Interim Report Q1 2026
Energising companies, communities and technology for generations arendalsfossekompani.no
Contents
Highlights 3
About Arendals Fossekompani 5
Performance 6
Shareholder information 13
Financial statements 14
Operational highlights
Quarterly highlights
ARENDALS FOSSEKOMPANI GROUP REVENUE
NOK 929 million
Total revenue for Arendals Fossekompani Group amounted to NOK 929 million (969 million) in the first quarter. Operating profit was NOK 155 million (75 million), corresponding to an operating margin of 17% (8%).
Strong start to 2026
Recurring revenue grew 19% year-on-year, increasing total Q1 revenue to NOK 402 million (343 million). The adjusted cash EBITDA margin improved to 17% (12%), with margin growth from a scalable business model.
Acquisitions of Optimeering and dispoEnergy
Two smaller strategic acquisitions strengthened Volue's multi-market trading and optimisation offering, adding advanced real-time forecasting and a cloud-native scheduling and nomination platform.
Focused on core, improved profitability
With the sale of 75% of the Charge division completed in February, ENRX is now fully focused on its industrial induction heating business. Total operating revenue was EUR 30.4 million (37.3 million), while operating profit improved to EUR 2.0 million (0.3 million), reflecting cost reduction initiatives and a sharper operational focus.
Higher activity drives margin expansion
Revenue was GBP 24.7 million (21.7 million) and operating profit increased to GBP 4.8 million (3.1 million), driven by higher airtime traffic at high margins and the completion of larger-value projects.
Contract wins of GBP 15.8 million underscore the strength of the pipeline.
Third consecutive adjusted EBITDA-positive quarter
Strong Materials demand continued to drive growth, with revenue up 24% YoY. Total Q1 revenue reached CAD 10 million (8.4 million), and adjusted EBITDA was positive at CAD 0.2 million (-0.8 million),
supported by improved contribution margin and sustained cost discipline.
Higher power prices
Revenue was NOK 162 million (127 million), impacted by higher NO2 prices of EUR 103.4/MWh (66.5/MWh), driven by lower reservoir levels and increased gas prices. Production was 141.6 GWh (157.6 GWh), reflecting lower precipitation and inflow.
Group financial highlights
Group financial highlights
Revenue and other income (MNOK)
2024 2025 20261,027 969 929
Quarter 1
1,253
969
899
Quarter 2
909 853
Quarter 3
1,175
990
Quarter 4
Operating profit (MNOK)
2024 2025 2026Financial figures (MNOK) Q1 2026 Q1 2025 Q4 2025 FY 2025
155
155
Arendals Fossekompani consolidated Revenue and other income | 929 | 969 | 990 | 3,711 |
Operating profit | 155 | 75 | -159 | -19 |
Margin Operating profit by consolidated portfolio companies AFK Parent (Vannkraft & Management) | 17% 107 | 8% 73 | -16% 88 | -1% 172 |
ENRX | 23 | 4 | -380 | -373 |
NSSLGlobal | 59 | 47 | 48 | 222 |
Tekna | -10 | -23 | -4 | -59 |
Alytic | -21 | -30 | -26 | -88 |
AFK Eiendom | - | - | -19 | -19 |
Other investments | -23 | -26 | -55 | -122 |
Operating profit | 155 | 75 | -159 | -19 |
Net financial items | 4 | -15 | 20 | 27 |
AFK share of profit/loss from associated companies* | -33 | 14 | -117 | 53 |
Profit before income tax | 126 | 74 | -255 | 61 |
Profit (-loss) cont. operations | 33 | -3 | -331 | -152 |
Quarter 1
Profit (-loss) (MNOK)
2024 2025 2026Quarter 2
Quarter 3
141
-159
33
51
32
73
75
115
Quarter 4
-25
-55
-3
2
36
33
42
141
* Including investment in Faraday Topco, the company that indirectly owns all shares in Volue
Quarter 1
Quarter 2
Quarter 3
-331
Quarter 4
Arendals Fossekompani
Arendals Fossekompani Group Management
around the world
HEAD OFFICE
Arendal, Norway
EMPLOYEES
20
COUNTRIES
1
Software solutions for the energy transition Cyber secure satellite communication services anywhere
OWNERSHIP | HEAD OFFICE | EMPLOYEES | COUNTRIES | OWNERSHIP | HEAD OFFICE | EMPLOYEES | COUNTRIES |
40% | Oslo, Norway | 807 | 11 | 80% | London, UK | 244 | 9 |
Industrial induction heating solutions Additive manufacturing materials and plasma systems
OWNERSHIP | HEAD OFFICE | EMPLOYEES | COUNTRIES | OWNERSHIP | HEAD OFFICE | EMPLOYEES | COUNTRIES |
98% | Skien, Norway | 922 | 20 | 72% LISTED ON | Sherbrooke, Canada MARKET CAP (31.03) | 152 | 5 |
Oslo Børs
796 (MNOK)
500 GWh hydropower production providing steady cash flow Portfolio of property investments and development projects
OWNERSHIP | HEAD OFFICE | EMPLOYEES | COUNTRIES | OWNERSHIP | HEAD OFFICE | EMPLOYEES | COUNTRIES |
100% | Froland, Norway | 17 | 1 | 100% | Arendal, Norway | 5 | 1 |
ABOUT ARENDALS FOSSEKOMPANI
Arendals Fossekompani is an industrial investment company. Through active, long-term ownership, we combine industrial, technological, and capital markets expertise to identify and develop opportunities for sustainable value creation.
MAIN INVESTMENTS
6 (1 listed)
EMPLOYEES
2,238
COUNTRIES
24
LISTED ON THE OSLO STOCK EXCHANGE
1913
HEAD OFFICE
Arendal
(Norway)
Arendals Fossekompani Group
Arendals Fossekompani
Group
HEAD OFFICE
Arendal, Norway
COUNTRIES
24
CHIEF EXECUTIVE OFFICER
Benjamin Golding
EMPLOYEES
2,238
CHAIR
Trond Westlie
Arendals Fossekompani is a long-term industrial investment company that combines industrial, technological, and capital markets expertise to identify and develop opportunities for sustainable value creation.
Highlights
Figures refer to results for continued operations, unless specified otherwise. Figures in parentheses refer to the same period the previous year.
Financials
Total revenue for the Group amounted to NOK 929 million (969 million) and operating profit to NOK 155 million (75 million) in the first quarter. Recognised share of net loss in Faraday Topco was NOK -33 million (14 million), whilst consolidated earnings before tax amounted to NOK 126 million (74 million). Ordinary profit after tax, but before non-con-trolling interests, totaled NOK 33 million (-3 million).
The decline in Group revenue YoY was primarily driven
by lower revenue in ENRX, due to softer market conditions. High electricity prices had a positive impact on revenue from AFK Vannkraft.
Operating profit in Q1 was NOK 155 million (75 million), corresponding to an operating margin of 17% (8%).
The increase reflects higher revenue levels in AFK Vannkraft, as well as improved profitability in ENRX, NSSLGlobal
and Tekna.
Development last five quarters
Operating in international markets, Arendals Fossekompani Group is naturally exposed to currency fluctuations. Revenue denominated in Norwegian Kroner in ENRX, NSSLGlobal and Tekna was negatively impacted by the strengthened NOK compared to Q1 2025.
Structural changes in the portfolio
On 17 March, Arendals Fossekompani announced the filing for insolvency of Utel. The process is being handled in accordance with applicable procedures.
Financial position of the Parent company
The financial position of Arendals Fossekompani Parent company remains solid. The company's available cash on 31 March amounted to NOK 568 million. In addition, the company has undrawn credit facilities of NOK 2,121 million, securing available liquidity of NOK 2,689 million at the end of the quarter. The Net Interest Bearing Debt (NIBD) was at NOK 167 million at the end of the quarter. Book value of equity per quarter end was NOK 5,382 million (5,353 million), corresponding to an equity ratio of 85% (83%). Management cost for the quarter was NOK 24 million (21 million).
Events after the close of the quarter
In April, AFK Eiendom completed and handed over
a new 7,500 sqm production facility let to Kitron. The facility is located on AFK Eiendom's 90-dekar property outside Arendal, close to the E18 motorway.
Outlook
There is ongoing uncertainty associated with geopolitical turmoil, changes in trade and regulatory environment, supply chain constraints, interest rates, inflation, as well
as volatile energy prices, affecting our portfolio companies to different degrees. In this unpredictable environment, Arendals Fossekompani's solid financial position enables continued support of our portfolio companies, both
in handling potential short-term challenges and with continued investments to accelerate growth and strengthen long-term competitiveness.
Arendals Fossekompani Group revenue in 2026 is expected to be in line with 2025. Operating profit is expected to be significantly higher in 2026.
Revenue (MNOK) and operating margin Financial figures (MNOK) Q1 2026 Q1 2025 Q4 2025 FY 2025
969
899
-4%
853
990
Revenue and other income Operating profit
Operating margin Earnings before tax Earnings after tax Operating cash flow NIBD
Equity
Equity ratio
969
75
8%
74
-3
89
118
5,323
62%
990
-159
-16%
-255
-331
154
196
5,105
62%
3,711
-19
-1%
61
-152
253
196
5,105
62%
63%
5,092
70
195
33
929
155
17%
126
929
8%
4%
4%
-16%
Q1 25
Q2 25
Q3 25
Q4 25
Q1 26
Currency rates (NOK/CAD)
Average Q1 2026: 7.09. Average Q1 2025: 7.72. End Q1 2026: 7.00. End Q1 2025: 7.35.
Currency rates (NOK/GBP)
17%
Average Q1 2026: 13.11. Average Q1 2025: 13.94. End Q1 2026: 12.91. End Q1 2025: 13.66.
Currency rates (NOK/EUR)
Average Q1 2026: 11.38. Average Q1 2025: 11.65. End Q1 2026: 11.21. End Q1 2025: 11.41.
Highlights of Q1 2026
Figures in parentheses refer to the same period the previous year.
Arendals Fossekompani recognises its share of net profit in Faraday Topco AS. Reported EBITDA in Faraday Topco in the quarter was NOK 40 million (90 million). Total depreciation and amortization totaled NOK 107 million (51 million), whilst reported EBIT amounted to NOK -68 million (39 mil-
lion). Reported net result after tax ended at NOK -83 million, whereof Arendals Fossekompani recognized its share of loss of NOK -33 million in the quarter.
Volue continues to deliver strong growth in recurring revenue as a part of the company's Software-as-a-Service (SaaS) expansions across Europe and Japan. YoY growth in recurring revenue was 19%.
Total revenue in Q1 amounted to NOK 402 million (343 million), corresponding to a growth rate of 17% YoY. The growth was a result of strong upsell to existing customers, and new logo expansion, with 46 new customers contracted in the quarter. The strong market expansion, combined
with Volue's scalable business model, delivered solid margin uplift. The adjusted cash EBITDA margin in Q1 was 17%
momentum driven by upsale to existing customers.
Structural changes in the energy markets continue
to drive demand for advanced solutions, most notably for Volue's Trading software. Recurring revenue grew 27% YoY in the quarter.
Technical Operations, consisting of Distribution software and Asset Operations, expanded its business in the Nordics mainly through upselling to existing customers. Existing customers are increasingly seeking more advanced solutions, which continues to generate new opportunities for Volue.
YoY growth in recurring revenue was 8% in the quarter.
During the quarter, Volue announced two strategic acquisitions: Optimeering and dispoEnergy. Optimeering is renowned for forecasting real-time power market and system conditions - from grid imbalances to the expected need for automatic and manual frequency restoration reserve services (aFRR and mFRR). As ancillary markets evolve rapidly, the acquisition brings together two complementary strengths: the ability to anticipate short-term
market movements, and the ability to act on them instantly and reliably.
It also strengthens Volue's broader vision for multi-market trading and optimisation. dispoEnergy is a cloud-native scheduling and nomination platform, serving power and gas markets across Europe. With the addition of dispoEn-ergy, Volue now offers a modern, cloud-native solution that is fast to deploy, easy to operate, and built for the realities of today's energy markets. Together, the two platforms give Volue a complete and clearly differentiated scheduling and nomination portfolio, accessible to the full range of market participants.
The on-going closing process related to the announced agreement of bringing in TA Associates as a strategic investment partner in Volue is progressing according to plan.
Outlook
Volue will continue to prioritise strategic investments in its SaaS platform and expansion into new markets to capture market opportunities arising from the energy transition. Volue expects organic growth similar to the current rate, cash EBITDA margin uplift YoY,
and a continued active M&A agenda.
(12%), and the adjusted cash EBITDA was NOK 69 million (42 million). Volue incurred non-recurring costs of NOK 37 million in Q1, which were adjusted in the adjusted EBITDA definition. Approximately half of the non-recurring cost was related to the TA Associates transaction process, the rest was related to external costs for acquisition processes and post-merger integration work.
Volue operates within three business units; Operational Intelligence, Commercial Operations and Technical Operations.
Operational Intelligence, including Data & Forecasting services, showed strong momentum driven by geographic expansions and onboarding of new customers. YoY growth in recurring revenue was 25% in the quarter.
Commercial Operations, consisting of Optimisation & Planning and Trading, continued to deliver strong
Faraday TopCo AS - As reported (MNOK) Q1 2026 Q1 2025 Q4 2025 FY 2025
Revenue and other income | 424 | 406 | 219 | 1,430 |
EBITDA | 40 | 90 | -216 | 37 |
Depreciation & Amortisation1 | 108 | 51 | 68 | 451 |
Operating profit | -68 | 39 | -285 | -414 |
Profit (-loss) | -83 | 37 | -293 | 137 |
NIBD | -829 | -129 | -891 | -891 |
Equity | 6,442 | 6,758 | 6,564 | 6,564 |
Equity ratio | 78% | 80% | 81% | 81% |
NOK 48 million of the Q1'26 amortisation and depreciation costs in Faraday Topco was related to amortisation of excess
values identified as part of the Purchase Price Allocation (PPA) regarding Faraday Topco's acquisition of Volue AS in November 2024
Volue group - Pro-forma figures (MNOK) Q1 2026 Q1 2025 Q4 2025 FY 2025
Revenue
402
343
389
1,566
EBITDA
63
65
-91
142
Adjusted EBITDA2
100
82
107
441
Adjusted Cash EBITDA3
69
42
75
294
The pro forma figures include financial information of PowerBot, SmartPulse, Quorum and Hakom Time Series, as if these entities were consolidated for all periods presented. Similarly,
the pro forma figures exclude financial information of Infrastructure and Scanmatic for all periods presented. In addition, the quarterly pro forma figures exclude financials for the entity VEMS AS.
EBITDA less non-recurring items. In 2025, adjustments were related to company-wide strategy update, restructuring, recruitment and operational turn around initiatives and transaction costs.
Adjusted EBITDA less capitalised R&D and leasing costs.
HEAD OFFICE
Arendal, Norway
OWNERSHIP
40%
EMPLOYEES
807
CHIEF EXECUTIVE OFFICER
Stephan Sieber
COUNTRIES
11
CHAIR
Peter Michael Daffern
Volue is a leading supplier of technology for the energy transition. The company offers software, insight and services to energy and grid companies. Over 700 employees support more than 1,100 customers in optimising energy production, trading, distribution and consumption. Volue is co-owned by Arendals Fossekompani, Advent International and Generation Investment Management.
Highlights
Figures in parentheses refer to the same period the previous year.
ENRX completed sale of 75% of the Charge division in February 2026. Note that Charge financials were
included until January 2026, and as of February 2026, ENRX Group consists solely of the mature and well-established Heat business.
Total operating revenue in Q1 amounted to EUR 30.4 million (37.3 million). The revenue decline was due to lower activity across all regions. Operating profit improved to EUR 2.0 million (0.3 million), supported by cost reduction initiatives coming through and the absence of operating losses from the former Charge division.
ENRX continues to experience prolonged sales cycles, as customers are deferring investment decisions.
This reflects uncertainty from political turmoil, unstable tariff regimes and heightened tensions in global trade. In addition, global oversupply in automotive production capacity is dampening demand for hardening machines, a key product category for ENRX.
Other segments, including tube and pipe induction welding, are seeing more favourable conditions.
Despite the YoY revenue decline, ENRX is maintaining its Heat market share as the challenging conditions are affecting all industry players.
ENRX is pursuing short- and long-term actions to adapt to the challenging market conditions and increase profitability and cash generation across the group. Measures include revenue initiatives, process optimisation programmes,
as well as personnel and material cost reductions. In the immediate term, several cost reduction initiatives were completed in Q4 2025 with run-rate effects in Q1 2026 onwards. Operating costs in Q1 were down 21% YoY.
Order intake for the quarter was EUR 33.2 million (34.4 million). North America, Europe and West Asia performed in line with expectations, while East Asia came in below expectations amid challenging market conditions. Order backlog at the end of Q1 was
EUR 58.1 million (66.2 million). The decline reflects lower order intake over the past twelve months.
Outlook
ENRX expects the market for heating products
to remain challenging over the next 12-18 months. Customer decision-making processes will remain prolonged as elevated uncertainty dampens customers' investment appetite. The cost base has been aligned with the current activity level, positioning ENRX to navigate the current outlook. ENRX remains prepared to take additional measures to safeguard profitability and cash generation should the market conditions deteriorate.
Development last five quarters
Financial figures (MNOK) | Q1 2026 | Q1 2025 | Q4 2025 | FY 2025 |
Operating revenue | 346 | 435 | 417 | 1,657 |
Operating profit | 23 | 4 | -380 | -373 |
Operating margin | 7% | 1% | -91% | -23% |
Earnings before tax | 15 | -6 | -397 | -439 |
Operating cash flow | 28 | 41 | 19 | 97 |
NIBD | 572 | 1,037 | 596 | 596 |
Equity | 437 | 425 | 435 | 435 |
Equity ratio | 26% | 20% | 25% | 25% |
Revenue (MNOK) and operating margin
-20%
435
Q1 25
437
Q2 25
368
Q3 25
417
Q4 25
346
Q1 26
1%
3%
-3%
-91%
7%
Currency rates (NOK/EUR)
Average Q1 2026: 11.38. Average Q1 2025: 11.65. End Q1 2026: 11.21. End Q1 2025: 11.41.
HEAD OFFICE
Skien, Norway
OWNERSHIP
98%
EMPLOYEES
922
CHIEF EXECUTIVE OFFICER
Bjørn E. Petersen
COUNTRIES
20
CHAIR
Benjamin Golding
Leveraging decades of experience, ENRX is a global leader in industrial induction heating
solutions, serving industries including automotive, tube and pipe, renewable energy, electrotechnical appliances and HVAC. ENRX's solutions help customers improve efficiency and precision
while reducing energy consumption.
Highlights
Figures in parentheses refer to the same period the previous year.
Revenue for Q1 was GBP 24.7 million (21.7 million).
The YoY increase was primarily driven by higher airtime traffic and the completion of larger-value projects in
Q1 2026 compared to the same quarter last year.
Operating profit in the quarter was GBP 4.8 million (3.1 million), driven by higher gross margins from increased airtime, equipment and project invoicing.
Favourable FX effects in GBP also contributed positively to the operating profit in the quarter.
During the quarter, NSSLGlobal won contracts with a value of GBP 15.8 million across the corporate, government and maritime sectors, of which GBP 4.1
million represented new business opportunities, with the remainder being extensions of existing contracts.
The new contracts and extension of existing contracts confirm the continued relevance of NSSLGlobal's product portfolio and service offerings across both land and sea. The shift towards project-based work for the government and maritime sectors continues, and the organisation is adapting accordingly. Despite increased competition in airtime, customers continue to value NSSLGlobal's resilient and cyber secure solutions.
NSSLGlobal's sales and bid pipeline remains strong, with eleven multi-million tender opportunities across government & defense and maritime sectors currently in the opportunity pipeline with implementation from 2026 onwards.
Outlook
The satellite communications industry is undergoing structural change following the introduction of LEO constellations, offering lower-cost and higher-throughput alternatives to traditional GEO-based VSAT solutions.
This development has put sustained pressure on airtime margins across the industry.
NSSLGlobal is currently in a transition phase, shifting its business mix from airtime to higher value-added services. These services are more labour-intensive, resulting in structurally lower margins compared to traditional airtime. However, these offerings enhance NSSLGlobal's long-term relevance for military, government and maritime customers.
The current geopolitical environment continues to drive high government activity and sales, which is expected to persist in the near term. As a result, both revenue and operating profit in 2026 are expected to be in line with 2025.
Development last five quarters
Financial figures (MNOK) | Q1 2026 | Q1 2025 | Q4 2025 | FY 2025 |
Operating revenue | 324 | 303 | 334 | 1,293 |
Operating profit | 59 | 47 | 48 | 222 |
Operating margin | 18% | 16% | 14% | 17% |
Earnings before tax | 63 | 45 | 45 | 214 |
Operating cash flow | 91 | 59 | 24 | 213 |
NIBD | -586 | -370 | -524 | -524 |
Equity | 569 | 593 | 722 | 722 |
Equity ratio | 44% | 52% | 58% | 58% |
Revenue (MNOK) and operating margin
324
317
303
334
340
7%
Q1 25
Q2 25
Q3 25
Q4 25
Q1 26
16%
20%
19%
14%
18%
Currency rates (NOK/GBP)
Average Q1 2026: 13.11. Average Q1 2025: 13.94. End Q1 2026: 12.91. End Q1 2025: 13.66.
HEAD OFFICE
London, UK
EMPLOYEES
244
CHIEF EXECUTIVE OFFICER
Sally-Anne Ray
OWNERSHIP
80%
COUNTRIES
9
CHAIR
Arild Nysæther
NSSLGlobal is an independent provider of cyber secure satellite and mobile communications and IT support, delivering high-quality voice and data services across the globe, regardless of location or terrain. NSSLGlobal's activities are divided into four main areas: Airtime, Projects, Hardware and Service. Its main customers are within the maritime segment, the military and government sector, large international corporations, and the energy sector.
Highlights
Figures in parentheses refer to the same period the previous year.
Operating revenue for Q1 amounted to CAD 10.0 million (8.4 million). The YoY increase of 19% was driven by higher activity in Materials, while Systems revenue was stable year-over-year.
Materials revenue reached CAD 7.7 million (6.2 million) in the quarter, an increase of 24% YoY. Growth was driven by sustained demand from aerospace and defence customers, and continued momentum in the medical segment. Order intake amounted to CAD 7.4 million (CAD 12.6 million) below the record level recorded in Q1 2025. However, the quality of
the order book improved meaningfully, with higher average selling prices and more favourable delivery schedules.
A CAD 1.5 million order from a tier-1 US defence customer during the quarter underlines the ongoing shift in customer mix towards larger, recurring accounts. Backlog stood
at CAD 17.3 million at quarter-end, down CAD 1.1 million year-over-year.
The Systems revenue remained stable year-over-year at CAD 2.3 million (2.2 million), reflecting a continued low order book. Order intake reached CAD 1.8 million (0.2 million),
anchored by a CAD 1.5 million order from a leading
UK university for a plasma system to be integrated into a hypersonic wind tunnel. Backlog remained modest at CAD 2.8 million at quarter-end.
Contribution margin in Q1 increased to 54.2% (51.0%), supported by a margin recovery in Systems (60.1% vs 36.5%). Materials margin declined to 52.5% (56.1%), largely due to product mix.
Adjusted EBITDA amounted to CAD 0.2 million (-0.8 million), reflecting a CAD 1.0 million improvement. This marks Tekna's third consecutive adjusted EBITDA-positive quarter. The profitability improvement was driven by higher revenue, improved contribution margin, and sustained effects from the company's cost reduction program.
Cash flow from operating activities was CAD 3.4 million
(-4.4 million) in Q1 2026. The CAD 7.7 million improvement primarily reflected a release of working capital, supported by higher EBITDA.
Outlook
Reshoring and localised manufacturing trends are bolstering growth in additive manufacturing and long-term demand for
Tekna's products. The observed Materials order intake and increasing customer order size, coupled with current market trends, support Tekna's long-term ambitions of annual double-digit revenue growth towards 2030. Rising defence spending represents a meaningful opportunity across
both business areas, with defence OEMs advancing the qualification of Tekna's powders for additive manufacturing applications and continued pipeline development in PlasmaSonic systems.
The Materials business is primarily driven by aerospace and defence, supported by Tekna's established qualifications and strong relationships with major OEMs in North America and Europe, while medical demand and qualifications are growing. While activity in the Systems business is inherently volatile, Tekna is working on measures to make the Systems business more robust through the cycles.
Tekna remains committed to continuous improvement in profitability, working capital optimisation and disciplined capital management.
Development last five quarters
Revenue (MNOK) and operating margin
Financial figures (MNOK) Q1 2026 Q1 2025 Q4 2025 FY 2025
9%
Operating revenue EBITDA
Adjusted EBITDA1
71
-3
1
65
-14
-6
71
5
7
264
-23
-10
71 71 | Operating profit | -10 | -23 | -4 | -59 | |
67 | Operating margin | -15% | -35% | -6% | -22% | |
Earnings before tax | -11 | -25 | -12 | -74 |
65
61 | Operating cash flow | 24 | -31 | -3 | -35 | |||||
NIBD | -90 | 201 | -73 | -73 | ||||||
Equity | 381 | 167 | 412 | 412 | ||||||
Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Equity ratio | 75% | 34% | 77% | 77% | |
-35%
-38%
-11%
-6%
-15%
Currency rates (NOK/CAD)
Average Q1 2026: 7.09. Average Q1 2025: 7.72. End Q1 2026: 7.00. End Q1 2025: 7.35.
1. Adjusted EBITDA: In order to give a better representation of underlying performance, EBITDA is adjusted for non-recurring items.
HEAD OFFICE
Sherbrooke, Canada
EMPLOYEES
152
CHIEF EXECUTIVE OFFICER
Claude Jean
OWNERSHIP
72%
COUNTRIES
5
CHAIR
Dag Teigland
Tekna is a world-leading provider of advanced materials and plasma systems for industrial applications. The company produces high-purity metal powders used in additive manufacturing for the aerospace and defence, medical and consumer electronics sectors, and develops optimised induction plasma systems used in industrial research and production.
AFK Vannkraft
HEAD OFFICE
Froland, Norway
EMPLOYEES
17
CHIEF EXECUTIVE OFFICER
Benjamin Golding
OWNERSHIP
100%
COUNTRIES
1
CHAIR
Trond Westlie
AFK Vannkraft generates power at two locations in the Arendal watercourse. The Bøylefoss and Flatenfoss hydropower plants produce around 500 GWh annually. Together with Åmli and Froland municipalities, AFK Vannkraft is also constructing a new hydropower facility, Kilandsfoss, which
will produce an annual average of 38 GWh. AFK Vannkraft sells its hydropower production in the day-ahead (spot) market.
Highlights
Figures in parentheses refer to the same period the previous year.
The first quarter was characterised by snow and water reservoirs close to normal levels. Lower snow reservoirs as a result of lower precipitation and inflow compared to Q1 2025, resulted in reduced production YoY. Power production in Q1 was 141.6 GWh (157.6 GWh). The average price in the NO2 price area during the quarter was 103.4 EUR/ MWh (66.5 EUR/MWh). Higher prices in the quarter were largely driven by lower total reservoir levels compared to 2025 and higher gas prices due to the ongoing situation in the Middle East.
Outlook
NO2 power prices in 2026 are currently expected to be above 2025 levels. However, actual spot prices depend on many factors, including hydrological balance, oil and gas prices, weather conditions, and cross-border transmission capacity.
Hydropower production is expected to be higher in 2026 compared to 2025, despite some planned downtime related to Flatenfoss dam from mid Q2 to mid Q4 2026.
AFK Vannkraft expects revenue and operating profit in 2026 to be higher than in 2025.
Financial figures (MNOK) Q1 2026 Q1 2025 Q4 2025 FY 2025
Revenue and other income Operating profit
Operating margin Earnings before tax Earnings after tax
Operating cash flow
127
93
74%
93
34
15
137
106
77%
106
40
79
360
248
69%
248
96
45
162
131
81%
131
45
65
Power price & power generation
Power generation (GWh/Week) Power price (EUR/MWh)15.0
12.5
10.0
7.5
5.0
2.5
0.0
600
500
400
300
200
100
0
03/21 09/21 03/22 09/22 03/23 09/23 03/24 09/24 03/25 09/25 03/26
AFK Eiendom and Other investments
AFK Eiendom is a property company which owns and develops properties in and around Arendal, and in connection with Arendals Fossekompani's portfolio companies.
Residential development
Bryggebyen
A 55-dekar property transforming an old shipyard area into a new urban residential and commercial zone under the name, Bryggebyen. The transformation is expected to take 10-15 years and will establish 500-700 residential units in combination with exciting trade and commerce offerings. The third stage of the apartment complex was completed in 2024, adding 48 apartments to the total of 161 apartments developed so far.
AFK Eiendom is in the planning process to build an indoor swimming facility at Bryggebyen. Arendal municipality has signed a long-term rental agreement, and an investment decision is expected in 2026.
Commercial development
Bøylestad Energy Park
HEAD OFFICE Arendal, Norway | OWNERSHIP 100% | Ministry of Local Government and Regional Development. | ||||
EMPLOYEES | COUNTRIES | Longum Property | ||||
5 1 A 90-dekar property outside Arendal, close to the E18 high- | ||||||
CHIEF EXECUTIVE OFFICER | CHAIR | way. AFK Eiendom has built a new 7,500 sqm production | ||||
Tom Krusche Pedersen | Lars Peder Fensli | facility for Kitron, which was handed over in April 2026. | ||||
Financial figures (MNOK) | Q1 2026 | Q1 2025 | Q4 2025 | FY 2025 | ||
Operating revenue | 9 | 20 | 9 | 53 | ||
Operating profit | 0 | 0 | -19 | -19 | ||
Operating margin | 1% | 2% | -221% | -36% | ||
A 1,600-dekar property in Froland with immediate proximity to the largest power hub in the eastern part of Agder. The property is designated and approved for the development of energy-intensive industries by the
Arendal Airport & Property Gullknapp
AFK Eiendom is the majority owner of Gullknapp, which comprises an airport and an attractive 2,000-dekar industrial and commercial area. The main user of the airport facility is OSM Aviation Academy which runs a pilot school.
Industrial Lease
Bølevegen 4
Located along the River Skien, one kilometre south of the town centre, the 4,700 sqm building is fully let
to Arendals Fossekompani's portfolio company ENRX on a long-term lease.
Bedriftsveien 17
A 3,500 sqm building located in the middle of the emerging commercial area, Krøgenes, three kilometres east of central Arendal. The facility is fully let to Scanmatic on a long-term lease.
Vindholmen
A 3,600 sqm facility fully let to National Oilwell Varco (NOV) on a long-term lease.
Other investments
A world leading aquaculture data and analysis provider.
A market intelligence provider for low-carbon markets.
Enhancing energy storage asset management through advanced analytics and seamless integration.
Kontali
ARR was NOK 22.4 million in Q1 2026 (20.4 million), corresponding to 10% growth YoY. The quarter was characterised by continued growth in recurring revenue and active users on the insight platform, while consulting revenues showed
a slight decline. During Q1, Kontali further enhanced several trade and market dashboards, and the company continued to provide in-depth analyses on trade flows and market dynamics. Kontali is well-positioned for increased growth both with its subscription product and advisory business.
Veyt
ARR was NOK 24.4 million in Q1 2026 (NOK 22.8 million), corresponding to 7% growth year-on-year. The company has focused on capitalising on the foundation established in 2025, supported by increased customer engagement and continued commercial development.
Cellect
Earnings before tax | -1 | -4 | -19 | -32 |
Operating cash flow | 16 | 19 | -11 | 29 |
NIBD | 223 | 211 | 223 | 223 |
ARR was NOK 1.1 million in Q1. Revenue and ARR are expected to continue to grow in 2026, as Cellect further develops its solutions for managing utility-scale energy storage systems. The company has so far contracted
Equity | 266 | 190 | 267 | 267 | with three large energy storage players and is in advanced |
Equity ratio | 42% | 35% | 43% | 43% | discussions with several energy storage players in Europe. |
Shareholder information
Arendals Fossekompani is committed to maintaining an open dialogue with its
shareholders, investors, analysts, and the financial markets in general. Our goal is to ensure that the share price reflects its
underlying value by making all price-relevant information available to the market.
Shares and shareholders
There were a total of 54,982,463 outstanding shares in the company at the end of the quarter. At the end of the quarter, a total of 1,012,787 were treasury shares. The share price was NOK 160 on 31 March 2026, compared to NOK 124.4
on 31 March 2025.
Risks and uncertainties
Arendals Fossekompani is exposed to credit risk, market risk and liquidity risk. These matters are described in detail in Note 16 to the annual financial statements for 2025.
Related party transactions
The company's related parties comprise subsidiaries, associates and members of the Board of Directors and executive management. Transactions between Arendals Fossekompani companies and other related parties are based on the principles of market value and arm's length distance. Transactions carried out between related parties are detailed in Note 4. None of these transactions are considered of material importance for the company's financial position or earnings.
Outlook
Arendals Fossekompani Group revenue in 2026 is expected to be in line with 2025. Operating profit is expected to be significantly higher in 2026, largely driven by a 2025 impairment in ENRX and expected margin recovery in 2026, as well as improved operating profits in Tekna and AFK Vannkraft.
Note that there is uncertainty associated with geopolitical turmoil, changes in trade and regulatory environment, supply chain constraints, inflation, as well as volatile energy prices. These factors contribute to uncertainty
in our forward-looking statements. Financial guidance on key metrics is performed by each portfolio company in their local currency.
ENRX
ENRX expects revenue to be lower in 2026 than in 2025, while operating profit is expected to be higher in 2026.
NSSLGlobal
NSSLGlobal expects 2026 revenue and operating profit to be in line with 2025.
Tekna
Tekna expects revenue to be higher in
2026 than in 2025, and operating profit to improve.
AFK Vannkraft
AFK Vannkraft expects revenue and operating profit in 2026 to be higher than in 2025.
AFK Eiendom
AFK Eiendom expects revenue in 2026 to be in line with 2025. Operating profit is expected to be higher in 2026 compared to 2025.
Share price last ten years (NOK)
Share price Share price incl. accumulated dividend (reinv.)1,400
1,200
1,000
800
600
400
200
0
Volue (Associated company)
Volue expects revenue and operating
profit to be higher in 2026 compared to 2025.
The Board of Directors emphasises that significant uncertainty is associated with assessments of future circumstances.
Froland,
12 May 2026
The Board of Directors, Arendals Fossekompani ASA
15%
7%
03/2016 03/2017 03/2018 03/2019 03/2020 03/2021 03/2022 03/2023 03/2024 03/2025 03/2026
Consolidated statement of income (MNOK)
Note Q1 2026 Q4 2025 Q1 2025 FY 2025
Statement of comprehensive income (MNOK)
Note Q1 2026 Q4 2025 Q1 2025 FY 2025
Revenue Other Income | 5 | 921 7 | 990 - | 965 3 | 3 699 12 |
Revenue and other income | 929 | 990 | 969 | 3 711 | |
Materials and consumables used | 5 | 332 | 429 | 353 | 1 487 |
Employee benefit expenses | 272 | 291 | 337 | 1 242 | |
Other operating expenses | 5 | 122 | 189 | 148 | 595 |
Operating expenses | 726 | 910 | 838 | 3 324 | |
EBITDA | 202 | 80 | 131 | 387 | |
Depreciation | 5 | 34 | 39 | 43 | 167 |
Amortisation | 11 | 14 | 13 | 54 | |
Impairment loss property, plant and equipment | 3, 5 | - | 17 | - | 17 |
Impairment loss intangible assets | 3, 5 | 2 | 168 | - | 168 |
Operating profit | 155 | -159 | 75 | -19 | |
Finance income | 29 | 81 | 30 | 191 | |
Finance costs | 25 | 61 | 46 | 164 | |
Net financial items | 4 | 20 | -15 | 27 | |
Share of profit or loss of associates and joint ventures | -33 | -117 | 14 | 53 | |
Profit before income tax | 126 | -255 | 74 | 61 | |
Income tax expense | 93 | 76 | 77 | 212 | |
Profit (-loss) | 33 | -331 | -3 | -152 | |
ATTRIBUTABLE TO | |||||
Non-controlling interests | 3 | -20 | -11 | -37 | |
Equity holders of the company | 30 | -311 | 7 | -114 | |
Basic/diluted earnings per share (NOK) | 0,54 | -5,65 | 0,13 | -2,08 | |
Items that may be reclassified to statement of income Total Effect from Foreign Exchange Change on Cash flow hedges Tax on cash flow hedges that may be reclassified to P&L | -37 3 -1 | 4 -1 - | -36 7 -1 | -103 3 -1 |
Items that may be reclassified to statement of income Items that will not be reclassified to statement of income Actuarial gains and losses | -35 19 - | 3 -7 1 | -31 7 - | -101 1 1 |
Items that will not be reclassified to statement of income | 19 | -6 | 7 | 2 |
Total Other Comprehensive Income (OCI) | -16 | -3 | -24 | -99 |
Profit (-loss) | 33 | -331 | -3 | -152 |
Total Comprehensive Income | 17 | -334 | -27 | -250 |
ATTRIBUTABLE TO | ||||
Non-controlling Interests | 8 | -22 | -10 | -51 |
Equity holders of the parent | 9 | -312 | -17 | -199 |
Consolidated statement of financial position (MNOK)
Note Q1 2026 Q1 2025 FY 2025 Note Q1 2026 Q1 2025 FY 2025
ASSETS | ||||
Property, plant and equipment | 1 202 | 1 212 | 1 233 | |
Intangible assets | 3 | 827 | 994 | 859 |
Investments in associates and joint ventures | 2 559 | 2 579 | 2 602 | |
Net pension assets | 40 | 42 | 41 | |
Non-current receivables and investments | 288 | 182 | 279 | |
Deferred tax assets | 120 | 107 | 119 | |
Non-current assets | 5 035 | 5 118 | 5 133 | |
Inventories | 639 | 764 | 656 | |
Contract assets | 74 | 169 | 108 | |
Current receivables | 780 | 790 | 836 | |
Cash and cash equivalents | 1 617 | 1 672 | 1 513 | |
Derivatives - current assets: | - | 3 | - | |
Financial assets at fair value through OCI | 55 | 42 | 36 | |
Current assets | 3 165 | 3 439 | 3 149 | |
Total assets | 8 200 | 8 557 | 8 283 | |
EQUITY AND LIABILITIES | |||
Share capital | 224 | 224 | 224 |
Other paid-in capital | 30 | 28 | 29 |
Treasury shares | -101 | -106 | -103 |
Other reserves | 48 | 81 | 23 |
Retained earnings | 4 621 | 4 854 | 4 640 |
Capital and reserves attributable to owners of the company | 4 822 | 5 082 | 4 812 |
Non-controlling Interests | 270 | 241 | 293 |
Total equity | 5 092 | 5 323 | 5 105 |
Non-current bond loans | 499 | 499 | 499 |
Non-current interest-bearing debt | 358 | 748 | 301 |
Pension liabilities | 37 | 48 | 42 |
Non-current provisions | 5 | 15 | 9 |
Deferred tax liabilities | 25 | 45 | 25 |
Non-current lease liabilities | 149 | 215 | 169 |
Non-current liabilities | 1 073 | 1 569 | 1 045 |
Current interest-bearing debt | 497 | 92 | 497 |
Bank overdraft | 130 | 186 | 190 |
Derivatives - current liabilities | -3 | -4 | - |
Accounts payable | 216 | 271 | 234 |
Payable income tax | 207 | 184 | 197 |
Dividends and group contribution | 32 | - | - |
Contract liabilities | 88 | 130 | 104 |
Current lease liabilities | 54 | 52 | 53 |
Current provisions | 76 | 79 | 94 |
Other current liabilities | 737 | 677 | 762 |
Current liabilities | 2 034 | 1 665 | 2 132 |
Total liabilities and equity | 8 200 | 8 557 | 8 283 |
Consolidated statement of cash flows (MNOK) Consolidated statement of changes in equity (MNOK)
YTD 2026 YTD 2025
Cash flow from operating activities | |||
Profit (-loss) for the period | 33 | -3 | |
ADJUSTED FOR | |||
Depreciation, impairment and amortisation | 47 | 56 | |
Net financial items | -4 | 15 | |
Share of profit/loss from associates and joint ventures | 33 | -14 | |
Tax expense | 93 | 77 | |
Total after adjustments to net income | 201 | 131 | |
Change in Inventories | -2 | 9 | |
Change in trade and other receivables | 70 | 92 | |
Change in trade and other payables | -4 | 7 | |
Change in other current assets | -9 | -9 | |
Change in other current liabilities | 28 | -37 | |
Change in other provisions | -1 | 1 | |
Change in employee benefits | -3 | -2 | |
Total after adjustments to net assets | 280 | 193 | |
Tax paid | -84 | -104 | |
Net cash from operating activities A | 195 | 89 | |
Cash flow from investing activities | |||
Interest received and realised FX gains | 10 | 7 | |
Dividends received | 2 | 4 | |
Proceeds from sales of PPE | 2 | - | |
Purchase of PPE and intangible assets | -46 | -59 | |
Purchase of other investments | -10 | -1 | |
Purchase of shares in subsidiaries/associates | -6 | -5 | |
Proceeds from the sales of shares in subsidiaries | - | 5 | |
Net cash from investing activities B | -47 | -49 | |
Cash flow from financing activities | |||
Equity payments from/to non controlling interests | 4 | 6 | |
New long-term borrowings | 69 | 1 | |
Repayment of long-term borrowings | -21 | -26 | |
Cash Flow from issuance of receivables | - | -2 | |
Cash Flow from Net change in current interest bearing debt | -27 | 8 | |
Interest paid and realised FX losses | -32 | -41 | |
Dividend paid | - | -83 | |
Net cash from financing activities C | -5 | -137 | |
Cash Flow | A+B+C | 143 | -97 |
Opening balance for cash and cash equivalents | 1 513 | 1 800 | |
FX effects on cash accounts | -40 | -30 | |
Closing balance for cash and cash equivalents | 1 617 | 1 672 | |
Share capital
Other paid-in capital
Treasury shares
Other reserves
Retained earnings
Capital and reserves attributable to owners of the company
Non-controlling Interests
Total equity
Opening balance at 01.01 | 2025 | 224 | 28 | -106 | 103 | 4 895 | 5 144 | 270 | 5 414 |
Profit (-loss) for the period | - | - | - | - | 6 | 6 | -10 | -3 | |
Total Other Comprehensive Income (OCI) | - | - | - | -24 | 1 | -23 | - | -24 | |
Other changes from subsidiaries | - | - | - | 2.8 | 7 | 10 | 10 | 19 | |
Dividends paid | - | - | - | - | -55 | -55 | -28 | -83 | |
Closing balance at 31.03 | 224 | 28 | -106 | 81 | 4 854 | 5 081 | 241 | 5 323 | |
Opening balance at 01.01 | 2026 | 224 | 29 | -103 | 23 | 4 640 | 4 812 | 293 | 5 106 |
Profit (-loss) for the period | - | - | - | - | 30 | 30 | 3 | 33 | |
Total Other Comprehensive Income (OCI) | - | - | - | -6 | -15 | -21 | 5 | -16 | |
Treasury shares | - | 1 | 2 | - | - | 3 | - | 3 | |
Other changes from subsidiaries | - | - | - | 32 | -31 | - | 2 | 2 | |
Dividends paid | - | - | - | - | -2 | -2 | -33 | -35 | |
Closing balance at 31.03 | 224 | 30 | -101 | 49 | 4 621 | 4 822 | 270 | 5 093 | |
Statement of income Parent Company (MNOK)
Note Q1 2026 Q4 2025 Q1 2025 FY 2025
Revenue Other Income | 162 2 | 137 5 | 127 4 | 359 17 | |
Revenue and other income | 165 | 141 | 131 | 376 | |
Materials and consumables used | 3 | 5 | - | 7 | |
Employee benefit expenses | 28 | 19 | 22 | 88 | |
Other operating expenses | 24 | 26 | 32 | 96 | |
Operating expense | 55 | 50 | 55 | 191 | |
EBITDA | 110 | 92 | 76 | 185 | |
Depreciation | 3 | 3 | 3 | 12 | |
Amortisation | - | - | - | 1 | |
Operating profit | 107 | 88 | 73 | 172 | |
FINANCE INCOME AND FINANCE COSTS | |||||
Finance income | 6 | 147 | 20 | 141 | 240 |
Finance costs | 6 | 14 | 207 | 24 | 237 |
Net financial items | 134 | -187 | 117 | 3 | |
Profit before tax | 240 | -99 | 190 | 175 | |
Income tax expense | 74 | 69 | 56 | 147 | |
Profit (-loss) for the period | 166 | -168 | 133 | 29 | |
Basic/diluted earnings per share (NOK) | 3,03 | -3,06 | 2,43 | 0,52 | |
Statement of comprehensive income (MNOK)
Statement of financial position Parent Company (MNOK)
ASSETS | |||
Property, plant and equipment | 269 | 225 | 262 |
Intangible assets | 4 | 5 | 4 |
Investment in associates | 2 571 | 2 571 | 2 571 |
Investment in subsidiaries | 2 221 | 1 594 | 2 197 |
Intercompany loans - non current | 177 | 690 | 77 |
Net pension assets | 24 | 22 | 24 |
Non-current receivables and investments | 187 | 140 | 188 |
Deferred tax assets | 42 | 44 | 42 |
Non-current assets | 5 494 | 5 290 | 5 363 |
Current receivables | 226 | 216 | 121 |
Cash and cash equivalents | 568 | 911 | 570 |
Financial assets at fair value through OCI | 55 | 42 | 36 |
Current assets | 849 | 1 169 | 726 |
Total assets | 6 343 | 6 459 | 6 090 |
EQUITY AND LIABILITIES | |||
Share capital | 224 | 224 | 224 |
Other paid-in capital | 30 | 28 | 29 |
Treasury shares | -101 | -106 | -103 |
Other reserves | 41 | 26 | 21 |
Retained earnings | 5 188 | 5 181 | 5 022 |
Capital and reserves attributable to owners of the company | 5 382 | 5 353 | 5 193 |
Total equity | 5 382 | 5 353 | 5 193 |
Bond | 499 | 499 | 499 |
Non-current interest-bearing debt | 177 | 293 | 115 |
Pension liabilities | 5 | 5 | 7 |
Non-current lease liabilities | 57 | 59 | 57 |
Non-current liabilities | 739 | 855 | 678 |
Accounts payable | 11 | 22 | 15 |
Payable income tax | 152 | 128 | 147 |
Current lease liabilities | 2 | 2 | 2 |
Other current liabilities | 58 | 99 | 56 |
Current liabilities | 223 | 250 | 219 |
Total liabilities and equity | 6 343 | 6 459 | 6 090 |
Note Q1 2026 Q1 2025 FY 2025
Profit for the period Change in financial assets at fair value through OCI Items that will not be reclassified to statement of income | 166 19 19 | -168 -7 -7 | 133 7 7 | 29 1 1 |
Total Other Comprehensive Income (OCI) | 19 | -7 | 7 | 1 |
Total Comprehensive Income | 186 | -175 | 140 | 30 |
ATTRIBUTABLE TO | ||||
Equity holders of the parent | 186 | -175 | 140 | 30 |
Statement of cash flows Parent Company (MNOK) Statement of changes in equity Parent Company (MNOK)
YTD 2026 YTD 2025
Cash flow from operating activities | ||
Profit (-loss) for the period | 166 | 133 |
ADJUSTED FOR | ||
Depreciation, impairment and amortisation | 3 | 3 |
Net financial items | -134 | -117 |
Tax expense | 74 | 56 |
Total after adjustments to net income | 110 | 76 |
Change in trade and other receivables | 14 | -6 |
Change in trade and other payables | -4 | 5 |
Cash flow form Internal Accounts Payable and Receivable | 1 | -1 |
Change in other current liabilities | 13 | 16 |
Change in employee benefits | -1 | -1 |
Total after adjustments to net assets | 131 | 89 |
Tax paid | -69 | -66 |
Net cash from operating activities A | 63 | 23 |
Cash flow from investing activities | ||
Interest received and realised FX gains | 9 | 3 |
Dividends received | 2 | 115 |
Purchase of PPE and intangible assets | -9 | -4 |
Purchase of other investments | 49 | -1 |
Purchase of shares in subsidiaries/associates | -1 | -36 |
Proceeds from the sales of shares in subsidiaries | - | 5 |
Net cash from investing activities B | 2 | 82 |
Cash flow from financing activities | ||
New long-term borrowings | 68 | - |
Repayment of long-term borrowings | -1 | -1 |
Cash Flow from Internal Loans and Borrowings | -118 | -30 |
Interest paid and realised FX losses | -18 | -20 |
Dividend paid | - | -55 |
Cash flow from treasury shares | 3 | - |
Net cash from financing activities C | -66 | -107 |
Cash Flow A+B+C | -1 | -3 |
Opening balance for cash and cash equivalents | 570 | 913 |
Closing balance for cash and cash equivalents | 568 | 911 |
Share capital
Other paid-in capital
Treasury shares
Other reserves
Retained earnings
Capital and reserves attributable to owners of the company
Total equity
Opening balance at 01.01 | 2025 | 224 | 28 | -106 | 18 | 5 103 | 5 267 | 5 267 |
Profit (-loss) for the period | - | - | - | - | 133 | 133 | 133 | |
Total Other Comprehensive Income (OCI) | - | - | - | 7 | - | 7 | 7 | |
Effect of share based payment | - | - | - | 1 | - | 1 | 1 | |
Dividends paid | - | - | - | - | -55 | -55 | -55 | |
Closing balance at 31.03 | 224 | 28 | -106 | 26 | 5 181 | 5 353 | 5 353 | |
Opening balance at 01.01 | 2026 | 224 | 29 | -103 | 21 | 5 022 | 5 193 | 5 193 |
Profit (-loss) for the period | - | - | - | - | 166 | 166 | 166 | |
Total Other Comprehensive Income (OCI) | - | - | - | 19 | - | 19 | 19 | |
Treasury shares | - | 1 | 2 | - | - | 3 | 3 | |
Closing balance at 31.03 | 224 | 30 | -101 | 41 | 5 188 | 5 382 | 5 382 | |
Note 1 Confirmation of financial framework
The financial statements for the quarter have been prepared in accordance with IAS 34 Interim Financial Reporting. The report does not include
all the information required in full annual financial statements and should be read in conjunction with the consolidated financial statements for 2025.
Note 2 Key accounting policies
The accounting policies for 2026 are described in the Annual Report for 2025. The financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union and associated interpretations, as well as Norwegian disclosure requirements pursuant to the Norwegian Accounting Act and stock exchange regulations and rules, applicable as at 31 December 2025. The same policies have been applied in the preparation of the interim financial statements as at 31 March 2026. New standards effective from 1 January 2026 have had no material effect on the financial statements.
Note 3 Estimates
Areas involving significant use of estimates include the valuation of companies in the share portfolio and measurement of goodwill/excess values in subsidiaries and associates, and of impairment indicators for property, plant and equipment and intangible assets.
Note 4 Related party transactions
Disclosures concerning related party transactions are given in the company's Annual Report for 2025, Note 24.
Note 5
Group Management AFK Vannkraft NSSL Global ENRX
Tekna | AFK Eiendom | Other Investments (*) | Total Segment | |||||
Segment reporting per: | 31.03. | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 2025 |
Segment reporting per: 31.03. 2026 2025 2026 2025 2026 2025 2026 2025
Sales at a point in time Sales over time Other Income | - -2 | - -4 | 162 - - | 127 - - | 323 -1 | 302 - - | 276 70 5 | 229 206 1 |
Revenue and other income | 2 | 4 | 162 | 127 | 324 | 303 | 351 | 436 |
Operating expense | 26 | 24 | 29 | 30 | 258 | 247 | 310 | 408 |
Depreciation, amortisation, impairment | - | - | 3 | 3 | 7 | 9 | 18 | 24 |
Operating profit | -24 | -21 | 131 | 93 | 59 | 47 | 23 | 4 |
Net financial items | 134 | 117 | - | - | 4 | -3 | -8 | -10 |
Income tax expense | -12 | -4 | 86 | 60 | 17 | 12 | 2 | 8 |
Profit (-loss) from continuing operations | 122 | 100 | 45 | 34 | 46 | 33 | 13 | -14 |
Total assets | 6 205 | 6 211 | 277 | 247 | 1 300 | 1 130 | 1 667 | 2 140 |
Total liabilities | 776 | 937 | 185 | 168 | 731 | 538 | 1 230 | 1 716 |
Net interest bearing debt excl. SH loans | 167 | -59 | - | - | 586 | -370 | 572 | 1 037 |
Sales at a point in time | 57 | 50 | 6 | 19 | 17 | 19 | 841 | 745 |
Sales over time | 10 | 14 | - | - | - | - | 80 | 220 |
Other Income | 4 | 1 | 3 | 2 | - | - | 15 | 9 |
Operating revenue | 71 | 66 | 9 | 20 | 17 | 19 | 936 | 974 |
Operating expense | 73 | 80 | 5 | 16 | 30 | 36 | 731 | 841 |
Depreciation, amortisation, impairment | 8 | 9 | 3 | 4 | 10 | 9 | 50 | 58 |
Operating profit | -10 | -23 | - | - | -23 | -27 | 156 | 75 |
Net financial items | -1 | -2 | -1 | -4 | 4 | -1 | 132 | 97 |
Income tax expense | - | 1 | - | - | - | - | 93 | 77 |
Profit (-loss) from continuing operations | -11 | -26 | -1 | -3 | -19 | -28 | 195 | 95 |
Total assets | 509 | 496 | 639 | 544 | 285 | 339 | 10 883 | 11 108 |
Total liabilities | 128 | 329 | 374 | 354 | 1 117 | 1 098 | 4 542 | 5 140 |
Net interest bearing debt excl. SH loans | -90 | 201 | 223 | 211 | 139 | 51 | 554 | 1 070 |
Eliminations & Adjustments | Total Consolidated | |||
Segment reporting per: | 31.03. | 2026 | 2025 | 2026 2025 |
Sales at a point in time Sales over time Other Income | - - -7 | - - -5 | 841 80 7 | 745 220 3 |
Operating revenue | -7 | -5 | 929 | 969 |
Operating expense | -4 | -3 | 726 | 838 |
Depreciation, amortisation, impairment | -2 | -2 | 47 | 56 |
Operating profit | -1 | - | 155 | 75 |
Income from associates | -33 | 14 | -33 | 14 |
Net financial items | -128 | -112 | 4 | -15 |
Income tax expense | - | - | 93 | 77 |
Profit (-loss) from continuing operations | -162 | -98 | 33 | -3 |
Total assets | -2 683 | -2 551 | 8 200 | 8 557 |
Total liabilities | -1 435 | -1 906 | 3 107 | 3 234 |
Net interest bearing debt excl. SH loans | -484 | -952 | 70 | 118 |
(*) Other Investments include Kontali, Veyt, Utel and Cellect.
Note 6
Finance income, Parent Company (MNOK) YTD 2026 YTD 2025
Interest income, I/C | 2 | 11 |
Interest income | 7 | 12 |
Currency exchange income | 7 | 1 |
Gain on partial sale of subsidiaries | - | 2 |
Dividend income | 2 | 4 |
Dividend income I/C and group contribution | 129 | 111 |
Total | 147 | 141 |
Finance cost, Parent Company (MNOK) YTD 2026 YTD 2025
Interest expense Currency exchange losses Other finance cost | 6 6 2 | 8 15 1 |
Total | 14 | 24 |
Note 7 Events after the close of the quarter
In April, AFK Eiendom completed and handed over a new 7,500 sqm production facility let to Kitron. The facility is located on AFK Eiendom's 90-dekar property outside Arendal, close to the E18 motorway.
Alternative Performance Measures (APM)
Net Interest Bearing Debt (NIBD) is defined as interest bearing debt - external interest-bearing receivables - cash and cash equivalents. Intercompany loans are excluded from the NIBD definition.
Adjusted EBITDA is EBITDA adjusted for non-recurring items.
Adjusted cash EBITDA is Adjusted EBITDA less capitalised R&D and leasing costs.
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