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StrongPoint
Quarterly Report • Oct 23, 2025
3767_rns_2025-10-23_a4aefce4-f0fa-49bf-90c8-2febf1f1c55e.pdf
Quarterly Report
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Q3 and YTD 2025
Financial report and status
CEO's Perspective
Despite a volatile world, grocery retailers are growing accustomed to the climate we operate in – and this is good for retail technology providers like StrongPoint. Our third quarter saw a flat topline with 2% revenue growth, however with a 12% growth in recurring on a twelve-month rolling basis. Whereas most markets slipped relative to last year, the UK & Ireland business has risen to the occasion and achieved a more than doubling of its revenue. Our EBITDA improved slightly with third quarter delivering 13.8 MNOK vs. same quarter last year of 12.2 MNOK. In this context it is worth noting that our Nordic and Baltic business continue to deliver profitability at par with earlier quarters, whereas our UK & Ireland business – with its strong activity uptick – is now well into black figures. In Spain, a product mix shift away from own solutions and continued investments, holds back overall profitability in that market.
Jacob Tveraabak CEO of StrongPoint
In the third quarter of 2025, our topline grew 2% to 320 MNOK. The growth was solely driven by an exceptional strong quarter in the UK & Ireland, with 127% growth. The growth in the UK & Ireland was driven by the implementation of an AutoStore facility, and Electronic Shelf Label installations from VusionGroup at various grocery retailers and improved shop fitting activity. Recurring revenue, on a twelve-month rolling basis, was up 12% in Q3.
The growth in recurring revenue is a combination of delivering on our Order Picking solution, other own and third party license revenues, as well as service contracts and rentals. Growing our recurring revenue base, in particular recurring revenue from our own proprietary software, is an important priority for StrongPoint going forward to build a more valuable, predictable and stable business.
Our reported EBITDA for Q3 2025 was 13.8 MNOK, a slight improvement from 12.2 MNOK last year. The improvement is in full secured by the very strong UK & Ireland performance, which finally – and yet again – is well into black figures. Slower sales of own, proprietary products in our and partner markets, as well as continued investment in Spain holds back a further improvement in EBITDA. Our EBITDA margin in Q3 was 4.3%, an improvement from last year's Q3 margin of 3.9%. Hence, understandably, we still have a significant job to achieve our long-term target of at least 10% EBITDA margin.
We relentlessly work to make our customers more efficient and sustainable. With this in mind, we are excited to announce two new Vensafe anti-theft proof of concepts in the UK with leading grocery retailers. This means we are now running Vensafe proof-of-concepts for five top grocers in the UK to ensure a more efficient and sustainable way of merchandising their theft-prone products. Although it takes time to accustom both grocery retailers and their customers to new ways of shopping, we are enthusiastic about the value the Vensafe solution has the potential to bring to the UK grocers.
Also in this quarter we are very pleased to announce that our Order Picking solution for grocery e-commerce has attracted another prestigious customer. Sonae MC, Portugal's largest grocery retailer, decided to replace its current solution with our Order Picking solution. Following the introduction of additional specifications from Sonae MC, the solution will go live in 2026. With the ever more prominent customer wins for our Order Picking solution, and with our VusionGroup partnership, I strongly believe we have the opportunity to create the leading B2B software platform for grocery e-commerce.
While our business performance has improved, and in particular the UK saw a very strong quarter, our efforts to build a more robust and stronger business foundation continue. Building stronger customer intimacy in our core markets in Scandinavia and the Baltics, as well as getting and keeping our other business units – such as the UK & Ireland and Spain – to satisfactory profitability levels is key. A part of this is also ensuring clarity on the future for our CashGuard Connect solution. Lastly, we are continuing to build on the positive momentum for our e-commerce portfolio, and Order Picking in particular, to win more and more customers globally.
Although I am pleased with our improvement in the short-term business performance, it will be important for us to not let our guard down. There are both opportunities and challenges to tackle. For the medium and long term, the general expectation for retailers to invest more in technology in the future is positive for us. Furthermore, the sustained interest in our diverse solution portfolio and our continued trust by customers, makes me positive about the long-term success of StrongPoint.
Finally, I would like to thank our shareholders, partners, and employees for their continued support and dedication. We are on a journey to further build and strengthen customer relationships through our grocery retail expertise and product leadership in grocery e-commerce. In short, we work to make grocers more efficient and sustainable.
Stay safe, strong, and passionate!
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Highlights
Financial performance 3rd quarter and YTD
- y Revenue increased by 2% to 320 MNOK (313) in the third quarter. This includes significant growth in the UK. Year-to-date, revenue increased by 5% to 1,017 MNOK (969).
- y Recurring revenue (rolling twelve months) increased by 12% to 380 MNOK, driven by increased license revenue from Order Picking.
- y EBITDA for the quarter ended at 14 MNOK (12), with EBITDA margin of 4.3% (3.9%), driven by improved performance in the UK and Sweden. Year-to-date, EBITDA ended at 31 MNOK (-3 MNOK).
- y Cash flow from operations was 23 MNOK (10) for the quarter and 52 MNOK (16) year-to-date.
Customer success in priority areas
- y MC, Portugal's top grocery retailer, replaced their order picking system with StrongPoint's solution.
- y Two new Vensafe anti-theft pilots launched with leading UK grocery retailers.
- y UK-based retailer selected StrongPoint for their first AutoStore solution.
Outlook and long-term ambitions
- y Continued improvement in EBITDA and recurring revenue, strengthening the long-term fundamentals of the company.
- y We continue to maintain our long-term ambitions of healthy revenue growth and an EBITDA margin of >10 %.
Key figures
| MNOK | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | Year 2024 |
|---|---|---|---|---|---|
| Revenue | 320 | 313 | 1 017 | 969 | 1 309 |
| Recurring revenue rolling 12 months | 380 | 340 | 380 | 340 | 358 |
| EBITDA | 14 | 12 | 31 | -3 | 2 |
| EBITDA margin | 4.3 % | 3.9 % | 3.1 % | -0.3 % | 0.2% |
| EBITDA excluding option cost | 14 | 12 | 34 | - | 6 |
| Operating profit (EBIT) | 3 | 2 | - | -34 | -39 |
| Ordinary profit before tax (EBT) | 18 | 4 | 2 | -39 | -47 |
| Cash flow from operational activities | 23 | 10 | 52 | 16 | 93 |
| Disposable funds | 112 | 61 | 112 | 61 | 102 |
| Earnings per share (NOK) | 0.38 | 0.06 | 0.13 | -0.67 | -0.72 |
StrongPoint | Q3 and YTD 2025
StrongPoint Group
StrongPoint is a retail technology company offering both software solutions and hardware solutions with integrated software. Our focus is grocery retail, where we help customers drive efficiency across both in-store and e-commerce operations.
| Revenue | Q3 | YTD | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Nordics | 116.0 | 132.5 | 445.7 | 502.6 | 663.9 |
| International incl Product | 203.5 | 180.6 | 570.8 | 466.7 | 645.2 |
| ASA/Elim | - | - | - | - | - |
| Total | 319.5 | 313.1 | 1,016.6 | 969.3 | 1,309.1 |
| EBITDA | Q3 | Y | Year | ||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Nordics | 15.2 | 14.3 | 47.1 | 36.2 | 51.8 |
| International incl Product | 3.4 | 2.3 | 4.9 | -18.6 | -23.5 |
| ASA/Elim | -4.8 | -4.4 | -20.6 | -20.6 | -26.3 |
| Total | 13.8 | 12.2 | 31.4 | -3.0 | 2.0 |
| Number of employees end of quarter | 510 | 512 | 510 | 512 | 497 |
| Average number of FTEs | 499 | 498 | 498 | 499 | 498 |
StrongPoint Group
Operating revenue per quarter (MNOK)
- * The Q4 2023 EBITDA was -20.6 MNOK, which included non-recurring restructuring and M&A costs of 7.3 MNOK and write-downs 10.6 MNOK. Excluding these costs, the Q4 2023 EBITDA was -2.7 MNOK.
- ** The Q2 2024 EBITDA was -9.1 MNOK, which included restructuring cost and severance pay of 10 MNOK. Excluding these costs, FRITDA was 0.9 MNOK
Financial performance
As a large share of total revenue relates to projects and roll-outs of multi-year contracts, revenue and profitability will continue to vary between the quarters. The key focus remains on generating profitable long term growth.
Revenue overview
In Q3 2025, the total revenue increased by 2% to 319.5 MNOK compared to the same quarter last year, with a 13% increase in the International segment driven by strong performance in the UK, offset by a 12% revenue decline in the Nordics segment. YTD, revenue increased 5% to 1,016.6 MNOK compared to YTD last year, with a 22% increase in the International segment and a 11% decline in the Nordics segment.
Nordics segment
The 12% revenue decline in the Nordics includes a reduction of 8%, 13% and 58% in Norway, Sweden and Finland, respectively. This was mainly driven by lower product sales of low margin ESL hardware, as several large rollouts were completed last year. YTD, the decline of 11% is a result of an increase of 18% in Sweden, a decline of 33% in Norway and a 39% decline in Finland
International segment
The International segment had a revenue increase of 13% mainly due to an increase of 127% in the UK & Ireland due to ongoing installation of our first AutoStore project in the UK, as well as Vusion ELS installation work and increased revenue from Shop Fitting. This was partly offset by a 16% decline in the Baltics, 27% decline in Spain and 67% decline in the rest of Europe. YTD, the increase of 22% comes from an increase of 60% in UK & Ireland, an increase of 23% in the Baltics, a decline of 12% in Spain and a decline of 48% in the rest of Europe.
Recurring revenue
Recurring revenue (rolling twelve months) increased by 40 MNOK (12%) to 380 MNOK from the end of Q3 2024 to the end of Q3 2025. This is mainly attributed to a 27% growth in license revenues, including Order Picking and Self-Checkout. Our key priority is to continue to increase the recurring revenue base on our own solutions to increase profitability.
Gross margin
During the quarter, the gross margin increased from 42.7% to 44.9% compared to the same quarter last year due to product mix. This includes a higher share of services such as ESL and AutoStore installations, combined with a reduction of low margin ESL hardware sales. YTD, the gross margin increased from 40.9% to 43.5%
EBITDA
The EBITDA increased to 13.8 MNOK (4.3% margin) in Q3 2025 (12.2 MNOK, 3.9% margin), mainly due to improved profitability in the UK & Ireland through the significant revenue growth, as well as cost and efficiency measures in Sweden. YTD, EBITDA increased to 31.4 MNOK (3.1%) compared to -3.0 MNOK (-0.3%) last year.
Operating costs
Personnel costs were 87.0 MNOK in Q3 2025 compared to 83.2 MNOK the same quarter last year. Other operating expenses increased for the period to 42.0 MNOK (38.3 MNOK).
The increases are attributable to salary adjustments, inflation and higher IT and hosting costs to support growth in order picking. In the quarter, development costs of 7.0 MNOK were capitalized, of which 5.7 MNOK related to CashGuard Connect in Spain and 1.3 MNOK on POS in the Baltics. Total capitalized costs were 22.2 MNOK YTD. YTD, the personnel cost was 282.4 MNOK (283.6) and other operating expenses 125.9 MNOK (112.5).
Debt
As of end Q3 2025, the net interest-bearing debt was 45 MNOK, a decrease of 29 MNOK from 74 MNOK compared to Q2 2025. In June, we announced the sale on all our shares in 1X, a Norwegian based robotics company, for gross proceeds of 27 MNOK, with a net financial gain of 23 MNOK. This was closed in early Q3 2025 and was booked as a financial item in the profit and loss statement.
Customer success in priority areas
Leading Grocery Retailer in Portugal switches to StrongPoint
Portugal's leading grocery retailer, MC, has 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. The full rollout is planned for the first half of 2026.
Two new Vensafe pilots launched in the UK
Two new Vensafe anti-theft proof-of-concepts have been launched in the UK with additional leading grocery retailers. Both pilots include the updated Vensafe solution with in-aisle product advertising and dispenser screens that can also show adverts, generating retail media revenue for the retailer.
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.
Long-term strategic projects
Sainsbury's Order Picking Update
As previously communicated, the full rollout is expected to be completed by summer 2026.
CashGuard Connect update
The in-store pilot earlier communicated has ended on StrongPoint's initiative. This was the result of not getting the necessary commitment StrongPoint requested from the potential customer. However, we have received inquries from several grocery retailers inside and outside of Spain expressing their interest in launching in-store pilots. In parallel, we are in the process of validating our solution to ensure both manufacturability and durability.
Outlook and long-term ambitions
We are seeing continued improvement in both EBITDA and recurring revenue, indicating a strengthening of the business's core fundamentals and the long-term strategic direction of the company. We continue to maintain our long- term ambitions of healthy revenue growth and an EBITDA margin of >10 %.
StrongPoint at a glance
(LTM) *
MNOK recurring revenue (LTM) *
of our business is grocery-related 1.4Bn 380 >80% ~500 Dev Team
employees across Europe
Proprietary SaaS solutions built
in-house
Our purpose
Retail technology in every shopping experience for smarter and better life
+
6
Driving efficiency savings
Boosting margins
Impact on end consumer
Improving both the in-store and online experience for shoppers
- y Direct operations in 9 core countries with full local support from sales to service.
- y Managing the entire value chain allows us to capture more revenue and build deeper customer relationships.
In addition, StrongPoint supports grocery retailers in around 20 additional countries via a partner network.
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StrongPoint | Q3 and YTD 2025
* Last Twelve Months.
StrongPoint | Q3 and YTD 2025
Our Solutions: Solving Five Everyday Grocery Retailer Problems
Order Picking: our world-class grocery e-commerce solution
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- 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 across Europe, including Sainsbury's in the UK, Carrefour in Belgium, and MC in Portugal as well as many grocery retailers in Sweden and Iceland.
Sources of Revenue
Investing for future growth
Nordics
The business segment Nordics currently consists of the operating business units in Norway, Sweden and Finland. The revenue also includes deliveries to Denmark, Iceland and Cyprus.
| Q3 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| - Norway | 52.9 | 57.7 | 184.4 | 275.3 | 345.9 |
| - Sweden | 61.6 | 71.1 | 254.2 | 215.4 | 302.9 |
| - Finland | 1.6 | 3.7 | 7.2 | 11.8 | 15.1 |
| Total Revenue | 116.0 | 132.5 | 445.7 | 502.6 | 663.9 |
| EBITDA | 15.2 | 14.3 | 47.1 | 36.2 | 51.8 |
| - In % | 13.1 % | 10.8 % | 10.6 % | 7.2 % | 7.8 % |
| EBT | 13.1 | 13.4 | 39.9 | 31.6 | 46.1 |
| - In % | 11.3 % | 10.1 % | 9.0 % | 6.3 % | 6.9 % |
Revenue
Revenue in Q3 2025 declined 12% compared to the same quarter last year, comprised of a decrease of 8% in Norway, 13% in Sweden and 58% in Finland. These decreases were all driven by lower product sales of low margin ESL hardware, as several large rollouts were completed last year. There was an increase in sale of AI scales and Lockers, partly offsetting some of the total reduction. YTD the revenue declined by 11% compared to YTD last year, comprised of an increase of 18% in Sweden, a decline of 33% in Norway and a decline of 39% in Finland.
EBITDA
EBITDA increased from 14.3 MNOK in the third quarter last year to 15.2 MNOK this year, driven by cost reductions in Sweden. EBITDA YTD increased from 36.2 MNOK last year to 47.1 MNOK this year.
Norway
| Q3 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 20.6 | 28.3 | 88.4 183.4 222.4 | ||
| Services | 32.2 | 29.4 | 96.0 | 92.0 123.5 | |
| Revenue | 52.9 | 57.7 184.4 275.3 345.9 |
Revenue in Q3 2025 decreased by 8% compared to the same quarter last year due to a reduction in ESL product sales, following large roll-outs last year. This decrease was partly mitigated by an increased delivery of AI scales.
Sweden
| Q3 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 23.2 | 35.3 134.4 105.8 152.5 | |||
| Services | 38.4 | 35.8 119.8 109.6 150.4 | |||
| Revenue | 61.6 | 71.1 254.2 215.4 302.9 |
Revenue in Q3 2025 decreased by 13% compared to the same quarter last year due to a reduction in ESL product sales, following a large roll-out to Alphamega, a Cyprusbased grocery retailer managed by the Swedish team. This increase was partly mitigated by an increase in the sale of grocery Lockers.
Finland
| Q3 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 0.8 | 2.8 | 4.9 | 10.0 | 11.4 |
| Services | 0.7 | 0.9 | 2.3 | 1.8 | 3.6 |
| Revenue | 1.6 | 3.7 | 7.2 | 11.8 | 15.1 |
Revenue in Q3 2025 decreased by 2.1 MNOK compared to the same quarter last year due to generally lower activity.
International incl. Product
The business segment International incl. Product consists of the operating business units in the Baltics, Spain and UK & Ireland, in addition to partner sales in the rest of Europe and rest of world. The ongoing development activities for own products have been allocated to this segment.
| Q3 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| - Baltics | 63.6 | 75.4 | 228.0 | 185.1 | 259.4 |
| - Spain | 15.9 | 21.7 | 48.4 | 55.0 | 74.1 |
| - UK & Ireland | 113.0 | 49.8 | 261.9 | 163.8 | 224.8 |
| - Rest of Europe | 11.0 | 33.7 | 32.6 | 62.7 | 86.9 |
| Total Revenue | 203.5 | 180.6 | 570.8 | 466.7 | 645.2 |
| EBITDA | 3.4 | 2.3 | 4.9 | -18.6 | -23.5 |
| - In % | 1.7 % | 1.3 % | 0.9 % | -4.0 % | -3.6 % |
| EBT | -5.8 | -7.2 | -23.0 | -46.7 | -68.8 |
| - In % | -2.9 % | -4.0 % | -4.0 % | -10.0 % -10.7 % |
Revenue
Revenue in Q3 2025 increased by 13% compared to same quarter last year, mainly due to a 127% increase in the UK & Ireland. The increase in the UK operations is attributed to the first ESL and AutoStore project revenue this year, as well as a 54% increase in Shop Fitting. The UK operations will continue to be an important market for future growth. There were decreases in the other markets, including a 16% decline in the Baltics due to large roll-outs of self-checkouts last year. YTD the revenue increased by 22% compared to YTD last year, due to an increase of 60% in the UK & Ireland and an increase of 23% in the Baltics, partly offset by a decline of 12% in Spain and a decline of 48% in rest of Europe.
EBITDA
EBITDA for Q3 2025 increased by 1.1 MNOK compared to the same quarter last year. This mainly consists of a significant improvement in the UK and continued positive contribution from the Baltics. We continue to invest in our product portfolio, including the Order Picking solution and the new cash management solution, CashGuard Connect, as we seek to leverage new opportunities from these positive commercial developments. YTD the EBITDA was 4.9 MNOK (-18.6).
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Baltics
| Q3 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 32.9 | 41.7 129.2 | 90.7 131.0 | ||
| Services | 30.7 | 33.7 | 98.8 | 94.4 128.3 | |
| Revenue | 63.6 | 75.4 228.0 185.1 259.4 |
Revenue in Q3 2025 decreased by 16% compared to the same quarter last year due to a reduction in Self-Checkout, impacting both product sales and installation services. This was partly offset by an increase in POS products sales.
Spain
| Q3 | YTD | |||||
|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Products | 9.7 | 16.3 | 30.9 | 38.8 | 51.9 | |
| Services | 6.2 | 5.4 | 17.5 | 16.3 | 22.2 | |
| Revenue | 15.9 | 21.7 | 48.4 | 55.0 | 74.1 |
Revenue in Q3 2025 decreased by 27%, relating to the sale of CashGuard and ESL product sales. This was partly offset by an increase in ESL installations and sale of Grocery Lockers.
UK & Ireland
| Q3 | YTD | |||||
|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Products | 2.2 | - | 21.8 | - | 1.0 | |
| Services | 110.8 | 49.8 240.1 163.8 223.8 | ||||
| Revenue | 113.0 | 49.8 261.9 163.8 224.8 |
Revenue in Q3 2025 increased by 127% compared to the same quarter last year. This is due to ESL and AutoStore installations, both of which are new revenue streams for the UK business unit this year. In addition, there was a 54% increase in Shop Fitting.
Partners
| Q3 | YTD | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 9.6 | 23.9 | 27.9 | 48.9 | 76.7 |
| Services | 1.4 | 9.8 | 4.7 | 13.8 | 10.2 |
| Revenue | 11.0 | 33.7 | 32.6 | 62.7 | 86.9 |
Partner revenue mainly relates to sale of CashGuard and Lockers outside of our core markets. In Q3 2025, revenue decreased by 67%.
StrongPoint | Q3 and YTD 2025
Products and solutions
E-commerce logistics
| Q: | Q3 YTD | YTD | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 11.4 | 23.4 | 47.1 | 34.8 | 43.8 |
| Services | 25.3 | 23.5 | 65.2 | 54.1 | 70.6 |
| Revenue | 36.8 | 46.9 | 112.2 | 88.9 | 114.5 |
Revenue in Q3 2025 decreased by 22% compared to the same quarter last year due to a reduction in product volume of Lockers through international partners.
In-store Productivity
| Q3 | YT | Year | |||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 21.0 | 45.3 | 140.6 | 236.4 | 292.9 |
| Services | 58.5 | 25.9 | 135.2 | 82.9 | 111.9 |
| Revenue | 79.5 | 71.2 | 275.8 | 319.3 | 404.8 |
Revenue in Q3 2025 increased by 12% compared to the same quarter last year, mainly due to ESL service revenue growth from the installation volumes in the UK on the back of the new partnership with Vusion Group. The reduction in products relates to a lower volume of ESL hardware in Norway and Sweden.
Payment Solutions
| Q: | 3 | YT | Year | ||
|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Products | 19.7 | 25.1 | 64.6 | 72.7 | 115.9 |
| Services | 31.1 | 30.4 | 92.9 | 89.5 | 120.6 |
| Revenue | 50.7 | 55.5 | 157.5 | 162.2 | 236.4 |
Revenue in Q3 2025 decreased by 9% compared to the same quarter last year due to lower volume of CashGuard, both in core markets and through partners.
Check Out Efficiency
| Q: | 3 | YT | YTD | |||||
|---|---|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |||
| Products | 24.6 | 36.0 | 124.9 | 87.2 | 121.6 | |||
| Services | 16.6 | 17.3 | 49.6 | 44.2 | 60.6 | |||
| Revenue | 41.2 | 53.3 | 174.5 | 131.4 | 182.2 |
Revenue in Q3 2025 decreased by 23% compared to the same quarter last year, driven by a reduction in product sales on Self-Checkouts in the Baltics, with a large part of the order reserve having been delivered the last 12 months.
Shop Fitting
| Q3 | 3 | YT | YTD | |||||
|---|---|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |||
| Products | - | - | - | - | - | |||
| Services | 64.6 | 42.0 | 153.6 | 144.4 | 196.1 | |||
| Revenue | 64.6 | 42.0 | 153.6 | 144.4 | 196.1 |
Revenue in Q3 2025 for the Shop Fitting segment increased by 54% compared to the same quarter last year. The Shop Fitting segment relates entirely to the UK & Ireland.
Other retail technology
| Q: | 3 | YT | YTD | |||||
|---|---|---|---|---|---|---|---|---|
| MNOK | 2025 | 2024 | 2025 | 2024 | 2024 | |||
| Products | 22.4 | 19.4 | 62.7 | 48.4 | 72.8 | |||
| Services | 24.3 | 24.9 | 80.2 | 74.8 | 102.3 | |||
| Revenue | 46.7 | 44.3 | 142.9 | 123.2 | 175.1 |
Other retail technology increased by 6% in Q3 2025 compared to the same quarter last year. This was mainly driven by increased product sales of POS in the Baltics.
StrongPoint Group
Relative share of revenue per segment (%)
Segments
Check Out Efficiency
Shop Fitting
Other retail technology
Recurring revenue rolling twelve months (MNOK)
Recurring revenue consists of service and support agreements including spare parts, software license revenue and product rentals.
The Q3 2025 recurring revenue increased by 12% compared to the same quarter last year. This is mainly due to a 27% increase in license revenue driven by the Sainsbury's Order Picking contract.
Key balance sheet items
Cash flow and equity
Cash flow from operational activities in the third quarter was 22.9 MNOK (10.1), driven by improved profit before tax and changes in working capital and other accruals. The Group's holding of own shares at the end of the second quarter amounted to 142,954 which represents 0.3 per cent of the outstanding shares. The Group has shareholder programs for the Board of Directors, the Group executive management and employees. 56,608 shares have been assigned in 2025 (186,746 in the year 2024). StrongPoint has a long-term incentive program for management and key employees. More information on the program can be found in note 6.
Net interest-bearing debt
The interest-bearing debt at the end of the quarter was 157 MNOK and mainly relates to two revolving credit facilities with Norion Bank for a total of 140 MNOK, of which 100 MNOK is classified as long-term interest-bearing liabilities and 40 MNOK classified as short-term interest-bearing liabilities. In addition, it includes a term loan in our Spanish subsidiary, booked in long-term and short-term interestbearing liabilities.
Of leasing liabilities, the IFRS 16 rent obligations are extracted from interest-bearing debt, as these are not interest-bearing. The remaining leasing liabilities relate to service cars and company cars from leasing institutions and are thus included in the interest-bearing debt. Any utilization of the working capital financing arrangement in Norway and Sweden is non-recourse and thus not included in net interest- bearing debt. The UK working capital financing is a factoring arrangement in which any withdrawn amounts will be included as net interest-bearing debt. As per the end of Q3 2025, nothing was withdrawn.
As of end Q3 2025, the net interest-bearing debt was 44.9 MNOK, a decrease of 28.7 MNOK compared to Q2 2025.
Disposable funds were 112 MNOK as of end of Q3 2025, comprising cash and cash equivalents.
With the financing arrangements from Norion Bank, there is a 30% equity covenant. As per 30 September 2025, the equity ratio was 48%.
| KNOK | 30.09.2025 | 30.09.2024 | 30.06.2025 | 31.12.2024 |
|---|---|---|---|---|
| Long-term interest-bearing liabilities | 101,311 | 5,215 | 101,323 | 1,318 |
| Long-term lease liabilities | 58,273 | 68,437 | 62,143 | 68,664 |
| Short-term interest-bearing liabilities | 42,318 | 2,926 | 43,839 | 128,163 |
| Short-term lease liabilities | 23,476 | 24,472 | 23,969 | 26,190 |
| Bank overdraft (credit facilities) | - | 123,071 | - | - |
| = Interest-bearing debt and leasing liabilities | 225,377 | 224,121 | 231,275 | 224,336 |
| Of which IFRS 16 rent liabilities not interest-bearing | -68,486 | -80,812 | -73,457 | -82,186 |
| = Interest-bearing debt | 156,891 | 143,309 | 157,818 | 142,149 |
| Cash and cash equivalents | -111,966 | -34,015 | -84,198 | -82,490 |
| = Net interest-bearing debt | 44,925 | 109,294 | 73,620 | 59,659 |
Statement from the Board
The Board and group CEO have today considered and approved StrongPoint's financial statements for the third quarter and YTD 2025, including comparative consolidated figures for the third quarter and YTD 2024. This report has been prepared in accordance with IAS 34 on interim financial reporting as determined by the European Union, and with supplementary requirements pursuant to the Norwegian Securities Trading Act. The Board and CEO hereby declare, to the best of their knowledge, that the financial statements for the third quarter and YTD 2025 have been prepared in accordance with prevailing accounting principles and that the information in the financial statements gives a true and fair view of the assets, liabilities, financial position and profit of the group taken as a whole per 30 September 2025 and per 30 September 2024. To the best of their knowledge, the report gives a true and fair overview of important events during the accounting period and the impact of these events on the financial statements.
The Board of Directors of StrongPoint ASA Oslo, 22 October 2025
| Morthen Johannessen Chairman |
Ingeborg Molden Hegstad Director |
Pål Wibe Director |
|---|---|---|
| Monica Aune | Preben Rasch-Olsen | Jacob Tveraabak |
| Director | Director | CEO |
Consolidated income statement Consolidated balance sheet
| KNOK | Q3 2025 | Q3 2024 | Chg. % YTD 2025 YTD 2024 | Chg. % Year 2024 | |||
|---|---|---|---|---|---|---|---|
| Operating revenue | 319,526 | 313,146 | 2.0 % 1,016,559 | 969,282 | 4.9 % 1,309,066 | ||
| Cost of goods sold | 176,138 | 179,328 | -1.8 % | 573,898 | 573,246 | 0.1 % | 779,109 |
| Personnel expenses | 86,981 | 83,242 | 4.5 % | 282,390 | 283,591 | -0.4 % | 366,508 |
| Share based compensation | 610 | 39 1465.4 % | 2,957 | 2,974 | -0.6 % | 4,232 | |
| Other operating expenses | 41,963 | 38,297 | 9.6 % | 125,932 | 112,502 | 11.9 % | 157,179 |
| Total operating expenses | 305,692 | 300,906 | 1.6 % | 985,176 | 972,313 | 1.3 % 1,307,027 | |
| EBITDA | 13,835 | 12,240 | 13.0 % | 31,383 | -3,031 1135.4 % | 2,039 | |
| Depreciation tangible assets | 7,584 | 6,942 | 9.2 % | 22,542 | 22,015 | 2.4 % | 29,261 |
| Amortization intangible assets | 3,042 | 3,105 | -2.0 % | 9,217 | 9,108 | 1.2 % | 12,256 |
| EBIT | 3,209 | 2,193 | 46.4 % | -376 | -34,154 | 98.9 % | -39,478 |
| Interest expenses | 4,862 | 3,620 | 34.3 % | 15,092 | 10,652 | 41.7 % | 13,798 |
| Other financial income/currency differences | 19,265 | 5,055 -281.1 % | 17,279 | 5,990 -188.5 % | 6,249 | ||
| Profit from associated companies | 95 | 201 | -52.9 % | 225 | 227 | -1.1 % | 245 |
| EBT | 17,706 | 3,829 362.4 % | 2,035 | -38,588 105.3 % | -46,783 | ||
| Taxes | 629 | 1,156 | -45.6 % | -3,683 | -8,725 | 57.8 % | -14,853 |
| Profit after tax | 17,077 | 2,674 538.8 % | 5,718 | -29,863 | 119.1 % | -31,930 | |
| Earnings per share: | |||||||
| Number of shares outstanding | 44,888,352 44,888,352 | 44,888,352 44,888,352 | 44,888,352 | ||||
| Av. number of shares - own shares | 44,738,293 44,665,465 | 44,714,407 44,612,108 | 44,631,136 | ||||
| Av. number of shares diluted- own shares | 48,638,293 48,785,465 | 48,614,407 48,732,108 | 48,726,136 | ||||
| EPS | 0.38 | 0.06 | 0.13 | -0.67 | -0.72 | ||
| Diluted EPS | 0.35 | 0.05 | 0.12 | -0.61 | -0.66 | ||
| EBITDA per share | 0.31 | 0.27 | 0.70 | -0.07 | 0.05 | ||
| Diluted EBITDA per share | 0.28 | 0.25 | 0.65 | -0.06 | 0.04 | ||
| Total earnings: | |||||||
| Profit/loss after tax | 17,077 | 2,674 538.8 % | 5,718 | -29,863 | 119.1 % | -31,930 | |
| Exchange differences on foreign operations | -2,925 | 15,155 -119.3 % | 3,199 | 18,128 | -82.4 % | 16,207 | |
| Total earnings | 14,152 | 17,829 | -20.6 % | 8,917 | -11,735 176.0 % | -15,723 | |
| Of which | |||||||
| Majority interest | 14,514 | 18,174 | -20.1 % | 11,138 | -10,251 208.7 % | -14,108 | |
| Minority interest | -361 | -345 | -2,221 | -1,484 | -1,615 |
| KNOK | 30.09.2025 | 30.09.2024 | 30.06.2025 | 31.12.2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Intangible assets | 163,655 | 141,185 | 161,432 | 152,326 |
| Goodwill | 182,038 | 180,931 | 183,127 | 179,875 |
| Tangible assets | 31,866 | 30,761 | 33,073 | 29,748 |
| Right-of-use assets | 81,749 | 92,908 | 86,112 | 96,647 |
| Long-term investments | 1,023 | 4,781 | 4,929 | 4,799 |
| Other long-term receivables | 891 | 1,205 | 899 | 896 |
| Deferred tax assets | 51,408 | 39,750 | 50,287 | 45,979 |
| Non-current assets | 512,629 | 491,522 | 519,859 | 510,270 |
| Inventories | 149,201 | 181,718 | 140,473 | 173,151 |
| Accounts receivables | 197,089 | 224,313 | 206,643 | 223,238 |
| Prepaid expenses | 23,638 | 18,541 | 32,575 | 28,236 |
| Other receivables | 10,754 | 15,937 | 13,695 | 10,351 |
| Cash and cash equivalents | 111,966 | 34,015 | 84,198 | 82,490 |
| Current assets | 492,647 | 474,525 | 477,584 | 517,467 |
| TOTAL ASSETS | 1,005,276 | 966,047 | 997,444 | 1,027,738 |
| EQUITY AND LIABILITIES | ||||
| Share capital | 27,831 | 27,831 | 27,831 | 27,831 |
| Holding of own shares | -89 | -133 | -99 | -121 |
| Other equity | 449,860 | 440,045 | 434,919 | 437,493 |
| Total equity | 477,602 | 467,743 | 462,651 | 465,203 |
| Long-term interest-bearing liabilities | 101,311 | 5,215 | 101,323 | 1,318 |
| Long-term lease liabilities | 58,273 | 68,437 | 62,143 | 68,664 |
| Other long-term liabilities | 738 | 2,290 | 741 | 602 |
| Deferred tax liabilities | 16,547 | 18,111 | 16,547 | 16,547 |
| Total long-term liabilities | 176,869 | 94,053 | 180,754 | 87,132 |
| Short-term interest-bearing liabilities | 42,318 | 2,926 | 43,839 | 128,163 |
| Bank overdraft (credit facilities) | - | 123,071 | - | - |
| Short-term lease liabilities | 23,476 | 24,472 | 23,969 | 26,190 |
| Accounts payable | 115,188 | 95,246 | 121,919 | 140,789 |
| Taxes payable | -4,635 | -8,332 | -3,595 | -4,557 |
| Other short-term liabilities | 174,459 | 166,868 | 167,907 | 184,817 |
| Total short-term liabilities | 350,805 | 404,251 | 354,039 | 475,403 |
| TOTAL EQUITY AND LIABILITIES | 1,005,276 | 966,047 | 997,444 | 1,027,738 |
Overview of changes in the equity
| KNOK | Share capital |
Treasury shares |
Other paid-in equity |
Translation variances |
Share Option Program |
Other equity |
Total equity |
Minority interest |
Total equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity 31.12.2023 | 27,831 | -217 | 351,262 | 65,592 | 15,776 | 16,521 476,763 | -1,911 474,852 | ||
| Sale of own shares | 97 | 1,755 | 1,852 | 1,852 | |||||
| Share Option Program | 4,222 | 4,222 | 4,222 | ||||||
| Profit this year after tax | -30,435 | -30,435 | -1,495 | -31,930 | |||||
| Other comprehensive income and expenses 1 |
16,327 | 16,327 | -120 | 16,207 | |||||
| Equity 31.12.2024 | 27,831 | -121 | 351,262 | 81,919 | 19,998 -12,159 468,729 | -3,526 465,203 | |||
| Sale of own shares | 32 | 489 | 521 | 521 | |||||
| Share Option Program | 2,961 | 2,961 | 2,961 | ||||||
| Profit this year after tax | 7,972 | 7,972 | -2,254 | 5,718 | |||||
| Other comprehensive income and expenses 1 |
3,166 | 3,166 | 33 | 3,199 | |||||
| Equity 30.09.2025 | 27,831 | -89 | 351,262 | 85,085 | 22,959 | -3,698 483,349 | -5,747 477,602 |
1) The balance sheet is converted with the closing rate at the balance sheet date, while the income statement is converted with the average monthly exchange rate. The net effect of the translation is recognized as translation differences in other comprehensive income and expenses.
Statement of cash flow
| KNOK | Q3 2025 | Q3 2024 YTD 2025 YTD 2024 Year 2024 | |||
|---|---|---|---|---|---|
| Ordinary profit before tax | 17,706 | 3,829 | 2,035 | -38,588 | -46,783 |
| Net interest | 4,862 | 3,620 | 15,092 | 10,652 | 13,798 |
| Tax paid | -3,042 | 1,878 | -2,012 | 2,771 | 4,953 |
| Share of profit, associated companies | -95 | -201 | -225 | -227 | -245 |
| Ordinary depreciation | 10,626 | 10,048 | 31,759 | 31,123 | 41,517 |
| Profit / loss on sale of fixed assets | -266 | -14 | -450 | -126 | -446 |
| Realised profit on financial instruments | -22,602 | - | -22,602 | - | - |
| Change in inventories | -9,769 | 36,798 | 25,249 | 56,919 | 64,709 |
| Change in receivables | 7,378 | -23,820 | 25,404 | 26,714 | 27,868 |
| Change in accounts payable | -5,677 | -16,241 | -25,998 | -70,531 | -24,871 |
| Change in other accrued items | 23,804 | -5,754 | 3,455 | -2,980 | 12,604 |
| Cash flow from operational activities | 22,925 | 10,142 | 51,706 | 15,726 | 93,105 |
| Payments for fixed assets | -2,852 | -2,234 | -10,028 | -6,385 | -8,581 |
| Payment for intangible assets | -7,180 | -5,934 | -22,744 | -16,972 | -31,545 |
| Divestments in other companies | 26,603 | - | 26,603 | - | - |
| Payment from sale of fixed assets | 234 | 177 | 540 | 464 | 756 |
| Dividends received from associated companies | - | - | - | 300 | 300 |
| Interest received | 329 | 1,911 | 806 | 2,941 | 3,503 |
| Cash flow from investment activities | 17,134 | -6,080 | -4,823 | -19,651 | -35,568 |
| Purchase/sale of own shares | 175 | 212 | 521 | 1,652 | 1,852 |
| Change in short and long-term debt | -6,347 | -6,200 | -2,061 | -22,405 | 90,965 |
| Change in overdraft | -613 | 14,576 | 192 | 31,139 | -91,799 |
| Interest paid | -5,192 | -5,531 | -15,898 | -13,593 | -17,301 |
| Cash flow from financing activities | -11,976 | 3,057 | -17,247 | -3,207 | -16,282 |
| Net cash flow in the period | 28,083 | 7,118 | 29,636 | -7,132 | 41,255 |
| Cash and cash equivalents at the start of the period | 84,198 | 25,603 | 82,490 | 39,340 | 39,340 |
| Effect of foreign exchange rate fluctuations on foreign currency deposits |
-315 | 1,294 | -160 | 1,808 | 1,896 |
| Cash and cash equivalents at the end of the period | 111,966 | 34,015 | 111,966 | 34,015 | 82,490 |
Key figures
| KNOK | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 YTD 2025 YTD 2024 | ||
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Operating revenue | 319,526 | 350,420 | 346,613 | 339,784 | 313,146 1,016,559 | 969,282 | |
| EBITDA | 13,835 | 7,441 | 10,107 | 5,070 | 12,240 | 31,383 | -3,031 |
| EBITA | 6,251 | -144 | 2,733 | -2,176 | 5,298 | 8,841 | -25,046 |
| Operating profit EBIT | 3,209 | -3,211 | -375 | -5,325 | 2,193 | -376 | -34,154 |
| Ordinary profit before tax (EBT) | 17,706 | -4,416 | -11,254 | -8,194 | 3,829 | 2,035 | -38,588 |
| Profit/loss after tax | 17,077 | -3,063 | -8,296 | -2,066 | 2,674 | 5,718 | -29,863 |
| EBITDA-margin | 4.3 % | 2.1 % | 2.9 % | 1.5 % | 3.9 % | 3.1 % | -0.3 % |
| EBT-margin | 5.5 % | -1.3 % | -3.2 % | -2.4 % | 1.2 % | 0.2 % | -4.0 % |
| Balance sheet | |||||||
| Non-current assets | 512,629 | 519,859 | 506,940 | 510,270 | 491,522 | 512,629 | 491,522 |
| Current assets | 492,647 | 477,584 | 473,377 | 517,467 | 474,525 | 492,647 | 474,525 |
| Total assets | 1,005,276 | 997,444 | 980,316 1,027,738 | 966,047 1,005,276 | 966,047 | ||
| Total equity | 477,602 | 462,651 | 457,704 | 465,203 | 467,743 | 477,602 | 467,743 |
| Total long-term liabilities | 176,869 | 180,754 | 83,204 | 87,132 | 94,053 | 176,869 | 94,053 |
| Total short-term liabilities | 350,805 | 354,039 | 439,408 | 475,403 | 404,251 | 350,805 | 404,251 |
| Working capital | 231,101 | 225,198 | 225,552 | 255,600 | 310,785 | 231,101 | 310,785 |
| Equity ratio | 47.5 % | 46.4 % | 46.7 % | 45.3 % | 48.4 % | 47.5 % | 48.4 % |
| Liquidity ratio | 140.4 % | 134.9 % | 107.7 % | 108.8 % | 117.4 % | 140.4 % | 117.4 % |
| Net interest-bearing debt | 44,925 | 73,620 | 71,918 | 59,659 | 109,294 | 44,925 | 109,294 |
| Net leverage multiples | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. |
| Cash Flow | |||||||
| Cash flow from operational activities | 22,925 | 20,438 | 8,343 | 77,379 | 10,142 | 51,706 | 15,726 |
| Net change in liquid assets | 28,083 | -2,534 | 4,087 | 48,387 | 7,118 | 29,636 | -7,132 |
| Share information | |||||||
| Number of shares | 44,888,352 44,888,352 44,888,352 44,888,352 44,888,352 44,888,352 44,888,352 | ||||||
| Weighted average shares outstanding | 44,738,293 44,723,666 44,705,148 44,687,807 44,665,465 44,714,407 44,612,108 | ||||||
| EBT per shares | 0.40 | -0.10 | -0.25 | -0.18 | 0.09 | 0.05 | -0.86 |
| Earnings per share | 0.38 | -0.07 | -0.19 | -0.05 | 0.06 | 0.13 | -0.67 |
| Earnings per share, excl. M&A amortization | 0.45 | 0.00 | -0.12 | 0.02 | 0.13 | 0.33 | -0.47 |
| Equity per share | 10.68 | 10.34 | 10.24 | 10.41 | 10.47 | 10.68 | 10.48 |
| Employees | |||||||
| Number of employees (end of period) | 510 | 508 | 506 | 497 | 512 | 510 | 512 |
| Average number of employees | 509 | 507 | 502 | 505 | 514 | 506 | 519 |
| Average number of FTEs | 499 | 499 | 495 | 494 | 498 | 498 | 499 |
| IFRS 16 effects | |||||||
| Reduced OPEX | 6,723 | 6,851 | 6,741 | 6,535 | 6,422 | 20,314 | 20,043 |
| Increased depreciation | 5,653 | 5,728 | 5,590 | 5,427 | 5,303 | 16,972 | 16,643 |
| Increased interest expenses | 1,069 | 1,122 | 1,151 | 1,107 | 1,119 | 3,343 | 3,399 |
| EBT | - | - | - | - | - | - | - |
| Cash flow from operational activities | 6,723 | 6,851 | 6,741 | 6,535 | 6,422 | 20,314 | 20,043 |
| Cash flow from financing activities | -6,723 | -6,851 | -6,741 | -6,535 | -6,422 | -20,314 | -20,043 |
Note 1 Confirmation of reporting framework
The condensed and consolidated quarterly financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The quarterly financial statements do not contain all the information required in an annual financial statement and should be read in connection with the Group financial statements for 2024.
Note 2 Key accounting principles
The accounting principles for the report are described in note 2 in the annual financial statements for 2024. The Group financial statements for 2024 were prepared in accordance with the IFRS principles and interpretations thereof, as defined by the EU, as well as other disclosure requirements pursuant to the Norwegian Accounting Act and the Oslo Stock Exchange regulations and rules applicable as at 31.12.2024. The quarterly report and the interim financial statements have not been revised by auditor.
Note 3 Segment information
Reporting segments
| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | Year 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MNOK | Revenue EBITDA | EBT Revenue EBITDA | EBT | Revenue EBITDA | EBT Revenue EBITDA | EBT Revenue EBITDA | EBT | ||||||||
| Nordics | 116.0 | 15.2 13.1 132.5 | 14.3 13.4 | 445.7 | 47.1 39.9 502.6 | 36.2 31.6 | 663.9 | 51.8 | 46.1 | ||||||
| International incl Product |
203.5 | 3.4 | -5.8 180.6 | 2.3 | -7.2 | 570.8 | 4.9 -23.0 466.7 -18.6 -46.7 | 645.2 -23.5 -68.8 | |||||||
| ASA/Elim | - | -4.8 10.4 | - | -4.4 | -2.3 | 20.6 -14.9 | 20.6 -23.5 | 26.3 -24.0 | |||||||
| Total | 319.5 | 13.8 17.7 313.1 | 12.2 | 3.8 1,016.6 | 31.4 | 2.0 969.3 | -3.0 -38.6 1,309.1 | 2.0 -46.8 |
Operating revenue by products and services
| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | Year 2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MNOK | Products | Services * | Products | Services * | Products | Services * | Products | Services * | Products | Services * |
| Nordics | 44.6 | 71.4 | 66.3 | 66.2 | 227.7 | 218.1 | 299.2 | 203.4 | 386.3 | 277.6 |
| International incl Product |
54.5 | 149.0 | 82.9 | 97.7 | 209.8 | 361.0 | 180.3 | 286.4 | 260.7 | 384.5 |
| Elim / ASA | - | - | - | - | - | - | - | - | - | - |
| Total | 99.1 | 220.4 | 149.2 | 164.0 | 437.5 | 579.1 | 479.5 | 489.8 | 647.0 | 662.1 |
* Services and licenses
Note 4 Related parties
No significant transactions between the Group and related parties had taken place per 30 September 2025.
Note 5 Top 20 shareholders per 30 September 2025
| No. | Name | No. of shares | % |
|---|---|---|---|
| 1 | STRØMSTANGEN AS | 3,933,092 | 8.76 |
| 2 | TOHATT AS | 2,244,400 | 5.00 |
| 3 | SOLE ACTIVE AS | 2,221,717 | 4.95 |
| 4 | MUEN INVEST AS | 2,170,335 | 4.83 |
| 5 | NORDNET BANK AB | 1,447,726 | 3.23 |
| 6 | ZETTERBERG, GEORG (incl. fully owned companies) | 1,400,000 | 3.12 |
| 7 | AVANZA BANK AB | 1,344,622 | 3.00 |
| 8 | RING, JAN | 1,243,374 | 2.77 |
| 9 | VERDADERO AS | 1,081,285 | 2.41 |
| 10 | JAKOB HATTELAND HOLDING AS | 1,080,850 | 2.41 |
| 11 | EVENSEN, TOR COLKA | 740,000 | 1.65 |
| 12 | WAALER AS | 650,000 | 1.45 |
| 13 | JOHANSEN, STEIN | 610,000 | 1.36 |
| 14 | SØLVIS HOLDING AS | 600,000 | 1.34 |
| 15 | MP PENSJON PK | 561,402 | 1.25 |
| 16 | EJA HOLDING AS | 560,000 | 1.25 |
| 17 | BANK PICTET & CIE (EUROPE) AG | 556,432 | 1.24 |
| 18 | SKANDINAVISKA ENSKILDA BANKEN AB | 553,190 | 1.23 |
| 19 | ALS KINGFISHER LIMITED | 506,156 | 1.13 |
| 20 | EUROPEAN RETAIL ENGINEERING LIMITED | 506,156 | 1.13 |
| Sum 20 largest shareholders | 24,010,737 | 53.49 | |
| Sum 2 082 other shareholders | 20,877,615 | 46.51 | |
| Sum all 2 102 shareholders | 44,888,352 | 100.00 |
Note 6 Share option program
| Total costs and Social Security Provisions | 2020-2024 | 2025 | Total |
|---|---|---|---|
| Total IFRS cost | 22 350 | 2 961 | 25 311 |
| Total Social security provisions | 10 | -5 | 5 |
Granted instruments:
| Activity | Number of instruments |
|---|---|
| Outstanding OB (01.01.2025) | 4,095,000 |
| Granted | 280,000 |
| Terminated | -475,000 |
| Outstanding CB (30.09.2025) | 3,900,000 |
| Of which vested CB | 2,208,750 |
Method of valuation:
The fair value of share options granted is estimated at the date of grant using the Black-Scholes-Merton Option Pricing Model. The model uses the following parameters; the exercise price, the life of the option, the current price of the underlying shares, the expected volatility of the share price, the dividends expected on the shares, and the risk-free interest rate for the life of the option.
Vesting requirements:
The vesting of the options is dependent on the participant still being employed at Strongpoint at the time of the vesting.
Method of settlement:
All StrongPoint ASA options are intended to be settled in equity, but can be fulfilled through a cash-out settlement at the Boards' discretion.
Vesting period
The options will vest over three years, with ¼ vesting after one year, ¼ after two years, and the remaining 2/4 after three years. The split in vesting underpins the retention ambition of the program. Any non-exercised options expire five years after grant.
Definitions
Working capital Inventories + accounts receivables – accounts payable
Equity per share Book value equity / number of shares
Operating revenue Sales revenue
EBITDA Operating profit + depreciation fixed assets and intangible assets
EBITA Operating profit + amortization of intangible assets
EBIT Operating profit
EBITDA-margin EBITDA / operating revenue
EBT Profit before tax
EBT-margin EBT / operating revenue
Equity ratio Book value equity / total assets Liquidity ratio Current assets / short-term debt Earnings per share Profit after tax / number of shares
Diluted Number of shares minus own shares plus shares granted in share
option program
Earnings per share adjusted Profit after tax + amortization of intangible assets / number of shares Net leverage multiple Net Interest-Bearing Debt including IFRS 16 / 12 months rolling EBITDA
Net change in liquid assets The total changes in cash flow from operational activities, investment activities
and financing activities
Minority interest The minority part of the net profit /equity in companies where
StrongPoint owns between 50,1%-99% of the shares.
