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"value": "N O T E 1 \u2013 G E N E R A L I N F O R M A T I O N Observe Medical ASA is a Norwegian limited liability, public listed company located in Norway and whose shares are public traded on Euronext Expand Oslo. Its head office is located in Dronning Eufemias gate 16, 0191 Oslo, Norway. Observe Medical is a Nordic-based Medtech group that develops and commercializes innovative medical technology globally. As of 31 December 2025, the Group\u2019s portfolio was centered around the UnoMeter\u2122 portfolio: A comprehensive range of manual urine measurement systems and intra-abdominal pressure measurement solutions, Sippi\u00ae: The next-generation digital urine meter with biofilm prevention and Biim Ultrasound: Wireless, pocketable ultrasound technology. Subsequent Event: On 4 March 2026, the Board of Directors resolved to discontinue all activities related to the Biim Ultrasound business, including the winding up of Biim Ultrasound AS and its subsidiaries. This shift allows the Group to consolidate all resources toward the global commercial expansion of the Urine Measurement portfolio (UnoMeter\u2122 and Sippi\u00ae). Refer to Note 24 \u2013 Events after the Balance Sheet Date The consolidated financial statements comprise the Company and its subsidiaries. As of 31 December 2025, the Group consisted of the following entities: Observe Medical ASA (Oslo, Norway), Observe Medical AS (Oslo, Norway), Observe Medical AB (Gothenburg, Sweden), Observe Medical Nordic AB (Gothenburg, Sweden), Observe Medical ApS (K\u00f8benhavn, Denmark), Biim Ultrasound AS, (Oslo, Norway), Biim Ultrasound Oy (Finland) Biim Ultrasound Inc. (USA). The Group\u2019s activities are described in the Board of Director\u2019s report. The consolidated financial statements for Observe Medical ASA (\u201cOM group\u201d or \u201cthe Group\u201d), including notes, for the year 2025 were approved by the Board of Directors of Observe Medical ASA on April 29, 2026 and will be proposed to the Annual General Meeting.",
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"value": "The consolidated financial statements for Observe Medical ASA (\u201cOM group\u201d or \u201cthe Group\u201d), including notes, for the year 2025 were approved by the Board of Directors of Observe Medical ASA on April 29, 2026 and will be proposed to the Annual General Meeting.",
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"value": "N O T E 2 \u2013 B A S I S O F P R E P A R A T I O N A N D M A T E R I A L A C C O U N T I N G P O L I C I E S The group prepares its consolidated annual financial statements in accordance with IFRS\u00ae accounting standards as adopted by the EU. Preparing financial statements in accordance with IFRS requires the use of estimates. Furthermore, applying the Group\u2019s accounting policies requires the management team to use its judgment. Areas that involve a high degree of estimation and a high degree of complexity, or areas where assumptions and estimates are significant for the Group\u2019s financial statements, are described in Note 3. The financial statements have been prepared on a historical cost basis, except for certain financial instruments, such as contingent considerations and milestone-based liabilities, which are measured at fair value or adjusted amortized cost. The basis and policies are applied consistently in all the periods presented, unless the description states otherwise. Going Concern Assumption The consolidated financial statements have been prepared on a going concern basis. During 2025, the Group significantly strengthened its financial position through debt restructuring and equity issues, and this was further supported in early 2026 by the formal signing and drawdown of a NOK 15 million loan facility from Innovation Norway. Management\u2019s cash flow forecasts cover at least twelve months from the reporting date. These forecasts are based on continued revenue growth and assume that the Group achieves positive cash flow from operating activities during the fourth quarter of 2026, which is necessary to support the Group\u2019s continued liquidity beyond this period. The ability to achieve this development is dependent on continued growth in sales and order intake and prevailing market conditions. While management considers its assumptions to be reasonable and notes that the Group has some flexibility to adjust its cost base, a failure to achieve the forecasted revenue growth and operating cash flow would require the Group to obtain additional financing or implement other measures in order to meet its obligations as they fall due. There is a risk that the Group's achievement of positive cash flow from operating activities will be delayed. Accordingly, there is material uncertainty with regard to the going concern assumption, should the Group be unable to reach its forecasted cash flows and are unable to obtain financing from other sources. Having reviewed the forecasts and the available mitigation strategies, the Board considers the going concern basis to be appropriate. Reference is made to note 4 Financial Risk management for further information on liquidity risk.",
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"value": "N O T E 2 \u2013 B A S I S O F P R E P A R A T I O N A N D M A T E R I A L A C C O U N T I N G P O L I C I E S The group prepares its consolidated annual financial statements in accordance with IFRS\u00ae accounting standards as adopted by the EU. Preparing financial statements in accordance with IFRS requires the use of estimates. Furthermore, applying the Group\u2019s accounting policies requires the management team to use its judgment. Areas that involve a high degree of estimation and a high degree of complexity, or areas where assumptions and estimates are significant for the Group\u2019s financial statements, are described in Note 3.",
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"value": "N O T E 2 \u2013 B A S I S O F P R E P A R A T I O N A N D M A T E R I A L A C C O U N T I N G P O L I C I E S The group prepares its consolidated annual financial statements in accordance with IFRS\u00ae accounting standards as adopted by the EU. Preparing financial statements in accordance with IFRS requires the use of estimates. Furthermore, applying the Group\u2019s accounting policies requires the management team to use its judgment. Areas that involve a high degree of estimation and a high degree of complexity, or areas where assumptions and estimates are significant for the Group\u2019s financial statements, are described in Note 3. The financial statements have been prepared on a historical cost basis, except for certain financial instruments, such as contingent considerations and milestone-based liabilities, which are measured at fair value or adjusted amortized cost. The basis and policies are applied consistently in all the periods presented, unless the description states otherwise. Going Concern Assumption The consolidated financial statements have been prepared on a going concern basis. During 2025, the Group significantly strengthened its financial position through debt restructuring and equity issues, and this was further supported in early 2026 by the formal signing and drawdown of a NOK 15 million loan facility from Innovation Norway. Management\u2019s cash flow forecasts cover at least twelve months from the reporting date. These forecasts are based on continued revenue growth and assume that the Group achieves positive cash flow from operating activities during the fourth quarter of 2026, which is necessary to support the Group\u2019s continued liquidity beyond this period. The ability to achieve this development is dependent on continued growth in sales and order intake and prevailing market conditions. While management considers its assumptions to be reasonable and notes that the Group has some flexibility to adjust its cost base, a failure to achieve the forecasted revenue growth and operating cash flow would require the Group to obtain additional financing or implement other measures in order to meet its obligations as they fall due. There is a risk that the Group's achievement of positive cash flow from operating activities will be delayed. Accordingly, there is material uncertainty with regard to the going concern assumption, should the Group be unable to reach its forecasted cash flows and are unable to obtain financing from other sources. Having reviewed the forecasts and the available mitigation strategies, the Board considers the going concern basis to be appropriate. Reference is made to note 4 Financial Risk management for further information on liquidity risk. New and amended standards adopted by the group New or amended standards and interpretations issued by the IASB and adopted by the EU, effective from 1 January 2025, have been reviewed by management. These standards are not expected to have a material impact on the Group's consolidated financial statements in the current or future reporting periods. New standards and interpretations not yet adopted IFRS 18 Presentation and Disclosure in Financial Statements was issued on 9 April 2024. The standard is not mandatory for the reporting period ending 31 December 2025 and has not been early adopted by Observe Medical ASA. The Group is currently evaluating the potential impact of IFRS 18 on its financial reporting. IFRS 18 is expected to introduce substantial changes to the presentation and disclosure of the Group\u2019s consolidated income statement, balance sheet, and accompanying notes. The standard will require more detailed breakdowns of income and expense categories, including the separate disclosure of foreign exchange gains and losses. This additional detail will provide enhanced transparency regarding the effect of exchange rate fluctuations on the Group\u2019s financial performance. Furthermore, IFRS 18 may require a more granular presentation or disclosure or certain items of income, expense, assets and liabilities. Key performance indicators disclosed under IFRS 18 may also be subject to tighter definitions and reconciliation requirements to the primary statements. As the Group continues its assessment of IFRS 18, any material impacts, including changes in the presentation of exchange rate effects, segment information, and management\u2019s analysis of performance, will be communicated in future financial statements once the standard is effective. IFRS 18 is effective from 01 January 2027. Other new or amended accounting standards and interpretations have been published that are not mandatory for the 31 December 2025 reporting period and have not been early adopted by the Group. These are not expected to have a material impact on the Group. Basis of Consolidation Companies that have been controlled by Observe Medical ASA, have been fully combined and consolidated for all periods presented for the purpose of these financial statements (\u201csubsidiaries\u201c). Control exists when an entity is exposed, or has rights, to variable returns from its involvement with the investee and is able to affect those returns by exercising power over the investee. Power means existing rights that provide the investor with the ability to direct relevant activities, i.e. the activities that significantly affect the investee\u2019s returns. There are no non-controlling interests for the periods presented. Intra-group income, expenses, and balances are eliminated in preparing the Groups financial statements. Segment Information For management purposes, the Group is organized as one operating segment, consistent with the reporting to the chief operating decision maker (the CEO and the Board of Directors). All operational decisions and assessments of performance are made on a consolidated basis for the Group as a whole. Translation of Foreign Currency The consolidated financial statements are presented in Norwegian kroner (NOK), which is also the functional currency of the parent company. Foreign companies that are part of the Group and have different functional currencies are translated to Norwegian kroner. Assets and liabilities are translated at the exchange rate at the reporting date, while monthly average exchange rates are used as an approximation of the transaction exchange rate for income and expenses. Translation differences are recognized in other comprehensive income. All values are rounded to the nearest thousand (NOK 000), except when otherwise indicated. Intangible Assets and Goodwill Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Other intangible assets, including customer relationships, patents and trademarks, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred. Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. Goodwill is not amortized. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the asset, discount rates to be applied and the expected period of benefits. For the periods presented, capitalized expenditures are related to development of the UnoMeter\u2122 Safeti\u2122 Max. Impairment of Non-Financial Assets Tangible assets and intangible assets with finite useful lives are assessed for impairment when there are indications of impairment. An impairment amounting to the difference between the carrying value and recoverable amount is recognized through profit or loss. The recoverable amount is the highest of value in use and fair value less cost of disposal. When assessing possible impairment, assets are grouped at the lowest level that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets. Goodwill and trademarks with indefinite useful life are not amortized but tested at least annually for impairment. Inventories Inventories are measured at the lower cost and at net realizable value (NRV). To determine cost the company uses the first-in, first-out method (FIFO). Net realizable value is the estimated selling price and the estimated costs necessary to make the sale. If NRV has fallen below cost, a write-down must be recognized in the period. Adjustments to inventory (e.g., obsolescence) must be recognized as they occur. Financial Assets The company has financial assets in the category of amortized cost, which primarily consist of short-term receivables and bank deposits. Accounts receivables are initially measured at the transaction price. Other financial assets are initially recognized at fair value in addition to transaction costs and then at amortized cost using the effective interest method adjusted for impairment. The Group uses historical figures to calculate provision for expected credit losses on trade receivables. A significant proportion of the customers are public customers/healthcare institutions and hospitals, and historically the company has had immaterial credit losses for the periods presented, no credit losses have been realized and no provisions for expected credit losses have been recognized. Cash and Cash Equivalents Cash and cash equivalents in the statement of financial position comprise bank deposits. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of bank deposits as defined above. Financial Liabilities Financial liabilities are generally measured at amortized cost and consist of interest-bearing debt to Navamedic ASA, Business Finland and instalments of the restructured debt to Convatec regarding the acquisition of UnoMeter\u2122, in addition to trade payables. Contingent milestone payments agreed as part of the debt restructuring with Navamedic ASA are, however, classified as a financial liability in accordance with IAS 32 and IFRS 9. This liability is initially recognised at fair value, determined as the present value of probability-weighted expected future payments, and subsequently measured at amortised cost using the effective interest method. The measurement involves significant judgement and estimation uncertainty regarding probability-weighted revenue scenarios, expected timing of milestone achievement, and the application of an appropriate discount rate. Changes in the carrying amount of the liability resulting from revisions of estimated future payments are recognised as financial income or expense in the statement of profit or loss. There exist no cash effects until the defined revenue milestones are reached. The Group accounts for financial liabilities in accordance with IFRS 9 Financial Instruments. Modifications to financial liabilities are assessed as substantial or non-substantial. Non-substantial modifications result in an adjustment to the carrying amount, with any gain or loss recognized in profit or loss. Substantial modifications lead to derecognition of the original liability and recognition of a new financial liability. Income Tax The tax expense consists of tax payable and deferred tax. The Group has historically operated with significant losses for tax and accounting purposes. The Group has operations, and tax losses carried forward, in Norway, Denmark and Sweden. So far, the Group has had no basis for recognition of net deferred tax assets according to IAS 12 Income taxes. For all periods presented, the Group has reported zero net deferred tax assets or income tax expense. Deferred tax assets and deferred tax is offset if there is a legally enforceable right to offset assets in the event of tax payable against liabilities in the event of tax payable, and the deferred tax assets and deferred tax relate to income tax that is imposed by the same tax authority for either the same taxable enterprise or different taxable enterprises that intend to settle liabilities and assets in the event of tax payable net. At the acquisition of Observe Medical International AB in 2015, deferred tax asset was recognized on tax losses carried forward in the same amount as deferred tax liability recognized on the fair value adjustments of the intangible technology assets, with net zero deferred tax recognized. In subsequent periods, the deferred tax asset has been reduced in line with the reduced deferred tax liability on the intangible assets. Pensions The Group has entered into a mandatory defined-contribution pension scheme for all employees. The contributions are recognized as payroll expenses as the obligation to pay contributions accrue. Revenue Recognition The Group is in the business of providing medtech products to customers globally. Revenue recognition for products and revenue streams have the same principle. Revenue from customers is recognized at the point in time when control of the goods is transferred to the customer, generally at the agreed place of delivery. The customers have no return rights if the delivery is according to the agreed specification and quality. Revenues are recognized based on the agreed price, less any discounts. The Group\u2019s contracts primarily involve the sale of goods, with each delivery representing a single performance obligation satisfied at a point in time. For contracts with multiple or complex performance obligations, revenue is recognised based on the allocation of the transaction price to each obligation as per IFRS 15, and recorded according to satisfaction of each performance obligation. No such complex performance obligations were identified in the periods presented. Invoices are issued upon delivery with payment terms typically ranging from 15 to 30 days. Leases The Group recognizes right-of-use assets and lease liabilities for all leases, except for agreements with a lease period of less than one year or where the value of the underlying asset is low. Depreciation, impairment, and interest expenses are recognized in the consolidated statement of comprehensive income. For lease contracts with a term of less than one year or where the value of the underlying asset is low, the lease payments are recognized as an expense on a straight-line basis over the lease period. Share Options The Group has one share options scheme under which options to subscribe for the Group\u2019s shares have been granted to certain senior executives (employee stock option plan under which an employee is granted the right to purchase shares at a fixed price). The fair value of options granted to members of management is recognized as employee benefit expense with a corresponding increase in equity for equity settled awards. There are no cash settled share options. The total amount to be expensed is determined by reference to the fair value of the options granted. The total expense is recognized over the vesting period. Social security contributions payable in connection with an option grant are treated as cash-settled transactions and expensed as employee benefit expenses. Events after the balance sheet date Information on the Group\u2019s positions at the balance sheet date is considered in the annual financial statements. Events after the balance sheet date that do not affect the Group's position at the balance sheet date, but which will affect the Group's position in the future, are stated if significant. Please refer to note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__20": {
"value": "Going Concern Assumption The consolidated financial statements have been prepared on a going concern basis. During 2025, the Group significantly strengthened its financial position through debt restructuring and equity issues, and this was further supported in early 2026 by the formal signing and drawdown of a NOK 15 million loan facility from Innovation Norway. Management\u2019s cash flow forecasts cover at least twelve months from the reporting date. These forecasts are based on continued revenue growth and assume that the Group achieves positive cash flow from operating activities during the fourth quarter of 2026, which is necessary to support the Group\u2019s continued liquidity beyond this period. The ability to achieve this development is dependent on continued growth in sales and order intake and prevailing market conditions. While management considers its assumptions to be reasonable and notes that the Group has some flexibility to adjust its cost base, a failure to achieve the forecasted revenue growth and operating cash flow would require the Group to obtain additional financing or implement other measures in order to meet its obligations as they fall due. There is a risk that the Group's achievement of positive cash flow from operating activities will be delayed. Accordingly, there is material uncertainty with regard to the going concern assumption, should the Group be unable to reach its forecasted cash flows and are unable to obtain financing from other sources. Having reviewed the forecasts and the available mitigation strategies, the Board considers the going concern basis to be appropriate. Reference is made to note 4 Financial Risk management for further information on liquidity risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__19": {
"value": "Going Concern Assumption The consolidated financial statements have been prepared on a going concern basis. During 2025, the Group significantly strengthened its financial position through debt restructuring and equity issues, and this was further supported in early 2026 by the formal signing and drawdown of a NOK 15 million loan facility from Innovation Norway. Management\u2019s cash flow forecasts cover at least twelve months from the reporting date. These forecasts are based on continued revenue growth and assume that the Group achieves positive cash flow from operating activities during the fourth quarter of 2026, which is necessary to support the Group\u2019s continued liquidity beyond this period. The ability to achieve this development is dependent on continued growth in sales and order intake and prevailing market conditions. While management considers its assumptions to be reasonable and notes that the Group has some flexibility to adjust its cost base, a failure to achieve the forecasted revenue growth and operating cash flow would require the Group to obtain additional financing or implement other measures in order to meet its obligations as they fall due. There is a risk that the Group's achievement of positive cash flow from operating activities will be delayed. Accordingly, there is material uncertainty with regard to the going concern assumption, should the Group be unable to reach its forecasted cash flows and are unable to obtain financing from other sources. Having reviewed the forecasts and the available mitigation strategies, the Board considers the going concern basis to be appropriate. Reference is made to note 4 Financial Risk management for further information on liquidity risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__22-1": {
"value": "New and amended standards adopted by the group New or amended standards and interpretations issued by the IASB and adopted by the EU, effective from 1 January 2025, have been reviewed by management. These standards are not expected to have a material impact on the Group's consolidated financial statements in the current or future reporting periods.New standards and interpretations not yet adopted IFRS 18 Presentation and Disclosure in Financial Statements was issued on 9 April 2024. The standard is not mandatory for the reporting period ending 31 December 2025 and has not been early adopted by Observe Medical ASA. The Group is currently evaluating the potential impact of IFRS 18 on its financial reporting. IFRS 18 is expected to introduce substantial changes to the presentation and disclosure of the Group\u2019s consolidated income statement, balance sheet, and accompanying notes. The standard will require more detailed breakdowns of income and expense categories, including the separate disclosure of foreign exchange gains and losses. This additional detail will provide enhanced transparency regarding the effect of exchange rate fluctuations on the Group\u2019s financial performance. Furthermore, IFRS 18 may require a more granular presentation or disclosure or certain items of income, expense, assets and liabilities. Key performance indicators disclosed under IFRS 18 may also be subject to tighter definitions and reconciliation requirements to the primary statements. As the Group continues its assessment of IFRS 18, any material impacts, including changes in the presentation of exchange rate effects, segment information, and management\u2019s analysis of performance, will be communicated in future financial statements once the standard is effective. IFRS 18 is effective from 01 January 2027. Other new or amended accounting standards and interpretations have been published that are not mandatory for the 31 December 2025 reporting period and have not been early adopted by the Group. These are not expected to have a material impact on the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__21-1": {
"value": "New and amended standards adopted by the group New or amended standards and interpretations issued by the IASB and adopted by the EU, effective from 1 January 2025, have been reviewed by management. These standards are not expected to have a material impact on the Group's consolidated financial statements in the current or future reporting periods.New standards and interpretations not yet adopted IFRS 18 Presentation and Disclosure in Financial Statements was issued on 9 April 2024. The standard is not mandatory for the reporting period ending 31 December 2025 and has not been early adopted by Observe Medical ASA. The Group is currently evaluating the potential impact of IFRS 18 on its financial reporting. IFRS 18 is expected to introduce substantial changes to the presentation and disclosure of the Group\u2019s consolidated income statement, balance sheet, and accompanying notes. The standard will require more detailed breakdowns of income and expense categories, including the separate disclosure of foreign exchange gains and losses. This additional detail will provide enhanced transparency regarding the effect of exchange rate fluctuations on the Group\u2019s financial performance. Furthermore, IFRS 18 may require a more granular presentation or disclosure or certain items of income, expense, assets and liabilities. Key performance indicators disclosed under IFRS 18 may also be subject to tighter definitions and reconciliation requirements to the primary statements. As the Group continues its assessment of IFRS 18, any material impacts, including changes in the presentation of exchange rate effects, segment information, and management\u2019s analysis of performance, will be communicated in future financial statements once the standard is effective. IFRS 18 is effective from 01 January 2027. Other new or amended accounting standards and interpretations have been published that are not mandatory for the 31 December 2025 reporting period and have not been early adopted by the Group. These are not expected to have a material impact on the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__26": {
"value": "Basis of Consolidation Companies that have been controlled by Observe Medical ASA, have been fully combined and consolidated for all periods presented for the purpose of these financial statements (\u201csubsidiaries\u201c). Control exists when an entity is exposed, or has rights, to variable returns from its involvement with the investee and is able to affect those returns by exercising power over the investee. Power means existing rights that provide the investor with the ability to direct relevant activities, i.e. the activities that significantly affect the investee\u2019s returns. There are no non-controlling interests for the periods presented. Intra-group income, expenses, and balances are eliminated in preparing the Groups financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__25": {
"value": "Basis of Consolidation Companies that have been controlled by Observe Medical ASA, have been fully combined and consolidated for all periods presented for the purpose of these financial statements (\u201csubsidiaries\u201c). Control exists when an entity is exposed, or has rights, to variable returns from its involvement with the investee and is able to affect those returns by exercising power over the investee. Power means existing rights that provide the investor with the ability to direct relevant activities, i.e. the activities that significantly affect the investee\u2019s returns. There are no non-controlling interests for the periods presented. Intra-group income, expenses, and balances are eliminated in preparing the Groups financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__27": {
"value": "Segment Information For management purposes, the Group is organized as one operating segment, consistent with the reporting to the chief operating decision maker (the CEO and the Board of Directors). All operational decisions and assessments of performance are made on a consolidated basis for the Group as a whole.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__30-1": {
"value": "Translation of Foreign Currency The consolidated financial statements are presented in Norwegian kroner (NOK), which is also the functional currency of the parent company. Foreign companies that are part of the Group and have different functional currencies are translated to Norwegian kroner. Assets and liabilities are translated at the exchange rate at the reporting date, while monthly average exchange rates are used as an approximation of the transaction exchange rate for income and expenses. Translation differences are recognized in other comprehensive income. All values are rounded to the nearest thousand (NOK 000), except when otherwise indicated.Currency Risk For the periods presented, currency risk has primarily been related to payables and receivables within the Group and related parties. Payroll and operating expenses are generally incurred in the functional currency of each entity (NOK, SEK, DKK, EUR, and USD). For entities in the USA and Finland, where expenses are primarily in USD and EUR, currency risk arises when NOK-denominated funding is converted to cover these obligations. The Group\u2019s largest foreign currency exposures relate to long-term liabilities. The debt to Convatec is denominated in USD, where a +/- 10% change in the NOK/USD exchange rate would impact the Group\u2019s financial results by approximately NOK 1 million. Similarly, a government innovation loan in Finland of approximately EUR 400 thousand carries a currency risk where a +/- 10% change in the NOK/EUR rate would have an estimated effect of NOK 0.45 million. Going forward, the Group\u2019s currency risk profile will evolve alongside its commercial growth. While the UnoMeter\u2122 portfolio and other products incur cost of goods sold (COGS) mainly in USD and EUR, the majority of sales revenues are also generated in these same currencies. Management considers this to be a significant natural hedge, as the inflow of foreign currency from sales increasingly offsets the outflow related to production and logistics. Consequently, as the Group moves toward self-financing operations, the net exposure to exchange rate fluctuations is expected to stabilize. The Group currently manages currency risk through this operational alignment and has not yet implemented separate financial hedging derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__29": {
"value": "Translation of Foreign Currency The consolidated financial statements are presented in Norwegian kroner (NOK), which is also the functional currency of the parent company. Foreign companies that are part of the Group and have different functional currencies are translated to Norwegian kroner. Assets and liabilities are translated at the exchange rate at the reporting date, while monthly average exchange rates are used as an approximation of the transaction exchange rate for income and expenses. Translation differences are recognized in other comprehensive income. All values are rounded to the nearest thousand (NOK 000), except when otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__28": {
"value": "Translation of Foreign Currency The consolidated financial statements are presented in Norwegian kroner (NOK), which is also the functional currency of the parent company. Foreign companies that are part of the Group and have different functional currencies are translated to Norwegian kroner. Assets and liabilities are translated at the exchange rate at the reporting date, while monthly average exchange rates are used as an approximation of the transaction exchange rate for income and expenses. Translation differences are recognized in other comprehensive income. All values are rounded to the nearest thousand (NOK 000), except when otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__33": {
"value": "Intangible Assets and Goodwill Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Other intangible assets, including customer relationships, patents and trademarks, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred. Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. Goodwill is not amortized. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the asset, discount rates to be applied and the expected period of benefits. For the periods presented, capitalized expenditures are related to development of the UnoMeter\u2122 Safeti\u2122 Max.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__32": {
"value": "Intangible Assets and Goodwill Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Other intangible assets, including customer relationships, patents and trademarks, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred. Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. Goodwill is not amortized. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the asset, discount rates to be applied and the expected period of benefits. For the periods presented, capitalized expenditures are related to development of the UnoMeter\u2122 Safeti\u2122 Max.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__31": {
"value": "Intangible Assets and Goodwill Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Other intangible assets, including customer relationships, patents and trademarks, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred. Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. Goodwill is not amortized. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the asset, discount rates to be applied and the expected period of benefits. For the periods presented, capitalized expenditures are related to development of the UnoMeter\u2122 Safeti\u2122 Max.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__34": {
"value": "Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__35": {
"value": "Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. Goodwill is not amortized. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__37": {
"value": "Impairment of Non-Financial Assets Tangible assets and intangible assets with finite useful lives are assessed for impairment when there are indications of impairment. An impairment amounting to the difference between the carrying value and recoverable amount is recognized through profit or loss. The recoverable amount is the highest of value in use and fair value less cost of disposal. When assessing possible impairment, assets are grouped at the lowest level that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets. Goodwill and trademarks with indefinite useful life are not amortized but tested at least annually for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__36": {
"value": "Impairment of Non-Financial Assets Tangible assets and intangible assets with finite useful lives are assessed for impairment when there are indications of impairment. An impairment amounting to the difference between the carrying value and recoverable amount is recognized through profit or loss. The recoverable amount is the highest of value in use and fair value less cost of disposal. When assessing possible impairment, assets are grouped at the lowest level that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets. Goodwill and trademarks with indefinite useful life are not amortized but tested at least annually for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__38": {
"value": "Inventories Inventories are measured at the lower cost and at net realizable value (NRV). To determine cost the company uses the first-in, first-out method (FIFO). Net realizable value is the estimated selling price and the estimated costs necessary to make the sale. If NRV has fallen below cost, a write-down must be recognized in the period. Adjustments to inventory (e.g., obsolescence) must be recognized as they occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__40-1": {
"value": "Financial Assets The company has financial assets in the category of amortized cost, which primarily consist of short-term receivables and bank deposits. Accounts receivables are initially measured at the transaction price. Other financial assets are initially recognized at fair value in addition to transaction costs and then at amortized cost using the effective interest method adjusted for impairment. The Group uses historical figures to calculate provision for expected credit losses on trade receivables. A significant proportion of the customers are public customers/healthcare institutions and hospitals, and historically the company has had immaterial credit losses for the periods presented, no credit losses have been realized and no provisions for expected credit losses have been recognized.Financial Liabilities Financial liabilities are generally measured at amortized cost and consist of interest-bearing debt to Navamedic ASA, Business Finland and instalments of the restructured debt to Convatec regarding the acquisition of UnoMeter\u2122, in addition to trade payables. Contingent milestone payments agreed as part of the debt restructuring with Navamedic ASA are, however, classified as a financial liability in accordance with IAS 32 and IFRS 9. This liability is initially recognised at fair value, determined as the present value of probability-weighted expected future payments, and subsequently measured at amortised cost using the effective interest method. The measurement involves significant judgement and estimation uncertainty regarding probability-weighted revenue scenarios, expected timing of milestone achievement, and the application of an appropriate discount rate. Changes in the carrying amount of the liability resulting from revisions of estimated future payments are recognised as financial income or expense in the statement of profit or loss. There exist no cash effects until the defined revenue milestones are reached. The Group accounts for financial liabilities in accordance with IFRS 9 Financial Instruments. Modifications to financial liabilities are assessed as substantial or non-substantial. Non-substantial modifications result in an adjustment to the carrying amount, with any gain or loss recognized in profit or loss. Substantial modifications lead to derecognition of the original liability and recognition of a new financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__39": {
"value": "Financial Assets The company has financial assets in the category of amortized cost, which primarily consist of short-term receivables and bank deposits. Accounts receivables are initially measured at the transaction price. Other financial assets are initially recognized at fair value in addition to transaction costs and then at amortized cost using the effective interest method adjusted for impairment. The Group uses historical figures to calculate provision for expected credit losses on trade receivables. A significant proportion of the customers are public customers/healthcare institutions and hospitals, and historically the company has had immaterial credit losses for the periods presented, no credit losses have been realized and no provisions for expected credit losses have been recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__41": {
"value": "Cash and Cash Equivalents Cash and cash equivalents in the statement of financial position comprise bank deposits. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of bank deposits as defined above.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__42": {
"value": "Financial Liabilities Financial liabilities are generally measured at amortized cost and consist of interest-bearing debt to Navamedic ASA, Business Finland and instalments of the restructured debt to Convatec regarding the acquisition of UnoMeter\u2122, in addition to trade payables. Contingent milestone payments agreed as part of the debt restructuring with Navamedic ASA are, however, classified as a financial liability in accordance with IAS 32 and IFRS 9. This liability is initially recognised at fair value, determined as the present value of probability-weighted expected future payments, and subsequently measured at amortised cost using the effective interest method. The measurement involves significant judgement and estimation uncertainty regarding probability-weighted revenue scenarios, expected timing of milestone achievement, and the application of an appropriate discount rate. Changes in the carrying amount of the liability resulting from revisions of estimated future payments are recognised as financial income or expense in the statement of profit or loss. There exist no cash effects until the defined revenue milestones are reached. The Group accounts for financial liabilities in accordance with IFRS 9 Financial Instruments. Modifications to financial liabilities are assessed as substantial or non-substantial. Non-substantial modifications result in an adjustment to the carrying amount, with any gain or loss recognized in profit or loss. Substantial modifications lead to derecognition of the original liability and recognition of a new financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__45": {
"value": "Income Tax The tax expense consists of tax payable and deferred tax. The Group has historically operated with significant losses for tax and accounting purposes. The Group has operations, and tax losses carried forward, in Norway, Denmark and Sweden. So far, the Group has had no basis for recognition of net deferred tax assets according to IAS 12 Income taxes. For all periods presented, the Group has reported zero net deferred tax assets or income tax expense. Deferred tax assets and deferred tax is offset if there is a legally enforceable right to offset assets in the event of tax payable against liabilities in the event of tax payable, and the deferred tax assets and deferred tax relate to income tax that is imposed by the same tax authority for either the same taxable enterprise or different taxable enterprises that intend to settle liabilities and assets in the event of tax payable net. At the acquisition of Observe Medical International AB in 2015, deferred tax asset was recognized on tax losses carried forward in the same amount as deferred tax liability recognized on the fair value adjustments of the intangible technology assets, with net zero deferred tax recognized. In subsequent periods, the deferred tax asset has been reduced in line with the reduced deferred tax liability on the intangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__44": {
"value": "Income Tax The tax expense consists of tax payable and deferred tax. The Group has historically operated with significant losses for tax and accounting purposes. The Group has operations, and tax losses carried forward, in Norway, Denmark and Sweden. So far, the Group has had no basis for recognition of net deferred tax assets according to IAS 12 Income taxes. For all periods presented, the Group has reported zero net deferred tax assets or income tax expense. Deferred tax assets and deferred tax is offset if there is a legally enforceable right to offset assets in the event of tax payable against liabilities in the event of tax payable, and the deferred tax assets and deferred tax relate to income tax that is imposed by the same tax authority for either the same taxable enterprise or different taxable enterprises that intend to settle liabilities and assets in the event of tax payable net. At the acquisition of Observe Medical International AB in 2015, deferred tax asset was recognized on tax losses carried forward in the same amount as deferred tax liability recognized on the fair value adjustments of the intangible technology assets, with net zero deferred tax recognized. In subsequent periods, the deferred tax asset has been reduced in line with the reduced deferred tax liability on the intangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__46": {
"value": "Pensions The Group has entered into a mandatory defined-contribution pension scheme for all employees. The contributions are recognized as payroll expenses as the obligation to pay contributions accrue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__47": {
"value": "Revenue Recognition The Group is in the business of providing medtech products to customers globally. Revenue recognition for products and revenue streams have the same principle. Revenue from customers is recognized at the point in time when control of the goods is transferred to the customer, generally at the agreed place of delivery. The customers have no return rights if the delivery is according to the agreed specification and quality. Revenues are recognized based on the agreed price, less any discounts. The Group\u2019s contracts primarily involve the sale of goods, with each delivery representing a single performance obligation satisfied at a point in time. For contracts with multiple or complex performance obligations, revenue is recognised based on the allocation of the transaction price to each obligation as per IFRS 15, and recorded according to satisfaction of each performance obligation. No such complex performance obligations were identified in the periods presented. Invoices are issued upon delivery with payment terms typically ranging from 15 to 30 days.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__48": {
"value": "Leases The Group recognizes right-of-use assets and lease liabilities for all leases, except for agreements with a lease period of less than one year or where the value of the underlying asset is low. Depreciation, impairment, and interest expenses are recognized in the consolidated statement of comprehensive income. For lease contracts with a term of less than one year or where the value of the underlying asset is low, the lease payments are recognized as an expense on a straight-line basis over the lease period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__49": {
"value": "Share Options The Group has one share options scheme under which options to subscribe for the Group\u2019s shares have been granted to certain senior executives (employee stock option plan under which an employee is granted the right to purchase shares at a fixed price). The fair value of options granted to members of management is recognized as employee benefit expense with a corresponding increase in equity for equity settled awards. There are no cash settled share options. The total amount to be expensed is determined by reference to the fair value of the options granted. The total expense is recognized over the vesting period. Social security contributions payable in connection with an option grant are treated as cash-settled transactions and expensed as employee benefit expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__51": {
"value": "N O T E 3 \u2013 S I G N I F I C A N T J U D G E M E N T S A N D A C C O U N T I N G E S T I M A T E S The preparation of the Group's consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures, and the disclosures of contingent liabilities. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. Uncertainty about these assumptions and estimates could result in outcomes that require material adjustment to the carrying amount of assets or liabilities affected in future periods. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Development costs The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. Capitalization of further development costs requires documentation that all criteria for capitalization of own development still are met, including that sufficient resources are available to complete the development and management\u2019s expectations and estimates of future economic benefits to be generated by the assets. For the periods presented, these judgements primarily relate to the continued development and commercialization of the UnoMeter\u2122 portfolio. Impairment of non-financial assets In accordance with IAS 36, impairment is recognised when the carrying amount of an asset or cash-generating unit (CGU) exceeds its recoverable amount, defined as the higher of its fair value less costs of disposal (FVLCD) and its value in use (VIU) Management has assessed and concluded that FVLCD is lower than the value in use, primarily due to the lack of commercial history for the Company\u2019s products, meaning that any disposal of assets is expected to generate lower cash flows than their continued use and commercialization. Consequently, the recoverable amount for impairment testing purposes has been determined based on value in use. The VIU is calculated using a discounted cash flow (DCF) model based on the Group\u2019s updated five-year cash flow estimates. These estimates rely heavily on expected future orders and agreements, which are subject to high uncertainty. Key assumptions include the discount rate (WACC), expected cash inflows, growth rates used for extrapolation, gross margin and EBITDA margin, all of which are sensitive and carry a risk of material adjustments to the carrying amounts in future periods, particularly for goodwill and intangible assets with indefinite useful lives. Sources of estimation uncertainty with a significant risk of a material adjustment to the carrying amount in the following period relates primarily to the measurement of goodwill, technology assets and other intangible assets. The estimation uncertainty arises from the limited historical data supporting commercialisation, the reliance on future orders and agreements, and the inherent volatility in forecasting future cash flows. Key assumptions used in determining the recoverable amount for different CGUs, along with a sensitivity analysis, are disclosed and further explained in Note 16. Deferred tax asset The Group has so far not been able to demonstrate convincing evidence of future taxable profits to be able to recognize net deferred tax assets on its tax losses carried forward according to IAS 12. Contingent consideration and financial liability for contingent milestone payments The Group has two separate contractual obligations related to future sales of Sippi\u00ae: a) The contingent consideration relates to the purchase of Observe Medical International (OMI) AB. As management does not expect Sippi\u00ae sales to reach the revenue thresholds defined in the sales agreement within 2026, the fair value of this obligation is measured at zero as of 31 December 2025. b) Financial liability for contingent milestone payments: As part of the 2025 debt restructuring with Navamedic ASA, the Group has recognized a financial liability for contingent milestone payments. Unlike the acquisition-related consideration, this liability reflects Navamedic's commercial interest in future Sippi\u00ae revenue over a potentially different timeframe or structure. This liability is measured at amortised cost using the effective interest method. The measurement involves significant estimation uncertainty regarding: probability-weighted revenue scenarios, expected timing of milestone achievement and the application of a risk-adjusted discount rate. Changes in these assumptions, particularly the speed of market rollout for Sippi, could result in material adjustments to the liability's carrying amount. Reference is made to Note 19. Going Concern Assumption The Board and Management\u2019s assessment of the going concern basis is a key judgement for 2025. This assessment considers the successful debt restructuring and equity issues in 2025, and the subsequent NOK 15 million loan facility from Innovation Norway in early 2026. The assessment is based on achieving forecasted revenue growth and maintaining operational flexibility. Reference is made to Note 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__54-1": {
"value": "N O T E 4 \u2013 F I N A N C I A L R I S K M A N A G E M E N T The Group\u2019s operations are exposed to various types of financial risk: market risk (including currency risk, interest risk, and price risk), credit risk, and liquidity risk. Market and Operational Risk The Group believes that market risk primarily arises in relation to the future sales of the Group\u2019s products, measured in terms of both price and volume. In accordance with IFRS, market risk comprises three types of risk: currency risk, interest rate risk and other price risk. Factors that can influence market risk include increased competition from existing and future medtech companies and instructions to reduce prices from the authorities. It is a risk that the fair value or future cash flows of a financial instrument or intangible assets will fluctuate because of changes in market prices. Observe Medical faces market risks related to competition in terms of volume and pricing pressure, which may adversely affect gross margins and the recoverable amount of intangible assets. Growth is contingent upon the commercial effectiveness of international distributors and their ability to secure competitive tenders. Operationally, the Group relies on third-party manufacturers to meet delivery timelines and quality standards; any disruption here could delay commercialization, increase working capital tied up in stocks, or lead to a write-down of inventory to its net realizable value if products cannot be sold as planned. The Group's operations are further subject to risks stemming from geopolitical volatility, as ongoing global conflicts continue to disrupt international logistics and raw material supplies. These instabilities affect directly access to critical components and lead to fluctuating freight costs, to which the Group is exposed regarding shipments from China. Logistical disruptions and volatile pricing for raw materials may lead to increased transportation costs and delayed deliveries, potentially impacting the Group's margins and market position. To mitigate these risks, the Group maintains a rigorous focus on supply chain resilience, including diversified sourcing strategies and enhanced cost-management. Furthermore, the Group recognizes that climate-related factors and extreme weather events can disrupt manufacturing and international logistics, while evolving environmental regulations may impact product requirements. The Group continuously monitors these external factors to adapt its procurement and distribution strategies accordingly. Regulatory Environment and the International Procurement Instrument (IPI): The Group manufactures a significant portion of its medical device portfolio in China and serves the European market primarily through independent distributors participating in public procurement processes. On June 30th the EU adopted new rules related to the EU procurement directives (Directive 2014/23/EU, Directive 2014/24/EU and Directive 2014/25/EU). The rules apply to the procurement of medical devices through tender procedures in the EU, where the estimated value of the tender is EUR 5 million exclusive of VAT or more. The rules aim at regulating the access of economic operators and the use of medical devices originating in the People\u2019s Republic of China to the EU public procurement market. As the rules are still new and legally untested and the reaction from the tenderers remains to be seen, the actual effect on Observe Medical remains uncertain. Management has evaluated the potential impact on the Group\u2019s commercial reach and notes that any restriction on access to large-scale EU tenders could affect future revenue streams and the overall profitability of the product portfolio. The effect of the rules will be monitored closely in cooperation with its distributors across the EU to ensure timely adjustments to the commercial strategy if required. Protecting intellectual property is crucial to the Group\u2019s long-term success. Failure to do so, or infringement by third parties, could harm brand value and business operations, potentially reducing the competitive advantage and the future revenue-generating capacity of the Group's product portfolio. Ensuring compliance with applicable laws and regulations is a key priority for Observe Medical. This includes adherence to data protection standards (GDPR) and maintaining robust IT security to protect against potential cyber threats. Non-compliance or security breaches can result in financial penalties, operational disruptions, and reputational damage, all of which could have a material impact on the Group\u2019s financial position and cash flows. Observe Medical is mindful of the risk profile associated with limited internal resources and \u201ckey person\u201d dependency. Such conditions may impact operational flexibility and the capacity to navigate unforeseen challenges. Consequently, risk management remains a top priority for both Management and the Board. To strengthen the organization and enhance operational capacity and ensure business continuity, recruitment of new resources has been initiated The markets in which the Group operate are highly competitive, characterized by rapid development and entry of new healthcare products. Some competitors benefit from vertical integration, product diversity, or greater financial resources, which may impact the Group's ability to compete on sustainable terms. While the Group is currently not aware of any new successful competing products within Digital Urine Output Measurement (Sippi\u00ae), the potential for alternative solutions that outdate current technology remains a constant consideration. Consequently, Management monitors these competitive dynamics closely to ensure they are accurately reflected in the Group\u2019s long-term revenue projections and the valuation of its product portfolios Climate Risk The Group evaluates climate-related risks across its operations and key parts of the value chain. Management considers both the physical impacts of climate change and the transition risks related to evolving regulations and market expectations. Potential impacts on the Group\u2019s financial estimates, including transportation costs and material sourcing, are monitored as part of the overall risk management framework. Currently, the Group assesses the direct financial risk to be limited. However, climate-related factors are integrated into the Group\u2019s long-term supply chain planning to ensure that future cost estimates and the availability of resources remain aligned with the Group's operational strategy. Currency Risk For the periods presented, currency risk has primarily been related to payables and receivables within the Group and related parties. Payroll and operating expenses are generally incurred in the functional currency of each entity (NOK, SEK, DKK, EUR, and USD). For entities in the USA and Finland, where expenses are primarily in USD and EUR, currency risk arises when NOK-denominated funding is converted to cover these obligations. The Group\u2019s largest foreign currency exposures relate to long-term liabilities. The debt to Convatec is denominated in USD, where a +/- 10% change in the NOK/USD exchange rate would impact the Group\u2019s financial results by approximately NOK 1 million. Similarly, a government innovation loan in Finland of approximately EUR 400 thousand carries a currency risk where a +/- 10% change in the NOK/EUR rate would have an estimated effect of NOK 0.45 million. Going forward, the Group\u2019s currency risk profile will evolve alongside its commercial growth. While the UnoMeter\u2122 portfolio and other products incur cost of goods sold (COGS) mainly in USD and EUR, the majority of sales revenues are also generated in these same currencies. Management considers this to be a significant natural hedge, as the inflow of foreign currency from sales increasingly offsets the outflow related to production and logistics. Consequently, as the Group moves toward self-financing operations, the net exposure to exchange rate fluctuations is expected to stabilize. The Group currently manages currency risk through this operational alignment and has not yet implemented separate financial hedging derivatives. Credit Risk Regarding credit risk, the Group\u2019s exposure has historically been low, as the customer base primarily consists of large public enterprises and established distributors. While global expansion will lead to a increase in credit exposure, the Group has implemented several measures to mitigate this risk. The Group maintains a factoring agreement with Avida for the purchase of receivables. As this agreement is without recourse, the credit risk is effectively transferred to the factor while simultaneously improving the Group's working capital position. For customers or transactions not covered by the factoring agreement, prepayment is maintained as the standard commercial term. Consequently, through a combination of risk transfer and upfront settlement, the Group considers its net credit risk to be well-managed and the requirement for expected credit loss provisions to be minimal. Liquidity Risk Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. Management and the Board of Directors monitor liquidity through continuous cash flow forecasting to ensure that the Group maintains sufficient funds for its operational and financial commitments. The Group\u2019s liquidity position is primarily influenced by the timing of revenue generation and the efficient management of working capital. The current liquidity forecast is sensitive to the pace of commercial execution, where any significant delays in the market penetration of the UnoMeter\u2122 portfolio or lower-than-expected sales volumes could impact the transition to self-financing operations. Furthermore, the timing of large-scale procurement and production cycles requires disciplined capital allocation, particularly as global logistics and material costs remain subject to fluctuation. While the Group has a history of securing capital, long-term liquidity remains dependent on the ability to access capital markets or debt financing should operational cash flows deviate from current projections. Based on realized funding activities and updated commercial forecasts, it is the Board\u2019s assessment that the Group possesses sufficient liquidity to support its operations for the next 12 months. Should the aforementioned risk factors materialize, the Group is prepared to implement mitigating measures, including further cost-containment or seeking additional external financing to ensure continued operational stability. However, there is a risk that the Group's achievement of positive cash flow from operating activities may be delayed. Accordingly, there is material uncertainty with regard to the going concern assumption should the Group be unable to reach its forecasted cash flows and are unable to obtain financing from other sources. Variable Interest Rate Risk The Group is exposed to variable interest rate risk as the interest-bearing liabilities to Navamedic ASA is agreed at interest at 3-month NIBOR + 6% (percentage points). A sensitivity analysis indicates that a +/- 1% change in the 3-month NIBOR rate would impact the Group\u2019s annual interest expense by approximately NOK 150 thousand. Fluctuations in interest rates also do not pose a significant risk on the Group\u2019s bank deposits. The Group has not hedged its interest rate exposure. Management of Capital The Group\u2019s objective when managing capital is to safeguard its ability to continue as a going concern, while maintaining an optimal capital structure to support the commercialization of its product portfolio. In the short term, the Group prioritizes the allocation of capital toward operational scaling and market expansion. In the longer term, the Group\u2019s objectives include securing competitive returns for its shareholders and maintaining a structure that minimizes the cost of capital. As of the reporting date, the Group has no debt instruments with financial covenant restrictions, and there have been no changes in the Group\u2019s approach to capital management during the period.N O T E 19 \u2013 F I N A N C I A L I N S T R U M E N T S Navamedic loans The Company has two subordinated loan agreements with Navamedic for loans with an aggregate outstanding amount of NOK 15.9 million (including accrued interest) as of 31 December 2025. Both loans have a maturity date of 31 December 2027. During 2025, the Group completed a restructuring of these facilities, including a principal reduction (haircut), partial conversion into equity, and revised repayment terms for the remaining loan balances. In accordance with IFRS 9, the modification was considered substantial, leading to the derecognition of the original financial liabilities and the recognition of new liabilities at fair value. The resulting gain/loss from the restructuring was recognized in the income statement under financial items. The new loans carry an interest rate of 3-month NIBOR + 6%, which management considers to reflect market terms at the restructuring date. As of 31 December 2025, the balances were: Loan 1: NOK 9.055 million and Loan 2: NOK 6.839 million, both measured at amortized cost. As part of the loan agreement entered into on 6 September 2023 between Observe Medical ASA and Navamedic ASA, the loan is secured by first-priority pledges over the shares in Biim Ultrasound AS and Observe Medical AS, as well as floating charges over machinery, inventory, trade receivables, bank accounts, and other material assets of Observe Medical ASA. The lender may also require additional pledges over shares in Observe Medical AB, Observe Medical Nordic AB, and Observe Medical ApS. The security is granted in favour of Navamedic ASA as security agent on behalf of itself and other lenders, and secures obligations under this and related loan agreements on a shared and pro rata basis Following the reporting date, the Group secured new financing from Innovation Norway in early 2026, leading to updated priority and payment terms for the Navamedic loans, Where Navamedic ASA has agreed to subordinate its security interest to the benefit of Innovation Norway. See Note 24 Events after the reporting period for further information. Contingent milestone payments As part of the restructured agreement, Navamedic is entitled to participate in a commercial upside, independent of the loan repayments, through two contingent milestone payments of NOK 10 million each. These payments are subject to the achievement of specified cumulative sales thresholds for Sippi\u00ae (NOK 20 million and NOK 50 million). Management has assessed the arrangement under IAS 32 Financial Instruments: Presentation and IFRS 9 Financial Instruments. The milestone arrangement has been classified as a financial liability and initially recognised at fair value, determined as the present value of probability-weighted expected future payments. Key valuation inputs include probability-weighted commercial scenarios (consistent with the Group\u2019s impairment testing), expected timing of threshold achievement, and a risk-adjusted discount rate of 20% reflecting the performance-contingent nature of the obligation. At initial recognition, the fair value of the milestone liability amounted to NOK 6.9 million. Subsequently, the liability is measured at amortised cost using the effective interest method (unwinding of discount). This increase reflects that the payment date is approaching and does not represent a change in the underlying risk profile. At the reporting date, the Group reassesses the probability of reaching the specified milestones. If the probability remains unchanged, the liability is adjusted solely by the calculated interest expense for the period. There exist no obligations to pay cash until the cumulative sales thresholds have been achieved. Estimation uncertainty The valuation of the milestone liability involves significant judgement, particularly relating to expected future sales performance, timing of milestone achievement, and selection of an appropriate risk-adjusted discount rate. Changes in these assumptions may materially affect the carrying amount of the liability. Shareholder loans During the first half of 2025, the Group entered into shareholder loan agreements with certain existing shareholders (ELI AS, JPB AS, and RIC) to secure short-term working capital financing. The total loan amount outstanding under these agreements was NOK 1.6 million at the reporting date. The loans carried an annual interest rate of 15% until the due date 30.06.2025. Following this date, the loan is extended at an interest rate of +10% from the due date. The agreements include customary terms for this type of financing, including a right for the lenders to convert outstanding amounts into equity either in connection with a future equity raise on the same terms as other investors, or at an agreed price not exceeding the prevailing market price at the time of conversion. The loans are classified as financial liabilities measured at amortised cost. Management considers the terms to be in line with market conditions given the Group\u2019s financial position at the time the agreements were entered into. Business Finland The Finnish subsidiary of Biim Ultrasound AS, Biim Ultrasound Oy has a \"start-up funding\" loan from Business Finland of approximately EUR 400,000 including accrued interest. The loan is classified as short-term interest-bearing debt. The company has been offered a payment plan over 6 years starting September 2025, but currently not signed any addendum to the agreement. On 4 March 2026, the Board of Directors decided to initiate a winding up of Biim Ultrasound AS and its subsidiaries, including Biim Ultrasound Oy. The loan liability is expected to be addressed as part of the winding-up process. See also Note 24 Events after the reporting period. UnoMeter\u2122 Asset Transfer Agreement \u2013 Restructured Settlement During 2025, the Group reached a final agreement with Convatec/Unomedical regarding the remaining consideration for the UnoMeter\u2122 portfolio acquisition. This restructuring replaced all previous repayment schedules and terms. Under the new agreement, the Group settled USD 1.0 million in cash during 2025, while the remaining unsecured debt was fixed at USD 1.0 million. This residual liability is non-interest bearing and is payable in two equal instalments of USD 500,000 due on 31 December 2026 and 31 December 2027. In accordance with IFRS 9, management has assessed the restructuring as a substantial modification of a financial liability. The original liability, which had a carrying amount of NOK 38.6 million, was derecognised in its entirety. The new liability was recognised at a fair value of NOK 8.1 million, determined by discounting the future instalments using a discount rate of 12.0%. The difference between the carrying amount of the derecognised debt, the cash settlement, and the fair value of the new liability, resulted in a gain on debt restructuring of NOK 20.2 million recognised in the 2025 income statement as other financial income (see also note 11). Subsequent to initial recognition, the liability is measured at amortised cost using the effective interest method of 12.0%. As the liability is denominated in USD, the carrying amount is also subject to currency translation adjustments at each reporting date. Financial liabilities as at 31 December 2025 0-3 3-12 1-2 2-3 3-4 > 4 Carrying Total months months years years years years amount Amounts in NOK million 1)Payables loan to Navamedic group1.6 18.5 20.1 15.9 Trade account payables 11.4 1.5 12.9 12.9 Other current liabilities 0.9 0.9 0.9 2)Payables to Convatec5.0 5.0 10.1 8.5 3)Other current interest-bearing liabilities6.3 6.3 6.3 4)Contingent milestone liability, Navamedic20.0 20.0 6.9 Total 17.8 9.0 23.6 20.0 70.3 51.4 Financial liabilities as at 31 December 2024 0-3 3-12 1-2 2-3 3-4 > 4 Carrying Total months months years years years years amount Amounts in NOK million Payables loan to Navamedic group 0.0 3.1 25.1 23.1 51.2 38.4 Trade account payables 16.6 1.5 18.1 18.1 Other current liabilities 1.4 1.4 1.4 Payables to Convatec 18.0 29.5 47.6 40.2 Other current interest-bearing liabilities 4.7 4.7 4.7 Total 21.3 24.0 54.6 23.1 123.0 102.8 1) Significant change from 31 December 2024 due to restructuring of debt through haircuts of approximately 50% and conversion to shares of NOK 5.0 million. 2) ) Significant change from 31 December 2024 due to restructuring of debt through haircuts of approximately 50%, and payment to of NOK 10 million, resulting in full asset transfer. 3) Innovation loan from Business Finland to Biim Ultrasound Oy, and loan arrangements with existing shareholders 4) Contingent milestone liability reflecting a maximum payment of NOK 20 million in two equal payments when a) Sippi sales reach NOK 20 million and b) when Sippi sales reaches NOK 50 million. The recognized financial liability (IAS32) is probability-weighted and discounted to present value, and will be amortised by effective interest. No cash obligations exist until revenue thresholds have been achieved. Classification of financial assets and liabilities as at 31 December 2025 Fair value through Measured at profit or Amounts in NOK million amortised cost loss Total Current assets Cash and cash equivalients 11.5 11.5 Trade receivables and other receivables 1.4 1.4 Total current financial assets 12.9 12.9 Non-current financial liabilities Payables loan to Navamedic 15.9 15.9 Payables debt to Convatec 4.0 8.5 Contingent milestone liability (Sippi), Navemedic 6.9 6.9 Total non-current financial liabilities 26.8 0.0 26.8 Current financial liabilities Trade account payables 12.9 12.9 Other current liabilities 0.9 0.9 Payables debt to Convatec 4.5 4.5 1)Other current interest-bearing liabilities 6.3 6.3 Total current financial liabilities 24.6 24.6 Total financial liabilities 51.4 0.0 51.4 Classification of financial assets and liabilities as at 31 December 2024 Fair value through Measured at profit or Amounts in NOK million amortised cost loss Total Current assets Cash and cash equivalients 2.0 2.0 Trade receivables and other receivables 3.9 3.9 Total current financial assets 5.9 5.9 Non-current financial liabilities Payables loan to Navamedic group 38.4 38.4 Payables debt to Convatec 23.2 23,2 Total non-current financial liabilities 61.6 0.0 61.6 Current financial liabilities Trade account payables 18.1 18.1 Other current liabilities 1.4 1,4 Payables loan to Convatec 17.0 17,0 2)Other current interest-bearing liabilities 4.7 4,7 Total current financial liabilities 41.2 41.2 Total financial liabilities 102.8 0.0 102.8 1) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy and loan arrangements with existing shareholders 2) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy Additional information about the change in financial liabilities arising from financing activities Contingent Contingent milestone Loans from consideration Payables liability, Bank Overdraft Navamedic upon Lease debt to Navamedic 4)Amounts in NOK million loans facility Group acquisitions liabilities Convatec OtherTotal Carrying value 1 January 2025 38.4 40.2 4.7 83.4 Cash flow -10.1 1.4 -8.7 Change in liability due to aquisition Change in liability with 5)no cash effect-22.5 6.9 -16.8 0.2 -32.2 FX movement -4.8 -4.8 Carrying value 31 0.0 0.0 15.9 6.9 0.0 0.0 8.5 6.3 37.6 December 2025 Contingent Contingent milestone Loans from consideration Payables liability, Bank Overdraft Navamedic upon Lease debt to Navamedic Amounts in NOK million loans facility Group acquisitions liabilities Convatec Other Total Carrying value 1 January 2024 0.9 49.9 1.6 0.8 35.2 1.5 89.9 Cash flow -0.9 -0.5 -1.4 Change in liability due to aquisition Change in liability with no cash effect -11.5 -1.6 -0.3 5.0 3.2 -5.2 Carrying value 31 0.0 0.0 38.4 0.0 0.0 0.0 40.2 4.7 83.3 December 2024 4) Loan arrangements with existing shareholders and Biim Ultrasound Oy loan, Finland 5) Navamedic loan restructuring and conversion to share capital, partly offset by interest. Navamedic milestone payment liability with no cash effect and Convatec debt restructuring. 31.12.2025 31.12.2024 Carrying Carrying Fair value Fair value amount amount Amounts in NOK million Current financial assets Trade receivables and other receivables 1.4 1.4 3.9 3.9 Cash and cash equivalents 11.5 11.5 2.0 2.0 Total current financial assets 12.9 12.9 5.9 5.9 Total financial assets 12.9 12.9 5.9 5.9 Non-current financial liabilities Other non-current interest bearing liabilities Lease liabilities Payables loan to Navamedic group 15.9 15.9 38.4 38.4 6)Payables loan to Convatec4.0 4.0 23.2 24.8 Total non-current financial liabilities 19.9 19.9 61.6 63.2 Current financial liabilities 6)Payables loan to Convatec4.5 4.5 17.0 17.0 Trade account payables 12.9 12.9 18.1 18.1 7)Other current interest bearing liabilities6.3 6.3 4.7 4.7 Other current liabilities 0.9 0.9 1.4 1.4 Total current financial liabilities 24.6 24.6 41.2 41.2 Total financial liabilities 44.5 44.5 102.8 104.5 6) The debt to Convatec was previously non-interest-bearing and was renegotiated to interest-bearing debt in 2024. It is classified as Level 3 in the fair value measurement hierarchy. 7) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy and loan arrangements with existing shareholders. For financial instruments recognised at amortised cost, the carrying amounts of current financial assets and liabilities are considered a reasonable approximation of fair value due to their short-term nature. For non-current financial liabilities, management has assessed that the contractual interest rates are broadly consistent with current market conditions, and accordingly the carrying amounts are considered to approximate fair value.",
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"f0__s6__6__53": {
"value": "N O T E 4 \u2013 F I N A N C I A L R I S K M A N A G E M E N T The Group\u2019s operations are exposed to various types of financial risk: market risk (including currency risk, interest risk, and price risk), credit risk, and liquidity risk. Market and Operational Risk The Group believes that market risk primarily arises in relation to the future sales of the Group\u2019s products, measured in terms of both price and volume. In accordance with IFRS, market risk comprises three types of risk: currency risk, interest rate risk and other price risk. Factors that can influence market risk include increased competition from existing and future medtech companies and instructions to reduce prices from the authorities. It is a risk that the fair value or future cash flows of a financial instrument or intangible assets will fluctuate because of changes in market prices. Observe Medical faces market risks related to competition in terms of volume and pricing pressure, which may adversely affect gross margins and the recoverable amount of intangible assets. Growth is contingent upon the commercial effectiveness of international distributors and their ability to secure competitive tenders. Operationally, the Group relies on third-party manufacturers to meet delivery timelines and quality standards; any disruption here could delay commercialization, increase working capital tied up in stocks, or lead to a write-down of inventory to its net realizable value if products cannot be sold as planned. The Group's operations are further subject to risks stemming from geopolitical volatility, as ongoing global conflicts continue to disrupt international logistics and raw material supplies. These instabilities affect directly access to critical components and lead to fluctuating freight costs, to which the Group is exposed regarding shipments from China. Logistical disruptions and volatile pricing for raw materials may lead to increased transportation costs and delayed deliveries, potentially impacting the Group's margins and market position. To mitigate these risks, the Group maintains a rigorous focus on supply chain resilience, including diversified sourcing strategies and enhanced cost-management. Furthermore, the Group recognizes that climate-related factors and extreme weather events can disrupt manufacturing and international logistics, while evolving environmental regulations may impact product requirements. The Group continuously monitors these external factors to adapt its procurement and distribution strategies accordingly. Regulatory Environment and the International Procurement Instrument (IPI): The Group manufactures a significant portion of its medical device portfolio in China and serves the European market primarily through independent distributors participating in public procurement processes. On June 30th the EU adopted new rules related to the EU procurement directives (Directive 2014/23/EU, Directive 2014/24/EU and Directive 2014/25/EU). The rules apply to the procurement of medical devices through tender procedures in the EU, where the estimated value of the tender is EUR 5 million exclusive of VAT or more. The rules aim at regulating the access of economic operators and the use of medical devices originating in the People\u2019s Republic of China to the EU public procurement market. As the rules are still new and legally untested and the reaction from the tenderers remains to be seen, the actual effect on Observe Medical remains uncertain. Management has evaluated the potential impact on the Group\u2019s commercial reach and notes that any restriction on access to large-scale EU tenders could affect future revenue streams and the overall profitability of the product portfolio. The effect of the rules will be monitored closely in cooperation with its distributors across the EU to ensure timely adjustments to the commercial strategy if required. Protecting intellectual property is crucial to the Group\u2019s long-term success. Failure to do so, or infringement by third parties, could harm brand value and business operations, potentially reducing the competitive advantage and the future revenue-generating capacity of the Group's product portfolio. Ensuring compliance with applicable laws and regulations is a key priority for Observe Medical. This includes adherence to data protection standards (GDPR) and maintaining robust IT security to protect against potential cyber threats. Non-compliance or security breaches can result in financial penalties, operational disruptions, and reputational damage, all of which could have a material impact on the Group\u2019s financial position and cash flows. Observe Medical is mindful of the risk profile associated with limited internal resources and \u201ckey person\u201d dependency. Such conditions may impact operational flexibility and the capacity to navigate unforeseen challenges. Consequently, risk management remains a top priority for both Management and the Board. To strengthen the organization and enhance operational capacity and ensure business continuity, recruitment of new resources has been initiated The markets in which the Group operate are highly competitive, characterized by rapid development and entry of new healthcare products. Some competitors benefit from vertical integration, product diversity, or greater financial resources, which may impact the Group's ability to compete on sustainable terms. While the Group is currently not aware of any new successful competing products within Digital Urine Output Measurement (Sippi\u00ae), the potential for alternative solutions that outdate current technology remains a constant consideration. Consequently, Management monitors these competitive dynamics closely to ensure they are accurately reflected in the Group\u2019s long-term revenue projections and the valuation of its product portfolios Climate Risk The Group evaluates climate-related risks across its operations and key parts of the value chain. Management considers both the physical impacts of climate change and the transition risks related to evolving regulations and market expectations. Potential impacts on the Group\u2019s financial estimates, including transportation costs and material sourcing, are monitored as part of the overall risk management framework. Currently, the Group assesses the direct financial risk to be limited. However, climate-related factors are integrated into the Group\u2019s long-term supply chain planning to ensure that future cost estimates and the availability of resources remain aligned with the Group's operational strategy. Currency Risk For the periods presented, currency risk has primarily been related to payables and receivables within the Group and related parties. Payroll and operating expenses are generally incurred in the functional currency of each entity (NOK, SEK, DKK, EUR, and USD). For entities in the USA and Finland, where expenses are primarily in USD and EUR, currency risk arises when NOK-denominated funding is converted to cover these obligations. The Group\u2019s largest foreign currency exposures relate to long-term liabilities. The debt to Convatec is denominated in USD, where a +/- 10% change in the NOK/USD exchange rate would impact the Group\u2019s financial results by approximately NOK 1 million. Similarly, a government innovation loan in Finland of approximately EUR 400 thousand carries a currency risk where a +/- 10% change in the NOK/EUR rate would have an estimated effect of NOK 0.45 million. Going forward, the Group\u2019s currency risk profile will evolve alongside its commercial growth. While the UnoMeter\u2122 portfolio and other products incur cost of goods sold (COGS) mainly in USD and EUR, the majority of sales revenues are also generated in these same currencies. Management considers this to be a significant natural hedge, as the inflow of foreign currency from sales increasingly offsets the outflow related to production and logistics. Consequently, as the Group moves toward self-financing operations, the net exposure to exchange rate fluctuations is expected to stabilize. The Group currently manages currency risk through this operational alignment and has not yet implemented separate financial hedging derivatives. Credit Risk Regarding credit risk, the Group\u2019s exposure has historically been low, as the customer base primarily consists of large public enterprises and established distributors. While global expansion will lead to a increase in credit exposure, the Group has implemented several measures to mitigate this risk. The Group maintains a factoring agreement with Avida for the purchase of receivables. As this agreement is without recourse, the credit risk is effectively transferred to the factor while simultaneously improving the Group's working capital position. For customers or transactions not covered by the factoring agreement, prepayment is maintained as the standard commercial term. Consequently, through a combination of risk transfer and upfront settlement, the Group considers its net credit risk to be well-managed and the requirement for expected credit loss provisions to be minimal. Liquidity Risk Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. Management and the Board of Directors monitor liquidity through continuous cash flow forecasting to ensure that the Group maintains sufficient funds for its operational and financial commitments. The Group\u2019s liquidity position is primarily influenced by the timing of revenue generation and the efficient management of working capital. The current liquidity forecast is sensitive to the pace of commercial execution, where any significant delays in the market penetration of the UnoMeter\u2122 portfolio or lower-than-expected sales volumes could impact the transition to self-financing operations. Furthermore, the timing of large-scale procurement and production cycles requires disciplined capital allocation, particularly as global logistics and material costs remain subject to fluctuation. While the Group has a history of securing capital, long-term liquidity remains dependent on the ability to access capital markets or debt financing should operational cash flows deviate from current projections. Based on realized funding activities and updated commercial forecasts, it is the Board\u2019s assessment that the Group possesses sufficient liquidity to support its operations for the next 12 months. Should the aforementioned risk factors materialize, the Group is prepared to implement mitigating measures, including further cost-containment or seeking additional external financing to ensure continued operational stability. However, there is a risk that the Group's achievement of positive cash flow from operating activities may be delayed. Accordingly, there is material uncertainty with regard to the going concern assumption should the Group be unable to reach its forecasted cash flows and are unable to obtain financing from other sources. Variable Interest Rate Risk The Group is exposed to variable interest rate risk as the interest-bearing liabilities to Navamedic ASA is agreed at interest at 3-month NIBOR + 6% (percentage points). A sensitivity analysis indicates that a +/- 1% change in the 3-month NIBOR rate would impact the Group\u2019s annual interest expense by approximately NOK 150 thousand. Fluctuations in interest rates also do not pose a significant risk on the Group\u2019s bank deposits. The Group has not hedged its interest rate exposure. Management of Capital The Group\u2019s objective when managing capital is to safeguard its ability to continue as a going concern, while maintaining an optimal capital structure to support the commercialization of its product portfolio. In the short term, the Group prioritizes the allocation of capital toward operational scaling and market expansion. In the longer term, the Group\u2019s objectives include securing competitive returns for its shareholders and maintaining a structure that minimizes the cost of capital. As of the reporting date, the Group has no debt instruments with financial covenant restrictions, and there have been no changes in the Group\u2019s approach to capital management during the period.",
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"value": "Market and Operational Risk The Group believes that market risk primarily arises in relation to the future sales of the Group\u2019s products, measured in terms of both price and volume. In accordance with IFRS, market risk comprises three types of risk: currency risk, interest rate risk and other price risk. Factors that can influence market risk include increased competition from existing and future medtech companies and instructions to reduce prices from the authorities. It is a risk that the fair value or future cash flows of a financial instrument or intangible assets will fluctuate because of changes in market prices. Observe Medical faces market risks related to competition in terms of volume and pricing pressure, which may adversely affect gross margins and the recoverable amount of intangible assets. Growth is contingent upon the commercial effectiveness of international distributors and their ability to secure competitive tenders. Operationally, the Group relies on third-party manufacturers to meet delivery timelines and quality standards; any disruption here could delay commercialization, increase working capital tied up in stocks, or lead to a write-down of inventory to its net realizable value if products cannot be sold as planned. The Group's operations are further subject to risks stemming from geopolitical volatility, as ongoing global conflicts continue to disrupt international logistics and raw material supplies. These instabilities affect directly access to critical components and lead to fluctuating freight costs, to which the Group is exposed regarding shipments from China. Logistical disruptions and volatile pricing for raw materials may lead to increased transportation costs and delayed deliveries, potentially impacting the Group's margins and market position. To mitigate these risks, the Group maintains a rigorous focus on supply chain resilience, including diversified sourcing strategies and enhanced cost-management. Furthermore, the Group recognizes that climate-related factors and extreme weather events can disrupt manufacturing and international logistics, while evolving environmental regulations may impact product requirements. The Group continuously monitors these external factors to adapt its procurement and distribution strategies accordingly. Regulatory Environment and the International Procurement Instrument (IPI): The Group manufactures a significant portion of its medical device portfolio in China and serves the European market primarily through independent distributors participating in public procurement processes. On June 30th the EU adopted new rules related to the EU procurement directives (Directive 2014/23/EU, Directive 2014/24/EU and Directive 2014/25/EU). The rules apply to the procurement of medical devices through tender procedures in the EU, where the estimated value of the tender is EUR 5 million exclusive of VAT or more. The rules aim at regulating the access of economic operators and the use of medical devices originating in the People\u2019s Republic of China to the EU public procurement market. As the rules are still new and legally untested and the reaction from the tenderers remains to be seen, the actual effect on Observe Medical remains uncertain. Management has evaluated the potential impact on the Group\u2019s commercial reach and notes that any restriction on access to large-scale EU tenders could affect future revenue streams and the overall profitability of the product portfolio. The effect of the rules will be monitored closely in cooperation with its distributors across the EU to ensure timely adjustments to the commercial strategy if required. Protecting intellectual property is crucial to the Group\u2019s long-term success. Failure to do so, or infringement by third parties, could harm brand value and business operations, potentially reducing the competitive advantage and the future revenue-generating capacity of the Group's product portfolio. Ensuring compliance with applicable laws and regulations is a key priority for Observe Medical. This includes adherence to data protection standards (GDPR) and maintaining robust IT security to protect against potential cyber threats. Non-compliance or security breaches can result in financial penalties, operational disruptions, and reputational damage, all of which could have a material impact on the Group\u2019s financial position and cash flows. Observe Medical is mindful of the risk profile associated with limited internal resources and \u201ckey person\u201d dependency. Such conditions may impact operational flexibility and the capacity to navigate unforeseen challenges. Consequently, risk management remains a top priority for both Management and the Board. To strengthen the organization and enhance operational capacity and ensure business continuity, recruitment of new resources has been initiated The markets in which the Group operate are highly competitive, characterized by rapid development and entry of new healthcare products. Some competitors benefit from vertical integration, product diversity, or greater financial resources, which may impact the Group's ability to compete on sustainable terms. While the Group is currently not aware of any new successful competing products within Digital Urine Output Measurement (Sippi\u00ae), the potential for alternative solutions that outdate current technology remains a constant consideration. Consequently, Management monitors these competitive dynamics closely to ensure they are accurately reflected in the Group\u2019s long-term revenue projections and the valuation of its product portfolios Climate Risk The Group evaluates climate-related risks across its operations and key parts of the value chain. Management considers both the physical impacts of climate change and the transition risks related to evolving regulations and market expectations. Potential impacts on the Group\u2019s financial estimates, including transportation costs and material sourcing, are monitored as part of the overall risk management framework. Currently, the Group assesses the direct financial risk to be limited. However, climate-related factors are integrated into the Group\u2019s long-term supply chain planning to ensure that future cost estimates and the availability of resources remain aligned with the Group's operational strategy. Currency Risk For the periods presented, currency risk has primarily been related to payables and receivables within the Group and related parties. Payroll and operating expenses are generally incurred in the functional currency of each entity (NOK, SEK, DKK, EUR, and USD). For entities in the USA and Finland, where expenses are primarily in USD and EUR, currency risk arises when NOK-denominated funding is converted to cover these obligations. The Group\u2019s largest foreign currency exposures relate to long-term liabilities. The debt to Convatec is denominated in USD, where a +/- 10% change in the NOK/USD exchange rate would impact the Group\u2019s financial results by approximately NOK 1 million. Similarly, a government innovation loan in Finland of approximately EUR 400 thousand carries a currency risk where a +/- 10% change in the NOK/EUR rate would have an estimated effect of NOK 0.45 million. Going forward, the Group\u2019s currency risk profile will evolve alongside its commercial growth. While the UnoMeter\u2122 portfolio and other products incur cost of goods sold (COGS) mainly in USD and EUR, the majority of sales revenues are also generated in these same currencies. Management considers this to be a significant natural hedge, as the inflow of foreign currency from sales increasingly offsets the outflow related to production and logistics. Consequently, as the Group moves toward self-financing operations, the net exposure to exchange rate fluctuations is expected to stabilize. The Group currently manages currency risk through this operational alignment and has not yet implemented separate financial hedging derivatives.Variable Interest Rate Risk The Group is exposed to variable interest rate risk as the interest-bearing liabilities to Navamedic ASA is agreed at interest at 3-month NIBOR + 6% (percentage points). A sensitivity analysis indicates that a +/- 1% change in the 3-month NIBOR rate would impact the Group\u2019s annual interest expense by approximately NOK 150 thousand. Fluctuations in interest rates also do not pose a significant risk on the Group\u2019s bank deposits. The Group has not hedged its interest rate exposure.",
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"value": "Credit Risk Regarding credit risk, the Group\u2019s exposure has historically been low, as the customer base primarily consists of large public enterprises and established distributors. While global expansion will lead to a increase in credit exposure, the Group has implemented several measures to mitigate this risk. The Group maintains a factoring agreement with Avida for the purchase of receivables. As this agreement is without recourse, the credit risk is effectively transferred to the factor while simultaneously improving the Group's working capital position. For customers or transactions not covered by the factoring agreement, prepayment is maintained as the standard commercial term. Consequently, through a combination of risk transfer and upfront settlement, the Group considers its net credit risk to be well-managed and the requirement for expected credit loss provisions to be minimal.",
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"value": "Liquidity Risk Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. Management and the Board of Directors monitor liquidity through continuous cash flow forecasting to ensure that the Group maintains sufficient funds for its operational and financial commitments. The Group\u2019s liquidity position is primarily influenced by the timing of revenue generation and the efficient management of working capital. The current liquidity forecast is sensitive to the pace of commercial execution, where any significant delays in the market penetration of the UnoMeter\u2122 portfolio or lower-than-expected sales volumes could impact the transition to self-financing operations. Furthermore, the timing of large-scale procurement and production cycles requires disciplined capital allocation, particularly as global logistics and material costs remain subject to fluctuation. While the Group has a history of securing capital, long-term liquidity remains dependent on the ability to access capital markets or debt financing should operational cash flows deviate from current projections. Based on realized funding activities and updated commercial forecasts, it is the Board\u2019s assessment that the Group possesses sufficient liquidity to support its operations for the next 12 months. Should the aforementioned risk factors materialize, the Group is prepared to implement mitigating measures, including further cost-containment or seeking additional external financing to ensure continued operational stability. However, there is a risk that the Group's achievement of positive cash flow from operating activities may be delayed. Accordingly, there is material uncertainty with regard to the going concern assumption should the Group be unable to reach its forecasted cash flows and are unable to obtain financing from other sources.",
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"f0__s6__6__60": {
"value": "Management of Capital The Group\u2019s objective when managing capital is to safeguard its ability to continue as a going concern, while maintaining an optimal capital structure to support the commercialization of its product portfolio. In the short term, the Group prioritizes the allocation of capital toward operational scaling and market expansion. In the longer term, the Group\u2019s objectives include securing competitive returns for its shareholders and maintaining a structure that minimizes the cost of capital. As of the reporting date, the Group has no debt instruments with financial covenant restrictions, and there have been no changes in the Group\u2019s approach to capital management during the period.",
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"f0__s6__6__63": {
"value": "N O T E 5 \u2013 B A N K D E P O S I T S As of December 31, 2025, the Group held bank deposits of NOK 11,500 thousand. Within this balance, NOK 101 thousand was classified as restricted cash, specifically related to tax withholding accounts. This represents an increase from the prior year where bank deposits amounted to NOK 1 978 thousand, whereof NOK 191 thousand was classified as restricted cash.",
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"f0__s6__6__62": {
"value": "N O T E 5 \u2013 B A N K D E P O S I T S As of December 31, 2025, the Group held bank deposits of NOK 11,500 thousand. Within this balance, NOK 101 thousand was classified as restricted cash, specifically related to tax withholding accounts. This represents an increase from the prior year where bank deposits amounted to NOK 1 978 thousand, whereof NOK 191 thousand was classified as restricted cash.",
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"value": "N O T E 6 \u2013 O P E R A T I N G R E V E N U E S A N D O T H E R I N C O M E Amounts in NOK thousand Revenue per product group 2025 2024 Urine Measurement 18 811 11 487 1)Nordic distribution portfolio0 5 614 Other 0 128 Operating revenues 18 811 17 229 2Gain on derecognition of trade payables2 253 0 3)Other income0 1 255 Other income 2 253 1 255 1) During 2024, the company transferred certain customer contracts and inventory to Vingmed as part of a strategic restructuring initiative. The transaction does not constitute a disposal of a separate major line of business under IFRS 5 and is therefore not classified as a discontinued operation. The company continues to operate within the same industry and market, serving existing customers and generating revenue from its remaining product and service offerings. 2) Gain related to debt settlements with creditors recognised as other income 2025. 3) Indemnity settlement agreement related to the Biim acquisition leading to other income in 2024. The Group\u2019s revenue is primarily derived from international markets. The Group's operating revenues are generated by the Swedish operations, and all sales are made from Sweden to the geographical regions specified in the table below. For management and reporting purposes, revenue is categorized into the following geographical regions: Geographic revenue 2025 2024 Europe 16 139 15 522 Asia 2 133 1 505 Americas 539 202 Total 18 811 17 229 Revenue for 2024 includes NOK 5.6 million related to the Group\u2019s former distribution business in Sweden, which was phased out during 2024. Excluding this discontinued third-party distribution business, the Group\u2019s core revenue from proprietary products showed an underlying growth of approximately 62% in 2025. The Group\u2019s market strategy for its proprietary products relies on a network of regional distributors. In 2025, two of these partners each accounted for more than 10% of the Group\u2019s total revenue, representing a combined total of approximately NOK 6.0 million. In 2024 two customers each accounted for more than 10% of the total revenue, representing a combined total of approximately NOK 6.0 million. This reflects the successful scale-up of the UnoMeter\u2122 portfolio in key international markets",
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"value": "N O T E 7 \u2013 P A Y R O L L E X P E N S E S Amounts in NOK thousand 2025 2024 Salaries 10 843 11 381 Remuneration to the Board and Nomination Committee 1 198 1 300 Employer's tax 1 182 1 628 Share options for employees 1 342 634 Pension expenses \u2013 defined-contribution scheme 565 894 Other payroll expenses 156 300 Total 15 287 16 138 Average number of full-time equivalents 4.9 6.2 Headcount at 31 December 5 5N O T E 8 \u2013 R E M U N E R A T I O N T O C O R P O R A T E M A N A G E M E N T A N D B O A R D O F D I R E C T O R S In accordance with the Norwegian public Limited Companies Act \u00a76-16 a, the board of directors prepares a separate statement related to the determination of salary and other benefits for the corporate management. This report can be found on the Company\u2019s web page observemedical.com. The total remuneration to the corporate management consists of basic salary (main element), bonus, benefits in-kind and pension schemes, but varies from person to person. The Group\u2019s Chief Executive Officer determines the remunerations to other management in agreement with the Chair of the Board of Directors. The total remuneration is determined based on the need to offer competitive terms and reflect the responsibility for the CEO and other members of the management team. The total remuneration shall not be market leading but should ensure that Observe Medical attracts and retains senior executives with the desired skills and experience. The basic salary is subject to an annual evaluation and is determined based on general salary levels in the labor market. The Company is entitled to terminate the CEO\u2019s employment agreement by giving 6 months' notice, and the Executive by giving 4 months' notice. The notice of termination must always be in writing and will expire on the last day of a month. If the CEO\u2019s employment is terminated by the Company other than for misconduct, the Executive will be entitled to a severance payment equivalent to 12 months' Base Salary. The Group has defined contribution pension schemes. The CEO participates in a defined contribution pension scheme on market terms, where the Company pays a contribution representing 10% of the base salary.Remuneration to the Group Management 2025 Other Pension Option 3)Amounts in NOK thousand Salary benefitsBonus expenses expenses Total Options Shares 1)CEO J\u00f8rgen Mann 2 947 175 1 570 293 1 051 6 035 1 866 666 870 000 CFO Johan Fagerli 1 502 99 680 182 317 2 784 833 333 356 716 Total 4 453 274 2 250 475 1 368 8 819 2 699 999 1 226 716 2024 Other Pension Option 3)5)Bonus expenses expenses Total OptionsSharesAmounts in NOK thousand Salary benefits2) 4)CEO J\u00f8rgen Mann (from 29.02.24) 2 151 215 1 021 215 99 3 701 66 667 40 000 2)CFO Johan Fagerli (from 21.03.24) 1 081 70 150 125 4 1 430 33 333 16 718 2CEO Rune Nystad (until 29.02.24) 441 2 350 31 31 853 66 667 110 832 2)CFO Per Arne Nyg\u00e5rd (until 21.03.24) 867 49 46 961 Total 4 539 336 1 521 417 133 6 946 166 667 167 550 1) The amounts have been converted from DKK to NOK using an exchange rate of 1.57 2) For members of executive management who either joined or resigned during the year, total remuneration expensed presented in the table above is for the period where the members are part of the executive management team 3) Other benefits include car allowance, mobile phone and other allowances according to Danish law. 4) The amounts have been converted from DKK to NOK using an exchange rate of 1.56 5) Converted to reverse share split ratio 15:1. Remuneration to the Board of Directors 2025 Amounts in NOK thousand, except number of shares 8)Shares owned by Function Name Board Other Shares fee fee related parties Chair Terje Bakken 300 3 095 112 10 703 684 8)Board member Kathrine G. Andreassen 158 244 343 12 564 279 7)Board member Eskild Endrerud 255 6 145 753 7)Board member Line T\u00f8nnessen 265 253 037 Total 968 9 738 245 23 267 963 6)Terje Bakken is partner in R. Investment Company AS who owns 10,703,684 shares in Observe Medical ASA. Kathrine Gamborg Andreassen is CEO in Navamedic ASA who own 12,564,279 shares in Observe Medical ASA 7)Includes NOK 20 thousand in fee as member of the Audit Committee, Includes NOK 30 thousand in fee as Chair of the Audit Committee 8)The board member's term ended 5. February 2025 2024 Amounts in NOK thousand, except number of shares 9)Function Name Board Other SharesShares owned by 9)fee fee related partiesChair Terje Bakken 300 90 000 2 103 571 Board member Kathrine G. Andreassen 225 57 917 3 007 318 Board member Sanna Rydberg 225 Board member Eskild Endrerud 255 981 257 Board member Line T\u00f8nnessen 265 62 179 Total 1 270 1 191 353 5 110 889 9)Converted to reverse share split ratio 15:1. Executive personnel are defined as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). No loans were granted, and no assets were pledged for the benefit of employees, shareholders, or members of the Board of Directors in 2025 or 2024.",
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"value": "N O T E 7 \u2013 P A Y R O L L E X P E N S E S Amounts in NOK thousand 2025 2024 Salaries 10 843 11 381 Remuneration to the Board and Nomination Committee 1 198 1 300 Employer's tax 1 182 1 628 Share options for employees 1 342 634 Pension expenses \u2013 defined-contribution scheme 565 894 Other payroll expenses 156 300 Total 15 287 16 138 Average number of full-time equivalents 4.9 6.2 Headcount at 31 December 5 5N O T E 8 \u2013 R E M U N E R A T I O N T O C O R P O R A T E M A N A G E M E N T A N D B O A R D O F D I R E C T O R S In accordance with the Norwegian public Limited Companies Act \u00a76-16 a, the board of directors prepares a separate statement related to the determination of salary and other benefits for the corporate management. This report can be found on the Company\u2019s web page observemedical.com. The total remuneration to the corporate management consists of basic salary (main element), bonus, benefits in-kind and pension schemes, but varies from person to person. The Group\u2019s Chief Executive Officer determines the remunerations to other management in agreement with the Chair of the Board of Directors. The total remuneration is determined based on the need to offer competitive terms and reflect the responsibility for the CEO and other members of the management team. The total remuneration shall not be market leading but should ensure that Observe Medical attracts and retains senior executives with the desired skills and experience. The basic salary is subject to an annual evaluation and is determined based on general salary levels in the labor market. The Company is entitled to terminate the CEO\u2019s employment agreement by giving 6 months' notice, and the Executive by giving 4 months' notice. The notice of termination must always be in writing and will expire on the last day of a month. If the CEO\u2019s employment is terminated by the Company other than for misconduct, the Executive will be entitled to a severance payment equivalent to 12 months' Base Salary. The Group has defined contribution pension schemes. The CEO participates in a defined contribution pension scheme on market terms, where the Company pays a contribution representing 10% of the base salary.Remuneration to the Group Management 2025 Other Pension Option 3)Amounts in NOK thousand Salary benefitsBonus expenses expenses Total Options Shares 1)CEO J\u00f8rgen Mann 2 947 175 1 570 293 1 051 6 035 1 866 666 870 000 CFO Johan Fagerli 1 502 99 680 182 317 2 784 833 333 356 716 Total 4 453 274 2 250 475 1 368 8 819 2 699 999 1 226 716 2024 Other Pension Option 3)5)Bonus expenses expenses Total OptionsSharesAmounts in NOK thousand Salary benefits2) 4)CEO J\u00f8rgen Mann (from 29.02.24) 2 151 215 1 021 215 99 3 701 66 667 40 000 2)CFO Johan Fagerli (from 21.03.24) 1 081 70 150 125 4 1 430 33 333 16 718 2CEO Rune Nystad (until 29.02.24) 441 2 350 31 31 853 66 667 110 832 2)CFO Per Arne Nyg\u00e5rd (until 21.03.24) 867 49 46 961 Total 4 539 336 1 521 417 133 6 946 166 667 167 550 1) The amounts have been converted from DKK to NOK using an exchange rate of 1.57 2) For members of executive management who either joined or resigned during the year, total remuneration expensed presented in the table above is for the period where the members are part of the executive management team 3) Other benefits include car allowance, mobile phone and other allowances according to Danish law. 4) The amounts have been converted from DKK to NOK using an exchange rate of 1.56 5) Converted to reverse share split ratio 15:1. Remuneration to the Board of Directors 2025 Amounts in NOK thousand, except number of shares 8)Shares owned by Function Name Board Other Shares fee fee related parties Chair Terje Bakken 300 3 095 112 10 703 684 8)Board member Kathrine G. Andreassen 158 244 343 12 564 279 7)Board member Eskild Endrerud 255 6 145 753 7)Board member Line T\u00f8nnessen 265 253 037 Total 968 9 738 245 23 267 963 6)Terje Bakken is partner in R. Investment Company AS who owns 10,703,684 shares in Observe Medical ASA. Kathrine Gamborg Andreassen is CEO in Navamedic ASA who own 12,564,279 shares in Observe Medical ASA 7)Includes NOK 20 thousand in fee as member of the Audit Committee, Includes NOK 30 thousand in fee as Chair of the Audit Committee 8)The board member's term ended 5. February 2025 2024 Amounts in NOK thousand, except number of shares 9)Function Name Board Other SharesShares owned by 9)fee fee related partiesChair Terje Bakken 300 90 000 2 103 571 Board member Kathrine G. Andreassen 225 57 917 3 007 318 Board member Sanna Rydberg 225 Board member Eskild Endrerud 255 981 257 Board member Line T\u00f8nnessen 265 62 179 Total 1 270 1 191 353 5 110 889 9)Converted to reverse share split ratio 15:1. Executive personnel are defined as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). No loans were granted, and no assets were pledged for the benefit of employees, shareholders, or members of the Board of Directors in 2025 or 2024.N O T E 9 \u2013 S H A R E O P T I O N S The Group operates an equity-settled share-based compensation plan. The fair value of the employee services received in exchange for the grant of options is recognized as an expense over the vesting period. The total amount to be expensed is determined by reference to the fair value of the options granted, using the Black-Scholes option-pricing model. The social security provision is calculated based on the intrinsic value of the options at each reporting date and is adjusted for changes in the share price and the number of options expected to vest. Reverse Share Split: On 7 January 2025, the Group executed a 15:1 reverse share split. In accordance with IFRS, all prior-period option grants and exercise prices have been restated to reflect this adjustment. The 1,500,000 options granted in 2024 were adjusted to 100,000 options with a weighted average exercise price of NOK 6.45. During the second half of 2025, the Group granted a total of 2,600,000 share options to the CEO and CFO. These options vest over two years (1/3 at grant date, 1/3 after 12 months, and 1/3 after 24 months) and expire on 22 July 2028, 1,900,000 options with exercise price of NOK 0.50 and 700,000 options with exercise price of NOK 2.00. The fair value of options granted in 2025 was calculated using the Black-Scholes model. Key inputs include a risk-free interest rate based on government bonds, expected volatility based on historical data, and the expected life of the options. As of 31 December 2025, the Group\u2019s share price was NOK 0.74. At this price, 633,334 vested options were in the money (primarily the NOK 0.50 tranche). The Group has recognized a social security provision of NOK 21 thousand (NOK 0 in 2024) related to these options. Total expense recognized for share-based payments in 2025 amounted to NOK 1,340 thousand (NOK 634 thousand in 2024). Contractual life* 3.00 Share price* 1.18 Volatility* 121.89% Dividend* 0 Strike price* 0.90 Expected lifetime* 2.00 Interest rate* 3.61% FV per instrument* 0.81 *Weighted average parameters at grant of instrument. Share options at 31 December 2025 Held at Award Exercise Exercise Awarded in Vested per Awardee and Held at end Name and position beg. of date price period year 31.12.25 unvested of year year 2024 6.60 2024\u20132027 66 667 44 444 22 222 66 666 J\u00f8rgen Mann (CEO) 2025 0.50 \u2013 2.00 2025\u20132028 1 800 000 600 000 1 200 000 2 000 000 2024 6.00 2024\u20132027 33 333 22 222 11 111 33 333 Johan Fagerli (CFO) 2025 0.50 \u2013 2.00 2025\u20132028 800 000 266 667 533 333 600 000 Rune Nystad (former CEO) 2022 67.5 2023\u20132026 66 666 66 666 0 66 666 Total 166 667 2 600 000 1 000 000 1 766 665 2 766 665",
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"f0__s6__6__69-1": {
"value": "N O T E 7 \u2013 P A Y R O L L E X P E N S E S Amounts in NOK thousand 2025 2024 Salaries 10 843 11 381 Remuneration to the Board and Nomination Committee 1 198 1 300 Employer's tax 1 182 1 628 Share options for employees 1 342 634 Pension expenses \u2013 defined-contribution scheme 565 894 Other payroll expenses 156 300 Total 15 287 16 138 Average number of full-time equivalents 4.9 6.2 Headcount at 31 December 5 5N O T E 1 0 \u2013 O T H E R O P E R A T I N G E X P E N S E S Amounts in NOK thousand 2025 2024 Consultants 2 347 4 345 Audit Services 3 063 2 688 Legal and professional fees 2 163 1 189 Expense relating to short-term leases 584 637 Accounting and financial services 1 953 2 310 IT expenses 730 1 018 Travel expenses 431 344 Advertising expenses 23 141 IR expenses 1 161 1 189 Patent, trademark, certification etc. 1 763 1 196 Other operating expenses 1 468 1 896 Total 15 686 16 955 Audit fees Amounts in NOK thousand 2025 2024 Statutory audit services 2 422 2 488 Tax advisory 0 0 Other assurance services 956 345 Total 3 378 2 833 Fees to the auditor are recognized as an expense in the period in which the related services are rendered. Only costs expensed in the reporting period are included in the table above. Assurance services related to capital increase of NOK 315 thousand is booked against equity, (145 thousand in 2024).N O T E 1 2 \u2013 C O S T O F M A T E R I A L S Amounts in NOK thousand 2025 2024 Cost of materials for resale 13 473 12 324 Write-down of inventory 639 3 085 Total cost of materials 14 112 15 409 Inventory write-down of 639 thousand recognized in 2025 relates to a precautionary adjustment of carrying values to reflect estimated net realizable value. While the affected inventory remains available for sale, the write-down has been recognized to ensure a robust valuation on the balance sheet date. In 2024, the inventory write-down was primarily related to Biim components and obsolete inventory.N O T E 1 5 - T A N G I B L E A S S E T S A N D L E A S E Amounts in NOK thousand Right-of-use Other Sum Acquisition cost 1 January 2024 1 035 2 917 3 952 Disposals -1 053 -1 214 -2 267 Currency translation differences 19 -28 -10 Acquisition cost 31 December 2024 0 1 675 1 675 Acquisition cost 1 January 2025 0 1 675 1 675 Currency translation differences 0 54 54 Acquisition cost 31 December 2025 0 1 729 1 729 Accumulated depreciation 1 January 2024 273 1 722 1 995 Depreciation for the year 463 267 731 Disposals -726 -479 -1 204 Currency translation differences -11 -31 -42 Accumulated depreciation 31 December 2024 0 1 479 1 479 Accumulated depreciation 1 January 2025 0 1 479 1 479 Depreciation for the year 0 146 146 Currency translation differences 0 45 45 Accumulated depreciation 31 December 2025 0 1 670 1 670 Carrying value 31 December 2024 0 196 196 Carrying value 31 December 2025 0 59 59 1Expected useful economic life3-5 years 3-5 years No additions to tangible assets were recognised during 2025 Lease Liability 2025 2024 As at 1 January 0 792 Disposal 0 -328 Lease payments in the period 0 -501 Interest cost 0 6 Currency translation differences 0 31 Closing liability at 31 December 0 0 Current 0 0 Non-Current 0 0 0 0 Effect of leases Contract on the Statement of Comprehensive Income Amounts in NOK thousand 2025 2024 Depreciation expense of right-of-use assets 0 463 Interest expense on lease liabilities 0 6 Expense relating to short-term leases (included in other operating expenses) 0 637 Total amount recocnised in result for the period 0 1 107 Undiscounted Lease Liabilities and Maturity of Cash Outflow Amounts in NOK thousand 2025 2024 Due within 1 year 0 0 Due between 1 year and 3 years 0 0 Total 0 0 The Group had no active lease agreements in 2025. Consequently, expenses for short-term and low-value leases, as well as total cash outflow for leases, were NOK 0. Lease contracts relating to company cars and offices were disposed during 2024.N O T E 1 6 \u2013 I N T A N G I B L E A S S E T S Licence Technology Technology agree-Customer assets / develop-Sum Amounts in NOK thousand Goodwill Trademark meent relations Patent ment (Restated) Acquisition cost 1 January 2024 102 314 27 976 4 273 3 329 102 388 15 625 255 905 Additions 0 1 775 1 775 Currency translation differences 535 1 110 164 1 808 Acquisition cost 31 December 2024 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Acquisition cost 1 January 2025 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Additions 0 1 139 1 139 Currency translation differences 2 091 513 87 2 691 Acquisition cost 31 December 2025 104 940 27 976 4 273 3 329 104 011 18 789 263 318 Accumulated amortization and impairment 1 January 2024 67 106 0 712 492 34 612 8 584 111 506 Amortization for the year 0 2 137 333 9 099 2 081 13 650 Impairment for the year 2 675 2 675 Currency translation differences 0 332 599 931 Accumulated amortization and impairment 31 December 2024 69 781 0 2 849 825 44 043 11 264 128 762 Acc. Amort. and Impairment 1 January 2025 69 781 0 2 849 825 44 043 11 265 128 762 Amortization for the year 0 0 1 425 332 9 067 2 350 13 174 Impairment for the year 1 567 40 158 41 725 Currency translation differences 0 -80 -20 -101 Acc. Amort. and Impairment 31 December 2025 69 781 0 4 274 2 723 93 188 13 594 183 560 Carrying value 31 December 2024 33 067 27 976 1 425 2 504 59 454 6 300 130 725 Carrying value 31 December 2025 35 159 27 976 0 605 10 823 5 195 79 758 2Expected useful economic lifeIndefinite Indefinite 2 years 10 years 10 years 5 years Overview Goodwill arises from the acquisition of Observe Medical International AB in 2015 and is allocated to the cash-generating unit (CGU) Urine Measurement. Goodwill related to CGU Ultrasound, from the acquisition of Biim Ultrasound AS in 2022 of NOK 67.1 million was fully impaired in the 2023 restated financial statements, and goodwill related to the acquisition of Sylak AB in 2020 (CGU Other Business) of NOK 2.7 million was impaired in 2024. The assets acquired from Convatec in 2023 have been separately identified, measured at fair value and allocated a relative part of the total consideration for the acquired assets. The trademark of UnoMeter\u2122 was identified as a material part of the transaction based on the well-known reputation and historical sales of the products in the portfolio. The valuation of the trademark was based on a relief-from-royalty method, measuring the trademark to NOK 28.0 million. 2 IAS 38.118-119, IAS 38.122a. Linear amortization. The trademark has been assessed to have an indefinite lifespan. For over 30 years, Convatec has produced and sold UnoMeter\u2122, building a brand within urine output measurement solutions that is highly regarded globally. With a historical footprint encompassing more than 600 customers across 50 countries, the UnoMeter\u2122 brand represents an established global market position that provides a robust platform for accelerated market access. The primary purpose of acquiring the assets was the ability to approach customers with a well-known brand, enabling opportunities to relaunch Sippi\u00ae, as part of the UnoMeter\u2122 product family and leverage synergies within the urine output measurement portfolio. By providing a comprehensive portfolio that spans from traditional manual instruments to advanced digital technology, the Company enhances its value proposition toward major distributors and consolidates its competitive position within the segment. While an established distribution network did not exist, the Company gained access to a list of potential distributors familiar with the UnoMeter\u2122 brand (historical customer-/distribution information), enabling opportunities to re-launch the UnoMeter\u2122 product family and introduce Sippi\u00ae to leverage synergies within the urine measurement product portfolio. Consequently, The Company assesses that the UnoMeter\u2122 trademark constitutes a significant portion of the acquisition cost. The two-year license agreement with Convatec, securing the Group the rights to the UnoMeter\u2122 assets, was allocated an initial value of NOK 4.3 million. This valuation was based on the relief-from-royalty method, corresponding to the expected revenues during the license period. Following the restructuring of the debt to Convatec in 2025, the acquisition was considered closed, and the license agreement consequently lapsed. As of 31 December 2025, the asset is fully amortized, reflecting both the original two-year amortization schedule and the final closing of the transaction. Further, NOK 0.8 million and NOK 4.4 million was allocated to assets measured at a replacement cost for information related to historical UnoMeter customers/distributors and technical documentation related to UnoMeter\u2122. These assets are amortized over 10 years, reflecting their long-term value in supporting the Group's integrated urine measurement strategy. Other technology assets and patents primarily comprise the Sippi\u00ae technology, while technology development comprises capitalized costs associated with the development of the Group\u2019s product portfolio. Development costs are capitalized when the recognition criteria are met. Amortization of capitalized development costs commences typically when the product is available for use and required regulatory approvals have been obtained. Goodwill and trademarks are not amortized but are tested annually for impairment. Cash-generating units (CGUs) The Group has identified the following CGUs for impairment testing purposes: CGU Ultrasound \u2013 Biim ultrasound technology and CGU Urine Measurement which comprises the integrated product portfolio, including UnoMeter\u2122 and Sippi technologies, which share common commercial, operational and regulatory platforms and generate largely interdependent cash inflows. Management therefore considers these assets to form a single cash-generating unit in accordance with IAS 36. Impairment testing methodology The Group performs annual impairment tests for goodwill, intangible assets with indefinite useful lives, and intangible assets not yet available for use. Additionally, impairment tests are conducted for other assets if there are indications of impairment. The recoverable amount is determined as the higher of value in use (VIU) and fair value less costs of disposal (FVLCTD). In accordance with IAS 36, the recoverable amount of the CGU Urine Measurement has been determined based on VIU using a discounted cash flow (DCF) model. Management considers VIU to be the most appropriate method given the absence of observable market transactions for determining fair value. If the carrying amount of a cash-generating unit (CGU) exceeds its recoverable amount, an impairment loss is recognized. Impairment losses on goodwill are not reversed, while reversals for other assets may be considered if the underlying estimates change. The DCF model is based on management\u2019s five-year forecasts reflecting management\u2019s best estimate of future economic conditions, calibrated against actual performance, current commercial developments and available external information. Key assumptions include: \u2022 expected future revenue growth and market penetration \u2022 gross margins and operating cost development \u2022 timing of commercialisation activities \u2022 discount rate (WACC) \u2022 terminal growth rate Scenario-based modelling has been applied to reflect uncertainties related to commercial ramp-up, product launch timing and margins. Impairment testing of goodwill and other intangible assets CGU Ultrasound During the first half of 2025, increased uncertainty led to a reduced probability assigned to the base case scenario in the probability-weighted cash flow model, resulting in a recoverable amount below the carrying amount and an impairment loss of NOK 4 million. During the second half of 2025, the Group received updated information from Fresenius Medical Care confirming that Biim would not be rolled out at scale across its clinics. This constituted a new impairment indicator under IAS 36. Based on updated expectations regarding future cash flows and commercialisation prospects, management performed a revised impairment assessment and concluded that the recoverable amount of the Ultrasound CGU was lower than its carrying amount. Following the impairment, the carrying amount of the Ultrasound CGU is reduced to zero and based on current commercial expectations no recoverable value is recognised. The impairment assessments were based on management\u2019s best estimates and assumptions reflecting the information available at the respective reporting dates. CGU Urine Measurement The Urine Measurement portfolio is the main strategic and commercial area for the Company. As of 31 December 2025, management has assessed whether any impairment indicators exist for CGU Urine Measurement. The assessment did not identify any indicators of impairment. The impairment test incorporates revised estimates reflecting: \u2022 calibration against actual performance in 2025 \u2022 updated commercial developments and distributor progress \u2022 conservative scenario assumptions, including delayed commercial ramp-up and lower margin assumptions in downside scenarios The recoverable amount was determined based on value in use calculations using probability-weighted discounted cash flow scenarios. The recoverable amount exceeded the carrying amount of the CGU, and no impairment was recognised. The assumptions applied reflect management\u2019s best estimates and incorporate conservative scenario assumptions. The table below summarizes the carrying amounts of goodwill and intangible assets in each CGU as of 31 December 2025 and 31 December 2024. CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2025 Goodwill 35 159 0 35 159 Trademark 27 976 0 27 976 Licence agreement 0 0 0 Technology/Patent 16 017 0 16 017 Customer relationships and other 605 0 605 Other tangible assets 59 0 59 Carrying value 79 816 0 79 816 CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2024 Goodwill 33 067 - 33 067 Trademark 27 976 - 27 976 Licence agreement 1 425 - 1 425 Technology/Patent 18 916 46 838 65 754 Customer relationships and other 683 1 821 2 504 Other tangible assets 154 42 196 Carrying value 82 221 48 700 130 921 The Urine Measurement CGU includes goodwill and intangible assets related to Sippi\u00ae and UnoMeter\u2122 products. Management\u2019s assumptions have been updated and calibrated against actual performance in 2025, current commercial developments and revised timing assumptions for product rollout. The impairment test confirmed that the recoverable amount exceeded the carrying amount and no impairment was recognized. 3 Based on sales statistics from Convatec Estimates for the Urine measurement CGU are based on a continued roll-out of the UnoMeter\u2122 products, 3reaching full historical market sales in 2029-2030. Estimates for the Sippi\u00ae device anticipate new sales starting with impact in 2027, followed by gradual growth as both sales and recurring revenue from established customers increase. The recoverable amount was determined using VIU, based on a DCF model over a 5-year forecast period (2026\u20132030) The DCF model incorporates four probability-weighted scenarios, including moderate downside, severe downside and a zero-commercialisation case. \u2022 Base Case (40% weighting): Management\u2019s best estimate, reflecting continued rollout of UnoMeter\u2122 and gradual Sippi\u00ae sales from 2027. \u2022 30% revenue reduction in base case (25% weighting) \u2022 50% revenue reduction in base case revenue (25% weighting) \u2022 \u201cZero scenario\u201d (10% weighting) By applying this probability-weighted approach, the reported recoverable amount is inherently adjusted for the identified risks of delays and margin pressure. The inclusion of a \u201cZero scenario\u201d ensures that the valuation accounts for the possibility of a complete absence of commercial success for new products, effectively acting as a significant risk-adjustment to the total recoverable amount. The VIU calculation for the base case is based on the following key assumptions, derived from management\u2019s forecasts, historical data, and market expectations for market pricing and economy of scale: \u2022 Revenue Growth: Compound average annual revenue growth of 41.7 % (2026\u20132030), reflecting Increased gradual market penetration of UnoMeter\u2122, including introduction of UnoMeter\u2122 Safeti\u2122 Max, reaching historical market sales for the brand annually by 2029\u20132030). Installed Sippi base unit gradually from 2027 (<2% of global ICU beds by 2030). including US, with recurring revenue from disposable units on installed base. \u2022 Gross Margin: Average of 34.6%, based on actual production costs and expected economies of scale. \u2022 EBITDA Margin: Average of 4.8% over the 5-year period, reflecting operational efficiencies as sales scale. \u2022 Discount Rate: 13.3% WACC, and is calculated using a risk-free rate, a risk premium, a market-specific risk premium adjusted by beta via CAPM, and a company-specific risk premium. The tax-adjusted cost of debt is weighed with equity and debt. \u2022 Terminal Growth Rate: 2.0%, aligned with long-term inflation and medical device market growth. To reflect long-term market dynamics and potential competitive pressure, management has applied a conservative downward adjustment to the gross margin in the terminal value calculation. Management has recognized that the speed of technological change and possibility of new entrants may have a significant impact on growth rate assumptions. Management considers the headroom to be sufficient, and the sensitivity analysis shows that the carrying amount is robust against isolated changes in key assumptions. An isolated increase in the discount rate of 1 percentage point, a reduction in gross margin of 3 percentage points, a 2-percentage point reduction in EBITDA margin or revenue growth, or a 0.5 percentage point reduction in the long-term growth rate, would not result in an impairment charge. The headroom remains positive even when these changes are applied to the probability-weighted recoverable amount, which already incorporates a 60% combined weighting of downside and zero-commercialisation scenarios. Management recognises that the recoverable amount is sensitive to combined adverse shifts, but considers the likelihood of such simultaneous events, beyond what is already reflected in the weighted scenarios, to be low. The table below illustrates the sensitivity of the probability-weighted recoverable amount (VIU), expressed as headroom (TNOK), to combined changes in the discount rate (WACC) and the gross margin in the terminal value: Gross margin (TV) - Urine Measurement21 925 -6 % -4 % -2 % 0 % 11,0 % 25 711 39 386 53 062 66 738 80 413 12,0 % 9 019 20 783 32 546 44 310 56 074 13,0 % 4 444- 5 782 16 008 26 234 36 460 13,3 % 7 655- 2 205 12 065 21 925 31 785 14,0 % 15 495- 6 528- 2 439 15,0 % 24 699- 16 777- 8 855- To further address the estimation uncertainty related to the commercial roll-out and sales volumes, management has also performed a sensitivity analysis on the probability-weighted recoverable amount against combined changes in the discount rate (WACC) and overall sales volumes. This demonstrates the robustness of the valuation against further adverse volume shifts beyond the 60% downside weighting already incorporated into the model: Sales volume - Urine Measurement21 925 -20 % -15 % -5 % 0 % 11,0 % 55 376 58 216 63 897 66 738 69 578 12,0 % 34 698 37 101 41 907 44 310 46 713 13,0 % 18 024 20 077 24 182 26 234 28 286 13,3 % 14 048 16 018 19 956 21 925 23 894 14,0 % 4 340 6 106 9 640 11 407 13 174 15,0 % 7 056- 5 525- 2 464- As illustrated above, the carrying amount remains supported with a further reduction in sales volumes at the current WACC. Management considers the likelihood of a combined adverse event that would result in a recoverable amount below the carrying value (e.g., a 15% WACC combined with a 10% volume reduction) to be low, as the starting point for this sensitivity already includes a significant risk-adjustment through the scenario-based weighting During 2025, the Group has prioritized the commercialization of the UnoMeter\u2122 portfolio, with UnoMeter\u2122 Safeti\u2122 Plus\u2014historically the largest revenue generator\u2014launched successfully early in the year. A key milestone in the Group\u2019s integrated strategy is the development of UnoMeter\u2122 Safeti\u2122 Max. As the first major innovation in this segment for years, the Safeti\u2122 Max incorporates patented technology originally developed for Sippi\u00ae, creating a direct technological bridge to the digital product. This integration further differentiates our offering from competitors and improves patient welfare while establishing the market foundation for Sippi\u00ae, the digital and connected urimeter. Sippi\u00ae is planned for a larger-scale roll-out once the UnoMeter\u2122 products have fully re-established their global market presence. While this phased approach has resulted in delayed cash flows for Sippi\u00ae compared to previous estimates, management maintains that the asset holds significant value. The commercial progress achieved through the UnoMeter\u2122 brand, which Sippi\u00ae will be part of, demonstrates that the digital platform is now better positioned for long-term commercial success, and its global revenue potential remains robust. Sensitivity and estimation uncertainty The recoverable amount is sensitive to assumptions regarding future sales volumes, timing of market penetration, operating margins, the discount rate, and long-term growth assumptions. Management has also considered the potential impact of global economic uncertainties, including supply chain dynamics and geopolitical factors, on future operating costs and market access. While no significant adverse impacts have been identified as of the reporting date, these factors are incorporated into the scenario-based modeling to ensure that the recoverable amounts reflect a realistic risk-adjusted outlook. The sensitivity analysis shows that the carrying amount remains robust even when accounting for a 60% combined probability of downside and zero-growth outcomes. Management considers the headroom to be sufficient, even after applying conservative terminal value assumptions that reflect long-term competitive pressure. Management considers the assumptions applied to represent reasonable and supportable estimates at the reporting date. However, due to the inherent uncertainty in future market developments, actual outcomes may differ from these estimates. Conclusion Based on management\u2019s assessment, assumptions, and the expectations applied in the business cases and future plans, it is the Group\u2019s conclusion that the recoverable amounts for the cash-generating units justify their carrying values as recognized in the balance sheet as of 31 December 2025.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "N O T E 7 \u2013 P A Y R O L L E X P E N S E S Amounts in NOK thousand 2025 2024 Salaries 10 843 11 381 Remuneration to the Board and Nomination Committee 1 198 1 300 Employer's tax 1 182 1 628 Share options for employees 1 342 634 Pension expenses \u2013 defined-contribution scheme 565 894 Other payroll expenses 156 300 Total 15 287 16 138 Average number of full-time equivalents 4.9 6.2 Headcount at 31 December 5 5N O T E 8 \u2013 R E M U N E R A T I O N T O C O R P O R A T E M A N A G E M E N T A N D B O A R D O F D I R E C T O R S In accordance with the Norwegian public Limited Companies Act \u00a76-16 a, the board of directors prepares a separate statement related to the determination of salary and other benefits for the corporate management. This report can be found on the Company\u2019s web page observemedical.com. The total remuneration to the corporate management consists of basic salary (main element), bonus, benefits in-kind and pension schemes, but varies from person to person. The Group\u2019s Chief Executive Officer determines the remunerations to other management in agreement with the Chair of the Board of Directors. The total remuneration is determined based on the need to offer competitive terms and reflect the responsibility for the CEO and other members of the management team. The total remuneration shall not be market leading but should ensure that Observe Medical attracts and retains senior executives with the desired skills and experience. The basic salary is subject to an annual evaluation and is determined based on general salary levels in the labor market. The Company is entitled to terminate the CEO\u2019s employment agreement by giving 6 months' notice, and the Executive by giving 4 months' notice. The notice of termination must always be in writing and will expire on the last day of a month. If the CEO\u2019s employment is terminated by the Company other than for misconduct, the Executive will be entitled to a severance payment equivalent to 12 months' Base Salary. The Group has defined contribution pension schemes. The CEO participates in a defined contribution pension scheme on market terms, where the Company pays a contribution representing 10% of the base salary.Remuneration to the Group Management 2025 Other Pension Option 3)Amounts in NOK thousand Salary benefitsBonus expenses expenses Total Options Shares 1)CEO J\u00f8rgen Mann 2 947 175 1 570 293 1 051 6 035 1 866 666 870 000 CFO Johan Fagerli 1 502 99 680 182 317 2 784 833 333 356 716 Total 4 453 274 2 250 475 1 368 8 819 2 699 999 1 226 716 2024 Other Pension Option 3)5)Bonus expenses expenses Total OptionsSharesAmounts in NOK thousand Salary benefits2) 4)CEO J\u00f8rgen Mann (from 29.02.24) 2 151 215 1 021 215 99 3 701 66 667 40 000 2)CFO Johan Fagerli (from 21.03.24) 1 081 70 150 125 4 1 430 33 333 16 718 2CEO Rune Nystad (until 29.02.24) 441 2 350 31 31 853 66 667 110 832 2)CFO Per Arne Nyg\u00e5rd (until 21.03.24) 867 49 46 961 Total 4 539 336 1 521 417 133 6 946 166 667 167 550 1) The amounts have been converted from DKK to NOK using an exchange rate of 1.57 2) For members of executive management who either joined or resigned during the year, total remuneration expensed presented in the table above is for the period where the members are part of the executive management team 3) Other benefits include car allowance, mobile phone and other allowances according to Danish law. 4) The amounts have been converted from DKK to NOK using an exchange rate of 1.56 5) Converted to reverse share split ratio 15:1. Remuneration to the Board of Directors 2025 Amounts in NOK thousand, except number of shares 8)Shares owned by Function Name Board Other Shares fee fee related parties Chair Terje Bakken 300 3 095 112 10 703 684 8)Board member Kathrine G. Andreassen 158 244 343 12 564 279 7)Board member Eskild Endrerud 255 6 145 753 7)Board member Line T\u00f8nnessen 265 253 037 Total 968 9 738 245 23 267 963 6)Terje Bakken is partner in R. Investment Company AS who owns 10,703,684 shares in Observe Medical ASA. Kathrine Gamborg Andreassen is CEO in Navamedic ASA who own 12,564,279 shares in Observe Medical ASA 7)Includes NOK 20 thousand in fee as member of the Audit Committee, Includes NOK 30 thousand in fee as Chair of the Audit Committee 8)The board member's term ended 5. February 2025 2024 Amounts in NOK thousand, except number of shares 9)Function Name Board Other SharesShares owned by 9)fee fee related partiesChair Terje Bakken 300 90 000 2 103 571 Board member Kathrine G. Andreassen 225 57 917 3 007 318 Board member Sanna Rydberg 225 Board member Eskild Endrerud 255 981 257 Board member Line T\u00f8nnessen 265 62 179 Total 1 270 1 191 353 5 110 889 9)Converted to reverse share split ratio 15:1. Executive personnel are defined as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). No loans were granted, and no assets were pledged for the benefit of employees, shareholders, or members of the Board of Directors in 2025 or 2024.N O T E 9 \u2013 S H A R E O P T I O N S The Group operates an equity-settled share-based compensation plan. The fair value of the employee services received in exchange for the grant of options is recognized as an expense over the vesting period. The total amount to be expensed is determined by reference to the fair value of the options granted, using the Black-Scholes option-pricing model. The social security provision is calculated based on the intrinsic value of the options at each reporting date and is adjusted for changes in the share price and the number of options expected to vest. Reverse Share Split: On 7 January 2025, the Group executed a 15:1 reverse share split. In accordance with IFRS, all prior-period option grants and exercise prices have been restated to reflect this adjustment. The 1,500,000 options granted in 2024 were adjusted to 100,000 options with a weighted average exercise price of NOK 6.45. During the second half of 2025, the Group granted a total of 2,600,000 share options to the CEO and CFO. These options vest over two years (1/3 at grant date, 1/3 after 12 months, and 1/3 after 24 months) and expire on 22 July 2028, 1,900,000 options with exercise price of NOK 0.50 and 700,000 options with exercise price of NOK 2.00. The fair value of options granted in 2025 was calculated using the Black-Scholes model. Key inputs include a risk-free interest rate based on government bonds, expected volatility based on historical data, and the expected life of the options. As of 31 December 2025, the Group\u2019s share price was NOK 0.74. At this price, 633,334 vested options were in the money (primarily the NOK 0.50 tranche). The Group has recognized a social security provision of NOK 21 thousand (NOK 0 in 2024) related to these options. Total expense recognized for share-based payments in 2025 amounted to NOK 1,340 thousand (NOK 634 thousand in 2024). Contractual life* 3.00 Share price* 1.18 Volatility* 121.89% Dividend* 0 Strike price* 0.90 Expected lifetime* 2.00 Interest rate* 3.61% FV per instrument* 0.81 *Weighted average parameters at grant of instrument. Share options at 31 December 2025 Held at Award Exercise Exercise Awarded in Vested per Awardee and Held at end Name and position beg. of date price period year 31.12.25 unvested of year year 2024 6.60 2024\u20132027 66 667 44 444 22 222 66 666 J\u00f8rgen Mann (CEO) 2025 0.50 \u2013 2.00 2025\u20132028 1 800 000 600 000 1 200 000 2 000 000 2024 6.00 2024\u20132027 33 333 22 222 11 111 33 333 Johan Fagerli (CFO) 2025 0.50 \u2013 2.00 2025\u20132028 800 000 266 667 533 333 600 000 Rune Nystad (former CEO) 2022 67.5 2023\u20132026 66 666 66 666 0 66 666 Total 166 667 2 600 000 1 000 000 1 766 665 2 766 665N O T E 1 0 \u2013 O T H E R O P E R A T I N G E X P E N S E S Amounts in NOK thousand 2025 2024 Consultants 2 347 4 345 Audit Services 3 063 2 688 Legal and professional fees 2 163 1 189 Expense relating to short-term leases 584 637 Accounting and financial services 1 953 2 310 IT expenses 730 1 018 Travel expenses 431 344 Advertising expenses 23 141 IR expenses 1 161 1 189 Patent, trademark, certification etc. 1 763 1 196 Other operating expenses 1 468 1 896 Total 15 686 16 955 Audit fees Amounts in NOK thousand 2025 2024 Statutory audit services 2 422 2 488 Tax advisory 0 0 Other assurance services 956 345 Total 3 378 2 833 Fees to the auditor are recognized as an expense in the period in which the related services are rendered. Only costs expensed in the reporting period are included in the table above. Assurance services related to capital increase of NOK 315 thousand is booked against equity, (145 thousand in 2024).N O T E 1 1 \u2013 F I N A N C I A L I T E M S Amounts in NOK thousand 2025 2024 Financial income Interest income 2 1 780 Change contingent consideration 0 1 452 Currency gain 5 121 2 445 1)Other financial income39 035 0 Total 44 158 5 677 2025 2024 Financial expenses Interest expenses 5 169 9 551 Change contingent consideration 0 -108 Currency loss 1 663 7 864 Other financial expenses 0 22 2)Contingent milestone liability, Navamedic6 899 Total 13 732 17 329 Net financial items 30 427 -11 652 The Group recognized a net financial income of 30 427 thousand in 2025. The significant improvement compared to the net financial loss in 2024 is primarily attributed to the strategic debt restructuring of the Navamedic and Convatec liabilities. 1) , 2) Other financial income for 2025 is presented as a net amount of 39 035 thousand. This figure consists primarily of a 40 611 thousand gain related to the derecognition of financial liabilities following the successful restructuring of loans from Navamedic and outstanding debt to Convatec. Under IFRS, the difference between the carrying amount of the original debt and the fair value of the newly established terms is recognized as a gain in the statement of comprehensive income. The net amount reflects this gain offset by other minor financial adjustments during the period. The Group has recognized a contingent milestone liability to Navamedic. The liability represents the fair value of two potential payments of NOK 10 million each, contingent upon the product Sippi\u00ae reaching specific accumulated revenue thresholds. In accordance with IAS 32 and IFRS 9, the arrangement is classified as a financial liability. At initial recognition, the liability was measured at a fair value of 6,899 thousand using a discounted cash flow model. The valuation incorporates probability-weighted revenue scenarios and a discount rate of 20%. The liability is subsequently measured at amortized cost using the effective interest method.N O T E 1 2 \u2013 C O S T O F M A T E R I A L S Amounts in NOK thousand 2025 2024 Cost of materials for resale 13 473 12 324 Write-down of inventory 639 3 085 Total cost of materials 14 112 15 409 Inventory write-down of 639 thousand recognized in 2025 relates to a precautionary adjustment of carrying values to reflect estimated net realizable value. While the affected inventory remains available for sale, the write-down has been recognized to ensure a robust valuation on the balance sheet date. In 2024, the inventory write-down was primarily related to Biim components and obsolete inventory.N O T E 1 5 - T A N G I B L E A S S E T S A N D L E A S E Amounts in NOK thousand Right-of-use Other Sum Acquisition cost 1 January 2024 1 035 2 917 3 952 Disposals -1 053 -1 214 -2 267 Currency translation differences 19 -28 -10 Acquisition cost 31 December 2024 0 1 675 1 675 Acquisition cost 1 January 2025 0 1 675 1 675 Currency translation differences 0 54 54 Acquisition cost 31 December 2025 0 1 729 1 729 Accumulated depreciation 1 January 2024 273 1 722 1 995 Depreciation for the year 463 267 731 Disposals -726 -479 -1 204 Currency translation differences -11 -31 -42 Accumulated depreciation 31 December 2024 0 1 479 1 479 Accumulated depreciation 1 January 2025 0 1 479 1 479 Depreciation for the year 0 146 146 Currency translation differences 0 45 45 Accumulated depreciation 31 December 2025 0 1 670 1 670 Carrying value 31 December 2024 0 196 196 Carrying value 31 December 2025 0 59 59 1Expected useful economic life3-5 years 3-5 years No additions to tangible assets were recognised during 2025 Lease Liability 2025 2024 As at 1 January 0 792 Disposal 0 -328 Lease payments in the period 0 -501 Interest cost 0 6 Currency translation differences 0 31 Closing liability at 31 December 0 0 Current 0 0 Non-Current 0 0 0 0 Effect of leases Contract on the Statement of Comprehensive Income Amounts in NOK thousand 2025 2024 Depreciation expense of right-of-use assets 0 463 Interest expense on lease liabilities 0 6 Expense relating to short-term leases (included in other operating expenses) 0 637 Total amount recocnised in result for the period 0 1 107 Undiscounted Lease Liabilities and Maturity of Cash Outflow Amounts in NOK thousand 2025 2024 Due within 1 year 0 0 Due between 1 year and 3 years 0 0 Total 0 0 The Group had no active lease agreements in 2025. Consequently, expenses for short-term and low-value leases, as well as total cash outflow for leases, were NOK 0. Lease contracts relating to company cars and offices were disposed during 2024.N O T E 1 6 \u2013 I N T A N G I B L E A S S E T S Licence Technology Technology agree-Customer assets / develop-Sum Amounts in NOK thousand Goodwill Trademark meent relations Patent ment (Restated) Acquisition cost 1 January 2024 102 314 27 976 4 273 3 329 102 388 15 625 255 905 Additions 0 1 775 1 775 Currency translation differences 535 1 110 164 1 808 Acquisition cost 31 December 2024 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Acquisition cost 1 January 2025 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Additions 0 1 139 1 139 Currency translation differences 2 091 513 87 2 691 Acquisition cost 31 December 2025 104 940 27 976 4 273 3 329 104 011 18 789 263 318 Accumulated amortization and impairment 1 January 2024 67 106 0 712 492 34 612 8 584 111 506 Amortization for the year 0 2 137 333 9 099 2 081 13 650 Impairment for the year 2 675 2 675 Currency translation differences 0 332 599 931 Accumulated amortization and impairment 31 December 2024 69 781 0 2 849 825 44 043 11 264 128 762 Acc. Amort. and Impairment 1 January 2025 69 781 0 2 849 825 44 043 11 265 128 762 Amortization for the year 0 0 1 425 332 9 067 2 350 13 174 Impairment for the year 1 567 40 158 41 725 Currency translation differences 0 -80 -20 -101 Acc. Amort. and Impairment 31 December 2025 69 781 0 4 274 2 723 93 188 13 594 183 560 Carrying value 31 December 2024 33 067 27 976 1 425 2 504 59 454 6 300 130 725 Carrying value 31 December 2025 35 159 27 976 0 605 10 823 5 195 79 758 2Expected useful economic lifeIndefinite Indefinite 2 years 10 years 10 years 5 years Overview Goodwill arises from the acquisition of Observe Medical International AB in 2015 and is allocated to the cash-generating unit (CGU) Urine Measurement. Goodwill related to CGU Ultrasound, from the acquisition of Biim Ultrasound AS in 2022 of NOK 67.1 million was fully impaired in the 2023 restated financial statements, and goodwill related to the acquisition of Sylak AB in 2020 (CGU Other Business) of NOK 2.7 million was impaired in 2024. The assets acquired from Convatec in 2023 have been separately identified, measured at fair value and allocated a relative part of the total consideration for the acquired assets. The trademark of UnoMeter\u2122 was identified as a material part of the transaction based on the well-known reputation and historical sales of the products in the portfolio. The valuation of the trademark was based on a relief-from-royalty method, measuring the trademark to NOK 28.0 million. 2 IAS 38.118-119, IAS 38.122a. Linear amortization. The trademark has been assessed to have an indefinite lifespan. For over 30 years, Convatec has produced and sold UnoMeter\u2122, building a brand within urine output measurement solutions that is highly regarded globally. With a historical footprint encompassing more than 600 customers across 50 countries, the UnoMeter\u2122 brand represents an established global market position that provides a robust platform for accelerated market access. The primary purpose of acquiring the assets was the ability to approach customers with a well-known brand, enabling opportunities to relaunch Sippi\u00ae, as part of the UnoMeter\u2122 product family and leverage synergies within the urine output measurement portfolio. By providing a comprehensive portfolio that spans from traditional manual instruments to advanced digital technology, the Company enhances its value proposition toward major distributors and consolidates its competitive position within the segment. While an established distribution network did not exist, the Company gained access to a list of potential distributors familiar with the UnoMeter\u2122 brand (historical customer-/distribution information), enabling opportunities to re-launch the UnoMeter\u2122 product family and introduce Sippi\u00ae to leverage synergies within the urine measurement product portfolio. Consequently, The Company assesses that the UnoMeter\u2122 trademark constitutes a significant portion of the acquisition cost. The two-year license agreement with Convatec, securing the Group the rights to the UnoMeter\u2122 assets, was allocated an initial value of NOK 4.3 million. This valuation was based on the relief-from-royalty method, corresponding to the expected revenues during the license period. Following the restructuring of the debt to Convatec in 2025, the acquisition was considered closed, and the license agreement consequently lapsed. As of 31 December 2025, the asset is fully amortized, reflecting both the original two-year amortization schedule and the final closing of the transaction. Further, NOK 0.8 million and NOK 4.4 million was allocated to assets measured at a replacement cost for information related to historical UnoMeter customers/distributors and technical documentation related to UnoMeter\u2122. These assets are amortized over 10 years, reflecting their long-term value in supporting the Group's integrated urine measurement strategy. Other technology assets and patents primarily comprise the Sippi\u00ae technology, while technology development comprises capitalized costs associated with the development of the Group\u2019s product portfolio. Development costs are capitalized when the recognition criteria are met. Amortization of capitalized development costs commences typically when the product is available for use and required regulatory approvals have been obtained. Goodwill and trademarks are not amortized but are tested annually for impairment. Cash-generating units (CGUs) The Group has identified the following CGUs for impairment testing purposes: CGU Ultrasound \u2013 Biim ultrasound technology and CGU Urine Measurement which comprises the integrated product portfolio, including UnoMeter\u2122 and Sippi technologies, which share common commercial, operational and regulatory platforms and generate largely interdependent cash inflows. Management therefore considers these assets to form a single cash-generating unit in accordance with IAS 36. Impairment testing methodology The Group performs annual impairment tests for goodwill, intangible assets with indefinite useful lives, and intangible assets not yet available for use. Additionally, impairment tests are conducted for other assets if there are indications of impairment. The recoverable amount is determined as the higher of value in use (VIU) and fair value less costs of disposal (FVLCTD). In accordance with IAS 36, the recoverable amount of the CGU Urine Measurement has been determined based on VIU using a discounted cash flow (DCF) model. Management considers VIU to be the most appropriate method given the absence of observable market transactions for determining fair value. If the carrying amount of a cash-generating unit (CGU) exceeds its recoverable amount, an impairment loss is recognized. Impairment losses on goodwill are not reversed, while reversals for other assets may be considered if the underlying estimates change. The DCF model is based on management\u2019s five-year forecasts reflecting management\u2019s best estimate of future economic conditions, calibrated against actual performance, current commercial developments and available external information. Key assumptions include: \u2022 expected future revenue growth and market penetration \u2022 gross margins and operating cost development \u2022 timing of commercialisation activities \u2022 discount rate (WACC) \u2022 terminal growth rate Scenario-based modelling has been applied to reflect uncertainties related to commercial ramp-up, product launch timing and margins. Impairment testing of goodwill and other intangible assets CGU Ultrasound During the first half of 2025, increased uncertainty led to a reduced probability assigned to the base case scenario in the probability-weighted cash flow model, resulting in a recoverable amount below the carrying amount and an impairment loss of NOK 4 million. During the second half of 2025, the Group received updated information from Fresenius Medical Care confirming that Biim would not be rolled out at scale across its clinics. This constituted a new impairment indicator under IAS 36. Based on updated expectations regarding future cash flows and commercialisation prospects, management performed a revised impairment assessment and concluded that the recoverable amount of the Ultrasound CGU was lower than its carrying amount. Following the impairment, the carrying amount of the Ultrasound CGU is reduced to zero and based on current commercial expectations no recoverable value is recognised. The impairment assessments were based on management\u2019s best estimates and assumptions reflecting the information available at the respective reporting dates. CGU Urine Measurement The Urine Measurement portfolio is the main strategic and commercial area for the Company. As of 31 December 2025, management has assessed whether any impairment indicators exist for CGU Urine Measurement. The assessment did not identify any indicators of impairment. The impairment test incorporates revised estimates reflecting: \u2022 calibration against actual performance in 2025 \u2022 updated commercial developments and distributor progress \u2022 conservative scenario assumptions, including delayed commercial ramp-up and lower margin assumptions in downside scenarios The recoverable amount was determined based on value in use calculations using probability-weighted discounted cash flow scenarios. The recoverable amount exceeded the carrying amount of the CGU, and no impairment was recognised. The assumptions applied reflect management\u2019s best estimates and incorporate conservative scenario assumptions. The table below summarizes the carrying amounts of goodwill and intangible assets in each CGU as of 31 December 2025 and 31 December 2024. CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2025 Goodwill 35 159 0 35 159 Trademark 27 976 0 27 976 Licence agreement 0 0 0 Technology/Patent 16 017 0 16 017 Customer relationships and other 605 0 605 Other tangible assets 59 0 59 Carrying value 79 816 0 79 816 CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2024 Goodwill 33 067 - 33 067 Trademark 27 976 - 27 976 Licence agreement 1 425 - 1 425 Technology/Patent 18 916 46 838 65 754 Customer relationships and other 683 1 821 2 504 Other tangible assets 154 42 196 Carrying value 82 221 48 700 130 921 The Urine Measurement CGU includes goodwill and intangible assets related to Sippi\u00ae and UnoMeter\u2122 products. Management\u2019s assumptions have been updated and calibrated against actual performance in 2025, current commercial developments and revised timing assumptions for product rollout. The impairment test confirmed that the recoverable amount exceeded the carrying amount and no impairment was recognized. 3 Based on sales statistics from Convatec Estimates for the Urine measurement CGU are based on a continued roll-out of the UnoMeter\u2122 products, 3reaching full historical market sales in 2029-2030. Estimates for the Sippi\u00ae device anticipate new sales starting with impact in 2027, followed by gradual growth as both sales and recurring revenue from established customers increase. The recoverable amount was determined using VIU, based on a DCF model over a 5-year forecast period (2026\u20132030) The DCF model incorporates four probability-weighted scenarios, including moderate downside, severe downside and a zero-commercialisation case. \u2022 Base Case (40% weighting): Management\u2019s best estimate, reflecting continued rollout of UnoMeter\u2122 and gradual Sippi\u00ae sales from 2027. \u2022 30% revenue reduction in base case (25% weighting) \u2022 50% revenue reduction in base case revenue (25% weighting) \u2022 \u201cZero scenario\u201d (10% weighting) By applying this probability-weighted approach, the reported recoverable amount is inherently adjusted for the identified risks of delays and margin pressure. The inclusion of a \u201cZero scenario\u201d ensures that the valuation accounts for the possibility of a complete absence of commercial success for new products, effectively acting as a significant risk-adjustment to the total recoverable amount. The VIU calculation for the base case is based on the following key assumptions, derived from management\u2019s forecasts, historical data, and market expectations for market pricing and economy of scale: \u2022 Revenue Growth: Compound average annual revenue growth of 41.7 % (2026\u20132030), reflecting Increased gradual market penetration of UnoMeter\u2122, including introduction of UnoMeter\u2122 Safeti\u2122 Max, reaching historical market sales for the brand annually by 2029\u20132030). Installed Sippi base unit gradually from 2027 (<2% of global ICU beds by 2030). including US, with recurring revenue from disposable units on installed base. \u2022 Gross Margin: Average of 34.6%, based on actual production costs and expected economies of scale. \u2022 EBITDA Margin: Average of 4.8% over the 5-year period, reflecting operational efficiencies as sales scale. \u2022 Discount Rate: 13.3% WACC, and is calculated using a risk-free rate, a risk premium, a market-specific risk premium adjusted by beta via CAPM, and a company-specific risk premium. The tax-adjusted cost of debt is weighed with equity and debt. \u2022 Terminal Growth Rate: 2.0%, aligned with long-term inflation and medical device market growth. To reflect long-term market dynamics and potential competitive pressure, management has applied a conservative downward adjustment to the gross margin in the terminal value calculation. Management has recognized that the speed of technological change and possibility of new entrants may have a significant impact on growth rate assumptions. Management considers the headroom to be sufficient, and the sensitivity analysis shows that the carrying amount is robust against isolated changes in key assumptions. An isolated increase in the discount rate of 1 percentage point, a reduction in gross margin of 3 percentage points, a 2-percentage point reduction in EBITDA margin or revenue growth, or a 0.5 percentage point reduction in the long-term growth rate, would not result in an impairment charge. The headroom remains positive even when these changes are applied to the probability-weighted recoverable amount, which already incorporates a 60% combined weighting of downside and zero-commercialisation scenarios. Management recognises that the recoverable amount is sensitive to combined adverse shifts, but considers the likelihood of such simultaneous events, beyond what is already reflected in the weighted scenarios, to be low. The table below illustrates the sensitivity of the probability-weighted recoverable amount (VIU), expressed as headroom (TNOK), to combined changes in the discount rate (WACC) and the gross margin in the terminal value: Gross margin (TV) - Urine Measurement21 925 -6 % -4 % -2 % 0 % 11,0 % 25 711 39 386 53 062 66 738 80 413 12,0 % 9 019 20 783 32 546 44 310 56 074 13,0 % 4 444- 5 782 16 008 26 234 36 460 13,3 % 7 655- 2 205 12 065 21 925 31 785 14,0 % 15 495- 6 528- 2 439 15,0 % 24 699- 16 777- 8 855- To further address the estimation uncertainty related to the commercial roll-out and sales volumes, management has also performed a sensitivity analysis on the probability-weighted recoverable amount against combined changes in the discount rate (WACC) and overall sales volumes. This demonstrates the robustness of the valuation against further adverse volume shifts beyond the 60% downside weighting already incorporated into the model: Sales volume - Urine Measurement21 925 -20 % -15 % -5 % 0 % 11,0 % 55 376 58 216 63 897 66 738 69 578 12,0 % 34 698 37 101 41 907 44 310 46 713 13,0 % 18 024 20 077 24 182 26 234 28 286 13,3 % 14 048 16 018 19 956 21 925 23 894 14,0 % 4 340 6 106 9 640 11 407 13 174 15,0 % 7 056- 5 525- 2 464- As illustrated above, the carrying amount remains supported with a further reduction in sales volumes at the current WACC. Management considers the likelihood of a combined adverse event that would result in a recoverable amount below the carrying value (e.g., a 15% WACC combined with a 10% volume reduction) to be low, as the starting point for this sensitivity already includes a significant risk-adjustment through the scenario-based weighting During 2025, the Group has prioritized the commercialization of the UnoMeter\u2122 portfolio, with UnoMeter\u2122 Safeti\u2122 Plus\u2014historically the largest revenue generator\u2014launched successfully early in the year. A key milestone in the Group\u2019s integrated strategy is the development of UnoMeter\u2122 Safeti\u2122 Max. As the first major innovation in this segment for years, the Safeti\u2122 Max incorporates patented technology originally developed for Sippi\u00ae, creating a direct technological bridge to the digital product. This integration further differentiates our offering from competitors and improves patient welfare while establishing the market foundation for Sippi\u00ae, the digital and connected urimeter. Sippi\u00ae is planned for a larger-scale roll-out once the UnoMeter\u2122 products have fully re-established their global market presence. While this phased approach has resulted in delayed cash flows for Sippi\u00ae compared to previous estimates, management maintains that the asset holds significant value. The commercial progress achieved through the UnoMeter\u2122 brand, which Sippi\u00ae will be part of, demonstrates that the digital platform is now better positioned for long-term commercial success, and its global revenue potential remains robust. Sensitivity and estimation uncertainty The recoverable amount is sensitive to assumptions regarding future sales volumes, timing of market penetration, operating margins, the discount rate, and long-term growth assumptions. Management has also considered the potential impact of global economic uncertainties, including supply chain dynamics and geopolitical factors, on future operating costs and market access. While no significant adverse impacts have been identified as of the reporting date, these factors are incorporated into the scenario-based modeling to ensure that the recoverable amounts reflect a realistic risk-adjusted outlook. The sensitivity analysis shows that the carrying amount remains robust even when accounting for a 60% combined probability of downside and zero-growth outcomes. Management considers the headroom to be sufficient, even after applying conservative terminal value assumptions that reflect long-term competitive pressure. Management considers the assumptions applied to represent reasonable and supportable estimates at the reporting date. However, due to the inherent uncertainty in future market developments, actual outcomes may differ from these estimates. Conclusion Based on management\u2019s assessment, assumptions, and the expectations applied in the business cases and future plans, it is the Group\u2019s conclusion that the recoverable amounts for the cash-generating units justify their carrying values as recognized in the balance sheet as of 31 December 2025.N O T E 2 1 \u2013 T A X E S Income tax 2025 2024 Current tax 0 0 Deferred tax 0 0 Tax expense/income recognised 0 0 Reconciliation of income tax Tax rate 2025 2024 Amounts in NOK thousand Result before tax -48 639 -58 727 Expected income taxes, 22% of result before tax 10 700 12 920 Differences in tax rates -62 -164 Tax expense before not recognised tax assets 12 698 13 593 Norway, change in deferred tax assets not recognised 22 % -10 947 -11 284 Denmark, change in deferred tax assets not recognised 22 % -738 -546 Sweden, change in deferred tax assets not recognised 21 % -1 013 -1 763 Total taxes 0 0 Effective tax rate 0,0 % 0,0 % Basis for Deferred Tax Liabilities and Tax Assets (-) 2025 Temporary Temporary Temporary Total 2025 differences differences differences Norway Sweden Denmark Amounts in NOK thousand Fixed assets -506 7 375 0 6 869 Other -6 440 0 0 -6 440 Total temporary differences -6 946 7 375 0 429 Tax losses carried forward -312 154 -107 350 -99 466 -518 970 Basis for temporary differences -319 100 -99 975 -99 466 -518 541 Unrecognised temporary differences 319 100 99 975 99 466 518 541 Total recognised temporary differences 0 0 0 0 Tax rate 22 % 21 % 22 % Recognised deferred tax liabilities and tax assets (-) 0 0 0 0 2024 Amounts in NOK thousand Intangible assets 48 771 8 672 0 57 443 Other -9 591 0 0 -9 591 Total temporary differences 39 180 8 672 0 47 852 Tax losses carried forward -327 135 -97 975 -100 172 -525 282 Basis for temporary differences -287 955 -89 303 -100 172 -477 430 Unrecognised temporary differences 287 955 89 303 100 172 477 430 Total recognised temporary differences 0 0 0 0 Tax rate 22 % 21 % 22 % Recognised deferred tax liabilities and tax assets (-) 0 0 0 0 Deferred tax assets 0 0 0 0 Deferred tax liabilities 0 0 0 0 Change in Deferred Tax Assets and Deferred Tax Liabilities Effect of Foreign Recognised in acquistion and currency profit and loss equity exchange Amounts in NOK thousand 01.01.2025 during the year transactions differences 31.12.2025 Intangible assets 12 516 -11 219 110 1 408 Other -2 110 2 211 101 Tax losses carried forward -114 190 -3 691 -1 850 -119 731 Gross tax liabilities / assets (-) -103 784 -12 698 -1 740 -118 222 Deferred tax assets not recognised 103 784 12 698 1 740 118 222 Tax liabilities/assets (-) recognised 0 0 0 0 0 Effect of Foreign Recognised in acquistion and currency profit and loss equity exchange Amounts in NOK thousand 01.01.2024 during the year transactions differences 31.12.2024 Intangible assets 7 579 4 906 31 12 516 Other 5 801 -7 911 -2 110 Tax losses carried forward -99 292 -10 588 -4 310 -114 190 Gross tax liabilities / assets (-) -85 913 -13 593 -4 279 -103 784 Deferred tax assets not recognised 85 913 13 593 4 279 103 784 Tax liabilities/assets (-) recognised 0 0 0 0 0 Use of Tax Losses Carried Forward There is not any expiration date for the use of tax losses carried forward.",
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"value": "N O T E 7 \u2013 P A Y R O L L E X P E N S E S Amounts in NOK thousand 2025 2024 Salaries 10 843 11 381 Remuneration to the Board and Nomination Committee 1 198 1 300 Employer's tax 1 182 1 628 Share options for employees 1 342 634 Pension expenses \u2013 defined-contribution scheme 565 894 Other payroll expenses 156 300 Total 15 287 16 138 Average number of full-time equivalents 4.9 6.2 Headcount at 31 December 5 5",
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"value": "N O T E 8 \u2013 R E M U N E R A T I O N T O C O R P O R A T E M A N A G E M E N T A N D B O A R D O F D I R E C T O R S In accordance with the Norwegian public Limited Companies Act \u00a76-16 a, the board of directors prepares a separate statement related to the determination of salary and other benefits for the corporate management. This report can be found on the Company\u2019s web page observemedical.com. The total remuneration to the corporate management consists of basic salary (main element), bonus, benefits in-kind and pension schemes, but varies from person to person. The Group\u2019s Chief Executive Officer determines the remunerations to other management in agreement with the Chair of the Board of Directors. The total remuneration is determined based on the need to offer competitive terms and reflect the responsibility for the CEO and other members of the management team. The total remuneration shall not be market leading but should ensure that Observe Medical attracts and retains senior executives with the desired skills and experience. The basic salary is subject to an annual evaluation and is determined based on general salary levels in the labor market. The Company is entitled to terminate the CEO\u2019s employment agreement by giving 6 months' notice, and the Executive by giving 4 months' notice. The notice of termination must always be in writing and will expire on the last day of a month. If the CEO\u2019s employment is terminated by the Company other than for misconduct, the Executive will be entitled to a severance payment equivalent to 12 months' Base Salary. The Group has defined contribution pension schemes. The CEO participates in a defined contribution pension scheme on market terms, where the Company pays a contribution representing 10% of the base salary.Remuneration to the Group Management 2025 Other Pension Option 3)Amounts in NOK thousand Salary benefitsBonus expenses expenses Total Options Shares 1)CEO J\u00f8rgen Mann 2 947 175 1 570 293 1 051 6 035 1 866 666 870 000 CFO Johan Fagerli 1 502 99 680 182 317 2 784 833 333 356 716 Total 4 453 274 2 250 475 1 368 8 819 2 699 999 1 226 716 2024 Other Pension Option 3)5)Bonus expenses expenses Total OptionsSharesAmounts in NOK thousand Salary benefits2) 4)CEO J\u00f8rgen Mann (from 29.02.24) 2 151 215 1 021 215 99 3 701 66 667 40 000 2)CFO Johan Fagerli (from 21.03.24) 1 081 70 150 125 4 1 430 33 333 16 718 2CEO Rune Nystad (until 29.02.24) 441 2 350 31 31 853 66 667 110 832 2)CFO Per Arne Nyg\u00e5rd (until 21.03.24) 867 49 46 961 Total 4 539 336 1 521 417 133 6 946 166 667 167 550 1) The amounts have been converted from DKK to NOK using an exchange rate of 1.57 2) For members of executive management who either joined or resigned during the year, total remuneration expensed presented in the table above is for the period where the members are part of the executive management team 3) Other benefits include car allowance, mobile phone and other allowances according to Danish law. 4) The amounts have been converted from DKK to NOK using an exchange rate of 1.56 5) Converted to reverse share split ratio 15:1. Remuneration to the Board of Directors 2025 Amounts in NOK thousand, except number of shares 8)Shares owned by Function Name Board Other Shares fee fee related parties Chair Terje Bakken 300 3 095 112 10 703 684 8)Board member Kathrine G. Andreassen 158 244 343 12 564 279 7)Board member Eskild Endrerud 255 6 145 753 7)Board member Line T\u00f8nnessen 265 253 037 Total 968 9 738 245 23 267 963 6)Terje Bakken is partner in R. Investment Company AS who owns 10,703,684 shares in Observe Medical ASA. Kathrine Gamborg Andreassen is CEO in Navamedic ASA who own 12,564,279 shares in Observe Medical ASA 7)Includes NOK 20 thousand in fee as member of the Audit Committee, Includes NOK 30 thousand in fee as Chair of the Audit Committee 8)The board member's term ended 5. February 2025 2024 Amounts in NOK thousand, except number of shares 9)Function Name Board Other SharesShares owned by 9)fee fee related partiesChair Terje Bakken 300 90 000 2 103 571 Board member Kathrine G. Andreassen 225 57 917 3 007 318 Board member Sanna Rydberg 225 Board member Eskild Endrerud 255 981 257 Board member Line T\u00f8nnessen 265 62 179 Total 1 270 1 191 353 5 110 889 9)Converted to reverse share split ratio 15:1. Executive personnel are defined as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). No loans were granted, and no assets were pledged for the benefit of employees, shareholders, or members of the Board of Directors in 2025 or 2024.N O T E 2 2 \u2013 R E L A T E D P A R T I E S Transactions and shared costs have historically been charged by the parent Company to its subsidiaries. In addition to Group companies, the group's related parties are: Key management personnel, close members of the family of a person and entities that are controlled or jointly controlled by any of these. Key management personnel are defined as the Board of Directors and the group management. Transactions and balances within the Group are eliminated in the financial statements and are not disclosed in this note. During 2025, the Group secured short-term working capital through loan agreements with certain shareholders and related entities (including ELI AS, JPB AS, and RIC). These loans carried an interest rate of 15%, with a step-up to 25% for amounts remaining outstanding after the initial due date of 30 June 2025. The transactions were entered into on what management considers to be market terms given the Group's financial position at the time. As of 31 December 2025, the outstanding balance including accrued interest amounted to NOK 1.6 million. Transactions and balances with related parties Amounts in NOK thousand As at 31.12.2025 As at 31.12.2024 Operational Expenses Reiten&Co AS 75 750 Financial expenses Navamedic ASA 2 381 5 523 Interest bearing debt Navamedic ASA 15 894 38 317 Financial expenses RIC 99 0 Interest bearing debt RIC 949 0 Financial expenses ELI AS 39 0 Interest bearing debt ELI AS 39 0 Financial expenses JPB AS 59 0 Interest bearing debt JPB AS 609 0 Transactions and Balances with related parties includes transactions with Reiten&Co, 100% owned by R. Investment Company AS (RIC), Navamedic ASA the largest shareholder, ELI AS shareholder controlled by board member Eskild Endrerud and JPB AS, shareholder. During the period, certain shareholder loans were partially repaid in accordance with agreed terms. Navamedic ASA is the largest shareholder in Observe Medical ASA. The terms in the agreements between the parties are based on arm\u2019s length",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s6__6__77-1": {
"value": "Remuneration to the Group Management 2025 Other Pension Option 3)Amounts in NOK thousand Salary benefitsBonus expenses expenses Total Options Shares 1)CEO J\u00f8rgen Mann 2 947 175 1 570 293 1 051 6 035 1 866 666 870 000 CFO Johan Fagerli 1 502 99 680 182 317 2 784 833 333 356 716 Total 4 453 274 2 250 475 1 368 8 819 2 699 999 1 226 716 2024 Other Pension Option 3)5)Bonus expenses expenses Total OptionsSharesAmounts in NOK thousand Salary benefits2) 4)CEO J\u00f8rgen Mann (from 29.02.24) 2 151 215 1 021 215 99 3 701 66 667 40 000 2)CFO Johan Fagerli (from 21.03.24) 1 081 70 150 125 4 1 430 33 333 16 718 2CEO Rune Nystad (until 29.02.24) 441 2 350 31 31 853 66 667 110 832 2)CFO Per Arne Nyg\u00e5rd (until 21.03.24) 867 49 46 961 Total 4 539 336 1 521 417 133 6 946 166 667 167 550 1) The amounts have been converted from DKK to NOK using an exchange rate of 1.57 2) For members of executive management who either joined or resigned during the year, total remuneration expensed presented in the table above is for the period where the members are part of the executive management team 3) Other benefits include car allowance, mobile phone and other allowances according to Danish law. 4) The amounts have been converted from DKK to NOK using an exchange rate of 1.56 5) Converted to reverse share split ratio 15:1. Remuneration to the Board of Directors 2025 Amounts in NOK thousand, except number of shares 8)Shares owned by Function Name Board Other Shares fee fee related parties Chair Terje Bakken 300 3 095 112 10 703 684 8)Board member Kathrine G. Andreassen 158 244 343 12 564 279 7)Board member Eskild Endrerud 255 6 145 753 7)Board member Line T\u00f8nnessen 265 253 037 Total 968 9 738 245 23 267 963 6)Terje Bakken is partner in R. Investment Company AS who owns 10,703,684 shares in Observe Medical ASA. Kathrine Gamborg Andreassen is CEO in Navamedic ASA who own 12,564,279 shares in Observe Medical ASA 7)Includes NOK 20 thousand in fee as member of the Audit Committee, Includes NOK 30 thousand in fee as Chair of the Audit Committee 8)The board member's term ended 5. February 2025 2024 Amounts in NOK thousand, except number of shares 9)Function Name Board Other SharesShares owned by 9)fee fee related partiesChair Terje Bakken 300 90 000 2 103 571 Board member Kathrine G. Andreassen 225 57 917 3 007 318 Board member Sanna Rydberg 225 Board member Eskild Endrerud 255 981 257 Board member Line T\u00f8nnessen 265 62 179 Total 1 270 1 191 353 5 110 889 9)Converted to reverse share split ratio 15:1. Executive personnel are defined as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). No loans were granted, and no assets were pledged for the benefit of employees, shareholders, or members of the Board of Directors in 2025 or 2024.N O T E 9 \u2013 S H A R E O P T I O N S The Group operates an equity-settled share-based compensation plan. The fair value of the employee services received in exchange for the grant of options is recognized as an expense over the vesting period. The total amount to be expensed is determined by reference to the fair value of the options granted, using the Black-Scholes option-pricing model. The social security provision is calculated based on the intrinsic value of the options at each reporting date and is adjusted for changes in the share price and the number of options expected to vest. Reverse Share Split: On 7 January 2025, the Group executed a 15:1 reverse share split. In accordance with IFRS, all prior-period option grants and exercise prices have been restated to reflect this adjustment. The 1,500,000 options granted in 2024 were adjusted to 100,000 options with a weighted average exercise price of NOK 6.45. During the second half of 2025, the Group granted a total of 2,600,000 share options to the CEO and CFO. These options vest over two years (1/3 at grant date, 1/3 after 12 months, and 1/3 after 24 months) and expire on 22 July 2028, 1,900,000 options with exercise price of NOK 0.50 and 700,000 options with exercise price of NOK 2.00. The fair value of options granted in 2025 was calculated using the Black-Scholes model. Key inputs include a risk-free interest rate based on government bonds, expected volatility based on historical data, and the expected life of the options. As of 31 December 2025, the Group\u2019s share price was NOK 0.74. At this price, 633,334 vested options were in the money (primarily the NOK 0.50 tranche). The Group has recognized a social security provision of NOK 21 thousand (NOK 0 in 2024) related to these options. Total expense recognized for share-based payments in 2025 amounted to NOK 1,340 thousand (NOK 634 thousand in 2024). Contractual life* 3.00 Share price* 1.18 Volatility* 121.89% Dividend* 0 Strike price* 0.90 Expected lifetime* 2.00 Interest rate* 3.61% FV per instrument* 0.81 *Weighted average parameters at grant of instrument. Share options at 31 December 2025 Held at Award Exercise Exercise Awarded in Vested per Awardee and Held at end Name and position beg. of date price period year 31.12.25 unvested of year year 2024 6.60 2024\u20132027 66 667 44 444 22 222 66 666 J\u00f8rgen Mann (CEO) 2025 0.50 \u2013 2.00 2025\u20132028 1 800 000 600 000 1 200 000 2 000 000 2024 6.00 2024\u20132027 33 333 22 222 11 111 33 333 Johan Fagerli (CFO) 2025 0.50 \u2013 2.00 2025\u20132028 800 000 266 667 533 333 600 000 Rune Nystad (former CEO) 2022 67.5 2023\u20132026 66 666 66 666 0 66 666 Total 166 667 2 600 000 1 000 000 1 766 665 2 766 665",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s6__6__82": {
"value": "N O T E 9 \u2013 S H A R E O P T I O N S The Group operates an equity-settled share-based compensation plan. The fair value of the employee services received in exchange for the grant of options is recognized as an expense over the vesting period. The total amount to be expensed is determined by reference to the fair value of the options granted, using the Black-Scholes option-pricing model. The social security provision is calculated based on the intrinsic value of the options at each reporting date and is adjusted for changes in the share price and the number of options expected to vest. Reverse Share Split: On 7 January 2025, the Group executed a 15:1 reverse share split. In accordance with IFRS, all prior-period option grants and exercise prices have been restated to reflect this adjustment. The 1,500,000 options granted in 2024 were adjusted to 100,000 options with a weighted average exercise price of NOK 6.45. During the second half of 2025, the Group granted a total of 2,600,000 share options to the CEO and CFO. These options vest over two years (1/3 at grant date, 1/3 after 12 months, and 1/3 after 24 months) and expire on 22 July 2028, 1,900,000 options with exercise price of NOK 0.50 and 700,000 options with exercise price of NOK 2.00. The fair value of options granted in 2025 was calculated using the Black-Scholes model. Key inputs include a risk-free interest rate based on government bonds, expected volatility based on historical data, and the expected life of the options. As of 31 December 2025, the Group\u2019s share price was NOK 0.74. At this price, 633,334 vested options were in the money (primarily the NOK 0.50 tranche). The Group has recognized a social security provision of NOK 21 thousand (NOK 0 in 2024) related to these options. Total expense recognized for share-based payments in 2025 amounted to NOK 1,340 thousand (NOK 634 thousand in 2024). Contractual life* 3.00 Share price* 1.18 Volatility* 121.89% Dividend* 0 Strike price* 0.90 Expected lifetime* 2.00 Interest rate* 3.61% FV per instrument* 0.81 *Weighted average parameters at grant of instrument. Share options at 31 December 2025 Held at Award Exercise Exercise Awarded in Vested per Awardee and Held at end Name and position beg. of date price period year 31.12.25 unvested of year year 2024 6.60 2024\u20132027 66 667 44 444 22 222 66 666 J\u00f8rgen Mann (CEO) 2025 0.50 \u2013 2.00 2025\u20132028 1 800 000 600 000 1 200 000 2 000 000 2024 6.00 2024\u20132027 33 333 22 222 11 111 33 333 Johan Fagerli (CFO) 2025 0.50 \u2013 2.00 2025\u20132028 800 000 266 667 533 333 600 000 Rune Nystad (former CEO) 2022 67.5 2023\u20132026 66 666 66 666 0 66 666 Total 166 667 2 600 000 1 000 000 1 766 665 2 766 665",
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"f0__s6__6__86": {
"value": "N O T E 1 0 \u2013 O T H E R O P E R A T I N G E X P E N S E S Amounts in NOK thousand 2025 2024 Consultants 2 347 4 345 Audit Services 3 063 2 688 Legal and professional fees 2 163 1 189 Expense relating to short-term leases 584 637 Accounting and financial services 1 953 2 310 IT expenses 730 1 018 Travel expenses 431 344 Advertising expenses 23 141 IR expenses 1 161 1 189 Patent, trademark, certification etc. 1 763 1 196 Other operating expenses 1 468 1 896 Total 15 686 16 955 Audit fees Amounts in NOK thousand 2025 2024 Statutory audit services 2 422 2 488 Tax advisory 0 0 Other assurance services 956 345 Total 3 378 2 833 Fees to the auditor are recognized as an expense in the period in which the related services are rendered. Only costs expensed in the reporting period are included in the table above. Assurance services related to capital increase of NOK 315 thousand is booked against equity, (145 thousand in 2024).",
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"language": "en",
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"f0__s6__6__84": {
"value": "N O T E 1 0 \u2013 O T H E R O P E R A T I N G E X P E N S E S Amounts in NOK thousand 2025 2024 Consultants 2 347 4 345 Audit Services 3 063 2 688 Legal and professional fees 2 163 1 189 Expense relating to short-term leases 584 637 Accounting and financial services 1 953 2 310 IT expenses 730 1 018 Travel expenses 431 344 Advertising expenses 23 141 IR expenses 1 161 1 189 Patent, trademark, certification etc. 1 763 1 196 Other operating expenses 1 468 1 896 Total 15 686 16 955 Audit fees Amounts in NOK thousand 2025 2024 Statutory audit services 2 422 2 488 Tax advisory 0 0 Other assurance services 956 345 Total 3 378 2 833 Fees to the auditor are recognized as an expense in the period in which the related services are rendered. Only costs expensed in the reporting period are included in the table above. Assurance services related to capital increase of NOK 315 thousand is booked against equity, (145 thousand in 2024).",
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"f0__s6__6__88": {
"value": "Audit fees Amounts in NOK thousand 2025 2024 Statutory audit services 2 422 2 488 Tax advisory 0 0 Other assurance services 956 345 Total 3 378 2 833 Fees to the auditor are recognized as an expense in the period in which the related services are rendered. Only costs expensed in the reporting period are included in the table above. Assurance services related to capital increase of NOK 315 thousand is booked against equity, (145 thousand in 2024).",
"dimensions": {
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"f0__s6__6__96": {
"value": "N O T E 1 1 \u2013 F I N A N C I A L I T E M S Amounts in NOK thousand 2025 2024 Financial income Interest income 2 1 780 Change contingent consideration 0 1 452 Currency gain 5 121 2 445 1)Other financial income39 035 0 Total 44 158 5 677 2025 2024 Financial expenses Interest expenses 5 169 9 551 Change contingent consideration 0 -108 Currency loss 1 663 7 864 Other financial expenses 0 22 2)Contingent milestone liability, Navamedic6 899 Total 13 732 17 329 Net financial items 30 427 -11 652 The Group recognized a net financial income of 30 427 thousand in 2025. The significant improvement compared to the net financial loss in 2024 is primarily attributed to the strategic debt restructuring of the Navamedic and Convatec liabilities. 1) , 2) Other financial income for 2025 is presented as a net amount of 39 035 thousand. This figure consists primarily of a 40 611 thousand gain related to the derecognition of financial liabilities following the successful restructuring of loans from Navamedic and outstanding debt to Convatec. Under IFRS, the difference between the carrying amount of the original debt and the fair value of the newly established terms is recognized as a gain in the statement of comprehensive income. The net amount reflects this gain offset by other minor financial adjustments during the period. The Group has recognized a contingent milestone liability to Navamedic. The liability represents the fair value of two potential payments of NOK 10 million each, contingent upon the product Sippi\u00ae reaching specific accumulated revenue thresholds. In accordance with IAS 32 and IFRS 9, the arrangement is classified as a financial liability. At initial recognition, the liability was measured at a fair value of 6,899 thousand using a discounted cash flow model. The valuation incorporates probability-weighted revenue scenarios and a discount rate of 20%. The liability is subsequently measured at amortized cost using the effective interest method.",
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"language": "en",
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"f0__s6__6__95": {
"value": "N O T E 1 1 \u2013 F I N A N C I A L I T E M S Amounts in NOK thousand 2025 2024 Financial income Interest income 2 1 780 Change contingent consideration 0 1 452 Currency gain 5 121 2 445 1)Other financial income39 035 0 Total 44 158 5 677 2025 2024 Financial expenses Interest expenses 5 169 9 551 Change contingent consideration 0 -108 Currency loss 1 663 7 864 Other financial expenses 0 22 2)Contingent milestone liability, Navamedic6 899 Total 13 732 17 329 Net financial items 30 427 -11 652 The Group recognized a net financial income of 30 427 thousand in 2025. The significant improvement compared to the net financial loss in 2024 is primarily attributed to the strategic debt restructuring of the Navamedic and Convatec liabilities. 1) , 2) Other financial income for 2025 is presented as a net amount of 39 035 thousand. This figure consists primarily of a 40 611 thousand gain related to the derecognition of financial liabilities following the successful restructuring of loans from Navamedic and outstanding debt to Convatec. Under IFRS, the difference between the carrying amount of the original debt and the fair value of the newly established terms is recognized as a gain in the statement of comprehensive income. The net amount reflects this gain offset by other minor financial adjustments during the period. The Group has recognized a contingent milestone liability to Navamedic. The liability represents the fair value of two potential payments of NOK 10 million each, contingent upon the product Sippi\u00ae reaching specific accumulated revenue thresholds. In accordance with IAS 32 and IFRS 9, the arrangement is classified as a financial liability. At initial recognition, the liability was measured at a fair value of 6,899 thousand using a discounted cash flow model. The valuation incorporates probability-weighted revenue scenarios and a discount rate of 20%. The liability is subsequently measured at amortized cost using the effective interest method.",
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"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s6__6__94": {
"value": "N O T E 1 1 \u2013 F I N A N C I A L I T E M S Amounts in NOK thousand 2025 2024 Financial income Interest income 2 1 780 Change contingent consideration 0 1 452 Currency gain 5 121 2 445 1)Other financial income39 035 0 Total 44 158 5 677 2025 2024 Financial expenses Interest expenses 5 169 9 551 Change contingent consideration 0 -108 Currency loss 1 663 7 864 Other financial expenses 0 22 2)Contingent milestone liability, Navamedic6 899 Total 13 732 17 329 Net financial items 30 427 -11 652 The Group recognized a net financial income of 30 427 thousand in 2025. The significant improvement compared to the net financial loss in 2024 is primarily attributed to the strategic debt restructuring of the Navamedic and Convatec liabilities. 1) , 2) Other financial income for 2025 is presented as a net amount of 39 035 thousand. This figure consists primarily of a 40 611 thousand gain related to the derecognition of financial liabilities following the successful restructuring of loans from Navamedic and outstanding debt to Convatec. Under IFRS, the difference between the carrying amount of the original debt and the fair value of the newly established terms is recognized as a gain in the statement of comprehensive income. The net amount reflects this gain offset by other minor financial adjustments during the period. The Group has recognized a contingent milestone liability to Navamedic. The liability represents the fair value of two potential payments of NOK 10 million each, contingent upon the product Sippi\u00ae reaching specific accumulated revenue thresholds. In accordance with IAS 32 and IFRS 9, the arrangement is classified as a financial liability. At initial recognition, the liability was measured at a fair value of 6,899 thousand using a discounted cash flow model. The valuation incorporates probability-weighted revenue scenarios and a discount rate of 20%. The liability is subsequently measured at amortized cost using the effective interest method.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s6__6__93": {
"value": "N O T E 1 1 \u2013 F I N A N C I A L I T E M S Amounts in NOK thousand 2025 2024 Financial income Interest income 2 1 780 Change contingent consideration 0 1 452 Currency gain 5 121 2 445 1)Other financial income39 035 0 Total 44 158 5 677 2025 2024 Financial expenses Interest expenses 5 169 9 551 Change contingent consideration 0 -108 Currency loss 1 663 7 864 Other financial expenses 0 22 2)Contingent milestone liability, Navamedic6 899 Total 13 732 17 329 Net financial items 30 427 -11 652 The Group recognized a net financial income of 30 427 thousand in 2025. The significant improvement compared to the net financial loss in 2024 is primarily attributed to the strategic debt restructuring of the Navamedic and Convatec liabilities. 1) , 2) Other financial income for 2025 is presented as a net amount of 39 035 thousand. This figure consists primarily of a 40 611 thousand gain related to the derecognition of financial liabilities following the successful restructuring of loans from Navamedic and outstanding debt to Convatec. Under IFRS, the difference between the carrying amount of the original debt and the fair value of the newly established terms is recognized as a gain in the statement of comprehensive income. The net amount reflects this gain offset by other minor financial adjustments during the period. The Group has recognized a contingent milestone liability to Navamedic. The liability represents the fair value of two potential payments of NOK 10 million each, contingent upon the product Sippi\u00ae reaching specific accumulated revenue thresholds. In accordance with IAS 32 and IFRS 9, the arrangement is classified as a financial liability. At initial recognition, the liability was measured at a fair value of 6,899 thousand using a discounted cash flow model. The valuation incorporates probability-weighted revenue scenarios and a discount rate of 20%. The liability is subsequently measured at amortized cost using the effective interest method.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s6__6__92": {
"value": "N O T E 1 1 \u2013 F I N A N C I A L I T E M S Amounts in NOK thousand 2025 2024 Financial income Interest income 2 1 780 Change contingent consideration 0 1 452 Currency gain 5 121 2 445 1)Other financial income39 035 0 Total 44 158 5 677 2025 2024 Financial expenses Interest expenses 5 169 9 551 Change contingent consideration 0 -108 Currency loss 1 663 7 864 Other financial expenses 0 22 2)Contingent milestone liability, Navamedic6 899 Total 13 732 17 329 Net financial items 30 427 -11 652 The Group recognized a net financial income of 30 427 thousand in 2025. The significant improvement compared to the net financial loss in 2024 is primarily attributed to the strategic debt restructuring of the Navamedic and Convatec liabilities. 1) , 2) Other financial income for 2025 is presented as a net amount of 39 035 thousand. This figure consists primarily of a 40 611 thousand gain related to the derecognition of financial liabilities following the successful restructuring of loans from Navamedic and outstanding debt to Convatec. Under IFRS, the difference between the carrying amount of the original debt and the fair value of the newly established terms is recognized as a gain in the statement of comprehensive income. The net amount reflects this gain offset by other minor financial adjustments during the period. The Group has recognized a contingent milestone liability to Navamedic. The liability represents the fair value of two potential payments of NOK 10 million each, contingent upon the product Sippi\u00ae reaching specific accumulated revenue thresholds. In accordance with IAS 32 and IFRS 9, the arrangement is classified as a financial liability. At initial recognition, the liability was measured at a fair value of 6,899 thousand using a discounted cash flow model. The valuation incorporates probability-weighted revenue scenarios and a discount rate of 20%. The liability is subsequently measured at amortized cost using the effective interest method.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s6__6__91": {
"value": "N O T E 1 1 \u2013 F I N A N C I A L I T E M S Amounts in NOK thousand 2025 2024 Financial income Interest income 2 1 780 Change contingent consideration 0 1 452 Currency gain 5 121 2 445 1)Other financial income39 035 0 Total 44 158 5 677 2025 2024 Financial expenses Interest expenses 5 169 9 551 Change contingent consideration 0 -108 Currency loss 1 663 7 864 Other financial expenses 0 22 2)Contingent milestone liability, Navamedic6 899 Total 13 732 17 329 Net financial items 30 427 -11 652 The Group recognized a net financial income of 30 427 thousand in 2025. The significant improvement compared to the net financial loss in 2024 is primarily attributed to the strategic debt restructuring of the Navamedic and Convatec liabilities. 1) , 2) Other financial income for 2025 is presented as a net amount of 39 035 thousand. This figure consists primarily of a 40 611 thousand gain related to the derecognition of financial liabilities following the successful restructuring of loans from Navamedic and outstanding debt to Convatec. Under IFRS, the difference between the carrying amount of the original debt and the fair value of the newly established terms is recognized as a gain in the statement of comprehensive income. The net amount reflects this gain offset by other minor financial adjustments during the period. The Group has recognized a contingent milestone liability to Navamedic. The liability represents the fair value of two potential payments of NOK 10 million each, contingent upon the product Sippi\u00ae reaching specific accumulated revenue thresholds. In accordance with IAS 32 and IFRS 9, the arrangement is classified as a financial liability. At initial recognition, the liability was measured at a fair value of 6,899 thousand using a discounted cash flow model. The valuation incorporates probability-weighted revenue scenarios and a discount rate of 20%. The liability is subsequently measured at amortized cost using the effective interest method.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s6__6__98-1": {
"value": "N O T E 1 2 \u2013 C O S T O F M A T E R I A L S Amounts in NOK thousand 2025 2024 Cost of materials for resale 13 473 12 324 Write-down of inventory 639 3 085 Total cost of materials 14 112 15 409 Inventory write-down of 639 thousand recognized in 2025 relates to a precautionary adjustment of carrying values to reflect estimated net realizable value. While the affected inventory remains available for sale, the write-down has been recognized to ensure a robust valuation on the balance sheet date. In 2024, the inventory write-down was primarily related to Biim components and obsolete inventory.Impairment testing of goodwill and other intangible assets CGU Ultrasound During the first half of 2025, increased uncertainty led to a reduced probability assigned to the base case scenario in the probability-weighted cash flow model, resulting in a recoverable amount below the carrying amount and an impairment loss of NOK 4 million. During the second half of 2025, the Group received updated information from Fresenius Medical Care confirming that Biim would not be rolled out at scale across its clinics. This constituted a new impairment indicator under IAS 36. Based on updated expectations regarding future cash flows and commercialisation prospects, management performed a revised impairment assessment and concluded that the recoverable amount of the Ultrasound CGU was lower than its carrying amount. Following the impairment, the carrying amount of the Ultrasound CGU is reduced to zero and based on current commercial expectations no recoverable value is recognised. The impairment assessments were based on management\u2019s best estimates and assumptions reflecting the information available at the respective reporting dates. CGU Urine Measurement The Urine Measurement portfolio is the main strategic and commercial area for the Company. As of 31 December 2025, management has assessed whether any impairment indicators exist for CGU Urine Measurement. The assessment did not identify any indicators of impairment. The impairment test incorporates revised estimates reflecting: \u2022 calibration against actual performance in 2025 \u2022 updated commercial developments and distributor progress \u2022 conservative scenario assumptions, including delayed commercial ramp-up and lower margin assumptions in downside scenarios The recoverable amount was determined based on value in use calculations using probability-weighted discounted cash flow scenarios. The recoverable amount exceeded the carrying amount of the CGU, and no impairment was recognised. The assumptions applied reflect management\u2019s best estimates and incorporate conservative scenario assumptions. The table below summarizes the carrying amounts of goodwill and intangible assets in each CGU as of 31 December 2025 and 31 December 2024. CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2025 Goodwill 35 159 0 35 159 Trademark 27 976 0 27 976 Licence agreement 0 0 0 Technology/Patent 16 017 0 16 017 Customer relationships and other 605 0 605 Other tangible assets 59 0 59 Carrying value 79 816 0 79 816 CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2024 Goodwill 33 067 - 33 067 Trademark 27 976 - 27 976 Licence agreement 1 425 - 1 425 Technology/Patent 18 916 46 838 65 754 Customer relationships and other 683 1 821 2 504 Other tangible assets 154 42 196 Carrying value 82 221 48 700 130 921 The Urine Measurement CGU includes goodwill and intangible assets related to Sippi\u00ae and UnoMeter\u2122 products. Management\u2019s assumptions have been updated and calibrated against actual performance in 2025, current commercial developments and revised timing assumptions for product rollout. The impairment test confirmed that the recoverable amount exceeded the carrying amount and no impairment was recognized. 3 Based on sales statistics from Convatec Estimates for the Urine measurement CGU are based on a continued roll-out of the UnoMeter\u2122 products, 3reaching full historical market sales in 2029-2030. Estimates for the Sippi\u00ae device anticipate new sales starting with impact in 2027, followed by gradual growth as both sales and recurring revenue from established customers increase. The recoverable amount was determined using VIU, based on a DCF model over a 5-year forecast period (2026\u20132030) The DCF model incorporates four probability-weighted scenarios, including moderate downside, severe downside and a zero-commercialisation case. \u2022 Base Case (40% weighting): Management\u2019s best estimate, reflecting continued rollout of UnoMeter\u2122 and gradual Sippi\u00ae sales from 2027. \u2022 30% revenue reduction in base case (25% weighting) \u2022 50% revenue reduction in base case revenue (25% weighting) \u2022 \u201cZero scenario\u201d (10% weighting) By applying this probability-weighted approach, the reported recoverable amount is inherently adjusted for the identified risks of delays and margin pressure. The inclusion of a \u201cZero scenario\u201d ensures that the valuation accounts for the possibility of a complete absence of commercial success for new products, effectively acting as a significant risk-adjustment to the total recoverable amount. The VIU calculation for the base case is based on the following key assumptions, derived from management\u2019s forecasts, historical data, and market expectations for market pricing and economy of scale: \u2022 Revenue Growth: Compound average annual revenue growth of 41.7 % (2026\u20132030), reflecting Increased gradual market penetration of UnoMeter\u2122, including introduction of UnoMeter\u2122 Safeti\u2122 Max, reaching historical market sales for the brand annually by 2029\u20132030). Installed Sippi base unit gradually from 2027 (<2% of global ICU beds by 2030). including US, with recurring revenue from disposable units on installed base. \u2022 Gross Margin: Average of 34.6%, based on actual production costs and expected economies of scale. \u2022 EBITDA Margin: Average of 4.8% over the 5-year period, reflecting operational efficiencies as sales scale. \u2022 Discount Rate: 13.3% WACC, and is calculated using a risk-free rate, a risk premium, a market-specific risk premium adjusted by beta via CAPM, and a company-specific risk premium. The tax-adjusted cost of debt is weighed with equity and debt. \u2022 Terminal Growth Rate: 2.0%, aligned with long-term inflation and medical device market growth. To reflect long-term market dynamics and potential competitive pressure, management has applied a conservative downward adjustment to the gross margin in the terminal value calculation. Management has recognized that the speed of technological change and possibility of new entrants may have a significant impact on growth rate assumptions. Management considers the headroom to be sufficient, and the sensitivity analysis shows that the carrying amount is robust against isolated changes in key assumptions. An isolated increase in the discount rate of 1 percentage point, a reduction in gross margin of 3 percentage points, a 2-percentage point reduction in EBITDA margin or revenue growth, or a 0.5 percentage point reduction in the long-term growth rate, would not result in an impairment charge. The headroom remains positive even when these changes are applied to the probability-weighted recoverable amount, which already incorporates a 60% combined weighting of downside and zero-commercialisation scenarios. Management recognises that the recoverable amount is sensitive to combined adverse shifts, but considers the likelihood of such simultaneous events, beyond what is already reflected in the weighted scenarios, to be low. The table below illustrates the sensitivity of the probability-weighted recoverable amount (VIU), expressed as headroom (TNOK), to combined changes in the discount rate (WACC) and the gross margin in the terminal value: Gross margin (TV) - Urine Measurement21 925 -6 % -4 % -2 % 0 % 11,0 % 25 711 39 386 53 062 66 738 80 413 12,0 % 9 019 20 783 32 546 44 310 56 074 13,0 % 4 444- 5 782 16 008 26 234 36 460 13,3 % 7 655- 2 205 12 065 21 925 31 785 14,0 % 15 495- 6 528- 2 439 15,0 % 24 699- 16 777- 8 855- To further address the estimation uncertainty related to the commercial roll-out and sales volumes, management has also performed a sensitivity analysis on the probability-weighted recoverable amount against combined changes in the discount rate (WACC) and overall sales volumes. This demonstrates the robustness of the valuation against further adverse volume shifts beyond the 60% downside weighting already incorporated into the model: Sales volume - Urine Measurement21 925 -20 % -15 % -5 % 0 % 11,0 % 55 376 58 216 63 897 66 738 69 578 12,0 % 34 698 37 101 41 907 44 310 46 713 13,0 % 18 024 20 077 24 182 26 234 28 286 13,3 % 14 048 16 018 19 956 21 925 23 894 14,0 % 4 340 6 106 9 640 11 407 13 174 15,0 % 7 056- 5 525- 2 464- As illustrated above, the carrying amount remains supported with a further reduction in sales volumes at the current WACC. Management considers the likelihood of a combined adverse event that would result in a recoverable amount below the carrying value (e.g., a 15% WACC combined with a 10% volume reduction) to be low, as the starting point for this sensitivity already includes a significant risk-adjustment through the scenario-based weighting During 2025, the Group has prioritized the commercialization of the UnoMeter\u2122 portfolio, with UnoMeter\u2122 Safeti\u2122 Plus\u2014historically the largest revenue generator\u2014launched successfully early in the year. A key milestone in the Group\u2019s integrated strategy is the development of UnoMeter\u2122 Safeti\u2122 Max. As the first major innovation in this segment for years, the Safeti\u2122 Max incorporates patented technology originally developed for Sippi\u00ae, creating a direct technological bridge to the digital product. This integration further differentiates our offering from competitors and improves patient welfare while establishing the market foundation for Sippi\u00ae, the digital and connected urimeter. Sippi\u00ae is planned for a larger-scale roll-out once the UnoMeter\u2122 products have fully re-established their global market presence. While this phased approach has resulted in delayed cash flows for Sippi\u00ae compared to previous estimates, management maintains that the asset holds significant value. The commercial progress achieved through the UnoMeter\u2122 brand, which Sippi\u00ae will be part of, demonstrates that the digital platform is now better positioned for long-term commercial success, and its global revenue potential remains robust. Sensitivity and estimation uncertainty The recoverable amount is sensitive to assumptions regarding future sales volumes, timing of market penetration, operating margins, the discount rate, and long-term growth assumptions. Management has also considered the potential impact of global economic uncertainties, including supply chain dynamics and geopolitical factors, on future operating costs and market access. While no significant adverse impacts have been identified as of the reporting date, these factors are incorporated into the scenario-based modeling to ensure that the recoverable amounts reflect a realistic risk-adjusted outlook. The sensitivity analysis shows that the carrying amount remains robust even when accounting for a 60% combined probability of downside and zero-growth outcomes. Management considers the headroom to be sufficient, even after applying conservative terminal value assumptions that reflect long-term competitive pressure. Management considers the assumptions applied to represent reasonable and supportable estimates at the reporting date. However, due to the inherent uncertainty in future market developments, actual outcomes may differ from these estimates. Conclusion Based on management\u2019s assessment, assumptions, and the expectations applied in the business cases and future plans, it is the Group\u2019s conclusion that the recoverable amounts for the cash-generating units justify their carrying values as recognized in the balance sheet as of 31 December 2025.",
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"f0__s6__6__102": {
"value": "N O T E 1 3 \u2013 E A R N I N G S P E R S H A R E For the periods presented there are no dilutive effects on profits or number of shares. Basic and diluted earnings per share are therefore the same. At 31 December 2025, 2 766 667 share options were outstanding. These instruments were excluded from the calculation of diluted earnings per share as they were anti-dilutive for the periods presented (ref. IAS 33.70c). Average number of shares and earnings per share for 2024 is adjusted retrospectively for the reverse share split of 15:1 in 2025 (IAS 33.64). 2025 2024 Profit for the period (TNOK) -48 639 -58 727 Average no of shares 66 703 412 14 870 157 Earnings per share (NOK) -0.73 -3.95",
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"f0__s6__6__104": {
"value": "N O T E 1 4 \u2013 R E S E A R C H A N D D E V E L O P M E N T Observe Medical performs research and development (R&D) activities related to its product portfolio. Total R&D expenditure amounted to NOK 2 000 thousand in 2025, compared to NOK 2 624 thousand in 2024. Of the total expenditure in 2025, NOK 1 139 thousand has been capitalized in accordance with the criteria in IAS 38, as these costs relate to the development phase of specific projects where future economic benefits are probable. Capitalized R&D will be amortized over the estimated useful lives of the related assets once they are available for use. Operating R&D expenses, primarily comprise internal personnel costs and external consultancy fees that do not meet the criteria for capitalization. These costs are recognized in the statement of comprehensive income as incurred. For further information on the accounting treatment of intangible assets, please refer to Note 2. 2025 2024 Amounts in NOK thousand Operational expenses, internal and external resources 861 850 Capitalized expenses 1 139 1 774 Total 2 000 2 624",
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"f0__s6__6__110-1": {
"value": "N O T E 1 5 - T A N G I B L E A S S E T S A N D L E A S E Amounts in NOK thousand Right-of-use Other Sum Acquisition cost 1 January 2024 1 035 2 917 3 952 Disposals -1 053 -1 214 -2 267 Currency translation differences 19 -28 -10 Acquisition cost 31 December 2024 0 1 675 1 675 Acquisition cost 1 January 2025 0 1 675 1 675 Currency translation differences 0 54 54 Acquisition cost 31 December 2025 0 1 729 1 729 Accumulated depreciation 1 January 2024 273 1 722 1 995 Depreciation for the year 463 267 731 Disposals -726 -479 -1 204 Currency translation differences -11 -31 -42 Accumulated depreciation 31 December 2024 0 1 479 1 479 Accumulated depreciation 1 January 2025 0 1 479 1 479 Depreciation for the year 0 146 146 Currency translation differences 0 45 45 Accumulated depreciation 31 December 2025 0 1 670 1 670 Carrying value 31 December 2024 0 196 196 Carrying value 31 December 2025 0 59 59 1Expected useful economic life3-5 years 3-5 years No additions to tangible assets were recognised during 2025 Lease Liability 2025 2024 As at 1 January 0 792 Disposal 0 -328 Lease payments in the period 0 -501 Interest cost 0 6 Currency translation differences 0 31 Closing liability at 31 December 0 0 Current 0 0 Non-Current 0 0 0 0 Effect of leases Contract on the Statement of Comprehensive Income Amounts in NOK thousand 2025 2024 Depreciation expense of right-of-use assets 0 463 Interest expense on lease liabilities 0 6 Expense relating to short-term leases (included in other operating expenses) 0 637 Total amount recocnised in result for the period 0 1 107 Undiscounted Lease Liabilities and Maturity of Cash Outflow Amounts in NOK thousand 2025 2024 Due within 1 year 0 0 Due between 1 year and 3 years 0 0 Total 0 0 The Group had no active lease agreements in 2025. Consequently, expenses for short-term and low-value leases, as well as total cash outflow for leases, were NOK 0. Lease contracts relating to company cars and offices were disposed during 2024.N O T E 1 6 \u2013 I N T A N G I B L E A S S E T S Licence Technology Technology agree-Customer assets / develop-Sum Amounts in NOK thousand Goodwill Trademark meent relations Patent ment (Restated) Acquisition cost 1 January 2024 102 314 27 976 4 273 3 329 102 388 15 625 255 905 Additions 0 1 775 1 775 Currency translation differences 535 1 110 164 1 808 Acquisition cost 31 December 2024 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Acquisition cost 1 January 2025 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Additions 0 1 139 1 139 Currency translation differences 2 091 513 87 2 691 Acquisition cost 31 December 2025 104 940 27 976 4 273 3 329 104 011 18 789 263 318 Accumulated amortization and impairment 1 January 2024 67 106 0 712 492 34 612 8 584 111 506 Amortization for the year 0 2 137 333 9 099 2 081 13 650 Impairment for the year 2 675 2 675 Currency translation differences 0 332 599 931 Accumulated amortization and impairment 31 December 2024 69 781 0 2 849 825 44 043 11 264 128 762 Acc. Amort. and Impairment 1 January 2025 69 781 0 2 849 825 44 043 11 265 128 762 Amortization for the year 0 0 1 425 332 9 067 2 350 13 174 Impairment for the year 1 567 40 158 41 725 Currency translation differences 0 -80 -20 -101 Acc. Amort. and Impairment 31 December 2025 69 781 0 4 274 2 723 93 188 13 594 183 560 Carrying value 31 December 2024 33 067 27 976 1 425 2 504 59 454 6 300 130 725 Carrying value 31 December 2025 35 159 27 976 0 605 10 823 5 195 79 758 2Expected useful economic lifeIndefinite Indefinite 2 years 10 years 10 years 5 years Overview Goodwill arises from the acquisition of Observe Medical International AB in 2015 and is allocated to the cash-generating unit (CGU) Urine Measurement. Goodwill related to CGU Ultrasound, from the acquisition of Biim Ultrasound AS in 2022 of NOK 67.1 million was fully impaired in the 2023 restated financial statements, and goodwill related to the acquisition of Sylak AB in 2020 (CGU Other Business) of NOK 2.7 million was impaired in 2024. The assets acquired from Convatec in 2023 have been separately identified, measured at fair value and allocated a relative part of the total consideration for the acquired assets. The trademark of UnoMeter\u2122 was identified as a material part of the transaction based on the well-known reputation and historical sales of the products in the portfolio. The valuation of the trademark was based on a relief-from-royalty method, measuring the trademark to NOK 28.0 million. 2 IAS 38.118-119, IAS 38.122a. Linear amortization. The trademark has been assessed to have an indefinite lifespan. For over 30 years, Convatec has produced and sold UnoMeter\u2122, building a brand within urine output measurement solutions that is highly regarded globally. With a historical footprint encompassing more than 600 customers across 50 countries, the UnoMeter\u2122 brand represents an established global market position that provides a robust platform for accelerated market access. The primary purpose of acquiring the assets was the ability to approach customers with a well-known brand, enabling opportunities to relaunch Sippi\u00ae, as part of the UnoMeter\u2122 product family and leverage synergies within the urine output measurement portfolio. By providing a comprehensive portfolio that spans from traditional manual instruments to advanced digital technology, the Company enhances its value proposition toward major distributors and consolidates its competitive position within the segment. While an established distribution network did not exist, the Company gained access to a list of potential distributors familiar with the UnoMeter\u2122 brand (historical customer-/distribution information), enabling opportunities to re-launch the UnoMeter\u2122 product family and introduce Sippi\u00ae to leverage synergies within the urine measurement product portfolio. Consequently, The Company assesses that the UnoMeter\u2122 trademark constitutes a significant portion of the acquisition cost. The two-year license agreement with Convatec, securing the Group the rights to the UnoMeter\u2122 assets, was allocated an initial value of NOK 4.3 million. This valuation was based on the relief-from-royalty method, corresponding to the expected revenues during the license period. Following the restructuring of the debt to Convatec in 2025, the acquisition was considered closed, and the license agreement consequently lapsed. As of 31 December 2025, the asset is fully amortized, reflecting both the original two-year amortization schedule and the final closing of the transaction. Further, NOK 0.8 million and NOK 4.4 million was allocated to assets measured at a replacement cost for information related to historical UnoMeter customers/distributors and technical documentation related to UnoMeter\u2122. These assets are amortized over 10 years, reflecting their long-term value in supporting the Group's integrated urine measurement strategy. Other technology assets and patents primarily comprise the Sippi\u00ae technology, while technology development comprises capitalized costs associated with the development of the Group\u2019s product portfolio. Development costs are capitalized when the recognition criteria are met. Amortization of capitalized development costs commences typically when the product is available for use and required regulatory approvals have been obtained. Goodwill and trademarks are not amortized but are tested annually for impairment. Cash-generating units (CGUs) The Group has identified the following CGUs for impairment testing purposes: CGU Ultrasound \u2013 Biim ultrasound technology and CGU Urine Measurement which comprises the integrated product portfolio, including UnoMeter\u2122 and Sippi technologies, which share common commercial, operational and regulatory platforms and generate largely interdependent cash inflows. Management therefore considers these assets to form a single cash-generating unit in accordance with IAS 36. Impairment testing methodology The Group performs annual impairment tests for goodwill, intangible assets with indefinite useful lives, and intangible assets not yet available for use. Additionally, impairment tests are conducted for other assets if there are indications of impairment. The recoverable amount is determined as the higher of value in use (VIU) and fair value less costs of disposal (FVLCTD). In accordance with IAS 36, the recoverable amount of the CGU Urine Measurement has been determined based on VIU using a discounted cash flow (DCF) model. Management considers VIU to be the most appropriate method given the absence of observable market transactions for determining fair value. If the carrying amount of a cash-generating unit (CGU) exceeds its recoverable amount, an impairment loss is recognized. Impairment losses on goodwill are not reversed, while reversals for other assets may be considered if the underlying estimates change. The DCF model is based on management\u2019s five-year forecasts reflecting management\u2019s best estimate of future economic conditions, calibrated against actual performance, current commercial developments and available external information. Key assumptions include: \u2022 expected future revenue growth and market penetration \u2022 gross margins and operating cost development \u2022 timing of commercialisation activities \u2022 discount rate (WACC) \u2022 terminal growth rate Scenario-based modelling has been applied to reflect uncertainties related to commercial ramp-up, product launch timing and margins. Impairment testing of goodwill and other intangible assets CGU Ultrasound During the first half of 2025, increased uncertainty led to a reduced probability assigned to the base case scenario in the probability-weighted cash flow model, resulting in a recoverable amount below the carrying amount and an impairment loss of NOK 4 million. During the second half of 2025, the Group received updated information from Fresenius Medical Care confirming that Biim would not be rolled out at scale across its clinics. This constituted a new impairment indicator under IAS 36. Based on updated expectations regarding future cash flows and commercialisation prospects, management performed a revised impairment assessment and concluded that the recoverable amount of the Ultrasound CGU was lower than its carrying amount. Following the impairment, the carrying amount of the Ultrasound CGU is reduced to zero and based on current commercial expectations no recoverable value is recognised. The impairment assessments were based on management\u2019s best estimates and assumptions reflecting the information available at the respective reporting dates. CGU Urine Measurement The Urine Measurement portfolio is the main strategic and commercial area for the Company. As of 31 December 2025, management has assessed whether any impairment indicators exist for CGU Urine Measurement. The assessment did not identify any indicators of impairment. The impairment test incorporates revised estimates reflecting: \u2022 calibration against actual performance in 2025 \u2022 updated commercial developments and distributor progress \u2022 conservative scenario assumptions, including delayed commercial ramp-up and lower margin assumptions in downside scenarios The recoverable amount was determined based on value in use calculations using probability-weighted discounted cash flow scenarios. The recoverable amount exceeded the carrying amount of the CGU, and no impairment was recognised. The assumptions applied reflect management\u2019s best estimates and incorporate conservative scenario assumptions. The table below summarizes the carrying amounts of goodwill and intangible assets in each CGU as of 31 December 2025 and 31 December 2024. CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2025 Goodwill 35 159 0 35 159 Trademark 27 976 0 27 976 Licence agreement 0 0 0 Technology/Patent 16 017 0 16 017 Customer relationships and other 605 0 605 Other tangible assets 59 0 59 Carrying value 79 816 0 79 816 CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2024 Goodwill 33 067 - 33 067 Trademark 27 976 - 27 976 Licence agreement 1 425 - 1 425 Technology/Patent 18 916 46 838 65 754 Customer relationships and other 683 1 821 2 504 Other tangible assets 154 42 196 Carrying value 82 221 48 700 130 921 The Urine Measurement CGU includes goodwill and intangible assets related to Sippi\u00ae and UnoMeter\u2122 products. Management\u2019s assumptions have been updated and calibrated against actual performance in 2025, current commercial developments and revised timing assumptions for product rollout. The impairment test confirmed that the recoverable amount exceeded the carrying amount and no impairment was recognized. 3 Based on sales statistics from Convatec Estimates for the Urine measurement CGU are based on a continued roll-out of the UnoMeter\u2122 products, 3reaching full historical market sales in 2029-2030. Estimates for the Sippi\u00ae device anticipate new sales starting with impact in 2027, followed by gradual growth as both sales and recurring revenue from established customers increase. The recoverable amount was determined using VIU, based on a DCF model over a 5-year forecast period (2026\u20132030) The DCF model incorporates four probability-weighted scenarios, including moderate downside, severe downside and a zero-commercialisation case. \u2022 Base Case (40% weighting): Management\u2019s best estimate, reflecting continued rollout of UnoMeter\u2122 and gradual Sippi\u00ae sales from 2027. \u2022 30% revenue reduction in base case (25% weighting) \u2022 50% revenue reduction in base case revenue (25% weighting) \u2022 \u201cZero scenario\u201d (10% weighting) By applying this probability-weighted approach, the reported recoverable amount is inherently adjusted for the identified risks of delays and margin pressure. The inclusion of a \u201cZero scenario\u201d ensures that the valuation accounts for the possibility of a complete absence of commercial success for new products, effectively acting as a significant risk-adjustment to the total recoverable amount. The VIU calculation for the base case is based on the following key assumptions, derived from management\u2019s forecasts, historical data, and market expectations for market pricing and economy of scale: \u2022 Revenue Growth: Compound average annual revenue growth of 41.7 % (2026\u20132030), reflecting Increased gradual market penetration of UnoMeter\u2122, including introduction of UnoMeter\u2122 Safeti\u2122 Max, reaching historical market sales for the brand annually by 2029\u20132030). Installed Sippi base unit gradually from 2027 (<2% of global ICU beds by 2030). including US, with recurring revenue from disposable units on installed base. \u2022 Gross Margin: Average of 34.6%, based on actual production costs and expected economies of scale. \u2022 EBITDA Margin: Average of 4.8% over the 5-year period, reflecting operational efficiencies as sales scale. \u2022 Discount Rate: 13.3% WACC, and is calculated using a risk-free rate, a risk premium, a market-specific risk premium adjusted by beta via CAPM, and a company-specific risk premium. The tax-adjusted cost of debt is weighed with equity and debt. \u2022 Terminal Growth Rate: 2.0%, aligned with long-term inflation and medical device market growth. To reflect long-term market dynamics and potential competitive pressure, management has applied a conservative downward adjustment to the gross margin in the terminal value calculation. Management has recognized that the speed of technological change and possibility of new entrants may have a significant impact on growth rate assumptions. Management considers the headroom to be sufficient, and the sensitivity analysis shows that the carrying amount is robust against isolated changes in key assumptions. An isolated increase in the discount rate of 1 percentage point, a reduction in gross margin of 3 percentage points, a 2-percentage point reduction in EBITDA margin or revenue growth, or a 0.5 percentage point reduction in the long-term growth rate, would not result in an impairment charge. The headroom remains positive even when these changes are applied to the probability-weighted recoverable amount, which already incorporates a 60% combined weighting of downside and zero-commercialisation scenarios. Management recognises that the recoverable amount is sensitive to combined adverse shifts, but considers the likelihood of such simultaneous events, beyond what is already reflected in the weighted scenarios, to be low. The table below illustrates the sensitivity of the probability-weighted recoverable amount (VIU), expressed as headroom (TNOK), to combined changes in the discount rate (WACC) and the gross margin in the terminal value: Gross margin (TV) - Urine Measurement21 925 -6 % -4 % -2 % 0 % 11,0 % 25 711 39 386 53 062 66 738 80 413 12,0 % 9 019 20 783 32 546 44 310 56 074 13,0 % 4 444- 5 782 16 008 26 234 36 460 13,3 % 7 655- 2 205 12 065 21 925 31 785 14,0 % 15 495- 6 528- 2 439 15,0 % 24 699- 16 777- 8 855- To further address the estimation uncertainty related to the commercial roll-out and sales volumes, management has also performed a sensitivity analysis on the probability-weighted recoverable amount against combined changes in the discount rate (WACC) and overall sales volumes. This demonstrates the robustness of the valuation against further adverse volume shifts beyond the 60% downside weighting already incorporated into the model: Sales volume - Urine Measurement21 925 -20 % -15 % -5 % 0 % 11,0 % 55 376 58 216 63 897 66 738 69 578 12,0 % 34 698 37 101 41 907 44 310 46 713 13,0 % 18 024 20 077 24 182 26 234 28 286 13,3 % 14 048 16 018 19 956 21 925 23 894 14,0 % 4 340 6 106 9 640 11 407 13 174 15,0 % 7 056- 5 525- 2 464- As illustrated above, the carrying amount remains supported with a further reduction in sales volumes at the current WACC. Management considers the likelihood of a combined adverse event that would result in a recoverable amount below the carrying value (e.g., a 15% WACC combined with a 10% volume reduction) to be low, as the starting point for this sensitivity already includes a significant risk-adjustment through the scenario-based weighting During 2025, the Group has prioritized the commercialization of the UnoMeter\u2122 portfolio, with UnoMeter\u2122 Safeti\u2122 Plus\u2014historically the largest revenue generator\u2014launched successfully early in the year. A key milestone in the Group\u2019s integrated strategy is the development of UnoMeter\u2122 Safeti\u2122 Max. As the first major innovation in this segment for years, the Safeti\u2122 Max incorporates patented technology originally developed for Sippi\u00ae, creating a direct technological bridge to the digital product. This integration further differentiates our offering from competitors and improves patient welfare while establishing the market foundation for Sippi\u00ae, the digital and connected urimeter. Sippi\u00ae is planned for a larger-scale roll-out once the UnoMeter\u2122 products have fully re-established their global market presence. While this phased approach has resulted in delayed cash flows for Sippi\u00ae compared to previous estimates, management maintains that the asset holds significant value. The commercial progress achieved through the UnoMeter\u2122 brand, which Sippi\u00ae will be part of, demonstrates that the digital platform is now better positioned for long-term commercial success, and its global revenue potential remains robust. Sensitivity and estimation uncertainty The recoverable amount is sensitive to assumptions regarding future sales volumes, timing of market penetration, operating margins, the discount rate, and long-term growth assumptions. Management has also considered the potential impact of global economic uncertainties, including supply chain dynamics and geopolitical factors, on future operating costs and market access. While no significant adverse impacts have been identified as of the reporting date, these factors are incorporated into the scenario-based modeling to ensure that the recoverable amounts reflect a realistic risk-adjusted outlook. The sensitivity analysis shows that the carrying amount remains robust even when accounting for a 60% combined probability of downside and zero-growth outcomes. Management considers the headroom to be sufficient, even after applying conservative terminal value assumptions that reflect long-term competitive pressure. Management considers the assumptions applied to represent reasonable and supportable estimates at the reporting date. However, due to the inherent uncertainty in future market developments, actual outcomes may differ from these estimates. Conclusion Based on management\u2019s assessment, assumptions, and the expectations applied in the business cases and future plans, it is the Group\u2019s conclusion that the recoverable amounts for the cash-generating units justify their carrying values as recognized in the balance sheet as of 31 December 2025.",
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"value": "N O T E 1 5 - T A N G I B L E A S S E T S A N D L E A S E Amounts in NOK thousand Right-of-use Other Sum Acquisition cost 1 January 2024 1 035 2 917 3 952 Disposals -1 053 -1 214 -2 267 Currency translation differences 19 -28 -10 Acquisition cost 31 December 2024 0 1 675 1 675 Acquisition cost 1 January 2025 0 1 675 1 675 Currency translation differences 0 54 54 Acquisition cost 31 December 2025 0 1 729 1 729 Accumulated depreciation 1 January 2024 273 1 722 1 995 Depreciation for the year 463 267 731 Disposals -726 -479 -1 204 Currency translation differences -11 -31 -42 Accumulated depreciation 31 December 2024 0 1 479 1 479 Accumulated depreciation 1 January 2025 0 1 479 1 479 Depreciation for the year 0 146 146 Currency translation differences 0 45 45 Accumulated depreciation 31 December 2025 0 1 670 1 670 Carrying value 31 December 2024 0 196 196 Carrying value 31 December 2025 0 59 59 1Expected useful economic life3-5 years 3-5 years No additions to tangible assets were recognised during 2025 Lease Liability 2025 2024 As at 1 January 0 792 Disposal 0 -328 Lease payments in the period 0 -501 Interest cost 0 6 Currency translation differences 0 31 Closing liability at 31 December 0 0 Current 0 0 Non-Current 0 0 0 0 Effect of leases Contract on the Statement of Comprehensive Income Amounts in NOK thousand 2025 2024 Depreciation expense of right-of-use assets 0 463 Interest expense on lease liabilities 0 6 Expense relating to short-term leases (included in other operating expenses) 0 637 Total amount recocnised in result for the period 0 1 107 Undiscounted Lease Liabilities and Maturity of Cash Outflow Amounts in NOK thousand 2025 2024 Due within 1 year 0 0 Due between 1 year and 3 years 0 0 Total 0 0 The Group had no active lease agreements in 2025. Consequently, expenses for short-term and low-value leases, as well as total cash outflow for leases, were NOK 0. Lease contracts relating to company cars and offices were disposed during 2024.",
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"value": "N O T E 1 5 - T A N G I B L E A S S E T S A N D L E A S E Amounts in NOK thousand Right-of-use Other Sum Acquisition cost 1 January 2024 1 035 2 917 3 952 Disposals -1 053 -1 214 -2 267 Currency translation differences 19 -28 -10 Acquisition cost 31 December 2024 0 1 675 1 675 Acquisition cost 1 January 2025 0 1 675 1 675 Currency translation differences 0 54 54 Acquisition cost 31 December 2025 0 1 729 1 729 Accumulated depreciation 1 January 2024 273 1 722 1 995 Depreciation for the year 463 267 731 Disposals -726 -479 -1 204 Currency translation differences -11 -31 -42 Accumulated depreciation 31 December 2024 0 1 479 1 479 Accumulated depreciation 1 January 2025 0 1 479 1 479 Depreciation for the year 0 146 146 Currency translation differences 0 45 45 Accumulated depreciation 31 December 2025 0 1 670 1 670 Carrying value 31 December 2024 0 196 196 Carrying value 31 December 2025 0 59 59 1Expected useful economic life3-5 years 3-5 years No additions to tangible assets were recognised during 2025 Lease Liability 2025 2024 As at 1 January 0 792 Disposal 0 -328 Lease payments in the period 0 -501 Interest cost 0 6 Currency translation differences 0 31 Closing liability at 31 December 0 0 Current 0 0 Non-Current 0 0 0 0 Effect of leases Contract on the Statement of Comprehensive Income Amounts in NOK thousand 2025 2024 Depreciation expense of right-of-use assets 0 463 Interest expense on lease liabilities 0 6 Expense relating to short-term leases (included in other operating expenses) 0 637 Total amount recocnised in result for the period 0 1 107 Undiscounted Lease Liabilities and Maturity of Cash Outflow Amounts in NOK thousand 2025 2024 Due within 1 year 0 0 Due between 1 year and 3 years 0 0 Total 0 0 The Group had no active lease agreements in 2025. Consequently, expenses for short-term and low-value leases, as well as total cash outflow for leases, were NOK 0. Lease contracts relating to company cars and offices were disposed during 2024.",
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"value": "N O T E 1 6 \u2013 I N T A N G I B L E A S S E T S Licence Technology Technology agree-Customer assets / develop-Sum Amounts in NOK thousand Goodwill Trademark meent relations Patent ment (Restated) Acquisition cost 1 January 2024 102 314 27 976 4 273 3 329 102 388 15 625 255 905 Additions 0 1 775 1 775 Currency translation differences 535 1 110 164 1 808 Acquisition cost 31 December 2024 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Acquisition cost 1 January 2025 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Additions 0 1 139 1 139 Currency translation differences 2 091 513 87 2 691 Acquisition cost 31 December 2025 104 940 27 976 4 273 3 329 104 011 18 789 263 318 Accumulated amortization and impairment 1 January 2024 67 106 0 712 492 34 612 8 584 111 506 Amortization for the year 0 2 137 333 9 099 2 081 13 650 Impairment for the year 2 675 2 675 Currency translation differences 0 332 599 931 Accumulated amortization and impairment 31 December 2024 69 781 0 2 849 825 44 043 11 264 128 762 Acc. Amort. and Impairment 1 January 2025 69 781 0 2 849 825 44 043 11 265 128 762 Amortization for the year 0 0 1 425 332 9 067 2 350 13 174 Impairment for the year 1 567 40 158 41 725 Currency translation differences 0 -80 -20 -101 Acc. Amort. and Impairment 31 December 2025 69 781 0 4 274 2 723 93 188 13 594 183 560 Carrying value 31 December 2024 33 067 27 976 1 425 2 504 59 454 6 300 130 725 Carrying value 31 December 2025 35 159 27 976 0 605 10 823 5 195 79 758 2Expected useful economic lifeIndefinite Indefinite 2 years 10 years 10 years 5 years Overview Goodwill arises from the acquisition of Observe Medical International AB in 2015 and is allocated to the cash-generating unit (CGU) Urine Measurement. Goodwill related to CGU Ultrasound, from the acquisition of Biim Ultrasound AS in 2022 of NOK 67.1 million was fully impaired in the 2023 restated financial statements, and goodwill related to the acquisition of Sylak AB in 2020 (CGU Other Business) of NOK 2.7 million was impaired in 2024. The assets acquired from Convatec in 2023 have been separately identified, measured at fair value and allocated a relative part of the total consideration for the acquired assets. The trademark of UnoMeter\u2122 was identified as a material part of the transaction based on the well-known reputation and historical sales of the products in the portfolio. The valuation of the trademark was based on a relief-from-royalty method, measuring the trademark to NOK 28.0 million. 2 IAS 38.118-119, IAS 38.122a. Linear amortization. The trademark has been assessed to have an indefinite lifespan. For over 30 years, Convatec has produced and sold UnoMeter\u2122, building a brand within urine output measurement solutions that is highly regarded globally. With a historical footprint encompassing more than 600 customers across 50 countries, the UnoMeter\u2122 brand represents an established global market position that provides a robust platform for accelerated market access. The primary purpose of acquiring the assets was the ability to approach customers with a well-known brand, enabling opportunities to relaunch Sippi\u00ae, as part of the UnoMeter\u2122 product family and leverage synergies within the urine output measurement portfolio. By providing a comprehensive portfolio that spans from traditional manual instruments to advanced digital technology, the Company enhances its value proposition toward major distributors and consolidates its competitive position within the segment. While an established distribution network did not exist, the Company gained access to a list of potential distributors familiar with the UnoMeter\u2122 brand (historical customer-/distribution information), enabling opportunities to re-launch the UnoMeter\u2122 product family and introduce Sippi\u00ae to leverage synergies within the urine measurement product portfolio. Consequently, The Company assesses that the UnoMeter\u2122 trademark constitutes a significant portion of the acquisition cost. The two-year license agreement with Convatec, securing the Group the rights to the UnoMeter\u2122 assets, was allocated an initial value of NOK 4.3 million. This valuation was based on the relief-from-royalty method, corresponding to the expected revenues during the license period. Following the restructuring of the debt to Convatec in 2025, the acquisition was considered closed, and the license agreement consequently lapsed. As of 31 December 2025, the asset is fully amortized, reflecting both the original two-year amortization schedule and the final closing of the transaction. Further, NOK 0.8 million and NOK 4.4 million was allocated to assets measured at a replacement cost for information related to historical UnoMeter customers/distributors and technical documentation related to UnoMeter\u2122. These assets are amortized over 10 years, reflecting their long-term value in supporting the Group's integrated urine measurement strategy. Other technology assets and patents primarily comprise the Sippi\u00ae technology, while technology development comprises capitalized costs associated with the development of the Group\u2019s product portfolio. Development costs are capitalized when the recognition criteria are met. Amortization of capitalized development costs commences typically when the product is available for use and required regulatory approvals have been obtained. Goodwill and trademarks are not amortized but are tested annually for impairment. Cash-generating units (CGUs) The Group has identified the following CGUs for impairment testing purposes: CGU Ultrasound \u2013 Biim ultrasound technology and CGU Urine Measurement which comprises the integrated product portfolio, including UnoMeter\u2122 and Sippi technologies, which share common commercial, operational and regulatory platforms and generate largely interdependent cash inflows. Management therefore considers these assets to form a single cash-generating unit in accordance with IAS 36. Impairment testing methodology The Group performs annual impairment tests for goodwill, intangible assets with indefinite useful lives, and intangible assets not yet available for use. Additionally, impairment tests are conducted for other assets if there are indications of impairment. The recoverable amount is determined as the higher of value in use (VIU) and fair value less costs of disposal (FVLCTD). In accordance with IAS 36, the recoverable amount of the CGU Urine Measurement has been determined based on VIU using a discounted cash flow (DCF) model. Management considers VIU to be the most appropriate method given the absence of observable market transactions for determining fair value. If the carrying amount of a cash-generating unit (CGU) exceeds its recoverable amount, an impairment loss is recognized. Impairment losses on goodwill are not reversed, while reversals for other assets may be considered if the underlying estimates change. The DCF model is based on management\u2019s five-year forecasts reflecting management\u2019s best estimate of future economic conditions, calibrated against actual performance, current commercial developments and available external information. Key assumptions include: \u2022 expected future revenue growth and market penetration \u2022 gross margins and operating cost development \u2022 timing of commercialisation activities \u2022 discount rate (WACC) \u2022 terminal growth rate Scenario-based modelling has been applied to reflect uncertainties related to commercial ramp-up, product launch timing and margins. Impairment testing of goodwill and other intangible assets CGU Ultrasound During the first half of 2025, increased uncertainty led to a reduced probability assigned to the base case scenario in the probability-weighted cash flow model, resulting in a recoverable amount below the carrying amount and an impairment loss of NOK 4 million. During the second half of 2025, the Group received updated information from Fresenius Medical Care confirming that Biim would not be rolled out at scale across its clinics. This constituted a new impairment indicator under IAS 36. Based on updated expectations regarding future cash flows and commercialisation prospects, management performed a revised impairment assessment and concluded that the recoverable amount of the Ultrasound CGU was lower than its carrying amount. Following the impairment, the carrying amount of the Ultrasound CGU is reduced to zero and based on current commercial expectations no recoverable value is recognised. The impairment assessments were based on management\u2019s best estimates and assumptions reflecting the information available at the respective reporting dates. CGU Urine Measurement The Urine Measurement portfolio is the main strategic and commercial area for the Company. As of 31 December 2025, management has assessed whether any impairment indicators exist for CGU Urine Measurement. The assessment did not identify any indicators of impairment. The impairment test incorporates revised estimates reflecting: \u2022 calibration against actual performance in 2025 \u2022 updated commercial developments and distributor progress \u2022 conservative scenario assumptions, including delayed commercial ramp-up and lower margin assumptions in downside scenarios The recoverable amount was determined based on value in use calculations using probability-weighted discounted cash flow scenarios. The recoverable amount exceeded the carrying amount of the CGU, and no impairment was recognised. The assumptions applied reflect management\u2019s best estimates and incorporate conservative scenario assumptions. The table below summarizes the carrying amounts of goodwill and intangible assets in each CGU as of 31 December 2025 and 31 December 2024. CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2025 Goodwill 35 159 0 35 159 Trademark 27 976 0 27 976 Licence agreement 0 0 0 Technology/Patent 16 017 0 16 017 Customer relationships and other 605 0 605 Other tangible assets 59 0 59 Carrying value 79 816 0 79 816 CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2024 Goodwill 33 067 - 33 067 Trademark 27 976 - 27 976 Licence agreement 1 425 - 1 425 Technology/Patent 18 916 46 838 65 754 Customer relationships and other 683 1 821 2 504 Other tangible assets 154 42 196 Carrying value 82 221 48 700 130 921 The Urine Measurement CGU includes goodwill and intangible assets related to Sippi\u00ae and UnoMeter\u2122 products. Management\u2019s assumptions have been updated and calibrated against actual performance in 2025, current commercial developments and revised timing assumptions for product rollout. The impairment test confirmed that the recoverable amount exceeded the carrying amount and no impairment was recognized. 3 Based on sales statistics from Convatec Estimates for the Urine measurement CGU are based on a continued roll-out of the UnoMeter\u2122 products, 3reaching full historical market sales in 2029-2030. Estimates for the Sippi\u00ae device anticipate new sales starting with impact in 2027, followed by gradual growth as both sales and recurring revenue from established customers increase. The recoverable amount was determined using VIU, based on a DCF model over a 5-year forecast period (2026\u20132030) The DCF model incorporates four probability-weighted scenarios, including moderate downside, severe downside and a zero-commercialisation case. \u2022 Base Case (40% weighting): Management\u2019s best estimate, reflecting continued rollout of UnoMeter\u2122 and gradual Sippi\u00ae sales from 2027. \u2022 30% revenue reduction in base case (25% weighting) \u2022 50% revenue reduction in base case revenue (25% weighting) \u2022 \u201cZero scenario\u201d (10% weighting) By applying this probability-weighted approach, the reported recoverable amount is inherently adjusted for the identified risks of delays and margin pressure. The inclusion of a \u201cZero scenario\u201d ensures that the valuation accounts for the possibility of a complete absence of commercial success for new products, effectively acting as a significant risk-adjustment to the total recoverable amount. The VIU calculation for the base case is based on the following key assumptions, derived from management\u2019s forecasts, historical data, and market expectations for market pricing and economy of scale: \u2022 Revenue Growth: Compound average annual revenue growth of 41.7 % (2026\u20132030), reflecting Increased gradual market penetration of UnoMeter\u2122, including introduction of UnoMeter\u2122 Safeti\u2122 Max, reaching historical market sales for the brand annually by 2029\u20132030). Installed Sippi base unit gradually from 2027 (<2% of global ICU beds by 2030). including US, with recurring revenue from disposable units on installed base. \u2022 Gross Margin: Average of 34.6%, based on actual production costs and expected economies of scale. \u2022 EBITDA Margin: Average of 4.8% over the 5-year period, reflecting operational efficiencies as sales scale. \u2022 Discount Rate: 13.3% WACC, and is calculated using a risk-free rate, a risk premium, a market-specific risk premium adjusted by beta via CAPM, and a company-specific risk premium. The tax-adjusted cost of debt is weighed with equity and debt. \u2022 Terminal Growth Rate: 2.0%, aligned with long-term inflation and medical device market growth. To reflect long-term market dynamics and potential competitive pressure, management has applied a conservative downward adjustment to the gross margin in the terminal value calculation. Management has recognized that the speed of technological change and possibility of new entrants may have a significant impact on growth rate assumptions. Management considers the headroom to be sufficient, and the sensitivity analysis shows that the carrying amount is robust against isolated changes in key assumptions. An isolated increase in the discount rate of 1 percentage point, a reduction in gross margin of 3 percentage points, a 2-percentage point reduction in EBITDA margin or revenue growth, or a 0.5 percentage point reduction in the long-term growth rate, would not result in an impairment charge. The headroom remains positive even when these changes are applied to the probability-weighted recoverable amount, which already incorporates a 60% combined weighting of downside and zero-commercialisation scenarios. Management recognises that the recoverable amount is sensitive to combined adverse shifts, but considers the likelihood of such simultaneous events, beyond what is already reflected in the weighted scenarios, to be low. The table below illustrates the sensitivity of the probability-weighted recoverable amount (VIU), expressed as headroom (TNOK), to combined changes in the discount rate (WACC) and the gross margin in the terminal value: Gross margin (TV) - Urine Measurement21 925 -6 % -4 % -2 % 0 % 11,0 % 25 711 39 386 53 062 66 738 80 413 12,0 % 9 019 20 783 32 546 44 310 56 074 13,0 % 4 444- 5 782 16 008 26 234 36 460 13,3 % 7 655- 2 205 12 065 21 925 31 785 14,0 % 15 495- 6 528- 2 439 15,0 % 24 699- 16 777- 8 855- To further address the estimation uncertainty related to the commercial roll-out and sales volumes, management has also performed a sensitivity analysis on the probability-weighted recoverable amount against combined changes in the discount rate (WACC) and overall sales volumes. This demonstrates the robustness of the valuation against further adverse volume shifts beyond the 60% downside weighting already incorporated into the model: Sales volume - Urine Measurement21 925 -20 % -15 % -5 % 0 % 11,0 % 55 376 58 216 63 897 66 738 69 578 12,0 % 34 698 37 101 41 907 44 310 46 713 13,0 % 18 024 20 077 24 182 26 234 28 286 13,3 % 14 048 16 018 19 956 21 925 23 894 14,0 % 4 340 6 106 9 640 11 407 13 174 15,0 % 7 056- 5 525- 2 464- As illustrated above, the carrying amount remains supported with a further reduction in sales volumes at the current WACC. Management considers the likelihood of a combined adverse event that would result in a recoverable amount below the carrying value (e.g., a 15% WACC combined with a 10% volume reduction) to be low, as the starting point for this sensitivity already includes a significant risk-adjustment through the scenario-based weighting During 2025, the Group has prioritized the commercialization of the UnoMeter\u2122 portfolio, with UnoMeter\u2122 Safeti\u2122 Plus\u2014historically the largest revenue generator\u2014launched successfully early in the year. A key milestone in the Group\u2019s integrated strategy is the development of UnoMeter\u2122 Safeti\u2122 Max. As the first major innovation in this segment for years, the Safeti\u2122 Max incorporates patented technology originally developed for Sippi\u00ae, creating a direct technological bridge to the digital product. This integration further differentiates our offering from competitors and improves patient welfare while establishing the market foundation for Sippi\u00ae, the digital and connected urimeter. Sippi\u00ae is planned for a larger-scale roll-out once the UnoMeter\u2122 products have fully re-established their global market presence. While this phased approach has resulted in delayed cash flows for Sippi\u00ae compared to previous estimates, management maintains that the asset holds significant value. The commercial progress achieved through the UnoMeter\u2122 brand, which Sippi\u00ae will be part of, demonstrates that the digital platform is now better positioned for long-term commercial success, and its global revenue potential remains robust. Sensitivity and estimation uncertainty The recoverable amount is sensitive to assumptions regarding future sales volumes, timing of market penetration, operating margins, the discount rate, and long-term growth assumptions. Management has also considered the potential impact of global economic uncertainties, including supply chain dynamics and geopolitical factors, on future operating costs and market access. While no significant adverse impacts have been identified as of the reporting date, these factors are incorporated into the scenario-based modeling to ensure that the recoverable amounts reflect a realistic risk-adjusted outlook. The sensitivity analysis shows that the carrying amount remains robust even when accounting for a 60% combined probability of downside and zero-growth outcomes. Management considers the headroom to be sufficient, even after applying conservative terminal value assumptions that reflect long-term competitive pressure. Management considers the assumptions applied to represent reasonable and supportable estimates at the reporting date. However, due to the inherent uncertainty in future market developments, actual outcomes may differ from these estimates. Conclusion Based on management\u2019s assessment, assumptions, and the expectations applied in the business cases and future plans, it is the Group\u2019s conclusion that the recoverable amounts for the cash-generating units justify their carrying values as recognized in the balance sheet as of 31 December 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f0__s6__6__114": {
"value": "N O T E 1 6 \u2013 I N T A N G I B L E A S S E T S Licence Technology Technology agree-Customer assets / develop-Sum Amounts in NOK thousand Goodwill Trademark meent relations Patent ment (Restated) Acquisition cost 1 January 2024 102 314 27 976 4 273 3 329 102 388 15 625 255 905 Additions 0 1 775 1 775 Currency translation differences 535 1 110 164 1 808 Acquisition cost 31 December 2024 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Acquisition cost 1 January 2025 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Additions 0 1 139 1 139 Currency translation differences 2 091 513 87 2 691 Acquisition cost 31 December 2025 104 940 27 976 4 273 3 329 104 011 18 789 263 318 Accumulated amortization and impairment 1 January 2024 67 106 0 712 492 34 612 8 584 111 506 Amortization for the year 0 2 137 333 9 099 2 081 13 650 Impairment for the year 2 675 2 675 Currency translation differences 0 332 599 931 Accumulated amortization and impairment 31 December 2024 69 781 0 2 849 825 44 043 11 264 128 762 Acc. Amort. and Impairment 1 January 2025 69 781 0 2 849 825 44 043 11 265 128 762 Amortization for the year 0 0 1 425 332 9 067 2 350 13 174 Impairment for the year 1 567 40 158 41 725 Currency translation differences 0 -80 -20 -101 Acc. Amort. and Impairment 31 December 2025 69 781 0 4 274 2 723 93 188 13 594 183 560 Carrying value 31 December 2024 33 067 27 976 1 425 2 504 59 454 6 300 130 725 Carrying value 31 December 2025 35 159 27 976 0 605 10 823 5 195 79 758 2Expected useful economic lifeIndefinite Indefinite 2 years 10 years 10 years 5 years Overview Goodwill arises from the acquisition of Observe Medical International AB in 2015 and is allocated to the cash-generating unit (CGU) Urine Measurement. Goodwill related to CGU Ultrasound, from the acquisition of Biim Ultrasound AS in 2022 of NOK 67.1 million was fully impaired in the 2023 restated financial statements, and goodwill related to the acquisition of Sylak AB in 2020 (CGU Other Business) of NOK 2.7 million was impaired in 2024. The assets acquired from Convatec in 2023 have been separately identified, measured at fair value and allocated a relative part of the total consideration for the acquired assets. The trademark of UnoMeter\u2122 was identified as a material part of the transaction based on the well-known reputation and historical sales of the products in the portfolio. The valuation of the trademark was based on a relief-from-royalty method, measuring the trademark to NOK 28.0 million. 2 IAS 38.118-119, IAS 38.122a. Linear amortization. The trademark has been assessed to have an indefinite lifespan. For over 30 years, Convatec has produced and sold UnoMeter\u2122, building a brand within urine output measurement solutions that is highly regarded globally. With a historical footprint encompassing more than 600 customers across 50 countries, the UnoMeter\u2122 brand represents an established global market position that provides a robust platform for accelerated market access. The primary purpose of acquiring the assets was the ability to approach customers with a well-known brand, enabling opportunities to relaunch Sippi\u00ae, as part of the UnoMeter\u2122 product family and leverage synergies within the urine output measurement portfolio. By providing a comprehensive portfolio that spans from traditional manual instruments to advanced digital technology, the Company enhances its value proposition toward major distributors and consolidates its competitive position within the segment. While an established distribution network did not exist, the Company gained access to a list of potential distributors familiar with the UnoMeter\u2122 brand (historical customer-/distribution information), enabling opportunities to re-launch the UnoMeter\u2122 product family and introduce Sippi\u00ae to leverage synergies within the urine measurement product portfolio. Consequently, The Company assesses that the UnoMeter\u2122 trademark constitutes a significant portion of the acquisition cost. The two-year license agreement with Convatec, securing the Group the rights to the UnoMeter\u2122 assets, was allocated an initial value of NOK 4.3 million. This valuation was based on the relief-from-royalty method, corresponding to the expected revenues during the license period. Following the restructuring of the debt to Convatec in 2025, the acquisition was considered closed, and the license agreement consequently lapsed. As of 31 December 2025, the asset is fully amortized, reflecting both the original two-year amortization schedule and the final closing of the transaction. Further, NOK 0.8 million and NOK 4.4 million was allocated to assets measured at a replacement cost for information related to historical UnoMeter customers/distributors and technical documentation related to UnoMeter\u2122. These assets are amortized over 10 years, reflecting their long-term value in supporting the Group's integrated urine measurement strategy. Other technology assets and patents primarily comprise the Sippi\u00ae technology, while technology development comprises capitalized costs associated with the development of the Group\u2019s product portfolio. Development costs are capitalized when the recognition criteria are met. Amortization of capitalized development costs commences typically when the product is available for use and required regulatory approvals have been obtained. Goodwill and trademarks are not amortized but are tested annually for impairment. Cash-generating units (CGUs) The Group has identified the following CGUs for impairment testing purposes: CGU Ultrasound \u2013 Biim ultrasound technology and CGU Urine Measurement which comprises the integrated product portfolio, including UnoMeter\u2122 and Sippi technologies, which share common commercial, operational and regulatory platforms and generate largely interdependent cash inflows. Management therefore considers these assets to form a single cash-generating unit in accordance with IAS 36. Impairment testing methodology The Group performs annual impairment tests for goodwill, intangible assets with indefinite useful lives, and intangible assets not yet available for use. Additionally, impairment tests are conducted for other assets if there are indications of impairment. The recoverable amount is determined as the higher of value in use (VIU) and fair value less costs of disposal (FVLCTD). In accordance with IAS 36, the recoverable amount of the CGU Urine Measurement has been determined based on VIU using a discounted cash flow (DCF) model. Management considers VIU to be the most appropriate method given the absence of observable market transactions for determining fair value. If the carrying amount of a cash-generating unit (CGU) exceeds its recoverable amount, an impairment loss is recognized. Impairment losses on goodwill are not reversed, while reversals for other assets may be considered if the underlying estimates change. The DCF model is based on management\u2019s five-year forecasts reflecting management\u2019s best estimate of future economic conditions, calibrated against actual performance, current commercial developments and available external information. Key assumptions include: \u2022 expected future revenue growth and market penetration \u2022 gross margins and operating cost development \u2022 timing of commercialisation activities \u2022 discount rate (WACC) \u2022 terminal growth rate Scenario-based modelling has been applied to reflect uncertainties related to commercial ramp-up, product launch timing and margins. Impairment testing of goodwill and other intangible assets CGU Ultrasound During the first half of 2025, increased uncertainty led to a reduced probability assigned to the base case scenario in the probability-weighted cash flow model, resulting in a recoverable amount below the carrying amount and an impairment loss of NOK 4 million. During the second half of 2025, the Group received updated information from Fresenius Medical Care confirming that Biim would not be rolled out at scale across its clinics. This constituted a new impairment indicator under IAS 36. Based on updated expectations regarding future cash flows and commercialisation prospects, management performed a revised impairment assessment and concluded that the recoverable amount of the Ultrasound CGU was lower than its carrying amount. Following the impairment, the carrying amount of the Ultrasound CGU is reduced to zero and based on current commercial expectations no recoverable value is recognised. The impairment assessments were based on management\u2019s best estimates and assumptions reflecting the information available at the respective reporting dates. CGU Urine Measurement The Urine Measurement portfolio is the main strategic and commercial area for the Company. As of 31 December 2025, management has assessed whether any impairment indicators exist for CGU Urine Measurement. The assessment did not identify any indicators of impairment. The impairment test incorporates revised estimates reflecting: \u2022 calibration against actual performance in 2025 \u2022 updated commercial developments and distributor progress \u2022 conservative scenario assumptions, including delayed commercial ramp-up and lower margin assumptions in downside scenarios The recoverable amount was determined based on value in use calculations using probability-weighted discounted cash flow scenarios. The recoverable amount exceeded the carrying amount of the CGU, and no impairment was recognised. The assumptions applied reflect management\u2019s best estimates and incorporate conservative scenario assumptions. The table below summarizes the carrying amounts of goodwill and intangible assets in each CGU as of 31 December 2025 and 31 December 2024. CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2025 Goodwill 35 159 0 35 159 Trademark 27 976 0 27 976 Licence agreement 0 0 0 Technology/Patent 16 017 0 16 017 Customer relationships and other 605 0 605 Other tangible assets 59 0 59 Carrying value 79 816 0 79 816 CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2024 Goodwill 33 067 - 33 067 Trademark 27 976 - 27 976 Licence agreement 1 425 - 1 425 Technology/Patent 18 916 46 838 65 754 Customer relationships and other 683 1 821 2 504 Other tangible assets 154 42 196 Carrying value 82 221 48 700 130 921 The Urine Measurement CGU includes goodwill and intangible assets related to Sippi\u00ae and UnoMeter\u2122 products. Management\u2019s assumptions have been updated and calibrated against actual performance in 2025, current commercial developments and revised timing assumptions for product rollout. The impairment test confirmed that the recoverable amount exceeded the carrying amount and no impairment was recognized. 3 Based on sales statistics from Convatec Estimates for the Urine measurement CGU are based on a continued roll-out of the UnoMeter\u2122 products, 3reaching full historical market sales in 2029-2030. Estimates for the Sippi\u00ae device anticipate new sales starting with impact in 2027, followed by gradual growth as both sales and recurring revenue from established customers increase. The recoverable amount was determined using VIU, based on a DCF model over a 5-year forecast period (2026\u20132030) The DCF model incorporates four probability-weighted scenarios, including moderate downside, severe downside and a zero-commercialisation case. \u2022 Base Case (40% weighting): Management\u2019s best estimate, reflecting continued rollout of UnoMeter\u2122 and gradual Sippi\u00ae sales from 2027. \u2022 30% revenue reduction in base case (25% weighting) \u2022 50% revenue reduction in base case revenue (25% weighting) \u2022 \u201cZero scenario\u201d (10% weighting) By applying this probability-weighted approach, the reported recoverable amount is inherently adjusted for the identified risks of delays and margin pressure. The inclusion of a \u201cZero scenario\u201d ensures that the valuation accounts for the possibility of a complete absence of commercial success for new products, effectively acting as a significant risk-adjustment to the total recoverable amount. The VIU calculation for the base case is based on the following key assumptions, derived from management\u2019s forecasts, historical data, and market expectations for market pricing and economy of scale: \u2022 Revenue Growth: Compound average annual revenue growth of 41.7 % (2026\u20132030), reflecting Increased gradual market penetration of UnoMeter\u2122, including introduction of UnoMeter\u2122 Safeti\u2122 Max, reaching historical market sales for the brand annually by 2029\u20132030). Installed Sippi base unit gradually from 2027 (<2% of global ICU beds by 2030). including US, with recurring revenue from disposable units on installed base. \u2022 Gross Margin: Average of 34.6%, based on actual production costs and expected economies of scale. \u2022 EBITDA Margin: Average of 4.8% over the 5-year period, reflecting operational efficiencies as sales scale. \u2022 Discount Rate: 13.3% WACC, and is calculated using a risk-free rate, a risk premium, a market-specific risk premium adjusted by beta via CAPM, and a company-specific risk premium. The tax-adjusted cost of debt is weighed with equity and debt. \u2022 Terminal Growth Rate: 2.0%, aligned with long-term inflation and medical device market growth. To reflect long-term market dynamics and potential competitive pressure, management has applied a conservative downward adjustment to the gross margin in the terminal value calculation. Management has recognized that the speed of technological change and possibility of new entrants may have a significant impact on growth rate assumptions. Management considers the headroom to be sufficient, and the sensitivity analysis shows that the carrying amount is robust against isolated changes in key assumptions. An isolated increase in the discount rate of 1 percentage point, a reduction in gross margin of 3 percentage points, a 2-percentage point reduction in EBITDA margin or revenue growth, or a 0.5 percentage point reduction in the long-term growth rate, would not result in an impairment charge. The headroom remains positive even when these changes are applied to the probability-weighted recoverable amount, which already incorporates a 60% combined weighting of downside and zero-commercialisation scenarios. Management recognises that the recoverable amount is sensitive to combined adverse shifts, but considers the likelihood of such simultaneous events, beyond what is already reflected in the weighted scenarios, to be low. The table below illustrates the sensitivity of the probability-weighted recoverable amount (VIU), expressed as headroom (TNOK), to combined changes in the discount rate (WACC) and the gross margin in the terminal value: Gross margin (TV) - Urine Measurement21 925 -6 % -4 % -2 % 0 % 11,0 % 25 711 39 386 53 062 66 738 80 413 12,0 % 9 019 20 783 32 546 44 310 56 074 13,0 % 4 444- 5 782 16 008 26 234 36 460 13,3 % 7 655- 2 205 12 065 21 925 31 785 14,0 % 15 495- 6 528- 2 439 15,0 % 24 699- 16 777- 8 855- To further address the estimation uncertainty related to the commercial roll-out and sales volumes, management has also performed a sensitivity analysis on the probability-weighted recoverable amount against combined changes in the discount rate (WACC) and overall sales volumes. This demonstrates the robustness of the valuation against further adverse volume shifts beyond the 60% downside weighting already incorporated into the model: Sales volume - Urine Measurement21 925 -20 % -15 % -5 % 0 % 11,0 % 55 376 58 216 63 897 66 738 69 578 12,0 % 34 698 37 101 41 907 44 310 46 713 13,0 % 18 024 20 077 24 182 26 234 28 286 13,3 % 14 048 16 018 19 956 21 925 23 894 14,0 % 4 340 6 106 9 640 11 407 13 174 15,0 % 7 056- 5 525- 2 464- As illustrated above, the carrying amount remains supported with a further reduction in sales volumes at the current WACC. Management considers the likelihood of a combined adverse event that would result in a recoverable amount below the carrying value (e.g., a 15% WACC combined with a 10% volume reduction) to be low, as the starting point for this sensitivity already includes a significant risk-adjustment through the scenario-based weighting During 2025, the Group has prioritized the commercialization of the UnoMeter\u2122 portfolio, with UnoMeter\u2122 Safeti\u2122 Plus\u2014historically the largest revenue generator\u2014launched successfully early in the year. A key milestone in the Group\u2019s integrated strategy is the development of UnoMeter\u2122 Safeti\u2122 Max. As the first major innovation in this segment for years, the Safeti\u2122 Max incorporates patented technology originally developed for Sippi\u00ae, creating a direct technological bridge to the digital product. This integration further differentiates our offering from competitors and improves patient welfare while establishing the market foundation for Sippi\u00ae, the digital and connected urimeter. Sippi\u00ae is planned for a larger-scale roll-out once the UnoMeter\u2122 products have fully re-established their global market presence. While this phased approach has resulted in delayed cash flows for Sippi\u00ae compared to previous estimates, management maintains that the asset holds significant value. The commercial progress achieved through the UnoMeter\u2122 brand, which Sippi\u00ae will be part of, demonstrates that the digital platform is now better positioned for long-term commercial success, and its global revenue potential remains robust. Sensitivity and estimation uncertainty The recoverable amount is sensitive to assumptions regarding future sales volumes, timing of market penetration, operating margins, the discount rate, and long-term growth assumptions. Management has also considered the potential impact of global economic uncertainties, including supply chain dynamics and geopolitical factors, on future operating costs and market access. While no significant adverse impacts have been identified as of the reporting date, these factors are incorporated into the scenario-based modeling to ensure that the recoverable amounts reflect a realistic risk-adjusted outlook. The sensitivity analysis shows that the carrying amount remains robust even when accounting for a 60% combined probability of downside and zero-growth outcomes. Management considers the headroom to be sufficient, even after applying conservative terminal value assumptions that reflect long-term competitive pressure. Management considers the assumptions applied to represent reasonable and supportable estimates at the reporting date. However, due to the inherent uncertainty in future market developments, actual outcomes may differ from these estimates. Conclusion Based on management\u2019s assessment, assumptions, and the expectations applied in the business cases and future plans, it is the Group\u2019s conclusion that the recoverable amounts for the cash-generating units justify their carrying values as recognized in the balance sheet as of 31 December 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__112": {
"value": "N O T E 1 6 \u2013 I N T A N G I B L E A S S E T S Licence Technology Technology agree-Customer assets / develop-Sum Amounts in NOK thousand Goodwill Trademark meent relations Patent ment (Restated) Acquisition cost 1 January 2024 102 314 27 976 4 273 3 329 102 388 15 625 255 905 Additions 0 1 775 1 775 Currency translation differences 535 1 110 164 1 808 Acquisition cost 31 December 2024 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Acquisition cost 1 January 2025 102 849 27 976 4 273 3 329 103 498 17 563 259 488 Additions 0 1 139 1 139 Currency translation differences 2 091 513 87 2 691 Acquisition cost 31 December 2025 104 940 27 976 4 273 3 329 104 011 18 789 263 318 Accumulated amortization and impairment 1 January 2024 67 106 0 712 492 34 612 8 584 111 506 Amortization for the year 0 2 137 333 9 099 2 081 13 650 Impairment for the year 2 675 2 675 Currency translation differences 0 332 599 931 Accumulated amortization and impairment 31 December 2024 69 781 0 2 849 825 44 043 11 264 128 762 Acc. Amort. and Impairment 1 January 2025 69 781 0 2 849 825 44 043 11 265 128 762 Amortization for the year 0 0 1 425 332 9 067 2 350 13 174 Impairment for the year 1 567 40 158 41 725 Currency translation differences 0 -80 -20 -101 Acc. Amort. and Impairment 31 December 2025 69 781 0 4 274 2 723 93 188 13 594 183 560 Carrying value 31 December 2024 33 067 27 976 1 425 2 504 59 454 6 300 130 725 Carrying value 31 December 2025 35 159 27 976 0 605 10 823 5 195 79 758 2Expected useful economic lifeIndefinite Indefinite 2 years 10 years 10 years 5 years Overview Goodwill arises from the acquisition of Observe Medical International AB in 2015 and is allocated to the cash-generating unit (CGU) Urine Measurement. Goodwill related to CGU Ultrasound, from the acquisition of Biim Ultrasound AS in 2022 of NOK 67.1 million was fully impaired in the 2023 restated financial statements, and goodwill related to the acquisition of Sylak AB in 2020 (CGU Other Business) of NOK 2.7 million was impaired in 2024. The assets acquired from Convatec in 2023 have been separately identified, measured at fair value and allocated a relative part of the total consideration for the acquired assets. The trademark of UnoMeter\u2122 was identified as a material part of the transaction based on the well-known reputation and historical sales of the products in the portfolio. The valuation of the trademark was based on a relief-from-royalty method, measuring the trademark to NOK 28.0 million. 2 IAS 38.118-119, IAS 38.122a. Linear amortization. The trademark has been assessed to have an indefinite lifespan. For over 30 years, Convatec has produced and sold UnoMeter\u2122, building a brand within urine output measurement solutions that is highly regarded globally. With a historical footprint encompassing more than 600 customers across 50 countries, the UnoMeter\u2122 brand represents an established global market position that provides a robust platform for accelerated market access. The primary purpose of acquiring the assets was the ability to approach customers with a well-known brand, enabling opportunities to relaunch Sippi\u00ae, as part of the UnoMeter\u2122 product family and leverage synergies within the urine output measurement portfolio. By providing a comprehensive portfolio that spans from traditional manual instruments to advanced digital technology, the Company enhances its value proposition toward major distributors and consolidates its competitive position within the segment. While an established distribution network did not exist, the Company gained access to a list of potential distributors familiar with the UnoMeter\u2122 brand (historical customer-/distribution information), enabling opportunities to re-launch the UnoMeter\u2122 product family and introduce Sippi\u00ae to leverage synergies within the urine measurement product portfolio. Consequently, The Company assesses that the UnoMeter\u2122 trademark constitutes a significant portion of the acquisition cost. The two-year license agreement with Convatec, securing the Group the rights to the UnoMeter\u2122 assets, was allocated an initial value of NOK 4.3 million. This valuation was based on the relief-from-royalty method, corresponding to the expected revenues during the license period. Following the restructuring of the debt to Convatec in 2025, the acquisition was considered closed, and the license agreement consequently lapsed. As of 31 December 2025, the asset is fully amortized, reflecting both the original two-year amortization schedule and the final closing of the transaction. Further, NOK 0.8 million and NOK 4.4 million was allocated to assets measured at a replacement cost for information related to historical UnoMeter customers/distributors and technical documentation related to UnoMeter\u2122. These assets are amortized over 10 years, reflecting their long-term value in supporting the Group's integrated urine measurement strategy. Other technology assets and patents primarily comprise the Sippi\u00ae technology, while technology development comprises capitalized costs associated with the development of the Group\u2019s product portfolio. Development costs are capitalized when the recognition criteria are met. Amortization of capitalized development costs commences typically when the product is available for use and required regulatory approvals have been obtained. Goodwill and trademarks are not amortized but are tested annually for impairment. Cash-generating units (CGUs) The Group has identified the following CGUs for impairment testing purposes: CGU Ultrasound \u2013 Biim ultrasound technology and CGU Urine Measurement which comprises the integrated product portfolio, including UnoMeter\u2122 and Sippi technologies, which share common commercial, operational and regulatory platforms and generate largely interdependent cash inflows. Management therefore considers these assets to form a single cash-generating unit in accordance with IAS 36. Impairment testing methodology The Group performs annual impairment tests for goodwill, intangible assets with indefinite useful lives, and intangible assets not yet available for use. Additionally, impairment tests are conducted for other assets if there are indications of impairment. The recoverable amount is determined as the higher of value in use (VIU) and fair value less costs of disposal (FVLCTD). In accordance with IAS 36, the recoverable amount of the CGU Urine Measurement has been determined based on VIU using a discounted cash flow (DCF) model. Management considers VIU to be the most appropriate method given the absence of observable market transactions for determining fair value. If the carrying amount of a cash-generating unit (CGU) exceeds its recoverable amount, an impairment loss is recognized. Impairment losses on goodwill are not reversed, while reversals for other assets may be considered if the underlying estimates change. The DCF model is based on management\u2019s five-year forecasts reflecting management\u2019s best estimate of future economic conditions, calibrated against actual performance, current commercial developments and available external information. Key assumptions include: \u2022 expected future revenue growth and market penetration \u2022 gross margins and operating cost development \u2022 timing of commercialisation activities \u2022 discount rate (WACC) \u2022 terminal growth rate Scenario-based modelling has been applied to reflect uncertainties related to commercial ramp-up, product launch timing and margins. Impairment testing of goodwill and other intangible assets CGU Ultrasound During the first half of 2025, increased uncertainty led to a reduced probability assigned to the base case scenario in the probability-weighted cash flow model, resulting in a recoverable amount below the carrying amount and an impairment loss of NOK 4 million. During the second half of 2025, the Group received updated information from Fresenius Medical Care confirming that Biim would not be rolled out at scale across its clinics. This constituted a new impairment indicator under IAS 36. Based on updated expectations regarding future cash flows and commercialisation prospects, management performed a revised impairment assessment and concluded that the recoverable amount of the Ultrasound CGU was lower than its carrying amount. Following the impairment, the carrying amount of the Ultrasound CGU is reduced to zero and based on current commercial expectations no recoverable value is recognised. The impairment assessments were based on management\u2019s best estimates and assumptions reflecting the information available at the respective reporting dates. CGU Urine Measurement The Urine Measurement portfolio is the main strategic and commercial area for the Company. As of 31 December 2025, management has assessed whether any impairment indicators exist for CGU Urine Measurement. The assessment did not identify any indicators of impairment. The impairment test incorporates revised estimates reflecting: \u2022 calibration against actual performance in 2025 \u2022 updated commercial developments and distributor progress \u2022 conservative scenario assumptions, including delayed commercial ramp-up and lower margin assumptions in downside scenarios The recoverable amount was determined based on value in use calculations using probability-weighted discounted cash flow scenarios. The recoverable amount exceeded the carrying amount of the CGU, and no impairment was recognised. The assumptions applied reflect management\u2019s best estimates and incorporate conservative scenario assumptions. The table below summarizes the carrying amounts of goodwill and intangible assets in each CGU as of 31 December 2025 and 31 December 2024. CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2025 Goodwill 35 159 0 35 159 Trademark 27 976 0 27 976 Licence agreement 0 0 0 Technology/Patent 16 017 0 16 017 Customer relationships and other 605 0 605 Other tangible assets 59 0 59 Carrying value 79 816 0 79 816 CGU Urine CGU Amounts in NOK thousand measurement Ultrasound Sum As at 31 December 2024 Goodwill 33 067 - 33 067 Trademark 27 976 - 27 976 Licence agreement 1 425 - 1 425 Technology/Patent 18 916 46 838 65 754 Customer relationships and other 683 1 821 2 504 Other tangible assets 154 42 196 Carrying value 82 221 48 700 130 921 The Urine Measurement CGU includes goodwill and intangible assets related to Sippi\u00ae and UnoMeter\u2122 products. Management\u2019s assumptions have been updated and calibrated against actual performance in 2025, current commercial developments and revised timing assumptions for product rollout. The impairment test confirmed that the recoverable amount exceeded the carrying amount and no impairment was recognized. 3 Based on sales statistics from Convatec Estimates for the Urine measurement CGU are based on a continued roll-out of the UnoMeter\u2122 products, 3reaching full historical market sales in 2029-2030. Estimates for the Sippi\u00ae device anticipate new sales starting with impact in 2027, followed by gradual growth as both sales and recurring revenue from established customers increase. The recoverable amount was determined using VIU, based on a DCF model over a 5-year forecast period (2026\u20132030) The DCF model incorporates four probability-weighted scenarios, including moderate downside, severe downside and a zero-commercialisation case. \u2022 Base Case (40% weighting): Management\u2019s best estimate, reflecting continued rollout of UnoMeter\u2122 and gradual Sippi\u00ae sales from 2027. \u2022 30% revenue reduction in base case (25% weighting) \u2022 50% revenue reduction in base case revenue (25% weighting) \u2022 \u201cZero scenario\u201d (10% weighting) By applying this probability-weighted approach, the reported recoverable amount is inherently adjusted for the identified risks of delays and margin pressure. The inclusion of a \u201cZero scenario\u201d ensures that the valuation accounts for the possibility of a complete absence of commercial success for new products, effectively acting as a significant risk-adjustment to the total recoverable amount. The VIU calculation for the base case is based on the following key assumptions, derived from management\u2019s forecasts, historical data, and market expectations for market pricing and economy of scale: \u2022 Revenue Growth: Compound average annual revenue growth of 41.7 % (2026\u20132030), reflecting Increased gradual market penetration of UnoMeter\u2122, including introduction of UnoMeter\u2122 Safeti\u2122 Max, reaching historical market sales for the brand annually by 2029\u20132030). Installed Sippi base unit gradually from 2027 (<2% of global ICU beds by 2030). including US, with recurring revenue from disposable units on installed base. \u2022 Gross Margin: Average of 34.6%, based on actual production costs and expected economies of scale. \u2022 EBITDA Margin: Average of 4.8% over the 5-year period, reflecting operational efficiencies as sales scale. \u2022 Discount Rate: 13.3% WACC, and is calculated using a risk-free rate, a risk premium, a market-specific risk premium adjusted by beta via CAPM, and a company-specific risk premium. The tax-adjusted cost of debt is weighed with equity and debt. \u2022 Terminal Growth Rate: 2.0%, aligned with long-term inflation and medical device market growth. To reflect long-term market dynamics and potential competitive pressure, management has applied a conservative downward adjustment to the gross margin in the terminal value calculation. Management has recognized that the speed of technological change and possibility of new entrants may have a significant impact on growth rate assumptions. Management considers the headroom to be sufficient, and the sensitivity analysis shows that the carrying amount is robust against isolated changes in key assumptions. An isolated increase in the discount rate of 1 percentage point, a reduction in gross margin of 3 percentage points, a 2-percentage point reduction in EBITDA margin or revenue growth, or a 0.5 percentage point reduction in the long-term growth rate, would not result in an impairment charge. The headroom remains positive even when these changes are applied to the probability-weighted recoverable amount, which already incorporates a 60% combined weighting of downside and zero-commercialisation scenarios. Management recognises that the recoverable amount is sensitive to combined adverse shifts, but considers the likelihood of such simultaneous events, beyond what is already reflected in the weighted scenarios, to be low. The table below illustrates the sensitivity of the probability-weighted recoverable amount (VIU), expressed as headroom (TNOK), to combined changes in the discount rate (WACC) and the gross margin in the terminal value: Gross margin (TV) - Urine Measurement21 925 -6 % -4 % -2 % 0 % 11,0 % 25 711 39 386 53 062 66 738 80 413 12,0 % 9 019 20 783 32 546 44 310 56 074 13,0 % 4 444- 5 782 16 008 26 234 36 460 13,3 % 7 655- 2 205 12 065 21 925 31 785 14,0 % 15 495- 6 528- 2 439 15,0 % 24 699- 16 777- 8 855- To further address the estimation uncertainty related to the commercial roll-out and sales volumes, management has also performed a sensitivity analysis on the probability-weighted recoverable amount against combined changes in the discount rate (WACC) and overall sales volumes. This demonstrates the robustness of the valuation against further adverse volume shifts beyond the 60% downside weighting already incorporated into the model: Sales volume - Urine Measurement21 925 -20 % -15 % -5 % 0 % 11,0 % 55 376 58 216 63 897 66 738 69 578 12,0 % 34 698 37 101 41 907 44 310 46 713 13,0 % 18 024 20 077 24 182 26 234 28 286 13,3 % 14 048 16 018 19 956 21 925 23 894 14,0 % 4 340 6 106 9 640 11 407 13 174 15,0 % 7 056- 5 525- 2 464- As illustrated above, the carrying amount remains supported with a further reduction in sales volumes at the current WACC. Management considers the likelihood of a combined adverse event that would result in a recoverable amount below the carrying value (e.g., a 15% WACC combined with a 10% volume reduction) to be low, as the starting point for this sensitivity already includes a significant risk-adjustment through the scenario-based weighting During 2025, the Group has prioritized the commercialization of the UnoMeter\u2122 portfolio, with UnoMeter\u2122 Safeti\u2122 Plus\u2014historically the largest revenue generator\u2014launched successfully early in the year. A key milestone in the Group\u2019s integrated strategy is the development of UnoMeter\u2122 Safeti\u2122 Max. As the first major innovation in this segment for years, the Safeti\u2122 Max incorporates patented technology originally developed for Sippi\u00ae, creating a direct technological bridge to the digital product. This integration further differentiates our offering from competitors and improves patient welfare while establishing the market foundation for Sippi\u00ae, the digital and connected urimeter. Sippi\u00ae is planned for a larger-scale roll-out once the UnoMeter\u2122 products have fully re-established their global market presence. While this phased approach has resulted in delayed cash flows for Sippi\u00ae compared to previous estimates, management maintains that the asset holds significant value. The commercial progress achieved through the UnoMeter\u2122 brand, which Sippi\u00ae will be part of, demonstrates that the digital platform is now better positioned for long-term commercial success, and its global revenue potential remains robust. Sensitivity and estimation uncertainty The recoverable amount is sensitive to assumptions regarding future sales volumes, timing of market penetration, operating margins, the discount rate, and long-term growth assumptions. Management has also considered the potential impact of global economic uncertainties, including supply chain dynamics and geopolitical factors, on future operating costs and market access. While no significant adverse impacts have been identified as of the reporting date, these factors are incorporated into the scenario-based modeling to ensure that the recoverable amounts reflect a realistic risk-adjusted outlook. The sensitivity analysis shows that the carrying amount remains robust even when accounting for a 60% combined probability of downside and zero-growth outcomes. Management considers the headroom to be sufficient, even after applying conservative terminal value assumptions that reflect long-term competitive pressure. Management considers the assumptions applied to represent reasonable and supportable estimates at the reporting date. However, due to the inherent uncertainty in future market developments, actual outcomes may differ from these estimates. Conclusion Based on management\u2019s assessment, assumptions, and the expectations applied in the business cases and future plans, it is the Group\u2019s conclusion that the recoverable amounts for the cash-generating units justify their carrying values as recognized in the balance sheet as of 31 December 2025.",
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"value": "N O T E 1 7 \u2013 T R A D E R E C E I V A B L E S A N D O T H E R R E C E I V A B L E S Amounts in NOK thousand 2025 2024 Trade receivables 0 2 759 Other receivables 2 374 1 629 Total 2 374 4 389 Due date profile for trade receivables 2025 2024 Not due 0 1 277 0-3 months 0 0 > 3 months 0 1 482 Total 0 2 759 Trade receivables are recognized at zero as of 31 December 2025 due to the Group's factoring agreement, under which the credit risk has been transferred to the factoring provider. Consequently, receivables are derecognized upon sale to the factoring company. Other receivables mainly consist of prepaid expenses, VAT receivables, and security deposits. Management considers the carrying amount of other receivables to be a reasonable approximation of their fair value, as there are no indications of significant credit risk associated with these items 51",
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"value": "N O T E 1 8 \u2013 I N V E N T O R I E S Amounts in NOK thousand 2025 2024 Raw materials and extra parts (at cost) 349 2 987 Finished goods (at lower of cost and net realisable value) 7 769 5 425 Write-down -639 -3 085 Total 7 479 5 327 Inventories are valued at the lower of cost and net realisable value. The reduction in the carrying amount of raw materials and components, as well as the corresponding decrease in write-downs, is primarily due to the Biim materials that were written down in 2024. Finished goods as of 31 December 2025 consists of the UnoMeter\u2122 portfolio. Write down are primarily related to specific finished goods where management has applied a conservative valuation approach to reflect current commercial timeline",
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"value": "N O T E 19 \u2013 F I N A N C I A L I N S T R U M E N T S Navamedic loans The Company has two subordinated loan agreements with Navamedic for loans with an aggregate outstanding amount of NOK 15.9 million (including accrued interest) as of 31 December 2025. Both loans have a maturity date of 31 December 2027. During 2025, the Group completed a restructuring of these facilities, including a principal reduction (haircut), partial conversion into equity, and revised repayment terms for the remaining loan balances. In accordance with IFRS 9, the modification was considered substantial, leading to the derecognition of the original financial liabilities and the recognition of new liabilities at fair value. The resulting gain/loss from the restructuring was recognized in the income statement under financial items. The new loans carry an interest rate of 3-month NIBOR + 6%, which management considers to reflect market terms at the restructuring date. As of 31 December 2025, the balances were: Loan 1: NOK 9.055 million and Loan 2: NOK 6.839 million, both measured at amortized cost. As part of the loan agreement entered into on 6 September 2023 between Observe Medical ASA and Navamedic ASA, the loan is secured by first-priority pledges over the shares in Biim Ultrasound AS and Observe Medical AS, as well as floating charges over machinery, inventory, trade receivables, bank accounts, and other material assets of Observe Medical ASA. The lender may also require additional pledges over shares in Observe Medical AB, Observe Medical Nordic AB, and Observe Medical ApS. The security is granted in favour of Navamedic ASA as security agent on behalf of itself and other lenders, and secures obligations under this and related loan agreements on a shared and pro rata basis Following the reporting date, the Group secured new financing from Innovation Norway in early 2026, leading to updated priority and payment terms for the Navamedic loans, Where Navamedic ASA has agreed to subordinate its security interest to the benefit of Innovation Norway. See Note 24 Events after the reporting period for further information. Contingent milestone payments As part of the restructured agreement, Navamedic is entitled to participate in a commercial upside, independent of the loan repayments, through two contingent milestone payments of NOK 10 million each. These payments are subject to the achievement of specified cumulative sales thresholds for Sippi\u00ae (NOK 20 million and NOK 50 million). Management has assessed the arrangement under IAS 32 Financial Instruments: Presentation and IFRS 9 Financial Instruments. The milestone arrangement has been classified as a financial liability and initially recognised at fair value, determined as the present value of probability-weighted expected future payments. Key valuation inputs include probability-weighted commercial scenarios (consistent with the Group\u2019s impairment testing), expected timing of threshold achievement, and a risk-adjusted discount rate of 20% reflecting the performance-contingent nature of the obligation. At initial recognition, the fair value of the milestone liability amounted to NOK 6.9 million. Subsequently, the liability is measured at amortised cost using the effective interest method (unwinding of discount). This increase reflects that the payment date is approaching and does not represent a change in the underlying risk profile. At the reporting date, the Group reassesses the probability of reaching the specified milestones. If the probability remains unchanged, the liability is adjusted solely by the calculated interest expense for the period. There exist no obligations to pay cash until the cumulative sales thresholds have been achieved. Estimation uncertainty The valuation of the milestone liability involves significant judgement, particularly relating to expected future sales performance, timing of milestone achievement, and selection of an appropriate risk-adjusted discount rate. Changes in these assumptions may materially affect the carrying amount of the liability. Shareholder loans During the first half of 2025, the Group entered into shareholder loan agreements with certain existing shareholders (ELI AS, JPB AS, and RIC) to secure short-term working capital financing. The total loan amount outstanding under these agreements was NOK 1.6 million at the reporting date. The loans carried an annual interest rate of 15% until the due date 30.06.2025. Following this date, the loan is extended at an interest rate of +10% from the due date. The agreements include customary terms for this type of financing, including a right for the lenders to convert outstanding amounts into equity either in connection with a future equity raise on the same terms as other investors, or at an agreed price not exceeding the prevailing market price at the time of conversion. The loans are classified as financial liabilities measured at amortised cost. Management considers the terms to be in line with market conditions given the Group\u2019s financial position at the time the agreements were entered into. Business Finland The Finnish subsidiary of Biim Ultrasound AS, Biim Ultrasound Oy has a \"start-up funding\" loan from Business Finland of approximately EUR 400,000 including accrued interest. The loan is classified as short-term interest-bearing debt. The company has been offered a payment plan over 6 years starting September 2025, but currently not signed any addendum to the agreement. On 4 March 2026, the Board of Directors decided to initiate a winding up of Biim Ultrasound AS and its subsidiaries, including Biim Ultrasound Oy. The loan liability is expected to be addressed as part of the winding-up process. See also Note 24 Events after the reporting period. UnoMeter\u2122 Asset Transfer Agreement \u2013 Restructured Settlement During 2025, the Group reached a final agreement with Convatec/Unomedical regarding the remaining consideration for the UnoMeter\u2122 portfolio acquisition. This restructuring replaced all previous repayment schedules and terms. Under the new agreement, the Group settled USD 1.0 million in cash during 2025, while the remaining unsecured debt was fixed at USD 1.0 million. This residual liability is non-interest bearing and is payable in two equal instalments of USD 500,000 due on 31 December 2026 and 31 December 2027. In accordance with IFRS 9, management has assessed the restructuring as a substantial modification of a financial liability. The original liability, which had a carrying amount of NOK 38.6 million, was derecognised in its entirety. The new liability was recognised at a fair value of NOK 8.1 million, determined by discounting the future instalments using a discount rate of 12.0%. The difference between the carrying amount of the derecognised debt, the cash settlement, and the fair value of the new liability, resulted in a gain on debt restructuring of NOK 20.2 million recognised in the 2025 income statement as other financial income (see also note 11). Subsequent to initial recognition, the liability is measured at amortised cost using the effective interest method of 12.0%. As the liability is denominated in USD, the carrying amount is also subject to currency translation adjustments at each reporting date. Financial liabilities as at 31 December 2025 0-3 3-12 1-2 2-3 3-4 > 4 Carrying Total months months years years years years amount Amounts in NOK million 1)Payables loan to Navamedic group1.6 18.5 20.1 15.9 Trade account payables 11.4 1.5 12.9 12.9 Other current liabilities 0.9 0.9 0.9 2)Payables to Convatec5.0 5.0 10.1 8.5 3)Other current interest-bearing liabilities6.3 6.3 6.3 4)Contingent milestone liability, Navamedic20.0 20.0 6.9 Total 17.8 9.0 23.6 20.0 70.3 51.4 Financial liabilities as at 31 December 2024 0-3 3-12 1-2 2-3 3-4 > 4 Carrying Total months months years years years years amount Amounts in NOK million Payables loan to Navamedic group 0.0 3.1 25.1 23.1 51.2 38.4 Trade account payables 16.6 1.5 18.1 18.1 Other current liabilities 1.4 1.4 1.4 Payables to Convatec 18.0 29.5 47.6 40.2 Other current interest-bearing liabilities 4.7 4.7 4.7 Total 21.3 24.0 54.6 23.1 123.0 102.8 1) Significant change from 31 December 2024 due to restructuring of debt through haircuts of approximately 50% and conversion to shares of NOK 5.0 million. 2) ) Significant change from 31 December 2024 due to restructuring of debt through haircuts of approximately 50%, and payment to of NOK 10 million, resulting in full asset transfer. 3) Innovation loan from Business Finland to Biim Ultrasound Oy, and loan arrangements with existing shareholders 4) Contingent milestone liability reflecting a maximum payment of NOK 20 million in two equal payments when a) Sippi sales reach NOK 20 million and b) when Sippi sales reaches NOK 50 million. The recognized financial liability (IAS32) is probability-weighted and discounted to present value, and will be amortised by effective interest. No cash obligations exist until revenue thresholds have been achieved. Classification of financial assets and liabilities as at 31 December 2025 Fair value through Measured at profit or Amounts in NOK million amortised cost loss Total Current assets Cash and cash equivalients 11.5 11.5 Trade receivables and other receivables 1.4 1.4 Total current financial assets 12.9 12.9 Non-current financial liabilities Payables loan to Navamedic 15.9 15.9 Payables debt to Convatec 4.0 8.5 Contingent milestone liability (Sippi), Navemedic 6.9 6.9 Total non-current financial liabilities 26.8 0.0 26.8 Current financial liabilities Trade account payables 12.9 12.9 Other current liabilities 0.9 0.9 Payables debt to Convatec 4.5 4.5 1)Other current interest-bearing liabilities 6.3 6.3 Total current financial liabilities 24.6 24.6 Total financial liabilities 51.4 0.0 51.4 Classification of financial assets and liabilities as at 31 December 2024 Fair value through Measured at profit or Amounts in NOK million amortised cost loss Total Current assets Cash and cash equivalients 2.0 2.0 Trade receivables and other receivables 3.9 3.9 Total current financial assets 5.9 5.9 Non-current financial liabilities Payables loan to Navamedic group 38.4 38.4 Payables debt to Convatec 23.2 23,2 Total non-current financial liabilities 61.6 0.0 61.6 Current financial liabilities Trade account payables 18.1 18.1 Other current liabilities 1.4 1,4 Payables loan to Convatec 17.0 17,0 2)Other current interest-bearing liabilities 4.7 4,7 Total current financial liabilities 41.2 41.2 Total financial liabilities 102.8 0.0 102.8 1) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy and loan arrangements with existing shareholders 2) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy Additional information about the change in financial liabilities arising from financing activities Contingent Contingent milestone Loans from consideration Payables liability, Bank Overdraft Navamedic upon Lease debt to Navamedic 4)Amounts in NOK million loans facility Group acquisitions liabilities Convatec OtherTotal Carrying value 1 January 2025 38.4 40.2 4.7 83.4 Cash flow -10.1 1.4 -8.7 Change in liability due to aquisition Change in liability with 5)no cash effect-22.5 6.9 -16.8 0.2 -32.2 FX movement -4.8 -4.8 Carrying value 31 0.0 0.0 15.9 6.9 0.0 0.0 8.5 6.3 37.6 December 2025 Contingent Contingent milestone Loans from consideration Payables liability, Bank Overdraft Navamedic upon Lease debt to Navamedic Amounts in NOK million loans facility Group acquisitions liabilities Convatec Other Total Carrying value 1 January 2024 0.9 49.9 1.6 0.8 35.2 1.5 89.9 Cash flow -0.9 -0.5 -1.4 Change in liability due to aquisition Change in liability with no cash effect -11.5 -1.6 -0.3 5.0 3.2 -5.2 Carrying value 31 0.0 0.0 38.4 0.0 0.0 0.0 40.2 4.7 83.3 December 2024 4) Loan arrangements with existing shareholders and Biim Ultrasound Oy loan, Finland 5) Navamedic loan restructuring and conversion to share capital, partly offset by interest. Navamedic milestone payment liability with no cash effect and Convatec debt restructuring. 31.12.2025 31.12.2024 Carrying Carrying Fair value Fair value amount amount Amounts in NOK million Current financial assets Trade receivables and other receivables 1.4 1.4 3.9 3.9 Cash and cash equivalents 11.5 11.5 2.0 2.0 Total current financial assets 12.9 12.9 5.9 5.9 Total financial assets 12.9 12.9 5.9 5.9 Non-current financial liabilities Other non-current interest bearing liabilities Lease liabilities Payables loan to Navamedic group 15.9 15.9 38.4 38.4 6)Payables loan to Convatec4.0 4.0 23.2 24.8 Total non-current financial liabilities 19.9 19.9 61.6 63.2 Current financial liabilities 6)Payables loan to Convatec4.5 4.5 17.0 17.0 Trade account payables 12.9 12.9 18.1 18.1 7)Other current interest bearing liabilities6.3 6.3 4.7 4.7 Other current liabilities 0.9 0.9 1.4 1.4 Total current financial liabilities 24.6 24.6 41.2 41.2 Total financial liabilities 44.5 44.5 102.8 104.5 6) The debt to Convatec was previously non-interest-bearing and was renegotiated to interest-bearing debt in 2024. It is classified as Level 3 in the fair value measurement hierarchy. 7) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy and loan arrangements with existing shareholders. For financial instruments recognised at amortised cost, the carrying amounts of current financial assets and liabilities are considered a reasonable approximation of fair value due to their short-term nature. For non-current financial liabilities, management has assessed that the contractual interest rates are broadly consistent with current market conditions, and accordingly the carrying amounts are considered to approximate fair value.",
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"value": "Classification of financial assets and liabilities as at 31 December 2025 Fair value through Measured at profit or Amounts in NOK million amortised cost loss Total Current assets Cash and cash equivalients 11.5 11.5 Trade receivables and other receivables 1.4 1.4 Total current financial assets 12.9 12.9 Non-current financial liabilities Payables loan to Navamedic 15.9 15.9 Payables debt to Convatec 4.0 8.5 Contingent milestone liability (Sippi), Navemedic 6.9 6.9 Total non-current financial liabilities 26.8 0.0 26.8 Current financial liabilities Trade account payables 12.9 12.9 Other current liabilities 0.9 0.9 Payables debt to Convatec 4.5 4.5 1)Other current interest-bearing liabilities 6.3 6.3 Total current financial liabilities 24.6 24.6 Total financial liabilities 51.4 0.0 51.4 Classification of financial assets and liabilities as at 31 December 2024 Fair value through Measured at profit or Amounts in NOK million amortised cost loss Total Current assets Cash and cash equivalients 2.0 2.0 Trade receivables and other receivables 3.9 3.9 Total current financial assets 5.9 5.9 Non-current financial liabilities Payables loan to Navamedic group 38.4 38.4 Payables debt to Convatec 23.2 23,2 Total non-current financial liabilities 61.6 0.0 61.6 Current financial liabilities Trade account payables 18.1 18.1 Other current liabilities 1.4 1,4 Payables loan to Convatec 17.0 17,0 2)Other current interest-bearing liabilities 4.7 4,7 Total current financial liabilities 41.2 41.2 Total financial liabilities 102.8 0.0 102.8 1) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy and loan arrangements with existing shareholders 2) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy Additional information about the change in financial liabilities arising from financing activities Contingent Contingent milestone Loans from consideration Payables liability, Bank Overdraft Navamedic upon Lease debt to Navamedic 4)Amounts in NOK million loans facility Group acquisitions liabilities Convatec OtherTotal Carrying value 1 January 2025 38.4 40.2 4.7 83.4 Cash flow -10.1 1.4 -8.7 Change in liability due to aquisition Change in liability with 5)no cash effect-22.5 6.9 -16.8 0.2 -32.2 FX movement -4.8 -4.8 Carrying value 31 0.0 0.0 15.9 6.9 0.0 0.0 8.5 6.3 37.6 December 2025 Contingent Contingent milestone Loans from consideration Payables liability, Bank Overdraft Navamedic upon Lease debt to Navamedic Amounts in NOK million loans facility Group acquisitions liabilities Convatec Other Total Carrying value 1 January 2024 0.9 49.9 1.6 0.8 35.2 1.5 89.9 Cash flow -0.9 -0.5 -1.4 Change in liability due to aquisition Change in liability with no cash effect -11.5 -1.6 -0.3 5.0 3.2 -5.2 Carrying value 31 0.0 0.0 38.4 0.0 0.0 0.0 40.2 4.7 83.3 December 2024 4) Loan arrangements with existing shareholders and Biim Ultrasound Oy loan, Finland 5) Navamedic loan restructuring and conversion to share capital, partly offset by interest. Navamedic milestone payment liability with no cash effect and Convatec debt restructuring. 31.12.2025 31.12.2024 Carrying Carrying Fair value Fair value amount amount Amounts in NOK million Current financial assets Trade receivables and other receivables 1.4 1.4 3.9 3.9 Cash and cash equivalents 11.5 11.5 2.0 2.0 Total current financial assets 12.9 12.9 5.9 5.9 Total financial assets 12.9 12.9 5.9 5.9 Non-current financial liabilities Other non-current interest bearing liabilities Lease liabilities Payables loan to Navamedic group 15.9 15.9 38.4 38.4 6)Payables loan to Convatec4.0 4.0 23.2 24.8 Total non-current financial liabilities 19.9 19.9 61.6 63.2 Current financial liabilities 6)Payables loan to Convatec4.5 4.5 17.0 17.0 Trade account payables 12.9 12.9 18.1 18.1 7)Other current interest bearing liabilities6.3 6.3 4.7 4.7 Other current liabilities 0.9 0.9 1.4 1.4 Total current financial liabilities 24.6 24.6 41.2 41.2 Total financial liabilities 44.5 44.5 102.8 104.5 6) The debt to Convatec was previously non-interest-bearing and was renegotiated to interest-bearing debt in 2024. It is classified as Level 3 in the fair value measurement hierarchy. 7) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy and loan arrangements with existing shareholders. For financial instruments recognised at amortised cost, the carrying amounts of current financial assets and liabilities are considered a reasonable approximation of fair value due to their short-term nature. For non-current financial liabilities, management has assessed that the contractual interest rates are broadly consistent with current market conditions, and accordingly the carrying amounts are considered to approximate fair value.",
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"value": "Classification of financial assets and liabilities as at 31 December 2025 Fair value through Measured at profit or Amounts in NOK million amortised cost loss Total Current assets Cash and cash equivalients 11.5 11.5 Trade receivables and other receivables 1.4 1.4 Total current financial assets 12.9 12.9 Non-current financial liabilities Payables loan to Navamedic 15.9 15.9 Payables debt to Convatec 4.0 8.5 Contingent milestone liability (Sippi), Navemedic 6.9 6.9 Total non-current financial liabilities 26.8 0.0 26.8 Current financial liabilities Trade account payables 12.9 12.9 Other current liabilities 0.9 0.9 Payables debt to Convatec 4.5 4.5 1)Other current interest-bearing liabilities 6.3 6.3 Total current financial liabilities 24.6 24.6 Total financial liabilities 51.4 0.0 51.4 Classification of financial assets and liabilities as at 31 December 2024 Fair value through Measured at profit or Amounts in NOK million amortised cost loss Total Current assets Cash and cash equivalients 2.0 2.0 Trade receivables and other receivables 3.9 3.9 Total current financial assets 5.9 5.9 Non-current financial liabilities Payables loan to Navamedic group 38.4 38.4 Payables debt to Convatec 23.2 23,2 Total non-current financial liabilities 61.6 0.0 61.6 Current financial liabilities Trade account payables 18.1 18.1 Other current liabilities 1.4 1,4 Payables loan to Convatec 17.0 17,0 2)Other current interest-bearing liabilities 4.7 4,7 Total current financial liabilities 41.2 41.2 Total financial liabilities 102.8 0.0 102.8 1) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy and loan arrangements with existing shareholders 2) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy Additional information about the change in financial liabilities arising from financing activities Contingent Contingent milestone Loans from consideration Payables liability, Bank Overdraft Navamedic upon Lease debt to Navamedic 4)Amounts in NOK million loans facility Group acquisitions liabilities Convatec OtherTotal Carrying value 1 January 2025 38.4 40.2 4.7 83.4 Cash flow -10.1 1.4 -8.7 Change in liability due to aquisition Change in liability with 5)no cash effect-22.5 6.9 -16.8 0.2 -32.2 FX movement -4.8 -4.8 Carrying value 31 0.0 0.0 15.9 6.9 0.0 0.0 8.5 6.3 37.6 December 2025 Contingent Contingent milestone Loans from consideration Payables liability, Bank Overdraft Navamedic upon Lease debt to Navamedic Amounts in NOK million loans facility Group acquisitions liabilities Convatec Other Total Carrying value 1 January 2024 0.9 49.9 1.6 0.8 35.2 1.5 89.9 Cash flow -0.9 -0.5 -1.4 Change in liability due to aquisition Change in liability with no cash effect -11.5 -1.6 -0.3 5.0 3.2 -5.2 Carrying value 31 0.0 0.0 38.4 0.0 0.0 0.0 40.2 4.7 83.3 December 2024 4) Loan arrangements with existing shareholders and Biim Ultrasound Oy loan, Finland 5) Navamedic loan restructuring and conversion to share capital, partly offset by interest. Navamedic milestone payment liability with no cash effect and Convatec debt restructuring. 31.12.2025 31.12.2024 Carrying Carrying Fair value Fair value amount amount Amounts in NOK million Current financial assets Trade receivables and other receivables 1.4 1.4 3.9 3.9 Cash and cash equivalents 11.5 11.5 2.0 2.0 Total current financial assets 12.9 12.9 5.9 5.9 Total financial assets 12.9 12.9 5.9 5.9 Non-current financial liabilities Other non-current interest bearing liabilities Lease liabilities Payables loan to Navamedic group 15.9 15.9 38.4 38.4 6)Payables loan to Convatec4.0 4.0 23.2 24.8 Total non-current financial liabilities 19.9 19.9 61.6 63.2 Current financial liabilities 6)Payables loan to Convatec4.5 4.5 17.0 17.0 Trade account payables 12.9 12.9 18.1 18.1 7)Other current interest bearing liabilities6.3 6.3 4.7 4.7 Other current liabilities 0.9 0.9 1.4 1.4 Total current financial liabilities 24.6 24.6 41.2 41.2 Total financial liabilities 44.5 44.5 102.8 104.5 6) The debt to Convatec was previously non-interest-bearing and was renegotiated to interest-bearing debt in 2024. It is classified as Level 3 in the fair value measurement hierarchy. 7) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy and loan arrangements with existing shareholders. For financial instruments recognised at amortised cost, the carrying amounts of current financial assets and liabilities are considered a reasonable approximation of fair value due to their short-term nature. For non-current financial liabilities, management has assessed that the contractual interest rates are broadly consistent with current market conditions, and accordingly the carrying amounts are considered to approximate fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s6__6__126": {
"value": "Classification of financial assets and liabilities as at 31 December 2025 Fair value through Measured at profit or Amounts in NOK million amortised cost loss Total Current assets Cash and cash equivalients 11.5 11.5 Trade receivables and other receivables 1.4 1.4 Total current financial assets 12.9 12.9 Non-current financial liabilities Payables loan to Navamedic 15.9 15.9 Payables debt to Convatec 4.0 8.5 Contingent milestone liability (Sippi), Navemedic 6.9 6.9 Total non-current financial liabilities 26.8 0.0 26.8 Current financial liabilities Trade account payables 12.9 12.9 Other current liabilities 0.9 0.9 Payables debt to Convatec 4.5 4.5 1)Other current interest-bearing liabilities 6.3 6.3 Total current financial liabilities 24.6 24.6 Total financial liabilities 51.4 0.0 51.4 Classification of financial assets and liabilities as at 31 December 2024 Fair value through Measured at profit or Amounts in NOK million amortised cost loss Total Current assets Cash and cash equivalients 2.0 2.0 Trade receivables and other receivables 3.9 3.9 Total current financial assets 5.9 5.9 Non-current financial liabilities Payables loan to Navamedic group 38.4 38.4 Payables debt to Convatec 23.2 23,2 Total non-current financial liabilities 61.6 0.0 61.6 Current financial liabilities Trade account payables 18.1 18.1 Other current liabilities 1.4 1,4 Payables loan to Convatec 17.0 17,0 2)Other current interest-bearing liabilities 4.7 4,7 Total current financial liabilities 41.2 41.2 Total financial liabilities 102.8 0.0 102.8 1) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy and loan arrangements with existing shareholders 2) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy Additional information about the change in financial liabilities arising from financing activities Contingent Contingent milestone Loans from consideration Payables liability, Bank Overdraft Navamedic upon Lease debt to Navamedic 4)Amounts in NOK million loans facility Group acquisitions liabilities Convatec OtherTotal Carrying value 1 January 2025 38.4 40.2 4.7 83.4 Cash flow -10.1 1.4 -8.7 Change in liability due to aquisition Change in liability with 5)no cash effect-22.5 6.9 -16.8 0.2 -32.2 FX movement -4.8 -4.8 Carrying value 31 0.0 0.0 15.9 6.9 0.0 0.0 8.5 6.3 37.6 December 2025 Contingent Contingent milestone Loans from consideration Payables liability, Bank Overdraft Navamedic upon Lease debt to Navamedic Amounts in NOK million loans facility Group acquisitions liabilities Convatec Other Total Carrying value 1 January 2024 0.9 49.9 1.6 0.8 35.2 1.5 89.9 Cash flow -0.9 -0.5 -1.4 Change in liability due to aquisition Change in liability with no cash effect -11.5 -1.6 -0.3 5.0 3.2 -5.2 Carrying value 31 0.0 0.0 38.4 0.0 0.0 0.0 40.2 4.7 83.3 December 2024 4) Loan arrangements with existing shareholders and Biim Ultrasound Oy loan, Finland 5) Navamedic loan restructuring and conversion to share capital, partly offset by interest. Navamedic milestone payment liability with no cash effect and Convatec debt restructuring. 31.12.2025 31.12.2024 Carrying Carrying Fair value Fair value amount amount Amounts in NOK million Current financial assets Trade receivables and other receivables 1.4 1.4 3.9 3.9 Cash and cash equivalents 11.5 11.5 2.0 2.0 Total current financial assets 12.9 12.9 5.9 5.9 Total financial assets 12.9 12.9 5.9 5.9 Non-current financial liabilities Other non-current interest bearing liabilities Lease liabilities Payables loan to Navamedic group 15.9 15.9 38.4 38.4 6)Payables loan to Convatec4.0 4.0 23.2 24.8 Total non-current financial liabilities 19.9 19.9 61.6 63.2 Current financial liabilities 6)Payables loan to Convatec4.5 4.5 17.0 17.0 Trade account payables 12.9 12.9 18.1 18.1 7)Other current interest bearing liabilities6.3 6.3 4.7 4.7 Other current liabilities 0.9 0.9 1.4 1.4 Total current financial liabilities 24.6 24.6 41.2 41.2 Total financial liabilities 44.5 44.5 102.8 104.5 6) The debt to Convatec was previously non-interest-bearing and was renegotiated to interest-bearing debt in 2024. It is classified as Level 3 in the fair value measurement hierarchy. 7) Other non-current interest-bearing liabilities consisting of \u201cBusiness Finland\u201d innovation loan in Biim Ultrasound Oy and loan arrangements with existing shareholders. For financial instruments recognised at amortised cost, the carrying amounts of current financial assets and liabilities are considered a reasonable approximation of fair value due to their short-term nature. For non-current financial liabilities, management has assessed that the contractual interest rates are broadly consistent with current market conditions, and accordingly the carrying amounts are considered to approximate fair value.",
"dimensions": {
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"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s6__6__130": {
"value": "N O T E 2 0 \u2013 C O N T I N G E N T C O N S I D E R A T I O N Observe Medical International AB (OMI AB) was acquired in 2015. The purchase price included a contingent consideration consisting of royalty payments and sales-based milestones for Sippi\u00ae. The royalty period, which was based on revenues from sales of Sippi\u00ae, concluded at the end of 2024. As no royalty thresholds were met during the period, the Group has no further obligations related to these payments. The agreement included a final milestone payment contingent on accumulated Sippi\u00ae sales exceeding NOK 900 million by 31 December 2026. As of 31 December 2025, management has reassessed the probability of reaching this target. Given the current commercial status and the remaining time until the deadline, it is considered unlikely that the threshold will be achieved. Consistent with the assessment in 2024, the fair value of the contingent consideration is measured at NOK 0 as of 31 December 2025. There have been no changes in the estimated fair value recognized through profit or loss during the 2025 financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__135": {
"value": "N O T E 2 1 \u2013 T A X E S Income tax 2025 2024 Current tax 0 0 Deferred tax 0 0 Tax expense/income recognised 0 0 Reconciliation of income tax Tax rate 2025 2024 Amounts in NOK thousand Result before tax -48 639 -58 727 Expected income taxes, 22% of result before tax 10 700 12 920 Differences in tax rates -62 -164 Tax expense before not recognised tax assets 12 698 13 593 Norway, change in deferred tax assets not recognised 22 % -10 947 -11 284 Denmark, change in deferred tax assets not recognised 22 % -738 -546 Sweden, change in deferred tax assets not recognised 21 % -1 013 -1 763 Total taxes 0 0 Effective tax rate 0,0 % 0,0 % Basis for Deferred Tax Liabilities and Tax Assets (-) 2025 Temporary Temporary Temporary Total 2025 differences differences differences Norway Sweden Denmark Amounts in NOK thousand Fixed assets -506 7 375 0 6 869 Other -6 440 0 0 -6 440 Total temporary differences -6 946 7 375 0 429 Tax losses carried forward -312 154 -107 350 -99 466 -518 970 Basis for temporary differences -319 100 -99 975 -99 466 -518 541 Unrecognised temporary differences 319 100 99 975 99 466 518 541 Total recognised temporary differences 0 0 0 0 Tax rate 22 % 21 % 22 % Recognised deferred tax liabilities and tax assets (-) 0 0 0 0 2024 Amounts in NOK thousand Intangible assets 48 771 8 672 0 57 443 Other -9 591 0 0 -9 591 Total temporary differences 39 180 8 672 0 47 852 Tax losses carried forward -327 135 -97 975 -100 172 -525 282 Basis for temporary differences -287 955 -89 303 -100 172 -477 430 Unrecognised temporary differences 287 955 89 303 100 172 477 430 Total recognised temporary differences 0 0 0 0 Tax rate 22 % 21 % 22 % Recognised deferred tax liabilities and tax assets (-) 0 0 0 0 Deferred tax assets 0 0 0 0 Deferred tax liabilities 0 0 0 0 Change in Deferred Tax Assets and Deferred Tax Liabilities Effect of Foreign Recognised in acquistion and currency profit and loss equity exchange Amounts in NOK thousand 01.01.2025 during the year transactions differences 31.12.2025 Intangible assets 12 516 -11 219 110 1 408 Other -2 110 2 211 101 Tax losses carried forward -114 190 -3 691 -1 850 -119 731 Gross tax liabilities / assets (-) -103 784 -12 698 -1 740 -118 222 Deferred tax assets not recognised 103 784 12 698 1 740 118 222 Tax liabilities/assets (-) recognised 0 0 0 0 0 Effect of Foreign Recognised in acquistion and currency profit and loss equity exchange Amounts in NOK thousand 01.01.2024 during the year transactions differences 31.12.2024 Intangible assets 7 579 4 906 31 12 516 Other 5 801 -7 911 -2 110 Tax losses carried forward -99 292 -10 588 -4 310 -114 190 Gross tax liabilities / assets (-) -85 913 -13 593 -4 279 -103 784 Deferred tax assets not recognised 85 913 13 593 4 279 103 784 Tax liabilities/assets (-) recognised 0 0 0 0 0 Use of Tax Losses Carried Forward There is not any expiration date for the use of tax losses carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__134": {
"value": "N O T E 2 1 \u2013 T A X E S Income tax 2025 2024 Current tax 0 0 Deferred tax 0 0 Tax expense/income recognised 0 0 Reconciliation of income tax Tax rate 2025 2024 Amounts in NOK thousand Result before tax -48 639 -58 727 Expected income taxes, 22% of result before tax 10 700 12 920 Differences in tax rates -62 -164 Tax expense before not recognised tax assets 12 698 13 593 Norway, change in deferred tax assets not recognised 22 % -10 947 -11 284 Denmark, change in deferred tax assets not recognised 22 % -738 -546 Sweden, change in deferred tax assets not recognised 21 % -1 013 -1 763 Total taxes 0 0 Effective tax rate 0,0 % 0,0 % Basis for Deferred Tax Liabilities and Tax Assets (-) 2025 Temporary Temporary Temporary Total 2025 differences differences differences Norway Sweden Denmark Amounts in NOK thousand Fixed assets -506 7 375 0 6 869 Other -6 440 0 0 -6 440 Total temporary differences -6 946 7 375 0 429 Tax losses carried forward -312 154 -107 350 -99 466 -518 970 Basis for temporary differences -319 100 -99 975 -99 466 -518 541 Unrecognised temporary differences 319 100 99 975 99 466 518 541 Total recognised temporary differences 0 0 0 0 Tax rate 22 % 21 % 22 % Recognised deferred tax liabilities and tax assets (-) 0 0 0 0 2024 Amounts in NOK thousand Intangible assets 48 771 8 672 0 57 443 Other -9 591 0 0 -9 591 Total temporary differences 39 180 8 672 0 47 852 Tax losses carried forward -327 135 -97 975 -100 172 -525 282 Basis for temporary differences -287 955 -89 303 -100 172 -477 430 Unrecognised temporary differences 287 955 89 303 100 172 477 430 Total recognised temporary differences 0 0 0 0 Tax rate 22 % 21 % 22 % Recognised deferred tax liabilities and tax assets (-) 0 0 0 0 Deferred tax assets 0 0 0 0 Deferred tax liabilities 0 0 0 0 Change in Deferred Tax Assets and Deferred Tax Liabilities Effect of Foreign Recognised in acquistion and currency profit and loss equity exchange Amounts in NOK thousand 01.01.2025 during the year transactions differences 31.12.2025 Intangible assets 12 516 -11 219 110 1 408 Other -2 110 2 211 101 Tax losses carried forward -114 190 -3 691 -1 850 -119 731 Gross tax liabilities / assets (-) -103 784 -12 698 -1 740 -118 222 Deferred tax assets not recognised 103 784 12 698 1 740 118 222 Tax liabilities/assets (-) recognised 0 0 0 0 0 Effect of Foreign Recognised in acquistion and currency profit and loss equity exchange Amounts in NOK thousand 01.01.2024 during the year transactions differences 31.12.2024 Intangible assets 7 579 4 906 31 12 516 Other 5 801 -7 911 -2 110 Tax losses carried forward -99 292 -10 588 -4 310 -114 190 Gross tax liabilities / assets (-) -85 913 -13 593 -4 279 -103 784 Deferred tax assets not recognised 85 913 13 593 4 279 103 784 Tax liabilities/assets (-) recognised 0 0 0 0 0 Use of Tax Losses Carried Forward There is not any expiration date for the use of tax losses carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__132": {
"value": "N O T E 2 1 \u2013 T A X E S Income tax 2025 2024 Current tax 0 0 Deferred tax 0 0 Tax expense/income recognised 0 0 Reconciliation of income tax Tax rate 2025 2024 Amounts in NOK thousand Result before tax -48 639 -58 727 Expected income taxes, 22% of result before tax 10 700 12 920 Differences in tax rates -62 -164 Tax expense before not recognised tax assets 12 698 13 593 Norway, change in deferred tax assets not recognised 22 % -10 947 -11 284 Denmark, change in deferred tax assets not recognised 22 % -738 -546 Sweden, change in deferred tax assets not recognised 21 % -1 013 -1 763 Total taxes 0 0 Effective tax rate 0,0 % 0,0 % Basis for Deferred Tax Liabilities and Tax Assets (-) 2025 Temporary Temporary Temporary Total 2025 differences differences differences Norway Sweden Denmark Amounts in NOK thousand Fixed assets -506 7 375 0 6 869 Other -6 440 0 0 -6 440 Total temporary differences -6 946 7 375 0 429 Tax losses carried forward -312 154 -107 350 -99 466 -518 970 Basis for temporary differences -319 100 -99 975 -99 466 -518 541 Unrecognised temporary differences 319 100 99 975 99 466 518 541 Total recognised temporary differences 0 0 0 0 Tax rate 22 % 21 % 22 % Recognised deferred tax liabilities and tax assets (-) 0 0 0 0 2024 Amounts in NOK thousand Intangible assets 48 771 8 672 0 57 443 Other -9 591 0 0 -9 591 Total temporary differences 39 180 8 672 0 47 852 Tax losses carried forward -327 135 -97 975 -100 172 -525 282 Basis for temporary differences -287 955 -89 303 -100 172 -477 430 Unrecognised temporary differences 287 955 89 303 100 172 477 430 Total recognised temporary differences 0 0 0 0 Tax rate 22 % 21 % 22 % Recognised deferred tax liabilities and tax assets (-) 0 0 0 0 Deferred tax assets 0 0 0 0 Deferred tax liabilities 0 0 0 0 Change in Deferred Tax Assets and Deferred Tax Liabilities Effect of Foreign Recognised in acquistion and currency profit and loss equity exchange Amounts in NOK thousand 01.01.2025 during the year transactions differences 31.12.2025 Intangible assets 12 516 -11 219 110 1 408 Other -2 110 2 211 101 Tax losses carried forward -114 190 -3 691 -1 850 -119 731 Gross tax liabilities / assets (-) -103 784 -12 698 -1 740 -118 222 Deferred tax assets not recognised 103 784 12 698 1 740 118 222 Tax liabilities/assets (-) recognised 0 0 0 0 0 Effect of Foreign Recognised in acquistion and currency profit and loss equity exchange Amounts in NOK thousand 01.01.2024 during the year transactions differences 31.12.2024 Intangible assets 7 579 4 906 31 12 516 Other 5 801 -7 911 -2 110 Tax losses carried forward -99 292 -10 588 -4 310 -114 190 Gross tax liabilities / assets (-) -85 913 -13 593 -4 279 -103 784 Deferred tax assets not recognised 85 913 13 593 4 279 103 784 Tax liabilities/assets (-) recognised 0 0 0 0 0 Use of Tax Losses Carried Forward There is not any expiration date for the use of tax losses carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__140": {
"value": "N O T E 23 \u2013 S H A R E H O L D E R I N F O R M A T I O N Top shareholders at 31 December 2025 Rank Name Number of shares % of top 20 Ownership % Country 1 NAVAMEDIC ASA 12 564 279 13,40 % 9,23 % Norway 2 R INVESTMENT COMPANY AS 10 703 684 11,42 % 7,86 % Norway 3 SONGA CAPITAL AS 10 000 000 10,67 % 7,34 % Norway 4 JPB AS 7 170 996 7,65 % 5,27 % Norway 5 KING KONG INVEST AS 6 333 333 6,76 % 4,65 % Norway 6 JIANGSU HONGXIN MEDICAL TECHNOLO 6 000 000 6,40 % 4,41 % China 7 SEED CAPITAL AS 5 236 268 5,59 % 3,85 % Norway 8 BJ\u00d8RNTVEDT, VEGARD 4 493 951 4,79 % 3,30 % Norway 9 RO, LARS 4 004 004 4,27 % 2,94 % Norway 10 EIDCO AS 4 000 000 4,27 % 2,94 % Norway 11 LIVERMORE INVEST AS 3 597 508 3,84 % 2,64 % Norway 12 GLIMT INVEST AS 3 005 113 3,21 % 2,21 % Norway 13 Em Kapital As 3 000 000 3,20 % 2,20 % Norway 14 JJB AS 2 100 000 2,24 % 1,54 % Norway 15 AKB AS 2 100 000 2,24 % 1,54 % Norway 16 SONGA X AS 2 100 000 2,24 % 1,54 % Norway 17 AGMABLY AS 2 100 000 2,24 % 1,54 % Norway 18 ABAGUST AS 2 000 000 2,13 % 1,47 % Norway 19 GINNY INVEST AS 1 616 666 1,72 % 1,19 % Norway 20 NORDNET LIVSFORSIKRING AS 1 612 772 1,72 % 1,18 % Norway Other 42 409 838 31,15 % Total number owned by top 20 93 738 574 100,00 % 68,85 % Total number of shares 136 148 412 100,00 % The total outstanding number of shares is 136 148 412 with a nominal value of 0.42 NOK. Number of shares owned by board of directors and group management and at 31.12.2025 Name Position Total shares 1Terje BakkenChairman of the Board 3 095 112 2Eskild EndrerudBoard Member 6 145 753 3Line T\u00f8nnessenBoard Member 253 037 J\u00f8rgen Mann Chief Executive Officer 870 000 Johan M. Fagerli Chief Financial Officer 356 716 1) Bakken represents R. Investment Company, at the Board of Directors. 3,005,113 of the Shares owned by Bakken are owned through his privately held company, Glimt Invest AS, 83,333 of the shares through his privately held company, Kikinn Invest AS and 6,666 are directly owned shares. 2) Endrerud represents the Company's shareholder, ELI AS, at the Board of Directors. Endrerud owns 100% of ATHEND Holding AS. ATHEND Holding AS owns 25,266 shares in the Company and 50% of the shares in SEED Capital AS, who owns 5,236,268 shares in the Company. SEED Capital AS owns 91.932% of ELI AS, who owns 884,219 shares in the Company. In total, Eskild Endrerud indirectly owns 6 145 753 shares in the Company and directly owns 67,500 shares in the Company. 3) T\u00f8nnessen represents the shareholder R. Investment Company, at the Board of Directors. The Shares owned by T\u00f8nnesen are owned by her directly. Number of Share capital Share premium Movement in number of shares and share capital shares (NOK thousand) (NOK thousand) 1 January 2025 288 876 175 75 108 288 433 January 2025: Reverse share split ratio 15:1 - 269 617 763 July 2025: Share capital reduction -67 019 July 2025: Private placement 72 890 000 30 613 5 831 October 2025: Subsequent offering 24 000 000 10 080 1 920 October 2025: Private placement 20 000 000 8 400 1 600 31 December 2025 136 148 412 57 183 291 488 An extraordinary general meeting was held on January 7 2025, amongst other, to adopt a consolidation of the Company's shares (reverse share split) in the ratio 15:1 to meet the Oslo Stock Exchange's requirement of a minimum market value of NOK 1 per share. During 2025, Observe Medical ASA issued 116 890 000 new shares at a subscription price of NOK 0.50 per share, and at a nominal value of NOK 0.42. 100 890 000 shares were settled by cash and 16 000 000 shares were settled by debt conversion.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__139": {
"value": "N O T E 23 \u2013 S H A R E H O L D E R I N F O R M A T I O N Top shareholders at 31 December 2025 Rank Name Number of shares % of top 20 Ownership % Country 1 NAVAMEDIC ASA 12 564 279 13,40 % 9,23 % Norway 2 R INVESTMENT COMPANY AS 10 703 684 11,42 % 7,86 % Norway 3 SONGA CAPITAL AS 10 000 000 10,67 % 7,34 % Norway 4 JPB AS 7 170 996 7,65 % 5,27 % Norway 5 KING KONG INVEST AS 6 333 333 6,76 % 4,65 % Norway 6 JIANGSU HONGXIN MEDICAL TECHNOLO 6 000 000 6,40 % 4,41 % China 7 SEED CAPITAL AS 5 236 268 5,59 % 3,85 % Norway 8 BJ\u00d8RNTVEDT, VEGARD 4 493 951 4,79 % 3,30 % Norway 9 RO, LARS 4 004 004 4,27 % 2,94 % Norway 10 EIDCO AS 4 000 000 4,27 % 2,94 % Norway 11 LIVERMORE INVEST AS 3 597 508 3,84 % 2,64 % Norway 12 GLIMT INVEST AS 3 005 113 3,21 % 2,21 % Norway 13 Em Kapital As 3 000 000 3,20 % 2,20 % Norway 14 JJB AS 2 100 000 2,24 % 1,54 % Norway 15 AKB AS 2 100 000 2,24 % 1,54 % Norway 16 SONGA X AS 2 100 000 2,24 % 1,54 % Norway 17 AGMABLY AS 2 100 000 2,24 % 1,54 % Norway 18 ABAGUST AS 2 000 000 2,13 % 1,47 % Norway 19 GINNY INVEST AS 1 616 666 1,72 % 1,19 % Norway 20 NORDNET LIVSFORSIKRING AS 1 612 772 1,72 % 1,18 % Norway Other 42 409 838 31,15 % Total number owned by top 20 93 738 574 100,00 % 68,85 % Total number of shares 136 148 412 100,00 % The total outstanding number of shares is 136 148 412 with a nominal value of 0.42 NOK. Number of shares owned by board of directors and group management and at 31.12.2025 Name Position Total shares 1Terje BakkenChairman of the Board 3 095 112 2Eskild EndrerudBoard Member 6 145 753 3Line T\u00f8nnessenBoard Member 253 037 J\u00f8rgen Mann Chief Executive Officer 870 000 Johan M. Fagerli Chief Financial Officer 356 716 1) Bakken represents R. Investment Company, at the Board of Directors. 3,005,113 of the Shares owned by Bakken are owned through his privately held company, Glimt Invest AS, 83,333 of the shares through his privately held company, Kikinn Invest AS and 6,666 are directly owned shares. 2) Endrerud represents the Company's shareholder, ELI AS, at the Board of Directors. Endrerud owns 100% of ATHEND Holding AS. ATHEND Holding AS owns 25,266 shares in the Company and 50% of the shares in SEED Capital AS, who owns 5,236,268 shares in the Company. SEED Capital AS owns 91.932% of ELI AS, who owns 884,219 shares in the Company. In total, Eskild Endrerud indirectly owns 6 145 753 shares in the Company and directly owns 67,500 shares in the Company. 3) T\u00f8nnessen represents the shareholder R. Investment Company, at the Board of Directors. The Shares owned by T\u00f8nnesen are owned by her directly. Number of Share capital Share premium Movement in number of shares and share capital shares (NOK thousand) (NOK thousand) 1 January 2025 288 876 175 75 108 288 433 January 2025: Reverse share split ratio 15:1 - 269 617 763 July 2025: Share capital reduction -67 019 July 2025: Private placement 72 890 000 30 613 5 831 October 2025: Subsequent offering 24 000 000 10 080 1 920 October 2025: Private placement 20 000 000 8 400 1 600 31 December 2025 136 148 412 57 183 291 488 An extraordinary general meeting was held on January 7 2025, amongst other, to adopt a consolidation of the Company's shares (reverse share split) in the ratio 15:1 to meet the Oslo Stock Exchange's requirement of a minimum market value of NOK 1 per share. During 2025, Observe Medical ASA issued 116 890 000 new shares at a subscription price of NOK 0.50 per share, and at a nominal value of NOK 0.42. 100 890 000 shares were settled by cash and 16 000 000 shares were settled by debt conversion.",
"dimensions": {
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"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s6__6__142": {
"value": "N O T E 2 4 \u2013 E V E N T S A F T E R T H E R E P O R T I N G D A T E In 2026, the Group signed a new loan agreement with Innovation Norway to support the Group\u2019s scaling of operations and development activities. The loan carries specific covenants, including a requirement that existing loans (the Navamedic loans) remain subordinated and that no payments are made on these until the debt to Innovation Norway is settled in full. No adjustments have been made to the financial statements as a result of this event. On 4 March 2026, the Board of Directors of Observe Medical ASA resolved to initiate a formal winding-up process for Biim Ultrasound AS and its subsidiaries. This decision follows the lack of commercial progress from the Company's key customer. It represents a refocus of the Group\u2019s resources toward the UnoMeter\u2122 portfolio. Based on management\u2019s assessment, the Group does not anticipate that the winding-up process will result in significant additional liabilities or cash outflows beyond the carrying amounts already recognized as of 31 December 2025. The winding-up is expected to result in a reduction of tax loss carryforwards related to Biim Ultrasound AS, which may have a negative impact on the Group\u2019s future taxable profit utilization. At the same time, the deconsolidation of Biim Ultrasound AS is expected to have a positive effect on the Group\u2019s equity, primarily due to the removal of accumulated losses and negative net assets within the Biim sub-group. Following the reporting date, the geopolitical situation in the Middle East has escalated. Management monitors the situation, particularly regarding potential impacts on global supply chains and logistics costs.",
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"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s6__6__144": {
"value": "Dronning Eufemias gate 16 Oslo, Norway",
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"language": "en",
"entity": "scheme:9845005F38B74FFJ1B65",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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}