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Nordic Financials ASA Interim / Quarterly Report 2025
3521_rns_2026-02-27_c77ac54c-5602-4065-ac28-5a4af622a8da.pdf
Interim / Quarterly Report
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NORDIC FINANCIALS ASA
Nordic Financials
Interim report Q4
2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Contents
About Nordic Financials ... 3
Quarterly report Q4 2025 ... 4
Highlights of quarter 4, 2025 ... 4
Subsequent events ... 4
Letter from the CEO ... 5
Consolidated statement of comprehensive income ... 8
Consolidated balance sheet ... 10
Consolidated statement of cash flows ... 11
Consolidated statement of changes in equity ... 12
Notes ... 13
Nordic Financials ASA Q4 report 2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
About Nordic Financials
Nordic Financials ASA is a company listed on Euronext Expand in Oslo. Nordic Financials concentrates its investments on the Nordic markets. Our goal is to invest for the benefit of the company and our shareholders. The company's head office is in Oslo (NO).
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Quarterly report Q4 2025
Highlights of quarter 4, 2025
- In October the company carried out a reverse share split (share consolidation) in the ratio of 175:1. Following the reverse share split, the Company's shares were transferred to a new ISIN.
- Investments in two bonds issued by Snowball Software Group (former Hawk Infinity Software).
- Took a position among the top 10 investors in Gold Road Inc, approximately 3%.
- Participated as guarantors in a share issue.
- Investment activities under renewed strategy initiated and testing started. Including screening of investment opportunities with shorter and more industrial time horizons.
- First initial investment through Nordic Opportunities AS.
Subsequent events
- Divestment of the two Snowball Software Group (former Hawk Infinity Software) bonds in February 2026.
Nordic Financials ASA Q4 report 2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Letter from the CEO
Dear Shareholders,
The fourth quarter concluded a year of strong execution for Nordic Financials and reinforced our position as a debt-free, capital-light and agile investment company.
During 2025, we completed two share issues with total subscriptions of approximately NOK 100 million, well above the NOK 40 million target, and repaid all outstanding debt. We also strengthened our corporate governance framework, further improving risk management and operational discipline.
In Q4, we continued to deploy capital selectively. Most notably, we invested in two bonds issued by Snowball Software Group, where we identified what we believe was a clear market mispricing. The position remains in the portfolio at year-end. Both bond prices and coupon payments have developed positively, and the investment delivers an annualised yield in the mid double digits.
Towards year-end, we also participated in a share issue in Gold Road Inc., which owns and operates a producing gold mine in Arizona. We consider the transaction to have been completed at attractive levels, with meaningful upside potential supported by the current macro backdrop and precious metals outlook. Following the investment, Nordic Financials owns approximately 3% of the company, placing us among its largest shareholders. This is intended as a strategic position.
While Nordic Financials remains a relatively small player, increased financial capacity would allow us to scale more rapidly and participate in a broader set of attractive opportunities.
We close the year with a strengthened balance sheet, improved governance, and a portfolio demonstrating strong early returns. With disciplined capital allocation and continued focus on high-quality opportunities, we are well positioned for further value creation.
Best regards,
Halldor Christen Tjoflaat
CEO
Nordic Financials ASA Q4 report 2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Operational development
Nordic Financials ASA has used Q4 2025 to start our investment activity and to pave the ground for further development. Substantial effort has been put in to achieve the results, and the group is now in position to both move on with investment activities and next steps to develop the company further.
Financial development
During the quarter the group has had income from our investment activities. They are still limited as we are in the phase of ramping this up.
Risks and uncertainties
The risk and uncertainties have continued to be reduced through the year, also in Q4. While funding aspects have been an issue previously this risk is reduced or even removed at the end of Q4. We now believe the risk to be more concentrated towards rational and profitable investments. Overall, the total number of uncertainties and perceived risk should be at the same level as the previous quarter.
Forward-looking statement
This report contains statements regarding the future in connection with the growth initiatives, profit figures, outlook, strategies and objectives. In particular, the section "Outlook" contains forward-looking statements regarding future expectations. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual results and developments deviating substantially from what has been expressed or implied in such statements. These factors include the risk factors related to the group's activities as described in the above section "Risks and Uncertainties".
Outlook
The group is currently pursuing several investment opportunities. Nordic Financials remains optimistic regarding our deal flow and access to capital.
Nordic Financials ASA Q4 report 2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Condensed financial statements
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
| (tNOX) | Continuing operations | Note | Q4 2025
(unaudited) | Q4 2024
(unaudited) | YTD 2025
(unaudited) | YTD 2024
(unaudited) | 2024
(unaudited) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net income from shares and bonds | | 1,5 | 1 122 | 0 | 1 122 | 0 | 0 |
| Operating Income | | | 1 122 | 0 | 1 122 | 0 | 0 |
| Personnel expenses | | | -187 | -3 501 | -1 336 | -5 785 | -5 785 |
| Net loss from shares and bonds | | | 0 | -4 891 | 0 | -4 891 | -4 891 |
| Other operating expenses | | 4 | -1 719 | -1 056 | -8 931 | -4 778 | -4 778 |
| EBITDA | | | -784 | -9 448 | -9 146 | -15 454 | -15 454 |
| Depreciation and amortization | | | 0 | 0 | 0 | 0 | 0 |
| Operating profit | | | -784 | -9 448 | -9 146 | -15 454 | -15 454 |
| Net finance | | 7 | -2 489 | 4 992 | -2 769 | -1 468 | -1 468 |
| Profit before income tax | | | -3 273 | -4 456 | -11 915 | -16 922 | -16 922 |
| Income tax | | | 0 | 0 | 0 | 0 | 0 |
| Profit from continuing operations | | | -3 273 | -4 456 | -11 915 | -16 922 | -16 922 |
| Loss from discontinued operation | | | 0 | -371 | 0 | -2 267 | -2 267 |
| Profit for the period | | | -3 273 | -4 828 | -11 915 | -19 189 | -19 189 |
| Other comprehensive income | | | | | | | |
| Items that may be reclassified to profit and loss | | | | | | | |
| Translation differences | | | 0 | 0 | 0 | 0 | 0 |
| Total comprehensive income | | | -3 273 | -4 828 | -11 915 | -19 189 | -19 189 |
| Total comprehensive income attributable to: | | | | | | | |
| Equity holders of the parent company | | | -3 273 | -4 828 | -11 915 | -19 189 | -19 189 |
| | | | Q4 2025
(unaudited) | Q4 2024
(unaudited) | YTD 2025
(unaudited) | YTD 2024
(unaudited) | 2024
(unaudited) |
| Earnings per share for profit from continuing operations attributable to the ordinary equity holders of the company | | | | | | | |
| Basic earnings per share | | | -0,01 | -0,19 | -0,01 | -0,71 | -0,71 |
| Diluted earnings per share | | | -0,01 | -0,19 | -0,01 | -0,71 | -0,71 |
| Earnings per share for profit attributable to the ordinary equity holders of the company | | | | | | | |
| Basic earnings per share | | | -0,01 | -0,20 | -0,01 | -0,81 | -0,81 |
| Diluted earnings per share | | | -0,01 | -0,20 | -0,01 | -0,81 | -0,81 |
| Avg. no of shares | | | 546 888 603 | 23 791 983 | 1 302 163 338 | 23 791 983 | 23 791 983 |
Nordic Financials ASA Q4 report 2025
The consolidated statement of comprehensive income for Q4 2024 and YTD 2024 has been restated to reflect the discontinued operations as a single amount separate from the continuing operations.
The comparative figures for the years ended 31 December 2024 have been translated from EUR to NOK.
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Nordic Financials ASA Q4 report 2025
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CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Consolidated balance sheet
| (tNOK) | Note | 31.12.2025 | 31.12.2024 |
|---|---|---|---|
| ASSETS | |||
| Investment in shares | 6 | 6 725 | 1 093 |
| Investment in bonds | 6 | 5 943 | 0 |
| Non-current assets | 12 668 | 1 093 | |
| Receivables | 0 | 0 | |
| Other current assets | 6,7 | 475 | 3 743 |
| Cash and short term deposits | 16 595 | 656 | |
| Current assets | 17 070 | 4 399 | |
| TOTAL ASSETS | 29 738 | 5 492 |
EQUITY AND LIABILITIES
| Share capital | 3 | 34 465 | 11 896 |
|---|---|---|---|
| Share premium | 3 | 45 184 | 38 838 |
| Other paid in capital | 0 | 0 | |
| Paid in capital | 79 649 | 50 734 | |
| Other equity | -50 816 | -50 553 | |
| Foreign Currency translation reserve | 2 | 0 | 0 |
| Other equity | -50 816 | -50 553 | |
| Total equity | 28 833 | 181 | |
| Total non-current liabilities | 0 | 0 | |
| --- | --- | --- | --- |
| Convertible loan | 3 | 0 | 1 000 |
| Trade payables and other payables | 905 | 4 311 | |
| Total current liabilities | 905 | 5 311 | |
| Total liabilities | 905 | 5 311 | |
| TOTAL EQUITY AND LIABILITIES | 29 738 | 5 492 |
Nordic Financials ASA Q4 report 2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Consolidated statement of cash flows
| (tNOK) | Note | YTD 2025
(unaudited) | 2024
(unaudited) |
| --- | --- | --- | --- |
| Profit before taxes from continuing operations | | -11 915 | -16 922 |
| Profit/Loss before taxes from discontinued operations | | 0 | -973 |
| Profit before tax | | -11 915 | -17 895 |
| Paid income taxes | | 0 | -754 |
| Depreciation | | 0 | 14 274 |
| Changes in trade receivables and trade payables | | -311 | -4 101 |
| Changes in other accruals | | -3 093 | -1 552 |
| Loss on other receivables | 7 | 2 685 | 0 |
| Adjustments for income from shares and bonds | 5 | -1 122 | 0 |
| Cash inflow from sale of shares and bonds | 6 | 3 224 | 0 |
| Cash outflow from investment in shares and bonds | 6 | -13 653 | 0 |
| Interest income from bonds | 5 | 133 | 0 |
| Fair value adjustment financial assets | | 0 | 4 891 |
| Net interest | | 363 | 1 473 |
| Other non-cash items | | 213 | 21 866 |
| Cash flow from operations | | -23 475 | 18 202 |
| Additions property, plant and equipment | | 0 | -1 619 |
| Cash flow from investments | | 0 | -1 619 |
| Cash related to discontinued operations, on disposal as dividend | | 0 | -17 198 |
| Convertible loan issue | 3 | 1 000 | 1 000 |
| Proceeds from issue of share capital (net of rights issue costs) | 3 | 37 413 | 0 |
| Interest payment | | 0 | -5 866 |
| Repayment of lease liabilities | | 0 | -5 569 |
| Repayment of loans | | 1 000 | -10 925 |
| Cash flow from financing | | 39 413 | -38 557 |
| Cash at beginning of period | | 656 | 22 630 |
| Net change in cash and cash equivalents | | 15 939 | -21 975 |
| Cash at end of period | | 16 595 | 656 |
Nordic Financials ASA Q4 report 2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Consolidated statement of changes in equity
| Share capital | Share premium | Other Paid in Equity | Other equity | Currency translation reserve | Total equity | |
|---|---|---|---|---|---|---|
| (INOK) | ||||||
| Equity 31.12.24 | 11 896 | 38 838 | 0 | -50 553 | 0 | 181 |
| Profit for the period | - | - | - | -11 915 | - | -11 915 |
| Other comprehensive income | - | - | - | - | - | - |
| Capital reduction #1 | -11 658 | - | - | 11 658 | - | - |
| Capital increase - rights issue #1 | 10 000 | - | - | - | - | 10 000 |
| Capital increase - convertible loan | 2 360 | - | - | - | - | 2 360 |
| Capital increase - rights issue #2 | 20 000 | 10 000 | - | - | - | 30 000 |
| Capital increase - underwriting | 1 333 | 667 | - | - | - | 2 000 |
| Capital increase - rights issue #3 | 533 | 267 | - | - | - | 800 |
| Underwriting commission cost | - | -2 000 | - | - | - | -2 000 |
| Rights Issue Costs | - | -2 587 | - | - | - | -2 587 |
| Equity 31.12.25 | 34 465 | 45 184 | 0 | -50 810 | 0 | 28 839 |
| Share capital | Share premium | Other Paid in Equity | Other equity | Currency translation reserve | Total equity | |
| --- | --- | --- | --- | --- | --- | --- |
| (INOK) | ||||||
| Equity 31.12.23 | 23 792 | 68 881 | 0 | -43 260 | 0 | 49 413 |
| Reclassification* | - | 29 436 | 29 436 | |||
| Equity 01.01.24 | 23 792 | 98 318 | 0 | -43 260 | 0 | 78 849 |
| Profit for the period | - | - | - | -19 189 | - | -19 189 |
| Other comprehensive income | - | - | - | - | - | - |
| Capital reduction | -11 896 | - | - | 11 896 | - | - |
| Dividend | - | 59 480 | - | - | - | -59 480 |
| Equity 31.12.24 | 11 896 | 38 838 | 0 | -50 553 | 0 | 181 |
*The capital reduction in 2023 was allocated to other equity. NOK 29,436,449 should have been allocated to share premium fund.
Nordic Financials ASA Q4 report 2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Notes
Note 1: General information and summary of significant accounting policies
General information
Nordic Financials ASA is a public limited company, incorporated and domiciled in Norway. The parent company was listed on Euronext Expand in 2011. The registered office of Nordic Financials ASA is Thunes Vei 2, NO-0274 Oslo, Norway.
Basis for preparing the interim financial statements
The condensed interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed interim consolidated financial statements do not include complete information or disclosures required for the annual financial statement in accordance with IFRS® Accounting Standards (IFRS) as adopted by the European Union and should be read in conjunction with the Group's annual consolidated statements of 2024. The condensed interim consolidated financial statements are unaudited.
The Group's functional and presentation currency is the Norwegian krone (NOK) and all amounts are presented in NOK thousands unless otherwise stated. Balance sheet items in group companies with a functional currency other than the NOK are converted to NOK by applying the currency rate applicable on the balance sheet date. Currency translation differences are booked against other comprehensive income. Income statement items are converted by applying the average currency rate for the period. The interim financial report has been prepared on the assumption that the company is a going concern.
In May 2025, the Board of Directors approved a slight change in the company's business strategy. As a result, income related to investments, including interest income, dividends, and fair value changes, is now considered part of operating activities rather than finance income. This change better reflects the company's continued focus on investment activities as an integral part of its core operations.
Accordingly, from May 2025, investment income is presented within "Operating income" in the consolidated income statement and included in "Cash flows from operating activities" in the statement of cash flows. Comparative figures have been restated where applicable to reflect this change in presentation.
Net income from shares and bonds include:
- Interest income from bonds
- Net gain/(loss) from purchase and sale of shares
- Income from underwriting fees
Changes in standards that entered into force on 1 January 2025 have had no material impact on these condensed interim consolidated financial statements.
See the annual report for a full overview of the accounting principles applied by the group.
Nordic Financials ASA Q4 report 2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Key risk factors
The successfully conducted rights issue in April and July has reduced the risk exposure, and risks and uncertainties of the Group, compared with those described in the previous reports. We now believe the risk to be more concentrated towards rational and profitable investments to support further growth. Overall, the total number of uncertainties and perceived risk is lower than in previous quarters.
Note 2: Change in presentation currency
Effective from the fiscal year 2025, the Group changed its presentation currency from Euro (EUR) to Norwegian krone (NOK). All amounts are presented in NOK thousands unless otherwise stated.
The change was made to reflect the relevance of NOK in the Group's operations, financing activities, and investor base after the disposal of the solar business in Italy. After the disposal of the solar business and the management operations, the Group only consists of the Nordic Financials ASA and the subsidiary Nordic Financials AS. The major portion of the Group's revenues, expenses, and funding is denominated in NOK; thus, the management considers that using NOK as the presentation currency provides more relevant and comparable financial information to users of the financial statements.
In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the change in presentation currency has been applied retrospectively. The comparative figures for the years ended 31 December 2024 and Q3 2024 have been translated from EUR to NOK using the following procedures:
- Assets and liabilities denominated in EUR were translated into NOK at the relevant closing rates of exchange;
- The results of subsidiaries whose functional currency was in EUR were translated into NOK at the relevant average rates of exchange;
- Movements in other reserves were translated into NOK at the relevant average rates of exchange;
- Share capital, share premium and dividends are initially booked in NOK;
- Translation differences arising from the use of NOK as the presentation currency are related to discontinued businesses denominated in EUR and are included as part of the loss from discontinued operations.
The exchange rates used for this exercise are provided below:
| Period | Closing rate (EUR/NOK) | Average rate (EUR/NOK) |
|---|---|---|
| Q4 2024 | 11,80 | 11,76 |
| Year 2024 | 11,80 | 11,63 |
| Year 2023 | 11,42 |
Nordic Financials ASA Q4 report 2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
Note 3: Shares and shareholder information
At the extraordinary general meeting on 23 December 2024, it was decided to issue a convertible loan of NOK 2 million. As of 31 March 2025, NOK 2 million had been received by the company, whereof NOK 1 million was received in 2024 and NOK 1 million in Q1 2025. NOK 1 million of the convertible loan was received on 3 January 2025.
At the extraordinary general meeting held on 23 December 2024 it was decided to reduce the share capital by reducing the par value of each share from NOK 0.5 to NOK 0.01, to NOK 237,919.83. The share capital reduction was registered in April 2025.
In April 2025, the company conducted a successful rights issue 1/2025 and converted the convertible loan secured in December 2024. The rights issue increased the capital with NOK 10,000,000 and the conversion of the debt with an additional NOK 2,360,000. After these two actions the new capital is NOK 12,597,919.83.
In July 2025, the company completed rights issue number 2/2025. The rights issue increased the share capital with NOK 21,333,333.31, whereof a private placement to settle the underwriting commission through the issuance of 133,333,331 new shares. The related costs were charged against the share premium reserve. As of 8 July 2025, the new share capital is NOK 33,931,253.14.
In September 2025, Svend Egil Larsen (CIO) and Halldor Chr. Tjoflaat (CEO) have, through their wholly owned companies, exercised 26,666,666 subscription rights each at an exercise price of NOK 0.015 per share. Each of them has thereby subscribed for new shares for NOK 400,000. In total, 53,333,332 new shares have been subscribed, corresponding to gross proceeds of NOK 800,000. As of 19 September 2025, the new share capital is NOK 34,464,586.46.
On 13 October 2025, the Company held an extraordinary general meeting at which it was resolved, among other things, to carry out a reverse share split at a ratio of 175:1. In connection with this, key information was published, and the share capital was increased by NOK 1.04 to facilitate the reverse share split. As of 15 October 2025, the Company's share capital amounts to NOK 34,464,587.50, divided into 19,694,050 shares, each with a nominal value of NOK 1.75. The reverse split has no effect on the company's total equity or the proportional ownership of the shareholders.
As of 31 December 2025, Nordic Financials ASA had a share capital of NOK 34,464,587.50 comprising of 19 694 050 shares with a par value of NOK 1.75. Nordic Financials ASA has only one share class. All shares have equal voting rights and rights to dividends from the Company. All shares are fully paid.
| 31.12.2024 | 09.04.2025 | 28.04.2025 | 03.07.2025 | 19.09.2025 | 15.10.2025 | 31.12.2025 | |
|---|---|---|---|---|---|---|---|
| New shares: | |||||||
| - Rights issue no. 1 | 1 000 000 000 | ||||||
| - Convertible loan with interest | 236 000 000 | ||||||
| - Rights issue no. 2 | 2 000 000 000 | ||||||
| - Underwriting issue | 133 333 331 | ||||||
| - Subscription rights | 53 333 332 | ||||||
| - Reverse share split (175:1) | -3 426 764 596 | ||||||
| =Total number of shares | 23 791 983 | 1 023 791 983 | 1 259 791 983 | 3 393 125 314 | 3 446 458 646 | 19 694 050 | 19 694 050 |
Nordic Financials ASA Q4 report 2025
CONTENTS / ABOUT NORDIC FINANCIALS / QUARTERLY REPORT / FINANCIAL STATEMENTS
| Q4 2025 (unaudited) | Q4 2024 (unaudited) | YTD 2025 (unaudited) | YTD 2024 (unaudited) | 2024 (unaudited) | |
|---|---|---|---|---|---|
| Earnings per share for profit from continuing operations attributable to the ordinary equity holders of the company | |||||
| Basic earnings per share | -0,01 | -0,19 | -0,01 | -0,71 | -0,71 |
| Diluted earnings per share | -0,01 | -0,19 | -0,01 | -0,71 | -0,71 |
| Earnings per share for profit attributable to the ordinary equity holders of the company | |||||
| Basic earnings per share | -0,01 | -0,20 | -0,01 | -0,81 | -0,81 |
| Diluted earnings per share | -0,01 | -0,20 | -0,01 | -0,81 | -0,81 |
| Avg. no of shares | 546 888 603 | 23 791 983 | 1 302 163 338 | 23 791 983 | 23 791 983 |
Largest 20 shareholders as of 31 December 2025:
| Shareholders | Share | Percentage |
|---|---|---|
| SELACO AS | 2 500 000 | 12,69 % |
| NORDNET LIVSFORSIKRING AS | 2 231 275 | 11,33 % |
| RYDLAND INVEST AS | 1 016 274 | 5,16 % |
| MORO AS | 702 858 | 3,57 % |
| DAN VARE JOHNSEN | 411 300 | 2,09 % |
| Nordnet Bank AB | 306 263 | 1,56 % |
| PREBEN OSEBERG | 253 135 | 1,29 % |
| Merrill Lynch International | 241 844 | 1,23 % |
| FRANK GUNDERSEN | 237 571 | 1,21 % |
| SIGURD ERDAL-AASE | 237 000 | 1,20 % |
| HARDANGER CONSULTING AS | 228 572 | 1,16 % |
| ATLE SANDVIK PEDERSEN | 225 474 | 1,14 % |
| JAN PETER HARTO | 210 286 | 1,07 % |
| KNUT JOHAN WAAGE | 200 000 | 1,02 % |
| ØYSTEIN HOLM SOLHEIM | 191 200 | 0,97 % |
| ROBERT VOLLEN | 171 429 | 0,87 % |
| SIMEN FALCK ENGELSTAD | 171 252 | 0,87 % |
| MAMALAO AS | 169 496 | 0,86 % |
| CECILIE PATRICIA CLARIDGE | 166 285 | 0,84 % |
| LEDAAL INVEST AS | 160 191 | 0,81 % |
| Total 20 largest shareholders | 10 031 705 | 50,94 % |
| Nordic Financials ASA outstanding shares | 19 694 050 | 100,00 % |
Nordic Financials ASA Q4 report 2025
Nordic Financials ASA Q4 report 2025
Note 4: Related party transactions
Mr. Halldor Chr. Tjoflaat is engaged as Chief Executive Officer (CEO) through his wholly owned company, Hardanger Consulting AS. From 1 June 2025, his monthly remuneration is NOK 100,000. In accordance with the resolution adopted at the Annual General Meeting, the remuneration was reinvested in shares. In September 2025, Mr. Tjoflaat, through Hardanger Consulting AS, exercised 26,666,666 subscription rights at an exercise price of NOK 0.015 per share, corresponding to a total subscription amount of NOK 400,000 for new shares. Prior to his appointment as CEO, Mr. Tjoflaat was also contracted through Hardanger Consulting AS.
Mr. Svend Egil Larsen, Chief Investment Officer (CIO), is engaged through his wholly owned company, Mutual Fun AS. From 1 June 2025, his monthly remuneration is NOK 100,000. In accordance with the resolution adopted at the Annual General Meeting, the remuneration was reinvested in shares. In September 2025, Mr. Larsen, through Selaco AS, exercised 26,666,666 subscription rights at an exercise price of NOK 0.015 per share, corresponding to a total subscription amount of NOK 400,000 for new shares.
In total, 53,333,332 new shares were subscribed for by Mr. Tjoflaat and Mr. Larsen, through their respective companies, corresponding to gross proceeds of NOK 800,000.
As of 31 December 2025, Mr. Tjoflaat, Mr. Larsen and related parties control 3,071,087 shares, representing 15.6 percent of the outstanding shares.
Note 5: Net income from shares and bonds
Net income from shares and bonds
| (tNOK) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Interest income from bonds | 133 | 0 |
| Net gain/(loss) from shares | -5 | 0 |
| Income from underwriting fee | 994 | 0 |
| Net income from shares and bonds | 1 122 | 0 |
In October Nordic Financials AS was granted 33,333,333 underwriting shares after acting as guarantors in a share issue conducted by Energeia AS.
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Nordic Financials ASA Q4 report 2025
Note 6: Financial Investments
Non-current financial investments
Shares
| (tNOK) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Balance as of 1 January | 1 093 | 5 984 |
| Additions | 7 673 | 0 |
| Sales | -2 231 | 0 |
| Changes in fair value | 190 | -4 891 |
| Balance at end of period | 6 725 | 1 093 |
Bonds
| (tNOK) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Balance as of 1 January | 0 | 0 |
| Additions | 5 959 | 0 |
| Sales | 0 | 0 |
| Changes in fair value | -15 | 0 |
| Balance at end of period | 5 943 | 0 |
During 2025, Nordic Financials AS made new investments in both shares and bonds, including participation in a share issue in a mining company and acquisitions of listed shares and bond units. The investments are intended as long-term strategic positions. As of 31 December 2025, the market values of these investments reflect positive developments compared to acquisition cost. In addition, Nordic Opportunities AS acquired shares in a Norwegian real estate company during the year.
Note 7: Write-down of trade receivable
The receivable of 2,700 tNOK from Aega AS has been written down to zero following a specific assessment of the counterparty's financial position and payment ability. The receivable is unsecured, and Aega AS is in financial distress on its other loan obligations, which have priority over our claim. Management considers it reasonable to write down the receivable to zero due to uncertainty regarding recoverability.
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NORDIC FINANCIALS ASA
Nordic Financials ASA
Thunes vei 2
0274 Oslo, Norway
E-mail: [email protected]