AI assistant
StrongPoint — Annual Report 2025
Mar 27, 2026
Preview isn't available for this file type.
Download source fileStrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating revenue | 1 359 MNOK | 1 309 MNOK | 1 342 MNOK |
| Annual growth | 4 % | -2 % | -2 % |
| Recurring revenue | 1 385 MNOK | 358 MNOK | 312 MNOK |
| Annual growth recurring revenue | 7 % | 15 % | 7 % |
| EBITDA | 26 MNOK | -2 MNOK | -1 MNOK |
| EBT | -15 MNOK | -47 MNOK | -45 MNOK |
| Total assets | 1,008 MNOK | 1,028 MNOK | 1,014 MNOK |
| Equity | 478 MNOK | 465 MNOK | 475 MNOK |
| Equity ratio 2) | 47.4 % | 45.3 % | 46.8 % |
| Current ratio 3) | 1.33 | 1.09 | 1.27 |
| Earnings per share 4) | -0.11 NOK | -0.72 NOK | -0.77 NOK |
| Number of shares (average for year) | 44 731 T | 44 631 T | 44 398 T |
| Number of shares 31.12 | 44 888 T | 44 888 T | 44 888 T |
| Share price (Oslo Børs) 31.12 | 10.05 NOK | 11.15 NOK | 13.35 NOK |
| Number of employees 31.12 | 500 | 497 | 524 |
2) Equity ratio = Equity 31 December x 100 / Total assets 31 December
3) Current ratio = Current assets 31 December / Current liabilities 31 December
4) Earnings per share = Annual profit after tax / Average no. of shares
1) 12 months recurring revenue includes service agreements, licenses and rentals.
Key figures 2023-2025
- ~500 NUMBER OF EMPLOYEES
- 40 YEARS IN BUSINESS
- 1.4Bn NOK ANNUAL REVENUE
- 9 COUNTRIES WITH FULL SALES, SERVICE AND SUPPORT
- 20+ COUNTRIES COVERED WITH PARTNERS
- 2003 LISTED ON OSLO STOCK EXCHANGE
- 2021 GRI REPORTING & MEMBER OF UN GLOBAL COMPACT
StrongPoint is a technology company that makes grocery retailers more efficient and sustainable. For 40 years, we have worked closely with grocery retailers, understanding their challenges and delivering innovative technology solutions that improve operational efficiency and support long-term sustainability while enhancing customer experiences.
Our Purpose
| Impact on grocery retailer | Impact on end consumer |
|---|---|
| Driving efficiency savings | Improving both the in-store and online experience for shoppers |
| Boosting margins |
We make grocery retailers more efficient and sustainable
Our Values
We are obsessed with efficiency
We don’t waste time or resources, so every second counts in our pursuit of perfection.
We love retail
As experts, we always look to improve and innovate. We come up with new technological solutions that are tailor-made for our retail customers.
We win the customer every single day
It’s not just about winning the contract; it’s about continuously developing the relationship and never taking the customer for granted.
We stay strong, safe and passionate
We take care of each other, and in challenging times and crises we stand together. Share your learnings, knowledge, wins and losses. Be the best you can be, and help others to achieve the same.
We make a difference
Values are what we choose to prioritize. They encompass the behaviors and skills that we cherish and form the foundation of how we want the work environment to be at StrongPoint. At StrongPoint, we have chosen five values that demonstrate the behaviors and skills we want all our colleagues to embody.
CEO Statement
2025 was a year that showed encouraging progress for StrongPoint. We improved on several fronts compared to last year, including profitability, strategic customer wins and growth in recurring revenue from our proprietary software. However, results are far from where we aspire to be, which means we still have much to do.
In our most developed and mature markets of Norway, Sweden and the Baltics, we have strong customer relationships and deep understanding of their needs. On this basis, we continued to provide a steady and profitable base. We are seeking to replicate the level of customer intimacy we have achieved in these markets in our other, much later markets of the UK and Spain. Understanding our customers’ unique needs remain essential to our long- term success as we seek to focus on customer intimacy as a core differentiator in every market we serve. At the heart of this customer intimacy is our broad portfolio of retail technology solutions, covering e-commerce fulfilment, in-store efficiency tools, cash management, self- checkout and digital store solutions.This wide breadth deliberately captures a broad spectrum of our customers’ value chain, enabling us to address more of their operational challenges and deepen our relationships.
StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
A major priority in 2025 was advancing our collaboration with Vusion. The partnership broadens our digital store capabilities and geographic scope for electronic shelf label sales. At the same time, the partnership also enables a unique e-commerce cooperation, allowing for additional efficiency gains at grocery retailers leveraging both companies’ solutions. During the year, we introduced the first joint technology roadmap initiative, combining Vusion’s AI enabled Captana shelf edge cameras with StrongPoint’s Order Picking platform to support more accurate and efficient e-commerce fulfilment. This is the first of many more to come.
We made meaningful progress in expanding our e-commerce customer base, with Carrefour Belgium selecting StrongPoint’s Order Picking solution. This represented another significant milestone for us. MC Sonae, Portugal’s largest grocery retailer, also chose to switch to our solution for its in-store e-commerce picking. These wins underline the competitiveness of our solution and point to international opportunities for Order Picking as grocery retailers seek dependable and efficient e-commerce fulfilment.
Securing long-term contracts for business critical digital infrastructure with leading grocery retailers outside our traditional markets highlights several important points. It confirms that we have a world class proprietary e-commerce solution. It shows that opportunities exist far beyond our established geographic footprint. And it demonstrates that this area can further strengthen our base of recurring revenue, which remains a key focus as we work to build a more valuable, predictable and stable business.
None of our achievements would have been possible if it was not for the people at StrongPoint. We strive to attract, develop and retain the best people in the industry, having a strong belief that this will not only create the best results for customers, but also the best place to work. Our employee Net Promoter Score rose to 36 at year end, up from 32 in 2024 and 14 points above benchmark companies. While there are clear variations across the geographies in which we serve, this is a positive signal for engagement and alignment as we continue the work of sharpening priorities and execution.
Looking ahead, we remain focused on strengthening our financial performance and positioning StrongPoint for long- term sustainable growth. A key part of this is increasing the share of recurring revenue by expanding the number of customers using our proprietary solutions. Another area with significant potential is scaling more of our proprietary solutions across all of our core markets – both traditional and new. Today we succeed in selling some of our solutions in particular core markets, but there is potential to scale this much further.
In 2025 we improved EBITDA and continued to grow recurring revenue. Full year reported EBITDA increased by 24 MNOK, from 2 MNOK in 2024 to 26 MNOK in 2025. Recurring revenue also increased by 7 percent, on a twelve-month rolling basis. These developments reflect stronger fundamentals and support the long-term strategic direction of the company. With variations in project deliveries, fluctuations between the quarters are expected. Overall, we maintain our long- term ambitions of healthy revenue growth and an EBITDA margin of more than 10% over the cycles.
Our progress this year reflects the commitment and professionalism of the entire StrongPoint team. I want to extend my sincere thanks to everyone for their efforts throughout 2025. I also want to thank our customers, partners and shareholders for their continued trust and support as we work to help grocery retailers to become more efficient and sustainable. To paraphrase the famous catchphrase of my hometown football club, Bodø/Glimt: StrongPoint forever!
Jacob Tveraabak
CEO
A major priority in 2025 was advancing our collaboration with Vusion. The partnership broadens our digital store capabilities and geographic scope for electronic shelf label sales.
In 2025 we improved EBITDA and continued to grow recurring revenue.
These developments reflect stronger fundamentals and support the long-term strategic direction of the company.
We made meaningful progress in expanding our e-commerce customer base, with Carrefour Belgium selecting StrongPoint’s Order Picking solution.
This represented another significant milestone for us.
MC Sonae, Portugal’s largest grocery retailer, also chose to switch to our solution for its in-store e-commerce picking.
8 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
2025 delivered revenue growth of 4% and a significant EBITDA uplift from 2 MNOK in 2024 to 26 MNOK in 2025. These results are still not at our targeted level but represent a solid achievement in the efforts to strengthen the longer- term fundamentals of the company. The International segment had good overall topline growth, reflecting our ongoing strategic shift to become a sizeable international player on the grocery retail technology arena. The International part of our revenue is now bigger than our historical ‘home markets’ in Scandinavia, and we expect this trend to further accelerate in the years to come.
Some years ago, we spun off two business units (Labels and Cash Security) with a total revenue of approximately NOK 300 million at the time, in order to focus exclusively on retail technology and increase our focus on building a more significant recurring revenue base. The latter is now starting to yield visible results as our rolling twelve months recurring revenue by end of 2025 amounted to NOK 385 million. Growing our recurring revenue base, particularly from our proprietary software, is an important priority for the company going forward to build a more valuable, predictable and stable business.
During 2025, StrongPoint’s Order Picking solution gained further recognition and credibility as Carrefour in Belgium, one of the world’s most recognised grocery retail brands, became a customer. Following our earlier breakthrough in the UK, this highlights the solution’s international potential, its quality, and the efficiency improvements it delivers for our customers.
Our multifaceted partnership with Vusion is starting to bear fruit and is developing very well. Vusion’s broad portfolio of retail technologies and their innovation agenda provide us with significant future business opportunities. As we look ahead, we expect also 2026 to bring continued macroeconomic and geopolitical uncertainty and unpredictability, but we remain steadfast in our belief that StrongPoint is better positioned than ever to capitalize on the significant opportunities within the grocery retail technology market in the years to come.
While we focus on profitable growth with a disciplined and long-term approach, we also know that decision-making in grocery retail is often a long process and can require pilots and subsequent rollouts that take time and typically do not allow for linear growth across reporting quarters. However, the priority now is to continue to build on our regained momentum and create a solid platform for future success. The entire organization is prepared, committed and highly motivated to make this happen.
As 2025 is my last full year as Chairman, I am pleased with the progress we have made, proud of the entire organization and confident that StrongPoint is well positioned for the years ahead.
Morthen Johannessen
Chairman
We remain steadfast in our belief that StrongPoint is better positioned than ever to capitalize on the significant opportunities within the grocery retail technology market in the years to come.
2025 was a year of steady progress for StrongPoint as we continued to sharpen our strategy and build for the future. The company is still undergoing a rather significant strategic shift both in terms of geographical markets and product portfolio. The geographic focus has been narrowed to defined key markets with significant potential as opposed to earlier years, with a wider range of countries and locations. Hence, the product portfolio is tailored to position the company as a highly relevant supplier and partner for both traditional grocery retail and e-commerce players.
Morthen Johannessen
Chairman
The company is still undergoing a rather significant strategic shift both in terms of geographical markets and product portfolio.# Chairman’s Perspective
About StrongPoint Key figures 2023-2025 Our Purpose Our Values CEO Statement Chair’s Perspective Our Strategy 2023 Highlights StrongPoint’s new CTO Product segments E-commerce Logistics In-store Productivity Payment Solutions Checkout Efficiency Shop Fitting Other Retail Technology Long-term strategic projects Markets Nordics Baltics Spain UK & Ireland ESG Governance Board Of Directors’ report Corporate Governance Investor Relations Financial Statements Consolidated Financial Statements Financial Statements StrongPoint ASA Auditor’s Report
Our solutions: solving five everyday grocery retailer problems
Order Picking: our world-class grocery e-commerce solution
* SaaS-solution purpose-built by StrongPoint for grocery retailers.
* Delivers the world’s fastest picking performance, keeping costs to a minimum.
* Trusted by top grocery retailers including Sainsbury’s in the UK, Carrefour in Belgium, MC in Portugal and multiple grocery retailers in Sweden.
- The cost of fulfilling online orders: End-to-end E-Commerce SaaS-based Order Picking Platform, Multiple Last Mile solutions and Automated Fulfillment with AutoStore.
- The risk of theft and shrinkage: Vensafe Select & Collect and AI-Powered Self-Checkout Theft Detection.
- The need to do more with fewer staff: AI-Powered Next Generational Self-Checkout, Self-Scanning solution and ‘ShopFlow Logistics’, a SaaS-based in-store task management solution.
- The complexity of pricing and promotions: At shelf digital display solutions including Electronic Shelf Labels.
- The operational burden of handling cash: Developing revolutionary new cash management solution, CashGuard Connect and already well-established CashGuard.
Markets
* UK & Ireland: Investing in developing new relations with leading grocery retailers.
* Nordics: Growing through upselling and new partnerships.
* Baltics: Rolling out new point-of-sale systems.
* Spain: Developing world-leading new cash management solution.
* Rest of World: Selling our world-class SaaS-based e-commerce Order Picking solution.
* Outside core markets: Investing for future growth
Sources of revenue
Recurring Revenue: Includes software licenses, service contracts and hardware rentals.
| R E C U R R I N G R E V E N U E | R E P E A T B U S I N E S S | N E W C U S T O M E R R E V E N U E |
|---|---|---|
| Repeat Business from Existing Customers | Customers expand to more locations or upgrade existing solutions. | New Customer Revenue: New customers and one-off projects such as installations, consultancy and automation deployments. |
9 StrongPoint ASA | Annual Report 2025
Customer Intimacy Growth
About StrongPoint Key figures 2023-2025 Our Purpose Our Values CEO Statement Chair’s Perspective Our Strategy 2023 Highlights StrongPoint’s new CTO Product segments E-commerce Logistics In-store Productivity Payment Solutions Checkout Efficiency Shop Fitting Other Retail Technology Long-term strategic projects Markets Nordics Baltics Spain UK & Ireland ESG Governance Board Of Directors’ report Corporate Governance Investor Relations Financial Statements Consolidated Financial Statements Financial Statements StrongPoint ASA Auditor’s Report
10 StrongPoint ASA | Annual Report 2025
Solutions solving 5 challenges and capturing new opportunities in grocery retail
| E-Commerce fulfillment | 1 Theft &Shrinkage | 2 Cash handling |
|---|---|---|
| • SaaS-based E-Commerce Platform | • AI-powered scales & weighing devices | • CashGuard cash management |
| • In-Store Order Picking | • Vensafe Select & Collect | • Developing next-generation cash automation solution (CashGuard Connect) |
| • Click & Collect and Home Delivery | ||
| • AutoStore automation |
| 3 Store Efficiency | 5 Pricing & Promotions | 4 |
|---|---|---|
| • SaaS-based task management software (ShopFlow Logistics) | • Electronic Shelf Labels | |
| • Next generation AI-powered Self-Checkout | • At-shelf digital promotions | |
| • Self-Scanning | • In-store retail media advertising |
About StrongPoint Key figures 2023-2025 Our Purpose Our Values CEO Statement Chair’s Perspective Our Strategy 2023 Highlights StrongPoint’s new CTO Product segments E-commerce Logistics In-store Productivity Payment Solutions Checkout Efficiency Shop Fitting Other Retail Technology Long-term strategic projects Markets Nordics Baltics Spain UK & Ireland ESG Governance Board Of Directors’ report Corporate Governance Investor Relations Financial Statements Consolidated Financial Statements Financial Statements StrongPoint ASA Auditor’s Report
2025 Highlights
February Automation expansion in UK
StrongPoint was selected by a leading UK cosmetics retailer to design and install an AutoStore installation. This was StrongPoint’s first AutoStore installation in the UK. The solution will be used to support in-store fulfillment by automating the storage and picking of online orders. The project is part of the retailer’s strategy to improve operational efficiency and handle increasing e-commerce volumes. Our focus is now to deliver the best possible solution for the customer, leveraging our extensive experience in the retail e-commerce and automation sectors.
Jacob Tveraabak, StrongPoint CEO
February Vensafe anti-theft pilot in UK launched
StrongPoint launched a third Vensafe proof-of-concept in the UK, in partnership with the tier-1 grocery retailer Morrisons. This is the first installation of the newly launched updated Vensafe solution, which included a new screen on the dispenser which can show adverts and a new in-aisle item selection screen enabling retailers to capture digital retail media revenue.
March New Automation partnership
StrongPoint signed a partnership agreement with Pio, a compact, high-density warehouse automation solution created by AutoStore. The Pio solution was designed for smaller retailers and 3PLs.
11 StrongPoint ASA | Annual Report 2025
About StrongPoint Key figures 2023-2025 Our Purpose Our Values CEO Statement Chair’s Perspective Our Strategy 2023 Highlights StrongPoint’s new CTO Product segments E-commerce Logistics In-store Productivity Payment Solutions Checkout Efficiency Shop Fitting Other Retail Technology Long-term strategic projects Markets Nordics Baltics Spain UK & Ireland ESG Governance Board Of Directors’ report Corporate Governance Investor Relations Financial Statements Consolidated Financial Statements Financial Statements StrongPoint ASA Auditor’s Report
June Self-Checkout Sales in Estonia
The grocery retailer COOP Estonia ordered 130 self- checkouts from StrongPoint including delivery and installation. This order is part of the on-going cooperation between COOP Estonia and StrongPoint.
June AI-Powered Scales Sale
A Nordic grocery retailer placed an order of approximately 21 MNOK for scales to be used in their stores. The scales (from StrongPoint’s partner DIGI) are integrated with AI that instantly detects the items placed on them making it easier and faster for users.
September AutoStore installation in the UK
StrongPoint was chosen by a leading UK retailer and distributor to design and install its first AutoStore installation and provide warehouse fit-out services. The customer is a leading retailer and distributor of household products in the UK & European markets.
May Carrefour Belgium selects StrongPoint Order Picking
The grocery retailer Carrefour Belgium chose StrongPoint’s Order Picking solution for all its scheduled grocery e-commerce deliveries following a competitive RFP process.
The solution enables us to improve efficiency, reduce operational costs, and deliver a more reliable service to our customers. StrongPoint’s deep expertise in grocery operations was clear throughout the process and gave us confidence in their ability to support our ambitions.
Jan Pollier, Carrefour Belgium Digital & E-Commerce Director
12 StrongPoint ASA | Annual Report 2025
About StrongPoint Key figures 2023-2025 Our Purpose Our Values CEO Statement Chair’s Perspective Our Strategy 2023 Highlights StrongPoint’s new CTO Product segments E-commerce Logistics In-store Productivity Payment Solutions Checkout Efficiency Shop Fitting Other Retail Technology Long-term strategic projects Markets Nordics Baltics Spain UK & Ireland ESG Governance Board Of Directors’ report Corporate Governance Investor Relations Financial Statements Consolidated Financial Statements Financial Statements StrongPoint ASA Auditor’s Report
November EKO selected StrongPoint’s ShopFlow Logistics
EKO, a leading retailer in Sweden, rolled out StrongPoint’s ShopFlow Logistics to all its stores to provide in-store logistics services. EKO chose StrongPoint’s solution after a thorough market evaluation and concluded that StrongPoint’s proprietary solution was the best available. This marks an extending of the partnership with EKO as they are already using StrongPoint’s CashGuard solution.
December Shelf-Verified Order Picking Launched with Vusion
StrongPoint launched ‘Shelf-Verified’ Order Picking solution leveraging Vusion’s shelf edge camera, Captana, enabling grocery retailers to know exactly what is on the shelf in the store real time. This allows for not only better shelf availability, but also increases order quality fulfilment of e-commerce orders. Furthermore, the solution allows for grocery retailers to capitalise on quick-commerce opportunities by being able to show real time availability of goods.
September Leading Grocery Retailer in Portugal switches to StrongPoint for Order Picking
One of Portugal’s leading grocery retailers, MC, switched its order picking solution to StrongPoint. The decision followed an evaluation of whether to build an in-house solution, but MC ultimately chose to use StrongPoint’s solution.
We chose StrongPoint as our partner for in-store order picking because their solution is the clear market leader in efficiency, helping us maximise profitability for our e-commerce operations. While we considered developing our own system, StrongPoint enables us to immediately deploy a market-proven solution that delivers maximum efficiency from day one.# Hélder Ribeiro, MC CDO
13 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
How do you assess StrongPoint’s technology progress over the past year, and where have the most meaningful advances been made?
We have made substantial progress in strengthening our technology foundation while maintaining reliable delivery at scale. Over the past year, we have significantly strengthened our core basics, particularly quality, scalability, and security, with clear improvements across several integrated hardware and software solutions and major advances in security that reinforce trust among our enterprise customers. At the same time, we have made important progress in our flagship SaaS portfolio, especially within Order picking and ShopFlow Logistics, where we have modernized our mobile solutions and introduced new features that expand customer value and our addressable market. We have also improved collaboration between our technology and product teams across geographies, creating stronger alignment between customer needs, product development, and delivery. Together these changes have enabled us to operate more effectively across the different markets we operate in.
In what ways can StrongPoint’s technology solutions better support grocery retailers as their needs change over time?
One of StrongPoint’s key technology differentiators is our ability to adapt and customise solutions based on close customer relationships. With customer intimacy as our core focus we want to deliver practical, integrated, and flexible solutions that are uniquely adapted to our customer needs. This is an industry that is highly complex – and increasingly so as the amount of technology embedded in grocery retail only ever increases – where margins are under increasing pressure and customer expectations only continue to rise. Our solutions are designed to support retailers as they evolve, whether through increased automation, improved store productivity, scalable e-commerce fulfilment, or better operational visibility. By continuing to focus on modular and interoperable technology, we will allow retailers to adopt new capabilities incrementally and with minimal friction, rather than through large and disruptive changes.
Looking ahead, what role will technology play in strengthening StrongPoint’s competitive position and enabling profitable growth over the coming years?
Internally developed technology will remain a central driver of StrongPoint’s competitive advantage and long-term profitability, alongside our understanding of our core markets and the grocery retailers who operate there. But also what is crucial is to continue to partner with retail technology providers that want to enter markets where we have a strong presence. This enables us to broaden our portfolio of solutions and increase our relevance to our customers, both current and future, and it also means we can tap into the resources of other companies operating in the same product segments as StrongPoint. The new partnership with Vusion is a perfect example of that and even more so as we are working together to create something new combining our respective technologies, the first example is our shelf-verified order picking. At the same time, it is essential that we stay closely aligned with broader technological advances, particularly in areas such as AI, to ensure our solutions are part of this transformation. We do not need to be first to market with every innovation, but we must ensure that we adopt the right technologies at the right time, with the level of quality our customers expect, enabling them to leverage the best tools available to compete and win. In parallel, we will continue to drive innovation and AI adoption internally where it creates clear value, strengthening efficiency and effectiveness across our sales, service, and delivery organizations.
What’s your approach to ensuring a culture of innovation and learning within StrongPoint’s technology and product teams?
Creating a culture of innovation starts with trust, clarity, and accountability. My focus is on ensuring teams have clear priorities, understand the customer problems they are solving and are empowered to make decisions within well-defined boundaries. While StrongPoint has a diverse portfolio of products, it is essential to encourage learning across teams by sharing knowledge and best practices, continuously improving our ways of working, and enabling ideas to flow freely across the organization. Equally important is fostering a culture where teams are not afraid to fail, but know how to recover, reflect, and improve. Success is a good teacher, but setbacks often provide the most valuable learning and that requires a trusting environment where both are treated as opportunities to grow.
14 StrongPoint ASA | Annual Report 2025
Aurelijus Valeiša Chief Technology Officer
Aurelijus Valeiša has over 15 years of experience in technology, e-commerce, and retail logistics, holding senior roles at Boozt, Wayfair, and InPost. He combines hands-on engineering expertise with experience in scaling digital platforms and driving innovation. He started his first company at just 15 and later founded and sold two more businesses. At Boozt, he helped grow the company from a small start-up into a publicly listed business and has worked across Europe, gaining extensive international experience in retail technology.
Interview with StrongPoint’s new CTO
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
Product segments
StrongPoint is organized into six product segments:
| Segment | Offerings |
|---|---|
| E-commerce Logistics | Order Picking, Automated Fulfillment, Warehouse Management, Home Delivery, various Click & Collect Pickup Solutions. |
| In-store Productivity | Electronic Shelf Labels, Digital Shelf Solutions, Retail Media, Computer Vision & AI, Scales & wrapping systems and ShopFlow Logistics. |
| Payment Solutions | Multiple CashGuard models: Core, Premium, Unico and Compact. |
| Check Out Efficiency | Self-Checkout, Vensafe Select & Connect, Self Scanning and POS systems. |
| Shop Fitting | StrongPoint equips retail and service shops with fixtures, fittings, and necessary equipment as well as refurbishing checkouts. |
| Other retail technology | StrongPoint implements, personalises and maintains an enterprise resource management solution. |
15 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
16 E-Commerce Logistics
StrongPoint offers a comprehensive SaaS platform designed to support grocery retailers through the entire process of fulfilling and delivering e-commerce orders. Specializing in a store-centric approach, StrongPoint helps retailers optimize their store networks with efficient picking, manual and automated, as well as multiple last mile solutions.
E-Commerce Fulfillment
In-store Order Picking
StrongPoint’s Order Picking Solution is designed to maximize efficiency and accuracy in grocery e-commerce fulfillment. Our market- leading technology enables faster, more accurate picking processes, significantly reducing labor costs while improving order accuracy. Whether used in-store, in a dark store, or integrated with automated micro- fulfillment, our solution ensures world-class performance in online grocery fulfillment.
Pick-by-light with Electronic Shelf Labels
To further boost e-commerce fulfilment efficiency, StrongPoint integrates with Electronic Shelf Labels (ESL) enabling Pick- by-light. StrongPoint is a partner of Vusion, the world’s leading provider of ESLs. Pick-by-light accelerates the picking process by flashing the location of items in real time, helping staff locate products faster while reducing errors. By leveraging Pick-by-light, retailers can improve the speed, accuracy, and cost efficiency of e-commerce order fulfilment.
Automated Fulfillment
StrongPoint’s Automated Fulfillment Solution enables grocery retailers to achieve world-class efficiency. This is further enhanced by integration with StrongPoint’s Automated Fulfillment software, purpose-built for AutoStore solutions, and StrongPoint’s manual order picking for situations where retailers automate certain items while keeping others for manual picking. This combination optimizes space, reduces fulfillment times, and lowers operational costs. StrongPoint has also delivered the world’s first multi- temperature AutoStore grid with frozen food capabilities, enabling efficient storage and processing of frozen, chilled, and ambient products within a compact, automated system.StrongPoint partners with AutoStore to provide this solution. Taking a consultative approach, we work closely with retailers to solve their challenges while being technology-agnostic, allowing us to offer best-fit, world-class solutions tailored to each retailer’s needs.
| 2024 | 2025 | |
|---|---|---|
| 2024 REVENUE | ||
| PRODUCTS | 44 MNOK | 60 MNOK |
| SERVICES | 71 | 83 |
| TOTAL REVENUE | 114 | 144 |
RELATIVE SHARE OF TOTAL REVENUE
| 2024 | 2025 | |
|---|---|---|
| PRODUCTS | 40% | 41% |
| SERVICES | 60% | 59% |
StrongPoint ASA | Annual Report 2025
Key figures
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
17
StrongPoint ASA | Annual Report 2025
Last Mile Solutions
Click & Collect Grocery Lockers
StrongPoint’s Click & Collect Grocery Lockers provides a convenient and cost-effective way for customers to pick up online orders while reducing last-mile delivery costs. By automating the collection process and turning stores into distribution points, grocery retailers can streamline operations and enhance convenience. These lockers can be mobile or stationary and support three temperature zones: ambient, chilled, and frozen. Lockers can also be configured with doors on both the front and back, enabling fast order loading and making them ideal for quick commerce order fulfilment.
In-Store Pickup
StrongPoint’s In-Store Pickup Solution automates pickup operations for a fast and efficient customer experience. The system includes two-way communication, allowing shoppers to notify the store when they are on their way so their order is ready on arrival.
Drive-Thru
StrongPoint’s Drive-Thru Solution provides a fully contactless and automated way for customers to pick up groceries without leaving their vehicle. AI-powered image recognition detects when a customer’s car enters the pickup zone, instantly notifying store staff. This ensures a smooth and efficient process.
Home Delivery
StrongPoint’s Home Delivery Solution optimizes grocery deliveries by managing time slots, vehicles, and pickup points while ensuring efficient routes. The system includes two-way communication, allowing real-time updates, delivery preferences, and supports cold chain management to maintain product freshness.
18
StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Market Today
Online grocery ecommerce continues to grow steadily as more people make online shopping part of their weekly routines. Many shoppers still want the ease of getting groceries brought to them, but physical stores remain important because they offer quick access and familiarity. Retailers are working to make online shopping easier, improving websites and apps, widening fulfilment options. Beyond the customer-facing experience, AI is increasingly being used behind the scenes to improve fulfilment operations — from demand forecasting at the hour and store level to dynamic pick-path routing and real- time inventory management.
Store-led models remain central, with many retailers using their stores both to serve customers in person and to pick and prepare online orders. Competition between pure online players and traditional grocers is still strong. Store- based retailers benefit from being closer to customers and having more ways to hand over orders, while pure online businesses often face higher operating costs. Across the industry, some retailers are stepping back from large central fulfilment sites in favour of smaller, more flexible setups like in-store automated fulfilment, improved in-store picking which increases availability and reduced shrinkage. At the same time, fast delivery and quick commerce partnerships are becoming more common. These partnerships help retailers reach new customers and offer faster deliveries, but they also make store operations more complex. Many grocers now work with several fast delivery partners at once, each using different systems and working in different ways. This means stores must juggle in-store picking, partner orders, and their own online orders all at the same time. As this becomes more common, retailers are looking for ways to manage all order types together, cut down unnecessary steps, and keep store operations running smoothly. There is growing demand for tools that bring all orders into one view and use the store’s existing processes, helping retailers scale up without adding extra layers of complexity.
Future Outlook
Grocery retailers are expected to keep investing in AI, automation, and related technologies, but the focus is shifting toward practical tools that clearly help day- to-day operations. While automation can make fulfilment faster and more accurate, grocery demand rises and falls throughout the day, week, and year. Because of this, many retailers are favouring flexible, right- sized systems over large installations that depend on steady, predictable volume. This is driving more interest in small-scale fulfilment solutions, stronger in-store picking processes, and mixed approaches where people and automation work together.
The broader industry trend is moving toward fulfilment models built around stores and local operations. Retailers moving away from large automated sites in favour of store- based approaches shows that being close to customers, and being able to adapt quickly, is becoming more important than scale alone. With more delivery partners involved in the last mile, coordination between online platforms, stores, and delivery providers is becoming increasingly important. Grocery retailers are simplifying handover processes, improving how orders move through the store, and looking for tools that help manage all channels through the same operational setup.
AI-based customer tools will continue to develop, though their long-term impact is still emerging. The rise of agentic AI could reshape the online grocery experience more fundamentally. As AI agents take on more of the shopping journey — from meal planning to checkout — retailers will need to ensure their platforms, product data, and fulfilment processes are ready to support automated, agent-driven ordering alongside traditional customer interactions.
Looking ahead, retailers are likely to focus on technologies that strengthen store centered fulfilment, improve in-store picking, and help coordinate with fast delivery partners. Together, these approaches will help ensure that ecommerce growth remains manageable and that stores continue to play a key role in serving customers across both online and in-person channels.
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
In-store Productivity
ShopFlow Logistics
ShopFlow Logistics is a solution designed and built by StrongPoint as a cloud-based mobile logistics system for managing routines such as receiving goods, inventory, balance adjustments, label printing, and waste management on both Android and iOS. The solution empowers the workforce, enhancing efficiency on the shop floor.
Electronic Shelf Labels (ESLs)
Electronic Shelf Labels (ESLs) from our partner Vusion are the foundation of a connected, cloud-managed digital shelf. ESLs enable real-time price accuracy, reduce manual shelf- edge tasks, and improve store execution by connecting products, prices, and shelf data directly to retail systems. In December 2024, StrongPoint changed its ESL provider to Vusion, the world’s leading ESL provider. The transition from StrongPoint’s previous ESL provider to Vusion is expected to have a temporary negative impact.
Digital Shelf Solutions
EdgeSense from Vusion transforms the shelf edge into an intelligent digital infrastructure by adding centralized communication, precise in- store geolocation, and direct connectivity with Bluetooth-enabled devices. EdgeSense helps retailers move beyond simple price automation toward a more connected, data-driven store environment that improves operational efficiency, supports shelf accuracy, and enables richer interactions for associates and shoppers.
Retail Media
Engage is our partner Vusion’s platform for activating in-store retail media across the connected store. Engage helps retailers deliver targeted content at the shelf and across digital touchpoints by linking shelves, displays, and mobile interactions to real-time store and shopper data. This allows campaigns to be launched, adjusted, and measured with greater speed and consistency, while keeping messaging aligned with store conditions, product availability, and promotional priorities.
Computer Vision and AI
Computer Vision and AI are key parts of Vusion’s connected, cloud-managed retail infrastructure.These technologies enable real-time shelf visibility, reduce manual store checks, and improve execution by turning visual shelf data into actionable operational insights. Through solutions such as Captana, Vusion combines connected shelf cameras, cloud software, and AI to automatically identify out-of-stocks, low stock, misplaced items, and compliance issues across the store.
Scales and Wrapping Systems
Our partner DIGI Teraoka provides a broad portfolio of retail weighing, labeling, and packaging solutions designed to improve accuracy, efficiency, and sustainability in-store operations. Its range includes AI-powered self-service scales which support fast product identification and help streamline self-service weighing and checkout. DIGI also offers integrated weigh-wrap-label systems, which combine weighing, wrapping, and labeling in a single workflow to improve productivity and reduce labor. For more advanced fresh-food packaging, DIGI’s LX-5600 is an all-in-one weigh-seal-label MAP tray sealer, designed to integrate weighing, gas flushing, sealing, and labeling in one compact machine. In addition, DIGI continues to support more sustainable retail operations through its zero-waste and Bring Your Own Container (BYOC) solutions, including self-service bulk and checkout workflows that help reduce disposable packaging.
| 2024 | 2025 | |
|---|---|---|
| REVENUE MNOK | ||
| PRODUCTS | 185 | 200 |
| SERVICES | 112 | 185 |
| TOTAL | 297 | 385 |
| RELATIVE SHARE OF TOTAL REVENUE 2025 | |
|---|---|
| PRODUCTS | 28% |
| SERVICES | 72% |
StrongPoint ASA | Annual Report 2025
Key figures
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
20
StrongPoint ASA | Annual Report 2025
Market Today
From our insights, many grocery retailers continue to face pressure on profitability, despite signs that the market is stabilizing. Real volume growth has been limited, requiring retailers to shift focus from volume- led growth to tighter operational control and efficiency. At the same time, higher utility costs, continued price competition, and a constrained labor market are affecting margins. As a result, cost control and margin improvement remain top priorities for grocery retailers.
In this low-margin environment, shrink has become a more significant structural issue, with inventory loss having a direct impact on profitability. To address this, retailers are increasingly investing in artificial intelligence and computer vision to move from passive monitoring to more active loss prevention. For example, AI-enabled scales and smart self- checkout solutions use item-level recognition to identify products more accurately, helping to reduce both scanning errors and deliberate misuse. Effective loss prevention is particularly important for grocery retailers that expand self-service solutions in order to reduce labor costs and improve customer experience.
Grocery retailers are also under continued pressure from labor shortages and rising wage levels, which increases the need to improve operational efficiency in stores. Tasks such as inventory counting and price changes account for a substantial share of labor hours for store employees, and automation is thus becoming increasingly relevant. Electronic Shelf Labels (ESLs) are one example of this development. By reducing the need to update paper price tags manually, ESLs can improve labor productivity and support better pricing accuracy. They also enable more dynamic pricing, which can help reduce food waste by lowering prices on perishable goods before expiry.
In parallel, retailers are making more use of computer vision for shelf monitoring. Cameras and shelf-scanning tools can track stock levels in real time and identify empty shelves, misplaced items, or compliance deviations. This allows store teams to respond more quickly, reduces the need for manual shelf checks, and helps limit lost sales caused by out-of-stock situations.
StrongPoint continues to be an important partner for grocery retailers seeking to improve operational efficiency, with solutions that support profitability both in-store and online. By combining these capabilities, retailers can strengthen margin performance, free up staff time for customer-facing activities, and better meet the changing expectations of consumers.
Future Outlook
Labor costs, inflation, and sustainability- related compliance requirements continue to increase. This means margin pressure is likely to remain a structural feature of the market. In this environment, we expect grocery retailers to stay focused on two priorities: improving operational efficiency through technology and developing retail media as an additional revenue stream. Grocery retailers are investing in AI, automation, robotics, advanced analytics, and workforce management tools to improve labor productivity, optimize inventory, and reduce shrink. At the same time, retail media is becoming a more important contributor to profitability. Grocery retailers are well positioned to make better use of customer data, owned digital channels, and in-store traffic by offering targeted and measurable advertising solutions. Together, these areas are expected to remain important for strengthening efficiency and supporting long-term profitability.
21
StrongPoint ASA | Annual Report 2025
Key figures
2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
Payment Solutions
CashGuard
StrongPoint’s CashGuard portfolio delivers fuly automated cash management solutions engineered to optimize store operations, strengthen security, and reduce operational costs. Traditional manual cash handling introduces avoidable risks, counting errors, shrinkage, internal and external theft, and overall slower checkout throughput. StrongPoint’s CashGuard is available in four fully integrated configurations: Core, Premium, Unico, and Uni, with a fifth solution, CashGuard Connect, currently in development. CashGuard typically delivers up to 30% reduction in total cash management costs and cuts handling time by as much as 50%. By securing cash at every step, it significantly minimizes theft exposure, enhances workplace safety, and can contribute to lower insurance premiums. Continuous automated counting and cash flow optimization ensure accurate, real-time visibility across the entire store, enabling staff to focus on customer service rather than administrative tasks.
CashGuard Connect is a next-generation solution that provides fully automated, end- to-end cash management at the point of sale, eliminating the need for store staff to handle cash. Unlike traditional CashGuard systems, which automate cash handling at the checkout, CashGuard Connect extends automation across both the front and back- end of the cash management process. This enables a continuous and secure flow of cash from checkout to back-office handling, significantly reducing manual tasks for store staff. By minimizing the need for manual cash handling and reducing the frequency of cash collections by cash-in-transit partners, the solution improves security, lowers operational costs, and streamlines overall cash management for retailers. The front and back- end components can be deployed separately or installed as a complete end-to-end solution depending on the store’s infrastructure and operational needs.
Market Today
In 2026, cash continues to play a critical role in retail transactions across numerous markets, reinforcing the need for robust, secure, and efficient cash management infrastructure. Although digital payments are growing, many retailers still depend on manual cash handling processes that drive higher labor costs, increase exposure to theft, and slow down customer facing operations – and this is evident in countries with both high and low average levels of cash usage. Recent global instability and a rise in retail crime have further prompted several highly digitalized countries to legislate the preservation of cash as an essential component of societal resilience. StrongPoint’s CashGuard system directly addresses these challenges by fully securing and automating the cash handling workflow reducing human error, increasing transaction accuracy, improving overall operational efficiency and enhancing the customer experience. While retail remains a key market, CashGuard is engineered to support a wide range of environments requiring high security and uptime, including pharmacies, tobacco retailers, bakeries, and the HoReCa sector. The ongoing success of CashGuard Core highlights the market’s need for solutions that integrate seamlessly into existing checkout counters while managing bulk coin handling and high-volume note flows. By eliminating manual errors and providing real-time visibility, CashGuard enables retailers to maintain tighter control over cash, ultimately improving profitability.
| 2024 | 2025 | |
|---|---|---|
| REVENUE MNOK | ||
| PRODUCTS | 84 | 121 |
| SERVICES | 116 | 125 |
| TOTAL | 200 | 246 |
| RELATIVE SHARE OF TOTAL REVENUE 2025 | |
|---|---|
| PRODUCTS | 49% |
| SERVICES | 51% |
Looking ahead, substantial untapped potential remains for automated cash management solutions across global markets, particularly in Southern Europe and other regions where cash is still a dominant payment method in everyday transactions. While digital payments continue to gain traction, a significant share of consumers either prefer or depend on cash, creating sustained demand for advanced automation technologies. In several countries, new legislation is actively safeguarding the consumer’s right to pay with cash in key sectors, reinforcing the long-term relevance of secure, efficient, and compliant cash handling systems. This regulatory momentum, combined with persistent market reliance on physical currency, positions automated cash management as a strategic investment for retailers seeking operational stability, security, and future ready payment infrastructure. StrongPoint sees continued opportunities to enhance automated cash management for grocery retailers. CashGuard Connect represents a complementary addition to the CashGuard portfolio, designed to further optimize how cash is managed across store operations.
22 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Checkout Efficiency
Self-Checkout
StrongPoint’s Self-Checkout solution improves the customer experience and lowers the total cost of ownership for retailers. StrongPoint offers both hardware and software solutions that can be used independently or together. It also integrates advanced AI computer vision for loss prevention, item recognition, and age verification for restricted items.
Vensafe Select & Collect
StrongPoint’s Vensafe Select & Collect automates in-store sales of high-theft and restricted products, such as cosmetics, razor blades, tobacco, and pharmaceuticals. It enables stores to sell products safely and responsibly in both staffed and unstaffed checkouts. Equipped with media screens for in- store advertising, it can also provide additional revenue streams. The solution enhances store productivity and improves the customer experience by reducing shopping barriers and eliminates shrinkage.
Market Today
In 2025, retailers around the world focused on optimizing the in-store checkout experience amid economic pressures, rising theft, and evolving consumer expectations. As cost of living is still a fact in many regions, customers increasingly demand faster and more convenient checkout processes. Concerns around theft are growing, staffing shortages and inflation are driving technology-driven solutions that enhance security and protect employees. Pressured margins push retailers to evaluate new revenue streams. In-store advertising can help boost both sales and revenue. Both Self-Checkout and Vensafe incorporate built-in security features to help retailers safeguard profitability. As shoppers become more comfortable with automation, they increasingly expect seamless self-service experiences similar to those found online and in in-store kiosks. StrongPoint’s AI-driven tools, including item recognition and real-time fraud detection, strengthen security while maintaining convenience. Additionally, as retailers integrate online and offline shopping, a unified approach to payment and checkout that leverages loyalty programs, mobile payments, and frictionless checkout options continues to gain traction, creating a smoother and more efficient customer experience.
Future Outlook
Looking ahead to 2026 and beyond, check-out efficiency will remain central to retail innovation, driven by technological advancements and the ongoing need to manage costs, enhance security, and improve the customer experience. AI will play an increasingly significant role in automation, enabling item recognition, real-time fraud alerts, and intelligent age verification to make self-checkout more accurate and secure by saving customers valuable time. As retailers test different store formats, pop-up shops, and hybrid self-checkout or checkout-free concepts, adaptable solutions such as Vensafe and modular self-checkout kiosks will cater to different layouts and verticals, such as pharmacies, convenience and specialties. With theft and security concerns persisting, solutions that reduce human intervention for restricted items are prominent, protecting employees and customers while minimizing shrinkage.
| 2024 REVENUE | 2025 REVENUE | RELATIVE SHARE OF TOTAL REVENUE 2025 | |
|---|---|---|---|
| PRODUCTS | 122 MNOK | 165 MNOK | 17% |
| SERVICES | 61 MNOK | 67 MNOK | |
| TOTAL | 182 MNOK | 231 MNOK |
50 100 150 200
2024 REVENUE 122
2025 REVENUE 165
2024 SERVICES 61
2025 SERVICES 67
17% RELATIVE SHARE OF TOTAL REVENUE 2025
250 231
Key figures
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
50 100 150 200
MNOK
2024 REVENUE 195
2025 REVENUE 196
14% RELATIVE SHARE OF TOTAL REVENUE 2025
23
StrongPoint ASA | Annual Report 2025
Shop Fitting
Shop Fitting
Shop fitting involves the installation of essential equipment, fixtures, and fittings within retail stores. StrongPoint ALS in the UK & Ireland is a leader in this field, providing modifications and enhancements to both the interior layouts and external surroundings of retail spaces. Traditionally, the business has concentrated on the ‘front-end’ areas of stores, offering comprehensive refurbishment and maintenance services for checkouts and cash tube systems. This focus has broadened to encompass various other aspects of store design, including concession spaces, sales floor remodels, and full store refurbishments. To maintain its position at the forefront of the shopfitting industry, StrongPoint ALS is now poised to become a leading player in the installation of cutting-edge in-store technology. As demand for technical solutions continues to grow, the future of shop fitting will center on implementing and upgrading our clients’ infrastructure. The seamless integration of future products into stores and their interaction with shoppers ensures that shop fitting remains an indispensable service for our clients.
Market Today
In 2025, UK retailers are increasingly focusing on refurbishing existing store networks rather than expanding new spaces, as they aim to upgrade and refresh their current establishments. This shift is driven by the need to adapt to changing customer behaviors, with a growing emphasis on self-shopping experiences. The adoption of StrongPoint’s hybrid checkout systems, which can function as either staffed or self- checkout, exemplifies this trend. Retailers are also embracing technology such as Electronic Shelf Labels (ESLs), inventory monitoring cameras, and connected IoT devices, all designed to enhance customer experience and reduce operational costs. Additionally, the rise of digital media is evident, with screens at points of sale, enhanced merchandising solutions, and digital shelves becoming more prevalent.
Future Outlook
Looking ahead, retailers are expected to continue investing in-store standards, focusing on refreshing their estates and improving the shopping experience. The evolution of the ‘connected store’ will require the installation, servicing, and maintenance of more diverse and advanced infrastructure. Government- mandated schemes, such as the UK’s Deposit Return Scheme, will influence both internal and external store layouts, creating a surge of activity in 2026 in preparation for its 2027 launch. As these developments unfold, the shopfitting industry will play a crucial role in helping retailers adapt to new requirements and enhance their operational capabilities.
Key figures
24 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
| 2024 REVENUE | 2025 REVENUE | RELATIVE SHARE OF TOTAL REVENUE 2025 | |
|---|---|---|---|
| PRODUCTS | 73 MNOK | 87 MNOK | 15% |
| SERVICES | 102 MNOK | 112 MNOK | |
| TOTAL | 175 MNOK | 199 MNOK |
50 100 150 200
2024 REVENUE 73
2025 REVENUE 87
2024 SERVICES 102
2025 SERVICES 112
15% RELATIVE SHARE OF TOTAL REVENUE 2025
Key figures
Other retail technology
Commerce Management System
StrongPoint delivers commerce management solutions that connect store operations, POS, and back-office business processes into one integrated retail environment. The solution is based on Microsoft Dynamics 365 Business Central with LS Central, enabling retailers to manage ERP, POS, inventory, financials, and commerce processes through a unified platform. This helps improve operational efficiency, decision-making speed, and scalability across multi-store retail environments. StrongPoint has extensive experience in implementing and maintaining these solutions in the Baltics. The company has worked with Microsoft- and LS Retail-based retail management systems since 1999, has delivered more than 100 ERP and retail business management projects, and was again recognized as an LS Retail Platinum Partner in 2025.In the point of sales field, StrongPoint maintains several thousands of systems within all region and moreover, launched new generation unified platform TreeCommerce, which will be the next level of technology for retail stores in near future.
Market
Today Commerce management systems remain a critical part of retail infrastructure, but the market is moving toward more cloud-based, standardized, and integration-ready platforms. Retailers increasingly expect ERP and POS systems to support omnichannel operations, real-time data flows, fiscal compliance, and interoperability with a wider ecosystem of payments, e-commerce, loyalty, and analytics providers. Regulatory requirements also continue to shape the market, including fiscalization needs and the application of the European Accessibility Act from 28 June 2025.
Future Outlook
The future of commerce management is moving decisively toward modular SaaS platforms that are easier to deploy, maintain, and scale. Retailers are expected to prioritize solutions that provide flexibility, strong integration capabilities, and readiness for AI-supported processes such as forecasting, reporting, and operational decision-making. As retail becomes more connected and more data-driven, commerce management systems will play an increasingly strategic role in enabling efficiency, agility, and long- term competitiveness.
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Order Picking
StrongPoint continues to expand and scale its Order Picking solution, with a focus on further expanding into new markets and customers as grocery retailers look to handle growing online volumes from stores in a more efficient and scalable way. In 2025, we have seen further progress across several markets. We have continued the roll- out with Sainsbury’s in the UK, and added new customers including Carrefour Belgium and MC Sonae in Portugal.
CashGuard Connect
CashGuard Connect is a next-generation, fully closed -loop cash management solution that connects the entire in-store cash handling process, from the checkout to the back office and cash centre. By automating and linking each step, the solution reduces manual handling, improves security and provides full visibility and control over cash at all times. In 2025, we concluded the initial in-store pilot phase following an extended testing period. Since then, we have seen interest from multiple grocery retailers, both in Spain and in other markets, including requests for further testing and potential store pilots. At the same time, we have made good progress on the manufacturing side and ensured that we retain full rights to the solution. We continue to see long-term potential for CashGuard Connect, particularly in markets where cash still plays an important role, and are working towards getting the solution live in stores.
Vusion partnership and store digitalisation
StrongPoint entered into a broader partnership with Vusion at the end of 2024, which came fully into effect in mid 2025. We now have access to a wider set of in-store technologies, including next-generation ESLs, shelf-edge cameras and retail media solutions. As a first step in the technology collaboration, we launched Vision Picking, combining our Order Picking solution with Vusion’s in-store technology to further improve efficiency and accuracy in-store-based fulfilment. We are also working more broadly on integrating our solutions and developing a joint roadmap.
Markets
Partners in Europe 1
| Country | Office | Contact | Service & Support |
|---|---|---|---|
| Norway StrongPoint headquarter | Oslo | +47 934 03 254 [email protected] | +47 815 66 220 [email protected] |
| Sweden | Stockholm, Gothenburg and Grums. | +46 31 706 80 00 [email protected] | +46 771 18 18 20 [email protected] |
| Finland | Helsinki | +358 20 730 53 01 [email protected] | |
| UK | Birmingham | +44 (0) 121 693 0511 [email protected] | +44 (0) 121 693 0511 [email protected] |
| Ireland | Dublin | +353 1 257 3 257 [email protected] | |
| Spain | Madrid, Barcelona and Gijón. | +34 91 847 50 39 [email protected] | +34 91 847 50 39 [email protected] |
| Lithuania | Vilnius | +370 700 70022 [email protected] | +370 700 70022 [email protected] |
| Latvia | Rīga | +371 8000 19 99 [email protected] | +371 8000 19 99 [email protected] |
| Estonia | Tallinn | +372 650 42 00 [email protected] | +372 6 504 242 [email protected] |
StrongPoint has operations in 9 core countries with full local support from sales to service. In addition, StrongPoint supports grocery retailers in around 20 additional countries via a partner network.
1) Outside Europe: USA and South Africa
Nordics
What do you see as the key trends facing the grocery retail sector in the Nordics?
Across the Nordics, the economic picture is improving, but grocery retail remains under pressure. In Norway, rising wages and stronger household consumption have supported a recovery. However, food inflation is still high, and many shoppers remain cautious, continuing to prioritise value despite improved purchasing power. Sweden is also showing signs of recovery after a prolonged period of weak growth, supported by rising real incomes and easing monetary conditions. Even so, higher food prices in recent years continue to shape shopping behaviour, with consumers remaining focused on price and promotions. In Finland, the recovery has been slower. Demand remains soft, and while inflation has eased, households are still spending carefully. This has sustained demand for affordable options and clear price positioning in-store. Although there are significant differences between the Nordic countries, several key trends will continue to shape grocery retail across these markets. Margin pressure is expected to remain a defining feature of the grocery sector, driven by modest volume growth and continued cost pressure. As a result, operational efficiency will remain high on retailers’ agendas. Online grocery continues to grow faster than the overall market, although it still represents a relatively small share of total grocery sales. At the same time, e-commerce penetration varies significantly across the Nordic countries, reflecting differences in market maturity, consumer behaviour, and the pace of retailer investment.
Nordics Key figures
| Metric | 2024 | 2025 |
|---|---|---|
| REVENUE (MNOK) | 581 | 664 |
| PRODUCTS (MNOK) | 285 | 278 |
| SERVICES (MNOK) | 296 | 386 |
| RELATIVE SHARE OF TOTAL REVENUE 2025 | 43% |
Magnus Rosén SVP Norway, Sweden & Finland
The digitalization of grocery retail is also moving into a more operational phase: Electronic Shelf Labels (ESL), AI, computer vision, robotics, automation and advanced analytics are increasingly being embedded in day-to-day operations across pricing, replenishment, store operations, and personalization. In parallel, retail media is becoming a more established and attractive profit source.
What kind of solutions do you think grocery retailers are going to be in most need of in the future?
Looking ahead, grocery retailers in the Nordics are expected to prioritize solutions that deliver measurable productivity improvements, lower operating costs and improve operational resilience.
Key figures by Country
Norway
| Metric | 2024 | 2025 |
|---|---|---|
| REVENUE (MNOK) | 242 | 346 |
| PRODUCTS (MNOK) | 112 | 124 |
| SERVICES (MNOK) | 130 | 222 |
Sweden
| Metric | 2024 | 2025 |
|---|---|---|
| REVENUE (MNOK) | 324 | 303 |
| PRODUCTS (MNOK) | 162 | 150 |
| SERVICES (MNOK) | 162 | 152 |
Finland
| Metric | 2024 | 2025 |
|---|---|---|
| REVENUE (MNOK) | 16 | 15 |
| PRODUCTS (MNOK) | 12 | 11 |
| SERVICES (MNOK) | 4 | 4 |
StrongPoint ASA | Annual Report 2025Across Europe, underlying grocery volume growth is projected to remain low, at around 0.2% annually through 2030, while continued cost pressure and increasing regulatory requirements are expected to keep margins under pressure. In this environment, demand is likely to remain strongest for solutions that improve execution and reduce operational costs. This includes ESLs, store execution and workforce management software, AI-based forecasting, computer vision, and automation in stores and distribution. Such solutions can support pricing accuracy, better replenishment, improved inventory visibility, lower shrink and increase labor productivity. Online grocery is also expected to remain the fastest-growing channel through 2030, which increases the need for efficient order-picking, fulfilment automation, click-and-collect, and scalable last-mile solutions. At the same time, retailers are likely to place greater emphasis on solutions that strengthen commercial effectiveness. Private labels continues to gain importance and is increasingly driven not only by price, but also by quality, innovation, and clearer tiering. This is expected to increase demand for better assortment management, pricing capabilities, and customer insight tools. Overall, the solutions likely to be most relevant are those that combine lower operating cost with stronger customer relevance across both physical and digital channels.
29 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
What do you see as the key trends facing the grocery retail sector in the Baltics?
The Baltic grocery retail market in 2025-2026 is characterized by a more stable inflation backdrop, but also by continued pressure on household spending and retailer profitability. Lithuania is showing stronger resilience, Latvia remains cautious but stable, while Estonia continues to face the most difficult consumer environment due to higher taxes and weaker purchasing power. Grocery retailers across the region remain highly focused on efficiency, value, and operational resilience. Price sensitivity continues to support private label growth, discount formats, and more targeted promotional strategies, while low volume growth keeps pressure on margins. At the same time, retailers are continuing to invest in self-service, automation, and AI- driven store technologies such as Electronic Shelf Labels (ESLs), computer vision, and analytics. These investments are aimed at addressing labor shortages, improving store execution, and enhancing the customer experience. E-commerce and delivery continue to develop, with greater emphasis on integration, profitability, and seamless omnichannel operations. Sustainability also remains important, especially where it supports lower waste, better energy efficiency, and stronger customer relevance. The overall direction of the market is toward leaner, more digital, and more value-focused retail models.
What kind of solutions do you think grocery retailers are going to be in most need of in the future?
Grocery retailers in the Baltics are expected to prioritize solutions that improve efficiency, support profitability, and strengthen the customer experience across both stores and digital channels. The strongest demand will be for integrated platforms that connect e-commerce, store operations, pricing, inventory, and customer data in real time. Retailers will continue investing in self-service and friction-reducing shopping technologies such as self-checkout, mobile scan-and-go, and app-based payment solutions. At the same time, there will be growing focus on making these systems more secure, scalable, and accessible, particularly in light of the European Accessibility Act now applying across relevant customer-facing services and technologies. AI-powered tools for forecasting, replenishment, pricing, assortment optimization, and waste reduction are also expected to become increasingly important, as retailers look for better decision-making and tighter operational control. ESLs, connected POS, workforce management, task execution tools, and shrinkage-prevention technologies will remain key investment areas as retailers seek faster execution and lower store operating costs. Overall, the greatest need will be for practical, ROI-driven solutions that help grocery retailers operate leaner, respond faster to market changes, and deliver a more seamless and resilient retail model.
| 2024 REVENUE (MNO) | 2025 REVENUE (MNO) | RELATIVE SHARE OF TOTAL REVENUE 2025 | |
|---|---|---|---|
| PRODUCTS | 150 | 179 | |
| SERVICES | 100 | 134 | |
| TOTAL | 250 | 313 | |
| Visual Representation | Bar scale up to 350 | Bar scale up to 350 | 23% |
Rimantas Mažulis SVP Baltics
50 100 150 200 2024 REVENUE 131 PRODUCTS 179 MNOK 2025 2024 2025 128 SERVICES 134 2024 2025 259 23% RELATIVE SHARE OF TOTAL REVENUE 2025 Baltics
Key figures
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
| 2024 REVENUE (MNO) | 2025 REVENUE (MNO) | RELATIVE SHARE OF TOTAL REVENUE 2025 | |
|---|---|---|---|
| PRODUCTS | 52 | 52 | |
| SERVICES | 26 | 22 | |
| TOTAL | 78 | 74 | |
| Visual Representation | Bar scale up to 100 | Bar scale up to 100 | 6% |
What do you see as the key trends facing the grocery retail sector in Spain?
Looking ahead, the grocery retail sector in Spain is expected to be shaped by continued pressure on margins and highly price-sensitive consumers. This is driving grocery retailers to place greater emphasis on efficiency, operational productivity, and margin improvement. At the same time, fresh categories are likely to remain an important focus area as retailers seek to differentiate their offer while maintaining profitability. Omnichannel is now structural, and logistics and picking operations are becoming increasingly demanding. Online channels continue to grow at double digit rates (although from a small base) and are becoming fully integrated with physical stores. One of the sector’s biggest concerns today is labor pressure: absenteeism remains high, above 7%, and wage costs continue to rise. This has a direct impact on productivity in stores and logistics, reinforcing the case for automating repetitive front and back-office tasks. In addition, security and shrinkage prevention are clear priorities. Retailers are increasingly turning to technology driven prevention and operational redesign, both in checkout areas and across the shop floor.
What kind of solutions do you think grocery retailers are going to be in most need of in the future?
Electronic Shelf Labels (ESLs) are moving from pilot tests to full scale rollouts, as current technology now enables far more than dynamic price and promotion management. The partnership between StrongPoint and Vusion enables retailers to adopt a solution that goes far beyond traditional ESLs as they connects the entire store to monitor stock levels in real time, trigger replenishment alerts, quickly locate products, optimize instore picking, and even interact with staff and customers - while the new Edgesense technology solves the battery life and usability limitations of previous generations of ESLs. At the same time, most Spanish supermarkets still handle cash manually. However, the need to reduce labor costs through productivity, the growing relevance of multiskilled store employees (who can avoid the responsibility and stress associated with traditional cashier roles), the increase in the minimum wage, and the need to free up staff to offer better customer service are all making retailers significantly more interested in cash management solutions. With the online channel experiencing consistent and sustained growth in Spain, the emphasis on efficiency and accuracy in order preparation and last mile delivery is becoming increasingly more important. Finally, any tool that helps reduce shrinkage is gaining strong momentum. This ranges from AI based computer vision solutions that detect theft, to technologies that improve the management of fresh products, monitoring stock levels, product condition, tracking expiry dates, generating rotation alerts and supporting donation/reporting workflows to ensure regulatory compliance and improve on shelf availability.
Lorena Gómez SVP Spain
30 StrongPoint ASA | Annual Report 2025
6% RELATIVE SHARE OF TOTAL REVENUE 2025 Spain
Key figures
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
and enhancing efficiency, enabling retailers to allocate resources more effectively and focus on core activities while minimizing overheads. This streamlining is vital in a competitive market where cost management can directly impact profitability. Personalization will take center stage, driven by data analytics that enable retailers to offer tailored experiences and loyalty programs.This trend is important because personalized interactions can significantly enhance customer satisfaction and retention, fostering long-term loyalty. Additionally, the expansion of retail media provides new revenue streams by leveraging both physical and digital environments for targeted advertising, which is crucial for maximizing sales opportunities and engaging customers in innovative ways. Quick commerce, characterized by rapid delivery services, will continue to grow, driven by consumers’ increasing demand for convenience and speed. This trend is vital as it meets the modern consumer’s expectation for immediacy, enhancing customer satisfaction and competitive advantage.
What kind of solutions do you think grocery retailers are going to be in most need of in the future? To navigate these trends successfully, grocery retailers will need to adopt a range of innovative solutions that offer tangible benefits. In-store picking solutions, integrated with IoT technologies like Electronic Shelf Labels and shelf edge cameras, will enhance productivity and enable the connected store by streamlining order fulfillment and ensuring precise inventory management. Grocery retailers can benefit from these solutions by reducing labor costs and minimizing errors, leading to more efficient operations and improved customer service. IoT devices will play a crucial role in creating efficient operating models, providing real-time data that informs decision-making and task prioritization. This data-driven approach allows retailers to optimize their operations, respond swiftly to market changes, and improve overall store performance. Data harvesting and analytics will be essential for improving store performance and identifying growth opportunities, enabling retailers to make informed strategic decisions that drive business success. To tackle unproductive processes, retailers will implement locker systems for customer order collection, offering a convenient and efficient pickup option that enhances customer satisfaction and reduces wait times. Furthermore, loss prevention devices such as Vensafe will be vital in combating theft, securing high-value items, and protecting revenue. By reducing shrinkage, retailers can safeguard their profits and maintain accurate inventory levels. By embracing these solutions, grocery retailers can enhance operational efficiency, improve customer experiences, and maintain competitiveness in a rapidly evolving market, ensuring they are well-equipped to meet future challenges and opportunities.
31 StrongPoint ASA | Annual Report 2025
What do you see as the key trends facing the grocery retail sector in the UK?
In the UK grocery retail sector, the future is poised to be shaped by several transformative trends, each carrying significant importance for the industry’s evolution. By 2026, the concept of the connected store will be pivotal, as retailers strive to blend in-store and online experiences seamlessly. This integration is crucial because it caters to the modern consumer’s desire for convenience and flexibility, allowing them to shop in a manner that suits their lifestyle. Simplifying operating models will be essential for reducing costs
Alex Eveleigh SVP UK & Ireland
| 2024 | 2025 | Relative Share of Total Revenue 2025 | |
|---|---|---|---|
| MNOK | |||
| PRODUCTS | 224 | 315 | 25% |
| SERVICES | 225 | 345 | 1 |
50 100 150 200 250 300 350
UK & Ireland Key figures
About StrongPoint
Key figures 2023-2025
- Our Purpose
- Our Values
- CEO Statement
- Chair’s Perspective
- Our Strategy
- 2023 Highlights
- StrongPoint’s new CTO
Product segments
- E-commerce Logistics
- In-store Productivity
- Payment Solutions
- Checkout Efficiency
- Shop Fitting
- Other Retail Technology
- Long-term strategic projects
Markets
- Nordics
- Baltics
- Spain
- UK & Ireland
ESG
Governance
- Board Of Directors’ report
- Corporate Governance
- Investor Relations
Financial Statements
- Consolidated Financial Statements
- Financial Statements
- StrongPoint ASA
- Auditor’s Report
32 StrongPoint ASA | Annual Report 2025
Sustainability in StrongPoint
Sustainability is embedded in how StrongPoint operates and creates long-term value. Guided by our purpose: We make grocery retailers more efficient and sustainable we focus on reducing environmental impact, improving resource efficiency, and delivering solutions that help retailers run more efficient and sustainable operations. At the same time, we apply the same principles internally by operating responsibly, supporting our people, and continuously improving the efficiency and sustainability of our own operations.
33 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
- Our Purpose
- Our Values
- CEO Statement
- Chair’s Perspective
- Our Strategy
- 2023 Highlights
- StrongPoint’s new CTO
Product segments
- E-commerce Logistics
- In-store Productivity
- Payment Solutions
- Checkout Efficiency
- Shop Fitting
- Other Retail Technology
- Long-term strategic projects
Markets
- Nordics
- Baltics
- Spain
- UK & Ireland
ESG
Governance
- Board Of Directors’ report
- Corporate Governance
- Investor Relations
Financial Statements
- Consolidated Financial Statements
- Financial Statements
- StrongPoint ASA
- Auditor’s Report
UN Global Compact
Since 2021, StrongPoint has been a signatory to the UN Global Compact, the world’s largest corporate sustainability initiative, and is committed to its 10 principles. We respect and adhere to the precautionary principle (Principle 7). This report is our annual Communication on Progress.
- SDG 2, 9, 11 and 12: Product innovation, quality and safety in the food chain Ensuring safe and fresh groceries. With innovative labelling and minimal wastage of food. Develop and offer new technical solutions to the market which are more environmentally sound, simplifying and improving the way retailers and communities do business.
- SDG 5 and 8: Working environment Ensuring a healthy, fair workplace that creates good opportunities for all. Protecting labor rights for all workers.
- SDG 13: Environment Promoting a more circular economy and working with suppliers on joint strategies to reduce our CO2 footprint.
- SDG 16: Governance Setting and enforcing appropriate rules of behavior for employees and suppliers, along with reporting mechanism.
Reporting requirements
Norwegian sustainability reporting requirements are set out in the Norwegian Accounting Act (“regnskapsloven”), which implements the EU Corporate Sustainability Reporting Directive (CSRD). The Act requires in-scope entities to prepare sustainability reporting in accordance with the European Sustainability Reporting Standards (ESRS). The requirements are introduced on a phased basis pursuant to the transitional provisions in “Overgangsregler til lov 21. juni 2024 nr. 42 om endringer i regnskapsloven mv. (bærekraftsrapportering)” and Article 5 of the CSRD.
At the balance sheet date, StrongPoint ASA had an average number of employees in the group below 500 full-time equivalents during the financial year. Under the current regulatory framework, the Group is therefore expected to become subject to statutory sustainability reporting for financial years commencing 1 January 2027. This timing may, however, be further postponed pending the outcome of the EU’s Omnibus regulatory adjustments.
With the implementation of CSRD postponed, StrongPoint has decided to align with the revised timeline and will limit its external sustainability reporting to the following areas:
* Governing principles and policies.
* Memberships, commitments, and relevant frameworks.
* Overarching considerations regarding impacts and sustainability priorities.
Sustainability governance and frameworks
StrongPoint is committed to upholding sustainability, integrity and responsibility across all aspects of its operations. The Board of Directors, as the highest governing body, oversees and ensures the effective management of our sustainability efforts. The Executive Vice President of People and Organization, reporting to the CEO, spearheads the development, implementation, and communication of our sustainability agenda, while our business units are tasked with its execution. Each of our locations is responsible for adhering to both local regulations and corporate standards. All StrongPoint employees are expected to adhere to our Code of Conduct, which serves as the cornerstone of our commitment to maintaining the utmost integrity and avoiding involvement in unethical or illegal activities. We prioritize environmental conservation by adopting more eco-friendly technologies in our operations and for our clients. We acknowledge our obligation to make positive contributions to the societies in which we operate and strive to ensure that they benefit from our presence. Sustainability is seamlessly integrated into StrongPoint’s overarching enterprise purpose and strategy, guiding decisions made throughout our value chain. We understand that our conduct as an employer and business entity profoundly impacts our ability to generate long-term value for both society and our shareholders.
UN Sustainable Development Goals and UN Global Compact
StrongPoint supports the UN Sustainable Development Goals (SDGs), a collection of 17 global goals set by the United Nations General Assembly in 2015. Based on our materiality assessment, we have prioritized eight (8) SDGs where we believe we can have the most impact and where we seek to contribute positively.# 34 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
The UN Sustainable Development Goals (SDGs) embrace a universal approach and define the global agenda for sustainable development. The goals explicitly call on businesses to use creativity and innovation to address development challenges and recognize the need for governments to encourage sustainability reporting. StrongPoint uses the SDGs to understand the context of our impact on sustainable development. Please refer to the Appendices for an overview of StrongPoint’s impact on the 17 development goals.
ESG priorities, double materiality and stakeholder engagement
StrongPoint updates the double materiality assessment (DMA) annually, or when significant changes occur in the stakeholder environment. The assessment identifies the sustainability topics most relevant to our business and stakeholders and ensures alignment with regulatory requirements. More information on the results is available at strongpoint.com.
StrongPoint’s materiality assessment guides the company’s ESG priorities. StrongPoint’s materiality assessment helps identify, prioritise, and validate our most significant sustainability impacts, risks, and opportunities. ESG factors are at StrongPoint treated with equal importance, given the fundamental belief that smaller actions also contribute to the greater good and drive society towards a more sustainable future.
StrongPoint has the following ESG priority topics:
a) Environment and climate risks.
b) People and working environment.
c) Operational sustainability.
A. Environment and climate risks
StrongPoint’s environmental footprint (direct emissions) is relatively low due to the nature of the business. After assessing the significance and possible negative impact, we have found it to be more relevant and aligned with our stakeholders’ feedback to become more focused on innovation and technical solutions that reduce energy consumption on our customer and customer-customers side of the value chain.
StrongPoint’s direct and indirect environmental impacts relate to the production, shipment and transportation of products, employee business travel, waste management and the end-of-life treatment of products. StrongPoint’s most important indirect environmental impacts in the value chain come from transportation and the end-of-life treatment for some of StrongPoint’s products. Combustion of fossil fuels from company vehicles and on-site combustion are the second largest source of emissions. Environmental criteria are always considered when selecting partners. StrongPoint has included environmental accountability in the company’s SLA/ supplier Code of Conduct to reduce the indirect carbon emissions caused by suppliers.
Net-zero ambition
StrongPoint has a net-zero ambition and believes selected solutions from StrongPoint play a role in reducing global greenhouse gas (GHG) emissions. StrongPoint’s ambition is to:
* Reduce the climate impact from our value chain and be come a net-zero company in 2050 or earlier.
* Deliver net-zero products, and use our industrial competence to enable the transition to a net-zero society especially in the retail industry sector.
Our net-zero ambitions are based on a successful transition to a 1.5 degree economy, in line with climate science and the Paris agreement. StrongPoint’s climate strategy is an integral part of our overall business strategy, aiming at driving improvements and development within the company. Impact on the climate strategy is also a criterion for all significant investment decisions. The strategy includes reducing the climate impact of our operations as well as taking advantage of business opportunities by enabling our customers and society to do the same. StrongPoint will start reporting on the Net-zero ambition in 2027.
Climate emissions (Greenhouse Gas Protocol)
StrongPoint monitors and calculates emissions in accordance with the GHG protocol published by the World Business Council for Sustainable Development (WBCSD) and World Resources Institute. As StrongPoint is preparing for CSRD reporting from 2027, emissions will not be published.
Climate change risks
In order to understand and mitigate the risks for our operations and potential consequences related to climate change, we have performed a climate risk assessment, evaluating physical and transition risks. We have looked at weather patterns and their impact on our facilities based on climate models and scenarios from the Intergovernmental Panel on Climate Change (IPCC). StrongPoint has concluded that there are no significant climate exposure in any part of its business operations. At the time of the report, there were no climate-related conditions of a size that are relevant for estimation uncertainty or write-downs. There are no asset retirement obligations.
B. People and working environment
Business ethics
Working with employees, customers and suppliers in more than 20 different countries, StrongPoint is directly and indirectly exposed to ethical risks throughout the company’s value chain. The company has a direct and indirect responsibility to ensure it maintains a proactive approach to ethics, including screening suppliers or assessing operations for risks related to corruption, provide awareness training for employees, implement good governance mechanisms and a system for employees to raise concerns and report irregularities.
35 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
For StrongPoint this means respecting recognised international human and labour rights, such as the Human Rights Act and OECD Guidelines for multinational enterprises and respecting all national laws and regulations in the countries where the company is present, including the Norwegian Companies Act, the Norwegian Penal Code and the Norwegian Code of Practice for listed companies (NUES). The company’s ethical guidelines are outlined in the Code of Conduct, which can be found in full on StrongPoint’s website.
Human rights
StrongPoint recognizes that businesses have a responsibility to respect, support and promote human rights. As an employer, owner and purchaser, an important way to respect human rights is to secure decent working conditions in our organization, in minority-owned companies and with our suppliers. We do not tolerate any form of harassment or discrimination, including but not limited to gender, race, colour, religion, political views, union affiliation, ethnic background, disability, sexual orientation or marital status. Furthermore, we do not tolerate any form of forced or compulsory labour, human trafficking or child labour abuse. We support the principles of freedom of association and collective bargaining.
StrongPoint supports the principles underlying the Universal Declaration of Human Rights, the International Covenant on Economic, Social and Cultural Rights, and the International Covenant on Civil and Political Rights, the UN Global Compact and ILO’s eight core conventions, and we expect our suppliers to do the same. StrongPoint has identified the key risk of human rights breaches to be related to having third-party suppliers in Asia. StrongPoint has during 2025 reduced our exposure as importer of goods from China. In 2025 there has been no indication of serious violations to the StrongPoint Code of Conduct. StrongPoint’s human rights management is based on the OECD Due Diligence Guidance for Responsible Business Conduct.
Anti-corruption
StrongPoint has a zero tolerance for corruption. This includes all directors and employees of the Group and companies and persons acting on behalf of the Group. Donations, sponsorships and irregular gifts need approval according to the ‘grandfather principle’. Also, as a stock listed company, StrongPoint has to abide by strict regulations on conflict of interest, which is regulated in employee contracts. Employees receive awareness training as and when appropriate according to the business unit in which they work.
Whistleblowing and reporting of potential misconduct
If an employee or external party comes across a possible breach of laws, regulations or StrongPoint’s Code of Conduct, or any other possible unethical business practice, this should be reported either in person or through the company’s whistleblowing program. Concerns can also be raised by reporting to an immediate superior, directly to anyone in the management team or directly to the Audit Committee at StrongPoint. A message of concern cannot and will not be used against the reporting employee in any way. StrongPoint has not taken part in any legal proceedings related to business ethics in 2025, nor has there been any confirmed cases of corruption. In our monthly employee survey, we ask all employees the following question: “If I experienced serious misconduct at work, I’m confident StrongPoint would take action to rectify the situation”.The feedback (eNPS) score on this question is 9 points above the external benchmark, and with an average score of 8.4.
Working environment
StrongPoint will conduct its business in a manner designed to protect the interests of its employees including their health and safety. StrongPoint abides by all local laws and regulations in the countries where the company operates. The overall responsibility of employment, including anti-discrimination and equality process lies with the line manager, and is overlooked by Human Resources, with input from employee representatives, and reviewed by the Board of Directors. StrongPoint aims to provide a workplace with a good working environment. The Group is implementing measures to promote the employees’ professional development, prevent illness and accidents, and improve the overall work environment.
Employee turnover in 2025 was 12.3%, down from 17.7% in 2024. While still high in a historical StrongPoint context, the level reflects necessary workforce reductions and reorganizations, as well as geopolitical and financial uncertainty in Europe. The improvement year-over-year is primarily attributable to the significant downsizing measures implemented in 2024.
All employees in the Group are free to organise themselves in labour unions and organisations promoting employee welfare. In 2025, StrongPoint has continued the use of Employee Engagement tool, Peakon. The tool allows the company to measure the employee experience for all employees and managers in StrongPoint. The survey is run every two months where all employees record their feedback on 56 questions that cover 15 dimensions of their employment. The employee Net Promoter Score in Peakon show good results when benchmarked against other companies (the list of indicators is based on loyalty and satisfaction). At the end of 2025 StrongPoint score was 36 (32 in 2024). This is 14 base points better than the benchmark companies, and in the middle range of technology companies. Approximately 53% of all employees score the company at 9 or 10 on a scale from 1 to 10.
Employee health and safety
Ensuring a safe and secure working environment is StrongPoint’s number one priority. Working conditions within the organisation shall meet or exceed legal requirements in every country in which StrongPoint operates, and the company shall comply with the conventions of the UN Global Compact and the International Labour Organization. 36 StrongPoint ASA | Annual Report 2025 About StrongPoint Key figures 2023-2025 Our Purpose Our Values CEO Statement Chair’s Perspective Our Strategy 2023 Highlights StrongPoint’s new CTO Product segments E-commerce Logistics In-store Productivity Payment Solutions Checkout Efficiency Shop Fitting Other Retail Technology Long-term strategic projects Markets Nordics Baltics Spain UK & Ireland ESG Governance Board Of Directors’ report Corporate Governance Investor Relations Financial Statements Consolidated Financial Statements Financial Statements StrongPoint ASA Auditor’s Report
The company’s ambition is to have zero injuries or incidents. It is crucial that the company monitor potential breaches and health and safety incidents that occur at StrongPoint sites in order to implement preventive measures. Employees are encouraged to report health and safety breaches and any work-related incidents that happen on StrongPoint’s sites to the nearest line manager and he/ she is responsible for the investigation. No employees were injured at work and there were no major occupational accidents and no work-related fatalities in 2025. Total sick leave in the company was at 1.2% in 2025, compared to 1.0% the previous year.
C. Operational sustainability
StrongPoint has set an ambition to drive sustainability in the grocery industry through our product innovation and solution design. By improving efficiency across in-store and logistics operations, we help retailers reduce resource consumption, lower emissions, and minimize waste throughout the value chain. Our solutions are designed to optimize labour productivity, reduce energy usage, support more efficient handling of goods, and increase security of workers. In addition, our systems contribute to lowering transport frequency and improving last-mile efficiency through better demand accuracy and workflow optimization.
Operational sustainability is embedded in our product lifecycle approach. We prioritize durable materials, modular design, and serviceability to extend product lifespan and reduce environmental impact. Where possible, we work with suppliers to improve environmental performance and ensure responsible sourcing practices. Through continuous innovation and close collaboration with grocery retailers, StrongPoint aims to enable measurable sustainability improvements while strengthening operational resilience and cost efficiency.
EU regulation on responsible business conduct and The Norwegian Transparency Act
The Norwegian Transparency Act came into force on 1 July 2022. It amends the Non-Financial Reporting Directive 2014/95/EU on Responsible Business Conduct and is based on the recommendations in the UN Guiding Principles on Business and Human Rights (UNGP) and the OECD Guidelines for Multinational Enterprises. The Transparency Act aims to promote enterprises’ respect for fundamental human rights and decent working conditions in connection with the production of goods and services and to ensure the general public access to information regarding how enterprises address adverse impacts on fundamental human rights and decent working conditions. It applies to the company’s own business, suppliers, and the suppliers’ value chain. StrongPoint shall, according to section 5 in the Transparency Act, publish an account of the due diligence assessments, as done in this report. This report also combines the reporting obligations under the Accounting Act §3-3c.
Duties and governance
StrongPoint follows the duties to carry out due diligence assessments to understand the risk of possible breaches - and to introduce measures where necessary. Furthermore, we have a duty to inform about what is used as a basis for the due diligence assessments and the results. Each StrongPoint business unit shall monitor its operations, and due diligence assessments are carried out locally under guidance and collaboration with StrongPoint ASA. StrongPoint Technology and Sourcing are primary responsible for the follow-up of all suppliers. We carry out due diligence assessments in connection with various business decisions. In StrongPoint, this will be done when establishing new business areas, launching new products, or acquiring other businesses. StrongPoint works according to a risk-based methodology, where risk assessments and analyses are part of the management processes in the company and are overlooked by the Board of Directors. StrongPoint also includes the environment and anti-corruption in our transparency due diligence assessment. 37 StrongPoint ASA | Annual Report 2025 About StrongPoint Key figures 2023-2025 Our Purpose Our Values CEO Statement Chair’s Perspective Our Strategy 2023 Highlights StrongPoint’s new CTO Product segments E-commerce Logistics In-store Productivity Payment Solutions Checkout Efficiency Shop Fitting Other Retail Technology Long-term strategic projects Markets Nordics Baltics Spain UK & Ireland ESG Governance Board Of Directors’ report Corporate Governance Investor Relations Financial Statements Consolidated Financial Statements Financial Statements StrongPoint ASA Auditor’s Report
| LIST OF ALL SUPPLIERS AND PARTNERS | INITIAL RISK SCREENING | DETAILED RISK ASSESSMENT | DEVELOP AND PLAN ACTIONS | EXECUTION ON ACTION PLAN | EVALUATE, LEARN AND EMBED CHANGES | DOCUMENTATION |
|---|---|---|---|---|---|---|
| • Adverse impact? | • Country risk | • Industrial risk | • Type and foundation of the company | • Geographical distance and cultural distance | • Relationship to StrongPoint (time and quality) | • Risk potential (magnitude) |
| • Involve | • Survey | • Gather more background info | • Cease, prevent and mitigate | • Track implementation of results | • Communicate how impacts are addressed | • Cooperate in remediation when appropriate |
| YES | NO | ACTION | LOW RISK? | A0 | A1 | A2 |
| A3 | A4 | A5 | A6 | NO | YES | NO |
| ACTION | LOW RISK? | NO | YES | NO |
Table: Process description
Due diligence process description
The process for due diligence assessments in StrongPoint is based on the “OECD guide for due diligence assessments for responsible business”.
A0. We establish a list of all suppliers and partners (up- stream and down- stream). Based on the severity and probability of adverse impacts on fundamental human rights and decent working conditions, we include the extended supply chain.
A1. An overall risk assessment is carried out. Assessing the country of origin, company size, raw materials and risk industries, and company legal structure. Based on this assessment, a list of suppliers is produced where risks may be related to human rights, decent working conditions, the environment, and anti-corruption. If no significant risk is uncovered, the process stops and no further actions are performed. In this assessment, we use pre-determined threshold values and benchmarks against recognized and reliable international subject matter sources (list found in the section below).
A2. We make a detailed assessment of the risk list from A1. It starts with us looking at the findings from A1 against the documentation and the knowledge StrongPoint has about the suppliers in question. Normally, the supplier’s risk will be handled, and the supplier will receive a new low-risk status. For suppliers where the risk has not been handled, we will obtain the necessary information and documentation to map the risk better. We will then conduct a new risk assessment where the supplier is normally involved. The supplier will receive either a “low risk” or a “high risk” status. If the risk is high, the next step is to make an action plan.
A3.Here, measures are drawn up and planned to reduce the risk uncovered in A2. This can be local audits, contract changes, and measures that stop or reduce the negative impact. Necessary internal and external resources are involved, and an action plan is drawn up with those responsible. A4. We have reached the time when the measures we have decided on in A3 are implemented. This is documented continuously to see that the measures are having an effect. A5. Evaluation and learning cycle. We confirm that the measures resolved identified risks and reduced the negative impact. Conducts evaluation meetings and suggests improvements to avoid similar situations in the future. A6. All process steps and actions should be documented.
38 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
Assessment of risk
StrongPoint uses the following sources as a basis for its due diligence assessments of suppliers:
Sources: Freedom House: https://freedomhouse.org/reports/nations-transit/nationstransit-methodology
The International Trade Union Confederation (ITUC): https://www.ituc-csi.org/
EPI: https://epi.yale.edu/epi-results/2022/component/epi
Transparency International: https://www.transparency.org/
In the assessment we specifically look at the following:
1. Country risk.
2. Industrial risk.
3. Type and legal entity of the company.
4. Geographical distance and cultural distance.
5. Relationship to StrongPoint (time and quality).
6. Risk potential (magnitude).
An essential part of establishing a tool for our risk assessment has been to determine threshold values for the different risk areas i.e., when is a country good enough at safeguarding fundamental human rights or decent working conditions? The above-mentioned assessment sources have recommendations that StrongPoint has chosen to use. Based on a point scale from 0 to 100, StrongPoint has the following threshold values as guidelines in our assessments:
Sources: Global Slavery Index. Global Rights Index. Country Reports on Human Rights Practices. Human Rights Watch. UN: Working Group on Business and Human Rights. Universal Human Rights Index (UHRI). Business Human Rights. Corporate Human Rights Benchmark.
Due Diligence Account
StrongPoint will on a yearly basis, or if any significant changes occur, update the due diligence account report and publish this on our web pages before the 30th of June each year.
Right to Information
The right to information is an integral part of the Transparency Act. Any individual or organization has the right to request information from StrongPoint on how we as a company address actual and potential adverse impacts, both in general or to specific products or services. We have published information and standard information request forms on our web pages. Requests are routed to the SVP People and Organization. They will be responded to in writing no later than three weeks after receiving the request.
| Theme | Source | Measures |
|---|---|---|
| Fundamental Human Rights | Freedom House | Measures political freedom and individual rights. Political diversity, freedom of expression, legal due process, and financial dependencies and supression. |
| Decent working conditions | International Trade Union Confederation | Summarises data from unions on employment conditions in different countries. Measures the right to establish and join labour unions, collective negotiations, and the right to go on strike. |
| Environment | Environmental Performance Index (EPI) | Measures different countries contribution and impact on the environment. Environmental health (40%): Polution in air, water and from heavy metals. Eco-systems (60%): Bio- diversity, de-foresting, fisher- ies, suage, greenhouse emissions, and nitrogen emissions from agriculture. |
| Anti-corruption | Transparency International | Measures the extent of corruption in the government sector in different countries based on 12 expert opinions from institutions and 16 surveys. |
| Source | Threshold | Explanation |
|---|---|---|
| Freedom House | Minimum 35 | Countries with score below 35 are considered “Not Free”. Countries with score above 35 are considered “Partly Free” or “Free”. |
| International Trade | Minimum 60 | Scores below 60 are not considered acceptable. |
| Environmental Performance Index (EPI) | Minimum 50 | Scores are rated from red to green per country. Red (not acceptable) is in the range of 0-50. |
| Transparency International | Minimum 50 | Countries with score below 50 are considered to be among the more corrupt societies. |
39 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
Statement on equality and non-discrimination
The following sections provide information on the status of diversity and inclusion in StrongPoint and the activities being undertaken to identify and analyze the risk of discrimination and actions to improve our D&I performance under the Norwegian Equality and Anti-Discrimination Act.
Program statements
StrongPoint find diverse perspectives to be essential to delivering on our long-term strategic agenda. Diversity allows us to think, approach challenges and solve problems differently. StrongPoint is committed to providing equitable employment opportunities and treating all employees fairly and respectfully. StrongPoint employees and business units shall only use merit, qualifications, and other professional criteria as a basis for employee-related decisions, such as recruitment, training, performance, compensation, and promotion. We strive to develop programs and actions to encourage a diverse organization based on the principle of equitable opportunities. StrongPoint is committed to the principles of non-discrimination and does not tolerate any form of harassment or bullying in the workplace. We are working to ensure equal opportunities for all employees and prevent discrimination based on gender, pregnancy, leave in connection with childbirth or adoption, care responsibilities, ethnicity, religion, belief, disability, sexual orientation, gender identity, gender expression, or combinations of these grounds globally, and shall seek to prevent harassment, sexual harassment, and gender-based violence. All figures presented are for the Norwegian company StrongPoint ASA, including all subsidiaries.
Identifying and mitigating D&I-related risks
We use our employee engagement surveys, StrongPoint Peakon eNPS pulse surveys, to identify and monitor risks relating to diversity and inclusion. We also use the internal grievance mechanism AlertLine to assess the risk of discrimination and harassment in the organization and track relevant employee data from our core employee system. Our Peakon survey also allows us to assess employee engagement and psychosocial risk indicators across different demographics, including gender, age, and roles. The index consists of seven diversity, inclusion, and equality related questions. The Peakon index score is part of the Executive Management KPIs. The business areas are expected to develop targets based on their scores, act on the findings from the risk assessments, develop roadmaps, ensure responsibility is taken, and report progress to eliminate discrimination. Every quarter the executive team oversees trends and analyze root causes. D&I is embedded in all people processes, including recruitment, onboarding, and succession planning, and is included in all employee and leadership development programs.
We have identified critical risk areas/obstacles for equality, diversity and discrimination to be:
* Recruitment
* Culture
* Leadership
* Work-life balance
Recruiting employees from various countries, backgrounds, and cultures may challenge how we communicate and follow up with employees. Regarding leadership, poor gender balance can create a perception of unequal career development opportunities and represent a talent retention risk. We also see that StrongPoint’s growth strategy, combined with a performance-driven culture, might create high expectations and workloads for employees, making work-life balance challenging for some.
2025 performance
On recruitment, we have worked actively to improve gender balance on all levels/departments/countries and promote the recruitment of qualified individuals with disabilities or special needs requirements. On Culture and Leadership, we have continued the focus and understanding of our purpose and values (see page 4 and 5). We have pushed for gender balance at all leadership events and diverse leadership teams through systematic succession planning. We are continuously tracking our population regarding work-life balance, and our 2025 engagement survey showed increased scores in most BUs in this area. We have benchmarked executive payments and how it relates to gender diversity. During the past year, we have continued to focus on aligning our policies across the different business units and within the countries of operation. We assess the compensation and benefit equality as part of the yearly salary review and conduct a benchmark survey.We found only minor disparities in 2025 and have adjusted them individually. StrongPoint has steadily progressed in the D&I area the past years and is satisfied with the trend. In 2026 the company will especially focus on recruitment practices to support the D&I agenda. Average age of employees in StrongPoint is 42.6 years in 2024 (42.5 years in 2024). With female average age of 41.7 years old and males 42.9.
40 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
Gender-related salary differences
StrongPoint policy is that all employees shall receive a total compensation that is competitive and aligned with local industry standards. The compensation should also be performance-oriented, transparent, fair and objective. Salaries in the organisation are reviewed regularly (minimum every second year). Positions and pay grades are established and compared both on a group and individual level. No significant gender-pay differentials were found, and this corresponded with the general assessment of the previous years. Still, we adjusted salaries to approximately 20 employees to align them with relevant pay groups.
When setting up and comparing pay groups we looked at and compared the need for knowledge, problem-solving, accountability, and the overall working conditions for every position. Each employee’s base salary, benefits, pension cost, short and long-term incentives were assessed (total remuneration). The average salary of men was NOK 644,000 an increase of 3% from NOK 625,000 in 2024, and women NOK 571,000 with an increase of 6.5% from NOK 536,000 in 2024. The increase was in line with the general uplift in our operating markets.
Remuneration to the Chief Executive Officer (CEO) and other senior executives report
The Board of Directors are required to, in accordance to the Public Limited Liability Companies Act § 6-16 a and b and regulation 11.12.2020 no. 2730, prepare principles and report on remuneration to the Chief Executive Officer (CEO) and other senior executives. StrongPoint presents this report as a separate document to the Annual General Meeting, and it is published on our website.
| Level/ Employee groups | Female | Male | Total | Female average total remuneration in percent of the median | Male average total remuneration in percent of the median |
|---|---|---|---|---|---|
| 10-12 | 13 | 22 | 36 | 104% | 96% |
| 13 | 14 | 64 | 78 | 96% | 102% |
| 14 | 30 | 79 | 108 | 98% | 101% |
| 15 | 26 | 74 | 101 | 97% | 100% |
| 16 | 11 | 69 | 80 | 103% | 101% |
| 17 | 10 | 29 | 38 | 98% | 105% |
| 18-25 | 8 | 48 | 56 | 95% | 103% |
| SP AB | SP S.L.U. | SP Cash Tech SL | SP E-com AB | SP AS | ALS | UK | ALS Ireland | ALS Bulgaria | Hamari | SP ASA | SP UAB | Group SUM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of employees per 31.12.2025 | 82 | 30 | 7 | 25 | 43 | 61 | 10 | 15 | 5 | 4 | 216.0 | 497 | |
| Number of FTE per 31.12.2025 | 79.0 | 27.9 | 7 | 24 | 42.5 | 58 | 9 | 14.0 | 5.0 | 4.0 | 217.9 | 488.2 | |
| Sick leave | 2.20% | 0.70% | 0% | 1.89% | 3.00% | 1.00% | 1.00% | 7.00% | 0% | 0% | 0.20% | 1.20% | |
| Number of women | 17 | 7 | 2 | 6 | 7 | 15 | 1 | 8 | 2 | 1 | 46 | 112 | |
| Average salary men | 596 | 508 | 475 | 796 | 898 | 675 | 632 | 260 | 994 | 2742 | 568 | 644 | |
| Average salary women | 676 | 619 | 541 | 690 | 727 | 599 | 380 | 174 | 467 | 1305 | 541 | 571 | |
| Part time women | 0 | 0 | 0 | 0 | 0 | 3 | 1 | 0 | 0 | 0 | 1 | 5 | |
| Part time men | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| - Of which number of involuntary part-time female employees 31.12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| - Of which number of involuntary part-time male employees 31.12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Parental leave | 9/6,43 weeks | 1/18 weeks | 11/6,43 weeks | 2/24 weeks | 12/22 weeks | 35/13,1 weeks |
Table: Measures in 2025.
41 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
Executive Management
Jacob Tveraabak
CEO
Jacob Tveraabak was previously the CEO of Miklagruppen (Bavaria Nordic), director of business development at Rema 1000 and with McKinsey & Company for 12 years. He is also the co-founder of Nabobil.no. Tveraabak has MSc degrees from the Norwegian School of Economics and Bocconi University. He holds 250,146 shares and 900,000 options in StrongPoint privately and through a privately owned company.
Marius Drefvelin
CFO
Marius Drefvelin has been a group CFO of several international tech companies, including five years at the listed company Techstep ASA. Prior to this, he has been a financial advisor in the transaction teams of Deloitte and KPMG, as well as an investment manager at Jebsen Asset Management AS. Drefvelin holds BSc degrees in Finance and Economics from the University of Utah and is a Certified European Financial Analyst from the Norwegian School of Economics. He holds 21,364 shares and 300,000 options in StrongPoint.
Knut Olav Nyhus Olsen
SVP People & Organization
Knut Olav N. Olsen was previously the position as Chief People Officer in Canal Digital, Telenor Satellite and Telenor Pakistan. Previously also working as CHRO in Skanska and EVP in ISS Facility Services. Olsen holds a master’s degree in law and a finance degree from the University of Bergen, with additional management training from IMD and INSEAD. He is the co-founder and board member of Terrosa Consulting. He holds 46,995 shares and 270,000 options in StrongPoint.
Aurelijus Valeiša
CTO
Aurelijus Valeiša has over 15 years of experience in technology, e-commerce, and retail logistics, holding senior roles at Boozt, Wayfair, and InPost. He combines hands-on engineering expertise with experience in scaling digital platforms and driving innovation. He started his first company at just 15 and later founded and sold two more businesses. At Boozt, he helped grow the company from a small start-up into a publicly listed business and has worked across Europe, gaining extensive international experience in retail technology. He holds 0 shares and 0 options in StrongPoint.
41 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
Magnus Rosén
SVP Norway, Sweden & Finland
Magnus Rosén has more than 20 years’ experience from retail in various management roles, including the role as business director e-commerce at ICA. Magnus have throughout his career predominantly worked with retail management, business development and technology development in the grocery retail space. He holds 27,307 shares and 295,000 options in StrongPoint.
Rimantas Mažulis
SVP Baltics
Rimantas Mažulis has 15 years of experience in retail technologies within StrongPoint. During that time, he held various positions in retail solution design & development area. Rimantas Mažulis holds a degree of Engineering Informatics from Kaunas University of Technology (2004) and currently in progress with Executive MBA (2022) master’s degree by a consortium of Baltic Management Institute, HEC Paris. He holds 44,951 shares and 320,000 options in StrongPoint.
Lorena Gómez
SVP Spain
Lorena Gomez has extensive experience in managing and scaling sales in the retail sector across Europe and has been sales director for the retail technology division at HMY Group, a company she has been with since 2006. Since 2014 she was responsible for the newly formed Retail Technology division at the Group level. Lorena Gomez holds a degree in Industrial Design Engineering from the University of Zaragoza and a Master’s degree in Innovation Management. She holds 35,119 shares and 320,000 options in StrongPoint.
Alex Eveleigh
SVP UK & Ireland
Alex Eveleigh started in StrongPoint in January 2024. He has over 15 years of experience working in the grocery retail industry, holding senior positions at Asda, Aldi and Ocado. In these roles he led teams across various domains, including in-store operations, online grocery fulfillment, automation and robotics. Most recently, he served as the VP of Business Development & Strategy and as the Director of Growth at Takeoff Technologies, a grocery e-commerce automation company, where he oversaw sales, strategy development, implementation, and operations. He holds 0 shares and 120,000 options in StrongPoint.# Executive Management 42
StrongPoint ASA | Annual Report 2025 43
StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Events after the balance sheet date
No major events have occurred after the balance sheet date.
Segments
The Group reported on two segments in 2025: Nordics and International incl. Product. In addition, the financial statement includes detailed revenue information for geographic and product segments. The Group delivers proprietary solutions within In-store Productivity, E-commerce, Payment Solutions and Checkout Efficiency, as well as tailor-made retail solutions from leading third-party suppliers, including Electronic Shelf Labels (ESL), POS, ERP and Digi scales and wrapping systems. The business governance is based on reported sales revenues, EBITDA and EBIT for the two business areas Nordics and International incl. Product.
Nordics
The business segment Nordics currently consists of the operating business units in Norway, Sweden and Finland. The revenue also includes some deliveries to other parts of the Nordics like Denmark and Iceland.
International incl. Product
The business segment International incl. Product consists of the operating business units in the Baltics, Spain and UK/ Ireland, in addition to partner sales in the rest of Europe and rest of world. The ongoing development activities for own products have been allocated to this area.
Board of Directors’ report
2025 financial review
* Operating revenues for StrongPoint Group increased by 4% to 1,359 MNOK (1,309).
* Earnings before interest, tax, depreciation and amortization (EBITDA) amounted to 26 MNOK (2), and profit after tax was -5 MNOK (-32).
* Total assets per 31 December 2025 were 1,008 MNOK (1,028) and equity was 478 MNOK. This resulted in an equity ratio of 47 per cent.
* Net interest-bearing liabilities amounted to 61 MNOK at the end of 2025.
* The Group has a cash pool arrangement that includes most business units, ensuring efficient utilization of liquidity and cash flow. Disposable funds at the end of the year were 99 MNOK.
* Cash flow from operational activities was 54 MNOK (93), and working capital decreased by 16 MNOK in 2025.
44
StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Employees and organization
StrongPoint aims to be a workplace with a safe and positive working environment. All employees receive competitive total compensation aligned with local industry standards. The Group has taken active measures aimed at promoting employees’ professional development, preventing sick leave and improving the overall working environment. All employees in the Group have employment contracts that comply with local market standards and legislation. The Group had 500 employees as of 31 December 2025. Total sick leave in the company was estimated at 1.2% in 2025 compared to 1.0% the previous year. No employees were reported injured and there were no reported accidents during the year. The company has share incentive programs for the executive management and all the employees. 74,136 shares were distributed in 2025. The Group aims to be an inclusive workplace with equality between women and men, based on qualifications, without regard to age, religion or origin. The Group’s Board of Directors comprises 40% women. There were 112 women among the Group’s 500 employees at the end of the year. StrongPoint is an equal opportunity employer, and diversity and inclusion are imperative to the way StrongPoint does business. More information on the status of gender equality and how we comply with section 26 of the Equality and Anti-Discrimination Act can be found under the ESG section on page 39 of the annual report.
Product development
The Group owns intellectual property within cash management, checkout efficiency and e-commerce. StrongPoint continues to invest in and maintain the current solutions, as well as developing and funding new solutions. In 2025, development costs of 32 MNOK were capitalized, comprising 27 MNOK related to the development of a new cash management solution and 5 MNOK related to our own POS solution (Tree Commerce).
Risk
Historically, the Group’s key markets have been robust and stable, as investments in the retail grocery sector have not been significantly affected by financial and macroeconomic changes. In 2025, however, the increase in inflation and interest rates resulted in lower customer spending. Whereas this has eased off slightly during 2025 since the peak, market conditions are still under pressure. Moreover, global component shortages, supply chain delays, pandemic restrictions and other international macro instabilities may impact the Group’s financial performance. The Group manages these risks by close dialogue with key suppliers to reduce the risk of delay in future deliveries. The Group’s operations are exposed to currency risk, and in 2025 this had a negative impact on the Scandinavian operations. Currency risk is managed operationally in customer contracts, but there is a time lag between the currency change and the increased (or decreased) price to customers. Receivables and liabilities are exposed to financial risk, which is reduced by a thorough, action-based follow-up on an ongoing basis. These matters also have implications for liquidity risk. The Group has managed liquidity risk by closely monitoring anticipated future operational cash flow, as well as available cash and credit facilities.
StrongPoint segments
The 2025 financial statements include two reporting segments: Nordics and International incl. Product.
| MNOK | Year | Nordics | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Norway | 241.9 | 345.9 | |||
| Sweden | 323.9 | 302.9 | |||
| Finland | 15.6 | 15.1 | |||
| Total Revenue | 581.4 | 663.9 | |||
| EBITDA | 61.7 | 51.8 | -1.6 | -23.5 | |
| - In % | 10.6% | 7.8% | -0.2% | -3.6% | |
| EBT | 52.0 | 45.5 | -48.7 | -68.3 | |
| - In % | 8.9% | 6.9% | -6.3% | -10.6% |
| MNOK | Year | International incl. Product | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Baltics | 313.0 | 259.4 | |||
| Spain | 78.4 | 74.1 | |||
| UK & Ireland | 344.8 | 224.8 | |||
| Rest of Europe & Partners | 41.3 | 86.9 | |||
| Total Revenue | 777.5 | 645.2 | |||
| EBITDA | -1.6 | -23.5 | |||
| - In % | -0.2% | -3.6% | |||
| EBT | -48.7 | -68.3 | |||
| - In % | -6.3% | -10.6% |
45
StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
StrongPoint has a worldwide Directors’ and Officer’s liability insurance with a limit of approx. 4% of revenue. From an overall assessment of customer satisfaction, market position, market demand and financial position, the Board of Directors considers that there is a solid basis for continued operations, and the annual financial statements were prepared with the assumption of going concern. In the opinion of the Board, the income statement, balance sheet and notes presented are a true and fair view of the company’s position and profit from activities in 2025. The Board of Directors are not aware of any other matters relevant for assessing the company besides what is stated in the annual report.
Ownership and corporate governance
StrongPoint’s policy on corporate governance is presented in the Group’s Annual Report and on the corporate website. The policy contains information pursuant to Section 3-3b of the Accounting Act and the Norwegian Code of Practice for Corporate Governance except some noted deviations. The Group’s ongoing business performance, organizational competence, strategy, capacity and capital structure were the main focus of Board meetings in 2025. The Board held eleven scheduled board meetings and six extraordinary meetings in 2025. All board members are considered to be independent board members, with a 96% participation rate during the year. Every year, the Board performs a board evaluation survey, which is discussed and acted upon to constantly improve the work of the Board of Directors. Parts of StrongPoint’s Group management team are also invited to participate in the survey, and the results are also shared with the nomination committee. StrongPoint ASA hired consultancy services valued at KNOK 10 from TLT Leadership AS where Board member Ingeborg Hegstad owns 50% of the company. There have not been any other transactions with any Board members and employees in 2025. The Board has two subcommittees: an audit committee and a remuneration committee. The audit committee comprises two Board members. The committee reviewed quarterly and annual financial statements, as well as the Group’s main risk categories. The committee also assessed its internal controls, including internal controls related to financial reporting, as well as the quality of risk management systems and audit work. The remuneration committee consists of two Board members.The remuneration committee continues to evaluate and benchmark the total remuneration program every year.
Ethics, environment and corporate social responsibility
Corporate social responsibility and sustainability are integral to StrongPoint’s operations. This means economic, social and environmental aspects are considered before making decisions. Broad confidence and credibility are essential for StrongPoint to meet its business objectives. The Group has achieved this by creating and maintaining a culture built on high ethical standards and integrity. The policy includes information pursuant to Section 3-3c of the Accounting Act.
StrongPoint’s operations follow established public procedures to prevent pollution of the external environment and comply with relevant international and local legislation and standards. Some subsidiaries sell and store products classified as environmentally hazardous if the waste is not managed in accordance with applicable regulations. Subsidiaries have contracts with authorised return and recycling companies. There were no emissions of environmentally harmful substances in 2025. StrongPoint’s customers have the option to return products at the end of their life to ensure they are handled in an environmentally responsible manner.
StrongPoint´s focus on environment, social, and governance (ESG) are reported separately in the annual report. In 2025, the main topics were employee working environment, health and safety, product innovation, quality and safety, corporate governance including ethics and anti-corruption and environment and climate, including emissions and waste management. StrongPoint works actively with suppliers to understand how climate changes can influence the business and try to reduce the risk by identifying and implementing alternative components, reduced production redundancy and reduce emission by searching for more optimal transportation routes.
Corruption and whistleblowing
StrongPoint has zero tolerance for corruption. This applies to all employees, companies and people acting on behalf of the Group. StrongPoint’s zero tolerance means, among other things, that no gratuities may be offered or received, beyond a symbolic value, and no benefits may be received on behalf of either the Group or any employee personally. The Group has whistleblowing procedures in place. It is important to report policy violations or inappropriate conduct in a responsible manner. The audit committee is responsible for handling whistleblowing incidents reported directly to the Board.
Shareholder relations
As of 31 December 2025, StrongPoint had a share capital of NOK 27,830,778 allocated to 44,888,352 shares with a face value of NOK 0.62. At the end of 2025, the Group held 125,426 treasury shares at an average price of NOK 23.31. There were 2,065 shareholders in the company at the end of 2025. The 20 largest shareholders represented 54.8 per cent of total share capital. At the end of 2025, 284 shareholders owned 10,000 shares or more. StrongPoint is not aware of any agreement between shareholders limiting the ability to trade shares or exercising voting rights represented by shares in the Group.
46 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Outlook
StrongPoint’s E-Commerce and In-Store solutions and services are well positioned at the crossroads of multi- channel retailing: online growth and cost-cutting in retail stores. From a North European and grocery focused starting point, StrongPoint will pursue a three-step approach to geographical expansion and growth:
- Roll-out of the full portfolio of solutions in key markets, including Norway, Sweden, Finland, the Baltics, UK&Ireland and Spain, utilizing our strong sales, service and support organization, applying innovative tools and sharing of best practices.
- Selling StrongPoint’s proprietary solutions in a selected number of countries beyond key markets. The list of solutions includes grocery e-commerce, self-checkout, shop fitting and cash management solutions.
- Utilizing StrongPoint´s market access platform for global retail technology providers targeting leading retailers in the key markets, leveraging StrongPoint´s strong market and one-stop-shop position, while also leveraging our strategic partners’ world-class technologies and continuous innovation to deliver best-in-class solutions and drive joint growth.
As a foundation for creating shareholder value, StrongPoint growth strategy is based on profitable and organic growth, M&A initiatives, cost control and a solid balance sheet. The Group frequently presents its long-term goals as part of a Strategy Update Session. The Board of Directors underlines that growth is not expected to be linear, and investments in products and sales resources to enable growth, will influence the EBITDA. The overall growth ambitions can further be influenced by global component shortages, supply chain delays, pandemic restrictions and other international macro and geopolitical instabilities. The Board also acknowledges that the time from pilots to roll-outs and scale-up for new solutions is difficult to predict, and this might sometimes be reflected in rather significant variations in the reported numbers between the quarters.
Parent company - StrongPoint ASA
StrongPoint ASA is the holding company for the Group’s legal entities. The company is listed on the Oslo Stock Exchange under the ticker “STRO”. The parent company, StrongPoint ASA, has four employees. StrongPoint ASA’s profit for the year was 28 MNOK compared to a loss of -7 MNOK in 2024.
Proposal for allocation of profit for the year:
The Board of Directors will propose to the general meeting the following allocation of profit for the year in the parent company StrongPoint ASA for 2025:
| Item | Amount (NOK) |
|---|---|
| Profit for the year: | 27,907,893 |
| Transferred to other equity: | 27,907,893 |
Oslo, 25 March 2026
Morthen Johannessen Chairman
Ingeborg Molden Hegstad Director
Preben Rasch-Olsen Director
Monica Aune Director
Pål Wibe Director
Jacob Tveraabak CEO
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Board of Directors
Morthen Johannessen
Chairman
Morthen Johannessen has more than 20 years’ experience as CEO/ Managing director of international businesses. In Tomra he first served as CEO for the European business, and later as Group COO & head of the Global Business Development division. Prior to Tomra Morthen was CEO of Pepsico`s beverage business in Western-Europe. He currently works as an industrial advisor and professional board member of a number of companies in various industries. Johannessen holds a Master of Business Administration (HD) from CBS, Copenhagen. He has been on the Board of StrongPoint since April 2016, and Chairman from April 2018. He holds 160,238 shares in StrongPoint.
Ingeborg Molden Hegstad
Director
Ingeborg Hegstad has 20 years of experience from management consulting, including McKinsey & Company and Egon Zehnder. Since 2015 Hegstad has been a partner in Imsight AS, offering strategy and leadership advisory to executives, teams and organizations. She has experience from the Board of Directors of Cxense ASA (2017-2019), Q-Free ASA (2018-2021), Cyviz ASA (2021-onwards) and Gjensidige Mobility Group (2023-onwards). Hegstad holds a Master of Business and Administration from Norwegian Business School BI (2000). She has been a Board member in StrongPoint since April 29, 2020. She holds 37,484 shares in StrongPoint.
Monica Aune
Director
Monica Aune has more than 20 years of broad operational experience following her different positions within retail and wholesale companies. Commercial background combined with the strategic and long-term focus on people development makes her a substantial contributor to positive improvements in the financial results. She is today working as Chief People & Culture Officer at Ahlsell AB. Previously she held the title HR Director at Ahlsell Norge from 2016 to 2022. Before that she had an extensive career with ALSO, one of the leading technology providers in the ICT Industry where she was Managing Director from 2007-2016. She completed her Bachelor’s Degree from BI Norwegian Business school in 1992. She has been a member of the Board of StrongPoint since 29 April 2025. She holds 4,646 shares in StrongPoint.
Preben Rasch-Olsen
Director
Preben Rasch-Olsen has more than 25 years of experience from Investment Banking and Investing. After graduating from Handelshøyskolen BI, he started as an equity analyst in Handelsbanken covering the consumer, retail and media sectors and moved later on to Carnegie where he spent 14 years as an equity analyst. In 2019 Mr. Rasch-Olsen went from the sell- side of the table to buy-side joining forces with two family offices, Carucel and Stella. After 2024 Mr. Rasch-Olsen has been self-employed managing investments, offering consulting services and being a member of the Board of Spir Group and Chairman of the Board in Rift Labs AS. Mr.Rasch- Olsen was also a part of the Board in Agilyx in connection with the IPO on Euronext growth and was part of the Board until 2022. He has been a member of the Board of StrongPoint since 29 April 2025. He holds 4,646 shares in StrongPoint.
Pål Wibe
Director
Pål Wibe has more than 30 years experience from management consulting and retail. 25 of those years from different leadership positions within retail in a unique breadth of sectors from grocery to travel retail to discount variety retail in various forms and lately sport & outdoor. He was the CEO of XXL ASA from 2020-2022, the CEO of Europris ASA from 2014-2020, the CEO of Nille from 2006-2013 and the CEO of Travel Retail Norway from 2004-2006. He is now an advisor, investor and Board Member/Chair in different companies from early stage tech companies to larger retailers and public corporations like Europris ASA, Posten Bring AS, Forte Group AS, AKA Eiendom AS, Holdbart AS and Whiteaway Group AS (DK). He has been on the Board of StrongPoint since April 25, 2024. He holds 10,526 shares in StrongPoint.
47 StrongPoint ASA | Annual Report 2025
48 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
StrongPoint is compliant with all items in the code except item 3: The board has an authorization to make an overall capital increase of up to 9,000,000 shares that is not limited to a defined purpose. The shareholders’ preferential rights according to cf. section 10-14 of the Public Limited Liability Companies Act can be disregarded. The board has authorization to acquire up to 4,400,000 own shares that are not limited to a defined purpose.
1. Implementation and reporting on corporate governance
StrongPoint ASA’s corporate governance principles are determined by the Board of Directors and are set forth in the company’s management documents. The Board’s role is based on the principle of independence from the executive management and the principle of equality and responsibility towards the company’s shareholders. The company’s shares are freely tradable, and the Board/ executive management considers it a priority to focus on activities that strengthen the liquidity of its shares. The company’s shareholder policy is based on the principle of one share – one vote. Related to potential acquisitions and restructuring situations, the Board will exercise particular concern so that all shareholders’ investments and interests are considered closely. One of the Board’s main tasks is to ensure that the company is based on an optimized capital structure. Equity transactions, including authorizations for share capital increases, are to be justified in terms of extent, form and timing. The Board and executive management must ensure that the company’s information policies ensure that information regarding the company is published correctly, comprehensively and timely, contributing to a correct valuation of the company’s shares. Further, the information policy should give shareholders the best possible foundation for decisions related to investments and voting at general meetings.
Values, ethical guidelines and guidelines for corporate social responsibility
The group’s operations shall be conducted in accordance with the company’s values, ethical guidelines and guidelines for social responsibility determined by the Board and Executive Management. In addition, we shall through our activities contribute to a responsible business conduct. StrongPoint ASA’s guidelines are presented on the company’s website.
2. Business
The company’s business objective is described in the company’s articles of association. StrongPoint is a retail technology company that provides solutions to make shops smarter, shopping experiences better and online grocery shopping more efficient. The business objective ensures that shareholders have control of the business and its risk profile, without limiting the Board or management’s ability to carry out strategic and commercially appropriate decisions within the defined purpose. The articles of association of StrongPoint ASA are presented on the group’s website: strongpoint.com. The company’s objectives and main strategies are presented in the annual report.
3. Equity and dividends
Equity
The Group’s equity as of 31 December 2025 amounted to 477.6 MNOK corresponding to an equity ratio of 47.4 per cent. The company’s share capital is NOK 27,830,778.24, divided into 44,888,352 shares with a nominal value of NOK 0.62.
Dividends
Over time, StrongPoint’s shareholders should receive a competitive return on their investment through a combination of cash dividends and increased value of their shares. When deciding the annual dividend level, the Board of directors will take into consideration expected cash flow, investments in organic growth, plans for growth through mergers and acquisitions, and needs for appropriate financial flexibility. In addition to cash dividends, StrongPoint ASA may buy back shares as part of its total distribution of capital to the shareholders.
Board authorizations
The Board’s proposals for future Board authorizations accord with the recommendations with two exceptions. The first concerns the Board’s authorization to increase share capital by up to 9,000,000 shares, which is not limited to a defined purpose.
Corporate Governance
Good corporate governance is vital to the success of StrongPoint ASA. Thus, corporate governance is a key concern for StrongPoint’s Board and employees, and in StrongPoint ASA’s relations with its subsidiaries. The Board has reviewed and updated the company’s corporate governance practice. It is in line with the Accounting Act, section 3-3b and the Norwegian Code of Practice for Corporate Governance, except where deviations from the Code are noted. The presentation adheres to the same order of topics as the fifteen items in the Code.
49 StrongPoint ASA | Annual Report 2025
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
Secondly, the Board has an authorization to acquire treasury shares at par value of up to NOK 2,728,000 and an overall capital increase of up to 4,400,000 shares. The authorization is not limited to a defined purpose. The Board has asked the General Meeting for these authorizations to increase the group’s maneuverability. Both authorizations are valid until the next general meeting or 30 June 2026, whichever comes first.
4. Equal treatment of shareholders and transactions with close associates
The company has a single class of shares, and all shares carry the same rights related to the company. Equal treatment of all shareholders is essential. Transactions involving the company’s own shares are executed on the Oslo Stock Exchange, except for the repurchase of minor shareholdings from shareholders with 500 or fewer shares. In the event of material transactions between the company and a shareholder, Board member, member of executive management, or a party closely related to any of the beforementioned, the Board will ensure that independent valuations are made available. Board members and members of executive management shall report to the Chairman of the Board and the group CEO if they directly or indirectly have significant interests in agreements entered into by StrongPoint ASA or companies in which StrongPoint ASA has significant interests. Additional information on transactions with related parties appears in note 18 in the consolidated accounts. Existing shareholders shall have pre-emptive rights to subscribe for shares in the event of share capital increases, unless otherwise indicated by special circumstances. If the pre- emptive rights of existing shareholders are waived in a share capital increase, the reasons for this waiver shall be explained by the Board of directors and be published through the Oslo Stock Exchange distribution system and on the company website.
5. Freely negotiable shares
StrongPoint ASA’s shares are freely negotiable. There are no restrictions on transferability in the company’s articles of association.
6. General meetings
Meeting notification, registration and participation
The company encourages all shareholders to participate at general meetings. Notices of general meetings and comprehensive accompanying information are made available to shareholders on the company’s website and sent to shareholders within the deadlines stated in the Norwegian Public Limited Liability Companies Act. The deadline for shareholders to register to attend a general meeting is set as close to the date of the meeting as possible, normally two or three days prior to the meeting. The company is of the opinion that no adequate systems for handling electronic participation at general meetings are currently available. Thus, the Board has decided not to allow such participation at StrongPoint ASA’s general meetings. From 2020, the articles of association allow for digital execution of general meetings and regulates that votes in advance can be registered.This allows for improved shareholder engagement across borders.
Proxy and votes in advance
When the general meeting is held digitally, the shareholders can send in votes in advance. Shareholders who are unable to attend a meeting may vote by proxy. The company has prepared forms that enable shareholders to vote on individual issues. Procedures for using such forms are available on the company’s website. The company does not appoint an independent proxy to vote on behalf of shareholders. The company considers that shareholders’ interests are adequately safeguarded by the option to participate through an appointed proxy or voting in advance. Procedures for attendance registration and granting proxy are presented in the notice, on the attendance and proxy form and on the company website.
Meeting chair, voting, etc.
Board members, the chairman of the nomination committee, and the company’s auditor are encouraged to attend general meetings. The general meeting is led by the Chairman of the Board or someone elected by the general meeting. The nomination committee focuses on composing a board that works as a team, that meets legally established regulations as to equal gender representation on boards of directors, and whose members’ experience and qualifications complement each other. Minutes of general meetings are published as soon as practical via the Oslo Stock Exchange distribution system and on the company website.
7. Nomination committee
The company has a nomination committee, as stated in the articles of associations, which consists of: Hilde Horn Gilen (Chairman), Inger Johanne Solhaug and Are Juklestad Berg. The nomination committee consists of no fewer than three members. Each member is normally elected for a two-year period. The composition of the nomination committee should ensure the interests of shareholders and independence from the Board and executive management. Nomination committee members and its chairman are elected by the company’s general meeting, which also determines remuneration payable to committee members.
In accordance with StrongPoint ASA’s articles of association, the nomination committee recommends candidates for election to the Board of Directors. In addition, the nomination committee recommends a candidate for Chairman. The nomination committee also makes recommendations on remuneration of Board members. The nomination committee is to justify its recommendation, how it takes care of the shareholders’ and the company’s need for expertise, capacity and diversity. Proposals for Board candidates are to be submitted within reasonable time before the general meeting. The annual general meeting will, in accordance with the Code of Practice, be presented with the guidelines governing the duties of the nomination committee for approval. The duties of the nomination committee are found on the company website.
8. Corporate assembly and Board of Directors, composition and independence
In accordance with the company’s articles of association, the Board comprises between 5 and 11 members. Board members are elected for a period of one year. The Board members are independent of the company’s executive management and its significant business associates. No member of the company’s executive management is a Board member. CEO Jacob Tveraabak has ownership interests in StrongPoint ASA privately and through his company Celo Industries AS. The current composition of the Board is presented on the company website. The Board members’ expertise is also presented. The Board held eleven scheduled board meetings and six extraordinary meetings in 2025. Board members’ shareholdings are presented in note 9 to the consolidated accounts. Board members are encouraged to invest in the company’s shares, and also receive shares as part of the remuneration. The Board members represent a combination of expertise and experience from finance, industry and organizations. The nomination committee’s reasoned proposal for candidates will be presented on the company website.
9. The work of the Board of Directors
The Board of StrongPoint ASA annually adopts a plan for its work, emphasizing goals, strategies and implementation. Also, the Board has adopted board instructions that regulate areas of responsibility, tasks and division of roles of the Board, the Chairman of the Board and the Chief Executive Officer. The Board instructions also feature rules governing Board schedules, notice and chairing of Board meetings, decision-making, the Chief Executive Officer’s duty and right to disclose information to the Board, professional secrecy, impartiality and other issues. The Board evaluates its own performance and expertise once a year through a survey. The Board has an audit committee, which consists of Chairman of the Board Morthen Johannessen and the Board member Preben Rasch-Olsen. The Board evaluates the competence of the audit committee members to be sufficient. The audit committee sets the agenda according to the tasks set in Allmennaksjelovens §6-43.
10. Risk management and internal control
The Board of Directors of StrongPoint ASA is ultimately responsible for the group’s business operations and is to ensure that the company maintains solid in-house control practices and appropriate risk management systems tailored to the company’s business activities. StrongPoint ASA is exposed to currency and interest risk, market risk, credit risk and operational risk at its underlying companies. Management of operational risk primarily takes place at each underlying operating company, reported to Group management, and evaluated and handled to the best for the company. StrongPoint takes an active role on Boards of Directors in subsidiaries. As a rule, all companies have established effective risk management procedures. Management of financial market exposure, including currency, interest and counterparty risk, is presented in greater detail in note 17 to the Group company accounts. StrongPoint has adopted a series of policies to support this, including:
* Financial reporting, financial and risk management.
* Ethics and social responsibility.
* Authorization conditions, including instructions for the Board and CEO, as well as certification authority.
* Audit committee.
* Accounting manual regulating group accounting policies, risk accruals and internal control.
The Audit committee and the Board reviews the company’s most important risk areas and internal control systems and procedures, and the main elements of these assessments are presented in the Board of Directors’ report. The audit committee also serves as a preparatory group in connection with the quarterly report and reviews the major events, the directors’ report, balance sheet, income statement items and notes to the interim financial statements together with the administration before the report is presented to the Board.
11. Remuneration of the Board
Board remuneration reflects the Board’s responsibility, expertise, time spent and the complexity of the business. Remuneration does not depend on StrongPoint’s financial performance. There are no option programs for any Board members. 20% of gross remuneration to the Board shall be used for share purchases until the value of the shares corresponds to a minimum of one year’s gross remuneration. The annual general meeting determines Board remuneration following recommendations by the company’s nomination committee. Board members are elected because of their expertise and knowledge. Directors or their related companies should not undertake special assignments for the company in addition to their Board appointments. However, if they do, the whole Board should be informed. Fees for such assignments must be approved by the Board. All remunerations are specified in the financial statement. Additional information on remuneration paid to Board members for 2025 is presented in note 9 to the consolidated accounts.
12. Remuneration of executive personnel
The Board has adopted guidelines for remuneration of executive management in accordance with section 6-16a of the Norwegian Public Limited Liability Companies Act. The Board of Directors determines the remuneration of the CEO. StrongPoint ASA implemented a Long-term Incentive Program in 2020 represented as a Stock Option program. The program has ambition to both motivate and retain executive management and key personnel to achieve the overall strategic ambitions, and has been granted in the years 2020, 2021, 2022, 2023, 2024 and 2025. The company’s guidelines and further information on remuneration for 2025 for members of StrongPoint’s executive management is presented in note 9 to the consolidated accounts. Additional information will be shared in a remuneration report to be presented to the General meeting in 2026.Some members of StrongPoint’s executive management maintain the company’s interests as board members of other StrongPoint companies. They do not personally receive board remuneration for this. StrongPoint has a worldwide Directors’ and Officer’s liability insurance with a limit of approx. 4% of revenue.
13. Information and communications
The company has prepared a policy for investor relations (IR), which determines guidelines for contact with shareholders apart from the general meeting. The company’s reporting of financial and other information is based on transparency and equal treatment of interested parties. The long-term purpose of StrongPoint’s IR activities is to ensure access to capital at competitive terms for the company and correct pricing of shares for shareholders. These goals are to be accomplished through accurate and timely distribution of information that can affect the company’s share price; the company is also to comply with current rules, regulations and market practices, including the requirement of equal treatment. All stock exchange notices and press releases are published on the company’s website. Stock exchange notices are also available at: newsweb.oslobors.no. All information that is distributed to shareholders is published through the Oslo Stock Exchange distribution system and on the company website. The company intends to host public presentations of its financial reporting and these meetings are webcasted simultaneously. The company’s financial calendar is found on the company website.
14. Take-overs
In a bid situation, StrongPoint’s Board of Directors and management have an independent responsibility to help ensure that shareholders are treated equally, and that the company’s business activities are not disrupted unnecessarily. The Board has a particular responsibility to ensure that shareholders are given sufficient information and time to form a view of the offer. The Board of Directors will not seek to hinder or obstruct take-over bids for the company’s activities or shares unless there are particular reasons for this. An agreement with the bidder to limit the company’s ability to obtain other offerings on the company’s shares will only be entered into when it clearly can be attributed to the company and shareholders’ common interest. The same applies to an agreement to compensate the bidder if the offer is not completed. Any compensation shall be limited to the cost the bidder has incurred in making the bid. Agreements between the company and provider of importance for the market’s assessment of the offer should be made public no later than the alert that the offer is made. In the event of a take-over bid for the company’s shares, the company’s Board of Directors will not exercise mandates or pass any resolutions with the intention of obstructing the take-over bid unless this is approved by the general meeting following announcement of the bid. If an offer is made for the company’s shares, the company’s Board of Directors will issue a statement making a recommendation as to whether shareholders should or should not accept the offer. The Board’s statement on the offer will make it clear whether the views expressed are unanimous, and if this is not the case it should explain the basis on which specific members of the board have excluded themselves from the Board’s statement. The Board will arrange a valuation from an independent expert. The valuation will include an explanation and will be made public no later than at the time of the public disclosure of the Board’s statement.
15. Auditor
The auditor participates in the Board meeting that decides the annual accounts. The auditor reviews material changes in the company’s accounting principles and assessments of material accounting estimates with the Board. Further, the auditor has provided the Board with written confirmation that the requirement of independence is met. The Board and the audit committee meet with the auditor without the presence of representatives of executive management. The audit committee determines guidelines for executive management’s access to use the auditor for services other than auditing and receives an overview of services rendered by the auditor to the company. Remuneration for auditing and other services are presented in note 5 to the StrongPoint ASA Group accounts. Such details are presented to the annual general meeting.
Oslo, 25 March 2026
Morthen Johannessen Chairman
Ingeborg Molden Hegstad Director
Preben Rasch-Olsen Director
Monica Aune Director
Pål Wibe Director
Jacob Tveraabak CEO
About StrongPoint
Key figures 2023-2025
Our Purpose
Our Values
CEO Statement
Chair’s Perspective
Our Strategy
2023 Highlights
StrongPoint’s new CTO
Product segments
E-commerce
Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
Long-term strategic projects
Markets
Nordics
Baltics
Spain
UK & Ireland
ESG
Governance
Board Of Directors’ report
Corporate Governance
Investor Relations
Financial Statements
Consolidated Financial Statements
Financial Statements
StrongPoint ASA
Auditor’s Report
Investor Relations
StrongPoint ASA strives to have an open investor relations policy towards its shareholders and the market in general. The most important events for shareholder information and updates are the quarterly presentations and the Strategy Update Session. In addition, StrongPoint uses its website, meetings and direct communication to provide investors and analysts with relevant information. Information for shareholders is available at strongpoint.com and ose.no (ticker STRO). StrongPoint ASA has frequent contact with investors and analysts to provide the best possible information regarding the group’s financial situation and development. The market is informed of orders or contracts worth 10 MNOK or more, as well as orders that are considered strategically important. StrongPoint ASA is a public limited company and is established under Norwegian law. The company is listed on the Oslo Stock Exchange. The Group’s issued share capital is NOK 27,830,778 allocated as 44,888,352 shares, each with a nominal value of NOK 0.62, all fully paid and issued in accordance with Norwegian law. The company has one class of shares.
For more information
Marius Drefvelin CFO
Tel: +47 95 89 56 90
[email protected]
Marius Drefvelin CFO
52 StrongPoint ASA | Annual Report 2025
Financial Calendar 2026
| Quarter | Date | Notes |
|---|---|---|
| Q1 | 29.04 | |
| Q2 | 10.07 | |
| Q3 | 28.10 | |
| Annual General Meeting | - | 29.04 |
Webcasts will be available at our website www.strongpoint.com from CET 07.00.
Share information
| Month | Price | Volume |
|---|---|---|
| Jan | 12.0 | |
| Feb | 11.5 | |
| Mar | 11.0 | |
| Apr | 10.5 | |
| May | 10.0 | |
| Jun | 9.5 | |
| Jul | 9.0 | |
| Aug | 8.5 | |
| Sep | 12.0 | |
| Oct | 11.0 | |
| Nov | 10.0 | |
| Dec | 9.0 | |
| 12.0 | ||
| 11.5 | ||
| 11.0 | ||
| 10.5 | ||
| 10.0 | ||
| 9.5 | ||
| 9.0 | ||
| 8.5 |
53 StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
Consolidated income statements of comprehensive income
KNOK
| | Note | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| Operating revenue | 3 | 1,358,909 | 1,309,066 |
| Cost of goods sold | 12 | 773,628 | 779,109 |
| Payroll | 9 | 380,232 | 366,508 |
| Share based compensation | 9 | 3,727 | 4,232 |
| Other operating expenses | 5, 16, 27 | 174,861 | 157,179 |
| Total operating expenses | | 1,332,448 | 1,307,027 |
| EBITDA | | 26,461 | 2,039 |
| Depreciation tangible assets | 10 | 31,031 | 29,261 |
| Amortization intangible assets | 11 | 12,217 | 12,256 |
| Total depreciations and impairments | | 43,247 | 41,517 |
| Operating profit | | -16,786 | -39,478 |
| Financial expenses | 8 | 35,585 | 22,588 |
| Financial income | 6, 8 | 37,052 | 15,284 |
| Total financial items | | 1,467 | -7,304 |
| Profit before tax | | -15,319 | -46,783 |
| Income tax expense | 26 | -10,349 | -14,853 |
| Profit/loss after tax | | -4,971 | -31,930 |
NOK
| | Note | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| Other comprehensive income net of tax | | | |
| Items that may be reclassified through profit or loss in later periods | | | |
| Exchange differences on foreign operations | | 12,964 | 16,207 |
| Total comprehensive income | | 7,993 | -15,723 |
| Earnings per share | | | |
| Earnings per share | 23 | -0.1 | 1 | -0.72 |
| Diluted earnings per share | 23 | -0.10 | -0.66 |
54 StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertaintiesNote 26 Tax Note 27 Other short-term debt Note 28 Macro perspectives influencing the business Financial statements StrongPoint ASA Auditor’s report About StrongPoint
Consolidated balance sheet
| KNOK | 31.12.2025 | 31.12.2024 | |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 11 | 172,420 | 152,326 |
| Goodwill | 11 | 186,534 | 179,875 |
| Tangible assets | 10 | 27,376 | 29,748 |
| Right-of-use assets | 10 | 81,950 | 96,647 |
| Associated companies | 6 | 1,140 | 798 |
| Other long-term investments | 7 | - | 4,001 |
| Other long-term receivables | 13 | 1,086 | 896 |
| Deferred tax assets | 26 | 54,085 | 45,979 |
| Non-current assets | 524,590 | 510,271 | |
| Inventories | 12 | 154,627 | 173,151 |
| Accounts receivables | 13, 17 | 195,676 | 223,238 |
| Prepaid expenses | 13 | 15,706 | 28,236 |
| Other current receivables | 13 | 18,988 | 10,351 |
| Cash and cash equivalents | 14 | 98,530 | 82,490 |
| Current assets | 483,527 | 517,467 | |
| TOTAL ASSETS | 1,008,117 | 1,027,738 |
| KNOK | 31.12.2025 | 31.12.2024 | |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Share capital | 24 | 27,831 | 27,831 |
| Holding of own shares | 24 | -78 | -121 |
| Other equity | 449,870 | 437,493 | |
| Total equity | 477,623 | 465,203 | |
| Long-term interest-bearing liabilities | 15 | 100,000 | 1,318 |
| Long-term lease liabilities | 15 | 53,515 | 68,664 |
| Other long-term liabilities | 22 | 805 | 602 |
| Deferred tax liabilities | 26 | 12,190 | 16,547 |
| Total long-term liabilities | 166,510 | 87,132 | |
| Short-term interest-bearing liabilities | 15 | 45,101 | 128,163 |
| Short-term lease liabilities | 15 | 26,775 | 26,190 |
| Accounts payable | 124,283 | 140,789 | |
| Tax payable | 26 | 561 | -4,557 |
| Public duties payable | 45,378 | 27,927 | |
| Other short-term liabilities | 27 | 121,886 | 156,890 |
| Total short-term liabilities | 363,983 | 475,403 | |
| TOTAL LIABILITIES | 530,494 | 562,535 | |
| TOTAL EQUITY AND LIABILITIES | 1,008,117 | 1,027,738 |
Oslo, 25 March 2026
Morthen Johannessen Chairman
Ingeborg Molden Hegstad Director
Preben Rasch-Olsen Director
Monica Aune Director
Pål Wibe Director
Jacob Tveraabak CEO
55 StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA Auditor’s report About StrongPoint
Consolidated cash flow statement
| KNOK | Note | 2025 | 2024 |
|---|---|---|---|
| Ordinary profit before tax | -15,319 | -46,783 | |
| Net interest | 17,608 | 13,798 | |
| Tax paid | 2,661 | 4,953 | |
| Share of profit, associated companies | 6 | -342 | -245 |
| Depreciation tangible assets | 10 | 31,031 | 29,261 |
| Amortization intangible assets | 11 | 12,217 | 12,256 |
| Profit/-loss on sale of tangible assets | 10 | -574 | -446 |
| Realized profit on financial instruments | 8 | -22,602 | - |
| Change in inventories | 23,114 | 64,709 | |
| Change in accounts receivables | 30,676 | 27,868 | |
| Change in accounts payable | -19,512 | -24,871 | |
| Change in other accrued items | -5,407 | 12,604 | |
| Net cash flow from operational activities | 53,548 | 93,105 | |
| Payments for fixed assets | 10 | -8,557 | -8,581 |
| Payment for intangible assets | 11 | -32,555 | -31,545 |
| Divestment in other companies | 7 | 26,603 | - |
| Sale of tangible assets (sales proceeds) | 10 | 706 | 756 |
| Interest received | 8 | 12,884 | 3,503 |
| Dividends received from associated companies | 6 | - | 300 |
| Net cash flow from investment activities | -920 | -35,568 |
| KNOK | Note | 2025 | 2024 |
|---|---|---|---|
| Sale of own shares | 24 | 694 | 1,852 |
| Payment long and short-term debt | 15 | -3,819 | -6,501 |
| Payment of leasing commitments | 15 | -24,971 | -22,534 |
| New loan | 15 | 20,000 | 120,000 |
| Change in overdraft | 15 | 1,778 | -91,799 |
| Interest paid | 8 | -30,492 | -17,301 |
| Net cash flow from financing activities | -36,809 | -16,282 | |
| Net cash flow in the period | 15,819 | 41,255 | |
| Cash and cash equivalents at the start of the period | 82,490 | 39,340 | |
| Effect of foreign exchange rate fluctuations on foreign currency deposits | 220 | 1,896 | |
| Cash and cash equivalents at the end of the period | 14 | 98,530 | 82,490 |
56 StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA Auditor’s report About StrongPoint
Consolidated statement of changes in equity
Other equity | Share capital | Holding of own shares | Share paid-in equity | Translation variances | Option Program | Other equity | Total equity | Minority Interest | Total group
KNOK | Note | | | | | | | |
Equity at 31.12.2023 | | 27,831 | -217 | 351,262 | 65,592 | 15,776 | 16,521 | 476,763 | -1,911 | 474,852
Profit for the year after tax | | - | - | - | - | - | -30,435 | -30,435 | -1,495 | -31,930
Other comprehensive income and expenses | 1) | - | - | - | 16,327 | - | - | 16,327 | -120 | 16,207
Total comprehensive income | | - | - | - | 16,327 | - | - | -30,435 | -1,615 | -15,723
Sale of own shares | 24 | 97 | 1,755 | - | - | - | - | 1,852 | - | 1,852
Share Option Program | 9 | - | - | - | - | 4,222 | - | 4,222 | - | 4,222
Equity at 31.12.2024 | | 27,831 | -121 | 351,262 | 81,919 | 19,998 | -12,159 | 468,729 | -3,526 | 465,203
Profit for the year after tax | | - | - | - | - | - | -1,027 | -1,027 | -3,944 | -4,971
Other comprehensive income and expenses | 1) | - | - | - | 12,991 | - | - | 12,991 | -27 | 12,964
Total comprehensive income | | - | - | - | 12,991 | - | - | -1,027 | -3,971 | 7,993
Sale of own shares | 24 | 43 | 651 | - | - | - | - | 694 | - | 694
Share Option Program | 9 | - | - | - | - | 3,733 | - | 3,733 | - | 3,733
Equity at 31.12.2025 | | 27,831 | -78 | 351,262 | 94,910 | 23,731 | -12,535 | 485,120 | -7,497 | 477,623
Other paid in equity are funds which can be allocated by the General Assembly.
1) The balance sheet is converted with the closing rate at the balance sheet date, while the income statement is converted with the average monthly exchange rate. The net effect of the translation is recognized as translation differences in other comprehensive income and expenses. See exchange rates in note 21.
57 StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA Auditor’s report About StrongPoint
Note 1: General information
StrongPoint ASA is based in Norway with registered office at Brynsengveien 10 in the municipality of Oslo. The company is listed at the Oslo Stock Exchange with the ticker STRO. The group’s main business is the development, sale and implementation of innovative, integrated technology solutions to grocery retailers, but also other segments like Do-It-Yourself or pharmacies. The group has two reporting segments ”Nordics” and ”International incl. Product”. The proposed annual financial statements are prepared with the assumption of a going concern and were adopted by the board and CEO on the date shown on the signed balance sheet. The annual financial statements will be approved by the ordinary general meeting on 29 April 2026.
Note 2: Accounting principles
Basic principles
The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and associated interpretations and with additional Norwegian disclosure requirements pursuant to the Accounting Act, Stock Exchange Regulations and stock exchange rules applicable to financial statements completed by 31.12.2025. The consolidated financial statements have been produced based on historical costs. The consolidated financial statements are presented in thousand Norwegian kroner unless otherwise stated.
Estimates and judgements
In preparing the consolidated financial statements, management makes various accounting estimates and assumptions that form the basis of the presentation, recognition and measurement of StrongPoint’s assets and liabilities. Determining the carrying amounts of some assets and liabilities requires estimates and assumptions concerning future events.Estimates and assumptions are based on historical experience and other factors, which management assesses to be reasonable, but which by their nature involve uncertainty and unpredictability. These assumptions may have to be revised as unexpected events or circumstances may occur. The areas that involve a high degree of estimation uncertainty and usage of management’s judgement are described in more detail in note 25.
Translation of foreign currency
The accounts of individual entities within the group are measured in the local currency in each country (functional currencies). The functional currencies mainly consist of NOK, SEK, EUR and GBP. The consolidated financial statements have been prepared in NOK, which is both the functional currency and the reporting currency of the parent company and the Norwegian subsidiary. The balance sheet is converted with the closing rate at the balance sheet date, while the income statement is converted with the average monthly exchange rate. The net effect of the translation is recognized as translation differences in other comprehensive income. Loans from an entity within the group to subsidiaries where repayment has not been planned or is not likely in the foreseeable future, are considered as part of the net investment in subsidiaries, while foreign exchange gains or losses linked to such loans are recognized as translation differences in the statement of other comprehensive income.
Equity and cost of equity
Share option program
The equity-settled share-based option program is a part of the total remuneration plan for the Group management team. The option program is designed to align and incentivize management performance with shareholder value creation and to attract and retain high calibre executive management and key personnel. The share options will be allocated to the Participants based on company- and individual goal achievement, and at the Board’s discretion. The Board will take into consideration the company’s goals and strategies as well as targeted performance for executive management, when granting options. The option plan is a performance-based remuneration scheme reflecting the underlying long-term value creation of the company. The limits for the allocation of share options to the Participants is determined by the board, within the board mandates approved by the general meeting.
Provisions
If the effect is significant the provision is calculated by expected future cash flows and, if relevant, any risks specifically linked to the obligation. Provisions for warranties are recognized when the underlying products and services are sold. The provisions are based on historic warranty cost weighted with probability.
58 StrongPoint ASA | Annual Report 2025 Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA Auditor’s report About StrongPoint
Financial instruments
For Financial instruments we have the following material accounting policies:
Financial assets
Initial recognition and measurement
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
* Financial assets at amortised cost (debt instruments)
* Financial assets at fair value through profit or loss
Financial assets at amortised cost (debt instruments)
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss.
Financial liabilities
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
* Financial liabilities at fair value through profit or loss
* Financial liabilities at amortised cost (loans and borrowings)
Financial liabilities at fair value through profit or loss
Financial assets at fair value are carried in the balance sheet at fair value with net changes in fair value recognised in the statement of profit or loss.
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process.
Borrowing costs
Borrowing costs are recorded at the time of occurance. Borrowing costs are capitalized when directly related to the purchase or manufacture of a qualifying asset.
Government grants
Government grants are recognized if there are reasonable assurances that the company will meet the criteria of the grant and the grant will be awarded. The recognition of operating grants shall be recognized systematically during the grant period. In Norway we can apply for SkatteFunn, where we can get a 19% refund of development expenses related to specific projects.
Cash flow statement
The cash flow statement is presented using the indirect method.
New standards and interpretations
No new principles with effects on recognition and measurement.
59 StrongPoint ASA | Annual Report 2025 Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA Auditor’s report About StrongPoint
Note 3: Segment information
Accounting policies
Revenue recognition
Long-term service and license agreements are recognized linearly over the contracted period. The Group’s sales of products and services are separate performance obligations according to IFRS 15. The assessment is supported by independence between product sales and sales of services and that both types of sales are based on market prices without cross-subsidisation. The performance obligation related to the sale of products is fulfilled upon installation by the customer (at a point in time) and the performance obligation related to service agreements is fulfilled on a linear basis over the contract period (over time). The segment information is based on reported revenues, EBITDA, EBT and assets for the legal entities included in the segment, with eliminations of internal items within the segment. Intra-group items are included in the column Eliminations. Eliminations relate to internal sales with associated costs, intercompany balances, goodwill, intangible assets and other group postings. Internal sales are based on market prices. Management fee invoiced from StrongPoint ASA to subsidiaries is not included in the segment statements.
Segments
The Group has two segments: Nordics and International incl. Product. The financial statements include revenue information for both geographic and product information in the current reporting. The business segment Nordics currently consist of the operating business units in Norway, Sweden and Finland.The revenue also includes deliveries to other parts of the Nordics like Denmark and Iceland. The business segment International incl. Product consists of the operating business units in the Baltics, Spain and UK/ Ireland, in addition to partner sales in the rest of Europe and rest of world. The ongoing development activities for own products have been allocated to this segment. The Group delivers proprietary solutions within In-store Productivity, E-commerce, Payment Solutions and Checkout Efficiency, as well as tailor-made retail solutions from leading third-party suppliers, including Electronic Shelf Labels (ESL), POS, ERP and Digi scales and wrapping systems. The group management has in the fiscal year 2025 governed the business based on reported sales revenues, EBITDA and EBIT for the two business areas Nordic and International incl. Product.
Revenue per product segment
| | KNOK | |
| :--- | ---: | ---: |
| | 2025 | 2024 |
| - Products | 185,103 | 292,870 |
| - Services | 194,950 | 111,893 |
| In-store Productivity | 380,053 | 404,763 |
| - Products | 84,304 | 115,866 |
| - Services | 125,366 | 120,557 |
| Payment Solutions | 209,670 | 236,423 |
| - Products | 164,547 | 121,591 |
| - Services | 66,788 | 60,621 |
| Check Out Efficiency | 231,335 | 182,212 |
| - Products | 60,429 | 43,811 |
| - Services | 83,345 | 70,639 |
| E-commerce logistics | 143,775 | 114,451 |
| - Products | - | - |
| - Services | 194,583 | 196,124 |
| Shop Fittting | 194,583 | 196,124 |
| - Products | 87,300 | 72,814 |
| - Services | 112,193 | 102,279 |
| Other retail technology | 199,494 | 175,093 |
| - Products | 581,684 | 646,954 |
| - Services | 777,225 | 662,111 |
| Total sales revenue | 1,358,909 | 1,309,066 |
60 StrongPoint ASA | Annual Report 2025 Financial statements Consolidated statement of comprehensive income Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA
Auditor’s report
About StrongPoint
Segment and geographical information
| Nordics | International incl. Product | ASA/Elim | Consolidated | |||||
|---|---|---|---|---|---|---|---|---|
| KNOK | KNOK | KNOK | KNOK | |||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| - Products | 111,584 | 222,360 | 111,584 | 222,360 | - | - | 111,584 | 222,360 |
| - Services | 130,347 | 123,535 | 130,347 | 123,535 | - | - | 130,347 | 123,535 |
| Norway | 241,931 | 345,895 | - | - | - | - | 241,931 | 345,895 |
| - Products | 161,926 | 152,479 | 161,926 | 152,479 | - | - | 161,926 | 152,479 |
| - Services | 161,963 | 150,409 | 161,963 | 150,409 | - | - | 161,963 | 150,409 |
| Sweden | 323,889 | 302,888 | - | - | - | - | 323,889 | 302,888 |
| - Products | 11,766 | 11,442 | 11,766 | 11,442 | - | - | 11,766 | 11,442 |
| - Services | 3,801 | 3,647 | 3,801 | 3,647 | - | - | 3,801 | 3,647 |
| Finland | 15,567 | 15,089 | - | - | - | - | 15,567 | 15,089 |
| - Products | 178,723 | 131,043 | 178,723 | 131,043 | - | - | 178,723 | 131,043 |
| - Services | 134,252 | 128,322 | 134,252 | 128,322 | - | - | 134,252 | 128,322 |
| Baltics | - | - | 312,975 | 259,365 | - | - | 312,975 | 259,365 |
| - Products | 52,230 | 51,905 | 52,230 | 51,905 | - | - | 52,230 | 51,905 |
| - Service | 26,242 | 22,187 | 26,242 | 22,187 | - | - | 26,242 | 22,187 |
| Spain | - | - | 78,472 | 74,093 | - | - | 78,472 | 74,093 |
| - Products | 29,465 | 1,037 | 29,465 | 1,037 | - | - | 29,465 | 1,037 |
| - Services | 315,314 | 223,797 | 315,314 | 223,797 | - | - | 315,314 | 223,797 |
| UK & Ireland | - | - | 344,780 | 224,834 | - | - | 344,780 | 224,834 |
| - Products | 35,989 | 76,689 | 35,989 | 76,689 | - | - | 35,989 | 76,689 |
| - Services | 5,306 | 10,215 | 5,306 | 10,215 | - | - | 5,306 | 10,215 |
| Rest of Europe | - | - | 41,296 | 86,904 | - | - | 41,296 | 86,904 |
| - Products | 285,276 | 386,280 | 296,408 | 260,675 | - | - | 581,684 | 646,955 |
| - Services | 296,111 | 277,591 | 481,115 | 384,520 | - | - | 777,225 | 662,111 |
| Total sales revenue | 581,387 | 663,871 | 777,522 | 645,195 | - | - | 1,358,909 | 1,309,066 |
| EBITDA | 61,733 | 51,836 | -1,639 | -23,481 | -33,632 | -26,316 | 26,461 | 2,039 |
| EBT | 51,975 | 45,527 | -48,729 | -68,266 | -18,565 | -24,044 | -15,319 | -46,783 |
| Assets | 347,770 | 340,070 | 663,982 | 603,232 | -3,635 | 84,436 | 1,008,117 | 1,027,738 |
| Liabilities | 123,007 | 119,438 | 573,201 | 503,112 | -165,714 | -60,014 | 530,494 | 562,535 |
| Working capital | 105,070 | 125,722 | 140,091 | 149,341 | -19,142 | -19,464 | 226,019 | 255,600 |
| Investment in fixed assets | 596 | 2,216 | 7,962 | 6,365 | - | - | 8,557 | 8,581 |
EBITDA means operating profit before depreciation, amortization interest and tax. EBT is profit before tax. Working capital is inventory plus accounts receivables minus accounts payables. There are no customers that represent 10% or more of revenue in the individual business areas in 2025 and 2024. Revenue per customer is based on sales per legal entities.
Note 4: Changes in the group structure
StrongPoint Investering AS and StrongPoint GmbH were liquidated in 2025.
61 StrongPoint ASA | Annual Report 2025 Financial statements Consolidated statement of comprehensive income Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA
Auditor’s report
About StrongPoint
Note 5: Other operating expenses
| KNOK | 2025 | 2024 |
|---|---|---|
| Rent, electricity, cleaning | 16,712 | 17,337 |
| Vehicles | 10,069 | 13,964 |
| Other consultancy fees | 34,415 | 25,438 |
| IT | 50,860 | 45,765 |
| Travel | 16,488 | 13,222 |
| Marketing | 10,428 | 10,329 |
| Other costs | 35,890 | 31,125 |
| Total | 174,861 | 157,179 |
Specification of recognized auditors fee:
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Fee for auditing services | 4,039 | 3,928 |
| Fee for other services | 129 | 277 |
| Total | 4,168 | 4,206 |
1) Of which KNOK 637 (KNOK 690) applies to auditors other than EY. Auditors fee are exclusive of VAT, with the exception of transaction expenses.
Note 6: Investment in associated companies
StrongPoint ASA owns 49,9997% of the shares in Spok AS. StrongPoint does not have any defacto control. The company performs services on behalf of StrongPoint AS.
StrongPoint ASA had the following investments in associated companies per 31 December 2025:
| | Cost | Book value | Share of Book |
| :--- | ---: | ---: | ---: |
| KNOK | 31.12.2025 | 31.12.2025 | 31.12.2024 | 2025 | 31.12.2025 |
| Entity | Country | Industry | | | | | |
| Spok AS | Norway | Service company | 50.0 % | 1,700 | 798 | 342 | 1,140 |
| Total | | | | 1,700 | 798 | 342 | 1,140 |
An overview of financial information about the associated company, based on 100%:
| Entity | Current assets | Fixed assets | Debt | Equity | Turnover | Profit for the year |
| :--- | ---: | ---: | ---: | ---: | ---: | ---: |
| KNOK | | | | | | 2025 |
| Spok AS | 4,607 | 1,446 | 3,887 | 2,166 | 14,485 | 570 |
| Total | 4,607 | 1,446 | 3,887 | 2,166 | 14,485 | 570 |
Note 7: Shares in other companies
| KNOK | 2025 | 2024 | ||
|---|---|---|---|---|
| Cost price | Market value | Cost price | Market value | |
| Other long-term investments: | ||||
| Plata Capital Europe AS | 476 | - | 476 | - |
| 1X Holding AS | 4,001 | 4,001 | - | - |
| Total | 4,477 | 4,001 | 476 | - |
The shares are booked at fair value with level 3 in the fair value hierarchy. Any changes in the value that can be reliably determined, will be booked through the P&L. The shares in Plata Capital Europe AS (former Settle Group AS) were written down to 0 in 2018 and the fair value is evaluated to be unchanged. The shares in 1X Holding AS were sold in 2025, and the net financial gain of 23 MNOK was booked as a financial item in the profit and loss statement.
62 StrongPoint ASA | Annual Report 2025 Financial statements Consolidated statement of comprehensive income Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA
Auditor’s report
About StrongPoint
Note 8: Financial items
| KNOK | 2025 | 2024 |
|---|---|---|
| Interest income | 12,884 | 3,503 |
| Currency adjustment bank and unpaid receivables and liabilities | 1,168 | 9,466 |
| Profit from associated companies | 342 | 245 |
| Profit on sale of the shares in 1X Holding AS | 22,602 | - |
| Other financial income | 56 | 2,070 |
| Total financial income | 37,052 | 15,284 |
| Interest expense | -26,908 | -12,794 |
| Interest expenses leasing IFRS 16 | -3,584 | -4,507 |
| Currency adjustment bank and unpaid receivables and liabilities | -1,046 | 111 |
| Other financial expenses 2) | -4,048 | -5,398 |
| Total financial expenses | -35,585 | -22,588 |
| Net financial items | 1,467 | -7,304 |
| 1) The interest expenses have increased due to higher interest rates. | ||
| 2) Other financial expenses are primarily related to restructuring of loans and financial liabilities.Currency differences relating to the payment of purchases are recorded as cost of goods and constitutes a revenue of KNOK 1,875 in 2025 (cost of KNOK 306 in 2024). Currency differences relating to the payment of sales revenues are recorded as sales revenues and constitutes a cost of KNOK 5,731 in 2025 (revenue of KNOK 1,905 in 2024). |
Note 9: Payroll costs and number of employees
Accounting policies
a) Pension commitments
The employees in StrongPoint have pension schemes in line with local statutory and obligatory company pension schemes, and are in general recognized as a defined contribution plan.
b) Bonus schemes
The group recognizes a provision and a cost for bonus schemes. The group recognizes a provision where there are contractual obligations or a precedent that generates a self-imposed obligation.
c) Share program
The Group has a share program for the executive management where the CEO has the opportunity to buy shares for up to NOK 1,000,000 per year with 20% discount with a 3 year lock-in period and the other members have the opportunity to buy shares for up to NOK 500,000 per year with 20% discount with a 3 years lock-in period. In addition, all permanent employees in a StrongPoint legal entity, are offered to buy shares for up to NOK 35,000 per year with a 20% discount. The discount is recognized as a personnel cost.
| KNOK | 2025 | 2024 |
|---|---|---|
| Salaries | 278,215 | 263,064 |
| Severance packages | 3,142 | 8,864 |
| Director's fee and Nomination Committee | 2,367 | 2,872 |
| Social fee | 48,025 | 47,125 |
| Pension costs | 18,767 | 16,353 |
| Other payroll costs | 29,716 | 28,230 |
| Total payroll costs | 380,232 | 366,508 |
| Number of full-time employees employed during the year: | 497 | 498 |
| Number of full-time employees at the end of the year: | 493 | 491 |
The employees in StrongPoint have pension schemes in line with local statutory and obligatory company pension schemes, and are in general recognized as a defined contribution plan.
Salaries and remuneration for Executive Management Team and Directors
| KNOK | 2025 | 2024 |
|---|---|---|
| Board of Directors | ||
| Directors' fee | 2,224 | 2,050 |
| Executive Management Team | ||
| Salaries | 17,817 | 17,769 |
| Bonus | 2,582 | - |
| Company car | 1,034 | 983 |
| Other remuneration | 1,970 | 648 |
| Pension expenses | 1,958 | 1,709 |
| Total salaries and remuneration | 27,584 | 23,159 |
Remuneration to the Chief Executive Officer (CEO) and other senior executives will be presented in a separate Renumeration report to the Annual General Meeting, and will be published on our webpages.
63 StrongPoint ASA | Annual Report 2025 Financial statements Consolidated statement of comprehensive income Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Note 1 General information Note 2 Accounting principles Note 3 Segment information Note 4 Changes in the group structure Note 5 Other operating expenses Note 6 Investment in associated companies Note 7 Shares in other companies Note 8 Financial items Note 9 Payroll costs and number of employees Note 10 Tangible assets Note 11 Intangible assets Note 12 Inventories Note 13 Other receivables Note 14 Cash and cash equivalents Note 15 Interest-bearing debt and secured debt Note 16 Leasing commitments Note 17 Financial instruments Note 18 Transactions with related parties Note 19 Post balance sheet events Note 20 Overview of subsidiaries Note 21 Exchange rates Note 22 Short and long-term provisions Note 23 Earnings per share Note 24 Shareholder information Note 25 Estimation uncertainties Note 26 Tax Note 27 Other short-term debt Note 28 Macro perspectives influencing the business Financial statements StrongPoint ASA Auditor’s report About StrongPoint
The following members of the Executive Management Team and Board of Directors own shares or share options in the company per 31.12:
| Name, position | Shares per 31.12.25 | Shares per 31.12.24 | Options per 31.12.25 | Options per 31.12.24 |
|---|---|---|---|---|
| Board of Directors | ||||
| Morthen Johannessen, Chairman ¹ | 160,238 | 147,584 | ||
| Ingeborg Molden Hegstad, Director ² | 37,484 | 30,826 | ||
| Cathrine Laksfoss, Director | - | 10,435 | ||
| Audun Nordtveit, Director | - | 28,296 | ||
| Pål Wibe, Director | 10,526 | 3,868 | ||
| Monica Aune | 4,646 | - | ||
| Preben Rasch-Olsen | 4,646 | - | ||
| Total | 217,540 | 221,009 | - | - |
| Executive Management Team | ||||
| Jacob Tveraabak, CEO ³ | 250,146 | 250,146 | 900,000 | 1,000,000 |
| Marius Drefvelin CFO | 21,364 | 21,364 | 300,000 | 275,000 |
| Knut Olav Nyhus Olsen, SVP People & Organisation | 46,995 | 46,995 | 270,000 | 350,000 |
| Julius Stulpinas, SVP Technology & supply chain to 01.10.25 | - | 49,321 | - | 325,000 |
| Rimantas Mažulis, SVP Baltics | 44,951 | 44,951 | 320,000 | 400,000 |
| Lorena Gómez, SVP Spain | 35,119 | 35,119 | 320,000 | 300,000 |
| Magnus Rosén, SVP Sweden, Norway and Finland | 27,307 | 27,307 | 295,000 | 275,000 |
| Alex Eveleigh, SVP UK & Ireland from 15.01.24 | - | - | 120,000 | 100,000 |
| Aurelijus Valeiša, CTO from 17.09.25 | - | - | - | - |
| Total | 425,882 | 475,203 | 2,525,000 | 3,025,000 |
1) Morthen Johannessen owns the shares privately and through the company Motri AS.
2) Ingeborg Molden Hegstad owns the shares privately and through the company Imsight AS.
3) Jacob Tveraabak owns the shares privately and through the company Celo Industries AS.
Members of the Extended Group Management Team and key employees have stock options:
| Total costs and Social Security Provisions (KNOK) | 2025 | 2024 |
|---|---|---|
| Total IFRS cost | 3,733 | 4,222 |
| Total Social security provisions | -6 | 10 |
| 3,727 | 4,232 |
| Granted instruments | 2025 | 2024 |
|---|---|---|
| Instrument | Option | Option |
| Quantity 31.12 (instruments) | 280,000 | 1,230,000 |
| Quantity 31.12 (shares) | 280,000 | 1,230,000 |
| Contractual life * | 5.00 | 5.00 |
| Strike price * | 9.69 | 10.92 |
| Share price * | 10.05 | 10.95 |
| Expected lifetime * | 3.25 | 3.25 |
| Volatility * | 37.10% | 40.44% |
| Interest rate * | 3.746% | 3.685% |
| FV per instrument * | 3.22 | 3.58 |
| Vesting conditions * | Weighted average parameters at grant of instrument |
Outstanding instruments
| Year End-Option Quantity and weighted average prices | |
|---|---|
| Activity | Number of instruments |
| Outstanding OB (01.01.2025) | 4,095,000 |
| Granted | 280,000 |
| Terminated | -525,000 |
| Expired | -350,000 |
| Outstanding CB (31.12.2025) | 3,500,000 |
| Vested CB | 1,846,250 |
64 StrongPoint ASA | Annual Report 2025 Financial statements Consolidated statement of comprehensive income Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Note 1 General information Note 2 Accounting principles Note 3 Segment information Note 4 Changes in the group structure Note 5 Other operating expenses Note 6 Investment in associated companies Note 7 Shares in other companies Note 8 Financial items Note 9 Payroll costs and number of employees Note 10 Tangible assets Note 11 Intangible assets Note 12 Inventories Note 13 Other receivables Note 14 Cash and cash equivalents Note 15 Interest-bearing debt and secured debt Note 16 Leasing commitments Note 17 Financial instruments Note 18 Transactions with related parties Note 19 Post balance sheet events Note 20 Overview of subsidiaries Note 21 Exchange rates Note 22 Short and long-term provisions Note 23 Earnings per share Note 24 Shareholder information Note 25 Estimation uncertainties Note 26 Tax Note 27 Other short-term debt Note 28 Macro perspectives influencing the business Financial statements StrongPoint ASA Auditor’s report About StrongPoint
Outstanding Instruments Overview
| Strike price | Number of instruments | Weighted Average remaining contractual life | Vested instruments |
|---|---|---|---|
| 9.69 | 280,000 | 4.37 | - |
| 10.92 | 1,155,000 | 3.37 | 288,750 |
| 18.00 | 150,000 | 2.67 | 75,000 |
| 21.77 | 865,000 | 2.36 | 432,500 |
| 21.91 | 550,000 | 1.36 | 550,000 |
| 30.23 | 500,000 | 0.35 | 500,000 |
| Total | 3,500,000 | 1,846,250 |
Method of valuation: The fair value of share options granted is estimated at the date of grant using the Black-Scholes- Merton Option Pricing Model. The model uses the following parameters; the exercise price, the life of the option, the current price of the underlying shares, the expected volatility of the share price, the dividends expected on the shares, and the risk-free interest rate for the life of the option. The measure of volatility used in the option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time.
Vesting requirements: The vesting of the options is dependent on the participant still being employed at StrongpPoint at the time of the vesting.
Method of settlement: All StrongPoint ASA options are intended to be settled in equity, but in the event that the Company is not capable of delivering Shares following an exercise of Options, the Company shall fulfil its obligations under this Agreement through a cash-out.
Vesting period The options will vest over three years, with 1/4 vesting after one year, 1/4 after two years, and the remaining 2/4 after three years. The split in vesting underpins the retention ambition of the program. Any non-exercised options expire five years after grant.
65 StrongPoint ASA | Annual Report 2025 Financial statements Consolidated statement of comprehensive income Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Note 1 General information Note 2 Accounting principles Note 3 Segment information Note 4 Changes in the group structure Note 5 Other operating expenses Note 6 Investment in associated companies Note 7 Shares in other companies Note 8 Financial items Note 9 Payroll costs and number of employees Note 10 Tangible assets Note 11 Intangible assets Note 12 Inventories Note 13 Other receivables Note 14 Cash and cash equivalents Note 15 Interest-bearing debt and secured debt Note 16 Leasing commitments Note 17 Financial instruments Note 18 Transactions with related parties Note 19 Post balance sheet events Note 20 Overview of subsidiaries Note 21 Exchange rates Note 22 Short and long-term provisions Note 23 Earnings per share Note 24 Shareholder information Note 25 Estimation uncertainties Note 26 Tax Note 27 Other short-term debt Note 28 Macro perspectives influencing the business Financial statements StrongPoint ASA# Auditor’s report
About StrongPoint
Note 10: Tangible assets
Accounting policies
The acquisition costs of fixed assets are depreciated linearly according to the expected useful life of the assets, which is:
* Fixtures and equipment 3–5 years
* Machinery 3-10 years
* Land values are not depreciated
Leasing contracts with a lifetime of more than one year and a value of KNOK 100 are booked as IFRS 16 Leases as both right-of-use assets and liabilities. Operational leases with lower value or shorter lifetime are booked as operational leases in the P&L. For lease contracts with a lease term less than 12 months or a value of the underlying asset of less than KNOK 100, the group applies the recognition-on exemptions and does not recognize these in the balance sheet.
| Tangible assets, company owned | Equipment | Total | Equipment | Total |
|---|---|---|---|---|
| KNOK | Land | Buildings owned | 2025 | Land |
| Acquisition costs 01.01 | 825 | 6,675 | 103,434 | 110,933 |
| Addition | 8,557 | 8,557 | ||
| Divestment | -3,038 | -3,038 | ||
| Currency exchange differences | 192 | 192 | ||
| Acquisition costs 31.12 | 825 | 6,675 | 109,145 | 116,645 |
| Accumulated depreciations 01.01 | -825 | -6,675 | -73,686 | -81,186 |
| Depreciations | -6,286 | -6,286 | ||
| Depreciations of the year regarding rental machines is booked as cost of gods sold | -4,693 | -4,693 | ||
| Divestment | 3,002 | 3,002 | ||
| Currency exchange differences | -107 | -107 | ||
| Accumulated depreciations 31.12 | -825 | -6,675 | -81,769 | -89,269 |
| Book value 31.12 | - | - | 27,376 | 27,376 |
| Depreciation ratio | 10-33% | |||
| Depreciation method | Linear |
Some equipment has been fully depreciated per 31 December 2025 but is still in use. StrongPoint has no contractual purchasing obligations.
66 StrongPoint ASA | Annual Report 2025 Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA
Auditor’s report
About StrongPoint
| Tangible assets, right of use | Right of use | Right of use | Total | Right of use | Right of use | Total |
|---|---|---|---|---|---|---|
| KNOK | offices | equipment/cars | 2025 | offices | equipment/cars | 2024 |
| Acquisition costs 01.01 | 164,470 | 50,496 | 214,967 | 147,642 | 44,489 | 192,131 |
| Addition | 1,978 | 8,975 | 10,952 | 10,477 | 5,651 | 16,129 |
| Divestment | - | -2,962 | -2,962 | - | -899 | -899 |
| Currency exchange differences | 1,025 | 1,415 | 2,440 | 6,351 | 1,255 | 7,607 |
| Acquisition costs 31.12 | 167,473 | 57,923 | 225,396 | 164,470 | 50,496 | 214,967 |
| Accumulated depreciations 01.01 | -82,284 | -36,036 | -118,319 | -62,815 | -29,748 | -92,562 |
| Depreciations | -17,176 | -7,569 | -24,745 | -17,196 | -6,417 | -23,613 |
| Currency exchange differences | -2,051 | 1,670 | -381 | -2,273 | 129 | -2,144 |
| Accumulated depreciations 31.12 | -101,511 | -41,935 | -143,446 | -82,284 | -36,036 | -118,319 |
| Book value 31.12 | 65,962 | 15,988 | 81,950 | 82,187 | 14,461 | 96,647 |
| Depreciation ratio | 10-33% | 10-33% | 10-33% | 10-33% | 10-33% | 10-33% |
See note 16 for information about the commitments related to the leasing.
67 StrongPoint ASA | Annual Report 2025 Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA
Auditor’s report
About StrongPoint
Note 11: Intangible assets
Accounting policies
Intangible assets
Intangible assets are recognized at their cost price, less any accumulated write-downs and amortization, and are considered periodically for impairment in case of any impairment indicators. Any impairment losses are recognized as operating costs. Intangible assets with definite lives are amortized over economic life and tested for impairment when there are indications on this.
Goodwill and other intangible assets from acquisitions
Identifiable intangible assets from acquisitions are booked at fair value at the time of acquisition. This includes items such as technology, brand and customer relationships. Brand value/trademarks are not depreciated, but they are tested annually for impairment along with goodwill. The other items are depreciated throughout their estimated useful life.
Development costs
Product development costs into new products and maintenance of existing products are expensed as incurred except for capitalized costs relating to the development of the CashGuard Connect solution in Spain and the new POS solution (TreeCommerce) in the Baltics. The development costs on CashGuard Connect started in 2023 in the legal entity Cash Tech S.L., currently owned 60% by StrongPoint. This joint venture is fully consolidated in the group accounts. As per the end of 2025, the total capitalized development costs since inception were KNOK 94,753 (KNOK 67,830). As for the POS solution in the Baltics, the capitalization of development costs started in 2024. As per the end of 2025, the total capitalized development costs were KNOK 7,988 (2,705) for TreeCommerce. For both products, the expenses include in-house payroll costs and outsourced services. The expenses are reduced with any government grants received related to this development. Government grants (SkatteFunn) are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with.
| Other intangible assets (KNOK) | 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Technology | Brand | Customer | Software | Total | Technology | Brand | Customer | Software | |
| Acquisition costs 01.01 | 174,957 | 31,502 | 95,834 | 16,802 | 319,095 | 147,040 | 31,502 | 95,834 | 13,174 |
| Investment | 26,646 | - | - | 5,909 | 32,555 | 27,916 | - | - | 3,628 |
| Acquisition costs 31.12 | 201,603 | 31,502 | 95,834 | 22,711 | 351,650 | 174,957 | 31,502 | 95,834 | 16,802 |
| Accumulated impairments and amortizations 01.01 | -105,655 | -5,679 | -61,521 | -8,398 | -181,254 | -105,655 | -3,371 | -51,581 | -8,390 |
| Accumulated impairments and amortizations 31.12 | -105,655 | -7,978 | -71,430 | -8,407 | -193,470 | -105,655 | -5,679 | -61,521 | -8,398 |
| Translation differences | 378 | 5,732 | 8,789 | -658 | 14,240 | 95 | 4,430 | 10,650 | -690 |
| Book value 31.12 | 96,325 | 29,255 | 33,193 | 13,646 | 172,420 | 69,397 | 30,252 | 44,963 | 7,714 |
| Depreciations of the year | - | -2,299 | -9,909 | -9 | -12,217 | - | -2,308 | -9,939 | -8 |
| This year change in translation differences | 282 | 1,302 | -1,864 | 31 | -249 | 1,950 | 1,047 | 4,369 | 193 |
| Amortizations schedule | 10 and 15 | Impairment | 1-7 years | 4-7 years | 10 and 15 | Impairment | 1-7 years | 4-7 years | |
| test | |||||||||
| years | |||||||||
| Amortizations ratio | 7-10% | 14-100% | 14-25% | 7-10% | 14-100% | 14-25% |
For the year 2025, the expensed development costs were KNOK 48,195 (KNOK 39,549 in 2024), whereas capitalized costs were KNOK 31,919 (30,621) for the same period. Intangible assets regarding brand are related to CashGuard and ALS.
68 StrongPoint ASA | Annual Report 2025 Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements StrongPoint ASA
Auditor’s report
About StrongPoint
| Goodwill (KNOK) | StrongPoint AS | StrongPoint AB | Technology | StrongPoint Baltic | S.L.U | E-com AB | ALS | Hamari | Total | Total |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | ||||||||
| Acquisition costs 01.01 | 15,976 | 2,612 | 81,127 | 23,318 | 4,431 | 25,889 | 38,268 | 2,914 | 194,535 | 194,535 |
| Acquisition costs 31.12 | 15,976 | 2,612 | 81,127 | 23,318 | 4,431 | 25,889 | 38,268 2,914 194,535 194,535 | |||
| Accumulated impairment and depreciations 01.01 -14,689 -229 - -23,345 - - - - -38,263 -38,263 | ||||||||||
| Accumulated impairment and depreciations 31.12 -14,689 -229 - -23,345 - - - - -38,263 -38,263 | ||||||||||
| Translation differences - - 17,335 3,267 1,432 2,883 5,190 156 30,263 23,604 | ||||||||||
| Book value 31.12 1,286 2,383 98,462 3,240 5,863 28,772 43,458 3,071 186,534 179,875 | ||||||||||
| This year change in translation differences - - 5,857 13 24 1,711 -959 12 6,647 5,407 |
Goodwill is not depreciated. Impairment tests are carried out every year. The impairment test per 31 December 2025 has been carried out with the segments Nordics and International incl. Product as the cash generating units.
Goodwill (KNOK)
| Acquired company | Cash generating unit | 31.12.2025 | 31.12.2024 |
|---|---|---|---|
| StrongPoint AS | Nordics | 1,286 | 1,286 |
| StrongPoint AB | Nordics | 2,383 | 2,383 |
| StrongPoint Technology AB | Nordics | 98,462 | 92,605 |
| StrongPoint UAB | International incl. Product | 3,240 | 3,227 |
| StrongPoint S.L.U | International incl. Product | 5,863 | 5,839 |
| StrongPoint E-com AB | Nordics | 28,772 | 27,060 |
| StrongPoint ALS | International incl. Product | 43,458 | 44,416 |
| StrongPoint Hamari Oy | Nordics | 3,071 | 3,058 |
| Total goodwill | 186,534 | 179,875 |
69 StrongPoint ASA | Annual Report 2025
Financial statements
- Consolidated statement of comprehensive income
- Consolidated balance sheet
- Consolidated cash flow statement
- Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
- Auditor’s report
- About StrongPoint
Impairment test of goodwill and intangible assets with indefinite useful life
Impairment tests are carried out in order to assess the prospects of each cash flow-generating unit based on value in use. Value in use is measured against net book value for the cash flow-generating entity. Key assumptions is a growth rate of 2.5% in net cash flow after five years of explicit plan and a WACC after tax of 10.44%. Climate change is considered not to have a significant impact and is taken into account in the cash flow.
The brands are considered to be indefinite due to the Groups strategy which contains a growth path for the brands, and confirms the value of the IP in the balance sheet, as long-term future cashflow is expected. The Group has used value in use to determine recoverable amounts for the cash flow-generating entities. Value in use is determined by using the discounted cash flow method. The expected cash flow is based on the business areas’ budgets and long-term plans, which are approved by StrongPoint’s executive management and the Board. Budgets and long-term plans cover a five-year period (explicit prognosis period). Approved budgets and long-term plans are adjusted for cash flows related to investments, future product improvements and new development, if the elements are considered significant for the impairment test. After the five years of explicit plans a terminal value is calculated based on 2.5% growth in net cash flow. To calculate value in use, the Group has used anticipated cash flows after tax and, correspondingly, discount rates after tax. The recoverable amount would not have been significantly different if cash flows before tax and the discount rate before tax had been used. The WACC after tax has been stipulated using an iterative method and is 10.44%. The assumptions are based on historical results and observable market data.
Key assumptions
Discount rate
The discount rates are based on a weighted average cost of capital (WACC) method, whereby the cost of equity and the cost of liabilities are weighted according to an estimated capital structure. The discount rates reflect the market’s required return on investment at the time of the test and in the industry to which the cash-generating unit belongs. The estimated capital structure is based on the average capital structure in the industry in which the cash generating unit operates and an assessment of what is a reasonable and prudent long-term capital structure. The CAPM model is used to estimate the cost of equity. In accordance with the CAPM model, the cost of equity consists of risk-free interest as well as an individual risk premium. The risk premium is the entity’s systematic risk (beta), multiplied by the market’s risk premium. The risk-free interest is estimated on a 10-year Norwegian government bond interest rate and is based on all cash flows being translated to NOK. The cost of liabilities represents an expected long-term after-tax interest rate for comparable liabilities and consists of risk-free interest and an interest spread. The pre tax discount rate is 13.15%.
Profit margin (EBITDA)
The profit margin is reviewed based on expectations of future development and historical performance. This gives the Group good prospects for order intake and is a solid basis for long-term growth.
Growth rate
Growth rates in the explicit prognosis period are based on management’s expectations of market trends. The Group uses stable growth rates to extrapolate cash flows in excess of five years. The long-term growth rate beyond five years is not higher than the expected long-term growth rate in the industry in which the undertaking operates within.
Market shares and macro trends
Group entities monitors competition environment and market shares on a detailed level, both in the local geography and from a product point of view. StrongPoint is a retail technology company and exposed to global changes within technology development, international competition, supply change and raw material distribution following political, climate or international trading challenges etc. Expected changes in market shares or new competitive solutions that can influence future cash flow from the business units are taken into account in the impairment test.
Risk
Group management and Board of directors monitors and acts upon risk within the following areas: Strategic, operational, financial and sustainability/climate. Main assumptions in the impairment test are adjusted to reflect the risk environment that the Group operates within.
Sensitivity analysis
In connection with impairment tests of goodwill and intangible assets, sensitivity analyses are carried out. When applying long-term annual growth rates of 8 to 10% on revenue and 5 to 6% on operating costs, there is substantial impairment headroom. This corresponds to EBITDA margin of 6 to 8% and is considered to be achievable in the long-term. However, if assuming long-term annual revenue growth of 5 to 6% and the operating costs continuing to increase by 5%, the EBITDA margin will convert to 3% and consequently lead to an impairment in both segments.
Estimation uncertainty
There will always be uncertainty related to the estimate of value in use. The assessments are based on key assumptions as described above, and are to a large degree influenced by market data for comparable companies, interest rates and other risk conditions. These calculations are based on discounted future cash flows, in which judgement was used as regards future profit and operation. Significant changes in the cash flows may affect the value of goodwill.
70 StrongPoint ASA | Annual Report 2025
Financial statements
- Consolidated statement of comprehensive income
- Consolidated balance sheet
- Consolidated cash flow statement
- Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
- Auditor’s report
- About StrongPoint
Note 12: Inventories
Accounting policies
Provisions for obsolescence are, where possible, made on an individual basis. If it is not possible to carry out an individual assessment, provisions for obsolescence are made based on the current inventory turnover rate. Inventories are measured at the lower of cost and net realizable value. The stock is pledged as security for loans, see note 15.
Inventories (KNOK)
| 2025 | 2024 | |
|---|---|---|
| Inventories | 178,136 | 197,292 |
| Provision for obsolete stock | -23,509 | -24,141 |
| Total | 154,627 | 173,151 |
Provision for obsolete stock (KNOK)
| 2025 | 2024 | |
|---|---|---|
| Provision for obsolete stock, opening balance | -24,141 | -10,626 |
| Taken to income/charged to expense (-) change in provision | 632 | -13,515 |
| Provision for obsolete stock, closing balance | -23,509 | -24,141 |
The cost of goods sold of KNOK 773,628 includes direct costs of goods with KNOK 561,133.# Note 13: Other receivables
Accounting policies
For account receivables, the Group applies a simplified approach in calculating Expected Credit Losses (ECL)s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The carrying amount of the asset is reduced using an allowance account and the amount of the loss is recognized in the income statement. Provisions are made when there is objective evidence that the Group will not be able to collect the debts. Bad debts are written off when identified. It should, in minimum, be made provisions for: 50% of the amounts ex VAT that has been due for 3 months or more, 80% of the amounts ex VAT that has been due for 6 months or more, 100% of the amounts ex VAT that has been due for 12 months or more. Changes in provision are booked as other operating expenses. In 2024, Norway and The UK entered factoring arrangements. The financing arrangements have contributed to lower outstanding accounts receivables per 31.12.2025.
Short-term receivables (KNOK)
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Accounts receivables | 195,676 | 223,238 |
| Prepaid expenses | 15,706 | 28,236 |
| Other receivables | 18,988 | 10,351 |
| Total short-term receivables 31.12 | 230,370 | 261,826 |
Other receivables included MNOK 4.3 in expected government grants (SkatteFunn) refunds for development costs in 2025 (MNOK 3.9). This was booked as reduction of other operating expenses.
Changes in provision for bad debts (KNOK)
| | 2025 | 2024 |
| :--- | ---: | ---: |
| 01.01 | 7,753 | 7,243 |
| Reversed provisions | -509 | -393 |
| New provision for bad debt | 2,952 | 903 |
| Total 31.12 | 10,195 | 7,753 |
The provisions per 31.12.2025 are not directly related to individual customers. Losses on bad debts are classified as other operating expenses in the income statement.
Aging of accounts receivables (KNOK)
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Not due | 155,352 | 180,683 |
| 0-3 months | 27,731 | 38,269 |
| 3-6 months | 11,065 | 3,837 |
| 6-12 months | 1,528 | 449 |
| Total 31.12 | 195,676 | 223,238 |
Long-term receivables (KNOK)
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Deposit rented offices | 1,086 | 896 |
| Total long-term receivables 31.12 | 1,086 | 896 |
71
StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
Auditor’s report
About StrongPoint
Note 14: Cash and cash equivalents
Accounting policies
Cash includes cash in hand and cash deposits in banks. Cash equivalents are held for the purpose of meeting short-term commitments rather than for investment or other purposes.
KNOK
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Cash and bank deposits | 98,530 | 82,490 |
| Unused overdraft / credit facilities | - | 20,000 |
The Group had liquid assets (bank deposits and unused credit facilities) of MNOK 98.5 per 31.12.2025 (2024: MNOK 102.5). KNOK 0 are restricted funds pr. 31.12.2025 (2024: KNOK 3,107). The Group has a cash pool arrangement allowing efficient distribution of cash between the different business units. The total Group credit facility is MNOK 140, of which MNOK 140 was withdrawn per 31.12.2025.
Note 15: Interest-bearing debt and secured debt
Debt per 31.12. and specification of terms. Figures in KNOK
| Type of loan | 2025 | 2024 | Borrowing terms | Average nominal interest for 2025 |
|---|---|---|---|---|
| Credit facilities | 140,000 | 120,000 | Repayment/renewal in 2026/2027 | 10.18% |
| Long-term loan | 1,324 | 5,229 | Quarterly repayments | 1.72% |
| Short-term debt | 3,777 | 4,253 | Repayment in 2024 | 2.6%-7.05% |
| Financial leasing | 3,692 | 3,402 | Monthly and quarterly payments | |
| IFRS 16 car liabilities | 10,636 | 9,266 | ||
| Total interest-bearing debt | 159,429 | 142,149 | ||
| IFRS 16 rent liabilities | 65,962 | 82,186 | ||
| Total interest-bearing debt and IFRS 16 rent liabilities | 225,391 | 224,336 |
1) The Groups’ main bank connection has loan covenants in relation equity %. The loan agreements are measured on a quarterly basis. See note 17 for more information. All loans are secured.
Distribution of long-term and short-term debts and liabilities:
KNOK
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Current interest-bearing liabilities | 71,876 | 154,353 |
| Due after one year | 153,515 | 69,983 |
| Total interest-bearing debt and IFRS 16 rent liabilities | 225,391 | 224,336 |
Pledged assets per 31.12 and book value:
| Asset | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Operating equipment and inventories for StrongPoint AS | 35,060 | 48,360 |
| Lien over Företagsinnteckning StrongPoint AB ¹ | 131,547 | 123,722 |
| Co-surety Norway, Sweden, the Baltics and UK* | 140,000 | 120,000 |
1) Företagsinnteckning is equivalent to a priority lien over the company’s assets. * The foreign companies liabilities are limited to the amount the guarantor at any time has drawn.
Change in liabilities arising from financing activities:
New Currency KNOK 31.12.2024 CashFlow contracts differences 31.12.2025
| Interest-bearing liabilities | 129,482 | (2,041) | 20,000 | (2,340) | 145,101 |
| Lease liabilities | 94,854 | (24,971) | 10,952 | (5,723) | 80,290 |
| Total | 224,336 | (27,012) | 30,952 | (8,063) | 225,391 |
New Currency KNOK 31.12.2023 CashFlow contracts differences 31.12.2024
| Interest-bearing liabilities | 107,098 | (98,300) | 120,000 | 684 | 129,482 |
| Lease liabilities | 97,829 | (22,534) | 16,129 | 3,431 | 94,854 |
| Total | 204,926 | 120,833 | 136,129 | 4,115 | 224,336 |
72
StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
Auditor’s report
About StrongPoint
Note 16: Leasing commitments
Tenancy agreements on premises have a lease-term of 0.5-9 years. Annual payment for these premises is approx. KNOK 22,022. Leasing contracts on vehicles have a lease-term of 1-5 years. Annual payment is approx. KNOK 9,279. Leasing contracts on inventory (copy machines, coffee machines etc.) has a lease-term of 1-5 years. Annual payment is approx. KNOK 384. The numbers above includes approximately MNOK 1 as leasing expenses in the P&L regarding contracts with a lifetime of less than one year and a value of less than KNOK 100. These contracts are not booked as leasing commitments in the balance sheet.
Future minimum rent for the leasing contracts per 31.12 is
| | KNOK | The present value as follows: | 2024 |
| :--- | ---: | :--- | ---: |
| | 2025 | 2025 | |
| Within one year | 31,686 | 30,744 | 27,917 |
| After one year, but within five years | 62,086 | 67,621 | 41,841 |
| After more than five years | 13,305 | 15,738 | 6,224 |
| Total | 107,077 | 114,104 | 75,981 |
In 2025 the present value of the lease payments has been calculated based on the lessee’s incremental borrowing rate. The discount rate is 13.5%, included a risk premium of 9.5% business risk and 4.0% risk free. The carrying value of leasing are included in note 10.
73
StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
Auditor’s report
About StrongPoint
Note 17: Financial instruments
Financial risks
StrongPoint’s activities expose the group to exchange rate-, interest-, credit- and liquidity risks.
(i) Credit risks
The Group’s credit risk is related to the sale of goods and services on credit. In 2024, Norway entered a factoring arrangement for the accounts receivables. We receive payment earlier and the credit risk for these receivables is transferred to the factoring company.The Group has established guidelines to ensure that sales are only made to customers who have not had significant payment problems earlier and that the outstanding amount does not exceed credit limits. Guidelines are implemented to prevent the company’s risk associated with loans and guarantees related to employees and customers. Per 31.12.2025 the Group had KNOK 195,676 in outstanding accounts receivables. Of this KNOK 40,324 were overdue, traditionally most of the overdue amount are paid a few days after period end. The Group has historically had a low rate of loss on receivables. This year’s expenses in relation to bad debts amounting to a revenue of KNOK 2,303, including realized losses and changes in the provision for bad debts.
Debt ratio KNOK
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Total interest-bearing debt | 159,429 | 142,149 |
| Cash | 98,530 | 82,490 |
| Net interest-bearing debt | 60,899 | 59,659 |
| Total capital adjusted for Goodwill | 821,583 | 847,862 |
| Debt ratio | 7% | 7% |
(ii) Interest rate risk
The company’s interest-bearing debt increased in 2025. The interest risk is measured by the group treasury department by simulating the effect of a change in interest rates. The simulation illustrates the cash effect of a change in interest rates given the loan size and the level of any existing interest rate hedging. The results from the simulation are used to support decisions concerning the possible conclusion of fixed-rate contracts. In addition, the fact that interest rates usually move opposite to the general economic development, and that floating rates within certain limits can help to stabilize the group’s results. As a result of this the group’s interest-bearing debt has a floating interest rate at year-end. It has not been used fixed rate contracts or other hedging instruments in 2025 or 2024. Based on the financial instruments in existence as of 31 December 2025, a general increase in interest rates of two per cent will reduce pre-tax profits by KNOK 2,976.
The average effective rate of interest on financial instruments was as follows:
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Credit facilities | 10.18% | 10.49% |
| Short-term loans | 4.83% | 5.30% |
| Long-term loans | 1.72% | 1.72% |
The interest rate on the largest long-term loan are fixed until 2026. The interest rate on the smaller loans is determined quarterly. See note 15 for information about long-term loans and note 16 for information about liabilities in relation to financial leasing agreements. An increase of 1% in the interest rate per 31 December 2025 would have resulted in the following effects on the profit in the group;
Sensitivity currency exposure; KNOK
| | |
| :--- | ---: |
| Credit facilities | -1,400 |
| Short-term loans | -13 |
| Long-term loans | -38 |
| Leasing | -143 |
(iii) Liquidity risk
The Group manages liquidity risk by monitoring the expected future cash from operations and available cash and credit facilities are adequate to serve the operational and financial obligations. This is done by preparing cash flow forecasts 12 months ahead, and detailed monthly cash monitoring, based on different outcomes in turnover and product mix. Capital tied up in the individual business units are supervised, focusing on inventory, accounts receivable, financing and accounts payable. The group’s strategy is to have sufficient cash, cash equivalents or credit facilities available at any time to be able to finance operations and investments for the next 6 months. Excess liquidity is mainly located in the Groups Cash Pool which is netted against overdraft. Unused credit facilities are described in note 14. Disposable funds were 98.5 MNOK as of 31 December 2025, comprising cash and cash equivalents. The group has an RCF of 140 MNOK with Norion Bank. As part of this financing, there is a 30% equity covenant. As per 31 December 2025, the equity ratio was 47%.
74 StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
Auditor’s report
About StrongPoint
Overview of maturity structures of financial liabilities:
| Balance sheet | 0-6 months KNOK | 6-12 months KNOK | 1-2 year KNOK | 2-3 year KNOK | more than 3 years KNOK |
| :--- | ---: | ---: | ---: | ---: | ---: |
| Secured loans (long and short-term interest-bearing debt) | 145,101 | 4,737 | 40,364 | 100,000 | - |
| Secured loans, interest IA | 7,184 | 6,113 | 5,089 | - | - |
| Leasing | 80,290 | 13,540 | 13,234 | 16,831 | 12,719 |
| Leasing, interest IA | 1,843 | 1,829 | 2,637 | 1,891 | - |
| Other long-term debt | 805 | - | - | 805 | - |
| Accounts payable | 124,283 | 124,283 | - | - | - |
| Net liabilities financial instruments | 350,479 | 151,588 | 61,540 | 125,362 | 14,610 |
The payment of financial obligations is intended to be covered by the payment of accounts receivable, sale of goods and services, and available cash and available credit facilities.
(iv) Currency risks
The Company has no material debt or bank deposits in foreign currency, except Euro, GBP, Norwegian and Swedish kroner. The main exposure to foreign currency derived from accounts payable and accounts receivable in connection with the purchase and sale of goods in foreign currency, and contracts where the sales price is determined in a currency other than the cost of goods sold. The Group is mainly exposed to fluctuations in the price of goods bought in foreign currencies, primarily in SEK, USD, EUR and GBP, and sale of goods in EUR.
(v) Financial investments
Excess liquidity is placed in the Group’s cash pool to reduce its short-term interest-bearing debt. The company uses a small degree of financial investments. A change of 10% exchange rate per 31 December 2025 would have resulted in the following effects on the profit in the group;
Sensitivity currency exposure; KNOK
| | |
| :--- | ---: |
| SEK weakened by 10% against EUR | -348 |
| SEK weakened by 10% against GBP | - |
| SEK weakened by 10% against USD | 367 |
| NOK weakened by 10% against SEK | 141 |
| NOK weakened by 10% against EUR | 702 |
| NOK weakened by 10% against GBP | 33 |
| NOK weakened by 10% against USD | 274 |
75 StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
Auditor’s report
About StrongPoint
(vi) Capital structure
The Board aims to maintain a strong capital base in order to retain the trust of shareholders, creditors and the market in order to continually develop the company. The Board want to create a balance between higher return, which is made possible by higher borrowing levels, and the benefits and security provided by a solid equity. The Board aims to ensure that StrongPoint shareholders will over time gain a competitive return on their investment through a combination of cash dividends and increased value of their shares. In determining the annual dividend, the Board will take into account the expected cash flow, investments in organic growth, plans for growth through mergers and acquisitions, and the need for adequate financial flexibility. The level of net debt is measured in terms of cash flow.
(viii) Fair value measurement
The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities.
| Fair value measurement using | Date of valuation | Total KNOK | Significant un- observable inputs (Level 3) KNOK |
|---|---|---|---|
| Assets measured at fair value: | |||
| Financial assets | |||
| Cash | 31 December 2025 | 98,530 | 98,530 |
| Accounts receivable | 31 December 2025 | 195,676 | 195,676 |
| Financial debts | |||
| Accounts payable | 31 December 2025 | -124,283 | -124,283 |
| Bank loans | 31 December 2025 | -5,101 | -5,101 |
Due to their short-term nature, the carrying value of current financial assets and liabilities is deemed as reasonable approximation to the fair value of the financial assets and liabilities. As such, the carrying amount is considered not to be significantly different from the fair value. Based on characteristics of the financial instruments recognized in the consolidated financial statements, these have been grouped in classes and categories as described below. The estimated fair value corresponds substantially carrying value. Other long-term investments are classified as equity instruments designated at fair value, according to IFRS 9.The balance sheet value of cash and cash equivalents and overdrafts is approximate to the fair value as these instruments have a short expiry period. Similarly, the balance sheet value of accounts receivables and accounts payable is approximate to the fair value as they are agreed on “ordinary” terms. Book value of debt is deemed to be equivalent to market value, since the company should be able to refinance the loan at the same rate in the market.
Note 18: Transactions with related parties
StrongPoint ASA hired consultancy services valued at KNOK 10 (KNOK 100) from TLT Leadership AS where Board member Ingeborg Hegstad owns 50% of the company. There have not been any other transactions with any Board members and employees in 2025.
Transactions with associated companies
The group carried out several transactions with Spok AS in 2025 and 2024. All transactions were carried out as part of its ordinary activities and at ordinary business conditions.
| 2025 | 2024 | |
|---|---|---|
| KNOK | Sale | Purchase |
| Spok AS | 237 | 3,053 |
The balance includes the following amounts resulting from transactions with the associated company:
| KNOK | 2025 | 2024 |
|---|---|---|
| Receivables | Debt | |
| Spok AS | - | - |
The Group has no other binding future transactions with related parties.
76
StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
Auditor’s report
About StrongPoint
Note 19: Post balance sheet events
No significant events have occurred after the balance sheet date.
Note 20: Overview of subsidiaries
The following subsidiaries are included in the consolidated accounts:
| Company | Adress | Main area of business | Share of votes | Stake |
|---|---|---|---|---|
| StrongPoint AS | Oslo | Service and product provider | 100% | 100% |
| StrongPoint AB | Göteborg (Sweden) | Service and product provider | 100% | 100% |
| StrongPoint UAB 1 | Vilnius (Lithuania) | Service and product provider | 100% | 100% |
| StrongPoint S.L.U 2 | Madrid (Spain) | Service and product provider | 100% | 100% |
| StrongPoint E-com AB | Täby (Sweden) | Production and sales | 100% | 100% |
| Air Link Group Ltd 3 | Birmingham (UK) | Service and product provider | 100% | 100% |
| StrongPoint Hamari Oy | Tampere (Finland) | Service and product provider | 100% | 100% |
1) StrongPoint UAB owns 100 % of its sales companies in Latvia and Estonia.
2) StrongPoint SLU owns 60% of StrongPoint Cash Tech S.L.
3) Air Link Group Ltd owns 100% of its sales companies in UK, Ireland and Belgium.
Note 21: Exchange rates
| 2025 | 2024 | |
|---|---|---|
| Average exchange rate | Exchange rate | |
| Average | ||
| January | 1.023 | |
| February | 1.037 | |
| March | 1.053 | |
| April | 1.078 | |
| May | 1.066 | |
| June | 1.052 | |
| July | 1.059 | |
| August | 1.063 | |
| September | 1.061 | |
| October | 1.063 | |
| November | 1.068 | |
| December | 1.087 | 1.094 |
| SEK | 1.029 | |
| Euro | 11.746 | 11.657 |
| GBP | 13.999 | 14.033 |
Profit or loss items in the subsidiaries are converted to NOK monthly, based on the average exchange rate of that month. Balance sheet items for the subsidiaries are converted to NOK, based on the exchange rate per 31.12.2025.
77
StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
Auditor’s report
About StrongPoint
Note 22: Long-term provisions
| KNOK | 2025 | 2024 |
|---|---|---|
| Rental deposit | 805 | 602 |
| Balance 31.12 | 805 | 602 |
| Of which long-term provisions | 805 | 602 |
Note 23: Earnings per share
| KNOK | 2025 | 2024 |
|---|---|---|
| Profit for the year | -4,971 | -31,930 |
| Weighed average number of shares during the year | ||
| - Basic | 44,731,132 | 44,631,136 |
| - Effect of dilutive share based incentive plans | 3,500,000 | 4,095,000 |
| Diluted | 48,231,132 | 48,726,136 |
| Earnings per share (NOK) | ||
| - Basic | (0.11) | (0.72) |
| - Diluted | (0.10) | (0.66) |
The options are anti-dilutive due to the deficit in 2025.
Number of outstanding shares (numbers in thousand)
| 2025 | 2024 | |
|---|---|---|
| 01.01: Number of shares (after deductions for own shares) | 44,694 | 44,538 |
| Sale of own shares during the year | 69 | 156 |
| 31.12: Number of shares (after deductions for 125 thousand own shares) | 44,763 | 44,694 |
Note 24: Shareholder information
Overview of shareholders per 31.12.2025
| No. | Name | No. of shares | % |
|---|---|---|---|
| 1 | STRØMSTANGEN AS | 3,933,092 | 8.76 |
| 2 | MUEN INVEST AS | 2,457,346 | 5.47 |
| 3 | TOHATT AS | 2,244,400 | 5.00 |
| 4 | SOLE ACTIVE AS | 2,221,717 | 4.95 |
| 5 | JAKOB HATTELAND HOLDING AS | 1,370,219 | 3.05 |
| 6 | ZETTERBERG, GEORG (incl. fully owned companies) | 1,370,000 | 3.05 |
| 7 | NORDNET BANK AB | 1,364,030 | 3.04 |
| 8 | AVANZA BANK AB | 1,287,153 | 2.87 |
| 9 | RING, JAN | 1,243,374 | 2.77 |
| 10 | VERDADERO AS | 1,081,285 | 2.41 |
| 11 | EVENSEN, TOR COLKA | 725,333 | 1.62 |
| 12 | SØLVIS HOLDING AS | 700,000 | 1.56 |
| 13 | WAALER AS | 650,000 | 1.45 |
| 14 | JOHANSEN, STEIN | 610,000 | 1.36 |
| 15 | EJA HOLDING AS | 600,000 | 1.34 |
| 16 | HSBC CONTINENTAL EUROPE | 580,000 | 1.29 |
| 17 | MP PENSJON PK | 561,402 | 1.25 |
| 18 | SKANDINAVISKA ENSKILDA BANKEN AB | 548,842 | 1.22 |
| 19 | ØYHATT AS | 522,500 | 1.16 |
| 20 | ALS KINGFISHER LIMITED | 506,156 | 1.13 |
| Sum 20 largest shareholders | 24,576,849 | 54.75 | |
| Sum 2 045 other shareholders | 20,311,503 | 45.25 | |
| Sum all 2 065 shareholders | 44,888,352 | 100.00 |
StrongPoint ASA had per 31.12.2025 a share capital of NOK 27,830,778.24 spread over 44,888,352 shares with a nominal value of NOK 0.62. All shares have equal voting rights.
78
StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
Auditor’s report
About StrongPoint
Changes in share capital:
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| Number of shares | Share capital KNOK | |||
| Ordinary shares 01.01 | 44,888 | 44,888 | 27,831 | 27,831 |
| Ordinary shares 31.12 | 44,888 | 44,888 | 27,831 | 27,831 |
Own shares:
| Numbers in 1000 | 2025 | 2024 |
|---|---|---|
| 01.01 | 194 | 350 |
| Sales of own shares | -69 | -156 |
| 31.12 | 125 | 194 |
| Nominal value | 0.62 | 0.62 |
Own shares specified in equity (KNOK): 78 121
Per 31.12.2025 the Group owned 125,426 own shares. Cost price of these was KNOK 2,923, giving an average share price of NOK 23.31. Members of the Group management team have stock options. See note 9 for more information.
Note 25: Estimation uncertainties
When preparing the annual accounts in accordance with IFRS the company management has used estimates based on best judgement and assumptions that are considered to be realistic. Situations or changes in market conditions may occur that may lead to estimates being adjusted, thus affecting the company’s assets, debts, equity and profit. The company’s most significant accounting estimates are linked to the following items:
* Business combinations
* Impairment of intangible assets
* Impairment assessment of goodwill
* Recognition of deferred tax on balance sheet
* Warranty provisions
StrongPoint must allocate the cost price of acquired entities to acquired assets and transferred debts based on estimated fair value. Significant intangible assets that StrongPoint has recognized includes customer contracts, customer base, brands, own technology and commitments in relation to any royalty agreements entered into.Assumptions taken into account when valuing assets include, but are not limited to, the replacement cost of fixed assets and fair value. The management’s estimates of fair value are based on assumptions that are considered to be reasonable, but that are by nature uncertain. As a result the actual results may differ from the estimates. Depreciation periods and amounts are given in note 11. Management prepares a Key Audit Matter report to the Audit Committee at least every 6 months, where major estimates are discussed and agreed. Goodwill and brands as stated on the balance sheet are evaluated for impairment whenever there are indications of impairment, at least annually. The valuation is based on value in use when discounting expected future cash flows. The valuation is carried out with starting points in next year’s budget and in a forecast for the next four years. Next, a terminal value is calculated based on 2.5% growth in net cash flow. The most sensitive assumption used in the estimates is that of future turnover growth, but EBITDA and discount rate are also important. The assumptions and sensitivity analysis are detailed in note 11. The management has used estimates and assessments when making provisions for obsolete stock and future warranty costs. The provisions have been made with basis in a historical assessment of provision requirements, past figures for returns and under-warranty repairs and the age distribution of stock. Further details are provided in note 12 for stock and note 27 for warranty provisions. 79
StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
Auditor’s report
About StrongPoint
Note 26: Tax
Accounting policies
Current tax liabilities and assets are measured at the amount that is expected to be paid to or recovered from the tax authorities. The tax rates and tax rules used to calculate the amounts are those that have been adopted or substantively adopted by the end of the reporting period in the countries in which the group operates and generates taxable income. Deferred tax liabilities and assets are computed for all temporary differences between the carrying amount of an asset or liability in the consolidated financial statements and their respective tax bases and tax losses carried forward. For the calculation of deferred tax assets and liabilities, the nominal tax rates expected to be applied when the asset is realized or the liability is paid will be used.
Tax expense: KNOK
| 2025 | 2024 | |
|---|---|---|
| Tax payable | 2,537 | 1,422 |
| Tax items relating to previous years | - | 77 |
| Change in deferred tax | -12,885 | -16,352 |
| Tax expense | -10,349 | -14,853 |
| Included as tax expense in the financial statements | -10,349 | -14,853 |
Reconciliation of the nominal tax rate
| KNOK | 2025 | 2024 | |
|---|---|---|---|
| Profit before tax | -15,319 | -46,783 | |
| Tax calculated at a rate of 22% | -3,370 | -10,292 | |
| Taxes related to companies in other countries with other tax rate | -2,126 | -2,605 | |
| Change in tax rate in Lithuania | - | -83 | |
| Non-taxable items (22% of permanent differences) | -5,218 | -2,236 | |
| Unrecognized deferred tax asset | -9 | 302 | |
| Effect corrections previous years 1) | 1,375 | 61 | |
| Tax expense | -10,349 | -14,853 |
1) Reversal of provision of tax previous years.
Deferred tax assets and deferred tax liabilities:
| Consolidated income statement | Deferred tax assets | Deferred tax liabilities | |
|---|---|---|---|
| KNOK | 2025 | 2024 | 2025 |
| Current assets | 628 | 692 | 3,202 |
| Liabilities | 5,933 | 5,218 | -2,442 |
| Fixed assets | 320 | 265 | -13,242 |
| Losses carried forward | 47,204 | 39,804 | 291 |
| Deferred tax | 54,085 | 45,979 | -12,190 |
The Company has no liabilities / deferred tax assets that effect Total comprehensive income. Per 31.12.2025 the group has losses carried forward of MNOK 116.4 in the Spanish entity. Deferred tax assets of MNOK 29.1 (MNOK 25.9) associated with this are included in the balance sheet. 80
StrongPoint ASA | Annual Report 2025
Financial statements
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long-term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short-term debt
Note 28 Macro perspectives influencing the business
Financial statements
StrongPoint ASA
Auditor’s report
About StrongPoint
Note 27: Other short-term debt
| KNOK | 2025 | 2024 |
|---|---|---|
| Holiday pay owed | 21,127 | 20,840 |
| Accrued expenses | 37,369 | 39,854 |
| Deferred income | 47,545 | 81,645 |
| Warranty provisions | 805 | 2,065 |
| Other short-term debt | 15,040 | 12,487 |
| Total other short-term debt | 121,886 | 156,890 |
Warranty provisions (KNOK)
| 2025 | 2024 | |
|---|---|---|
| Balance 01.01 | 2,065 | 1,232 |
| Provision | - | 1,945 |
| Currency differences | 131 | 20 |
| Reversed | -992 | - |
| Used | -398 | -1,133 |
| Balance 31.12 | 805 | 2,065 |
| Of which warranties due within 1 year | 805 | 2,065 |
Note 28: Macro perspectives influencing the business
Economic conditions
Inflation and interest rates have started to come down during 2025, however this varies within the markets in which we operate, consequently impacting our customers’ investment spend differently across the regions.
Global supply chain and component shortages
The Group may be influenced by component shortages and other supply chain issues, as was seen during the COVID 19 pandemic. StrongPoint works closely with suppliers to ensure as little effect on customer deliveries as possible. There were no major shortages impacting the business during 2025.
Climate
Global climate changes influence both StrongPoint, customers and suppliers in different ways, contributing to both risks and opportunities. Climate risks are related especially to shortage of energy for the production and distribution of goods, both proprietary solutions and third-party products. If climate changes require dramatic changes in the energy consumption, this will influence StrongPoint’s ability to produce the products. Hardware represents 55% of the business. Risk is also related to shortages on food, which will affect the customers of StrongPoint, and shortages of raw materials for specific components. Management does not see this as a risk in the short-term. Climate opportunities are linked to both StrongPoint solutions that can reduce energy consumption, like AutoStore storage of frozen goods. StrongPoint ALS (UK/Ireland) is providing refurbishment of interior or point of sales physical installation, and this can contribute positive to climate if utilised in other markets. 81
StrongPoint ASA | Annual Report 2025
Financial Statements
StrongPoint ASA
Income statement
StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
Consolidated Financial Statements
Auditor’s Report
About StrongPoint
Income statement StrongPoint ASA
KNOK
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Other operating income 3 | 14,479 | 14,486 |
| Payroll 2 | 23,645 | 22,743 |
| Depreciation 5 | 9 | 22 |
| Other operating expenses 2 | 9,986 | 3,738 |
| Total operating expenses | 33,640 | 26,503 |
| Operating profit | -19,160 | -12,017 |
| Financial items 6 | 44,355 | 2,678 |
| Profit before tax | 25,195 | -9,339 |
| Income tax expense 12 | -2,713 | -2,482 |
| Net income | 27,908 | -6,857 |
| Distributions | | |
| Transfer to / from other equity 8 | 27,908 | -6,857 |
| Total distributions | 27,908 | -6,857 |
82
StrongPoint ASA | Annual Report 2025
Financial Statements
StrongPoint ASA
Income statement
StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
Consolidated Financial Statements
Auditor’s Report
About StrongPoint
Balance sheet# KNOK Note 31.12.2025 31.12.2024
ASSETS
| Note | 31.12.2025 | 31.12.2024 | |
|---|---|---|---|
| Tangible assets | 5 | 6 | 14 |
| Investments in subsidiaries | 6 | 462,937 | 452,838 |
| Loans to group companies | 117,591 | 131,268 | |
| Other long-term investments | 11 | 1,700 | 1,700 |
| Deferred tax | 12 | 9,732 | 7,019 |
| Non-current assets | 591,965 | 592,839 | |
| Accounts receivables - | 36 | - | |
| Group receivables | 119,154 | 94,621 | |
| Prepaid expenses | 2,398 | 6,134 | |
| Current assets | 121,553 | 100,791 | |
| TOTAL ASSETS | 713,518 | 693,630 |
KNOK Note 31.12.2025 31.12.2024
EQUITY AND LIABILITIES
| Note | 31.12.2025 | 31.12.2024 | |
|---|---|---|---|
| Share capital | 7, 8 | 27,831 | 27,831 |
| Holding of own shares | 8 | -78 | -121 |
| Other equity | 8 | 411,280 | 378,988 |
| Total equity | 439,033 | 406,698 | |
| Long-term liabilities to credit institutions | 9 | 100,000 | - |
| Total long-term liabilities | 100,000 | - | |
| Current liabilities to credit institutions | 9 | 165,144 | 278,101 |
| Short-term liabilities to group companies | 585 | 539 | |
| Accounts payable | 4,623 | 5,699 | |
| Public duties payable | 169 | -44 | |
| Other short-term liabilities | 4 | 3,965 | 2,637 |
| Total short-term liabilities | 174,485 | 286,932 | |
| Total liabilities | 274,485 | 286,932 | |
| TOTAL EQUITY AND LIABILITIES | 713,518 | 693,630 |
Oslo, 25 March 2026
Morthen Johannessen Chairman
Ingeborg Molden Hegstad Director
Preben Rasch-Olsen Director
Monica Aune Director
Pål Wibe Director
Jacob Tveraabak CEO
83 StrongPoint ASA | Annual Report 2025 Financial Statements StrongPoint ASA Income statement StrongPoint ASA Balance sheet Cash flow statement Note 1 Accounting principles Note 2 Payroll, number of employees etc Note 3 Other operating income Note 4 Other short term debt Note 5 Tangible assets Note 6 Other financial items Note 7 Share capital and shareholder information Note 8 Equity Note 9 Interest-bearing debt Note 10 Shares in subsidiaries Note 11 Other long term investment Note 12 Tax expense Note 13 Cash and cash equivalents Note 14 Macro perspectives influencing the business Consolidated Financial Statements Auditor’s Report About StrongPoint
Cash flow statement
| KNOK | Note | 2025 | 2024 |
|---|---|---|---|
| Ordinary profit before tax | 25,195 | -9,339 | |
| Ordinary depreciation | 5 | 9 | 22 |
| Share Option Program | 3,727 | 4,232 | |
| Profit/loss from divestment | 6 | -22,816 | - |
| Profit/loss from investment | 6 | - | -1,686 |
| Change in accounts receivables | 36 | -36 | |
| Change in accounts payable | -1,077 | -1,213 | |
| Change in short-term group accounts | -24,909 | -33,463 | |
| Change in other accrued items | 5,282 | -4,135 | |
| Net cash flow from operational activities | -14,553 | -45,619 | |
| Net effect divestment | 26,816 | - | |
| Net cash flow from investment activities | 26,816 | - | |
| Sale of own shares | 8 | 694 | 1,852 |
| Change in interest bearing debt | 20,000 | 120,000 | |
| Change in overdraft | -32,957 | -76,233 | |
| Net cash flow from financing activities | -12,263 | 45,619 | |
| Net cash flow in the period | - | - | |
| Cash and cash equivalents at 01.01 | - | - | |
| Cash and cash equivalents at 31.12 | - | - |
84 StrongPoint ASA | Annual Report 2025 Financial Statements StrongPoint ASA Income statement StrongPoint ASA Balance sheet Cash flow statement Note 1 Accounting principles Note 2 Payroll, number of employees etc Note 3 Other operating income Note 4 Other short term debt Note 5 Tangible assets Note 6 Other financial items Note 7 Share capital and shareholder information Note 8 Equity Note 9 Interest-bearing debt Note 10 Shares in subsidiaries Note 11 Other long term investment Note 12 Tax expense Note 13 Cash and cash equivalents Note 14 Macro perspectives influencing the business Consolidated Financial Statements Auditor’s Report About StrongPoint
Note 1: Accounting principles
The financial statements, prepared by the company’s Board and management, should be interpreted in light of the Directors’ report. The financial statements comprise income statement, balance sheet, cash flow statement and notes and have been prepared in accordance with laws and generally accepted accounting principles in Norway.
Basic Principles
Assets intended for permanent ownership or use are classified as fixed assets. Other assets are classified as current assets. Receivables due within one year are classified as current assets. Similar criteria are applied when classifying short-term and long-term liabilities.
Fixed assets are valued at the acquisition cost less accumulated depreciation. If the fair value of fixed assets is lower than the carrying amount and the reduction is not expected to be temporary, it is written down to fair value. Fixed assets with limited useful lives are depreciated using the straight line method over their economic life. Shares in other companies are recorded using the cost method. Dividends and group contributions from subsidiaries are recognized in the year the amount is set aside as a liability in the paying companies. Dividends from other companies are recognized in the year it is paid. Tangible assets are capitalized and depreciated over the useful life if they have a useful life of more than 3 years. Maintenance costs are expensed as incurred, while improvements are added to the tangible assets and depreciated over the remaining useful life. Current assets are valued at lower of cost or fair value. Other long-term liabilities and short-term liabilities are valued at nominal value.
Subsidiaries / associated companies
Subsidiaries and associated companies are valued at cost in the financial statements. The investments are valued at acquisition cost for the shares unless impairment has been required. It is written down to fair value if impairment is not considered to be temporary and it is deemed necessary by generally accepted accounting principles. Impairment losses are reversed when the reasons for the impairment no longer exists. Dividends, group contributions and other distributions from subsidiaries are recognized in the same year as it is booked in the subsidiary’s accounts.
Foreign currency
Transactions in foreign currencies are translated at the exchange rate on the transaction date. Monetary items in foreign currencies are translated into Norwegian kroner by using the exchange rate at the balance sheet date. Non-monetary items measured at historical cost in a foreign currency are translated into Norwegian kroner at the exchange rate on the transaction date. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rate at the time of measurement. Changes in foreign currency exchange rates are recorded in the accounting period under other financial items.
Intangible assets
Intangible assets purchased individually are capitalized at cost. Intangible assets obtained through acquisitions are capitalized at cost when the criteria for capitalization are met. Intangible assets with a limited useful life are depreciated according to a schedule. Intangible assets are written down to fair value if the expected economic benefits do not cover the carrying value and any remaining production expenses.
Pensions
The company has a statutory obligatory company pension scheme for its employees. The company pension scheme meets the requirements of the law.
Receivables
Accounts receivables and other receivables are stated at nominal value less provisions for expected losses. Provisions for losses are based on an individual assessment of each receivable. For others receivables, a general provision is made to cover any expected losses.
Bank deposits, cash etc.
Cash and cash equivalents include cash, bank deposits and other forms of payment that become due within three months of acquisition.
Tax
Tax related to equity transactions are recorded in equity. Tax expensed comprises tax payable (tax on the taxable income for the year) and changes in net deferred tax. Deferred tax is calculated at 22% on the basis of temporary differences between accounting and tax values and tax losses carried forward at year end. Taxable and deductible temporary differences that reverse or may reverse in the same period are netted. Other deductible temporary differences is not assessed, but recognized on the balance sheet if it is likely that the company can utilize them and net recorded if appropriate. Deferred tax and deferred tax assets are presented at net value in the balance sheet.
Cash flow statement
The cash flow statement is prepared using the indirect method. Cash and cash equivalents include cash, bank deposits and other short-term liquid investments.
85 StrongPoint ASA | Annual Report 2025 Financial Statements StrongPoint ASA Income statement StrongPoint ASA Balance sheet Cash flow statement Note 1 Accounting principles Note 2 Payroll, number of employees etc Note 3 Other operating income Note 4 Other short term debt Note 5 Tangible assets Note 6 Other financial items Note 7 Share capital and shareholder information Note 8 Equity Note 9 Interest-bearing debt Note 10 Shares in subsidiaries Note 11 Other long term investment Note 12 Tax expense Note 13 Cash and cash equivalents Note 14 Macro perspectives influencing the business Consolidated Financial Statements Auditor’s Report About StrongPoint
Note 2: Payroll, number of employees, benefits, loans to employees, etc.
With regard to salary and remuneration to the Executive Management Team and Board members, reference is made to Note 9 Salaries and remuneration for Executive Management Team and Directors in the consolidated financial statements and the separate Remuneration report.
Payroll (KNOK)
| 2025 | 2024 | |
|---|---|---|
| Salaries | 16,442 | 14,901 |
| Social fee | 1,938 | 2,346 |
| Pension costs | 1,095 | 1,009 |
| Share based compensation | 3,727 | 4,232 |
| Other benefits | 441 | 256 |
| Total | 23,645 | 22,743 |
Number of full-time equivalents employed during the year: 4 4
Number of employees at the end of the year: 4 4
Remuneration to Ernst & Young for audit and audit-related services in 2025 was KNOK 567 (against KNOK 593 in 2024). Remuneration for other services was KNOK 129 (against KNOK 123 in 2024).# Note 3: Other operating income
KNOK | 2025 | 2024
|:---|---:|---:|
| Received management fee from Norwegian subsidiaries | 3,600 | 3,600 |
| Received management fee from Swedish subsidiaries | 3,612 | 3,656 |
| Received management fee from other subsidiaries | 7,268 | 7,230 |
| Total operating income | 14,479 | 14,486 |
Note 4: Other short-term debt
KNOK | 2025 | 2024
|:---|---:|---:|
| Holiday pay owed | 1,026 | 1,092 |
| Accrued expenses | 2,938 | 1,545 |
| Total other short-term debt | 3,965 | 2,637 |
Note 5: Tangible assets
KNOK | 2025 | 2024
|:---|---:|---:|
| Acquisition costs 01.01 | 2,009 | 2,009 |
| Acquisition costs 31.12 | 2,009 | 2,009 |
| Accumulated depreciations 01.01 | 1,995 | 1,973 |
| Depreciations of the year | 9 | 22 |
| Accumulated depreciations 31.12 | 2,003 | 1,995 |
| Book value as at 31.12 | 6 | 14 |
Useful economic life: 3 years
Depreciation method: Linear
Note 6: Other financial items
KNOK | 2025 | 2024
|:---|---:|---:|
| Interest income from group companies | 11,525 | 9,063 |
| Other interest income | 1,259 | 1,880 |
| Group contributions received from subsidiaries | 11,338 | 194 |
| Dividend received from associated companies | - | 300 |
| Currency gains | 1,797 | 9,631 |
| Dividend from subsidiaries | 17,762 | - |
| Profit on divestment of subsidiary | 22,816 | - |
| Reversal of earnout | - | 1,686 |
| Total financial income | 66,498 | 22,754 |
| Other interest expenses | 20,629 | 17,526 |
| Currency loss | 1,263 | 858 |
| Other financial expenses | 250 | 1,693 |
| Total financial expenses | 22,143 | 20,077 |
| Net financial items | 44,355 | 2,678 |
86 StrongPoint ASA | Annual Report 2025 Financial Statements StrongPoint ASA Income statement StrongPoint ASA Balance sheet Cash flow statement Note 1 Accounting principles Note 2 Payroll, number of employees etc Note 3 Other operating income Note 4 Other short term debt Note 5 Tangible assets Note 6 Other financial items Note 7 Share capital and shareholder information Note 8 Equity Note 9 Interest-bearing debt Note 10 Shares in subsidiaries Note 11 Other long term investment Note 12 Tax expense Note 13 Cash and cash equivalents Note 14 Macro perspectives influencing the business Consolidated Financial Statements Auditor’s Report About StrongPoint
Note 7: Share capital and shareholder information
The company’s share capital per 31.12.2025 comprises the following share classes:
| Number | Nominal value | Book value | |
|---|---|---|---|
| Shares | 44,888,352 | 0.62 | 27,830,778 |
| Total | 44,888,352 | 27,830,778 |
Ownership structure
Overview of shareholders per 31.12.2025
| No. | Name | No. of shares | % |
|---|---|---|---|
| 1 | STRØMSTANGEN AS | 3,933,092 | 8.8 |
| 2 | MUEN INVEST AS | 2,457,346 | 5.5 |
| 3 | TOHATT AS | 2,244,400 | 5.0 |
| 4 | SOLE ACTIVE AS | 2,221,717 | 4.9 |
| 5 | JAKOB HATTELAND HOLDING AS | 1,370,219 | 3.1 |
| 6 | ZETTERBERG, GEORG (incl. fully owned companies) | 1,370,000 | 3.1 |
| 7 | NORDNET BANK AB | 1,364,030 | 3.0 |
| 8 | AVANZA BANK AB | 1,287,153 | 2.9 |
| 9 | RING, JAN | 1,243,374 | 2.8 |
| 10 | VERDADERO AS | 1,081,285 | 2.4 |
| 11 | EVENSEN, TOR COLKA | 725,333 | 1.6 |
| 12 | SØLVIS HOLDING AS | 700,000 | 1.6 |
| 13 | WAALER AS | 650,000 | 1.4 |
| 14 | JOHANSEN, STEIN | 610,000 | 1.4 |
| 15 | EJA HOLDING AS | 600,000 | 1.3 |
| 16 | HSBC CONTINENTAL EUROPE | 580,000 | 1.3 |
| 17 | MP PENSJON PK | 561,402 | 1.3 |
| 18 | SKANDINAVISKA ENSKILDA BANKEN AB | 548,842 | 1.2 |
| 19 | ØYHATT AS | 522,500 | 1.2 |
| 20 | ALS KINGFISHER LIMITED | 506,156 | 1.1 |
| Sum 20 largest shareholders | 24,576,849 | 54.8 | |
| Sum 2 045 other shareholders | 20,311,503 | 45.2 | |
| Sum all 2 065 shareholders | 44,888,352 | 100.0 |
Note 8: Equity
KNOK | Share capital | Holding of own shares | Share Option Program | Other equity | Total Equity per 01.01
|:---|---:|---:|---:|---:|---:|
| | 27,831 | -121 | 19,998 | 358,990 | 406,698 |
Change of equity for the year:
| | | | | |
|:---|---:|---:|---:|---:|
| Sale of own shares | 43 | 651 | | | 694 |
| Share Option Program | | | 3,733 | | 3,733 |
| Profit for the year | | | | 27,908 | 27,908 |
| Equity per 31.12 | 27,831 | -78 | 23,731 | 387,549 | 439,033 |
Own shares: Numbers in thousand
| 2025 | 2024 | |
|---|---|---|
| 01.01 | 194 | 350 |
| Sale of own shares | -69 | -156 |
| 31.12 | 125 | 194 |
Nominal value: 0.62 | 0.62
Holding of own shares specified in equity (KNOK): 78 | 121
Per 31.12.2025 the company owned 125,426 own shares. Cost price of these was KNOK 2,923, giving an average share price of NOK 23.31.
87 StrongPoint ASA | Annual Report 2025 Financial Statements StrongPoint ASA Income statement StrongPoint ASA Balance sheet Cash flow statement Note 1 Accounting principles Note 2 Payroll, number of employees etc Note 3 Other operating income Note 4 Other short term debt Note 5 Tangible assets Note 6 Other financial items Note 7 Share capital and shareholder information Note 8 Equity Note 9 Interest-bearing debt Note 10 Shares in subsidiaries Note 11 Other long term investment Note 12 Tax expense Note 13 Cash and cash equivalents Note 14 Macro perspectives influencing the business Consolidated Financial Statements Auditor’s Report About StrongPoint
Note 9: Interest-bearing debt
Distribution repayment loans (KNOK) | 2025 | 2024
|:---|---:|---:|
| Due within one year | 40,000 | 120,000 |
| Due after one year | 100,000 | - |
| Debt, not time-restricted (group credit account) | 125,144 | 158,101 |
| Total short-term liabilities to credit institutions | 265,144 | 278,101 |
Debts and terms of borrowing (KNOK) | 2025 | 2024
|:---|---:|---:|
| Lender | Borrowing terms | Interest terms |
| Multi-currency, group credit account | 125,144 | 158,101 | Overdraft internal not time limited | 5.80 % |
| Credit facilities | 140,000 | 120,000 | Repayment/renewal in 2026/2027 | 10.18 % |
| Total interest-bearing debt | 265,144 | 278,101 |
As part of the financing, there is a 30% equity covenant. As per 31 December 2025, the groups equity ratio was 47%. The loans are secured.
Loan collateral per 31.12.2025
| Asset (KNOK) | Book value / nominal security |
|---|---|
| Co-surety Norway, Sweden, The Baltics and UK* | 140,000 |
*The foreign companies’ liabilities are limited to the amount the guarantor at any time has drawn.
Note 10: Shares in subsidiaries
| Company | Address | Main area of business | Stake | Book Value |
|---|---|---|---|---|
| StrongPoint AS | Oslo | Service and product provider | 100% | 37,942 |
| StrongPoint AB | Göteborg (Sweden) | Service and product provider | 100% | 139,224 |
| StrongPoint UAB | Vilnius (Lithuania) | Service and product provider | 100% | 20,348 |
| StrongPoint S.L.U. | Madrid (Spain) | Service and product provider | 100% | 83,132 |
| StrongPoint E-com AB | Täby (Sweden) | Service and product provider | 100% | 58,864 |
| Air Link Group Ltd | Birmingham (UK) | Service and product provider | 100% | 116,488 |
| StrongPoint Hamari Oy | Tampere (Finland) | Service and product provider | 100% | 6,939 |
| Total | 462,937 |
Note 11: Other long-term investment
| Company | Main area of business | Stake | Book Value |
|---|---|---|---|
| Spok AS | Service company | 50% | 1,700 |
| Total | 1,700 |
88 StrongPoint ASA | Annual Report 2025 Financial Statements StrongPoint ASA Income statement StrongPoint ASA Balance sheet Cash flow statement Note 1 Accounting principles Note 2 Payroll, number of employees etc Note 3 Other operating income Note 4 Other short term debt Note 5 Tangible assets Note 6 Other financial items Note 7 Share capital and shareholder information Note 8 Equity Note 9 Interest-bearing debt Note 10 Shares in subsidiaries Note 11 Other long term investment Note 12 Tax expense Note 13 Cash and cash equivalents Note 14 Macro perspectives influencing the business Consolidated Financial Statements Auditor’s Report About StrongPoint
Note 12: Tax expense
Tax expenses for the year are as follows (KNOK):
| 2025 | 2024 | |
|---|---|---|
| Change in deferred tax | -2,713 | -2,482 |
| Tax expense | -2,713 | -2,482 |
Reconciliation from nominal to actual tax rate:
KNOK | 2025 | 2024
|:---|---:|---:|
| Ordinary profit before tax | 25,195 | -9,339 |
| Expected income tax based on nominal rate of tax 22% | 5,543 | -2,055 |
| Tax effect of the following items: | | |
| Permanent differences | -8,256 | -427 |
| Tax expense | -2,713 | -2,482 |
| Effective tax rate | -10.8 % | 26.6 % |
Overview of deferred tax assets (KNOK):
| 2025 | 2024 | |
|---|---|---|
| Fixed assets | -62 | -121 |
| Liabilities | -26,087 | -22,359 |
| Profit and loss account | 42 | 53 |
| Losses carried forward | -18,130 | -9,476 |
| Net negative differences | -44,236 | -31,904 |
| Deferred tax assets | 9,732 | 7,019 |
Deferred tax assets are recognized on the balance sheet, as they are expected to be utilised through future group contribution from subsidiaries in Norway.
Note 13: Cash and cash equivalents
KNOK | 2025 | 2024
|:---|---:|---:|
| Unused overdraft facility | 61,449 | 66,952 |
| Cash and cash flow in the cash flow statement | - | - |
The parent company shares a credit facility with the rest of the group. The group as whole may withdraw up to KNOK 140 000 from the group’s credit facility.
Note 14: Macro perspectives influencing the business
Economic conditions
Inflation and interest rates have started to come down during 2025, however this varies within the markets in which we operate, consequently impacting our customers’ investment spend differently across the regions.
Global supply chain and component shortages
The Group may be influenced by component shortages and other supply chain issues, as was seen during the COVID 19 pandemic. StrongPoint works closely with suppliers to ensure as little effect on customer deliveries as possible. There were no major shortages impacting the business during 2025.
Climate
Global climate changes influence both StrongPoint, customers and suppliers in different ways, contributing to both risks and opportunities. Climate risks are related especially to shortage of energy for the production and distribution of goods, both proprietary solutions and third party products. If climate changes requires dramatic changes in the energy consumption, this will influence StrongPoint’s ability to produce the products. Hard-ware represents 55% of the business. Risk is also related to shortages on food, which will affect the customers of StrongPoint, and shortages of raw materials for specific components. Management does not see this as a risk in the short-term. Climate opportunities are linked to both StrongPoint solutions that can reduce energy consumption, like AutoStore storage of frozen goods. StrongPoint ALS (UK/Ireland) is providing refurbishment of interior or point of sales physical installation, and this can contribute positive to climate if utilized in other markets.# 89 StrongPoint ASA | Annual Report 2025 Financial Statements
StrongPoint ASA Income statement
StrongPoint ASA Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
Consolidated Financial Statements
Auditor’s Report
About StrongPoint
Responsibility statement
We confirm that, to the best of our knowledge, the consolidated financial statements for the year ended 31 December 2025 have been prepared in accordance with IFRS as adopted by the EU, that the financial statements for the parent company for the year ended 31 December 2025 have been prepared in accordance with the Norwegian Accounting Act, that they give a true and fair view of the Company’s and Group’s assets, liabilities, financial position and results of operations, and that the Report of the Board of Directors gives a true and fair review of the development, performance and financial position of the Company and the Group and includes a description of the principal risks and uncertainties that they face.
Oslo, 25 March 2026
Morthen Johannessen
Chairman
Ingeborg Molden Hegstad
Director
Preben Rasch-Olsen
Director
Monica Aune
Director
Pål Wibe
Director
Jacob Tveraabak
CEO
90 StrongPoint ASA | Annual Report 2025 Financial Statements
StrongPoint ASA Income statement
StrongPoint ASA Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
Consolidated Financial Statements
Auditor’s Report
About StrongPoint
Auditor’s report
Statsautoriserte revisorer Ernst & Young AS
Stortorvet 7, 0155 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
To the General Meeting in StrongPoint ASA
INDEPENDENT AUDITOR'S REPORT
Report on the audit of the financial statements
Opinion
We have audited the financial statements of StrongPoint ASA, which comprise:
* The financial statements of the company, which comprise the balance sheet as at 31 December 2025, the income statement, statement of comprehensive income and statement of cash flows and notes to the financial statements, including material accounting policy information, and
* The financial statements of the group, which comprise the balance sheet as at 31 December 2025, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended and notes to the financial statements, including material accounting policy information.
In our opinion:
* the financial statements comply with applicable statutory requirements,
* the financial statements of the company give a true and fair view of the financial position of the company as at 31 December 2025, and its financial performance and cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and
* the financial statements of the group give a true and fair view of the financial position of the group as at 31 December 2025, and its financial performance and cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the audit committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company and the Group in accordance with the relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (the IESBA Code) as applicable to audits of financial statements of public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We have been the auditor of the Company for 26 years from the election by the general meeting of the shareholders for the accounting year 2000.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for 2025. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
2 Independent auditor's report - StrongPoint ASA 2025
A member firm of Ernst & Young Global Limited
Impairment of goodwill and brands with indefinite useful life
Basis for the key audit matter
Total goodwill and intangible assets in the consolidated financial statement amounts to MNOK 358,9 in 2025, which is 36% of total assets. Management performs an annual impairment test of goodwill and brands with indefinite useful life. Impairment loss is recognized if the carrying value exceeds the recoverable amount. Recoverable amount is measured as value in use calculated based on discounted future cash flows. The estimates require insight and judgement from management and uncertainty will exist with respect to technological development and market conditions. The impairment of goodwill and brands with indefinite useful life was a key audit matter due to the size of the items and the judgment involved in the estimated future cash flows.
Our audit response
We evaluated the impairment model used and checked the calculation for mathematically accuracy. We assessed management’s assumptions used in the calculations, including discount rate and estimated future cash flows. Management’s assumptions regarding future cash flows were compared to historical actual numbers and budgets and plans for future periods. The weighted average cost of capital used as discount rate in the impairment assessment was compared to external data on risk-free rate of interest, market risk premiums, beta and capital structure in comparable entities. Sensitivities in changes in main assumptions were analyzed and reviewed. We refer to note 11 and note 25 in the consolidated financial statement.
Other information
The Board of Directors and the CEO (management) are responsible for the information in the Board of Directors’ report and the other information presented with the financial statements. The other information comprises annual report and statements on Corporate Governance. Our opinion on the financial statements does not cover the information in the Board of Directors’ report and the other information presented with the financial statements. In connection with our audit of the financial statements, our responsibility is to read the information in the Board of Directors’ report and for the other information presented with the financial statements. The purpose is to consider if there is material inconsistency between the information in the Board of Directors’ report and the other information presented with the financial statements and the financial statements or our knowledge obtained in the audit, or otherwise the information in the Board of Directors’ report and for the other information presented with the financial statements otherwise appears to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors’ report and the other information presented with the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
* is consistent with the financial statements and
* contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly for the statement on Corporate Governance.
Responsibilities of management for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and 91 StrongPoint ASA | Annual Report 2025 Financial Statements StrongPoint ASA Income statement StrongPoint ASA Balance sheet Cash flow statement Note 1 Accounting principles Note 2 Payroll, number of employees etc Note 3 Other operating income Note 4 Other short term debt Note 5 Tangible assets Note 6 Other financial items Note 7 Share capital and shareholder information Note 8 Equity Note 9 Interest-bearing debt Note 10 Shares in subsidiaries Note 11 Other long term investment Note 12 Tax expense Note 13 Cash and cash equivalents Note 14 Macro perspectives influencing the business Consolidated Financial Statements Auditor’s Report About StrongPoint Auditor’s report 3 Independent auditor's report - StrongPoint ASA 2025 A member firm of Ernst & Young Global Limited using the going concern basis of accounting unless management either intends to liquidate the Company or the Group, or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
* Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group’s internal control.
* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
* Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s and the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.
* Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
* Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the board of directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be 4 Independent auditor's report - StrongPoint ASA 2025 A member firm of Ernst & Young Global Limited communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirement
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of StrongPoint ASA we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name strongpoint-2025-12-31-1-en.zip, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (the ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF Regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary.
Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual report have been prepared in accordance with the ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in accordance with the ESEF Regulation. As part of our work, we perform procedures to obtain an understanding of the company’s processes for preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 25 March 2026
ERNST & YOUNG AS
The auditor’s report is signed electronically
Finn Espen Sellæg
State Authorised Public Accountant (Norway)
StrongPoint ASA | Brynsengveien 10, 0667 Oslo | Tel: +47 934 03 254 | strongpoint.com