Third quarter 2026

EBITDA was a negative NOK 22.8 million for the quarter and negative NOK 42.6 million for the first three quarters of 2026 (“the three quarters”). The Group incurs development and operating costs on an ongoing basis, while as a project developer recognising earnings from project divestments when they occur and when receiving any subsequent earn-out and milestone payments. The Group also has some revenue from data center operations.

The Group reported a net loss of NOK 15.6 million for the quarter and NOK 36.3 million for the three quarters, primarily reflecting the negative EBITDA result from ongoing development and operating activities.

As of 30 September 2026, the Group’s cash and cash equivalents were NOK 568.6 million. Cash flow from operating activities was negative NOK 18.0 million for the quarter and negative NOK 20.4 million for the three quarters, reflecting ongoing project development activities and corporate operating expenses.

Cash flow from investing activities during the quarter was negative NOK 36.6 million, reflecting project investments, investment in a joint venture, and a loan issued. For the three quarters the cash flow from investing activities amounted to negative NOK 42.3 million.

Cash flow from financing activities amounted to negative NOK 0.3 million for the quarter. For the three quarters the cash flow from financing activities amounted to NOK 625.8 million, primarily reflecting net proceeds from the IPO.

Total assets amounted to NOK 605.8 million as of 30 September 2026, primarily comprising cash and cash equivalents. Equity amounted to NOK 582.1 million, representing an equity ratio of 96% and providing the Group with a strong financial position to support the project development activities.