNOK and 11 019 tNOK in 2025 and 2024,
respectively.
(Amounts in NOK thousand)
Salary
Pension
costs
Other
benefits
Total
Remuneration to the Group Management
CEO
2 379
465
97
481
2 957
394
CFO
2 262
97
-
2 262
Remuneration to the board of directors
Chairman of the Board
250
-
-
250
Anette Willumsen
200
-
-
200
Morten Bratlie
-
-
-
-
Siemen Simensen
-
-
-
-
Åsa Wirén
200
-
-
-
Elena Gorder (employee representative)
-
-
-
-
The definition of senior executives and the principles for their valuation and remuneration are consistent
with those applied to the Group. For detailed information regarding these assessments and disclosures,
please refer to Note 24 in the Consolidated Financial Statements.
No additional remuneration has been paid for services beyond the normal duties of a manager. In the event
of termination or changes to the employment relationship for the general manager or the chair of the board,
no special compensation has been agreed upon.
No loans have been granted, nor has any security been provided for members of the management group,
board employees, or other elected representatives.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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5. Other operating expenses
5.1. Disaggregation
Other operating expenses incurred by the Company can be disaggregated as follows:
(Amounts in NOK thousand)
2025
2024
Office expenses included machinery and equipment cost
10 422
7 206
IT Costs
23 745
14 876
External consultant
30 286
7 863
Marketing, selling and administrative expenses
4 263
3 448
Transaction expenses related to acquisitions
9 646
6 218
Loss on trade receivables
4 003
1 681
Other
16 892
17 743
Total other operating expenses
99 257
59 036
5.2. Fees to statutory auditors
The total remuneration to the auditor for the periods presented in these financial statements has been the
following:
Remuneration to auditors (PwC)
2025
2024
(Amounts in NOK thousand)
Statutory audit
2 713
648
Other attestation services
455
-
Tax advice
-
-
Other non-audit services
2 018
1 617
Total remuneration to auditor
5 185
2 265
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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6. Financial result
Financial income
2025
2024
(Amounts in NOK thousand)
Interest income
20 273
510
Gain on sale of shares
-
-
Dividend and group contributions
2 301
4 719
Other financial income
575
259
Total financial income
23 148
5 488
Financial expenses
2025
2024
(Amounts in NOK thousand)
Interest expense on loans
102 359
23 718
Interest expense on lease liabilities
2 719
1 467
Loss on sale of shares
-
-
Unrealized loss on shares measured at fair value
-
-
Impairment of investments in subsidiaries
16 544
-
Other financial expenses
12 843
3 019
Total financial expenses
134 465
28 204
Net currency gain/(loss)
2025
2024
(Amounts in NOK thousand)
Foreign currency gains
11 640
3 241
Foreign currency losses
7 117
7 088
Net currency gain/(loss)
4 523
-3 847
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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7. Income tax
7.1. Income tax expense
Tax expense in the income statement
2025
2024
(Amounts in NOK thousand)
Tax payables
6 101
-
Change in deferred tax
4 413
-751
Tax expense
10 514
-751
Tax payables in the balance sheet
2025
2024
1 January 2024
(Amounts in NOK thousand)
Payable tax expense for the year
-
-451
-817
Prepaid tax / tax payable prior year
-
-
817
Tax paid on group contribution
6 481
451
-
Tax payables
6 481
-
-
Reconciliation from nominal to effective tax rate
2025
2024
(Amounts in NOK thousand)
Income before tax
-108 197
4 115
Tax on profit
-23 803
905
Group contribution
6 584
-
Permanent differences
3 761
-1 800
Change in unrecognized deferred tax asset
23 972
144
Other tax adjustments
-
-
Tax expense
10 514
-751
Effective tax rate
-9,7%
112,2%
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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Specification of the tax effect of temporary differences and tax loss
carry forwards:
Deferred tax liabilities:
(Amounts in NOK thousand)
Contract
assets
current
assets
Customer
contracts
Total
Balance at 1 January 2024
1 828
292
-
2 119
Profit/-loss for the period
377
303
-
681
Direct to Equity (acquisitions)
-
-
-
Balance at 31 December 2024
2 205
595
-
2 800
Balance at 1 January 2025
2 205
595
-
2 800
Profit/-loss for the period
311
3 384
-
3 695
Direct to Equity (acquisitions/mergers)
-
-
16 346
16 346
Balance at 31 December 2025
2 516
3 979
16 346
22 841
Deferred tax asset:
(Amounts in NOK thousand)
Fixed assets
Loss carried
forward
Interest
limitation
Total
Balance at 1 January 2024
-95
800
-
705
Profit/-loss for the period
-71
36
-
-34
Direct to Equity (acquisitions)
-
-
-
-
Balance at 31 December 2024
-166
837
-
671
Balance at 1 January 2025
-166
837
-
671
Profit/-loss for the period
735
-
20 529
21 263
Direct to Equity (acquisitions)
-
-
-
-
Not recognised deferred tax asset
-
-
-20 529
-20 529
Balance at 31 December 2025
569
837
-
1 406
31.12.2025
31.12.2024
01.01.2024
Net deferred tax asset
-
-
-
Net deferred tax liability
21 436
2 129
1 414
Deferred tax assets, including the tax base of tax loss carry forwards are recognized if it is assessed that
there will be sufficient future taxable income against which the temporary differences and unutilized tax
losses can be utilized.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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OPERATING ASSETS AND LIABILITIES
8. Goodwill
8.1. Origination of goodwill
(Amounts in NOK thousand)
Goodwill
Book value
Balance at 1 January 2024
153 741
Acquisition through business combinations
-
Impairment losses
-
Currency adjustment
-
Balance at 31 December 2024
153 741
Balance at 1 January 2025
153 741
Acquisition through business combinations
296 174
Impairment losses
-
Currency adjustment
-
Balance at 31 December 2025
449 915
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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8.2. Impairment testing
Goodwill is not amortized but tested for impairment annually or when impairment indicators are present.
Impairment testing is performed at a company level as defined by Management. Goodwill is written down
through the statement of profit or loss when the recoverable amount of the CGU to which the goodwill
relates is lower than the carrying amount. Impairments are recognized by reducing the carrying amount of
goodwill first, before other assets are reduced on a pro-rata basis. Impairments of goodwill are not
reversed.
The recoverable amount is determined using the value in use, which is the present value of future net cash
flows. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with
the addition of risks specific to the individual country, such as geographical and financial exposure. The
cash flow for 2026 is based on approved 5 year budgets. The cash flows after 2026 are projected based on
historical trends, including an expected growth in operating revenues and margins.
The following table sets out the key assumptions for the CGUs that have significant goodwill allocated to
them:
(Amounts in NOK thousand)
Goodwill
2025
Operating revenue (% CAGR)
5,6%
Operating costs (% of operating revenue)
88,5%
Change in NWC (% of operating revenue)
4,0%
Annual CAPEX (% of operating revenue)
0,4%
Terminal growth rate (%)
2,0%
Post -tax WACC (%)
9,8%
Pre-tax WACC (%)
12,6%
(Amounts in NOK thousand)
Goodwill
2024
Operating revenue (% CAGR)
8,6%
Operating costs (% of operating revenue)
88,0%
Change in NWC (% of operating revenue)
5,4%
Annual CAPEX (% of operating revenue)
0,6%
Terminal growth rate (%)
1,5%
Post -tax WACC (%)
10,0%
Pre-tax WACC (%)
12,8%
The company’s management applies estimates that are assessed to be realistic and consistent with peers.
No write-downs of goodwill have been carried out during 2025. The Company performed a sensitivity
analysis of the discount rate and the operating revenue compound annual growth rate (CAGR) when
making this assessment.
The headroom between the carrying value and book value is sufficient to deem the risk of impairment as
low. A reasonable change in WACC and profitability would not result in impairments in a normalized
scenario.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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9. Intangible assets
The following table includes a reconciliation of the carrying amount of the intangible assets held by the
company:
(Amounts in NOK thousand)
Customer
contracts and
customer
relations
Capitalized
development
expenditures
Concessions,
patent, rights
etc.
Total
Cost
Balance at 1 January 2024
-
6 577
1 729
8 306
Additions
-
968
-
968
Acquisition through business combinations
-
-
-
-
Disposals
-
-
-77
-77
Currency adjustment
-
-
-
-
Balance at 31 December 2024
-
7 545
1 652
9 197
Balance at 1 January 2025
-
7 545
1 652
9 197
Additions
-
506
-
506
Acquisition through business combinations
81 799
647
787
83 233
Disposals
-
-
-
-
Currency adjustment
-
-
-
-
Balance at 31 December 2025
81 799
8 698
2 439
92 936
Accumulated amortisation and impairment
-
Balance at 1 January 2024
-
4 848
1 729
6 577
Amortisation for the year
-
-
-
-
Impairment losses
-
-
-77
-77
Currency adjustment
-
-
-
-
Balance at 31 December 2024
-
4 848
1 652
6 500
Balance at 1 January 2025
-
4 848
1 652
6 500
Amortisation for the year
7 498
1 395
40
8 933
Impairment losses
-
-
-
-
Currency adjustment
-
-
-
-
Balance at 31 December 2025
7 498
6 243
1 692
15 433
Book value at 31 December 2024
-
2 697
-
2 697
Book value at 31 December 2025
74 301
2 455
747
77 502
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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10. Property, plant and equipment
The following table includes a reconciliation of the carrying amount of the property, plant and equipment
held by the company:
(Amounts in NOK thousand)
Furniture and
fixtures
Machinery and
equipment
Leasehold
improvements
Art
Total
Cost
Balance at 1 January 2024
2 630
3 766
5 052
162
11 610
Additions
741
1 094
73
-
1 909
Acquisition through business combinations
-
-
-
-
-
Disposals
-
-
-
-
-
Balance at 31 December 2024
3 371
4 860
5 126
162
13 518
Balance at 1 January 2025
3 371
4 860
5 126
162
13 518
Additions
366
1 944
495
2 806
Acquisition through business combinations
5 428
2 294
151
7 873
Disposals
-
-
-
-
-
Balance at 31 December 2025
9 165
9 098
5 772
162
24 197
Accumulated depreciation and
impairment
Balance at 1 January 2024
1 394
2 745
4 391
-
8 530
Depreciation for the year
988
624
212
-
1 825
Impairment losses
-
-
-
-
-
Balance at 31 December 2024
2 383
3 369
4 603
-
10 355
Balance at 1 January 2025
2 383
3 369
4 603
-
10 355
Depreciation for the year
1 161
1 319
145
-
2 624
Impairment losses
-
-
-
-
-
Disposals
-
-
-
-
-
Acquisition through business combinations
2 949
1 158
133
-
4 241
Adjustments
148
-
-
148
Balance at 31 December 2025
6 492
5 994
4 881
-
17 368
Book value at 31 December 2024
988
1 491
523
162
3 164
Book value at 31 December 2025
2 673
3 103
891
162
6 829
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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11. Right-of-use assets
The company’s leasing activities mainly relate to buildings and other properties. Additionally, the company
also leases some machinery, equipment and vehicles.
11.1. The company’s right-of-use assets and movements during the period are the
following ones:
Right-of-use assets
Buildings and
other property
Machinery and
equipment
Vehicles
Total
(Amounts in NOK thousand)
Book value at 1 January 2024
33 141
23
-
33 164
Additions from the year
8 222
-
8 222
Additions from business combinations
-
-
-
-
Adjustments
1 950
-
1 950
Depreciation for the year
-11 831
-12
-
-11 843
Disposal
-577
-
-
-577
Currency adjustment
-
-
-
-
Book value at 31 December 2024
30 905
11
-
30 916
Book value at 1 January 2025
30 905
11
-
30 916
Additions from the year
7 329
-
-
7 329
Additions from business combinations
13 127
-
-
13 127
Adjustments
7 400
-
-
7 400
Impairments
-
-
-
-
Depreciation for the year
-18 573
-11
-
-18 584
Disposal
-37
-
-
-37
Currency adjustment
-
-
-
-
Book value at 31 December 2025
40 152
0
-
40 152
Remaining rental period
1-6 years
1-4 years
1-3 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Discount rate
1.5 % - 9.4
%
2.5 % - 7.3 %
5.8 % - 7.3 %
11.2. Amounts recognized in the consolidated statement of comprehensive income
Lease effects in statement of profit or loss
2025
2024
(Amounts in NOK thousand)
Short-term and low-value leases
183
21
Depreciation of right-of-use asset
18 584
11 843
Interest expense on lease liabilities
2 719
1 467
Total recognised in statement of profit or loss
21 485
13 331
Total cash outflows for leases have been tNOK 21 474 for 2025, compared to tNOK13 699 for 2024
including short-term and low value leases.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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12. Trade receivables and other current assets
Trade receivables
31 December
2025
31 December
2024
1 January
2024
(Amounts in NOK thousand)
Trade receivables
74 851
38 920
46 111
Allowance for expected credit losses
-4 732
-1 524
-1 500
Total trade receivables
70 120
37 396
44 611
Ageing of trade receivables
Not past due
1 - 30 days
31 - 90 days
> 90 days
Total
(Amounts in NOK thousand)
Trade receivables
59 005
5 984
4 760
5 102
74 851
Allowance for expected credit losses
-1 091
-1 310
-1 746
-585
-4 732
Total trade receivables
57 914
4 674
3 014
4 516
70 119
Other current assets
31 December 2025
31 December 2024
1 January 2024
(Amounts in NOK thousand)
Prepaid costs
5 350
16 507
4 533
Accrued revenue
-
-
-
Tax refunds
-
-
-
Other current receivables
621
2 691
4 727
Investment in shares
-
-
-
Total other current assets
5 971
19 197
9 260
Intercompany loans and receivables are guaranteed by the Group and are assessed as a low credit risk,
see note 22.3 for specification.
13. Cash and cash equivalents
The Company’s cash and cash equivalents can be disaggregated as follows:
(Amounts in NOK thousand)
31 December 2025
31 December 2024
1 January 2024
Employees' tax deductions
15 401
-
2 686
Rent deposit
-
-
932
Other bank deposits and cash
151 674
731
4 833
Total cash and cash equivalents
167 075
731
8 450
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14. Other current liabilities
The Company’s other current liabilities are disaggregated as follows:
(Amounts in NOK thousand)
31 December
2025
31 December
2024
1 January
2024
Sellers credit (non-interest-bearing)
-
2 500
21 764
Contingent consideration (earn-out)
18 768
7 201
9 447
Stay-on bonus related to acquistions
-
1 065
1 832
Accrued costs (salaries, holiday pay etc.)
66 153
34 473
29 980
Advances from customers
1 561
801
1 983
Government taxes
41 468
31 867
29 327
Deposits
204
204
204
Total other current liabilities
128 155
78 111
94 538
See Note 15 for further details related to “Contingent consideration (earn-out)”.
FINANCIAL ASSETS, LIABILITIES AND RISK MANAGEMENT
15. Financial instruments
This section contains an overview of the Company’s financial assets and liabilities.
Financial assets
Fair value
level
Category
31 December
2025
31 December
2024
1 January
2024
(Amounts i NOK thousand)
Receivables from group companies
FAAC*
430 563
-
-
Deposits not classified as cash
FAAC
-
-
-
Trade receivables
FAAC
70 120
37 396
44 611
Current receivables from group
companies
FAAC
163 677
124 345
79 698
Investment in shares held for trading
3
FVPL**
-
-
-
Other receivables
FAAC
5 971
19 197
4 540
Cash and cash equivalents
FAAC
167 075
731
8 450
Total financial assets
837 407
181 669
137 300
Financial liabilities
Fair value
level
Category
31 December
2025
31 December
2024
1 January
2023
(Amounts i NOK thousand)
Lease liabilities
FLAC***
42 197
33 185
35 835
Interest-bearing debt
FLAC
1 340 549
319 626
234 534
Trade payables
FLAC
16 418
35 368
26 653
Liabilities to group companies
FLAC
127 805
88 308
143 962
Tax payables
FLAC
6 481
-
-0
Sellers credit (non-interest-bearing)
FLAC
-
2 500
31 195
Contingent payments (earn-out)
3
FVPL
18 768
19 456
16 477
Stay-on bonus related to acquistions
FLAC
-
1 065
2 385
Other debt
FLAC
110 591
70 383
62 702
Total financial liabilities
1 662 809
569 892
553 744
Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments
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Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
* FAAC - Financial assets at amortised cost
** FVPL - Fair value through profit or loss
*** FLAC - Financial liabilities at amortised cost
Contingent payments (earn-outs) are recognized in the balance sheet under “Other current liabilities”. Fair
value changes related to earn-outs are presented under ‘other revenue’ in the P&L.
16. Interest-bearing debt
The Company takes on interest-bearing debt to finance its operations. Over the periods presented, the
main form of financing has been through debt to credit institutions.
The following tables disaggregate interest-bearing loans held by the Company:
(Amounts in NOK thousand)
2025
2024
2023
Bond debt
1 164 938
Debt to credit institutions
145 823
285 648
223 866
Sellers credit
-
-
Debt to Group companies
-
-
Total long-term interest-bearing debt
1 310 761
285 648
223 866
(Amounts in NOK thousand)
2024
2024
2023
Bank debt/use of overdraft facility
11 609
33 978
10 668
Sellers credit
18 179
-
-
Total short-term interest-bearing debt
29 788
33 978
10 668
The nominal value of the Interest-bearing debt is MNOK 1.360.
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Main terms, conditions and compliance with covenants
Bond terms and covenant
VIEW Group AS (previously VIEW Ledger AS) has issued a Senior Secured Callable Bond of MNOK 1.180. The bond
has an interest of 4.50% + NIBOR and principal shall be paid in full on the maturity date (31.01.2029).
In relation with the bond, the Group must have the higher of MNOK 40 or 5% of the aggregate outstanding nominal
bond amount in free liquidity at any time. The Group complies with this covenant requirement throughout the reporting
periods presented in these financial statements, and there are no indications that the Group may have difficulties
complying with the covenants in the foreseeable future.
In order for the Group to tap on the bond according to the term sheet, the Incurrence test must be below 4.75. Per Q4
2025 the leverage ratio was 5.65x.
Item*
2025
Cash and cash equivalents
271 301
Restricted cash
-34 799
Unused overdraft facility
83 391
Free liquidity
319 893
Covenant requirement highest of MNOK 40 or 5%
59 000
Over-/under coverage
260 893
*Adjustment for minorities
Debt Leverage*
2025
Interest-bearing debt (including lease liabilities)
1 439 208
Free cash
-236 502
Net interest bearing debt
1 202 706
EBITDA LTM used for covenant computation**
212 849
Net interest-bearing debt to EBITDA
5,65x
*Adjustment for minorities.
**EBITDA LTM is proforma last twelve months included allowed one-off adjustments (non-recurring items) under
terms of agreement for the bond. EBITDA is not adjusted for future synergies.
Sellers credits
The Group has interest-bearing sellers credits with a nominal value of MNOK 18.2. The interest rate is 5.5%-7.5% and
the credit matures in Q3 2026.
Assets pledged as security for liabilities
Nordic Trustee AS has collateral of up to MNOK 4,000. Nordic Trustee AS holds security in shares, inventory,
receivables, intra-group loans, bank deposits, and operating assets in the Issuer and each Guarantor. The security
granted depends on the jurisdiction in which the relevant Guarantor is incorporated.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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17. Lease liabilities
This note gives further information about the lease liabilities of the Company. Refer to note 12 Right-of-use
assets for description of accounting policies. Note 20 Reconciliation of cash flows from financing activities
includes more information about the cash flow movements in lease liabilities.
The Company’s lease liabilities and movements during the period are the following ones:
Lease liabilities
2025
2024
(Amounts in NOK thousand)
Book value at 1 January
33 185
35 835
Additions
20 366
8 222
Adjustments
7 400
1 950
Interest expense
2 719
1 467
Lease payments
-21 474
-13 699
Disposal
-
-590
Currency adjustment
-
-
Book value at 31 December
42 197
33 185
(Amounts in NOK thousand)
31 December
2025
31 December
2024
1 January 2024
Long-term lease liabilities
25 644
20 296
24 276
Short-term lease liabilities
16 553
12 890
11 559
Total lease liabilities
42 197
33 185
35 835
Maturity profile of undiscounted lease liabilities
31 December
2025
31 December
2024
1 January 2024
(Amounts in NOK thousand)
< 1 year
17 201
13 406
13 436
1 - 5 years
28 226
22 967
33 667
> 5 years
2 240
-
3 104
Total undiscounted lease liabilities
47 668
36 373
50 206
Additions include new contracts, existing contracts from new acquisitions, extension options, and index
adjustments.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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18. Reconciliation of cash flows from financing activities
(Amounts in NOK thousand)
Lease
liabilities
Interest-
bearing
debt
SC/EO
Other
loans
Total
1 January 2024
35 835
234 534
47 642
126 419
444 430
Cash outflows from payments of principal
-12 232
-
-42 124
-
-54 356
Interests paid
-1 467
-22 905
-2 553
-
-26 925
Cash inflows from new borrowings
-
82 922
-
9 109
92 030
New leases/SC&EO/bank debt (non-cash change)
8 222
-
16 906
-
25 128
Foreign exchange adjustments (non-cash change)
-
2 234
497
-
2 731
Interest expense (non-cash change)
1 467
22 425
915
378
25 185
Other changes (non-cash change)
1 360
417
674
-62 835
-60 384
31 December 2024
33 185
319 627
21 956
73 071
447 838
Cash outflows from payments of principal
-18 755
-441 564
-29 647
-15 679
-505 644
Interests paid
-2 719
-85 683
-1 319
-534
-90 256
Cash inflows from new borrowings
-
1 310 931
-
-
1 310 931
New leases/SC&EO/bank debt (non-cash change)
20 366
133 200
46 563
-
200 128
Foreign exchange adjustments (non-cash change)
-
206
1 924
-
2 130
Interest expense (non-cash change)
2 719
100 524
1 319
515
105 078
Reclassification of interest-bearing sellers credit
-
18 179
-18 179
-
-
Other changes (non-cash change)
7 400
-14 870
-3 848
60 167
48 849
31 December 2025
42 197
1 340 549
18 768
117 540
1 519 054
19. Financial risks and capital management
This section covers the main risks to which the Company is exposed, and how the Company manages
those risks. Those risks are mainly credit risk, liquidity risk and market risk. For each type of risk identified,
this note discloses or cross-references to information about the Company’s exposures to the risk, how it
arises; the Company’s objectives, policies, and processes for managing the risk and the methods used to
measure the risk. The Company’s senior management oversees the management of these risks.
19.1. Market risk
Market risk for the Company is the risk that the future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk for the Company comprises two types of risk: Currency
risk and interest rate risk.
19.2. Interest rate risk
Interest rate risk for the Company is the risk that future cash flows of a financial instrument will fluctuate
because of changes in market interest rates.
The Company is mainly exposed to interest rate risk from its interest-bearing debt as these instruments are
exposed to changes in NIBOR.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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The following table demonstrates the sensitivity of the Company to a reasonably possible change in interest
rates. With all other variables held constant, the Company’s profit after tax and equity is affected through
the impact on floating rate borrowings, as follows:
Sensitivity of changes in interest rates on interest-bearing
debt:
Impact on profit or loss and equity
(Amounts in NOK thousand)
31 Dec 2025
31 Dec 2024
1 Jan 2024
Increase in interest rate of 1%
-13 405
-3 196
-2 345
Decrease in interest rate of 0.5%
6 703
1 598
1 173
The table above does not illustrate the offsetting effects that the holdings of cash and cash equivalents by
the Company mainly due to the materiality of cash and interest income versus interest-bearing debt and
interest expenses.
A significant part of the foreign exchange risk as of 31 December 2025 relates to loans to and loans from
group companies. As of 31 December 2023 and 31 December 2024, the company has also been exposed
to bank loans denominated in SEK.
19.3. Foreign currency risk
Foreign currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates.
The Company is exposed to currency risk in its financial assets and liabilities where the functional currency
of the company is different to the currency in which the asset will be paid, or the liability discharged. The
Company’s policy in this respect is to have a natural hedge, by which the Company match, to the extent
possible, inflows and outflows of the currency.
The following table presents the Company’s sensitivity to reasonably possible changes in exchange rates
for the most material currencies in the Company. The following table includes financial instruments at 31
December that are denominated in other currency than NOK:
Sensitivity of foreign currency rates:
Impact on profit or loss and equity
(Amounts in NOK thousand)
31 Dec 2025
31 Dec 2024
1 Jan 2024
5 % increase in amount of NOK per:
SEK
-3 593
4 388
4 823
EUR
-6 449
218
-114
INR
68
113
56
GBP
-17 781
-290
-
5 % decrease in amount of NOK per:
SEK
3 593
-4 388
-4 823
EUR
6 449
-218
114
INR
-68
-113
-56
GBP
17 781
290
-
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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19.4. Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by
failing to discharge an obligation, leading to a financial loss. The Company is exposed to credit risk from its
operating activities (primarily trade receivables) and from its financing activities, including deposits with
banks and financial institutions, foreign exchange transactions and other financial instruments.
Intragroup loans and receivables
Intercompany loans and receivables are guaranteed by the Group and are assessed as a low credit risk
Trade receivables
Credit risk is mainly concentrated in the Company’s trade receivables with customers. The Company
invoice customers with 10-30 days delayed payment, which results in an outstanding receivable balance.
The credit risk is monitored. Historically confirmed losses have been relatively low. The Company’s
provision for future losses is based on analysing historical customer payment behaviours and have resulted
in a relative low loss provision. The credit risk is considered to be low for the Company.
The Company follows up the aging of the trade receivables with customers on an ongoing basis. See note
11 for distributed aging of trade receivables.
Cash and cash equivalents
The Company manages its exposure towards credit risks of individual banks by considering the amount of
deposits that can be held in a single bank, considering among other factors the credit rating of its banks.
19.5. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with
financial liabilities that are settled by delivering cash or another financial asset.
The Company manages its liquidity risk by regularly monitoring its liquidity needs for working capital, and
strategical investments, both for short-term and long-term needs, and periodically updates estimations
through rolling forecasts. Liquidity risk is considered low, due to a stable cash flow from operations.
Through capital increase, bank debt and improved profitability, the Company has strengthened its liquidity
throughout the year. The bond issued in February 2025 added significant liquidity reserves to the
Company.
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19.6. Contractual maturities for financial liabilities
(Amounts in NOK thousand)
Less than
one year
Between
one and
three years
More than
three years
Total
Liabilities as of 1 January 2024
Interest-bearing debt
10 668
268 807
-
279 475
Liabilities to group companies
143 962
-
-
143 962
Trade payables
26 653
-
-
26 653
Other current liabilities
91 199
18 222
-
109 422
Total
272 483
287 029
-
559 512
Liabilities as of 31 December 2024
Interest-bearing debt
33 978
342 599
-
376 577
Liabilities to group companies
88 308
-
-
88 308
Trade payables
35 368
-
-
35 368
Other liabilities
77 963
15 293
-
93 255
Total
235 617
357 892
-
593 509
Liabilities as of 31 December 2025
Interest-bearing debt
29 788
179 625
1 497 627
1 707 040
Liabilities to group companies
127 805
-
-
127 805
Trade payables
16 418
-
-
16 418
Other liabilities
115 543
1 205
-
116 748
Total
289 554
180 830
1 497 627
1 968 010
The figures above do not include future lease payments.
20. Capital management
The Company defines capital as equity. The Company’s main objective when managing capital is to ensure
the ability of the Company to continue as a going concern and to meet all requirements imposed by
external financing agreements in the form of covenants. See note 14 for covenants to which the Company
is subject to.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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OTHER
21. Share capital and ownership structure
Share classes
Number of shares
Share capital
Ordinary
2 002 750
16 022 000
Total
2 002 750
16 022 000
VIEW Company AS presents the following ownership structure:
Shareholders
Total shares
Ownership
Voting rights
VIEW Group Holding AS
2 002 750
100,0%
100,0%
Total
2 002 750
100,0%
100,0%
VIEW Group AS has one types of shares, ordinary shares, with a nominal value of NOK 8.00. All shares
have equal voting rights.
There were three capital increases during 2025, increasing the nominal value from 5.00 to 8.00 and the
share capital from NOK 10 013 750 to NOK 16 022 000.
One capital increase was carried out in March 2026 through a debt conversion. Following the capital
increase, the company’s share capital amounts to NOK 18,024,750, divided into 2 002 750 shares with a
nominal value of NOK 9.00 each.
VIEW Group Holding AS, reg. no. 991 950 710 (Dronning Eufemias gate 16, 0191 Oslo), is the parent
company of VIEW Group AS, and consolidated financial statements are prepared for both VIEW Group AS
and VIEW Group Holding AS.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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22. Related parties
22.1. Investments in subsidiaries
Subsidiary
Business
office
Currency
Share
capital
Vote and
ownership
Number
of
shares
Nominal
value
Profit/loss
2025
Equity
2025-
12-31
VIEW Maritime AS
Oslo
NOK
1 000
000
50,1%
501
1 000
3 831
1 175
VIEW Ledger AB
Stockholm
SEK
100
000
100,0%
1 000
100
-16 848
23 834
VIEW Procurator AS
Oslo
NOK
315
090
100,0%
5 330
59
6 786
1 035
VIEW Group India
Bangalore
INR
2 500
000
80,0%
200 000
10
30 061
91 181
VIEW Group OY
Tampere
EUR
2 500
100,0%
271 717
0
-815
1 352
VIEW.Group Sweden AB
Stockholm
SEK
82 161
100,0%
82 161
1
-245
279
VIEW Group ITC AS
Kristiansand
NOK
61 200
100,0%
136 000
0
-3 350
1 582
Avito AS
Stavanger
NOK
14 750
000
100,0%
59 000
000
0
13 847
17 419
Athene TAX AS
Oslo
NOK
30 000
100,0%
1 000
30
762
284
Athene Registerservice AS
Oslo
NOK
200
000
100,0%
2 000
100
1 212
428
Athene Spaces AS
Oslo
NOK
100
000
100,0%
1 000
100
38
524
Athene Group AB
Stockholm
SEK
50 000
100,0%
500
100
-12 156
3 145
Athene BPO Services S.P.O.O
Warszawa
PLN
5 000
100,0%
50
100
152
162
Athene Group Denmark ApS
Horsens
DKK
4 000
100,0%
50
80
-39
-8
Athene Tax OY
Helsinki
EUR
-
100,0%
10 000
-
71
147
VIEW Group UK Holdings
Limited
Altrincham
GBP
3 099
980
100,0%
3 099
980
1
-78
3 022
Addero AS
Fredrikstad
NOK
100
000
100,0%
100 000
1
5 961
10 346
22.2. Remuneration to key management personnel
The Board received no remuneration during the periods presented in the financial statements.
Key management personnel in the Company are comprised of the board of directors, and the executive
management personnel. Executive management personnel include, among others, the chief executive
officer, and other chief executives in finance, operations, strategy, and others having similar authority and
responsibility for planning, directing and controlling the activities of the Company.
Benefits to senior executives charged in the financial statements:
Transaction
Line item
Counterpart
Relationship
2025
2024
(Amounts in NOK thousand)
Board fee
Payroll
Explore Equity
holding AS
Owner
75
-
Consulting fee
Payroll
Explore Equity
holding AS
Owner
150
113
Consulting fee
Operating expenses
Explore Equity
holding AS
Owner
-
3 150
Consulting fee
Operating expenses
Edorf Invest AS
Chairman
359
325
Total
584
3 588
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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22.3. Transactions and balances with related parties
Transactions and balances with related parties are presented in the tables below.
Receivables and Payables
2025
2024
(Amounts in NOK thousand)
Accurise View
39 216
5 800
Addero AS
-7 000
-
Athene Accounting AB
-4
-
Athene Group Denmark APS
50
-
Athene Registerservice AS
-293
-
Athene Spaces AS
153
-
Athene Tax AS
2 765
-
Athene Tax OY
15 571
-
Avito AS
-4 467
-3 000
Faktucon OY
-
-4 507
Insera AB
-481
-2 005
VIEW Construct AS
-
3 775
VIEW Group Holding AS
-84 179
-7 726
VIEW Group India Private Ltd
-1 368
-2 260
VIEW Group ITC AS
7 611
5 017
VIEW Group OY
113 276
121
VIEW Group UK Holdings Limited
316 247
-
VIEW Ledger AB
45 188
39 464
VIEW Maritime AS
1 844
-3 225
VIEW Procurator AS
-4 828
-9 154
VIEW.Group Attendit AB
-
2
VIEW.Group Business Consulting AB
-
-98
VIEW.Group Business Solutions Holding Sweden
AB
-
-195
VIEW.Group Business Solutions Sweden AB
134
-786
VIEW.Group Innovation Sweden AB
-7
-732
VIEW.Group IT & Communication Sweden AB
4 660
3 295
VIEW.Group Sweden AB
22 349
12 251
Total
466 436
36 037
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
142
Revenue
Line item
2025
2024
(Amounts in NOK thousand)
Accurise View
Operating revenue
4
4
Athene Registerservice AS
Operating revenue
23
-
Athene Tax AS
Operating revenue
139
-
Avito AS
Operating revenue
231
-
Consulta Hosting Services AB
Operating revenue
3
-
VIEW Construct AS
Operating revenue
-
7 102
VIEW Group AS
Operating revenue
-
1 960
VIEW Group ITC AS
Operating revenue
725
592
VIEW Group Oy
Operating revenue
67
41
VIEW Ledger AB
Operating revenue
652
419
VIEW Maritime AS
Operating revenue
20 274
18 198
VIEW Procurator AS
Operating revenue
3 920
3 271
VIEW.Group Business Solutions Sweden
AB
Operating revenue
248
36
VIEW.Group IT & Communication Sweden
AB
Operating revenue
-
5
VIEW.Group Sweden AB
Operating revenue
18 047
-
Accurise View
Financial income
2 442
-
Insera AB
Financial income
2
-
VIEW Group Holding AS
Financial income
254
-
VIEW Group Oy
Financial income
2 844
-
VIEW Group UK Holdings Ltd
Financial income
858
-
VIEW Ledger AB
Financial income
2 872
-
VIEW.Group IT & Communication Sweden
AB
Financial income
399
-
VIEW.Group Sweden AB
Financial income
499
-
VIEW Maritime AS
Financial income
-
2 505
VIEW Procurator AS
Financial income
-
762
VIEW Group ITC AS
Financial income
-
1 288
Total
54 503
36 184
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
143
Revenue
Line item
2025
2024
(Amounts in NOK thousand)
Accurise View
Operating revenue
4
4
Athene Registerservice AS
Operating revenue
23
-
Athene Tax AS
Operating revenue
139
-
Avito AS
Operating revenue
231
-
Consulta Hosting Services AB
Operating revenue
3
-
VIEW Construct AS
Operating revenue
-
7 102
VIEW Group AS
Operating revenue
-
1 960
VIEW Group ITC AS
Operating revenue
725
592
VIEW Group Oy
Operating revenue
67
41
VIEW Ledger AB
Operating revenue
652
419
VIEW Maritime AS
Operating revenue
20 274
18 198
VIEW Procurator AS
Operating revenue
3 920
3 271
VIEW.Group Business Solutions Sweden
AB
Operating revenue
248
36
VIEW.Group IT & Communication Sweden
AB
Operating revenue
-
5
VIEW.Group Sweden AB
Operating revenue
18 047
-
Accurise View
Financial income
2 442
-
Insera AB
Financial income
2
-
VIEW Group Holding AS
Financial income
254
-
VIEW Group Oy
Financial income
2 844
-
VIEW Group UK Holdings Ltd
Financial income
858
-
VIEW Ledger AB
Financial income
2 872
-
VIEW.Group IT & Communication Sweden
AB
Financial income
399
-
VIEW.Group Sweden AB
Financial income
499
-
VIEW Maritime AS
Financial income
-
2 505
VIEW Procurator AS
Financial income
-
762
VIEW Group ITC AS
Financial income
-
1 288
Total
54 503
36 184
There have been no material transactions with any other related parties during the periods presented in
these financial statements.
23. Events after the reporting period
No significant events to report after the reporting period.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
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24. Implementation of IFRS
These financial statements, for the year ended 31 December 2025, are the first the Company has prepared
in accordance with IFRS.
The Company has prepared financial statements that comply with IFRS applicable as at 31 December
2025, together with the comparative period data for the year ended 31 December 2024, as described in
general accounting principles and relevant notes.
In preparing the financial statements, the Company’s opening statement of financial position was prepared
as of 1 January 2024, the Company’s date of transition to IFRS. This note explains the principal
adjustments made by the Company.
IFRS 1 First-Time Adoption of International Financial Reporting Standards allows first-time adopters certain
exemptions from the general requirement to the retrospective application of certain IFRSs. VIEW Company
AS has measured all asset and liabilities at the same values as in the consolidated IFRS financial
statements of VIEW Company in accordance with IFRS 1.D16(a).
The following adjustments have been made to the financial statements to comply with IFRS:
IFRS 16 - Under NGAAP, office leases and other operating leases were recognized as period costs. In
accordance with IFRS 16, the Group has recognized Right-of-Use assets and corresponding lease
liabilities for all significant lease contracts. The adjustment reflects the present value of future lease
payments, while the income statement is impacted by depreciation of the Right-of-Use asset and interest
expense on the lease liability, rather than straight-line lease payments.
IFRS 15 - Under NGAAP, sales commissions were expensed as incurred. Under IFRS 15, incremental
costs of obtaining a contract—specifically sales bonuses directly linked to new customer acquisitions—are
capitalized as an asset if they are expected to be recovered over the contract period. These costs are
subsequently amortized over the expected duration of the customer relationship (10 years), resulting in a
timing difference in expense recognition.
IFRS 3 - In accordance with NGAAP, transaction costs related to business combinations were previously
capitalized as part of the cost price of shares. Under IFRS 3, all acquisition-related costs (such as legal,
advisory, and due diligence fees) must be recognized as expenses in the period in which the costs are
incurred and the services are received. Consequently, previously capitalized transaction costs have been
reversed and recognized in the income statement at the time of the transaction.
IAS 36 - Under NGAAP, goodwill was amortized systematically over its estimated useful life. Under IFRS,
specifically IAS 36, goodwill is no longer subject to scheduled amortization. Instead, it is subject to an
annual impairment test. Previous NGAAP amortizations performed after the transition date have been
reversed to reflect the carrying value at the transition point, adjusted only for any identified impairment
losses.
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
145
Consolidated statement of comprehensive income for 2025:
(Amounts in NOK thousand)
Notes
NGAAP
Effect of
transition
IFRS
Operating revenue
593 691
-
593 691
Other income
18 286
-
18 286
Total revenue
3
611 977
-
611 977
Cost of hardware and software licences
-87 487
-
-87 487
Personnel expenses
4
-400 154
3 219
-396 936
Other operating expenses
5,12
-111 175
11 918
-99 257
Depreciations, amortizations and impairments
8,9,10,11
-23 731
-5 971
-29 701
Total operating expenses
-622 546
9 166
-613 381
Operating profit/(loss)
-10 569
9 166
-1 404
Financial income
6
50 774
-27 625
23 149
Financial expenses
6
-131 710
-2 755
-134 465
Net currency gain/(loss)
6
4 523
-
4 523
Net financial items
-76 413
-30 380
-106 793
Profit before tax
-86 982
-21 215
-108 197
Tax expense
7
-11 803
1 289
-10 514
Net profit
-98 786
-19 925
-118 711
Items that may be reclassified to the income statement, net of tax:
Translations differences on investments in foreign operations
-
-
-
Other comprehensive income that may be reclassified to the income
statement, net of tax
-
-
-
Total comprehensive income
-98 786
-19 925
-118 711
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
146
Consolidated statement of comprehensive income for 2024:
(Amounts in NOK thousand)
Notes
NGAAP
Effect of
transition
IFRS
Operating revenue
395 521
-
395 521
Other income
15 208
-
15 208
Total revenue
3
410 729
0
410 729
Cost of hardware and software licences
-64 576
-
-64 576
Personnel expenses
4
-244 376
3 219
-241 157
Other operating expenses
5,12
-66 516
7 481
-59 035
Depreciations, amortizations and impairments
8,9,10,11
-15 636
352
-15 284
Total operating expenses
-391 104
11 051
-380 052
Operating profit/(loss)
19 625
11 052
30 677
Financial income
6
8 566
-3 078
5 488
Financial expenses
6
-33 824
5 620
-28 204
Net currency gain/(loss)
6
-
-3 847
-3 847
Net financial items
-25 258
-1 304
-26 562
Profit before tax
-5 633
9 747
4 115
Tax expense
7
-70
-681
-751
Net profit
-5 563
9 066
3 363
Items that may be reclassified to the income statement, net of tax:
Translations differences on investments in foreign operations
-
-
-
Other comprehensive income that may be reclassified to the income
statement, net of tax
-
-
-
Total comprehensive income
-5 563
9 066
3 363
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
147
Consolidated statement of financial position as of 31 December 2025:
(Amounts in NOK thousand)
Notes
NGAAP
Effect of
transition
IFRS
ASSETS
Non-current assets
Goodwill
8,21
358 150
91 766
449 915
Deferred tax assets
7
-
-
-
Customer contracts and customer relations
9,21
74 301
-
74 301
Intangible assets
9
3 202
-
3 202
Right-of-use assets
11
-
40 152
40 152
Investments in subsidiaries
868 348
-34 162
834 186
Property, plant and equipment
10
6 828
-
6 828
Investments in associated companies
5 877
-
5 877
Receivables from group companies
430 563
-
430 563
Other non-current assets
3
356
11 436
11 791
Total non-current assets
1 747 625
109 191
1 856 817
Current assets
Inventory
-
-
-
Trade receivables
12
70 120
-
70 120
Current receivables from group companies
195 858
-32 181
163 677
Other receivables
12,24
5 971
-
5 971
Cash and cash equivalents
13
167 075
-
167 075
Total current assets
15
439 025
-32 181
406 844
Total assets
2 186 650
77 010
2 263 660
EQUITY AND LIABILITIES
Equity
Share capital
23
16 022
-
16 022
Share premium
508 291
-
508 291
Unregistered capital increase
-
-
-
Currency translation reserve
-
-
-
Retained earnings
22 854
32 248
55 103
Non-controlling interest
-
-
-
Total equity
547 167
32 248
579 415
Non-current liabilities
Deferred tax liabilities
7
18 871
2 565
21 436
Long-term lease liabilities
17
-
25 644
25 644
Long-term interest-bearing debt
16,18
1 310 761
-
1 310 761
Other non-current liabilities
1 205
-
1 205
Total non-current liabilities
15
1 330 836
28 209
1 359 045
Current liabilities
Short-term lease liabilities
17
-
16 553
16 553
Short-term interest-bearing debt
16,18
29 751
37
29 788
Trade payables
16 418
-
16 418
Liabilities to group companies
127 805
-
127 805
Tax payables
7
6 481
-
6 481
Other current liabilities
14
128 192
-37
128 155
Total current liabilities
15
308 647
16 553
325 200
Total equity and liabilities
2 186 650
77 010
2 263 660
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
148
Consolidated statement of financial position as of 31 December 2024:
(Amounts in NOK thousand)
Notes
NGAAP
Effect of
transition
IFRS
ASSETS
Non-current assets
Goodwill
8,21
75 911
77 830
153 741
Deferred tax assets
7
484
-484
-
Customer contracts and customer relations
9,21
-
-
-
Intangible assets
9
2 697
-
2 697
Right-of-use assets
11
-
30 916
30 916
Investments in subsidiaries
641 061
-24 515
616 546
Property, plant and equipment
10
3 164
-
3 164
Investments in associated companies
-
-
-
Receivables from group companies
-
-
-
Other non-current assets
3
108
10 023
10 131
Total non-current assets
723 424
93 770
817 194
Current assets
Inventory
-
-
-
Trade receivables
12
37 396
-
37 396
Current receivables from group companies
124 345
-
124 345
Other receivables
12,24
23 753
-4 556
19 197
Cash and cash equivalents
13
731
-
731
Total current assets
15
186 225
-4 556
181 669
Total assets
909 649
89 214
998 863
EQUITY AND LIABILITIES
Equity
Share capital
23
10 014
-
10 014
Share premium
264 193
-
264 193
Unregistered capital increase
-
-
-
Currency translation reserve
-
-
-
Retained earnings
98 736
53 899
152 635
Non-controlling interest
-
-
-
Total equity
372 943
53 899
426 842
Non-current liabilities
Deferred tax liabilities
7
-
2 130
2 130
Long-term lease liabilities
17
-
20 296
20 296
Long-term interest-bearing debt
16,18
285 648
-
285 648
Other non-current liabilities
15 293
-
15 293
Total non-current liabilities
15
300 941
22 425
323 366
Current liabilities
Short-term lease liabilities
17
-
12 890
12 890
Short-term interest-bearing debt
16,18
33 978
-
33 978
Trade payables
35 368
-
35 368
Liabilities to group companies
88 308
-
88 308
Tax payables
7
-
-
-
Other current liabilities
14
78 111
-
78 111
Total current liabilities
15
235 766
12 890
248 655
Total equity and liabilities
909 649
89 214
998 863
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
149
Consolidated statement of financial position as of 1st of January 2024:
(Amounts in NOK thousand)
Notes
NGAAP
Effect of
transition
IFRS
ASSETS
Non-current assets
Goodwill
7
89 520
64 132
153 652
Deferred tax assets
413
-413
-
Customer contracts and customer relations
-
-
-
Intangible assets
2 536
-
2 536
Right-of-use assets
-
33 164
33 164
Investments in subsidiaries
562 059
-18 298
543 761
Property, plant and equipment
2 475
-
2 475
Investments in associated companies
3
-
-
-
Receivables from group companies
-
-
-
Other non-current assets
7 545
8 308
15 853
Total non-current assets
-
664 548
86 892
751 440
Current assets
Inventory
-
-
-
Trade receivables
12,24
44 611
-
44 611
Current receivables from group companies
79 698
-
79 698
Other receivables
9 493
-4 953
4 540
Cash and cash equivalents
15
8 450
-
8 450
Total current assets
142 252
-4 952
137 300
Total assets
-
806 800
81 940
888 740
EQUITY AND LIABILITIES
Equity
Share capital
8 011
-
8 011
Share premium
174 378
-
174 378
Unregistered capital increase
-
-
-
Currency translation reserve
-
-
-
Retained earnings
106 269
44 924
151 193
Non-controlling interest
-
-
-
Total equity
-
288 658
44 924
333 582
Non-current liabilities
Deferred tax liabilities
-
1 414
1 414
Long-term lease liabilities
-
24 276
24 276
Long-term interest-bearing debt
223 866
-
223 866
Other non-current liabilities
15
18 222
-
18 222
Total non-current liabilities
-
242 088
25 691
267 779
Current liabilities
Short-term lease liabilities
-
11 559
11 559
Short-term interest-bearing debt
10 668
-
10 668
Trade payables
26 653
-
26 653
Liabilities to group companies
143 962
-
143 962
Tax payables
-
-
-
Other current liabilities
15
94 770
-232
94 538
Total current liabilities
276 053
11 326
287 379
Total equity and liabilities
-
806 800
81 941
888 740
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
150
25. Definitions of APMs
VIEW uses terms in the consolidated financial statements that are not anchored in the IFRS® accounting
standards. VIEW uses Alternative Performance Measures for understanding and evaluation of performance
within the business. Our definitions and explanations of these terms follow below:
Foreign exchange effects
Group consolidation restated with exchange rates as comparable period the previous year. Change in
volume or balance calculated with the same exchange rates for the both periods are defined as underlying
growth. Change based on the change in exchange rates are defined as foreign exchange effects. The sum
of underlying growth and foreign exchange effects represent the total change between the periods.
EBITDA
Operating profit without costs for depreciation and Impairments
EBITDA margin (%)
Operating profit (EBITDA) / Revenue
Net working capital
Inventory + Contract assets + Accounts Receivables – Accounts Payable
Net Interest-bearing debt
Interest bearing Cash and cash equivalents + Interest bearing Loans
Dokument-ID 09222115557576777121 Signert FH, ÅW, SS, EG, AW, MB, JH
Verifikasjon
Dokument-ID 09222115557576777121
Dokument
VIEW Group AS Annual report 2025
Hoveddokument
150 sider
Initiert 2026-04-29 11:46:25 CEST (+0200) av Espen
Hovland (EH)
Ferdigstilt 2026-04-29 12:33:52 CEST (+0200)
Initiativtaker
Espen Hovland (EH)
VIEW. Group Sweden AB
espen.hovland@viewgroup.se
Underskriverne
Frode Haugli (FH)
frode.haugli@gmail.com
+4795101000
Signert 2026-04-29 12:33:16 CEST (+0200)
Åsa Wiren (ÅW)
asa.wiren@outlook.com
+46706444533
Signert 2026-04-29 11:47:57 CEST (+0200)
Simen Simensen (SS)
svs@exploreequity.com
+4790163104
Signert 2026-04-29 12:33:30 CEST (+0200)
Elena Gorder (EG)
elena.gorder@viewgroup.no
+4741373916
Signert 2026-04-29 12:33:35 CEST (+0200)
Anette Willumsen (AW)
anette.willums1@gmail.com
+4791539838
Signert 2026-04-29 12:33:52 CEST (+0200)
Morten Bratlie (MB)
morten.bratlie@viewgroup.no
+4792085147
Signert 2026-04-29 12:33:39 CEST (+0200)
John Hugosson (JH)
john.hugosson@viewgroup.no
+4792863916
Signert 2026-04-29 12:33:21 CEST (+0200)
1/2
Verifikasjon
Dokument-ID 09222115557576777121
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PricewaterhouseCoopers AS, org.no.: 987 009 713 MVA, Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
Advokatfirmaet PricewaterhouseCoopers AS, Org.no.: 988 371 084 MVA, Medlemmer av Advokatforeningen. advokatfirmaet@pwc.com
PwC Tax Services AS, Org.no.: 962 066 321 MVA, Autorisert regnskapsførerselskap, Medlem av Regnskap Norge
Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo, T: 02316 (+47 952 60 000) www.pwc.no
To the General Meeting of VIEW Group AS
Independent Sustainability Auditor’s Limited Assurance Report
Limited Assurance Conclusion
We have conducted a limited assurance engagement on the consolidated sustainability statement of VIEW Group AS
(the «Company») included in Sustainability Report of the Board of Directors’ report (the «Sustainability Statement»), as
at 31 December 2025 and for the year then ended.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that
causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the
Norwegian Accounting Act section 2-3, including:
• compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out
by the Company to identify the information reported in the Sustainability Statement (the «Process») is in
accordance with the description set out in section “IRO-1 Description of the process to identify and assess
material impacts, risks and opportunities”; and
• compliance of the disclosures in the “Taxonomy” section of the Sustainability Statement with Article 8 of EU
Regulation 2020/852 (the «Taxonomy Regulation»).
Basis for Conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements
(ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information («ISAE
3000 (Revised)»), issued by the International Auditing and Assurance Standards Board.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our
responsibilities under this standard are further described in the Sustainability Auditor’s Responsibilities section of our
report.
Our Independence and Quality Management
We have complied with the independence and other ethical requirements as required by relevant laws and regulations in
Norway and the International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), which is founded on
fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional
behaviour.
The firm applies International Standard on Quality Management 1, which requires the firm to design, implement and
operate a system of quality management including policies or procedures regarding compliance with ethical
requirements, professional standards and applicable legal and regulatory requirements.
Responsibilities for the Sustainability Statement
The Board of Directors and the Managing Director (Management) is responsible for designing and implementing a
process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for
disclosing this Process in section “ IRO-1 Description of the process to identify and assess material impacts, risks and
opportunities” of the Sustainability Statement. This responsibility includes:
• understanding the context in which the Group's activities and business relationships take place and developing
an understanding of its affected stakeholders;
• the identification of the actual and potential impacts (both negative and positive) related to sustainability matters,
as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial
position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-
term;
2 / 3
• the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability
matters by selecting and applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, in accordance with the Norwegian
Accounting Act section 2-3, including:
• compliance with the ESRS;
• preparing the disclosures in the “Taxonomy” section of the Sustainability Statement, in compliance with the
Taxonomy Regulation;
• designing, implementing and maintaining such internal control that Management determines is necessary to
enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to
fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making assumptions and
estimates that are reasonable in the circumstances.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, Management is required to prepare the forward-
looking information on the basis of disclosed assumptions about events that may occur in the future and possible future
actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as
expected.
Sustainability Auditor’s Responsibilities
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the
Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited
assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of
the Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement
and maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the
effectiveness of the Process, including the outcome of the Process;
• Considering whether the information identified addresses the applicable disclosure requirements of the ESRS;
and
• Designing and performing procedures to evaluate whether the Process is consistent with the Company’s
description of its Process set out in section “IRO-1 Description of the process to identify and assess material
impacts, risks and opportunities”.
Our other responsibilities in respect of the Sustainability Statement include:
• Identifying where material misstatements are likely to arise, whether due to fraud or error; and
• Designing and performing procedures responsive to where material misstatements are likely to arise in the
Sustainability Statement. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
Summary of the Work Performed
A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement.
The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a
reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is
substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been
performed.
3 / 3
The nature, timing and extent of procedures selected depend on professional judgement, including the identification of
disclosures where material misstatements are likely to arise in the Sustainability Statement, whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the Process, we:
• Obtained an understanding of the Process by:
o performing inquiries to understand the sources of the information used by management (e.g.,
stakeholder engagement, business plans and strategy documents); and
o reviewing the Company’s internal documentation of its Process; and
• Evaluated whether the evidence obtained from our procedures with respect to the Process implemented by the
C
ompany was consistent with the description of the Process set out in section “IRO-1 Description of the process
to identify and assess material impacts, risks and opportunities”.
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
• Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability
Statement by:
o Obtaining an understanding of the Group’s control environment, processes and information system
relevant to the preparation of the Sustainability Statement, but not for the purpose of providing
a
c
onclusion on the effectiveness of the Group’s internal control; and
o Obtaining an understanding of the Group’s risk assessment process;
• Evaluated whether the information identified by the Process is included in the Sustainability Statement;
• Evaluated whether the structure and the presentation of the Sustainability Statement is in accordance with the
ESR
S;
• Performed inquiries of relevant personnel on selected information in the Sustainability Statement;
• Performed substantive assurance procedures on selected information in the Sustainability Statement;
• Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures i
n
t
he financial statements and other sections of the Board of Directors’ report;
• Evaluated the methods, assumptions and data for developing estimates and forward-looking information;
• Obtained an understanding of the Company’s process to identify taxonomy-eligible and taxonomy-aligned
ec
onomic activities and the corresponding disclosures in the Sustainability Statement;
• Evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned economic activities
is included in the Sustainability Statement; and
• Performed inquiries of relevant personnel and substantive procedures on selected taxonomy disclosures
included in the Sustainability Statement.
Oslo, 29 April 2026
PricewaterhouseCoopers AS
H
allvard Helgetun
State Authorised Public Accountant – Sustainability Auditor
P
ricewaterhouseCoopers AS, org.no.: 987 009 713 MVA, Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
Advokatfirmaet PricewaterhouseCoopers AS, Org.no.: 988 371 084 MVA, Medlemmer av Advokatforeningen. advokatfirmaet@pwc.com
PwC Tax Services AS, Org.no.: 962 066 321 MVA, Autorisert regnskapsførerselskap, Medlem av Regnskap Norge
Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo, T: 02316 (+47 952 60 000) www.pwc.no
To the General Meeting of VIEW Group AS
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of VIEW Group AS, which comprise:
• the financial statements of the parent company VIEW Group AS (the Company), which comprise the statement
of financial position as at 31 December 2025, the statement of comprehensive income, statement of changes in
equi
ty and statement of cash flows for the year then ended, and notes to the financial statements, includi
ng
m
aterial accounting policy information, and
• the consolidated financial statements of VIEW Group AS and its subsidiaries (the Group), which comprise t
he
s
tatement of financial position as at 31 December 2025, the statement of comprehensive income, statement of
changes in equity and statement of cash flows for the year then ended, and notes to the financial statements,
including material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31 December
2025, and its financial performance and its cash flows for the year then ended in accordance with IFRS
Accounting Standards as adopted by the EU, and
• the consolidated financial statements give a true and fair view of the financial position of the Group as at
31
December 2025, and its financial performance and its cash flows for the year then ended in accordance with
I
FRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and
the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code) as applicable to audits of financial statements of public
interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014)
Article 5.1 have been provided.
We have been the auditor of VIEW Group AS for 2 years from the election by the general meeting of the shareholders on
10 October 2024 for the accounting year 2024.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
2 / 4
Key Audit Matters
How our audit addressed the Key Audit Matter
Impairment Assessment of Goodwill
The carrying value of goodwill amounted to NOK 1
544
986
thousand on 31 December 2025, representing
approximately
56% of the Group’s total assets. Goodwill
is tested for impairment annually, or when there are
indicators of impairment. An impairment test of goodwill
was performed at the balance sheet date. No impairment
charge was recognised based on the impairment tes
t.
In order to determine the recoverable amount of the
goodwill, management estimated future cash flows based
on budgets and forecasts,
applying significant judgement
when making assumptions about the
growth rate,
profitability
and discount rate.
We focused on impairment assessment of goodwill
because it requires application of significant management
judgement. Furthermore, a potential impairment loss may
have a material impact on the carrying value of the
Group’s assets.
See
Note 8 - Goodwill and intangible assets to the
consolidated financial statements where management
explains the impairment model and key assumptions
applied.
We evaluated and
reviewed management’s impairment
model. We corroborated the elements in the model to the
requirements in the
IAS 36 – Impairment of assets. We
also tested the mathematical accuracy of the impairment
model
by recalculation of the model with management’s
assumptions
.
We challenged management’s use of assumptions in
future cash flow estimates. We
compared the estimated
cash flows in the model to budgets approved by the Board
of Directors. We tested the reliability of management’s
budgets by performing look
-back analyses of the prior
year budgeted growth rate and EBITDA margin against
the Group’s
actual results thereafter. When we found
deviations, we assessed management’s explanations and
corroborated with other evidence available to us.
To challenge the assumptions in the impairment model,
we also held discussions with management. To evaluate
the assumptions used to build the discount rate, we made
comparisons towards
external market data and
observable data from comparable companies.
Finally, we considered disclosures in note 8 to the
consolidated financial statements and found them
appropriate.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the Board of
Directors’ report and the other information accompanying the financial statements. The other information comprises
information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our
opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other
information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the
other information accompanying the financial statements. The purpose is to consider if there is material inconsistency
between the Board of Directors’ report and the other information accompanying the financial statements and the financial
statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information
accompanying the financial statements otherwise appear to be materially misstated. We are required to report if there is a
material misstatement in the Board of Directors’ report or the other information accompanying the financial statements.
We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on whether the Board of Directors’ report contains the information required by applicable statutory
requirements, does not cover the Sustainability Statement, on which a separate assurance report is issued.
3 / 4
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with
IFRS Accounting Standards as adopted by the EU, and for such internal control as management determines is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error.
We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company's and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company and the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves a
true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are responsible for
the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Board of Directors, we determine those matters that were of most significance
in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely
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rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of VIEW Group AS, we have performed an assurance engagement to
obtain reasonable assurance about whether the financial statements included in the annual report, with the file name
VIEW-2025-12-31-1-en.zip, have been prepared, in all material respects, in compliance with the requirements of the
Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and
regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the
preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in
compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This
responsibility comprises an adequate process and such internal control as management determines is necessary.
Auditor’s Responsibilities
For a description of the auditor's responsibilities when performing an assurance engagement to the ESEF reporting, see:
https://revisorforeningen.no/revisjonsberetninger
Oslo, 29 April 2026
PricewaterhouseCoopers AS
Hallvard Helgetun
State Authorised Public Accountant
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