Soiltech — Annual Report 2025

Apr 14, 2026

Soiltech AS AN INNOVATIVE TECHNOLOGY LEADER IN WASTE MANAGEMENT 2 Table of Contents This is Soiltech ....................................................................... 3 Word from the CEO… ............................................................ 4 The Board of Directors’ report 2025 ..................................... 5 Members of the Board .......................................................... 10 Consolidated financial statements ....................................... 12 Notes to the Consolidated financial statements .................. 17 Appendix – Alternative Performance measures… ............... 37 Financial statements Parent company… .............................. 41 Notes to the Parent company… ........................................... 46 Independent Auditor’s report .............................................. 59 3 This is Soiltech Soiltech is an innovative technology company specializing in the treatment, recycling and sustainable handling of contaminated water and solid industrial waste streams at site. Our technologies enable cost savings and lower CO2 emissions through waste reduction, waste recovery and reuse. Soiltech operates world-wide, with its head office at Forus in Sandnes, Norway. 4 Word from the CEO In 2025, we demonstrated profitable growth through strong operational performance delivered in close collaboration with our clients. With 25 active operations across Norway and international markets, we maintain a well-diversified contract portfolio supported by strong counterparties. Several key contract awards, along with expanded scope in existing operations, contributed to increased market shares. Notably, strong revenue growth was achieved while maintaining key margins and reducing SG&A costs relative to revenue, caused by scale effects in the onshore support organization. We were pleased to see a year-on-year revenue growth of 46%, due to an increase in the Fluid treatment segment of 11% and the Solid waste management business of 132%. Going forward, we expect both segments to grow further, across GEO markets, in line with our strategy of being a full- service provider of drilling waste management services. We receive great feedback from our clients when it comes to our operational performance, thanks to our committed personnel on location and the onshore support team. This positive feedback is important for Soiltech as operational excellence is critical to our success. We continue to prioritize safe operations as a fundamental part of our work culture. During 2025, the number of employees increased from 126 to 146. In 2026, we expect to continue recruiting, on the back of an expected growth in activity. Our recruitment campaigns continue to attract strong interest. We remain committed to continuous improvement, with training, competence enhancement, and technology innovation as key drivers. The international operations’ share of our business remained quite stable at 23% of revenues compared to 24% in 2024. Going forward, I expect our international activities to increase, as we see tightening environmental regulations world-wide. Soiltech aims to be a market leader within sustainable and effective technologies. Market visibility in our core markets in Europe and Middle East remains good, supported by clients’ ambition to maintain or increase activity levels. Financially, we continue to run a solid business. I am grateful for the strong support from our banks and owners, which have provided us with the required capital to finance our growth over the years. With several large contracts awarded towards the end of 2025 and into 2026, we are in an excellent position to continue growing our business and create value for our customers and shareholders. Jan Erik Tveteraas, CEO 5 Board of Directors report 2025 Established in 2011, Soiltech is an innovative technology company specializing in the treatment, recycling and sustainable handling of contaminated water and solid waste at site. Our technologies enable cost savings and lower CO2 emissions through waste reduction, waste recovery and reuse. The Group’s head office is at Koppholen 25 in Sandnes, Norway. Soiltech (the Group) consists of the parent company Soiltech ASA (the Company) and the subsidiaries Soiltech Offshore Services AS, Sorbwater Technology AS and Soiltech Romania SRL. During 2025, the Group had operations in Norway, UK, the Netherlands, Romania, Denmark and Mexico. Soiltech’s business model is dependent on several key intangible resources. These include the competence and experience of the company’s employees, market leading technologies and operational know-how, as well as established relationships with customers and partners in the oil and gas industry. These resources enable the Group to deliver efficient waste management solutions and represent an important driver of innovation, competitiveness and long-term value creation. Highlights in 2025 ▪ January. Two-year contract plus five one-year optional periods with Northern Ocean on Deepsea Bollsta ▪ January. Five-year frame contract with OMV Petrom S.A in the Black Sea for Fluid treatment and Solid waste management on Transocean Barents ▪ January. Call-off order under the Frame agreement with Equinor for Solid waste management on the Grane field in Norway ▪ May. Contract with OMV and Northern Ocean for Fluid treatment and Solid waste management on Deepsea Bollsta ▪ May. Three contracts for providing Fluid treatment (STT) services to leading counterparties in the oil & gas industry in Europe ▪ June. Contract for fluid treatment on an FPSO ▪ June. Call-off order under the frame agreement with Equinor to provide fluid treatment on Njord A in Norway ▪ July. Successful refinancing and increased bank facilities ▪ November. Soiltech and NOV announce global collaboration on drilling waste management ▪ December. Contract for Fluid treatment (STT) and Solid waste management with Noble Corporation on Noble Resolute ▪ December. Contract for Fluid treatment (STT) on a floater on the NCS ▪ December. Contract for Fluid treatment (STT), onshore waste handling and associated services for Total Energies EP Norge AS on West Elara Events after year-end 2025 ▪ January. Multi-year Fluid treatment (Swarf) contract with Wellbore Integrity Solutions in Dubai ▪ January. Contract for Fluid treatment (STT), onshore waste handling and associated services with DNO, Wellesley and Well Expertise on Deepsea Yantai ▪ February. Fluid treatment (STT) contract with Estedama Environmental Solutions in Saudi Arabia 6 Financial performance and financing Parent company Group Key figures (NOK mill) 2025 2024 2025 2024 Revenues 401 274 401 274 Gross Profit 175 129 159 116 Gross Profit margin 44 % 47 % 40 % 42 % Adjusted EBITDA 93 63 96 63 Profit before tax 18 12 41 11 Net profit 32 8 32 7 Total assets 583 439 591 434 Net interest bearing debt 207 148 217 159 Cash 51 29 58 35 Working Capital 41 32 49 40 Equity 247 205 246 205 Equity ratio 42 % 47 % 42 % 47 % Information on Alternative Performance measures (APM) can be found in the appendix on page 37. The Group The activity has been high throughout the year. The high activity can be attributed to an increasing demand for the Group’s innovative and sustainable waste treatment technologies, as clients are looking for solutions to improve operating efficiency, reduce costs and enhance environmental performance. The revenue in 2025 was MNOK 401 with a growth of 46% year on year. The gross margin was 40% (42%) and the adjusted EBITDA was MNOK 96 (MNOK 63). Profit before tax amounted to MNOK 41 (MNOK 11). Notably, 2024 included merger and IPO cost of MNOK 18. The net profit of MNOK 32 is transferred to other equity. Total assets at year-end amounted to MNOK 591 (MNOK 434). Cash flow from operating activities reached MNOK 110, while cash flow from investing activities was MNOK -96 due to capacity expansion initiatives. The operating cash flow was sufficient to finance the company’s investments during the year. Following a net contribution of MNOK 9 from financing activities, the net cash flow in 2025 stood at MNOK 23. The cash position as of year-end was MNOK 58 while the equity ratio remained solid at 42% (47%). Cash flow from operating activities amounted to MNOK 110, while the operating profit was MNOK 60. The difference is mainly explained by non-cash items, particularly depreciation, as well as a positive development in working capital during the year. In July 2025, Soiltech signed new financing agreements with SpareBank 1 Sør-Norge, replacing existing credit facilities, borrowings and leasing of NOK 229 million. Effective from Q3 2025, the loan agreements include an additional NOK 150 million investment loan facility and a NOK 30 million overdraft facility, increasing the total available financing to NOK 409 million. The Board considers the company’s liquidity position to be satisfactory. The available credit facilities together with cash on hand provide sufficient liquidity to finance ongoing operations and planned investments. The company’s working capital requirements fluctuate during the year in line with project activity, but available committed credit lines are considered adequate to cover peak funding requirements. The Parent Company The Net profit of MNOK 32 (MNOK 8) is transferred to other equity. Total assets at year-end amounted to MNOK 583 (MNOK 439). 7 Operations The Group saw an increase in operations in 2025, with higher activity across the technology portfolio. During the year, we had up to 25 fluid treatment operations and 6 solid waste management operations ongoing. During 2025, the Group had operations in six countries with international revenues reaching 23% of total revenues. There was no operational or commercial downtime in 2025. Risk management and internal control The Group categorizes its primary risks into commercial, operational, compliance and legal, financial and IT- and cyber-related risks. The Group has evaluated the overall climate risk to be low. While climate-related matters are not expected to critically affect assets, provisions, or future cash flows, the Group acknowledges that industry- wide climate risks could have an indirect impact on its operations over time. Further details can also be found in notes 18 and 19 to the consolidated financial statements. Commercial risks include risks related to macro indicators, suppliers, partners, competitors, and technology. Operational risks include risks related to technical and operational status and performance of equipment, as well as HSEQ. Compliance and legal risks include risks related to management system, certifications as well as contractual, legal, regulations and compliance. Financial risk includes risks related to quality in continuous reporting and internal controls, proper financing and financing sources, forecasting and liquidity management as well as interest rates, foreign exchange, credit and tax. IT and cyber risks include risks related to the Group’s IT and communication systems, procedures, ways of working, as well as technical barriers and controls. The Group’s management and Board of Directors manage these risks on a continuous basis through periodic reviews, reporting, forecasting and other mitigating measures. While the Company operates in a cyclical industry, its client base, however, consists of solid and credit-worthy oil & gas and drilling companies. During the year, the Group has focused on continuous improvement in training and competence requirements, technical and operational safety as well as planning and forecasting. The Group has a solid balance sheet and had no trade losses in 2025. Climate risk The Group’s technologies are energy efficient technologies contributing to waste reduction, waste recovery and reuse. As such the company contributes to responsible resource management and reduced emissions. As emissions and discharge regulations are tightened globally, the Group’s technologies are expected to play an increasingly important role in the oil & gas industry. Climate risk is defined as the measure of vulnerability to climate-related impacts that may have financial consequences, or that may affect various aspects of financial performance. Those consequences could be anything from minor inconvenience to a complete loss of an asset’s value or operability. With such high stakes, reducing the uncertainty of that outcome is business critical. While the Group has assessed its direct climate risk exposure to be low, the industry faces increasing regulatory, operational, and market-driven challenges. Stricter environmental regulations, evolving customer preferences, and potential shifts in investment patterns could indirectly impact the company’s operations, market opportunities, and long-term growth prospects. The Group’s overall focus regarding the external environment is to provide knowledge to the market about the company’s technologies, while helping our customers reduce their emissions. Liability insurance for directors and officers The Company has in place a Directors & Officers liability insurance that covers Directors of the Board and executive management. The limit of the coverage is MNOK 50. 8 Research & development The Group has a strong focus on innovation but does not undertake specific research & development activities as such. However, the Group is continuously focusing on improving existing technologies and developing new solutions, based on experience from operations and market needs. Human resources, diversity and governance The Group had 146 employees at end-2025 compared to 126 in 2024. The board perceives the working environment and the general well-being in the workplace to be good. This was confirmed in the 2025 organizational survey. The Group’s diversity is exemplified by the fact that the employees come from multiple countries. The Group’s onshore personnel consist of both men and women. The management team consist of three women and four men. The board has five members, two women and three men. The Group’s field personnel mainly consist of men. The Group has incorporated guidelines aiming to ensure that there is no discrimination based on gender or nationality. The Group works systematically with recruitment, salary and working conditions, and promotion and development opportunities. HSEQ A fit for purpose management system and robust HSEQ performance is fundamental to the Group. The Company is recertified according to ISO 9001 (Quality), ISO 14001 (Environment) and ISO 45001 (Working Environment). The Group requests and receives continuous feedback from its clients to measure quality and continuous improvement. A high degree of repeat clients is an additional quality parameter that is monitored. The Group had a sick leave of 2.6 % in 2025. Soiltech has a zero-accident philosophy when it comes to incidents and spills and strives on a continuous basis to reduce the impact of its activities on the external environment. In 2025, Soiltech recorded four near-miss incidents and two first aid cases, with no recoverable incidents. This represents an improvement in safety performance compared to the previous year. Reported incidents were followed up with appropriate actions, reinforcing our commitment to continuous improvement and a proactive safety culture. Sustainability (ESG) The Group will listen to stakeholders and continue to shape our business in a sustainable direction. We acknowledge UN’s 17 Sustainable development goals, and we will contribute to reach them by fostering innovation within the Group to further develop our technologies. We will conduct our business in a socially responsible manner consistent with the UN Guiding Principles on Business and Human Rights and the Ten Principles of the UN Global Compact. We respect all internationally recognized human rights, including those embedded in the Universal Declaration of Human Rights, the UN Convention on Economic, Social and Cultural Rights, the UN Convention on Civil and Political Rights and the ILO Declaration on Fundamental Principles and Rights at Work. These rights include, but are not limited to, the freedom of association and the right to bargain, and the right to freedom from forced labor, child labor or discrimination in working life. We also respect current standards in International Humanitarian Law including the Transparency Act which aims to reduce the risk of human rights violations, avoid modern slavery, and ensure decent working conditions. The Group’s Statement of Transparency act can be found at https://soiltech.no/sustainability/. Outlook With a solid order backlog and a strong financial position, The Group is well positioned for continued profitable growth. Market visibility in our core markets in Europe and Middle East remains good, supported by clients’ ambition to maintain or increase activity levels. The demand for our services is increasing, driven by ongoing technological improvements that enhance efficiency and environmental performance. We expect activity in Q1 2026 to be in line with Q4 2025, followed by higher activity levels from Q2 and onwards. The Board emphasizes that any forward-looking statements contained herein could depend on factors beyond its control and are subject to risks and uncertainties. Accordingly, actual results may differ materially. 9 Listing on Euronext Oslo Børs The Company is exploring the potential for an uplisting of its shares from Euronext Expand to Euronext Oslo Børs, the main list of the Oslo Stock Exchange. The Company believes that an uplisting would strengthen investor visibility and improve liquidity in the Company’s shares. Going concern assumption The Board confirms that the annual accounts and the information presented in the board of directors’ report have been prepared based on going concern assumption ref. IAS 1. Shareholders and share capital At year-end 2025 Soiltech had 1 422 shareholders. The 10 largest shareholders owned 67.9% of the company whereas foreign ownership was 37.9%. At year-end 2025, Soiltech had an issued share capital of NOK 1 076 651 and 8 281 927 outstanding shares, each with a nominal value of NOK 0.13, carrying equal voting rights. There are no shareholders and transfer restrictions as described in the Accounting act, §2-2 (13). Corporate Governance Soiltech ASA has established a Corporate Governance Policy. This policy outlines the framework of guidelines and principles governing the interactions between the Company's shareholders, Board of Directors, Chief Executive Officer, and executive management team. Our commitment to these principles ensures transparency, accountability, and sustainable value creation for all stakeholders. The report can be found at https://soiltech.no/investor/#corporategovernancepolicy. Dividend The Board does not propose paying dividend for 2025. Soiltech is a growth company, and we are aiming at continued growth, based on a solid financial position. Our plan is to take advantage of market opportunities and reinvest generated cash in profitable projects and enhanced service capacity. The board will continuously consider whether payment of dividends will be appropriate. Events after year-end As far as the Board is aware, there have been no significant events since year-end which would impact the financial position and profits of the Group, other than those mentioned under Events after year-end above. Sandnes, April 14, 2026 The board of directors of Soiltech ASA Dag Schjerven Chairman of the Board Olaf Skrivervik Member of the Board Eirik Flatebø Member of the Board Karin Govaert Member of the Board Mona Hodne Steensland Freuchen Member of the Board Jan Erik Tveteraas Chief Executive Officer 10 Members of the Board - Soiltech ASA Dag Schjerven Chairman of the board Karin Govaert Board member Eirik Flatebø Board member Olaf Skrivervik Board member Mona Hodne Steensland Freuchen Board member 11 12 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (amounts in NOK 1000) Note 2025 2024 Profit or loss Revenue 3 400 844 273 892 Other operating income 3 142 128 Total operating income 3 400 986 274 020 Cost of materials (81 374) (44 422) Personnel expenses 4 (192 979) (136 277) Depreciation and amortisation 5,9,10,11 (32 090) (22 727) Other operating expenses 6 (34 854) (28 954) Total operating expenses (341 297) (232 379) Expenses related to Merge & IPO 8,22 0 (17 838) Operating profit 59 689 23 803 Net foreign exchange gains (losses) 7 (1 445) 1 351 Financial income 7 473 225 Financial expenses 7 (17 392) (14 376) Net financial items (18 365) (12 800) Profit/(loss) before tax 41 324 11 003 Income tax expense 8 (9 280) (3 509) Profit/(loss) for the period 32 044 7 494 Other comprehensive income Items that may be reclassified to profit or loss Currency translation differences 0 0 Income tax relating to these items 0 0 Net other comprehensive income 0 0 Total comprehensive income for the period 32 044 7 494 Total comprehensive income is attributable to: Owners of Soiltech ASA 32 044 7 494 TRANSFERS Transfers to other equity 32 044 7 494 Avsatt til utbytte/tilleggsutbytte 0 0 Total allocations 32 044 7 494 Earnings per share (NOK) Basic earnings per share 21 3.95 1.00 Diluted earnings per share 21 3.80 0.95 13 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (amounts in NOK 1000) ASSETS Note 31.12.2025 31.12.2024 Non-current assets Deferred tax assets 8 0 7 877 Intangible assets 9 1 817 2 246 Property, plant & equipment 10 279 140 201 915 Right-of-use assets 11 165 085 112 217 Total non-current assets 446 042 324 256 Current assets Trade receivables 13 59 262 59 854 Cash and cash equivalents 14 57 525 34 695 Contract assets 3 8 712 6 656 Other current assets 12 19 661 8 775 Total current assets 145 161 109 979 TOTAL ASSETS 591 202 434 234 EQUITY AND LIABILITIES Note 31.12.2025 31.12.2024 Equity Share capital 20 1 077 1 035 Other paid-in equity 118 470 109 493 Other reserves 3 144 2 432 Retained earnings 123 588 91 544 Total equity 246 279 204 505 Non-current liabilities Borrowings 14,15 125 660 86 609 Lease liabilities 11,14 122 655 72 959 Deferred tax liabilities 8 492 0 Other non-current liabilities 433 541 Total non-current liabilities 249 240 160 109 Current liabilities Trade payables 17 18 430 10 528 Borrowings 14,15 14 430 20 207 Lease liabilities 11 12 032 13 940 Tax payable 8 0 0 Contract liabilities 3 9 810 0 Other current liabilities 12 40 982 24 946 Total current liabilities 95 683 69 620 Total liabilities 344 923 229 730 Total equity and liabilities 591 202 434 234 14 Sandnes, April 14, 2026 The board of directors of Soiltech ASA Dag Schjerven Chairman of the Board Olaf Skrivervik Member of the Board Eirik Flatebø Member of the Board Mona Hodne Steensland Freuchen Member of the Board Karin Govaert Member of the Board Jan Erik Tveteraas Chief Executive Officer 15 CONSOLIDATED STATEMENT OF CASH FLOWS (amounts in NOK 1000) Note 2025 2024 Cash flows from operating activities Profit/(loss) before tax 41 324 11 003 Income taxes paid 8 (1 179) (983) Depreciation, amortisation and impairment 5 32 090 22 727 Interest expense 7 17 268 13 398 Non-cash expenses related to merger Changes in trade receivables, contract 22 0 12 718 assets/liabilities 8 344 (22 315) Changes in trade payables 7 951 (2 626) Changes in other accruals and prepayments 4 151 5 021 Net cash flow from operating activities 109 948 38 943 Cash flows from investment activities Purchase of property, plant & equipment & Intangible assets 9,10 (97 681) (40 898) Investment grants received 12 2 256 1 905 Net cash flow from investment activities (95 425) (38 993) Cash flows from financing activities Proceeds from new borrowings 155 650 45 700 Transaction costs attributable to obtaining financing (544) 0 Proceeds from merger 0 12 803 Repayments on borrowings 14 (121 808) (23 467) Payment of principal portion of lease liabilities 11,14 (16 484) (13 221) Interest paid 14 (17 292) (14 588) Proceeds from capital increase 9 018 318 Net cash flow from financing activities 8 541 7 546 NET CASH FLOW FOR THE PERIOD 23 064 7 496 Effect of exchange rate fluctuations on cash held (232) 415 Cash and cash equivalent 01.01 34 695 26 783 Cash and Cash equivalents 57 525 34 695 16 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (amounts in NOK 1000) Share Other paid Other Retained Total 2025 capital in equity reserves earnings equity Balance at 1 January 2025 1 035 109 493 2 432 91 544 204 505 Balance at 1 January 2025 1 035 109 493 2 432 91 544 204 505 Profit/(loss) for the period 0 0 0 32 044 32 044 Other comprehensive income 0 0 0 0 0 Total comprehensive income 0 0 0 32 044 32 044 Transactions with owners Share-based payment 41 8 977 712 0 9 730 Merger 0 0 0 0 0 Balance at 31 Dec 2025 1 077 118 470 3 144 123 588 246 279 2024 Balance at 1 January 2024 741 83 948 1 826 84 050 170 565 Balance at 1 January 2024 741 83 948 1 826 84 050 170 565 Profit/(loss) for the period 0 0 0 7 494 7 494 Other comprehensive income 0 0 0 0 0 Total comprehensive income 0 0 0 7 494 7 494 Transactions with owners Share-based payment 4 315 606 0 925 Merger 291 25 230 0 0 25 521 Balance at 31 Dec 2024 1 035 109 493 2 432 91 544 204 505 17 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 1 – General information Soiltech ASA (the 'Company') is a limited company domiciled in Norway. The Company’s registered office is at Koppholen 25, 4313, Sandnes, Norway. The Company is an innovative technology company specializing in the treatment, recycling and sustainable handling of contaminated water and solid industrial waste streams on site. The Company was listed on Euronext Expand on 11 September 2024 with the ticker code 'STECH’ and converted into a public limited company (Nw.: "Allmennaksjeselskap") as part of the listing. The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (together referred to as the 'Group' or 'Soiltech'). The Group presents consolidated financial statements in accordance with the IFRS® Accounting Standard adopted by the EU (“IFRS”). Note 2 – Summary of general accounting policies The general accounting policies applied in the preparation of these consolidated financial statements are set out below. Specific accounting policies related to the individual areas in the financial statements are described in the relevant notes. Basis for preparation The consolidated financial statements have been prepared in accordance with IFRS and additional disclosure requirements in the Norwegian Accounting Act as effective 31 December 2025. The consolidated financial statements are presented in Norwegian Kroner (NOK) and have been rounded to the nearest thousand unless otherwise stated. As a result of rounding adjustments, amounts and percentages may not add up to the total. The financial statements are prepared on a going concern basis. Accounting estimates and judgements Items in the financial statements are to a varying degree affected by estimates and assumptions made by management; reference is made to the relevant notes for the affected items. Estimates with a material impact on the financial statements, combined with a significant estimation uncertainty, comprise the following: - Recognition of deferred tax assets (note 8). Segment information Given the uniform nature of the Group's services and the centralized management from its head office in Norway, the entire Group is considered as a single operating segment for internal reporting purposes. Foreign currency translation The companies within the Group primarily use NOK as their functional currency. For consolidation purposes, the results and financial position of the Group’s entities that have a functional currency other than NOK are translated using the closing rate at the balance sheet date. Income and expenses for each income statement are translated using the yearly average exchange rate. New and amended IFRS standards not yet adopted The Group has applied all new and amended standards with mandatory application for the current reporting period. This has not, however, had any material impact on the amounts recognized in prior periods and is not expected to significantly affect current or future periods. 18 Of new standards and interpretations that are not mandatory for the current reporting period, none are expected to have a material impact on the amounts recognized in the financial statements or on foreseeable future transactions. The implementation of IFRS 18 is, however, expected to introduce some changes to the presentation and note disclosures. Note 3 – Revenues Overall description of contracts with customers The Group's revenue mainly derives from the sale of services related to fluid treatment, solid waste handling, cleaning services and associated services, for customers within the oil & gas industry. The key element of the service deliveries is the deployment and operation of waste treatment and handling equipment at the customer's site. The contract consideration is composed mainly of agreed daily rates for equipment and personnel, respectively, and the reimbursement of costs plus a markup. Rates vary depending on whether the equipment is in active use during operations or on standby, for example in-between operating activities. Typically, the contract deliveries follow the operation on the rig. However, all contracts can be terminated by the customer without cause on a short notice, with only completion of existing work order. Costs of mobilization and demobilization of equipment and personnel are normally recovered through the agreed daily rates, except for some contracts, where these costs are reimbursed separately. Such reimbursement is, however, generally not material in relation to the total contract consideration. The consideration is normally invoiced monthly, based on actual deliveries. Accounting policies The contracts are considered to consist of only one performance obligation, which is satisfied over time. Progress is measured based on the time the equipment and personnel is available to service the customer. In practice, revenue based on daily rates is thus recognized by the amount that the Company has a right to invoice. As a practical simplification based on materiality, any consideration associated with mobilization and demobilization are recognized over the period of the underlying contract. Mobilization cost is considered to be cost to fulfil a contract and are recognized as an asset when incurred. The assets are subsequently amortized over the contract period, as cost of materials and personnel expenses. Revenues by service category (amounts in NOK 1000) 20252024Fluid treatment214 741193 895Solid waste management186 24580 126Total400 986274 020 Revenues by geography (amounts in NOK 1000) 20252024Norway310 300207 359Europe (Excl. Norway)89 86959 164Rest of the world8177 499Total400 986274 020 19 Revenues from major customers (amounts in NOK 1000) 2025 2024 Customer 1 120 538 80 913 Customer 2 72 559 0 Customer 3 47 692 28 431 Customer 4 33 653 34 099 Customer 5 26 146 0 Total from major customers 300 589 143 443 Other (less than 10% each) 100 397 130 577 Total 400 986 274 020 Costs to fulfil the customer contracts (amounts in NOK 1000) 20252024Carrying amount 01.01. 6 655 3 965 Incurred during the period10 070 4 853 Amortised during the period(8 013) (2 163) Carrying amount 31.12. 8 712 6 655 Contract liabilities – Revenue from contracts with customers (amounts in NOK 1000) 20252024Carrying amount 01.01. 00Consideration received in advance during the period19 619 0Revenue recognised during the period(9 810) 0Carrying amount 31.12. 9 810 0 Note 4 – Personnel expenses Accounting policies Personnel costs are expensed as the employees earn the right to receive salary for hours worked. Pensions The Group has a defined contribution plan for its employees. The Group’s Norwegian entities are obligated to follow the stipulations in the Norwegian Mandatory Occupational Pensions Act. The Group's pension scheme adheres to the requirements, as set in the Act. Payments to the defined contribution pension plan are expended over the period in which the employees earn the right to the contribution. Specification of personnel expenses (amounts in NOK 1000) 20252024Wages and salaries 147 910 104 524 Contract personnel 1 383 2 149 Pension contributions 8 163 6 820 Social security tax 25 140 15 135 Other personnel expenses 10 383 7 649 Total192 979 136 277 Other personnel expenses include expenses related to share-based payment transactions. Refer to note 24 for further details. Employees (FTE) 20252024Norway125108United Kingdom1815Other33Total146126 20 Note 5 – Depreciation and amortisation Specification of depreciation and amortisation and Impairment (amounts in NOK 1000) 20252024Amortisation of intangible assets595443Depreciation of property, plant & equipment20 285 14 757 Depreciation of right-of-use assets11 209 7 526 Impairment of goodwill00Total32 090 22 727 Note 6 – Other operating expenses Specification of other operating expenses Specification of auditor’s remuneration (amounts in NOK 1000) 20252024Statutory audit fee 1 146 934Other certification services 8732Tax advisory services00Other non-auditing services 01 047 Total1 233 2 013 Note 7 – Financial items (amounts in NOK 1000) 2025 2024 Net foreign exchange gains (losses) (1 445) 1 351 Interest income 473225Other00Total financial income 473225Interest expenses on leases (9 165) (5 431) Interest expenses on borrowings (8 100) (7 968) Loss on financial derivatives 0(883)Other(128)(93)Total financial expenses (17 392) (14 374) Net financial items (18 365) (12 800) (amounts in NOK 1000) 2025 2024 Cost of lease of assets of low value 691 505 Audit and Accounting cost 3 677 3 375 Legal advisor cost 2 274 2 670 Office cost and it equipment 7 108 5 215 Travel related cost 15 367 11 405 Sales and commercial cost 2 078 1 019 Insurance 1 141 1 416 Tax abroad for employees 51 699 Other cost 2 469 2 650 Total 34 854 28 954 21 Note 8 – Income tax Accounting policies The Group consists of companies subject to ordinary corporate taxation in Norway, and within the same tax group with respect to offsetting of deferred tax. Income tax is therefore recognized based on a general application of IAS 12 without the need for further judgments or policies of significance. Basis for recognition of deferred tax assets Deferred tax assets are recognized when it is probable that the Group will have sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The Group recognize previously unrecognized deferred tax assets to the extent it has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce a deferred tax asset to the extent that the Group no longer regards it as probable that it can utilize the deferred tax asset. Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Group where temporary differences have arisen based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax and deferred tax assets are recognized at their nominal value and classified as non-current asset (non-current liabilities) in the consolidated statement of financial position. Specification of income tax expense (amounts in NOK 1000) 2025 2024 Tax payable00Change in deferred tax9 280 3 726 Change in tax expense for previous years0(216)Income tax expense9 280 3 509 Reconciliation of tax expense with tax calculated at nominal rate (amounts in NOK 1000) 2025 2024 Profit (loss) before tax 41 324 11 003 Prior year tax correction 0(216)Tax at nominal rate in Norway (22 %) 9 091 2 421 Permanent differences 2131 333 Effect of different tax rates in foreign operations 00Change in deferred tax not recognised (24)(28)Income tax expense 9 280 3 509 Effective tax rate22 % 32 % Specification of deferred tax liabilities and assets – 2025 (amounts in NOK 1000) 31.12.2024 Profit or loss Other 31.12.2025 Fixed assets (31 332) (17 066) 0 (48 399) Other (1 575) (430) 0 (2 005) Total deferred tax liabilities (32 907) (17 497) 0 (50 404) Reclass betw. Def. tax liabilities and assets 40 903 8 193 910 50 006 Non-recognized deferred tax asset (119) 24 (95) Reduction following reassessment - - Net deferred tax liabilities 7 877 (9 280) 910 (492) Fixed assets 0 0 0 0 Tax losses carried forward 25 295 (4 838) 910 21 366 Lease liability 15 463 10 513 0 25 977 Other 145 2 518 2 663 Total deferred tax assets 40 903 8 193 910 50 006 Reclass betw. Def. tax liabilities and assets (40 903) (8 193) (910) (50 006) Net deferred tax assets 0 0 0 0 Out of total tax loss carryforward of MNOK 1,701, a deferred tax asset has been recognized for MNOK 97.1. 22 Specification of deferred tax liabilities and assets – 2024 Out of total tax loss carryforwards of MNOK 1,719, a deferred tax asset has been recognized for MNOK 115. Tax loss carryforwards and tax audits The merger between Soiltech ASA and Oceanteam ASA in 2024 was carried out as a tax-free merger in accordance with Chapter 11 of the Norwegian Tax Act. The merger was completed with tax continuity, whereby all tax positions in Oceanteam ASA were transferred to Soiltech ASA pursuant to Section 11-7 of the Norwegian Tax Act. As part of the transferred tax positions, a tax loss carryforward of approximately MNOK 1,604 was transferred to Soiltech ASA. In February 2026, the Norwegian Tax Administration notified the Group of tax audits related to the tax treatment of the merger between Soiltech ASA and Oceanteam ASA completed in 2024, and the acquisition of Sorbwater Technology AS in 2022. The audits primarily concern the continued availability of tax loss carryforwards following the transactions. For the parent company Soiltech ASA, the tax audit relates to tax loss carryforwards originating from merger with Oceanteam ASA of approximately MNOK 1,604. For Sorbwater Technology AS, the tax audit relates to tax loss carryforwards of approximately MNOK 115 at the time of the 2022 transaction. At 31 December 2025, tax loss carryforwards of approximately MNOK 109 remain in Sorbwater Technology AS. The reviews are ongoing and no conclusions have been reached as of the date of approval of these financial statements. Based on its current assessment and advice received from external advisors, the Group believes that the tax treatment applied is consistent with applicable tax legislation. Based on an assessment of future taxable profits, and that the risk that some of the loss carried forward might be disallowed the Group has recognised deferred tax asset losses carried forward equivalent to the tax losses that arise from the acquisition of Sorbwater. The Group will not recognise additional deferred tax asset before it is confirmed that the tax authorities will accept the continuation of the Oceanteam loss carried forward. The Group will reassess the accounting treatment of these tax positions if new information becomes available as the reviews progress. Note 9 – Intangible assets Accounting policies Intangible assets mainly comprise goodwill originating from previous acquisitions. Goodwill is not depreciated but is instead subject to annual impairment testing. Other intangible assets include patents and software which are recognised in accordance with the cost method and depreciated over their expected economic lifetime. (amounts in NOK 1000) 31.12.2023 Profit or loss Other 31.12.2024 Fixed assets (19 359) (11 973) 0 (31 332) Other (1 011) (564) 0 (1 575) Total deferred tax liabilities (20 370) (12 537) 0 (32 907) Reclass betw. Def. tax liabilities and assets 20 370 12 537 0 32 907 Net deferred tax liabilities 0 0 0 0 Fixed assets 0 0 0 0 Tax losses carried forward 21 931 2 381 983 25 295 Lease liability 7 236 8 226 0 15 463 Other 1 753 (1 608) 0 145 Total deferred tax assets 30 920 8 999 983 40 903 Reclass betw. Def. tax liabilities and assets (20 370) (12 537) 0 (32 907) Non-recognized deferred tax assets (147) 28 0 (119) Net deferred tax assets 10 403 (3 511) 983 7 877 23 Specification of intangible assets (amounts in NOK 1000)Goodwill Other Total Cost 01.01.2024 5 051 3 570 8 621 Additions 0 878 878 Disposals 0 0 0 Cost 31.12.2024 5 051 4 448 9 499 Additions 0 166 166 Disposals 0 0 0 Cost 31.12.2025 5 051 4 614 9 665 Accumulated depreciation 01.01.2024 0 1 658 1 658 Depreciations for the year 0 443 443 Accumulated depreciation 31.12.2024 0 2 101 2 101 Accumulated impairment 01.01.2024 5 051 100 5 151 Impairment for the year 0 0 Accumulated impairment 31.12.2025 5 051 100 5 151 Depreciations for the year 0 595 595 Accumulated depreciation 31.12.2025 0 2 696 2 696 Impairment for the year 0 0 0 Accumulated impairment 31.12.2025 5 051 100 5 151 Carrying amount 01.01.2024 0 1 811 1 811 Carrying amount 31.12.2024 0 2 246 2 246 Carrying amount 31.12.2025 0 1 817 1 817 Note 10 – Property, plant & equipment Accounting policies Property, plant & equipment consists of fluid treatment units, equipment for solid waste handling, cleaning services and swarf removal, solid waste skips and various other equipment. Property, plant & equipment are recognized in accordance with the cost method and depreciated over the equipment’s expected economic lifetime. 24 Specification of property, plant & equipment (amounts in NOK 1000) Property, plant & equipment Cost 01.01.2024 237 233 Additions 37 375 Investment grants recognized, not yet received - 1 819 Disposals 0 Cost 31.12.2024 272 789 Additions 97 714 Investment grants recognized, not yet received -199 Disposals 0 Cost 31.12.2025 370 304 Accumulated depreciation 01.01.2024 52 549 Depreciations for the year 14 758 Accumulated depreciation 31.12.2024 67 307 Accumulated impairment 01.01.2024 3 568 Impairment for the year 0 Accumulated impairment 31.12.2024 3 568 Accumulated depreciation 31.12.2024 67 307 Depreciations for the year 20 286 Accumulated depreciation 31.12.2025 87 593 Accumulated impairment 31.12.2024 3 568 Impairment for the year 0 Accumulated impairment 31.12.2025 3 568 Carrying amount 01.01.2024 181 116 Carrying amount 31.12.2024 201 915 Carrying amount 31.12.2025 279 140 Economic useful life 5-15 years Depreciation schedule Linear Investment grants recognized in the table above are accounted for on an accrual basis and include amounts not yet received at year-end. Grants received during the year amounted to NOK 2.3 million (2024: NOK 1.9 million) and are presented in the statement of cash flows. Note 11 – Leases Accounting policies The Group is primarily involved in lease agreements as a lessee. All lease agreements are recognized in accordance with IFRS 16, except for: - Lease agreements with a shorter duration than 12 months - Leases of assets with a cost below NOK 50 000 Payments relating to such leases are recognized as operating expenses when due. The Group does however not have many such agreements, and the annual expense is therefore immaterial. Right-of-use assets are recognized in accordance with the cost method and depreciated over the lease term, or expected economic lifetime, depending on whether a purchase option is expected to be exercised. Overall description of the leases of the Group The Group primarily leases premises, fluid treatment units (STT) and boat transfer tanks (CRT). For premises, the lease term is usually between three and ten years, for fluid treatment units and boat transfer tanks between four 25 and ten years. For the fluid treatment units and boat transfer tanks it is expected that the purchase option is exercised, and as such the assets are depreciated over the expected economic lifetime. Specification of right-of-use assets Slop Treatment Land and buildings Units/boat transfer Total (amounts in NOK 1000) tanks Carrying amount 01.01.2024 18 113 53 027 71 140 Additions 0 48 626 48 626 Termination (25) 0 (25) Depreciations (2 175) (5 350) (7 525) Carrying amount 31.12.2024 15 913 96 303 112 217 Additions 62 978 62 978 Index regulation/other adjustements 1 294 (193) 1 101 Non 0 0 0 Depreciations (1 966) (9 243) (11 209) Carrying amount 31.12.2025 15 240 149 845 165 085 Economic useful life 2-10 years 5-15 years Depreciation schedule Linear Linear Specification of lease liabilities (amounts in NOK 1000) 2025 2024 Carrying amount 01.01. 86 899 52 256 Additions 62 978 47 888 New lease business combination 0 0 Index regulation 1 294 (25) Interest expenses 9 165 5 431 Lease payments (25 648) (18 652) Prepayments leasing 0 0 Effect of currency translation 0 0 Carrying amount 31.12. 134 686 86 899 Non-current lease liabilities 122 655 72 959 Current lease liabilities 12 032 13 940 Contractual payments on leases (amounts in NOK 1000) 2025 2024 Due within one year 20 913 20 487 Due within one and five years 82 143 66 758 Due after 5 years 73 667 24 480 Total 176 723 111 725 Note 12 – Other assets and liabilities Other current assets (amounts in NOK 1000) 31.12.202531.12.2024Prepaid expenses 5 359 3 771 VAT receivable 13 892 2 681 Tax refund connected to research and development2822 256 Other12967Total19 661 8 775 26 Other current liabilities (amounts in NOK 1000) 31.12.2025 31.12.2024 Public duties payable 14 036 10 628 Liability to employeers incl. holiday pay 18 909 11 079 Other 8 037 3 239 Total 40 982 24 946 Note 13 – Trade receivables Accounting policies Trade receivables are recognized at an amount equal to the transaction price, less provisions for expected credit losses. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Specification of trade receivables (amounts in NOK 1000) 31.12.2025 31.12.2024 Accounts receivable 48 813 59 515 Earned not invoiced revenues 10 449 339 Provision for expected credit losses 0 0 Carrying amount 59 262 59 854 Note 14 – Cash and cash equivalents Accounting policies Cash and cash equivalents comprise mostly ordinary bank deposits. The statement of cash flows is prepared using the indirect method. Interest in income and expenses are presented as investing and financing activities, respectively. Restricted cash (amounts in NOK 1000) 31.12.2025 31.12.2024Payroll withholding tax account6 3185 486 Reconciliation of cash flows from financing activities (amounts in NOK 1000) Lease liabilities Borrowings Total Carrying amount 31.12.2024 86 899 106 816 193 715 Cash flows Proceeds from new borrowings 0 155 650 155 650 Repayment of principal borrowings 0 (121 808) (121 808) Repayment of principal portion of lease liability (16 484) (16 484) Interest paid (9 168) (8 124) (17 292) Other changes Interest expenses 9 165 8 100 17 264 Additions lease 62 978 0 62 978 Transaction costs attributable to obtaining financing (544) (544) Index regulation lease 1 294 0 1 294 Carrying amount 31.12.2025 134 686 140 090 274 777 Non-current 122 654 125 660 Current 12 032 14 430 27 (amounts in NOK 1000) Lease liabilities Borrowings Total Carrying amount 31.12.2023 52 256 85 773 138 029 Cash flows Proceeds from new borrowings 0 45 700 45 700 Repayment of principal 0 (23 467) (23 467) Repayment of principal portion of lease liability (13 221) 0 (13 221) Interest paid (5 431) (9 157) (14 588) Interest expenses 5 431 7 968 13 398 Additional lease 47 864 0 47 864 Carrying amount 31.12.2024 86 899 106 816 193 715 Non-current 72 959 86 610 Current 13 940 20 207 Note 15 – Borrowings Accounting policies Borrowings are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Transaction costs are included in the initial measurement of borrowings and amortized over the duration of the loan. In July 2025, Soiltech signed new financing agreements with SpareBank 1 Sør-Norge, replacing existing credit facilities totaling NOK 229 million (borrowings and leasing). Effective from Q3 2025, the agreements include an additional NOK 150 million investment loan and a NOK 30 million overdraft facility, increasing total available financing to NOK 409 million. In connection with the new financing agreements, the Group incurred transaction costs of approximately NOK 0.7 million. The majority of these costs have been capitalized as part of borrowings, while costs relating to short-term facilities have been expensed. Covenants The loan facilities with Sparebank 1 Sør-Norge have the following covenants: • Net-interest bearing debt (NIBD)/Earnings before interest taxes, depreciation and amortization (EBITDA) 12 month rolling < 3.75 • Book equity > 30% • Bank approval required for dividends or group contributions The covenants are tested quarterly, and pr Year-end 2025 the Company is not in breach of with any of the covenants. Specification of borrowings – 31.12.2025 Nominal interest rate Nominal amount Capitalized Carrying amount (amounts in NOK 1000) financing fees Sparebank 1 Sør Norge 3 m.Nibor+1.8% 140 634 (544) 140 090 Carrying amount as per 31.12.2025 140 634 (544) 140 090 Non-current borrowings 125 660 Current borrowings 14 430 Specification of borrowings – 31.12.2024 Nominal interest rate Nominal amount Capitalized Carrying amount (amounts in NOK 1000) financing fees Innovasjon Norge 7.7 % 1 292 0 1 292 Rogaland Sparebank 3 m.Nibor+2.5% 105 525 0 105 525 Carrying amount as per 31.12.2024 106 817 0 106 817 Non-current borrowings 86 609 Current borrowings 20 207 28 Contractual payments on borrowings – 31.12.2025 (amounts in NOK 1000) Next year 1-2 years 2-5 years More than 5 years Sparebank 1 Sør Norge 22 789 21 908 116 316 0 Total 22 789 21 908 116 316 0 Contractual payments on borrowings – 31.12.2024 (amounts in NOK 1000) Next year 1-2 years 2-5 years More than 5 years Innovasjon Norge 1 356 0 0 0 Rogaland Sparebank 25 868 24 512 64 063 13 906 Total 27 224 24 512 64 063 13 906 For loans with floating interest rates, the amounts above are calculated using the current interest rate as of the relevant year end. Carrying amount of assets pledged as security (amounts in NOK 1000) 31.12.2025 31.12.2024 Property, plant & equipment 279 140 201 915 Trade receivables 59 262 59 854 Total 338 402 261 769 Note 16 – Financial derivatives Accounting policies Financial derivatives consist of foreign exchange forward contracts. Although the contracts are held for hedging purposes, the Group does not apply hedge accounting. The forward contracts are measured at fair value through profit or loss. Gains and losses are presented as financial income or expense, respectively. Foreign exchange forward contracts are measured at level 2 in the fair value hierarchy, as the present value of future cash flows is based on the forward exchange rates at the balance sheet date. Foreign exchange forward contracts The Group had no foreign exchange forward contracts outstanding at year-end. (Year-end 2024: none). Note 17 – Financial instruments Current financial assets per category Financial liabilities per category (amounts in NOK 1000) 31.12.2025 31.12.2024 Current Non-current Current Non-current Financial liabilities at amortised cost Borrowings 14 430 125 660 20 207 86 609 Lease liabilities 12 032 122 655 13 940 72 959 Trade payables 18 430 0 10 528 0 Financial liabilities at fair value through profit or loss Currency forward contracts 0 0 0 Carrying amount as at 31.12 44 892 248 315 44 674 159 568 (amounts in NOK 1000) 31.12.2025 31.12.2024 Financial assets at amortised cost Trade receivables 59 262 59 854 Contract asset 8 712 6 656 Other assets 19 661 8 775 Financial assets at fair value through profit or loss Cash and cash equivalents 57 525 34 695 Carrying amount as at 31.12 145 161 109 979 29 Fair value For items measured at amortized cost, the carrying amount is considered a reasonable approximation of fair value. Note 18 – Financial risk and capital management The Group’s policies for management of capital and financial risk aim to support the current strategy and target of maintaining a high rate of growth and developing prospective business opportunities. The Group’s capital structure shall be robust enough to maintain the desired freedom of action and utilize growth opportunities, based on strict assessments relating to the allocation of capital. The Group debt financing consist of bank and leasing financing. The loan covenants to which the Group is subject play a key role in how capital is managed and allocated, in order to maintain a low financing risk and financial flexibility. See note 15 borrowings for further details on the Group’s financing. Market risk The Group's exposure to financial market risk is mainly related to interest rates on external financing and currency risks. The Group has a diversified client list and evaluates changes in pricing structure contract by contract, as part of its mitigation process to cover for any increase in interest cost. The Group has not entered into any interest swap agreements. Currency risk The Group’s functional currency and presentational currency are both NOK. However, through its international operations, the Group is exposed to fluctuations in certain exchange rates, mainly EURO (EUR), British Pound (GBP), American dollar (USD) and Romanian leu (RON). The Group has also currency risks linked to both balance sheet monetary items and investments in foreign countries. The tables below show the Group’s most significant currency exposure as of year-end. As the Group does not apply hedge accounting, the impact on profit/loss and equity will be the same regardless of the direction of the exchange rate change. Currency exposure – 31.12.2025 (amounts in NOK 1000) USD EUR GBP DKK RON SUM NOK Trade receivables (48) 2 883 504 1 170 14 133 18 643 Cash and cash equivalents 57 627 1 282 0 1 374 3 341 Trade payables (170) 599 25 0 0 454 Net exposure (161) 4 109 1 812 1 170 15 508 22 437 Currency exposure – 31.12.2024 (amounts in NOK 1000) USD EUR GBP DKK RON SUM NOK Trade receivables 3 801 1 137 8 478 0 0 13 416 Cash and cash equivalents 896 975 4 365 0 0 6 236 Trade payables 121 (16) (277) 0 0 (172) Net exposure 4 818 2 096 12 566 0 0 19 480 Interest rate risk The Company’s loan and leasing agreements carry floating interest rates based on NIBOR, in accordance with the financial strategy described in Note 15 and are therefore impacted by changes in the interest market. A change of one percentage point in NIBOR means a change in yearly net interest expenses of approximately MNOK 2.6. Credit risk Assets that may give rise to credit risk comprise mainly of trade receivables and bank deposits. For the latter, the counterparties are mainly banks established in the Nordic countries, which indicates that the credit risk should be regarded as negligible. Trade receivables are characterized by a concentration in the customer base, in terms of country and industry. The customers, however, are primarily large companies with high credit ratings, and the agreed payment terms in the contracts typically ensure that any overdue amounts are kept at low level. Thus, credit losses have historically been insignificant. 30 Liquidity risk As at year-end, the Group's portfolio of loans and loan facilities is well diversified both with regards to maturity profile and lenders. Total loan facilities with Sparebank 1 Sør Norge is NOK 258 million. The unused portion of the credit facilities was NOK 112 million as at 31.12.2025. In July 2025, Soiltech signed new financing agreements with SpareBank 1 Sør-Norge, effective from Q3 2025. These agreements further strengthen the Group’s liquidity position by increasing total available financing and extending maturity profiles. Summary of contractual maturities 31.12.2025 (amounts in NOK 1000)Next year 1-2 years 2-5 years More than 5 years Lease liabilities 18 063 17 939 52 805 65 831 Borrowings 22 789 21 908 116 316 0 Trade payables 18 430 0 0 0 Total non-derivative 59 282 39 848 169 121 65 831 Currency forward contracts 0 0 0 0 Total derivative 0 0 0 0 Total 59 282 39 848 169 121 65 831 Summary of contractual maturities 31.12.2024 (amounts in NOK 1000)Next year 1-2 years 2-5 years More than 5 years Lease liabilities 20 487 19 540 47 219 24 480 Borrowings 27 224 24 512 64 063 13 906 Trade payables 10 528 0 0 0 Total non-derivative 58 239 44 052 111 282 38 386 Currency forward contracts 0 0 0 0 Total derivative 0 0 0 0 Total 58 239 44 052 111 282 38 386 Note 19 – Climate risk The Group has evaluated the overall climate risk to the Group to be low. Climate related matters are not expected to critically effect assets, provisions, or future cash flows. The analysis is based on the Task Force on Climate-related Financial Disclosures (TCFD) framework. The Group has evaluated the physical risk, the risk associated with transition into a low carbon community and the liability risk towards the Group. The opportunities are considered to exceed the risks identified for the Group. 31 Soiltech’s climate risk exposure Note 20 – Share capital and shareholder information Share capital and ownership structure As of 31 December 2025, the share capital of the parent company, Soiltech ASA, amounts to NOK 1,076,650.51 and consists of 8,281,927 ordinary shares, each with a nominal value of NOK 0.13. The increase in share capital during the period results from the exercise of 318,840 share options. Consequently, share capital increased from NOK 1,035,201 on 31 December 2024 to NOK 1,076,150.51 on 31 December 2025. 32 Shareholders as of 31.12.2025 Shareholders Number of shares Ownership interest BNP PARIBAS 1 045 778 12.6 % DNB CARNEGIE INVESTMENT BANK AB 651 859 7.9 % WELLEX AS, Associated with Glenn Åsland (COO) 608 860 7.4 % KNATTEN I AS, Associated with Jan Erik Tveteraas (CEO) 605 325 7.3 % HILDR AS 574 847 6.9 % SKAGENKAIEN INVESTERING AS, Associated with Mona H.S. Freuchen (Board Member) 570 000 6.9 % TVETERAAS INVEST AS 521 710 6.3 % KRISTIANRO AS 436 676 5.3 % DNB BANK ASA 369 002 4.5 % RIVERBORG B.V. Associated with Karin Govaert (Board Member) 240 000 2.9 % PIMA AS, Associated with Eirik Flatebø (Board Member) 220 000 2.7 % HAVNEBASE EIENDOM AS 193 470 2.3 % AVANZA BANK AB 125 733 1.5 % PONDERUS INVEST AB 118 560 1.4 % GAVIN RYDER 78 000 0.9 % HOLSTEN INVEST AS 64 670 0.8 % DRAGESUND INVEST AS 60 000 0.7 % NIDAL FATHIA ALLABABIDI 58 580 0.7 % ALTO HOLDING AS 57 990 0.7 % NORDEA BANK ABP 56 140 0.7 % Top 20 shareholders 6 657 200 80.4 % OTHER 1 624 727 19.6 % Total 8 281 927 100.0 % Included in Other shareholders are 5 000 shares owned by board member Olaf Skrivervik, 18 000 shares owned by CFO Tove Vestlie and 23 940 shares owned by Chairman Dag Schjerven. Foreign ownership was 37,9% at year- end 2025 (2024: 34,6%) Note 21 – Earnings per share Earnings per share 2025 2024 Basic earnings per share 3.95 1.00 Diluted earnings per share 3.80 0.95 Earnings (amounts in NOK 1000)Profit (loss) for the period 32 044 7 494 Shares used as the denominator (amounts in NOK 1000)Weighted average number of shares 8 119 7 527 Adjustments for calculation of diluted earnings per share Options 318 386 Weighted average number of shares and potential shares 8 437 7 913 * More information on options in note 24 Note 22 – Group composition and subsidiaries Accounting policies The consolidated financial statements comprise of all subsidiaries controlled by the parent entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Likewise, they are deconsolidated from the date that control ceases. The Group established a subsidiary in Romania during 2025. The Romanian entity holds customer contracts, while the parent company provides operational services, including rental of equipment, provision of personnel and 33 onshore support, under an intra-group service agreement. All intercompany transactions are eliminated on consolidation. Subsidiaries as of 31.12.2025 Registered office Ownership interest Voting share Soiltech Offshore Services AS Sandnes, Norway 100 % 100 % Sorbwater Technology AS Bergen, Norway 100 % 100 % Soiltech Romania S.R.L Bucuresti, Romania 100 % 100 % Merger with Oceanteam ASA Soiltech ASA completed a merger with Oceanteam ASA on September 11, 2024. The merger plan was signed 30 May 2024 and approved by the general meetings of the respective companies on 4 July 2024. The main purpose of the merger was to achieve a listing of Soiltech ASA on the Euronext Expand marketplace. As part of the merger, Soiltech ASA issued 527 947 new shares as consideration to the shareholders of Oceanteam ASA. This consideration was based on Oceanteam ASA having a market value of NOK 31.67 million at the date of entering into the merger agreement. At the time of the merger, Oceanteam ASA was essentially an empty shell company without any operational activities. The only significant asset in the company was a cash balance of NOK 19.1 million. Therefore, the merger has been accounted for as a share-based payment transaction in accordance with IFRS 2. The measurement of the transaction is based on the value of the shares in Oceanteam ASA at the transaction date, which was September 11, 2024. At this time, the shares were traded at NOK 0.93, corresponding to a market value for the company of NOK 30.8 million. The difference between the cash balance in Oceanteam ASA (NOK 19.1 million) and the fair value of the company is considered to reflect the value of the stock exchange listing, including access to new capital and recognized investors. This difference, amounting to NOK 12,8 million, has been recognized as an expense in the financial statements of Soiltech ASA in the line item “Expenses related to Merger & IPO”, as it does not meet the criteria to be recognized as an asset on the balance sheet. In addition to the expenses above, Soiltech ASA has incurred various transaction costs in connection with the process of completing the merger and subsequent listing on Euronext Expand, amounting to NOK 10.1 million in total. Of these, NOK 5.3 million is considered incremental costs directly attributable to the equity transaction and has therefore been recognized as a deduction of equity, reducing the capital increase from the merger. The remaining NOK 5.0 million has been recognized as an expense and is included in the line item «Expenses related to Merger & IPO» in the income statement. Note 23 – Remuneration to senior executives and Board of Directors Pursuant to Section 6-16 (b) of the Public Limited Liability Companies Act and applicable regulations, Soiltech ASA publishes a separate management remuneration report, providing detailed information on remuneration for executive management and the board of directors. This report will be published immediately after the annual general meeting on 20 May 2026. In accordance with the corporate governance code recommended by the Oslo Stock Exchange, the salary and benefits for management are specified in the table below. In connection with the Company’s long-term share incentive plan, an increase in social security costs resulted in a cost of NOK 2.5 million in 2025 (compared to income of NOK 1.1 million in 2024). As of 31 December 2025, the corresponding liability amounted to NOK 1.9 million (up from NOK 0.1 million the previous year). Details of the long-term incentive plan are outlined in the guidelines for determining salaries and other remuneration for executive management. These guidelines are available on the company’s website: https://soiltech.no/investor/#corporategovernancepolicy 34 Senior Executives Contribution to 12Benefits in kindPension Schemes Variable2025 (amounts in NOK 1000)3Salary earned Total Remuneration Jan Erik Tveteraas (CEO) 3 320 159 100 0 3 579 Glenn Åsland (COO) 2 554 159 102 0 2 815 Tove Vestlie (CFO) 2 288 159 120 0 2 567 Erik Bjøndal-Røvde (VP Operations) 1 612 117 114 0 1 844 Bente Skogen (VP People & Organisation) 1 299 126 101 0 1 526 Else-Karin Vådeland (VP HSSEQ & Sustainability 1 299 117 100 0 1 516 Patrick Åsland (VP Technology & Newbuilds) 1 194 117 91 0 1 402 Contribution to 12Benefits in kindPension Schemes Variable2024 (amounts in NOK 1000)3Salary earned Total Remuneration Jan Erik Tveteraas (CEO) 2 767 161 98 0 3 025 Glenn Åsland (COO) 2 374 161 118 0 2 653 Tove Vestlie (CFO) 1 813 162 118 0 2 093 Erik Bjøndal-Røvde (VP Operations) 1 392 120 90 0 1 602 Bente Skogen (VP People & Organisation) 1 161 120 81 0 1 361 Else-Karin Vådeland (VP HSSEQ & Sustainability 1 161 120 79 0 1 359 Patrick Åsland (VP Technology & Newbuilds) 1 092 120 66 0 1 278 1 Includes fixed salary and accrued holiday pay. 2 Includes car allowance, insurance, free telephone, etc. 3 Variable bonus for 2025 has been accrued for but not paid. Board of directors Remuneration for 2025 (amounts in NOK 1000) Directors's fee Committe work Total Remuneration Dag Schjerven (Chair), 197 5 203 Eirik Flatebø 264 11 274 Olaf Skrivervik 264 11 274 Karin Govaert 154 5 159 Mona Hodne Steensland Freuchen 154 11 165 Gunnar Winther Eliassen (Chair), resigned 15.11.2024 197 0 197 Total remuneration 1 230 42 1 272 Remuneration for 2024 (amounts in NOK 1000) Directors's fee Committe work Total Remuneration Dag Schjerven (Chair), elected 15.11.2024 0 0 0 Eirik Flatebø 100 0 100 Olaf Skrivervik 100 0 100 Karin Govaert, elected 28.08.2024 0 0 0 Mona Hodne Steensland Freuchen, elected 28.08.2024 0 0 0 Gunnar Winther Eliassen (Chair), resigned 15.11.2024 75 0 75 Carsten Brückner, resigned 22.07.2024 0 0 0 Robert Hvide Maccleod, resigned 20.12.2023 100 0 100 Total remuneration 375 0 375 Note 24 – Share-based payment transactions Accounting policies The Group has a long-term share-based incentive plan for key personnel and board members. The term of the plan implies that it is recognised as an equity-settled share-based payment transaction in accordance with IFRS 2. Associated obligations to pay social security tax are recognised as cash-settled share-based payment transactions. Long-term share-based incentive plan The strike price of the options is set at the market price at grant date. Granted options are distributed over three equal tranches with vesting period of 1-3 years. All outstanding options must be exercised within 5 years from the grant date. Granted options are measured at fair value at the grant date, which is determined using the Black- Scholes option pricing model. Company uses a third-party company for this calculation. Summary of granted options in the period 2025 2024 Risk free interest rate 4.09 4.14 Historical volatility 0.10 0.10 Expected lifetime of the option (years) 5 5 Share price 49-67 54-80 Average option value (NOK) 58 60 35 Movements in outstanding share options Average exercise price Number of options 2025 2024 2025 2024 As at 1 January 44 44 1 264 990 1 269 700 Granted during the year 58 60 75 000 125 000 Exercised during the year 28 12 (318 840) (29 710) Forfeited during the year 0 54 0 (100 000) Expired during the year 0 0 0 0 As at 31 December 50 44 1 021 150 1 264 990 Vested and exercisable at 31 December 47 38 854 483 1 011 657 Outstanding share options at year end Number of options Grant date Expiry date Exercise price 31.12.2025 31.12.2024 2012 30.03.2026 12 28 710 143 550 2013 30.03.2026 11 5 000 5 000 2017 30.03.2026 35 85 000 85 000 2018 30.03.2026 35 35 000 35 000 2019 30.03.2026 35 35 000 35 000 2020 30.03.2026 35 112 440 257 440 2021 30.03.2026 35 50 000 59 000 2021 01.09.2026 35 15 000 15 000 2021 23.09.2026 45 110 000 160 000 2022 01.01.2027 45 100 000 100 000 2022 17.03.2027 65 90 000 90 000 2022 09.06.2027 63 15 000 15 000 2023 17.04.2028 82 30 000 30 000 2023 01.06.2028 80 15 000 15 000 2023 01.09.2028 80 45 000 45 000 2023 01.10.2028 80 35 000 35 000 2023 01.12.2028 80 15 000 15 000 2024 01.01.2029 80 15 000 15 000 2024 28.06.2029 54 50 000 50 000 2024 01.07.2029 54 30 000 30 000 2024 16.09.2029 53 30 000 30 000 2024 23.10.2030 53 15 000 2025 01.03.2031 52 15 000 2025 28.04.2031 50 15 000 2025 01.09.2031 67 30 000 Total 1 021 150 1 264 990 Note 25 – Events after the reporting period There are no events other than business activities in the ordinary course of business after the balance sheet date of an adjusting or non-adjusting nature. 36 37 APPENDIX - Alternative Performance Measures (APM) The Group presents certain alternative measures of financial performance, financial position and cash flows that are not defined or specified in IFRS Accounting Standards. The Group considers these measures to provide valuable supplementary information for Management, Board of Directors and investors, as they provide additional useful information regarding the Group's financial performance and position. As not all companies define and calculate these measures in the same way, they are not always directly comparable with those used by other companies. These measures should not be regarded as replacing measures that are defined or specified in IFRS Accounting Standards but should be considered as supplemental financial information. In this report, the Alternative Performance Measures used by the Group are defined, explained and reconciled to the most directly reconcilable line item, subtotal or total presented in the financial statements of the corresponding period. In previous reports, Gross Profit Margin, EBITDA adj. Margin, Operating profit margin and Profit before tax margin were presented as separate text items. From Q2 2025 onwards, we have replaced these textual references with a dedicated “%” column placed directly next to the absolute figures for each metric. The calculation methods for each margin remain unchanged from prior periods. The APMs used by the Group are set out below: Operating cost Operating cost is defined as the total of cost of materials, personnel expenses and other operating expenses less expenses related to onshore personnel and other onshore operating expenses, share incentive program, severance payment, legal cost related to Merger & IPO and other items defined by the Management to not relate to offshore operations. Management defines that Operating cost illustrates the expenses directly related to offshore activities. This measure provides additional information for the Management, Board of Directors and investors in order to evaluate underlying profitability of offshore operating activities and their ability to generate cash. SG&A Selling, general and administrative expenses (“SG&A”) is defined as the sum of Cost of materials, Personnel expenses and other operating expenses less operating costs (as defined above), share incentive program, severance payment, legal cost related to Merger & IPO and other items defined by management that impact comparability between periods. Management defines that SG&A illustrates the expenses directly related to onshore support activities. This measure provides additional information for management, the board and investors, in order to evaluate underlying profitability and their ability to generate cash. Gross Profit and Gross profit margin (%) Gross Profit is defined as total operating income less Operating cost (as defined above). Gross profit margin is defined as gross profit divided by total operating income. Gross profit and Gross profit margin provide additional information for Management, Board of Directors and investors to evaluate the underlying profitability generated from offshore operating activities. EBITDA and EBITDA margin EBITDA is defined as Operating profit before other gains, impairment, depreciation and amortization. EBITDA is defined as EBITDA divided by total operating income. These measures provide additional information for Management, Board of Directors and investors to evaluate the underlying profitability of operating activities and their ability to generate cash before investment in fixed assets and service of debt. EBITDA adj. and EBITDA adj. margin EBITDA adj. is defined as EBITDA (as defined above) adjusted for items affecting comparability such as expenses related to share incentive programs, severance payment, legal cost related to Merger & IPO and other items defined by Management that impact comparability. EBITDA adj. margin is defined as EBITDA adj. divided by total operating income. These measures provide additional information for Management, the Board of Directors and investors to evaluate underlying profitability of operating activities and their ability to generate cash before investments in fixed assets and service of debt. 38 (a) Total operating income Net interest-bearing debt Net interest-bearing debt is defined as the total of non-current borrowings, non-current lease liabilities, current borrowings and current lease liabilities less cash and cash equivalents. This measure provides additional information for Management, Board of Directors and investors to assess the Group's financial indebtedness and as an input to assess its capacity to meet its financial commitments. Equity ratio Equity ratio is defined as total equity divided by total assets. This measure provides additional information for Management, Board of Directors and investors to assess the Group's financial position and capital structure. All margins are shown under % column in the table. Reconciliation of the APMs Operating cost (Amounts in NOK 1 000) 2025 2024 Cost of materials Personnel expenses Other operating expenses Expenses related to Merge & IPO Less: Onshore expenses Share incentive program (Adjustments) Merger and IPO cost Quarterly report SG&A (Amounts in NOK 1 000) 2025 2024 Cost of materials Personnel expenses Other operating expenses Expenses related to Merger & IPO Less: Operating cost Share incentive program (Adjustments) Merger and IPO cost Gross profit and Gross profit margin (Amounts in NOK 1 000) 2025 2024 Operating cost (b) Gross profit (b/a) Gross profit margin SG&A Operating cost 81 374 44 422 192 979 136 277 34 854 28 954 0 17 838 52 842 63 426 4 146 (1 062) 0 17 838 241 635 157 870 241 635 157 870 81 374 44 422 192 979 136 277 34 854 28 954 0 17 838 157 870 241 635 4 146 (1 062) 0 17 838 63 458 52 849 400 985 274 020 241 635 157 870 159 351 116 150 40 % 42 % 39 (a/b) Equity ratio EBITDA and EBITDA adj. (Amounts in NOK 1 000) 2025 2024 Operating profit Depreciation and amortization Expenses related to IPO (a) EBITDA Adjusted for: Share incentive program (Adjustments) Merger and IPO cost (Adjustments) (b) EBITDA adj. (a/c) EBITDA margin Net interest-bearing debt (Amounts in NOK 1 000) 31.12.2025 31.12.2024 Non-current Borrowings Non-current Lease liabilities Current Borrowings Current Lease liabilities Cash and cash equivalents Net interest-bearing debt Equity ratio (Amounts in NOK 1 000) 31.12.2025 31.12.2024 (a) Total equity (b) Total assets (b/c) EBITDA adj. Margin (c) Total operating income 59 657 23 800 32 090 22 727 - 17 838 91 747 64 365 (1 062) 63 302 4 146 95 893 400 985 274 020 23 % 23 % 24 % 23 % 125 660 86 609 122 655 72 959 14 430 20 207 12 032 13 940 (57 525) (34 695) 217 252 159 020 246 279 204 505 591 202 434 234 42 % 47 % 40 41 FINANCIAL STATEMENTS FOR PARENT COMPANY STATEMENT OF PROFIT AND LOSS (amounts in NOK 1000) Note 2025 2024 Revenue 3 400 749 273 913 Other operating income 3 142 128 Total operating income 3 400 891 274 041 Cost of materials (225 622) (145 491) Personnel expenses 4 (63 485) (44 690) Depreciation and amortisation 5 (29 955) (20 219) Other operating expenses 6 (22 664) (20 260) Total operating expenses (341 725) (230 661) Expenses related to IPO 7 0 (17 838) Operating profit 59 167 25 542 Net foreign exchange gains (losses) (633) 1 359 Financial income 423 210 Financial expenses 9 (41 295) (14 612) Net financial items (41 505) (13 043) Profit before tax 17 661 12 500 Income tax expense 10 14 745 (4 362) Profit for the period 32 407 8 138 Total profit for the period is attributable to: Owners of Soiltech AS 32 407 8 138 TRANSFERS Transfers to other equity 32 407 8 138 Total allocations 32 407 8 138 42 BALANCE SHEET (amounts in NOK 1000) ASSETS Note 31.12.2025 31.12.2024 Non-current assets Deferred tax assets 0 0 Intangible assets 11 1 480 1 740 Property, plant & equipment 12 279 140 201 915 Right-of-use assets 13 149 845 96 303 Investments in subsidiaries 8 8 609 32 779 Total non-current assets 439 072 332 738 Receivables Trade receivables 15 43 941 59 854 Cash and cash equivalents 16 50 906 28 975 Contract assets 3 8 712 6 656 Other current assets 14 40 176 11 242 Total current assets 143 735 106 726 TOTAL ASSETS 582 808 439 464 EQUITY AND LIABILITIES Note 31.12.2025 31.12.2024 Equity Share capital 18 1 077 1 035 Other paid-in equity 118 470 109 493 Other reserves 3 144 2 432 Retained earnings 124 369 91 963 Total equity 247 060 204 923 LIABILITIES Borrowings 17 125 660 86 609 Lease liabilities 13 107 278 57 432 Deferred tax liabilities 10 66 15 721 Other non-current liabilities 433 541 Total non-current liabilities 233 437 160 304 Current liabilities Trade payables 16 663 25 742 Borrowings 17 14 430 20 207 Lease liabilities 13 10 798 12 482 Tax payable 10 0 0 Contract liabilities 3 9 810 0 Other current liabilities 14 50 609 15 807 Total current liabilities 102 310 74 237 Total liabilities 335 748 234 541 Total equity and liabilities 582 808 439 464 43 Sandnes, April 14, 2026 The board of directors of Soiltech ASA Dag Schjerven Chairman of the Board Olaf Skrivervik Member of the Board Eirik Flatebø Member of the Board Mona Hodne Steensland Freuchen Member of the Board Karin Govaert Member of the Board Jan Erik Tveteraas Chief Executive Officer 44 STATEMENT OF CASH FLOWS (amounts in NOK 1000) Cash flows from operating activities Operating profit before tax Income taxes paid Depreciation and amortisation Interest expense Non-cash expenses related to merger Impairment of shares in subsidiaries Changes in trade receivables, contract assets/liabilities Changes in trade payables Changes in other accruals and prepayments Net cash flow from operating activities Cash flows from investment activities Purchase of property, plant & equipment & Intangible assets Loans to related party Investment grants received Net cash flow from investment activities Cash flows from financing activities Proceeds from new borrowings Transaction costs attributable to obtaining financing Proceeds from merger Repayments on borrowings Payment of principal portion of lease liabilities Interest paid Proceeds from capital increase Net cash flow from financing activities NET CASH FLOW FOR THE PERIOD Effect of exchange rate fluctuations on cash held Cash and cash equivalent 01.01 Cash and Cash eqiuvalents 31.12 31.12.2024 12 500 (983) 20 219 12 158 12 718 2 375 (15 939) (3 685) 813 40 175 (40 900) -6 639 1 905 (45 634) 45 700 0 12 803 (23 467) (11 575) (13 348) 318 10 433 4 974 416 23 586 28 975 31.12.2025 17 661 (1 179) 29 955 16 168 24 171 23 666 7 684 (11 597) 106 529 (97 681) -250 2 256 (95 675) 155 650 (544) 0 (121 808) (14 815) (16 192) 9 018 11 309 22 163 (232) 28 975 50 906 45 STATEMENT OF CHANGES IN EQUITY Share Other Other Retained Total capital paid-in reserves earnings equity (amounts in NOK 1000) equity 2025 Balance at 1 January 2025 1 035 109 493 2 432 91 963 204 924 Balance at 1 January 2025 1 035 109 493 2 432 91 963 204 924 Profit/(loss) for the period 0 0 0 32 407 32 407 Transactions with owners Share-based payment 41 8 977 712 0 9 730 Merger 0 0 Balance at 31 December 2025 1 077 118 470 3 144 124 369 247 060 2024 Balance at 1 January 2024 741 83 948 1 826 83 825 170 340 Balance at 1 January 2024 741 83 948 1 826 83 825 170 340 Profit/(loss) for the period 0 0 0 8 138 8 138 Total income 0 0 0 8 138 8 138 Transactions with owners 4 315 606 0 925 Merger 291 25 230 0 0 25 521 Balance at 31 December 2024 1 035 109 493 2 432 91 963 204 923 46 NOTES TO THE FINANCIAL STATEMENTS Note 1 – General information Soiltech ASA (the 'Company') is a limited company domiciled in Norway. The registered office of the Company is Koppholen 25, 4313, Sandnes, Norway. The Company is an innovative technology company specializing in the treatment, recycling and sustainable handling of contaminated water and solid industrial waste streams on site. The Company was listed on Euronext Expand on 11.09.2024 with the ticker code 'STECH’ and as part of the listing converted into a public limited company (Nw.: "Allmennaksjeselskap"). The financial statements for the year ended 31 December 2025 were approved and authorized for issue in accordance with a resolution of the board of directors on 14 nd of April 2026. Note 2 – Summary of general accounting policies The general accounting policies applied in the preparation of the financial statements are set out below. Specific accounting policies related to the individual areas in the financial statements are described in the relevant notes. Basis for preparation The financial statement has been prepared in accordance with Norwegian Accounting Act and associated regulations, as well as Generally Accepted Accounting Principles (GAAP) in Norway. The financial statement is presented in Norwegian Kroner (NOK) and have been rounded to the nearest thousand unless otherwise stated. As a result of rounding adjustments, amounts and percentages may not add up to the total. The financial statements are prepared on a going concern basis. Currency Transactions in foreign currencies are translated at the rate applicable on the transaction date. Monetary items in a foreign currency are translated into NOK using the closing rate at the balance sheet date. The cash flow analysis The cash flow analysis has been prepared according to the indirect method. Note 3 – Revenues Revenue recognition Overall description of contracts with customers The Group's revenue mainly derives from the sale of services related to fluid treatment, solid waste (cuttings) handling, cleaning services and other related services, for customers within the oil & gas industry. The key element of the service deliveries is the deployment and operation of treatment and handling equipment at the customer's site. The contract consideration is composed mainly of agreed daily rates for equipment and personnel, respectively, and reimbursement of costs plus a markup. Rates vary depending on whether the equipment is in active use during ongoing operations or on standby, for example when the equipment is on location but not in operation. Costs of mobilization and demobilization of equipment and personnel are normally recovered through the agreed daily rates, except for some contracts, where these costs are reimbursed separately. Such reimbursements are, however, generally not material in relation to the total contract consideration. Consideration is normally invoiced monthly, based on actual deliveries. 47 Accounting policies The contracts are considered to consist of only one performance obligation, which is satisfied over time. Progress is measured based on the time the STT unit is available to service the customer. In practice, revenue based on daily rates is thus recognized with the amount that the Company has a right to invoice. As a practical simplification based on materiality, any fees associated with mobilization and demobilization are recognized linearly over the period of the contract they relate to. Cost of mobilization is considered cost to fulfil a contract and are recognized as an asset when incurred. The assets are subsequently amortized over the contract period, as cost of materials and personnel expenses. Revenues by product category (amounts in NOK 1000) 2 025 2 024 Fluid treatment 214 741 193 895 Solid waste management 186 151 80 147 Total 400 891 274 041 Revenues by geography (amounts in NOK 1000) 2 025 2 024 Norway 310 300 207 359 Europe (Excl. Norway) 89 869 59 164 Rest of the world 723 7 520 Total 400 891 274 041 Revenues from major customers (amounts in NOK 1000) 2 025 2 024 Customer 1 120 538 80 913 Customer 2 72 559 0 Customer 3 47 692 28 431 Customer 4 33 653 34 099 Customer 5 26 146 0 Total from major customers 300 589 143 443 Other (less than 10% each) 100 302 130 598 Total 400 891 274 041 Costs to fulfil the customer contracts (amounts in NOK 1000) 2025 2024 Carrying amount 01.01. 6 655 3 965 Incurred during the period 10 070 4 853 Amortised during the period (8 013) (2 163) Carrying amount 31.12. 8 712 6 655 Contract liabilities – Revenue from contracts with customers (amounts in NOK 1000) 2025 2024 Carrying amount 01.01. 0 0 Consideration received in advance during the period 19 619 0 Revenue recognised during the period (9 810) 0 Carrying amount 31.12. 9 810 0 Note 4 – Personnel expense & remuneration to senior executives and board of directors Accounting policies Personnel costs are expensed as the employees earn the right to the salary for hours worked. 48 Pensions The company has a defined contribution plan for its employees. The Group’s Norwegian entities are obligated to follow the stipulations in the Norwegian Mandatory Occupational Pensions Act. The Group's pension scheme adheres to the requirements, as set in the Act. Payments to defined contribution pensions are expensed over the period in which the employees earn the right to the deposit. Specification of personnel expenses (amounts in NOK 1000) 2025 2024 Wages and salaries 43 105 31 946 Contract personnel 1 383 2 149 Pension contributions 1 993 1 521 Social security tax 9 174 3 541 Other personnel expenses 7 830 5 533 Total 63 485 44 690 Other personnel expenses include expenses related to share-based payment transactions. Please refer to notes for Consolidation financial statement for further details. Employees (FTE) 2025 2024 Norway 25 21 United Kingdom 18 15 Other 3 3 Total 46 39 Pursuant to Section 6-16 (b) of the Public Limited Liability Companies Act and applicable regulations, Soiltech ASA publishes a separate management remuneration report, providing detailed information on remuneration for executive management and the board of directors. This report will be published immediately after the annual general meeting on 20 May 2026 and will complement the figures presented below. In accordance with the corporate governance code recommended by the Oslo Stock Exchange, the salary and benefits for management are specified in the table below. In connection with the Company’s long-term share incentive plan, an increase in social security costs resulted in a cost of NOK 2.5 million in 2025 (compared to a savings of NOK 1.1 million in 2024). As of 31 December 2025, the corresponding liability amounted to NOK 1.9 million (up from NOK 0.1 million the previous year). Details of the long-term incentive plan are outlined in the guidelines for determining salaries and other remuneration for executive management. These guidelines are available on the company’s website: https://soiltech.no/investor/#corporategovernancepolicy 2025 (amounts in NOK 1000) Salary earned 1 Benefits in kind 2 Contribution to Pension Schemes Variable 3 Total Remuneration Jan Erik Tveteraas (CEO) 3 320 159 100 0 3 579 Glenn Åsland (COO) 2 554 159 102 0 2 815 Tove Vestlie (CFO) 2 288 159 120 0 2 567 Erik Bjøndal-Røvde (VP Operations) 1 612 117 114 0 1 844 Bente Skogen (VP People & Organisation) 1 299 126 101 0 1 526 Else-Karin Vådeland (VP HSSEQ & Sustainability 1 299 117 100 0 1 516 Patrick Åsland (VP Technology & Newbuilds) 1 194 117 91 0 1 402 2024 (amounts in NOK 1000) Salary earned 1 Benefits in kind 2 Contribution to Pension Schemes Variable 3 Total Remuneration Jan Erik Tveteraas (CEO) 2 767 161 98 0 3 025 Glenn Åsland (COO) 2 374 161 118 0 2 653 Tove Vestlie (CFO) 1 813 162 118 0 2 093 Erik Bjøndal-Røvde (VP Operations) 1 392 120 90 0 1 602 Bente Skogen (VP People & Organisation) 1 161 120 81 0 1 361 Else-Karin Vådeland (VP HSSEQ & Sustainability 1 161 120 79 0 1 359 Patrick Åsland (VP Technology & Newbuilds) 1 092 120 66 0 1 278 1 Includes fixed salary and accrued holiday pay. 2 Includes car allowance, insurance, free telephone, etc. 3 Variable bonuses for 2025 has been accrued for but not paid. 49 Note 5 – Depreciation and amortisation Specification of depreciation and amortisation (amounts in NOK 1000) 2025 2024 Amortisation of intangible assets 426 275 Depreciation of property, plant & equipment 20 286 14 594 Depreciation of right-of-use assets 9 243 5 350 Impairment of goodwill 0 0 Total 29 955 20 219 Note 6 – Other operating expenses Specification of other operating expenses Specification of auditors’ remuneration (amounts in NOK 1000) 2025 2024 Statutory audit fee 980 769 Other certification services 87 32 Tax advisory services 0 0 Other non-auditing services 0 1 047 Total 1 068 1 848 Note 7 - Merger with Oceanteam ASA Soiltech ASA completed a merger with Oceanteam ASA on September 11, 2024. The merger plan was signed 30 Mai 2024 and approved by the general meetings of the respective companies on 4 July 2024. The main purpose of the merger was to achieve a listing of Soiltech ASA on the Euronext Expand marketplace. As part of the merger, Soiltech ASA issued 527 947 new shares as consideration to the shareholders of Oceanteam ASA. This consideration was based on Oceanteam ASA having a market value of NOK 31.67 million at the date of entering into the merger agreement. At the time of the merger, Oceanteam ASA was essentially an empty shell company without any operational activities. The only significant asset in the company was a cash balance of NOK 19.1 million. Therefore, the merger has been accounted for as a share-based payment transaction in accordance with IFRS 2. The measurement of the transaction is based on the value of the shares in Oceanteam ASA at the transaction date, which was September 11, 2024. At this time, the shares were traded at NOK 0.93, corresponding to a market value for the company of NOK 30.8 million. The difference between the cash balance in Oceanteam ASA (NOK 19.1 million) and the fair value of the company is considered to reflect the value of the stock exchange listing, including access to new capital and recognized (amounts in NOK 1000) 2025 2024 Cost of lease of assets of low value 558 495 Audit and Accounting cost 3 447 3 121 Legal advisor cost 2 222 2 670 Office cost and it equipment 10 641 8 359 Travel related cost 1 408 1 278 Sales and commercial cost 1 889 911 Insurance 1 141 1 416 Tax abroad for employees 51 699 Other cost 1 309 1 312 Total 22 664 20 260 50 investors. This difference, amounting to NOK 12,8 million, has been recognized as an expense in the financial statements of Soiltech ASA in the line item “Expenses related to Merger & IPO”, as it does not meet the criteria to be recognized as an asset on the balance sheet. In addition to the expenses above, Soiltech ASA has incurred various transaction costs in connection with the process of completing the merger and subsequent listing on Euronext Expand, amounting to NOK 10.1 million in total. Of these, NOK 5.3 million is considered incremental costs directly attributable to the equity transaction and has therefore been recognized as a deduction of equity, reducing the capital increase from the merger. The remaining NOK 5.0 million has been recognized as an expense and is included in the line item «Expenses related to Merger & IPO» in the income statement. Note 8 – Related parties Accounting policies In the Parent company, the subsidiaries and investments in any associated company are valued at cost. The investment is valued at the cost of the shares, less any impairment losses. An impairment loss is recognized if the impairment is not considered temporary, in accordance with generally accepted accounting principles. Impairment losses are reversed if the reason for the impairment loss is rectified in a later period. Dividends, Group contributions and other distributions from subsidiaries are recognized in the same year as they are recognized in the financial statement of the provider. If dividends / group contribution exceeds withheld profits after the acquisition date, the excess amount represents repayment of invested capital, and the distribution will be deducted from the recorded value of the acquisition in the balance sheet for the parent company. An impairment loss on shares in Sorbwater Technology AS was recognized, amounting to NOK 24.2 million (2024: NOK 2.4 million). Subsidiaries (amounts in NOK 1000) Place of office Ownership Equity as of 31.12.2025 Net result for 2025 Carrying value 31.12.2025 Soiltech Offshore Services AS Sandnes 100 % 1 065 140 788 Sorbwater Technology AS Bergen 100 % 7 961 (24 311) 7 820 Soiltech Romania S.R.L Romania 100 % (130) (131) 0.47 Transactions with related parties (amounts in NOK 1000) Relationship Transaction type 2 025 2 024 Purchase of services from Soiltech Offshore AS Subsidiary Purchase of serv. 146 268 101 629 Funding of Sorbwater Technology AS Subsidiary Funding 250 8 765 Rental of equipment and personell to Soiltech Romania Subsidiary Rental income 50 777 0 Total 146 518 110 393 Outstanding balances with group companies (amounts in NOK 1000) Relationship Nature of amount 2025 2024 Sorbwater Subsidiary Funding and group contribution (7 504) (7 754) Soiltech Offshore Services AS Subsidiary Trade payables (23 920) (16 662) Soiltech Romania S.R.L Subsidiary Rental income 17 829 0 Total (13 595) (24 416) 51 Note 9 – Financial items (amounts in NOK 1000) 2025 2024 Net foreign exchange gains (losses) (633) 1 359 Interest income 423 210 Other 0 0 Total financial income 423 210 0 0 Interest expenses on leases (9 165) (4 197) Interest expenses on borrowings (8 100) (7 961) Loss on financial derivatives 0 0 Impairment of shares in subsidiaries (24 171) (2 375) Other 140 (80) Total financial expenses (41 296) (14 612) Net financial items (41 505) (13 043) Note 10 – Income tax Accounting policies The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of: temporary differences linked to goodwill that are not tax deductible. Temporary differences, both positive and negative, which will or are likely to reverse in the same period, are recorded as a net amount. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The companies recognize previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset. Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Group where temporary differences have arisen based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax and deferred tax assets are recognized at their nominal value and classified as non-current asset investments (non-current liabilities) in the balance sheet. Specification of income tax expense (amounts in NOK 1000) 2025 2024 Profit before tax 17 661 12 500 Group contribution 0 0 +/- Permanent differences 25 006 8 440 +/- Change in temporary differences (21 395) (24 071) - Carry-forward deficit (21 273) 3 131 Basis for calculating tax (0) 0 Tax payable 22% (0) 0 +/- Changes in deferred tax (14 745) 4 579 Prior year tax correction 0 (216) Tax expense in the statement of profit and loss (14 745) 4 363 Tax payable in tax expense 0 0 Tax payable in the balance sheet 0 0 52 Temporary differences related to: Intangible assets 0 0 PP&E Assets and Intangible 218 057 139 386 Current assets 8 712 6 656 Non-current assets 0 0 Long-term liabilities (118 076) (70 288) Gain & loss account 402 503 Current liabilities (12 103) (660) Tax losses carried forward (1 591 449) (1 608 582) Net difference (1 494 457) (1 532 986) Tax reducing differences which may not be netted 1 494 754 1 604 445 Total temporary differences 297 71 459 Deferred tax liability (asset) 22% 66 15 721 Tax loss carryforward The merger between Soiltech ASA and Oceanteam ASA in 2024 was carried out as a tax-free merger in accordance with Chapter 11 of the Norwegian Tax Act. The merger was completed with tax continuity, whereby all tax positions in Oceanteam ASA were transferred to Soiltech ASA pursuant to Section 11-7 of the Norwegian Tax Act. As part of the transferred tax positions, a tax loss carryforward of approximately MNOK 1,604 were transferred to Soiltech ASA. Deferred tax assets related to tax loss carry forwards are recognized only to the extent that it is probable that future taxable profits will be available against which the tax losses can be utilized, in accordance with IAS 12. During 2025, the Company reassessed the expected utilization of tax losses within the Norwegian tax group. Under Norwegian tax rules, tax losses in the parent company must be utilized before tax deductions for group contributions are applied. Based on this reassessment, tax loss carry forward of MNOK 109,6 have been recognized in Soiltech ASA, resulting in recognition of a deferred tax asset of MNOK 24,1. The recognition reflects a reallocation of deferred tax assets within the Norwegian tax group, where the deferred tax asset previously recognized in Sorbwater Technology AS has been reduced correspondingly. Based on an assessment of future taxable profits, and that the risk that some of the loss carried forward might be disallowed the Group has recognised deferred tax asset losses carried forward equivalent to the tax losses that arise from the acquisition of Sorbwater. The Group will not recognise additional deferred tax asset before it is confirmed that the tax authorities will accept the continuation of the Oceanteam loss carried forward. In the event that the tax loss carried forward following the Oceanteam acquisition were to be disallowed, the company will have the possibility to offset any payable taxes through group contributions to Sorbwater. Reference is made to the Group’s tax note for further information regarding ongoing tax audits related to the merger with Oceanteam ASA and the acquisition of Sorbwater Technology AS Note 11 – Intangible assets Accounting policies Intangible assets mainly comprise goodwill originating from previous acquisitions. Goodwill is not depreciated but is instead subject to annual impairment testing. Other intangible assets include patents and software which are recognised in accordance with the cost method and depreciated over their expected economic lifetime. 53 Specification of intangible assets (amounts in NOK 1000) Other Cost 01.01.2024 2 895 Additions 878 Disposals 0 Cost 31.12.2024 3 773 Additions 166 Disposals 0 Cost 31.12.2025 3 939 Accumulated depreciation 01.01.2024 1 658 Depreciations for the year 275 Accumulated depreciation 31.12.2024 1 933 Accumulated impairment 01.01.2024 100 Impairment for the year Accumulated impairment 31.12.2025 100 Depreciations for the year 426 Accumulated depreciation 31.12.2025 2 359 Impairment for the year 0 Accumulated impairment 31.12.2025 100 Carrying amount 01.01.2024 1 137 Carrying amount 31.12.2024 1 740 Carrying amount 31.12.2025 1 480 Economic useful life 3-5 years Depreciation schedule Linear Note 12 – Property, plant & equipment Accounting policies Property, plant & equipment consists of slop treatment units, equipment for cuttings handling and swarf removal, skips and various other equipment. Property, plant & equipment are recognized in accordance with the cost method and depreciated over their expected economic lifetime. 54 Specification of property, plant & equipment (amounts in NOK 1000) Property, plant & equipment Cost 01.01.2024 236 463 Additions 37 375 Investment grants recognized, not yet received - 1 819 Disposals 0 Cost 31.12.2024 272 019 Additions 97 714 Investment grants recognized, not yet received -199 Disposals 0 Cost 31.12.2025 369 534 Accumulated depreciation 01.01.2024 51 942 Depreciations for the year 14 594 Accumulated depreciation 31.12.2024 66 536 Accumulated impairment 01.01.2024 3 568 Impairment for the year 0 Accumulated impairment 31.12.2024 3 568 Accumulated depreciation 31.12.2024 66 536 Depreciations for the year 20 286 Accumulated depreciation 31.12.2025 86 822 Accumulated impairment 31.12.2024 3 568 Impairment for the year 0 Accumulated impairment 31.12.2025 3 568 Carrying amount 01.01.2024 180 953 Carrying amount 31.12.2024 201 915 Carrying amount 31.12.2025 279 139 Economic useful life 5-15 years Depreciation schedule Linear Investment grants recognized in the table above are accounted for on an accrual basis and include amounts not yet received at year-end. Grants received during the year amounted to NOK 2.3 million (2024: NOK 1.9 million) and is presented in the statement of cash flows. Note 13 – Leases Accounting policies The Company leases certain operating equipment which in turn is leased to our customers. The Company has substantially all the risks and rewards of ownership and the leases are classified as financial leases. Financial leases are capitalized at the inception of the lease at the lower of the fair value of the leased asset or the present value of the future minimum lease payments. Each lease payment is allocated between the corresponding financial lease liability and finance charges to achieve a constant rate on the outstanding liability. Depreciation of assets held under capital leases is reported within “Depreciation and amortization expense” in the Statement of Profit and Loss. The depreciation policy for assets held under financial leases is consistent with that for owned assets and is depreciated over estimated economic life. 55 Overall description of the leases of the parent company The parent company primarily leases fluid treatment units (STT) and boat transfer tanks (CRT). The lease term is usually between 4 and 10 years. It is expected that the purchase option is exercised and as such the asset is depreciated over the expected economic lifetime. Specification of right-of-use assets (amounts in NOK 1000) Total Carrying amount 01.01.2024 53 027 Additions 48 626 Termination 0 Depreciations (5 350) Carrying amount 31.12.2024 96 303 Additions 62 978 Index regulation/other adjustements (193) Non Depreciations (9 243) Carrying amount 31.12.2025 149 845 Economic useful life 5-15 years Depreciation schedule Linear Specification of lease liabilities (amounts in NOK 1000) 2025 2024 Carrying amount 01.01. 69 914 33 600 Additions 62 978 47 888 Interest expenses 8 065 4 190 Lease payments (22 880) (15 765) Carrying amount 31.12. 118 076 69 914 Non-current lease liabilities 107 278 57 432 Current lease liabilities 10 798 12 482 Contractual payments on leases (amounts in NOK 1000) 2 025 2 024 Due within one year 18 063 17 719 Due within one and five years 70 744 55 686 Due after 5 years 65 831 14 099 Total 154 638 87 504 Note 14 – Other assets and liabilities Accounting policies Non-current assets are assets intended for long-term ownership or use. All other assets are current assets. Receivables that fall due for payment within one year shall not be classified as non-current assets. Similar criteria apply to liabilities. Other current assets are recorded in the balance sheet at nominal value less provisions for expected credit losses. Other current assets (amounts in NOK 1000) 31.12.2025 31.12.2024 Prepaid expenses 3 274 2 154 VAT receivable 18 736 6 731 Tax refund connected to research and development 282 2 256 Receivables towards group company 17 829 0 Other 55 100 Total 40 176 11 242 56 Other current liabilities Note 15 – Trade receivables Accounting policies Trade receivables are recognized at an amount equal to the transaction price, less provisions for expected credit losses. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Specification of trade receivables (amounts in NOK 1000) 31.12.2025 31.12.2024 Accounts receivable 34 680 59 515 Earned not invoiced revenues 9 261 339 Provision for expected credit losses 0 0 Carrying amount 43 941 59 854 Note 16 – Cash and cash equivalents Accounting policies Cash and cash equivalents comprise mostly ordinary bank deposits. The statement of cash flows is prepared using the indirect method. Interest income and expenses are presented as investing and financing activities, respectively. Restricted cash (amounts in NOK 1000) 31.12.2025 31.12.2024 Payroll withholding tax account 1 435 397 1 182 Note 17 – Borrowings Accounting policies Borrowings are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. There has not been any material transaction cost during the year. In July 2025, Soiltech signed new financing agreements with SpareBank 1 Sør-Norge, replacing existing credit facilities totalling NOK 229 million (borrowings and leasing). Effective from Q3 2025, the agreements include an additional NOK 150 million investment loan and a NOK 30 million overdraft facility, increasing total available financing to NOK 409 million. Covenants The loan facilities with Sparebank 1 Sør-Norge have the following covenants: • Net-interest bearing debt (NIBD)/Earnings before interest taxes, depreciation and amortization (EBITDA) 12 month rolling < 3.75 • Book equity > 30% • Bank approval required for dividends or group contributions The covenants are tested quarterly, and pr Year-end 2025 the Company is not in breach of with any of the covenants. (amounts in NOK 1000) 31.12.2025 31.12.2024 Public duties payable 5 163 2 821 Liability to employeers incl. holiday pay 6 497 2 699 Liability to group companies 31 425 7 754 Other 7 524 2 533 Total 50 609 15 807 57 Specification of borrowings – 31.12.2025 (amounts in NOK 1000) Nominal interest rate Nominal amount Capitalized financing fees Carrying amount Sparebank 1 Sør Norge 3 m.Nibor+1.8% 140 634 (544) 140 090 Carrying amount as per 31.12.2025 140 634 (544) 140 090 Non-current borrowings 125 660 Current borrowings 14 430 Specification of borrowings – 31.12.2024 (amounts in NOK 1000) Nominal interest rate Nominal amount Carrying amount Innovasjon Norge 7.7 % 1 292 1 292 Rogaland Sparebank 3 m.Nibor+2.5% 105 525 105 525 Carrying amount as per 31.12.2024 106 817 106 817 Non-current borrowings 86 609 Current borrowings 20 207 Contractual payments on borrowings – 31.12.2025 (amounts in NOK 1000) Next year 1-2 years 2-5 years More than 5 years Sparebank 1 Sør Norge 22 789 21 908 116 316 0 Total 22 789 21 908 116 316 0 Contractual payments on borrowings – 31.12.2024 (amounts in NOK 1000) Next year 1-2 years 2-5 years More than 5 years Innovasjon Norge 1 356 0 0 0 Rogaland Sparebank 25 868 24 512 64 063 13 906 Total 27 223 24 511 64 063 13 906 For loans with floating interest rates, the amounts above are calculated using the current interest rate per the relevant year end. Carrying amount of assets pledged as security (amounts in NOK 1000) 31.12.2025 31.12.2024 Property, plant & equipment 279 140 201 915 Trade receivables 43 941 59 854 Total 323 081 261 769 Note 18 – Share capital and shareholder information Share capital and ownership structure As of 31 December 2025, the share capital of the parent company, Soiltech ASA, amounts to NOK 1,076,650.51 and consists of 8,281,927 ordinary shares, each with a nominal value of NOK 0.13. The increase in share capital during the period results from the exercise of 318,840 share options. Consequently, share capital increased from NOK 1,035,201 on 31 December 2024 to NOK 1,076,150.51 on 31 December 2025. 58 Shareholders as of 31.12.2025 Shareholders Number of shares Ownership interest BNP PARIBAS 1 045 778 12.6 % DNB CARNEGIE INVESTMENT BANK AB 651 859 7.9 % WELLEX AS, Associated with Glenn Åsland (COO) 608 860 7.4 % KNATTEN I AS, Associated with Jan Erik Tveteraas (CEO) 605 325 7.3 % HILDR AS 574 847 6.9 % SKAGENKAIEN INVESTERING AS, Associated with Mona H.S. Freuchen (Board Member) 570 000 6.9 % TVETERAAS INVEST AS 521 710 6.3 % KRISTIANRO AS 436 676 5.3 % DNB BANK ASA 369 002 4.5 % RIVERBORG B.V. Associated with Karin Govaert (Board Member) 240 000 2.9 % PIMA AS, Associated with Eirik Flatebø (Board Member) 220 000 2.7 % HAVNEBASE EIENDOM AS 193 470 2.3 % AVANZA BANK AB 125 733 1.5 % PONDERUS INVEST AB 118 560 1.4 % GAVIN RYDER 78 000 0.9 % HOLSTEN INVEST AS 64 670 0.8 % DRAGESUND INVEST AS 60 000 0.7 % NIDAL FATHIA ALLABABIDI 58 580 0.7 % ALTO HOLDING AS 57 990 0.7 % NORDEA BANK ABP 56 140 0.7 % Top 20 shareholders 6 657 200 80.4 % OTHER 1 624 727 19.6 % Total 8 281 927 100.0 % Included in Other shareholders are 5 000 shares owned by board member Olaf Skrivervik, 18 000 shares owned by CFO Tove Vestlie and 23 940 shares owned by Chairman Dag Schjerven. Foreign ownership was 37,9% at year- end 2025 (2024: 34,6%) Note 19 – Financial risk and capital management See information in consolidated financial statement. Note 20 – Climate risk See information in consolidated financial statement. Note 21 – Remuneration to senior executives and Board of Directors See information in consolidated financial statement. Note 22 – Share-based payment transactions See information in consolidated financial statement. 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