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Goodtech Interim / Quarterly Report 2026
3609_rns_2026-05-08_11e948cf-3e74-4ccc-8669-62e19a204dd9.pdf
Interim / Quarterly Report
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Goodtech
Kepler
Industry reinvented
Quarterly report Q1 2026 | Goodtech ASA
Quarterly report Goodtech ASA - Q1 2026
Q1 2026 | Highlights
Net operating revenue after external project costs
- Net revenue increased to 141.4 MNOK (136.8 MNOK)
- 3% organic growth
EBITDA
- EBITDA increased to 20.3 MNOK (15.2 MNOK)
- Margin increased to 14.4% (11.1%)
EBITA
- EBITA increased to 14.8 MNOK (9.6 MNOK)
- Margin increased to 10.5% (7.0%)
People
- Number of employees stable at 309 (307)
- 3.4% Sick leave
Order intake and backlog
- Order intake in the quarter was 148 MNOK (177 MNOK)
- Order backlog of 312 MNOK (340 MNOK)
Figures in brackets apply to the same quarter last year unless otherwise stated
Quarterly report Goodtech ASA - Q1 2026
Goodtech
Financial performance*
Total revenue | MNOK
Net operating revenue after external project costs | MNOK
EBITDA | MNOK & %
EBITA | MNOK & %
Comments
1 Net operating revenue after external project costs increased by 3% compared to the same period last year
- Total revenue decreased from 196.0 MNOK to 172.2 MNOK, representing a drop of 12%.
- The project mix was less procurement heavy in the quarter, with external project costs reducing from 53.4 MNOK to 30.8 MNOK.
- Net operating revenue rose from 136.8 MNOK to 141.4 MNOK driven by strong project execution and utilization of personnel.
- After-market and service revenue accounted for 17% of total revenue in the quarter.
2 5.2 MNOK higher EBITA, with a margin expansion from 7.0% to 10.5%
- Personnel expenses increased from 101.8 MNOK to NOK 106.9 MNOK (+5%), reflecting general wage growth.
- Other operating expenses decreased from 19.8 MNOK to 14.2 MNOK (-28%). The year-on-year reduction is partly explained by NOK 3 million related to discontinued operations, including the absence of losses recorded in the prior year and a NOK 1 million settlement received in the current quarter. The remaining improvement reflects continued cost discipline and reduced use of external services.
EBITDA and EBITA margins are calculated as EBITDA/EBITA divided by net operating revenue after external project costs
Quarterly report Goodtech ASA - Q1 2026
Goodtech
Order intake and backlog
Order backlog | MNOK
Order intake | MNOK
Book-to-bill (order intake / total revenue)
Comments
Order backlog at 312 MNOK in Q1 2026
- Order intake in the quarter 29 MNOK lower than Q1 2025, ending at 148 MNOK
- The order intake consists of renewal of frame agreements, expansion of ongoing projects, as well as small and medium sized projects within the whole specter of industries Goodtech serves
- Current backlog has less share of large, procurement-heavy projects compared to last years back log
- We remain committed to our strategic path, aiming to strengthen our position for a growing share of feed and early-phase studies with both Norwegian and international clients. Decisions regarding larger, procurement-intensive projects tend to have longer lead times to investment, partly due to geopolitical uncertainties.
Contracts announced in the quarter
- Goodtech signed an automation and control systems contract with Antec Biogas AS for its biogas facility in Hornindal, Norway.
- Estimated contract value NOK 15–20 million, with project completion by end 2026.
- Scope: Process control system, emergency shutdown system, and asset performance management solution.
- Strategic relevance: Builds on a successful pre-project phase and establishes a scalable OT architecture supporting Antec’s growth ambitions.
Quarterly report Goodtech ASA - Q1 2026
Goodtech
People performance
Number of employees
H1-instances*
Sick leave
Comments
1 Number of employees remains stable
- The latest quarters number of employees has remained stable. Focus remains on increasing personnel utilization of current workforce
- Natural attrition is well balanced with new recruits
2
- The group had no injuries with absence during Q1 2026
- Good work is being done to prevent HSE incidents
3
- In Q1 2026, Goodtech had a 3.4% sick leave, which is lower than the previous quarters
-
The majority of the sick leave was short-term
-
H1 is defined as the number of injuries with absence per million man-hours worked, calculated for on a rolling last 12 months basis
Quarterly report Goodtech ASA - Q1 2026
Goodtech
Robust capital structure with seasonal higher working capital
Assets
- Current assets increased to 141 MNOK relative to year end 2025 due to a 25.4 MNOK seasonal increase in accounts receivables.
- Cash and cash equivalents decreased to 110.8 MNOK due to higher net working capital in the quarter.
- Non-currents assets decreased slightly relative to year end from 268 MNOK to 263 MNOK as a result of lower right-of-use assets and deferred tax assets.
Equity and liabilities
- The group remains robustly capitalized, with a strong equity ratio of 57%.
- The group's long-term debt, which largely consists of long-term lease liabilities, remained stabled relative to year end 2025, ending at 45.6 MNOK. The 15 MNOK increase relative to Q1 2025 can be attributed to renewal of existing leases and expansion of office space in selected locations during Q2 2025.
- Current liabilities, excluding interest bearing debt, decreased from 188 MNOK in Q4 2025 to 175 MNOK in Q1 2026, primarily due to a decrease in trade payables of 14.2 MNOK.
- The group holds no interest-bearing debt as of 31 March 2026.
Quarterly report Goodtech ASA - Q1 2026
Goodtech
Key financial figures
| Key figures (MNOK) | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Net operating revenue after external project costs | 141.4 | 136.8 | 522.1 |
| EBITDA | 20.3 | 15.2 | 67.3 |
| EBITDA-margin | 14.4% | 11.1% | 12.9% |
| EBIT | 14.8 | 9.6 | 43.6 |
| EBITA-margin | 10.5% | 7.0% | 8.4% |
| EBIT | 14.2 | 9.0 | 36.6 |
| EBIT-margin | 10.1% | 6.6% | 7.0% |
| Earnings before tax | 13.7 | 7.4 | 33.6 |
| Order backlog | 312 | 340 | |
| Number of employees | 309 | 307 | |
| (MNOK) | Q1 2026 | Q1 2025 | |
| Interest-bearing debt | 0.0 | 20.4 | |
| Leasing liabilities (IFRS 16) | 61.5 | 38.5 | |
| Cash & cash equivalents | -110.8 | -95.5 | |
| Net interest bearing debt/-cast | -49.3 | -36.7 | |
| Total equity | 293.8 | 254.6 | |
| Equity ratio | 57% | 51% |
Financial review
Group results
Net operating revenue after external projects costs amounted to 141.4 MNOK in Q1 2026, up from 136.8 MNOK in Q1 2025, representing a 3.4% increase. External project costs decreased by 28.4 MNOK to 30.8 MNOK, reflecting a project mix in Q1 2026 with a lower proportion of equipment deliveries.
Salaries and other personnel costs ended at 106.9 MNOK in Q1 2026 compared to 101.8 MNOK in Q1 2025 (+5.0%) due to general salary increases.
Other operating expenses decreased from 19.8 MNOK to 14.2 MNOK (-5.0MNOK). The reduction in other operating expenses is mainly attributable to items related to discontinued operations totaling 3 MNOK, as well as lower underlying costs due to reduced use of external services and general cost discipline.
EBITDA ended at 20.3 MNOK (14.4%) in Q1 2026 compared to 15.2 MNOK (11.1%) in the same period in 2025 on the back of strong project execution across all regions.
EBIT ended at 14.2 MNOK (10.1%) in Q1 2026 compared to 9.0 MNOK (6.6%) in the same period in 2025.
Net financial items ended at -0.5 MNOK, compared to -1.6 MNOK in Q1 2025.
Reported profit for the period was 10.7 MNOK (6.3 MNOK). Earnings per share for the quarter amounted to 0.36 NOK (0.22 NOK).
Financial position, cash flow and liquidity
Total assets amounted to 514.1 MNOK (510.4 MNOK, Dec 2025), and total equity amounted to 293.8 MNOK (277.0 MNOK, Dec 2025). The group held cash and cash equivalents of 110.8 MNOK (127.0 MNOK, Dec 2025).
Net interest-bearing debt, including IFRS 16 lease liabilities, was -49.3 MNOK (-63.9 MNOK, Dec 2025). Net interest-bearing debt excluding IFRS 16 lease liabilities amounted to -110.8 MNOK (-127.0 MNOK, Dec 2025).
Net cash flow from operating activities in Q1 2026 was -17.2 MNOK (-4.3 MNOK). Net cash flow from operating activities was negatively affected by changes in working capital of -17.4 MNOK (-4.6 MNOK).
Net cash flow used in investment activities was -1.2 MNOK (-9.8 MNOK). Ordinary asset replacement amounted to -0.9 MNOK (-0.9 MNOK).
Net cash flow from financing activities amounted to 2.4 MNOK (-1.2 MNOK) of which lease payments account for -4.0 MNOK.
Cash and cash equivalents ended at 110.8 MNOK (95.5 MNOK).
Figures in brackets apply to the same quarter last year unless otherwise stated
Figures for 2025 relate to Continued Operations
Quarterly report Goodtech ASA - Q1 2026
Goodtech
Strategic moves last 4 years | Strengthened core business and exited non-core
Quarterly report Goodtech ASA - Q1 2026
Goodtech
Using shareholder value through several levers of growth
Scaling the business
- Scale and market expansion
- New verticals or capabilities
- Capital-efficient growth
- Move towards more digital
Service, aftermarket & applied AI
- Service and maintenance agreements as default after delivery
- Growth in managed services and lifecycle support (ARR-driven)
- Applied AI in engineering, delivery and asset optimization
- AI as margin and efficiency lever, not speculative tech
Operational leverage
- Scale benefits from larger projects and standardised delivery models
- Higher utilisation reduces unit cost and execution risk
- Strong cash conversion as project discipline improves
Larger low-risk projects & strong utilization
- Focus on larger, lower-risk EPC and system delivery projects
- Improved resource planning and higher utilisation across units
- Disciplined project selection and execution excellence
Quarterly report Goodtech ASA - Q1 2026
Goodtech
Summary Q1 2026 and Outlook
| | 141.4 MNOK
Q1 2026 net operating revenue after external project costs | 312 MNOK
Order backlog |
| --- | --- | --- |
| | 20.3 MNOK
Q1 2026 EBITDA (14.4%) | 14.8 MNOK
Q1 2026 EBITA (10.5%) |
| --- | --- | --- |
| | H1: 0
Absence injuries last 12 months | 3.4%
Sick leave |
| --- | --- | --- |
| | 57 %
Equity ratio | 111 MNOK
Cash & cash equivalents |
| --- | --- | --- |
Outlook
- Continued focus on operational excellence and disciplined project execution.
- Growing focus on aftermarket and lifecycle services is expected to gradually increase the share of recurring, higher-margin revenue over time.
- Current backlog has a lower share of large, procurement-heavy projects compared to 2025. Activity levels remain strong, but larger opportunities in the pipeline continue to have long decision processes.
- Diversified industry footprint provides resilience, with activity spread across energy, manufacturing, process industries, and infrastructure.
Quarterly report Goodtech ASA - Q1 2026
Goodtech
Summary of financials the last five quarters
Profit and Loss (MNOK)
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|
| Operating revenue | 194.2 | 163.9 | 167.9 | 195.3 | 172.2 |
| Other revenue | 1.8 | 0.7 | 0.1 | 0.1 | - |
| Total revenue | 196.0 | 164.6 | 168.0 | 195.4 | 172.2 |
| External projects costs | -59.2 | -37.7 | -51.4 | -53.6 | -30.8 |
| Net operating revenue after external project costs | 136.8 | 126.9 | 116.6 | 141.8 | 141.4 |
| Salaries and personnel cost | -101.8 | -95.6 | -84.8 | -100.7 | -106.9 |
| Other operating expenses | -19.8 | -16.1 | -16.4 | -19.6 | -14.2 |
| EBITDA | 15.2 | 15.2 | 15.4 | 21.5 | 20.3 |
| EBITDA% | 11.1% | 12.0% | 13.2% | 15.1% | 14.4% |
| Depreciation | -5.6 | -6.7 | -5.5 | -5.9 | -5.5 |
| EBITA | 9.6 | 8.5 | 9.9 | 15.6 | 14.8 |
| EBITA% | 7.0% | 6.7% | 8.5% | 11.0% | 10.5% |
| Amortization and Impairment | -0.6 | -3.0 | -1.0 | -2.4 | -0.6 |
| EBIT | 9.0 | 5.5 | 8.9 | 13.2 | 14.2 |
| EBIT% | 6.6% | 4.4% | 7.6% | 9.3% | 10.1% |
| Finance income | 1.7 | 3.9 | 0.8 | 0.9 | 2.4 |
| Finance expenses | -3.3 | -5.6 | -0.6 | -0.9 | -2.9 |
| Net financial items | -1.6 | -1.6 | 0.2 | 0.0 | -0.5 |
| EBT | 7.4 | 3.9 | 9.1 | 13.2 | 13.7 |
Balance sheet (MNOK)
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|
| Property, plant and equipment | 13.3 | 12.3 | 11.8 | 11.6 | 11.3 |
| Right-of-use assets | 34.7 | 69.7 | 61.9 | 58.7 | 56.8 |
| Intangible assets | 171.9 | 169.3 | 168.4 | 167.1 | 166.8 |
| Investments in associated companies | 3.4 | 3.4 | 3.3 | 2.1 | 2.3 |
| Deferred tax asset | 31.0 | 30.7 | 28.8 | 28.3 | 25.4 |
| Total non-current assets | 254.3 | 285.5 | 274.3 | 267.9 | 262.6 |
| Inventory | 3.9 | 3.9 | 3.9 | 3.6 | 3.6 |
| Account receivables | 98.0 | 65.4 | 92.8 | 66.8 | 92.2 |
| Contract assets | 28.2 | 41.0 | 26.9 | 27.3 | 25.4 |
| Other current receivables | 18.8 | 20.4 | 16.6 | 17.9 | 19.6 |
| Cash and cash equivalents | 95.5 | 71.3 | 87.8 | 127.0 | 110.8 |
| Total current assets | 244.4 | 202.0 | 228.0 | 242.6 | 251.5 |
| Total assets | 498.7 | 487.5 | 502.2 | 510.4 | 514.1 |
| Share capital | 59.2 | 59.3 | 59.3 | 59.3 | 60.6 |
| Treasury shares | -1.8 | -0.7 | -0.7 | -1.0 | -0.9 |
| Other equity | 197.2 | 198.6 | 206.1 | 218.7 | 234.1 |
| Total equity | 254.6 | 257.1 | 264.7 | 277.0 | 293.8 |
| Non-current lease liabilities | 29.5 | 58.7 | 51.8 | 45.6 | 45.0 |
| Non-current provisions | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
| Total non-current liabilities | 29.6 | 58.7 | 51.9 | 45.6 | 45.0 |
| Trade payables | 28.5 | 11.9 | 9.3 | 27.1 | 12.8 |
| Other current liabilities | 117.8 | 89.1 | 100.0 | 103.4 | 104.8 |
| Current interest-bearing debt | 20.4 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current lease liabilities | 9.0 | 15.1 | 14.2 | 17.4 | 16.5 |
| Current contract liabilities | 30.2 | 47.6 | 52.2 | 29.3 | 28.5 |
| Current provisions | 8.6 | 7.9 | 10.0 | 10.7 | 12.7 |
| Total current liabilities | 214.5 | 171.6 | 185.7 | 187.9 | 175.4 |
| Total equity and liabilities | 498.7 | 487.5 | 502.2 | 510.4 | 514.1 |
Goodtech
Interim Financial Report Q1 2026
(Unaudited)
Goodtech
First quarter 2026
Interim Financial Report Q1 2026
Condensed Consolidated Statement of Profit or Loss (Unaudited)
| Amounts in MNOK | Note | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|---|
| Operating revenue | 8 | 172.2 | 194.2 | 721.2 |
| Other revenue | - | 1.8 | 2.8 | |
| Total revenue | 172.2 | 196.0 | 724.0 | |
| External projects costs | -30.8 | -59.2 | -201.9 | |
| Net operating revenue after external project costs | 141.4 | 136.8 | 522.1 | |
| Salaries and personnel cost | -106.9 | -101.8 | -383.0 | |
| Other operating expenses | -14.2 | -19.8 | -71.8 | |
| EBITDA | 20.3 | 15.2 | 67.3 | |
| EBITDA margin % | 14.4% | 11.1% | 12.9% | |
| Depreciation and amortization | 4,5,6 | -6.1 | -6.2 | -27.0 |
| Impairment | - | - | -3.7 | |
| EBIT | 14.2 | 9.0 | 36.6 | |
| EBIT margin % | 10.1% | 6.6% | 7.0% | |
| Share of income in associated companies | 0.2 | 0.3 | 0.3 | |
| Finance income | 2.2 | 1.4 | 7.0 | |
| Finance expenses | -2.9 | -3.3 | -10.3 | |
| Net financial items | -0.5 | -1.6 | -3.0 | |
| Earnings before tax | 13.7 | 7.4 | 33.6 | |
| Tax expense | 7 | -3.0 | -1.1 | -3.8 |
| Earnings after tax from continued operations | 10.7 | 6.3 | 29.8 | |
| Earnings after tax discontinued operations | 10 | - | -8.9 | -10.9 |
| Earnings after tax | 10.7 | -2.6 | 18.9 |
Earnings per share
| Basic earnings per share | 0.36 | -0.09 | 0.65 |
|---|---|---|---|
| Diluted earnings per share | 0.36 | -0.09 | 0.65 |
| Basic earnings per share from continuing operations | 0.36 | 0.22 | 1.03 |
| Diluted earnings per share from continuing operations | 0.36 | 0.22 | 1.02 |
Goodtech
First quarter 2026
Condensed Consolidated Statement of Comprehensive Income (unaudited)
| Amounts in MNOK | Note | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|---|
| Earnings after tax | 10.7 | -2.6 | 18.9 | |
| Comprehensive income | ||||
| Items that may be reclassified to profit or loss in subsequent periods | ||||
| Translation differences | -0.2 | -7.0 | -6.9 | |
| Comprehensive income | -0.2 | -7.0 | -6.9 | |
| Total comprehensive income | 10.6 | -9.6 | 12.0 | |
| Assigned to: | ||||
| The shareholders of the parent company | 10.6 | -9.6 | 12.0 | |
| Non-controlling ownership interests | - | - | - | |
| Total comprehensive income | 10.6 | -9.6 | 12.0 | |
| Distribution of amounts allocated to shareholders of the parent company: | ||||
| Continuing operations | 10.6 | 6.3 | 29.8 | |
| Discontinued operations | - | -15.9 | -17.8 | |
| Total comprehensive income | 10.6 | -9.6 | 12.0 |
Goodtech
First quarter 2026
Condensed Consolidated Statement of Financial Position (Unaudited)
| Amounts in MNOK | Note | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|---|
| Property, plant and equipment | 4 | 11.3 | 13.3 | 11.6 |
| Right-of-use assets | 36.8 | 34.7 | 58.7 | |
| Intangible assets | 5 | 166.8 | 171.9 | 167.1 |
| Investments in associated companies | 2.3 | 3.4 | 2.1 | |
| Deferred tax asset | 7 | 25.4 | 31.0 | 28.3 |
| Total non-current assets | 262.6 | 254.3 | 267.9 | |
| Inventory | 3.6 | 3.9 | 3.6 | |
| Account receivables | 92.2 | 98.0 | 66.8 | |
| Contract assets | 25.4 | 28.2 | 27.3 | |
| Other current receivables | 19.6 | 18.8 | 17.9 | |
| Cash and cash equivalents | 110.8 | 95.5 | 127.0 | |
| Total current assets | 291.9 | 244.4 | 242.6 | |
| Total assets | 514.1 | 498.7 | 510.4 | |
| Amounts in MNOK | Note | Q1 2026 | Q1 2025 | 2025 |
| Share capital | 9 | 60.6 | 59.2 | 59.3 |
| Treasury shares | -0.9 | -1.8 | -1.0 | |
| Other paid-in equity | -120.6 | 446.1 | 445.6 | |
| Total paid-in equity | 510.3 | 503.5 | 503.9 | |
| Other equity | -216.5 | -248.9 | -226.9 | |
| Total retained equity | -216.5 | -248.9 | -226.9 | |
| Total equity | 293.8 | 254.6 | 277.0 | |
| Non-current lease liabilities | 45.0 | 29.5 | 45.6 | |
| Non-current provisions | - | 0.1 | - | |
| Total non-current liabilities | 45.0 | 29.6 | 45.6 | |
| Trade payables | 12.8 | 28.5 | 27.1 | |
| Other current liabilities | 104.8 | 117.8 | 103.4 | |
| Current interest-bearing debt | - | 20.4 | - | |
| Current lease liabilities | 16.5 | 9.0 | 17.4 | |
| Current contract liabilities | 28.5 | 30.2 | 29.3 | |
| Current provisions | 12.7 | 8.6 | 10.7 | |
| Total current liabilities | 175.4 | 214.5 | 187.9 | |
| Total liabilities | 220.3 | 244.1 | 233.5 | |
| Total equity and liabilities | 514.1 | 498.7 | 510.4 |
Goodtech
First quarter 2026
Condensed Consolidated Statement of Changes in Equity (Unaudited)
| Amounts in MNOK | Share capital | Treasury shares | Other paid-in equity | Other equity | Translation differences | Total | Non-controlling interests | Total equity |
|---|---|---|---|---|---|---|---|---|
| Equity as of 01.01.2025 | 59.1 | -1.8 | 445.7 | -247.2 | 7.0 | 262.8 | - | 262.8 |
| Earnings after tax | - | - | - | 18.9 | - | 18.9 | - | 18.9 |
| Comprehensive income | - | - | - | - | -6.9 | -6.9 | - | -6.9 |
| Issuance of shares | 0.2 | - | 0.5 | - | - | 0.7 | - | 0.7 |
| Share-based compensation | - | 1.1 | - | 0.9 | - | 1.9 | - | 1.9 |
| Purchase of treasury shares | - | -0.2 | -0.8 | - | - | -1.0 | - | -1.0 |
| Other changes | - | - | - | 0.4 | - | 0.4 | - | 0.4 |
| Equity as of 31.12.2025 | 59.3 | -1.0 | 445.6 | -226.9 | 0.1 | 277.0 | - | 277.0 |
| Equity as of 01.01.2026 | 59.3 | -1.0 | 445.6 | -226.9 | 0.1 | 277.0 | - | 277.0 |
| Earnings after tax | - | - | - | 10.7 | - | 10.7 | - | 10.7 |
| Comprehensive income | - | - | - | - | -0.2 | -0.2 | - | -0.2 |
| Issuance of shares | 1.4 | - | 5.1 | - | - | 6.4 | - | 6.4 |
| Share-based compensation | - | 0.1 | - | -0.3 | - | -0.2 | - | -0.2 |
| Other changes | - | - | - | - | - | - | - | - |
| Equity as of 31.03.2026 | 60.6 | -0.9 | 450.6 | -216.5 | -0.1 | 293.8 | - | 293.8 |
Goodtech
First quarter 2026
Condensed Consolidated Statement of Cash Flows (Unaudited)
| Amounts in MNOK | Note | Q1 | Q1 | 2025 |
|---|---|---|---|---|
| 2026 | 2025 | |||
| Result for the period | 10.7 | -2.6 | 18.9 | |
| Adjusted for | ||||
| Loss on disposal of discontinued operations | - | 7.1 | 9.0 | |
| Tax expense | 3.0 | 1.1 | 3.8 | |
| Depreciation and amortization | 1.8 | 2.2 | 12.8 | |
| Share of profit after tax from associates | -0.3 | -0.3 | -0.3 | |
| Depreciation of right-of-use assets under IFRS 16 | 4.3 | 4.0 | 17.9 | |
| Net change in provisions for liabilities | 2.1 | 2.1 | 4.0 | |
| Interest income | -1.0 | -1.0 | -3.4 | |
| Interest expenses | 0.8 | 0.7 | 3.6 | |
| Changes in working capital: | ||||
| Changes in inventory | - | - | 0.4 | |
| Changes in trade receivables and other receivables | -25.2 | -5.4 | 28.5 | |
| Changes in trade payables and other current liabilities | -13.7 | -9.8 | -10.7 | |
| Other changes | - | -2.5 | -1.1 | |
| Cash flows from operating activities before interest and tax | -17.4 | -4.6 | 83.2 | |
| Received interest | 1.0 | 1.0 | 3.4 | |
| Paid interest | -0.8 | -0.7 | -3.6 | |
| Cash flow from operating activities | -17.2 | -4.3 | 83.1 | |
| Outflow for purchase of tangible fixed assets | -0.9 | -0.9 | -3.5 | |
| Outflow for purchase of intangible assets | -0.7 | - | -2.8 | |
| Inflows from sale of businesses | - | - | 1.2 | |
| Outflow from disposal of discontinued operations | - | -8.9 | -23.1 | |
| Cash flow from investing activities | -1.2 | -9.8 | -28.2 | |
| Net inflow from issuance of shares | 6.4 | 0.5 | 0.7 | |
| Inflow from sale of treasury shares | - | - | -1.0 | |
| Repayment of lease liabilities | -4.0 | -4.6 | -21.0 | |
| Change in operating credit currency | - | 2.9 | -17.5 | |
| Cash flow from financing activities | 2.4 | -1.2 | -38.7 | |
| Cash and cash equivalents at the beginning of the period | 127.0 | 110.8 | 110.8 | |
| --- | --- | --- | --- | |
| Cash flow during the period | -16.0 | -15.3 | 16.1 | |
| Effect of exchange rate changes on cash and cash equivalents | 0.3 | 0.1 | 0.2 | |
| Cash and cash equivalents at the end of the period | 110.8 | 95.5 | 127.0 |
Goodtech
First quarter 2026
Notes to the Financial Statements for Q1 2026 (Unaudited)
Note 1 General Information and Accounting Policies
The consolidated financial statements include Goodtech ASA and its subsidiaries. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as approved by the EU, and in line with IAS 34 "Interim Financial Reporting". The interim financial statements do not include all the information required in a complete annual financial statement and should therefore be read in conjunction with the consolidated financial statements for 2025. The same accounting principles and methods of calculation have been applied as in the last annual financial statements. The information in the interim financial statements has not been audited.
Estimates
The preparation of the interim financial statements involves the use of assessments, estimates and assumptions that affect the application of accounting principles and recognized amounts to assets and liabilities, as well as income and expenses. Actual results may differ from these estimates. The most significant considerations in the application of the Group's accounting policies and the most important sources of uncertainty are the same as those in the preparation of the consolidated financial statements for 2025.
Note 2 Changes in the Group's Structure
There have been no changes to the Group's structure during 2026.
Information regarding discontinued operations is presented in Note 12.
Note 3 Transactions with Related Parties
Goodtech occasionally engages in purchase and sale transactions with related parties as part of normal business operations.
In the share savings program for 2025 the following primary insiders subscribed in Q1 2026:
- Margrethe Hauge, Group CEO, 10 478 shares. New holding: 370 343 shares
- Erling Gresvoll Olsen, CSO, 10 478 shares. New holding: 166 715 shares
- Magne Reierson, COO, 10 478 shares. New holding: 67 713 shares
- Johan Håkansson, Business Development Director Sweden, 10 478 shares. New holding: 59 996 shares
- Erland Lønnerød, employee representative on the Board, 10 478 shares. New holding: 24 661 shares
- Håkon Skjåk-Bræk, employee representative on the Board, 10 478 shares. New holding: 25 143 shares
Goodtech
First quarter 2026
Note 4 Property, Plant and Equipment
| Amounts in MNOK | Machinery/inventory | Other operating assets | Total |
|---|---|---|---|
| Acquisition cost as of 01.01.2026 | 11.4 | 21.9 | 33.3 |
| Additions | 0.1 | 0.8 | 0.9 |
| Other changes | - | - | - |
| Acquisition cost as of 31.03.2026 | 11.5 | 22.7 | 34.2 |
| Accumulated depreciation as of 01.01.2026 | -5.1 | -16.7 | -21.7 |
| Depreciation for the year | -0.3 | -0.9 | -1.2 |
| Other changes | - | - | - |
| Accumulated depreciation as of 31.03.2026 | -5.4 | -17.5 | -22.9 |
| Carrying amount as of 31.03.2026 | 6.1 | 5.2 | 11.3 |
Note 5 Intangible Assets
| Amounts in MNOK | Goodwill | Development costs | Total |
|---|---|---|---|
| Acquisition cost as of 01.01.2026 | 154.3 | 34.5 | 188.8 |
| Additions | - | 0.3 | 0.3 |
| Currency adjustments | - | - | - |
| Other changes | - | - | - |
| Acquisition cost as of 31.03.2026 | 154.3 | 34.8 | 189.1 |
| Accumulated amortization as of 01.01.2026 | - | -21.7 | -21.7 |
| Amortization for the year | - | -0.6 | -0.6 |
| Other changes | - | - | - |
| Accumulated amortization as of 31.03.2026 | - | -22.3 | -22.3 |
| Carrying amount as of 31.03.2026 | 154.3 | 12.5 | 166.8 |
Note 6 Effects of Leasing IFRS 16
| Amounts in MNOK | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Lease expense IFRS 16 | 4.6 | 4.6 | 20.8 |
| EBITDA | 4.6 | 4.6 | 20.8 |
| Depreciation IFRS 16 | -4.3 | -4.0 | -17.9 |
| Operating profit (EBIT) | 0.5 | 0.6 | 2.9 |
| Net financial items | -0.8 | -0.5 | -3.5 |
| Earnings before tax | -0.3 | - | -0.6 |
Goodtech
First quarter 2026
Note 7 Tax Expense and Deferred Tax
The Group had a carryforward loss related to continued operations in Norway of 108.4 MNOK at the end of Q1 2026. Income tax expense is recognized based on management's estimate of the effective income tax rate.
| Amounts in MNOK | Q1 2026 | Q1 2025 | 2025 |
|---|---|---|---|
| Change in deferred tax | 3.0 | 1.1 | 3.8 |
| Current tax payable | - | - | - |
| Total tax expense | 3.0 | 1.1 | 3.8 |
| Amounts in MNOK | Norway | Sweden | Total |
| --- | --- | --- | --- |
| Deferred tax asset | 25.4 | - | 25.4 |
Note 8 Breakdown of Revenue
Q1 2026
| Revenue | Fixed Price Projects | Time & Material Projects | Product sales | After-Sale and Service | Total Q1 2026 |
|---|---|---|---|---|---|
| Norway | 59.2 | 59.8 | - | 27.9 | 146.9 |
| Europe | 13.4 | 0.2 | - | 1.9 | 15.6 |
| Americas | 4.2 | 1.8 | 0.7 | - | 6.6 |
| Rest of the world | - | - | 3.0 | - | 3.0 |
| Total | 76.7 | 61.9 | 3.6 | 29.9 | 172.2 |
| Portion recognized at a specific point in time | - | - | 3.6 | - | 3.6 |
| Portion recognized over time | 76.7 | 61.9 | - | 29.9 | 168.5 |
Q1 2025
| Revenue | Fixed Price Projects | Time & Material Projects | Product sales | After-Sale and Service | Total Q1 2025 |
|---|---|---|---|---|---|
| Norway | 70.5 | 67.7 | - | 29.1 | 167.3 |
| Europe | 2.4 | 0.9 | - | 2.2 | 5.5 |
| Americas | 8.4 | 1.5 | 2.9 | - | 12.8 |
| Rest of the world | - | 1.8 | 6.8 | - | 8.7 |
| Total | 81.3 | 71.9 | 9.7 | 31.3 | 194.2 |
| Portion recognized at a specific point in time | - | - | 9.7 | - | 9.7 |
| Portion recognized over time | 81.3 | 71.9 | - | 31.3 | 189.5 |
Goodtech
First quarter 2026
2025
| Revenue | Fixed Price Projects | Time & Material Projects | Product sales | After-Sale and Service | Total 2025 |
|---|---|---|---|---|---|
| Norway | 270.5 | 256.7 | - | 101.4 | 628.6 |
| Europe | 20.9 | 1.7 | - | 7.8 | 40.4 |
| Americas | 28.3 | 3.6 | 8.2 | 0.3 | 40.3 |
| Rest of the world | - | 1.8 | 19.8 | 0.1 | 21.7 |
| Total | 319.7 | 263.9 | 28.1 | 109.6 | 721.2 |
| Portion recognized at a specific point in time | - | - | 28.1 | - | 28.1 |
| Portion recognized over time | 319.7 | 263.9 | - | 109.6 | 693.1 |
Note 9 Shareholders
The company's share capital consists of 30 308 010 shares with a nominal value of NOK 2.0, totaling NOK 60 616 020 as of March 31, 2026. Goodtech owns 452 400 treasury shares (1,5%) which are registered in the VPS as of March 31, 2026.
The 20 largest shareholders in Goodtech ASA as of 31.03.2026:
| Name | Number of shares | Ownership % |
|---|---|---|
| WESTHAWK AS | 2 781 000 | 9.2 % |
| GRIEG KAPITAL AS | 2 386 966 | 7.9 % |
| GORA AS | 2 208 938 | 7.3 % |
| STACO AS | 1 169 103 | 3.9 % |
| ALTEA AS | 1 000 000 | 3.3 % |
| TVECO AS | 1 000 000 | 3.3 % |
| WEST GRATITUDE AS | 980 000 | 3.2 % |
| MP PENSION PK | 783 977 | 2.6 % |
| ACUMULUS AS | 766 841 | 2.5 % |
| A/S POLYCORP | 690 659 | 2.3 % |
| WEINTRAUB AS | 601 771 | 2.0 % |
| OMA INVEST AS | 550 000 | 1.8 % |
| KES AS | 430 000 | 1.4 % |
| REMIS AS | 400 000 | 1.3 % |
| MARGRETHE HAUGE | 370 343 | 1.2 % |
| TROLLHAUG INVEST AS | 320 000 | 1.1 % |
| Pershing LLC | 314 837 | 1.0 % |
| SKANDINAVISKA ENSKILDA BANKEN AB | 300 000 | 1.0 % |
| BOOLEAN AS | 250 000 | 0.8 % |
| NORDNET BANK AB | 236 183 | 0.8 % |
| Total shares owned by top 20 shareholders | 17 543 618 | 57.9 % |
| Total number of shares including treasury shares | 30 308 010 | |
| Treasury shares owned by Goodtech ASA | 452 400 | |
| Total number of shares outstanding excluding treasury shares | 29 855 610 |
An updated overview of the company's 20 largest shareholders is available on the company's website https://www.goodtech.no/investor/.
Goodtech
First quarter 2026
Note 10 Held for sale and discontinuing operations
Axges AB (earlier Goodtech Environmental Solutions AB)
From 2022 to 2024, Axges AB divested its business to NCC and its building and property to Zero Ventures AB. Following the transactions, Goodtech continued to own 100% of the shares in Axges AB. On 31 March 2025, Axges AB was registered as insolvent.
At the time of insolvency, three outstanding performance and warranty guarantees remained, for which the issuing bank held security from Goodtech ASA. The exposure related to these guarantees amounts to 2.1 MNOK, with staggered expiration dates of 01 June 2028 and 31 December 2028. No provisions have been made related to these guarantees.
Total loss after tax related to Axges AB, presented as discontinued operations, amounted to 5.1 MNOK in 2025.
Goodtech Solutions AB
On 10 February 2025, Goodtech announced an agreement to sell its subsidiary Goodtech Solutions AB to Lazarus Industriförvaltning AB.
Following the transaction, Goodtech Solutions AB was registered as insolvent on 25 March 2025. The insolvency impacted three outstanding bank guarantees issued to customers, for which the issuing bank had security from Goodtech ASA. The total exposure amounted to 14.2 MNOK and is presented as discontinued operations in 2025. No further bank guarantees remain related to Goodtech Solutions AB.
Total loss after tax related to Goodtech Solutions AB, presented as discontinued operations, amounted to 5.9 MNOK in 2025.
Note 11 Events After the Balance Sheet Date
There are no significant events after the balance sheet date
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Goodtech
First quarter 2026
Alternative Performance Measures (APM)
Goodtech presents certain alternative performance measures (APM) in the interim report as a supplement to the financial statements prepared in accordance with IFRS. These measures are often used by analysts, investors, and other stakeholders, and their purpose is to provide better insight into the company's operations, financing, and future prospects. Performance measures:
Total revenue: Defined as the sum of operating revenue and other revenue.
External project costs: Cost of sold goods and third-party project-related procurement
Net operating revenue after external project costs: Total revenue after deducting any third-party project-related procurement.
ARR: Defined as "Annual Recurring Revenue," which is annual recurring revenue.
EBITDA: Defined as "earnings before interest, taxes, depreciation, and amortization," and corresponds to operating profit before depreciation, amortization and impairment.
EBITA: Defined as "earnings before interest, taxes and amortization" and corresponds to operating profit before amortization and impairment.
EBIT: Defined as "earnings before interest and taxes," and corresponds to operating profit.
EBITDA margin: Used to compare relative performance between periods. EBITDA margin is calculated as EBITDA/Net operating revenue after external project costs.
EBITA margin: Used to compare relative performance between periods. EBITA margin is calculated as EBITA/Net operating revenue after external project costs.
EBIT margin: Used to compare relative performance between periods. EBIT margin is calculated as EBIT/Net operating revenue after external project costs.
Order backlog: Presented as an alternative performance measure, as it indicates the company's future revenues and operations. Represents the estimated value of remaining work on signed contracts.
Order intake: Presented as an alternative performance measure as it indicates the company's future revenues and operations. Order intake is calculated as the change in order backlog plus revenue for the period, and is the estimated value of new contracts, change orders, and orders for both construction contracts and ongoing sales in the period.
Book-to-bill: A measure of the company's ability to maintain the Order Reserve. Calculated as the order intake for the period divided by the revenue for the period.
Net assets held for sale: Refers to the net value of assets held for sale minus liabilities held for sale.
Net Interest-bearing debt: Interest-bearing debt (including IFRS 16 liabilities) minus cash and cash equivalents.
Net working capital: The sum of Inventory, Trade Receivables, Contract Assets, and Other Short-Term Receivables minus the sum of Trade Payables, Other Short-Term Liabilities, Short-Term Contract Liabilities, and Short-Term Provisions.
Equity ratio: Total Equity / Total Assets.
Market capitalization: Market value of the shares in Goodtech ASA. Number of shares outstanding x price per share.
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