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StrongPoint
Investor Presentation • Jul 11, 2025
3767_rns_2025-07-11_3be943df-024a-4291-9016-fc62f8ddd94f.pdf
Investor Presentation
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Q2 and 1st half 2025
Financial report and status
CEO's Perspective
Whereas the economic climate is still characterised by uncertainty, our customers – predominantly European grocery retailers – appear to be less affected than many other industries. Our second quarter continues to mirror this economic backdrop, whilst we are also benefitting from conscious decisions taken at StrongPoint. Our Q2 revenue was up 18%, driven by strong growth in the UK & Ireland, Sweden and the Baltics. Recurring revenue on a twelve-month rolling basis was up 16%, and EBITDA in Q2 improved by 16 MNOK from last year to 7 MNOK. As in our first quarter, our Nordic and Baltic business units continue to deliver well on profitability, whereas we are still in an investment mode in Spain and the UK.
Jacob Tveraabak CEO of StrongPoint
In the second quarter of 2025, our topline grew 18% to 350 MNOK. The growth was driven by UK & Ireland, Sweden and the Baltics, with 45%, 39% and 24% growth, respectively. Revenue for the first half was up 41 MNOK to 697 MNOK. Recurring revenue, on a twelve-month rolling basis, was up 16% in Q2. The growth in recurring revenue is driven by a combination of delivering on our Order Picking solution to Sainsbury's, other proprietary solution licenses – predominantly related to self-checkout – as well as service contracts and share of third-party licenses. Growing our recurring revenue base, in particular recurring revenue from our own proprietary software, is an important priority for StrongPoint going forward to build a more valuable, predictable and stable business.
Our reported EBITDA for Q2 2025 was 7.4 MNOK, a considerable improvement from the negative 9.1 MNOK recorded in Q2 2024. The improvement is a combination of a higher gross profit in combination with the absence of non-recurring costs incurred last year as part of a headcount and cost reduction initiative. Our EBITDA margin in Q2 2025 was 2.1%. For the first half of 2025 our EBITDA margin was 2.5%. Although this is a considerable improvement compared to last year we still have a significant job to do in order to achieve our long-term target of at least 10% EBITDA margin.
We continue to build customer intimacy in our core markets. We confirmed our status in the Baltics as the go-to-partner for grocers when it comes to self-checkout, being selected as the self-checkout solution provider for Coop Estonia. Furthermore, we were selected as the partner for AI-scales for a leading Nordic grocery chain to be used by customers in their stores. Earlier announced POCs for Vensafe in the UK are still running, and efforts are being taken to ensure the solution works seamlessly in store environments.
In addition to building and strengthening our customer depth in our core markets, we have earlier shared high expectations with regards to our e-commerce solutions portfolio within and beyond our core markets. Hence, it was very rewarding to announce another win with our Order Picking solution for e-groceries with a prestigious customer, Carrefour Belgium. With the ever more prominent customer wins for our Order Picking solution, and with our VusionGroup partnership I strongly believe we have the opportunity to create the leading B2B software platform for e-grocery.
While our business performance has improved, the recovery is taking more time than anticipated. However, we will continue to build stronger customer intimacy in our core markets in Scandinavia and the Baltics. In parallel, we are working relentlessly to ensure our other business units – in particular the UK & Ireland and Spain – achieve satisfactory profitability. An important part of this is ensuring clarity on the future for our CashGuard Connect solution. Lastly, we are building on the positive momentum for our e-commerce portfolio, and Order Picking in particular, to win ever more customers globally. Although business performance has improved slower than expected, we are encouraged by the positive trends in our results, the sustained interest in our diverse solution portfolio and our continued trust by customers, making us positive about thriving in the medium and longer term.
Lastly, I would like to extend my gratitude to our shareholders, partners, and employees for their continued support and dedication. We are on a journey to build customer loyalty through grocery retail expertise and product leadership in grocery e-commerce. In short, we make grocers more efficient.
Stay safe, strong, and passionate!
Highlights
Financial performance 2nd quarter and first half of 2025
- y Revenue increased 18% to 350 MNOK (297) in the second quarter. In the first half, revenue increased by 6% to 697 MNOK (656).
- y Recurring revenue (rolling twelve months) increased by 16% to 378 MNOK.
- y EBITDA for the quarter improved 16 MNOK to 7 MNOK (-9), with EBITDA margin of 2.1% (-3.1%). First half EBITDA ended at 18 MNOK (-15).
- y Cash flow from operations was 20 MNOK (-10) for the quarter and 29 MNOK (6) for the first half.
Customer success in priority areas
- y Carrefour Belgium selected StrongPoint's Order Picking solution.
- y COOP Estonia ordered Self-Checkouts from StrongPoint.
- y Nordic grocery retailer ordered AI-powered scales from StrongPoint.
Outlook and long-term ambitions
- y Continued improvement in EBITDA and recurring revenue, strengthening the long-term fundamentals of the company.
- y We continue to maintain our long-term ambitions of healthy revenue growth and an EBITDA margin of >10 %.
Key figures
| MNOK | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | Year 2024 |
|---|---|---|---|---|---|
| Revenue | 350 | 297 | 697 | 656 | 1 309 |
| Recurring revenue rolling 12 months | 378 | 327 | 378 | 327 | 358 |
| EBITDA | 7 | -9 | 18 | -15 | 2 |
| EBITDA margin | 2.1 % | -3.1 % | 2.5 % | -2.3 % | 0.2 % |
| EBITDA excluding option cost | 8 | -8 | 20 | -12 | 6 |
| Operating profit (EBIT) | -3 | -20 | -4 | -36 | -39 |
| Ordinary profit before tax (EBT) | -4 | -28 | -16 | -42 | -47 |
| Cash flow from operational activities | 20 | -10 | 29 | 6 | 93 |
| Disposable funds | 84 | 66 | 84 | 66 | 102 |
| Earnings per share (NOK) | -0.07 | -0.47 | -0.25 | -0.73 | -0.72 |
StrongPoint Group
StrongPoint is a retail technology company offering purpose-built software and hardware solutions, each with their own integrated software. We are primarily focused on grocery retailers. Our solutions help them operate more efficiently, both in-store and online.
| Revenue | Q2 | YTD | Year | |||
|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Nordics | 162.1 | 147.2 | 329.7 | 370.1 | 663.9 | |
| International incl Product | 188.3 | 150.0 | 367.3 | 286.1 | 645.2 | |
| ASA/Elim | - | - | - | - | - | |
| Total | 350.4 | 297.2 | 697.0 | 656.1 | 1,309.1 |
| EBITDA | Q2 | YTD | Year | |||
|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Nordics | 14.0 | 2.9 | 31.9 | 21.8 | 51.8 | |
| International incl Product | 0.6 | -4.1 | 1.5 | -20.9 | -23.5 | |
| ASA/Elim | -7.1 | -7.8 | -15.8 | -16.2 | -26.3 | |
| Total | 7.4 | -9.1 | 17.5 | -15.3 | 2.0 | |
| Number of employees | 510 | 515 | 510 | 515 | 497 |
StrongPoint Group
2023 2024 2025
Operating revenue per quarter (MNOK) EBITDA per quarter (MNOK)
-20 -15 -10 -5
2023 2024 2025
2018 2019
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* The Q4 2023 EBITDA was -20.6 MNOK, which included non-recurring restructuring and M&A costs of 7.3 MNOK and write-downs 10.6 MNOK. Excluding these costs, the Q4 2023 EBITDA was -2.7 MNOK.
** The Q2 2024 EBITDA was -9.1 MNOK, which included restructuring cost and severance pay of 10 MNOK. Excluding these costs, EBITDA was 0.9 MNOK.
Financial performance
Revenue overview
In Q2 2025, the total revenue increased by 18% to 350.4 MNOK compared to the same quarter last year, with a 26% increase in the International segment and a 10% revenue increase in the Nordics segment.
Nordics segment
The 10% revenue increase in the Nordics was due to a 39% increase in Sweden, mainly related to an ESL roll-out, but also increased volume on scales, SFL and grocery lockers. This increase was partly offset by a 16% decrease in Norway, following completion of large ESL roll-outs the first half of last year.
International segment
The International segment had a revenue increase of 26% mainly due to an increase of 24% in the Baltics, driven by large Self-Checkout deliveries. Moreover, the UK & Ireland increased by 45% due to ongoing installation of our first AutoStore project in the UK, as well as ESL installation work.
Recurring revenue
Recurring revenue (rolling twelve months) increased by 51 MNOK (16%) to 378 MNOK from the end of Q2 2024 to the end of Q2 2025. This is attributed to the growth in license revenues, including Order Picking and Self-Checkout.
Gross margin
During the quarter, the gross margin decreased from 44.6% to 43.7% compared to the same quarter last year due to product mix, including higher product sales of AutoStore, a third-party product.
EBITDA
120 The EBITDA increased to 7.4 MNOK (2.1% margin) in Q2 2025 (-9.1 MNOK, -3.1% margin) due to improved performance in the majority of the business units in both the Nordics and International segments. This was driven by a combination of revenue growth and previously completed cost cutting measures.
100 Operating costs
20 40 60 80 Personnel costs were 100.9 MNOK in Q2 2025 compared to 106.6 MNOK the same quarter last year. The second quarter last year included non-recuring restructuring personnel costs of 10 MNOK. Other operating expenses increased for the period to 43.6 MNOK (33.4 MNOK), attributable to higher IT and hosting costs to support growth in order picking, recruiting and travel expenses. Development costs of 7.7 MNOK were capitalized, of which 6.4 MNOK is related to CashGuard Connect in Spain and 1.3 MNOK on POS in the Baltics.
Debt
100
2022 2023 2024 2025
200
2017 2018 2019
-20 -15 -10 -5
2022 2023 2024 2025
400
600
800
1000
1200
200
300
400
2017 2018 2019 As of end Q2 2025, the net interest-bearing debt was 74 MNOK, an increase of 2 MNOK from 72 MNOK compared to Q1 2025. In June, we announced the sale on all our shares in 1X, a Norwegian based robotics company, for gross proceeds of 26 MNOK, with a net financial gain of 22 MNOK. This is expected to close in early Q3 2025 and will be booked as a financial item in the profit and loss statement.
Customer success in priority areas
Carrefour Belgium selects StrongPoint Order Picking
The grocery retailer Carrefour Belgium chose StrongPoint's Order Picking solution for all its scheduled grocery e-commerce deliveries following a competitive RFP process. The deployment of the e-commerce solution is expected to be completed this year.
AI-Powered Scales Sale
A Nordic grocery retailer placed an order of approximately 21 MNOK for scales to be used in their stores. The scales (from StrongPoint's partner DIGI) are integrated with AI that instantly detects the items placed on them making it easier and faster for users.
Self-Checkout Sales in Estonia
The grocery retailer COOP Estonia ordered 130 selfcheckouts from StrongPoint including delivery and installation. This order is part of the on-going cooperation between COOP Estonia and StrongPoint.
Long-term strategic projects
Sainsbury's Order Picking Update
The full roll out is planned to be completed by summer 2026. A handful of additional stores will be going live before the Christmas period begins, and regional training centers are scheduled to go live in early Q1 2026.
CashGuard Connect update
50
100
150
200
The latest version of the solution is currently being tested in a store while we are preparing additional units to test multi-checkout functionality. In parallel, work continues to industrialise the solution.
Outlook and long-term ambitions
250 300 350 We are seeing continued improvement in both EBITDA and recurring revenue, indicating a strengthening of the business's core fundamentals and the long-term strategic direction of the company. We continue to maintain our longterm ambitions of healthy revenue growth and an EBITDA margin of >10 %.
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StrongPoint at a glance
* Last Twelve Months.
Our purpose
Retail technology in every shopping experience for smarter and better life
Where We Operate
- y Direct operations in 9 core countries with full local support from sales to service.
- y Managing the entire value chain allows us to capture more revenue and build deeper customer relationships.
In addition, StrongPoint supports grocery retailers in around 20 additional countries via a partner network.
Our Solutions: Solving Five Everyday Grocery Retailer Problems
| 1 | The cost of fulfilling online orders |
End-to-end E-Commerce SaaS-based Platform, Multiple Last Mile solutions and Automated Fulfillment with AutoStore. |
|---|---|---|
| 2 | The risk of theft and shrinkage |
Vensafe Select & Collect and AI-Powered In-Aisle and Self-Checkout Theft Detection. |
| 3 | The need to do more with fewer staff |
AI-Powered Next Generational Self Checkout, Self-Scanning solution and 'ShopFlow Logistics', a SaaS-based in-store task management solution. |
| 4 | The complexity of pricing and promotions |
At shelf digital display solutions including Electronic Shelf Labels. |
| 5 | The operational burden of handling cash |
Developing revolutionary new cash management solution, CashGuard Connect and already well-established CashGuard. |
Order Picking: our world-class grocery e-commerce solution
- y SaaS-solution purpose-built by StrongPoint for grocery retailers.
- y Delivers the world's fastest picking performance, keeping costs to a minimum.
- y Trusted by top grocery retailers across Europe, including Sainsbury's since 2024.
Sources of Revenue
Investing for future growth
Nordics
The business segment Nordics currently consists of the operating business units in Norway, Sweden and Finland. The revenue also includes deliveries to Denmark and Iceland.
| Q2 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| - Norway | 65.2 | 77.4 | 131.5 | 217.6 | 345.9 |
| - Sweden | 93.2 | 66.9 | 192.6 | 144.3 | 302.9 |
| - Finland | 3.7 | 2.9 | 5.6 | 8.1 | 15.1 |
| Total Revenue | 162.1 | 147.2 | 329.7 | 370.1 | 663.9 |
| EBITDA | 14.0 | 2.9 | 31.9 | 21.8 | 51.8 |
| - In % | 8.6 % | 1.9 % | 9.7 % | 5.9 % | 7.8 % |
| EBT | 11.3 | 0.9 | 26.8 | 18.2 | 46.1 |
| - In % | 7.0 % | 0.6 % | 8.1 % | 4.9 % | 6.9 % |
Revenue
Revenue in Q2 2025 increased 10% compared to the same quarter last year. This was driven by a 39% increase in Sweden, mainly due to an ESL roll-out to Alphamega, a grocery retailer in Cyprus, managed by the Swedish team. In addition, there was an increased volume in scales, grocery lockers and SFL handheld devices. Moreover, Finland increased by 28%, due to higher ESL sales. These increases were partly offset by a 16% decrease in Norway due to lower ESL revenue, as there were large roll-outs in the same period last year.
EBITDA
EBITDA improved from 2.9 MNOK in the second quarter last year to 14 MNOK this year. This was a result of revenue increase as well as the completed cost reduction measures from the end of 2023 and during the second quarter of 2024. The second quarter last year included 6 MNOK of severance costs.
Norway
| Q2 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 33.7 | 46.0 | 67.7 | 155.1 | 222.4 |
| Services | 31.5 | 31.4 | 63.8 | 62.5 | 123.5 |
| Revenue | 65.2 | 77.4 | 131.5 | 217.6 | 345.9 |
Revenue in Q2 2025 decreased by 16% compared to the same quarter last year due to a reduction in ESL product sales, following large roll-outs last year.
Sweden
| MNOK | Q2 | YTD | Year | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | ||
| Products | 51.6 | 29.9 | 111.2 | 70.5 | 152.5 | |
| Services | 41.7 | 36.9 | 81.4 | 73.8 | 150.4 | |
| Revenue | 93.2 | 66.9 | 192.6 | 144.3 | 302.9 |
Revenue in Q2 2025 increased by 39% compared to the same quarter last year, mainly due to ESL sales, including a roll-out to Alphamega, a Cyprus-based grocery retailer managed by the Swedish team. The majority of the roll-out has now been completed. In addition, there was an increase in product sales of scales, grocery lockers and SFL handheld devices.
Finland
| Q2 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 2.9 | 2.2 | 4.1 | 7.2 | 11.4 |
| Services | 0.8 | 0.7 | 1.5 | 0.9 | 3.6 |
| Revenue | 3.7 | 2.9 | 5.6 | 8.1 | 15.1 |
Revenue in Q2 2025 increased by 0.8 MNOK compared to the same quarter last year due to higher ESL sales.
International incl. Product
The business segment International incl. Product consists of the operating business units in the Baltics, Spain and UK & Ireland, in addition to partner sales in the rest of Europe and rest of world. The ongoing development activities for own products have been allocated to this segment.
| Q2 | YTD | Year | ||||
|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |
| - Baltics | 76.5 | 61.7 | 164.4 | 109.7 | 259.4 | |
| - Spain | 16.1 | 16.8 | 32.5 | 33.4 | 74.1 | |
| - UK & Ireland | 83.0 | 57.4 | 148.9 | 114.0 | 224.8 | |
| - Rest of Europe | 12.7 | 14.1 | 21.6 | 29.0 | 86.9 | |
| Total Revenue | 188.3 | 150.0 | 367.3 | 286.1 | 645.2 | |
| EBITDA | 0.6 | -4.1 | 1.5 | -20.9 | -23.5 | |
| - In % | 0.3 % | -2.7 % | 0.4 % | -7.3 % | -3.6 % | |
| EBT | -8.4 | -13.5 | -17.1 | -39.5 | -68.8 | |
| - In % | -4.5 % | -9.0 % | -4.7 % | -13.8 % | -10.7 % |
Revenue
Revenue in Q2 2025 increased by 26% compared to same quarter last year, mainly due to a 45% increase in the UK & Ireland and a 24% increase in the Baltics. The strong performance in the Baltics was led by roll-outs of Self-Checkouts to the grocery retailers IKI and Rimi. The increase in the UK operations is attributed to the first ESL and AutoStore project revenue, started earlier this year. This was partly offset with a 11% decline in Shop Fitting.
EBITDA
EBITDA for Q2 2025 improved to 0.6 MNOK compared to -4.1 MNOK for the same quarter last year due to the revenue increases as explained above, as well as cost cutting actions. In addition, the second quarter last year included 4 MNOK in severance costs. We continue to invest in our product portfolio, including the Order Picking solution and the new cash management solution, CashGuard Connect, as we seek to leverage new opportunities from these positive commercial developments.
Baltics
| Q2 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 41.4 | 30.4 | 96.3 | 49.1 | 131.0 |
| Services | 35.1 | 31.3 | 68.1 | 60.7 | 128.3 |
| Revenue | 76.5 | 61.7 | 164.4 | 109.7 | 259.4 |
Revenue in Q2 2025 increased by 24% compared to the same quarter last year, mainly on product revenue due to an increase in Self-Checkout deliveries following roll-outs to grocery retailers IKI and Rimi. Service revenue increased accordingly with the roll-outs (installation) of the Self-Checkouts.
Spain
| MNOK | Q2 | YTD | Year | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| Products | 10.2 | 11.7 | 21.2 | 22.5 | 51.9 |
| Services | 5.9 | 5.2 | 11.3 | 10.8 | 22.2 |
| Revenue | 16.1 | 16.8 | 32.5 | 33.4 | 74.1 |
Revenue in Q2 2025 was on level with last year, mainly relating to the sale of CashGuards.
UK & Ireland
| Q2 | YTD | Year | ||||
|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Products | 19.4 | - | 19.5 | - | 1.0 | |
| Services | 63.7 | 57.4 | 129.3 | 114.0 | 223.8 | |
| Revenue | 83.0 | 57.4 | 148.9 | 114.0 | 224.8 |
Revenue in Q2 2025 increased by 45% compared to the same quarter last year. This is mainly due to the roll-out of our first AutoStore project installation which started in the first quarter of this year, driving both product and service revenue growth. In addition, there was a positive contribution from ESL installation work. These increases were partly offset by a 11% reduction in Shop Fitting revenues.
Partners
| Q2 | YTD | Year | ||||
|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Products | 10.3 | 12.6 | 18.3 | 25.0 | 76.7 | |
| Services | 2.4 | 1.4 | 3.2 | 4.0 | 10.2 | |
| Revenue | 12.7 | 14.1 | 21.6 | 29.0 | 86.9 |
Partner revenue relates to outside of our core markets. In Q2 2025, revenue decreased by 10%.
Products and solutions
E-commerce logistics
| MNOK | Q2 | YTD | Year | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | ||
| Products | 24.5 | 7.5 | 35.6 | 11.3 | 43.8 | |
| Services | 23.8 | 18.9 | 39.8 | 30.6 | 70.6 | |
| Revenue | 48.2 | 26.4 | 75.5 | 41.9 | 114.5 |
Revenue in Q2 2025 increased by 82% compared to the same quarter last year, mainly due to the roll-out of the AutoStore project in the UK, driving both product and service revenue growth.
In-store Productivity
| MNOK | Q2 | YTD | Year | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | ||
| Products | 56.4 | 54.7 | 119.6 | 191.1 | 292.9 | |
| Services | 38.6 | 28.0 | 76.7 | 57.0 | 111.9 | |
| Revenue | 94.9 | 82.7 | 196.4 | 248.1 | 404.8 |
Revenue in Q2 2025 increased by 15% compared to the same quarter last year, mainly due to ESL service revenue growth from the installation volumes in the UK.
Payment Solutions
| MNOK | Q2 | YTD | Year | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | ||
| Products | 24.4 | 24.7 | 45.0 | 47.6 | 115.9 | |
| Services | 31.1 | 29.7 | 61.8 | 59.1 | 120.6 | |
| Revenue | 55.5 | 54.3 | 106.8 | 106.7 | 236.4 |
Revenue in Q2 2025 increased by 2% compared to the same quarter last year, driven by an increase in service revenue in Sweden.
Check Out Efficiency
| Q2 | YTD | Year | ||||
|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Products | 41.5 | 32.0 | 100.3 | 51.2 | 121.6 | |
| Services | 17.9 | 15.0 | 33.0 | 26.9 | 60.6 | |
| Revenue | 59.4 | 47.0 | 133.3 | 78.1 | 182.2 |
Revenue in Q2 2025 increased by 26% compared to the same quarter last year, driven by an increase in revenue from Self-Checkouts in the Baltics, impacting both product and services revenue.
Shop Fitting
| Q2 | YTD | Year | ||||
|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Products | - | - | - | - | - | |
| Services | 42.3 | 47.6 | 89.0 | 102.4 | 196.1 | |
| Revenue | 42.3 | 47.6 | 89.0 | 102.4 | 196.1 |
Revenue in Q2 2025 for the Shop Fitting segment declined by 11% compared to the same quarter last year. The Shop Fitting segment relates entirely to the UK & Ireland.
Other retail technology
| Q2 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 22.7 | 14.6 | 40.3 | 29.1 | 72.8 |
| Services | 27.4 | 24.5 | 55.8 | 49.9 | 102.3 |
| Revenue | 50.0 | 39.1 | 96.2 | 79.0 | 175.1 |
Other retail technology increased by 28% in Q2 2025 compared to the same quarter last year. This was mainly driven by increased product sales of POS in the Baltics.
StrongPoint Group
Relative share of revenue per segment (%)
Segments
- E-commerce logistics
Check Out Efficiency
- Shop Fitting
- Other retail technology
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Recurring revenue rolling twelve months (MNOK)
Recurring revenue consists of service and support agreements including spare parts, software license revenue and product rentals.
The Q2 2025 recurring revenue increased by 16% compared to the same quarter last year. This is mainly due to a 45% increase in license revenue driven by the Sainsbury's Order Picking contract.
Key balance sheet items
Cash flow and equity
Cash flow from operational activities in the second quarter was 20.4 MNOK (-9.7), driven by improved profit before tax and changes in working capital and other accruals. The Group's holding of own shares at the end of the second quarter amounted to 158,897 which represents 0.4 per cent of the outstanding shares. The Group has shareholder programs for the Board of Directors, the Group executive management and employees. 40,665 shares have been assigned in 2025 (186,746 in the year 2024). StrongPoint has a long-term incentive program for management and key employees. More information on the program can be found in note 6.
Net interest-bearing debt
The interest-bearing debt at the end of the quarter was 158 MNOK and mainly relates to two revolving credit facilities with Norion Bank for a total of 140 MNOK, of which 100 MNOK is classified as long-term interest-bearing liabilities and 40 MNOK classified as short-term interest-bearing liabilities. In addition, it includes a term loan in our Spanish subsidiary, booked in long-term and short-term interestbearing liabilities.
Of leasing liabilities, the IFRS 16 rent obligations are extracted from interest-bearing debt, as these are not interest-bearing. The remaining leasing liabilities relate to service cars and company cars from leasing institutions and are thus included in the interest-bearing debt. The working capital financing arrangement in Norway (and Sweden, to be implemented in 2025) are non-recourse and therefore not included in net interest-bearing debt. The UK working capital financing is a factoring arrangement in which any withdrawn amounts will be included as net interest-bearing debt. As per the end of Q2 2025, nothing was withdrawn.
As of end Q2 2025, the net interest-bearing debt was 73.6 MNOK, an increase of 1.7 MNOK compared to Q1 2025.
Disposable funds were 84.2 MNOK as of end of Q2 2025, comprising cash and cash equivalents.
With the financing arrangements from Norion Bank, there is a 30% equity covenant. As per 30 June 2025, the equity ratio was 46%.
| KNOK | 30.06.2025 | 30.06.2024 | 31.03.2025 | 31.12.2024 |
|---|---|---|---|---|
| Long-term interest-bearing liabilities | 101,323 | 5,052 | 1,276 | 1,318 |
| Long-term lease liabilities | 62,143 | 71,109 | 64,749 | 68,664 |
| Short-term interest-bearing liabilities | 43,839 | 3,772 | 144,635 | 128,163 |
| Short-term lease liabilities | 23,969 | 23,397 | 23,882 | 26,190 |
| Bank overdraft (credit facilities) | - | 109,938 | - | - |
| = Interest-bearing debt and leasing liabilities | 231,275 | 213,268 | 234,542 | 224,336 |
| Of which IFRS 16 rent liabilities not interest-bearing | -73,457 | -82,596 | -77,128 | -82,186 |
| = Interest-bearing debt | 157,818 | 130,672 | 157,415 | 142,149 |
| Cash and cash equivalents | -84,198 | -25,603 | -85,497 | -82,490 |
| = Net interest-bearing debt | 73,620 | 105,068 | 71,918 | 59,659 |
Statement from the Board
The Board and group CEO have today considered and approved StrongPoint's financial statements for the second quarter and first half 2025, including comparative consolidated figures for the second quarter and first half 2024. This report has been prepared in accordance with IAS 34 on interim financial reporting as determined by the European Union, and with supplementary requirements pursuant to the Norwegian Securities Trading Act. The Board and CEO hereby declare, to the best of their knowledge, that the financial statements for the second quarter and first half 2025 have been prepared in accordance with prevailing accounting principles and that the information in the financial statements gives a true and fair view of the assets, liabilities, financial position and profit of the group taken as a whole per 30 June 2025 and per 30 June 2024. To the best of their knowledge, the report gives a true and fair overview of important events during the accounting period and the impact of these events on the financial statements.
The Board of Directors of StrongPoint ASA Oslo, 10 July 2025
Morthen Johannessen Chairman
Ingeborg Molden Hegstad Director
Pål Wibe Director
Monica Aune Director
KNOK 30.06.2025 30.06.2024 31.03.2025 31.12.2024 Long-term interest-bearing liabilities 101,323 5,052 1,276 1,318 Long-term lease liabilities 62,143 71,109 64,749 68,664 Short-term interest-bearing liabilities 43,839 3,772 144,635 128,163 Short-term lease liabilities 23,969 23,397 23,882 26,190 Bank overdraft (credit facilities) - 109,938 - - = Interest-bearing debt and leasing liabilities 231,275 213,268 234,542 224,336 Of which IFRS 16 rent liabilities not interest-bearing -73,457 -82,596 -77,128 -82,186 = Interest-bearing debt 157,818 130,672 157,415 142,149 Cash and cash equivalents -84,198 -25,603 -85,497 -82,490 = Net interest-bearing debt 73,620 105,068 71,918 59,659
Preben Rasch-Olsen Director
Jacob Tveraabak CEO
Consolidated income statement
| KNOK | Q2 2025 | Q2 2024 | Chg. % | YTD 2025 | YTD 2024 | Chg. % | Year 2024 |
|---|---|---|---|---|---|---|---|
| Operating revenue | 350,420 | 297,177 | 17.9 % | 697,032 | 656,136 | 6.2 % | 1,309,066 |
| Cost of goods sold | 197,399 | 164,769 | 19.8 % | 397,759 | 393,918 | 1.0 % | 779,109 |
| Personnel expenses | 100,942 | 106,583 | -5.3 % | 195,410 | 200,349 | -2.5 % | 366,508 |
| Share based compensation | 1,058 | 1,526 | -30.7 % | 2,347 | 2,935 | -20.0 % | 4,232 |
| Other operating expenses | 43,580 | 33,386 | 30.5 % | 83,968 | 74,206 | 13.2 % | 157,179 |
| Total operating expenses | 342,979 | 306,265 | 12.0 % | 679,484 | 671,407 | 1.2 % | 1,307,027 |
| EBITDA | 7,441 | -9,087 | 181.9 % | 17,548 | -15,271 | 214.9 % | 2,039 |
| Depreciation tangible assets | 7,584 | 7,448 | 1.8 % | 14,959 | 15,073 | -0.8 % | 29,261 |
| Amortization intangible assets | 3,067 | 3,026 | 1.4 % | 6,175 | 6,002 | 2.9 % | 12,256 |
| EBIT | -3,211 | -19,562 | 83.6 % | -3,586 | -36,346 | 90.1 % | -39,478 |
| Interest expenses | 5,237 | 3,705 | 41.3 % | 10,230 | 7,032 | 45.5 % | 13,798 |
| Other financial expenses/currency differences | -3,920 | 4,340 | -190.3 % | 1,985 | -935 | 312.4 % | -6,249 |
| Profit from associated companies | 112 | -15 | 856.1 % | 130 | 26 | 397.0 % | 245 |
| EBT | -4,416 | -27,622 | 84.0 % | -15,671 | -42,417 | 63.1 % | -46,783 |
| Taxes | -1,354 | -6,463 | 79.1 % | -4,312 | -9,880 | 56.4 % | -14,853 |
| Profit after tax | -3,063 | -21,158 | 85.5 % | -11,359 | -32,537 | 65.1 % | -31,930 |
| Earnings per share: | |||||||
| Number of shares outstanding | 44,888,352 | 44,888,352 | 44,888,352 | 44,888,352 | 44,888,352 | ||
| Av. number of shares - own shares | 44,723,666 | 44,621,692 | 44,714,407 | 44,585,136 | 44,631,136 | ||
| Av. number of shares diluted- own shares | 49,098,666 | 49,091,692 | 49,089,407 | 49,055,136 | 48,726,136 | ||
| EPS | -0.07 | -0.47 | -0.25 | -0.73 | -0.72 | ||
| Diluted EPS | -0.06 | -0.43 | -0.23 | -0.66 | -0.66 | ||
| EBITDA per share | 0.17 | -0.20 | 0.39 | -0.34 | 0.05 | ||
| Diluted EBITDA per share | 0.15 | -0.19 | 0.36 | -0.31 | 0.04 | ||
| Total earnings: | |||||||
| Profit/loss after tax | -3,063 | -21,158 | 85.5 % | -11,359 | -32,537 | 65.1 % | -31,930 |
| Exchange differences on foreign operations | 6,800 | -5,786 | 217.5 % | 6,124 | 2,973 | 106.0 % | 16,207 |
| Total earnings | 3,737 | -26,945 | 113.9 % | -5,235 | -29,564 | 82.3 % | -15,723 |
| Of which | |||||||
| Majority interest | 5,294 | -26,863 | 119.7 % | -3,375 | -28,424 | 88.1 % | -14,108 |
| Minority interest | -1,557 | -81 | -1,860 | -1,139 | -1,615 |
Consolidated balance sheet
| KNOK | 30.06.2025 | 30.06.2024 | 31.03.2025 | 31.12.2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Intangible assets | 161,432 | 133,408 | 153,023 | 152,326 |
| Goodwill | 183,127 | 174,495 | 180,520 | 179,875 |
| Tangible assets | 33,073 | 30,961 | 31,001 | 29,748 |
| Right-of-use assets | 86,112 | 94,506 | 88,631 | 96,647 |
| Long-term investments | 4,929 | 4,580 | 4,817 | 4,799 |
| Other long-term receivables | 899 | 1,168 | 867 | 896 |
| Deferred tax assets | 50,287 | 40,830 | 48,080 | 45,979 |
| Non-current assets | 519,859 | 479,946 | 506,940 | 510,270 |
| Inventories | 140,473 | 211,190 | 139,068 | 173,151 |
| Accounts receivables | 206,643 | 193,024 | 201,909 | 223,238 |
| Prepaid expenses | 32,575 | 27,497 | 32,664 | 28,236 |
| Other receivables | 13,695 | 14,463 | 14,239 | 10,351 |
| Cash and cash equivalents | 84,198 | 25,603 | 85,497 | 82,490 |
| Current assets | 477,584 | 471,779 | 473,377 | 517,467 |
| TOTAL ASSETS | 997,444 | 951,725 | 980,316 | 1,027,738 |
| EQUITY AND LIABILITIES | ||||
| Share capital | 27,831 | 27,831 | 27,831 | 27,831 |
| Holding of own shares | -99 | -146 | -110 | -121 |
| Other equity | 434,919 | 421,968 | 429,983 | 437,493 |
| Total equity | 462,651 | 449,653 | 457,704 | 465,203 |
| Long-term interest-bearing liabilities | 101,323 | 5,052 | 1,276 | 1,318 |
| Long-term lease liabilities | 62,143 | 71,109 | 64,749 | 68,664 |
| Other long-term liabilities | 741 | 2,103 | 632 | 602 |
| Deferred tax liabilities | 16,547 | 18,111 | 16,547 | 16,547 |
| Total long-term liabilities | 180,754 | 96,375 | 83,204 | 87,132 |
| Short-term interest-bearing liabilities | 43,839 | 3,772 | 144,635 | 128,163 |
| Bank overdraft (credit facilities) | - | 109,938 | - | - |
| Short-term lease liabilities | 23,969 | 23,397 | 23,882 | 26,190 |
| Accounts payable | 121,919 | 106,797 | 115,424 | 140,789 |
| Taxes payable | -3,595 | -9,762 | -2,633 | -4,557 |
| Other short-term liabilities | 167,907 | 171,555 | 158,100 | 184,817 |
| Total short-term liabilities | 354,039 | 405,697 | 439,408 | 475,403 |
| TOTAL EQUITY AND LIABILITIES | 997,444 | 951,725 | 980,316 | 1,027,738 |
Overview of changes in the equity
| KNOK | Share capital |
Treasury shares |
Other paid-in equity |
Translation variances |
Share Option Program |
Other equity |
Total equity |
Minority interest |
Total equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity 31.12.2023 | 27,831 | -217 | 351,262 | 65,592 | 15,776 | 16,521 | 476,763 | -1,911 | 474,852 |
| Sale of own shares | 97 | 1,755 | 1,852 | 1,852 | |||||
| Share Option Program | 4,222 | 4,222 | 4,222 | ||||||
| Profit this year after tax | -30,435 | -30,435 | -1,495 | -31,930 | |||||
| Other comprehensive income and expenses 1) |
16,327 | 16,327 | -120 | 16,207 | |||||
| Equity 31.12.2024 | 27,831 | -121 | 351,262 | 81,919 | 19,998 | -12,159 | 468,729 | -3,526 | 465,203 |
| Sale of own shares | 22 | 324 | 346 | 346 | |||||
| Share Option Program | 2,337 | 2,337 | 2,337 | ||||||
| Profit this year after tax | -9,518 | -9,518 | -1,841 | -11,359 | |||||
| Other comprehensive income and expenses 1) |
6,143 | 6,143 | -19 | 6,124 | |||||
| Equity 30.06.2025 | 27,831 | -99 | 351,262 | 88,062 | 22,335 | -21,354 | 468,037 | -5,386 | 462,651 |
1) The balance sheet is converted with the closing rate at the balance sheet date, while the income statement is converted with the average monthly exchange rate. The net effect of the translation is recognized as translation differences in other comprehensive income and expenses.
Statement of cash flow
| KNOK | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | Year 2024 |
|---|---|---|---|---|---|
| Ordinary profit before tax | -4,416 | -27,622 | -15,671 | -42,417 | -46,783 |
| Net interest | 5,237 | 3,705 | 10,230 | 7,032 | 13,798 |
| Tax paid | -851 | -4,657 | 1,030 | 894 | 4,953 |
| Share of profit, associated companies | -112 | 15 | -130 | -26 | -245 |
| Ordinary depreciation | 10,651 | 10,475 | 21,134 | 21,075 | 41,517 |
| Profit / loss on sale of fixed assets | -181 | -107 | -185 | -112 | -446 |
| Change in inventories | 2,110 | 10,337 | 35,018 | 20,122 | 64,709 |
| Change in receivables | -591 | 47,819 | 18,025 | 50,533 | 27,868 |
| Change in accounts payable | 4,198 | -47,961 | -20,321 | -54,289 | -24,871 |
| Change in other accrued items | 4,392 | -1,708 | -20,349 | 2,774 | 12,604 |
| Cash flow from operational activities | 20,438 | -9,704 | 28,781 | 5,584 | 93,105 |
| Payments for fixed assets | -4,043 | -2,319 | -7,176 | -4,151 | -8,581 |
| Payment for intangible assets | -7,877 | -6,406 | -15,564 | -11,038 | -31,545 |
| Payment from sale of fixed assets | 302 | 283 | 306 | 287 | 756 |
| Dividends received from associated companies | - | - | - | 300 | 300 |
| Interest received | 192 | 540 | 477 | 1,030 | 3,503 |
| Cash flow from investment activities | -11,426 | -7,901 | -21,958 | -13,572 | -35,568 |
| Purchase/sale of own shares | 171 | 1,175 | 346 | 1,440 | 1,852 |
| Change in short and long-term debt | -7,057 | -7,270 | 4,286 | -16,204 | 90,965 |
| Change in overdraft | 769 | 26,781 | 804 | 16,562 | -91,799 |
| Interest paid | -5,429 | -4,245 | -10,707 | -8,062 | -17,301 |
| Cash flow from financing activities | -11,546 | 16,441 | -5,270 | -6,263 | -16,282 |
| Net cash flow in the period | -2,534 | -1,164 | 1,553 | -14,251 | 41,255 |
| Cash and cash equivalents at the start of the period | 85,497 | 27,751 | 82,490 | 39,340 | 39,340 |
| Effect of foreign exchange rate fluctuations on foreign currency deposits |
1,235 | -982 | 155 | 514 | 1,896 |
| Cash and cash equivalents at the end of the period | 84,198 | 25,603 | 84,198 | 25,603 | 82,490 |
Key figures
| KNOK | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Operating revenue | 350,420 | 346,613 | 339,784 | 313,146 | 297,177 | 697,032 | 656,136 |
| EBITDA | 7,441 | 10,107 | 5,070 | 12,240 | -9,087 | 17,548 | -15,271 |
| EBITA | -144 | 2,733 | -2,176 | 5,298 | -16,536 | 2,590 | -30,344 |
| Operating profit EBIT | -3,211 | -375 | -5,325 | 2,193 | -19,562 | -3,586 | -36,346 |
| Ordinary profit before tax (EBT) | -4,416 | -11,254 | -8,194 | 3,829 | -27,622 | -15,671 | -42,417 |
| Profit/loss after tax | -3,063 | -8,296 | -2,066 | 2,674 | -21,158 | -11,359 | -32,537 |
| EBITDA-margin | 2.1 % | 2.9 % | 1.5 % | 3.9 % | -3.1 % | 2.5 % | -2.3 % |
| EBT-margin | -1.3 % | -3.2 % | -2.4 % | 1.2 % | -9.3 % | -2.2 % | -6.5 % |
| Balance sheet | |||||||
| Non-current assets | 519,859 | 506,940 | 510,270 | 491,522 | 479,946 | 519,859 | 479,946 |
| Current assets | 477,584 | 473,377 | 517,467 | 474,525 | 471,779 | 477,584 | 471,779 |
| Total assets | 997,444 | 980,316 | 1,027,738 | 966,047 | 951,725 | 997,444 | 951,725 |
| Total equity | 462,651 | 457,704 | 465,203 | 467,743 | 449,653 | 462,651 | 449,653 |
| Total long-term liabilities | 180,754 | 83,204 | 87,132 | 94,053 | 96,375 | 180,754 | 96,375 |
| Total short-term liabilities | 354,039 | 439,408 | 475,403 | 404,251 | 405,697 | 354,039 | 405,697 |
| Working capital | 225,198 | 225,552 | 255,600 | 310,785 | 297,418 | 225,198 | 297,418 |
| Equity ratio | 46.4 % | 46.7 % | 45.3 % | 48.4 % | 47.2 % | 46.4 % | 47.2 % |
| Liquidity ratio | 134.9 % | 107.7 % | 108.8 % | 117.4 % | 116.3 % | 134.9 % | 116.3 % |
| Net interest-bearing debt | 73,620 | 71,918 | 59,659 | 109,294 | 105,068 | 73,620 | 105,068 |
| Net leverage multiples | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| Cash Flow | |||||||
| Cash flow from operational activities | 20,438 | 8,343 | 77,379 | 10,142 | -9,704 | 28,781 | 5,584 |
| Net change in liquid assets | -2,534 | 4,087 | 48,387 | 7,118 | -1,164 | 1,553 | -14,251 |
| Share information | |||||||
| Number of shares | 44,888,352 | 44,888,352 | 44,888,352 | 44,888,352 | 44,888,352 | 44,888,352 | 44,888,352 |
| Weighted average shares outstanding | 44,723,666 | 44,705,148 | 44,687,807 | 44,665,465 | 44,621,692 | 44,714,407 | 44,585,136 |
| EBT per shares | -0.10 | -0.25 | -0.18 | 0.09 | -0.62 | -0.35 | -0.95 |
| Earnings per share | -0.07 | -0.19 | -0.05 | 0.06 | -0.47 | -0.25 | -0.73 |
| Earnings per share, excl. M&A amortization | 0.00 | -0.12 | 0.02 | 0.13 | -0.41 | -0.12 | -0.60 |
| Equity per share | 10.34 | 10.24 | 10.41 | 10.47 | 10.08 | 10.35 | 10.09 |
| Employees | |||||||
| Number of employees (end of period) | 510 | 509 | 497 | 512 | 515 | 510 | 515 |
| Average number of employees | 510 | 503 | 505 | 514 | 517 | 510 | 519 |
| IFRS 16 effects | |||||||
| Reduced OPEX | 6,851 | 6,741 | 6,535 | 6,422 | 6,733 | 13,592 | 13,621 |
| Increased depreciation | 5,728 | 5,590 | 5,427 | 5,303 | 5,601 | 11,319 | 11,341 |
| Increased interest expenses | 1,122 | 1,151 | 1,107 | 1,119 | 1,132 | 2,273 | 2,280 |
| EBT | - | - | - | - | - | - | - |
| Cash flow from operational activities | 6,851 | 6,741 | 6,535 | 6,422 | 6,733 | 13,592 | 13,621 |
| Cash flow from financing activities | -6,851 | -6,741 | -6,535 | -6,422 | -6,733 | -13,592 | -13,621 |
Note 1 Confirmation of reporting framework
The condensed and consolidated quarterly financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The quarterly financial statements do not contain all the information required in an annual financial statement and should be read in connection with the Group financial statements for 2024.
Note 2 Key accounting principles
The accounting principles for the report are described in note 2 in the annual financial statements for 2024. The Group financial statements for 2024 were prepared in accordance with the IFRS principles and interpretations thereof, as defined by the EU, as well as other disclosure requirements pursuant to the Norwegian Accounting Act and the Oslo Stock Exchange regulations and rules applicable as at 31.12.2024. The quarterly report and the interim financial statements have not been revised by auditor.
Note 3 Segment information
Reporting segments
| Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | Year 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MNOK | Revenue | EBITDA | EBT | Revenue | EBITDA | EBT | Revenue | EBITDA | EBT | Revenue | EBITDA | EBT | Revenue | EBITDA | EBT |
| Nordics | 162.1 | 14.0 | 11.3 | 147.2 | 2.9 | 2.5 | 329.7 | 31.9 | 26.8 | 370.1 | 21.8 | 20.5 | 663.9 | 51.8 | 46.1 |
| International incl Product |
188.3 | 0.6 | -8.4 | 150.0 | -4.1 | -15.1 | 367.3 | 1.5 | -17.1 | 286.1 | -20.9 | -41.8 | 645.2 | -23.5 | -68.8 |
| ASA/Elim | - | -7.1 | -7.3 | - | -7.8 | -15.0 | - | -15.8 | -25.4 | - | -16.2 | -21.2 | - | -26.3 | -24.0 |
| Total | 350.4 | 7.4 | -4.4 | 297.2 | -9.1 | -27.6 | 697.0 | 17.5 | -15.7 | 656.1 | -15.3 | -42.4 | 1,309.1 | 2.0 | -46.8 |
Operating revenue by products and services
| Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | Year 2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MNOK | Products | Services * | Products | Services * | Products | Services * | Products | Services * | Products | Services * |
| Nordics | 88.2 | 73.9 | 78.1 | 69.1 | 183.0 | 146.7 | 232.9 | 137.2 | 386.3 | 277.6 |
| International incl Product |
81.3 | 107.0 | 55.3 | 94.6 | 155.3 | 212.0 | 97.4 | 188.7 | 260.7 | 384.5 |
| Elim / ASA | - | - | - | - | - | - | - | - | - | - |
| Total | 169.4 | 181.0 | 133.5 | 163.7 | 338.3 | 358.7 | 330.3 | 325.8 | 647.0 | 662.1 |
* Services and licenses
Note 4 Related parties
No significant transactions between the Group and related parties had taken place per 30 June 2025.
Note 5 Top 20 shareholders per 30 June 2025
| No. | Name | No. of shares | % |
|---|---|---|---|
| 1 | STRØMSTANGEN AS | 3,933,092 | 8.76 |
| 2 | TOHATT AS | 2,225,000 | 4.96 |
| 3 | SOLE ACTIVE AS | 2,221,717 | 4.95 |
| 4 | MUEN INVEST AS | 1,754,630 | 3.91 |
| 5 | NORDNET BANK AB | 1,444,419 | 3.22 |
| 6 | ZETTERBERG, GEORG (incl. fully owned companies) | 1,400,000 | 3.12 |
| 7 | BANK PICTET & CIE (EUROPE) AG | 1,346,247 | 3.00 |
| 8 | AVANZA BANK AB | 1,306,798 | 2.91 |
| 9 | RING, JAN | 1,243,374 | 2.77 |
| 10 | VERDADERO AS | 1,081,285 | 2.41 |
| 11 | JAKOB HATTELAND HOLDING AS | 1,080,850 | 2.41 |
| 12 | EVENSEN, TOR COLKA | 740,000 | 1.65 |
| 13 | WAALER AS | 690,000 | 1.54 |
| 14 | BANQUE PICTET & CIE SA | 629,004 | 1.40 |
| 15 | JOHANSEN, STEIN | 600,000 | 1.34 |
| 16 | MP PENSJON PK | 561,402 | 1.25 |
| 17 | SKANDINAVISKA ENSKILDA BANKEN AB | 554,517 | 1.24 |
| 18 | HSBC CONTINENTAL EUROPE | 536,000 | 1.19 |
| 19 | ALS KINGFISHER LIMITED | 506,156 | 1.13 |
| 20 | EUROPEAN RETAIL ENGINEERING LIMITED | 506,156 | 1.13 |
| Sum 20 largest shareholders | 24,360,647 | 54.27 | |
| Sum 2 111 other shareholders | 20,527,705 | 45.73 | |
| Sum all 2 131 shareholders | 44,888,352 | 100.00 |
Note 6 Share option program
| 2020-2024 | 2025 | Total |
|---|---|---|
| 2 337 | 24 687 | |
| 10 | 10 | 20 |
| Number of instruments |
||
| 4,095,000 | ||
| 280,000 | ||
| 4,375,000 | ||
| 2,615,000 | ||
| 22 350 |
Method of valuation:
The fair value of share options granted is estimated at the date of grant using the Black-Scholes-Merton Option Pricing Model. The model uses the following parameters; the exercise price, the life of the option, the current price of the underlying shares, the expected volatility of the share price, the dividends expected on the shares, and the risk-free interest rate for the life of the option.
Vesting requirements:
The vesting of the options is dependent on the participant still being employed at Strongpoint at the time of the vesting.
Method of settlement:
All StrongPoint ASA options are intended to be settled in equity, but can be fulfilled through a cash-out settlement at the Boards' discretion.
Vesting period
The options will vest over three years, with ¼ vesting after one year, ¼ after two years, and the remaining 2/4 after three years. The split in vesting underpins the retention ambition of the program. Any non-exercised options expire five years after grant.
Definitions
| Working capital | Inventories + accounts receivables – accounts payable |
|---|---|
| Equity per share | Book value equity / number of shares |
| Operating revenue | Sales revenue |
| EBITDA | Operating profit + depreciation fixed assets and intangible assets |
| EBITA | Operating profit + amortization of intangible assets |
| EBIT | Operating profit |
| EBITDA-margin | EBITDA / operating revenue |
| EBT | Profit before tax |
| EBT-margin | EBT / operating revenue |
| Equity ratio | Book value equity / total assets |
| Liquidity ratio | Current assets / short-term debt |
| Earnings per share | Profit after tax / number of shares |
| Diluted | Number of shares minus own shares plus shares granted in share option program |
| Earnings per share adjusted | Profit after tax + amortization of intangible assets / number of shares |
| Net leverage multiple | Net Interest-Bearing Debt including IFRS 16 / 12 months rolling EBITDA |
| Net change in liquid assets | The total changes in cash flow from operational activities, investment activities and financing activities |
| Minority interest | The minority part of the net profit /equity in companies where StrongPoint owns between 50,1%-99% of the shares. |
StrongPoint | Q2 and 1st half 2025
StrongPoint ASA | Brynsengveien 10, 0667 Oslo | strongpoint.com
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