NORDIC SEMICONDUCTOR | ANNUAL REPORT 2025 | THIS IS NORDIC
Financial highlights
USDm | 2025 | 2024 | Change |
Short-range | 625.4 | 487.3 | 28.3% |
Long-range | 33.6 | 17.0 | 98.2% |
Other | 8.7 | 7.1 | 21.4% |
Total | 667.6 | 511.4 | 30.5% |
USDm | 2025 | 2024 | Change |
Consumer | 400.3 | 349.6 | 14.5% |
Industrial & healthcare | 244.5 | 146.8 | 66.5% |
Other | 20.5 | 12.5 | 64.2% |
Total | 665.3 | 508.9 | 30.7% |
USDm | 2025 | 2024 | Change |
Gross profit | 346.0 | 242.0 | 43.0% |
Gross margin | 51.8% | 47.3% | 4.5 p.p. |
Adjusted gross profit | 341.1 | 252.0 | 35.4% |
Adjusted gross margin | 51.1% | 49.3% | 1.8 p.p. |
USDm | 2025 | 2024 | Change |
Payroll expenses | 194.0 | 170.3 | 13.9% |
Other OPEX | 85.8 | 76.9 | 11.6% |
OPEX excl. D&A | 279.8 | 247.2 | 13.2% |
Depr., amort & impairments | 43.1 | 40.6 | 6.1% |
Total | 322.8 | 287.8 | 12.2% |
USDm | 2025 | 2024 | Change |
EBITDA | 66.3 | -5.2 | NA |
EBITDA margin | 9.9% | -1.0% | 10.9 p.p. |
Adjusted EBITDA | 66.5 | 8.0 | 735.2% |
Adjusted EBITDA margin | 10.0% | 1.6% | 8.4 p.p. |
Operating profit (EBIT) | 23.2 | -45.8 | NA |
EBIT margin | 3.5% | -9.0% | 12.4 p.p. |
USDm | 2025 | 2024 |
Net interest | -3.3 | -0.9 |
Net financial items | -6.9 | 3.8 |
Total | -10.2 | 2.9 |
USDm | 2025 | 2024 |
Profit before tax | 12.6 | -43.2 |
Income tax expense | 3.7 | 4.7 |
Net profit after tax | 16.4 | -38.5 |
USDm | 2025 | 2024 |
Net cash flow from: | ||
Operating activities | 115.7 | 60.4 |
Investing activities | -162.3 | -29.6 |
Financing activities | 51.1 | -23.2 |
Currency adj. | 15.1 | -10.7 |
Net change in cash and cash equivalents | 19.5 | -3.0 |
Cash and cash equivalents 1.1 | 287.9 | 291.0 |
Cash and cash equivalents 31.12 | 307.4 | 287.9 |
Theme | Risk | Response |
Cyclical nature of the semiconductor industry | The semiconductor industry is inherently cyclical and characterized by periodic fluctuations in demand and supply that can significantly impact the financial performance and stability of companies operating within this sector. The industry faces rapid technological shifts, swift product obsolescence, volatile pricing, evolving standards, short life cycles, and erratic supply and demand, which contribute to cyclical volatility. Downturns are often associated with maturing product cycles of semiconductor companies and their customers’ products, inventory corrections and macroeconomic slowdowns, and may result in reduced product demand, declines in average selling prices, decreased revenues, underutilized production capacity and increasing inventory levels. In addition, recent imbalances between supply and demand for certain semiconductor components, such as memory chips, may result in price increases and higher input costs for end-product manufacturers. Higher component costs can lead to higher prices for finished consumer products and may reduce end-customer demand. Lower demand for such products may in turn reduce demand for complementary products that use other semiconductor components, including connectivity solutions supplied by the Group. Nordic has historically experienced adverse effects on its results of operations and cash flows during such downturns, primarily in the form of decreased revenue due to reduced demand from end-customers and increased inventory levels. The Group may experience similar adverse effects in future cycles, which could be severe or prolonged. The Group’s ability to reduce costs during downturns through reductions in capital expenditure and research and development expenses or other means may be constrained by the need to maintain its competitive position. | Nordic maintains a strong balance sheet with sufficient liquidity to withstand periods of reduced demand. The Group continues to invest in research and development strategically to support its position at the forefront of technological innovation, which can provide a competitive edge and potentially stabilize revenue streams during industry downturns. As a fabless company, Nordic retains operational flexibility by leveraging its ability to adjust inventory levels more swiftly and with lower overhead costs compared to traditional manufacturers, which supports resilience during industry downturns. |
Theme | Risk | Response |
Constraints in the supply of wafers and assembly & test capacity | As a fabless semiconductor company, Nordic outsources the capital-intensive production of silicon wafers, packaging, and testing of its products to third-party suppliers, mainly in Asia. The manufacturing pipeline involves multiple stages and suppliers. Disruption at any of these third-party suppliers could negatively affect revenue and customer relationships. Nordic does not normally have long-term supply contracts with its suppliers, and delivery of materials and services depends on the suppliers’ ability to deliver the requested volumes. Third-party wafer, assembly and test (A&T) subcontractors typically do not guarantee that adequate capacity will be available within the time required to meet demand for the Group's products. Qualification of a new vendor can take more than twelve months and requires customer involvement, as the customer must also qualify the vendor. Capacity constraints may arise not only at the wafer fabrication stage but also within assembly and test operations, including outsourced semiconductor assembly and test (OSAT) providers. Increasing demand for advanced semiconductor products, including those used in artificial intelligence and high-performance computing applications, may intensify competition for both front-end wafer capacity and back-end packaging and test capacity. Such competition could affect lead times, pricing or the availability of manufacturing capacity for the Group’s products. Over recent years, the semiconductor industry has faced significant global demand fluctuations, as well as supply issues of various origins. Examples include macroeconomic volatility, supply chain disruptions and geopolitical tensions. For Nordic Semiconductor, the combined effect of these factors resulted in a prolonged shortage of wafer supply during 2021 and 2022, which in turn resulted in limited delivery capabilities for certain products, notably in the higher-end Bluetooth® Low Energy series. Based on current demand and supply forecasts, wafer and assembly capacity are expected to meet present requirements. However, future supply constraints cannot be ruled out in the supply of wafers and assembly & test capacity. | Nordic maintains close dialogue with customers and suppliers to identify and address supply risks. The standard practice of keeping buffer stock of wafers and finished goods continues. Supply chain options are considered when selecting suppliers and technologies to minimize impact of future supply constraints, including sourcing of materials from different regions. Long term supply agreements have been used in connection with introduction of new technologies. Nordic seeks to have insurance to cover financial losses from supply disruptions related to disasters. However, insurance cannot completely mitigate the risk. |
Customer concentration | In 2025, Nordic derived around 57% of its total revenue from its 10 largest customers. As a result of its customer concentration and the size of existing customer base, Nordic's revenue may fluctuate materially and could be disproportionately impacted by the decisions of its largest customers, if they were to cancel or reduce their purchase commitments. Furthermore, in the event that Nordic’s largest customers experience a dramatic decline in sales, fail to compete with their competitors due to oversupply or overcapacity in the market, or decide to alter the product mix, Nordic’s business, financial condition, and results of operations could be materially and adversely affected. Additionally, customer concentration is a magnifier of other risks, including but not limited to adverse global economic conditions, geopolitical risks and trade tensions. | Nordic seeks to maintain a balanced mix between large and broad market customers and to allocate supply across its customer base. Nordic seeks to expand its customer base with new platforms and technologies. |
Theme | Risk | Response |
Attraction and retention of key talent | Nordic‘s operational excellence and technological competitiveness are significantly driven by the expertise and leadership of its senior executives, engineers, and other key staff members. The Group's ability to maintain its competitive stance in the high-tech semiconductor industry hinges on the retention of these key individuals and the continuous attraction of new talent, particularly in specialized technical roles essential for product development and technological advancement. As technology advances, the complexity of semiconductor manufacturing increases. Developing smaller, more powerful chips requires significant R&D investment and can strain existing manufacturing capabilities. Competition for qualified employees among companies that rely heavily on engineering and technology is intense, and the loss of qualified employees or an inability to attract, retain and motivate highly skilled employees required for the operation and expansion of the Group’s business could hinder its ability to conduct research and development activities successfully and develop marketable products. The Group has completed a couple of acquisitions in recent years, including during 2025, as part of its strategy to strengthen its technical capabilities and talent base. Acquisitions involve integration risks, including challenges related to organizational alignment, retention of key employees, cultural integration and realization of expected benefits. If the Group is unable to effectively integrate acquired businesses or retain key personnel following an acquisition, anticipated synergies may not be achieved The Group’s success in the future depends in part on its ability to continue to recruit, train, develop and retain such personnel, and if it loses key personnel to competitors or at a rate greater than it anticipates, or if it has difficulty attracting new, highly talented employees, its reputation and its business, financial condition and results of operations could be adversely affected. | Nordic focuses on talent attraction, recruitment, and retention, as well as succession planning and continues to develop its organizational culture and branding. The Group is continuously improving and adapting its employer value proposition. The Group also uses acquisitions to strengthen its technology capabilities and access specialized talent. The integration of acquired businesses is supported through defined integration planning and retention measures for key personnel. |
Competitiveness of Nordic products | The semiconductor industry is extremely competitive. Competition is driven by product performance, ultra-low-power characteristics, feature set, quality and reliability, pricing and cost structure, product availability, delivery timing, and engineering, sales and technical support. Nordic competes with both large international semiconductor companies offering broad portfolios and smaller specialists focused on specific technologies or end markets, and many competitors may have greater financial, technological, personnel or other resources than the Group in certain markets. Competition may also be influenced by industrial policy initiatives that support domestic semiconductor ecosystems and may alter competitive dynamics over time. If Nordic does not keep pace with technology development and customer requirements, or if the Group is not successful in executing its strategy and product roadmaps, it could lose design wins and market share, which may have a material adverse effect on the Group’s financial condition and results of operations. | Nordic continues to invest in developing competitive products, software and development tools, and in executing its product portfolio renewal and platform transitions. The Group strengthens its position through multiprotocol solutions and a broad connectivity portfolio, supported by ecosystem engagement and participation in relevant industry bodies and standards development. Nordic also continues to expand solution breadth through complementary offerings and services, and works to ensure robust quality, delivery performance and customer support. The Group monitors market and competitive developments and adjusts priorities to maintain a relevant product portfolio and strong execution. |
Theme | Risk | Response |
Adverse global economic conditions, geopolitical risks and trade tensions | Nordic's growth depends, in part, on demand for its customers’ end products, primarily in the IoT, consumer, healthcare and industrial sectors. Industry downturns that adversely affect the Group’s customers or their customers could also adversely affect demand for the Group’s products. Additionally, global or regional economic slowdowns that affect business and consumer confidence could lead to a decline in demand for semiconductor products. Rising tensions and deteriorating military, political and economic relations between China and Taiwan could disrupt the operations of third-party foundries, assembly and test subcontractors, which could severely impact Nordic's ability to manufacture the majority of its products and, as a result, adversely affect its business, revenues and results of operations. Globally, more than 50% of semiconductor wafers are sourced from Taiwan; therefore, increased tensions between China and Taiwan can significantly impact the Group's customers’ ability to manufacture their products. In addition, there are uncertainties in the global economy due to geopolitical risks, including armed conflicts and regional instability, supply chain disruptions and delays, increases in global energy prices, rising inflation and continued trade frictions. Geopolitical conflicts and sanctions regimes may contribute to volatility in financial and commodity markets, including energy markets and semiconductor manufacturing inputs. Such developments are difficult to predict and could contribute to broader global or regional economic slowdowns, which may adversely affect the Group’s business, financial condition and results of operations. Political and trade tensions among several of the world’s major economies, including the US, China and the EU, remain volatile and difficult to predict. This may lead to further implementation of tariffs and non-tariff trade barriers, including export controls and licensing requirements, as well as sanctions against certain countries, sectors and companies. Trade restrictions might apply to Nordic's supply chain, its products or its customers. Since 2022, sanctions and export control limitations imposed by, inter alia, the EU, Norway, the US and the UK on Russia and Belarus, along with increased circumvention risks, have created a complex framework for Nordic entities to operate within. The ongoing geopolitical and economic uncertainty, in particular the United States–China relationship, and the uncertain impact of current and future regulations on international trade and the flow of products may cause disruptions in the semiconductor industry and its supply chain. Such disruptions may increase production costs for the Group’s end-customers and/or limit their ability to source certain components required to produce their end-products. In addition, trade tensions can increase protectionism, limiting the Group’s ability to sell in certain regions. Some of the Group’s products are partly assembled in China, and increased tensions between the US and China can reduce the Group’s ability to sell to US customers. Revenue from China developed broadly in line with overall Group revenue for FY2025. | Nordic seeks to mitigate the effects of current and potential economic slowdowns through close dialogue with customers and suppliers, credit risk management and operational cost control. The Group also strengthens preparedness and resilience through dual sourcing planning, business contingency planning and maintaining a strong balance sheet. Nordic continuously monitors geopolitical and trade developments and their potential implications for its business operations. The Group implements a Sanctions and Trade Controls compliance program to ensure compliance with increasingly complex regulations. Diversification of capacity and supply chain options, including in Europe, may reduce the effects of geopolitical tensions. |
Uncertainty arising from the emergence of artificial intelligence (AI) and machine learning (ML) | The rapid development and adoption of AI and ML technologies may influence productivity, product development processes, customer expectations and competitive dynamics. If the Group does not monitor and appropriately adopt relevant AI/ML technologies, it may risk falling behind competitors in operational efficiency, innovation and time-to- market. At the same time, increased use of AI-enabled tools may introduce new risks, including cyberattacks, social engineering, data leakage, reliance on inaccurate information, and potential non-compliance with applicable and emerging regulatory requirements. Given the pace of development and evolving regulatory frameworks, there remains uncertainty regarding the longer-term implications of AI and ML for the Group’s operations, competitiveness and risk profile. | The Group monitors AI/ML developments and assesses implications for its business and operations. Work is ongoing to develop an internal approach to responsible AI use, including guidelines, training and governance. Nordic evaluates opportunities to improve productivity and innovation in a controlled manner, while implementing safeguards related to data protection, information security and regulatory compliance. However, given the rapidly evolving nature of AI/ML technologies and regulation, uncertainty regarding future developments remains. |
Theme | Risk | Response |
Product ramp | There is a risk that Nordic may not be able to ramp up production of new products in line with customer demand, resulting in reduced or delayed market absorption of products, reduced revenue growth and/or high yield loss. | Given the timelines for key product introductions, Nordic maintains tight control over the New Product Introduction process, including quality assurance during high volume product ramps. In addition, Nordic has established in-house production qualification and test laboratory capabilities to support efficient validation and product qualification processes, which may help reduce time to market and mitigate ramp-up risks. |
Product liability and warranty claims | The Group makes highly complex electronic components and, accordingly, there is a risk that defects may occur in its products that are not detected during the development and manufacturing process. Such defects can give rise to significant costs for the Group, including expenses relating to recalling products; replacing defective items; writing down defective inventory; delays in, cancellations of, rescheduling or return of orders or shipments; and loss of potential sales. In addition, the occurrence of such defects may give rise to product liability and warranty claims, including liability for damages caused by such defects. Moreover, since the cost of replacing defective products is often much higher than the value of the products themselves, the Group may at times face damage claims from customers in excess of its warranty obligations or the relevant sales amounts, including consequential damages. The Group also faces exposure to potential liability resulting from how its customers typically integrate the semiconductors it sells into numerous products, which are then in turn sold on the marketplace. These end products are often highly complex and may occasionally involve the use of the Group’s product in ways not originally envisioned by it. In these cases, the Group’s products can only be fully tested when deployed in the end products, and its customers may discover defects or errors only after the end products have been deployed. In addition, the Group may be named in product liability claims relating to such end products even if there is no evidence that the Group’s products caused a loss. Product liability claims could result in large expenses relating to defense costs or damages awards. Such events could have a material negative impact on the Group’s reputation, business, financial condition, and results of operations. | Nordic follows very high standards in terms of quality assurance. Investing in lab equipment and testers reduces time used on fault-finding, enables workarounds to be implemented faster, and effectively screens production defects. Nordic aims to limit the contractual liability to an acceptable level in the industry and seeks adequate insurance coverage. |
Product security | There is a risk that released products have security vulnerabilities, and that Nordic may not meet all customers’ security expectations with regard to preferred mitigating measures, which may vary from application to application and across end markets. Even if cybersecurity incidents originate in end products or broader customer systems, security events may negatively affect Nordic’s reputation, lead to claims, increase support and remediation costs, and adversely impact customer relationships. | Nordic continues to invest in security architecture and in processes intended to identify, assess and mitigate vulnerabilities throughout the product lifecycle. The Group aligns products with relevant security standards and, where appropriate, certification requirements. Nordic maintains established incident management and vulnerability-handling processes, including structured reporting and coordinated disclosure, and engages with external researchers through an external bug bounty program. Dedicated security roles and cross-functional response processes support continuous improvement, customer communication and timely mitigation actions when needed. |
Credit risk | Nordic is exposed to credit risk pursuant to trade credit arrangements with its distributors and certain customers. The main counterparties are international distributors of electronic components. The Group has not historically suffered any significant credit losses pursuant to its trade credit arrangements with its distributors or customers, however if such distributors or customers were to experience financial difficulties or any deterioration in their ability to satisfy their obligations to the Group, the Group's cash flow could be materially and adversely affected. | Credit monitoring routines are integrated into new credit lines, requiring security in the form of payment guarantees or advance payment requirements if needed. |
Theme | Risk | Response |
Intellectual property rights | The semiconductor and software industries have a history of litigation over patents and other intellectual property rights. Third parties, including non-practicing entities, may claim that the Group's products or the communication technologies and standards used in the industry infringe on their intellectual property. Patents for industry standards within IoT are held by a large number of different owners, and consistent licensing arrangements are not always available. The Group has contractual obligations to defend and indemnify certain customers against infringement claims, although obligations to customers do not generally extend to claims relating to industry standards and standard- essential patents. Any litigation could subject the Group to liability, invalidate its intellectual property rights, distract management, consume R&D resources, and prove costly. The Group's competitive position depends on its proprietary technologies and know-how, safeguarded through a combination of patents, copyrights, trademarks, trade secrets, and confidentiality agreements. Despite these measures, there is a risk that the Group's technology could be used without authorisation, and no certainty that pending patent applications will be granted or provide sufficient protection. The Group's products also integrate third-party technologies. Although licence agreements typically include indemnification clauses, these are often limited in scope or could prove unenforceable, meaning the Group could still face infringement claims in respect of technology it did not develop. | The Group has designated processes for protecting its information and intellectual property rights, including through contractual mitigation, and advocates for fair and transparent licensing of standard-essential patents. |
Information security and cyber risks | Nordic relies heavily on information technology systems across its operations, including procurement, research and development, sales, delivery, and other business processes and transactions. The Group’s ability to effectively manage its business and coordinate the production, distribution, and sale of its products depends significantly on the reliability, capacity and security of these systems. The Group may be subject to attempts to gain unauthorized access to its systems through the Internet, including through phishing attacks and other forms of social engineering, introduce malicious software to its information systems or otherwise disrupt its information infrastructure. If successful, such incidents could expose the Group and any other affected parties to loss or misuse of proprietary or confidential information, disruption of business operations, delays in customer service, loss of customer trust, reduced operational efficiency, significant remediation costs or reputational harm. Failure of the Group’s information technology systems to operate effectively, transition to upgraded or replacement systems, guard against material network breaches as a result of a cyberattack or other incident, or otherwise maintain continuous and secure operations could adversely affect the Group’s business, financial condition and results of operations. | Employing robust data protection is a top priority, in addition to reducing risks related to human behavior by providing regular cybersecurity awareness training to all employees, including training focused on phishing and social engineering risks. Nordic has implemented disaster recovery plans and backup routines to mitigate the effects of potential cyberattacks and maintain appropriate insurance coverage. Nordic has a strong focus on building resilience in internal and external systems by identifying and addressing security weaknesses. Nordic conducts regular cyber risk assessments, including cyber posture and readiness assessments performed by third parties, and continues work to remediate and reduce identified risks. Nordic carries out data governance projects to mitigate risks related to data loss. |
Theme | Risk | Response |
Acute physical events and natural disasters | The nature of the business as a fabless manufacturer means that Nordic is heavily reliant on semiconductor manufacturing in Taiwan, as well as testing and assembly in Asia. Acute physical events potentially related to climate change could affect suppliers located in Southeast Asia, where tropical cyclones and flooding, or natural disasters such as earthquakes, have the potential to damage production facilities and infrastructure. Such events could impact Nordic's delivery capability in the short-to-medium term. If a major incident occurs, it is unlikely that Nordic would have short-term access to sufficient capacity. | Nordic has established a short-to-medium term strategy for reducing the risk of supply disruptions caused by natural disasters or other severe weather events. In the short term, Nordic maintains a reserve of wafers or finished products to address temporary shortages. For medium-term risk mitigation, Nordic utilizes a second-sourcing strategy to mitigate widespread supply disruptions. In addition, Nordic has partial insurance coverage. For long-term risk mitigation, Nordic’s key manufacturing partners have contingency plans to reduce such chronic risks. |
Failure to comply with regulatory requirements | Nordic is subject to the regulatory regimes of each country in which it operates, including, among others, those relating to antitrust, anti-corruption, sanctions and export controls, corporate governance, labor, tax, customs, sustainability reporting requirements (e.g., CSRD/ESRS), product safety and cybersecurity regulations, and environmental regulations. Although the Group has internal controls and compliance systems to comply with such laws and regulations, there can be no assurance that such systems, and the Group’s other efforts to promote compliance, will be effective. Any violation of the relevant regulations could result in criminal penalties, sanctions, significant fines, or mandatory suspension from certain business activities. It could also adversely affect the Group’s reputation, business, and results of operations. The Group may also invest significant resources to enhance its compliance functions as regulations and laws change and become more complex. | Nordic seeks to continuously enhance its compliance system and programs, internal controls, and risk- mitigating measures, including training, monitoring, whistleblowing mechanisms, and Board-level oversight, to strengthen its culture of integrity. |
Exchange rate and interest rate risk | Nordic operates globally and is exposed to foreign currency risk, as its sales revenue and direct production costs are almost entirely denominated in USD, whereas approximately 40% and 20% of its operating expenses were denominated in NOK and EUR, respectively, in 2025. Fluctuations in the exchange rates between the USD, NOK or EUR currencies may have an adverse effect on the Group. A 10% change in USD/NOK and USD/EUR exchange rates impacts approximately USD 0.8 million and USD 0.5 million, respectively, in monthly costs. | Nordic keeps most funds in USD, but seeks to have available NOK and EUR to fulfill ongoing obligations. The bond proceeds are in NOK, which is a natural hedge of the bond denominated in NOK. |
Core elements of due diligence | Pages in the Sustainability Statement | Does the disclosure relate to people and/or the environment? |
a) Embedding due diligence in governance, strategy, and business model | ESRS 2 GOV-2, page 41 | People and environment |
ESRS 2 GOV-3, page 42 | People and environment | |
ESRS 2 SBM-3, pages 50-58 | People and environment | |
E1-ESRS 2 SBM-3, pages 78-79 E2-ESRS 2 SBM-3, pages 88-89 E3-ESRS 2 SBM-3, page 92 E5-ESRS 2 SBM-3, pages 94-95 | Environment | |
S1-ESRS 2 SBM-3, pages 104-105 S2-ESRS 2 SBM-3, pages 114-115 S4-ESRS 2 SBM-3, pages 119-120 | People | |
G1-ESRS 2 SBM-3, pages 124-125 | People and environment | |
b) Engaging with affected stakeholders in all key steps of the due diligence | ESRS 2 GOV-2, page 41 | People and environment |
ESRS 2 SBM-2, pages 48-49 | People and environment | |
ESRS 2 IRO-1, pages 59-66 | People and environment | |
ESRS 2 MDR-P: E1-2, page 79 E2-1, pages 89-90 E3-1, pages 92-93 E5-1, page 95 | Environment | |
ESRS 2 MDR- P: S1-1, page 106 S2-1, pages 115 S4-1, page 120 | People | |
Topical ESRS: G1-1, page 125 | People and environment | |
Topical ESRS: S1-2, pages 106-107 S2-2, pages 115-116 S4-2, page 120 | People | |
c) Identifying and assessing adverse impacts | ESRS 2 IRO-1, pages 59-66 | People and environment |
ESRS 2 SBM-3, pages 50-58 | People and environment | |
E1-ESRS 2 SBM-3, pages 78-79 E2-ESRS 2 SBM-3, pages 88-89 E3-ESRS 2 SBM-3, page 92 E5-ESRS 2 SBM-3, pages 94-95 | Environment | |
S1-ESRS 2 SBM-3, pages 104-105 S2-ESRS 2 SBM-3, pages 114-115 S4-ESRS 2 SBM-3, pages 119-120 | People | |
G1-ESRS 2 SBM-3, pages 124-125 | People and environment |
Core elements of due diligence | Pages in the Sustainability Statement | Does the disclosure relate to people and/or the environment? |
d) Taking actions to address those adverse impacts | ESRS 2 MDR-A: E1-3, pages 79-80 E2-2, page 90 E3-2, page 93 E5-2, pages 95-96 | Environment |
ESRS 2 MDR-A: S1-4, page 108 S2-4, pages 116-117 S4-4, page 121 | People | |
Topical ESRS: E1-1, pages 76-77 | Environment | |
Topical ESRS: G1-1, page 125 | People and environment | |
e) Tracking the effectiveness of these efforts and communicating | ESRS 2 MDR-M: E1-5, page 83 E1-6, pages 84-87 E2-5, page 91 E5-4, pages 96-98 E5-5, page 98 | Environment |
ESRS 2 MDR-M: S1-9, page 112 S1-13, page 112 S1-14, page 112 S1-15, page 112 S1-16, pages 112-113 S1-17, page 113 | People | |
ESRS 2 MDR-T: E1-4, pages 81-83 E2-3, pages 90-91 E3-3, page 93 E5-3, page 96 | Environment | |
ESRS 2 MDR-T: S1-5, pages 108-109 S2-5, page 117 S4-5, pages 121-122 | People | |
Topical ESRS: Entity-specific metrics: value chain workers, page 118 Entity-specific metrics: cybersecurity, page 126 Entity-specific metrics: whistleblowing and retaliation prevention, page 126 | People |
Category | Key stakeholders | How engagement is organized | Purpose of engagements | How outcomes inform Nordic's business |
Market | • Suppliers • Distributors • Customers • End-users (S4) • Competitors • Stock exchange • Insurers & banks • Value chain workers (S2) | • Supplier meetings and surveys (annual and ad hoc) • RBA audits and HRDD questionnaires • EcoVadis supplier ratings • Distributor interaction and quarterly reviews • Customer meetings (1–2 times per year) • Industry association forums • Insurance negotiations • Sustainability-linked financing dialogue | • Obtain due diligence information • Support supplier ESG performance • Understand customer and end-user requirements • Discuss product sustainability and security • Monitor market expectations | • Supplier ratings and GHG data inform supplier selection and development • Due diligence results guide supply-chain management • Customer and end-user feedback informs product- development priorities • Industry expectations support ESG planning • KPI results influence management targets |
Society | • Local communities (S3) • Industry associations • NGOs • Authorities • Regulators • Media • Nature | • HRDD assessments • Dialogue with community and NGO stakeholders • Industry-forum participation • Regulatory consultations • Press releases and interviews • Environmental impact assessments • Resource-use monitoring | • Maintain constructive dialogue and support transparent communication • Support industry standards • Promote adherence to applicable requirements • Minimize environmental impacts | • HRDD and regulatory findings guide supply-chain risk mitigation • Environmental data informs resource-efficiency measures • Standards development informs product governance • Media insights inform communication strategy |
Internal | • Board of Directors • EMT (ESG Committee) • Employee representatives (S1) • Employees (S1) | • Board meetings • Audit Committee oversight • Quarterly ESG Committee reviews • Employee-representative forums (monthly) • Pulse survey (introduced in 2025) • Exit interviews | • Strategic oversight • Address workplace matters • Monitor engagement, inclusion, and well-being • Collect operational feedback | • Governance-body input directs sustainability-strategy execution • Pulse-survey results inform inclusion, training, and well- being initiatives • Employee feedback shapes workplace and HR policies • Exit-interview findings support retention measures |
Owners | • Shareholders • Analysts • Rating agencies | • General meetings • ESG reporting and investor briefings • Analyst meetings • Annual rating reviews | • Provide transparent performance information • Meet ESG-disclosure expectations • Support investment analysis | • Rating feedback shapes governance updates • Investor expectations guide disclosure maturity • Analyst insights support strategic planning |
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Reducing emissions from customers using energy-efficient technology Nordic’s ultra-low-power connectivity and power-management technologies enable measurable reductions in energy consumption within customer applications, particularly in smart lighting, environmental monitoring, smart agriculture, and other IoT deployments. Documented customer use cases (e.g., Acuity’s lighting solutions) demonstrate that such reductions already occur in practice. These benefits arise downstream, outside Nordic’s Scope 1–3 accounting, and are assessed as a positive impact in their own right in accordance with ESRS 1. | Actual positive impact | l | l | ||||
GHG emissions from energy use and supplier operations Nordic’s contribution to climate change is primarily linked to two sources: 1. own office energy consumption (Scope 2), including purchased electricity and heating/cooling; and 2. supplier-related emissions (Scope 3), particularly from electricity usage in outsourced production facilities upstream. Although Nordic has transitioned most office energy consumption to renewable sources through energy attribute certificates (e.g., GOs, RECs), residual emissions from fossil fuels persist. Supplier operations remain the most significant contributor to Nordic’s carbon footprint, with emissions primarily from electricity usage and limited influence over renewable energy sourcing. | Actual negative impact | l | l | l | |||
Opportunities in climate-resilient products Climate adaptation needs in environmental monitoring, agriculture, and critical infrastructure applications are driving demand for low- power, reliable IoT solutions. Nordic is well-positioned to capture this demand through its existing strengths in ultra-low-power connectivity, established customer relationships, and relevance to adaptation-oriented use cases. The opportunity may increase revenues through higher sales volumes and selective premium pricing where performance under extreme conditions is valued. | Opportunity | l | l | l | |||
Upstream decarbonization-related cost exposure Nordic faces increasing financial exposure from upstream decarbonization measures and emerging climate-related regulations. As wafer fabrication foundries and assembly/test subcontractors transition toward renewable energy, low-carbon processes, or comply with carbon-pricing regimes, associated production costs are expected to rise and may be passed through the value chain. These cost increases relate to energy procurement, carbon taxes, and capital investments in cleaner technologies. Because Nordic relies on external manufacturing partners and has limited influence over their decarbonization pathways, the company is indirectly exposed to higher manufacturing input costs linked to Scope 3 purchased goods and services. | Risk | l | l | ||||
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Air pollution from transport and outsourced production Nordic’s air pollution impact stems primarily from two sources: 1. upstream component production occurs when suppliers release emissions such as volatile organic compounds (VOCs) and other process gases during wafer processing or assembly; 2. downstream transportation emissions, primarily from air freight, are used to distribute lightweight products globally. As a fabless company, Nordic does not operate manufacturing plants, but its logistics and supplier base contribute to pollution that harms air quality and the climate. These emissions are indirect yet attributable to Nordic’s product life cycle and have recognized environmental implications. The impact reflects a mix of localized and globally distributed pollution sources, particularly from aviation logistics and outsourced industrial processing. | Actual negative impact | l | l | l | |||
Presence of regulated substances and substances of very high concern in downstream products Nordic’s products contain trace amounts of regulated substances and certain substances of very high concern (SVHCs), all within applicable RoHS and REACH thresholds. These substances may persist through end-of-life, particularly in regions with weak e-waste infrastructure or enforcement. Although individual quantities are low, cumulative dispersion can contribute to localized environmental pollution and potential exposure risks for nearby communities. Nordic mitigates these impacts through compliance with RoHS/REACH, material composition monitoring, supplier declarations, and design reviews aimed at reducing or substituting substances where technically feasible. Residual impacts remain where downstream waste management practices are insufficient. | Actual negative impact | l | l | ||||
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Water consumption in upstream production Semiconductor production at supplier facilities is highly water-intensive, requiring significant volumes for wafer cleaning, cooling, and dicing. This is an ongoing and significant environmental impact, with key suppliers such as TSMC in Taiwan operating in regions that have experienced severe droughts in recent years, creating operational and community water stress. Supplier surveys also confirm that facilities in the Philippines rely directly on freshwater sources. As Nordic does not operate these sites directly, the impact arises through the upstream value chain. | Actual negative impact | l | l | ||||
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Resource use linked to component and packaging material inputs Nordic’s operations and upstream partners rely on finite materials—such as metals, silicon, and plastic—for manufacturing and shipment. Rare minerals may be used to produce integrated circuits, while cardboard and plastic are used in packaging. Although total material use is modest, recovering high-purity metals remains technically challenging. Most packaging materials are recyclable, but upstream manufacturing inputs remain primarily virgin resources, which intensifies depletion pressures. Sourcing is typically geographically dispersed and dependent on purity and performance specifications. | Actual negative impact | l | l | l | |||
Product durability and reliability supporting circularity Nordic’s products are designed for durability and long-term reliability, supported by JEDEC reliability standards and robust design practices. These measures reduce premature device replacement and support circular-economy principles. Lifecycle-management functionalities (e.g., Memfault or nRF Cloud) may support product longevity when implemented, but they are not considered primary drivers of this positive impact for 2025. | Potential positive impact | l | l | ||||
Downstream waste treatment of EEE components Downstream disposal of end products containing Nordic components may cause environmental harm if final devices are not treated in accordance with appropriate e-waste standards. Nordic’s components represent only a small share of finished electronics. Still, when these products are landfilled or mismanaged, the materials they contain could have been recovered and would have contributed to broader e-waste burdens. Nordic provides environmental datasheets and material disclosures to support correct handling by customers, but treatment practices vary globally and remain outside Nordic’s control. | Potential negative impact | l | l | ||||
Supplier and distributor waste generation (manufacturing scrap and packaging) Upstream manufacturing and supplier activities, as well as downstream distribution and packaging, generate various waste streams, including component production scrap, process residues, and packaging materials. These may include non-hazardous scrap and packaging sent for incineration or landfill disposal, with limited visibility into handling standards across geographies. While volumes vary, both upstream suppliers and downstream distributors generate waste that has indirect environmental impacts due to sorting inefficiencies and differing local treatment practices. Nordic does not directly control these processes, but it recognizes the potential ecological burden in both the upstream and downstream stages of the value chain. | Actual negative impact | l | l | l | |||
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Representation and equal opportunities Structural underrepresentation—particularly of women in technical and leadership roles—may limit equitable access to development and progression. This creates systemic risks to inclusion, engagement, and long-term retention. The impact is material due to its scale across regions and its strategic relevance for innovation and talent pipelines. | Potential negative impact | l | l | ||||
Strategic talent development Insufficient structured development pathways can create uneven access to growth opportunities, leading to mid-term skill gaps and long-term talent shortages. The impact is material because it may affect a large share of the workforce, with higher severity for employees in transition roles, smaller teams, or underrepresented groups. | Potential negative impact | l | l | ||||
Collaborative peer learning Peer-based learning is embedded in Nordic’s engineering workflows, creating continuous skill transfer, faster onboarding, and improved problem-solving. The impact is material because the scale and persistence of these cultural practices generate organization-wide benefits and directly support innovation capacity, which is central to the business model. | Actual positive impact | l | l | ||||
Desk-based health risks Prolonged desk-based work exposes employees to musculoskeletal strain and other chronic health risks. Although individual cases remain limited, the exposure is broad and persistent across functions, suggesting significant long-term potential severity. This justifies materiality despite a moderate likelihood. | Potential negative impact | l | l | ||||
Workload demands during peak times Recurring high workloads inherent to project-driven R&D may create stress, fatigue, and risks to well-being. The exposure affects multiple teams during peak cycles, and unmanaged strain may impair performance and retention. Materiality arises from both the severity of possible long-term effects and the systemic nature of the risk. | Potential negative impact | l | l | ||||
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Gender-based role segregation and unequal treatment Disparities in gender distribution across roles in Tier 1 manufacturing suppliers present a risk of unequal treatment. Factory-level jobs tend to be filled by women, while higher-skilled or managerial roles show male overrepresentation. Although suppliers are certified to ISO 9001 and provide skills training, internal assessments suggest that the work structure and career progression may perpetuate gender imbalances. These patterns can result in constrained advancement opportunities and unequal access to compensation or training. This may impact well-being, morale, and the right to equal treatment. | Potential negative impact | l | l | ||||
Child and forced labor risks in raw material and Tier 2+ suppliers Child and forced labor risks may arise in upstream raw-material supply chains and Tier 2+ suppliers due to limited transparency, weak governance, and jurisdiction-specific vulnerabilities. In mining, smelting, and lower-tier manufacturing, children may be exposed to hazardous tasks or educational disruption, and workers may face coercive practices such as excessive recruitment fees or document retention. Nordic does not operate at these tiers, but the risk affects the value chain and may result in severe and lasting harm to affected individuals. | Potential negative impact | l | l | ||||
Impacts on migrant workers’ rights at Tier 1 suppliers Migrant workers at Tier 1 suppliers may face heightened vulnerability due to recruitment practices, employment conditions, and employer-provided accommodation in certain jurisdictions. Documented risks include forced-labor indicators such as excessive recruitment fees, retention of identity documents, restricted movement, and coercive practices, as well as inadequate or overcrowded living conditions affecting health, privacy, and dignity. These risks can cause severe and sometimes lasting harm to affected workers’ fundamental rights. While Nordic does not directly control Tier 1 operations, these risks occur within the upstream value chain and are addressed through RBA-based requirements, supplier assessments, and corrective action follow-up. | Potential negative impact | l | l | ||||
Safe and fair working risks in upstream and Tier 2+ facilities Workers in upstream supply chains may face unsafe or unfair working conditions due to hazardous mining and smelting environments, excessive working hours, low wages, or insecure employment arrangements at Tier 2+ supplier facilities. These risks are heightened in jurisdictions with weak labor protections, limited enforcement, and reliance on migrant or temporary workers. Nordic does not control upstream operations directly, but sourcing activities may be linked to such conditions. The risks are addressed through RBA-aligned supplier requirements, responsible minerals due diligence, and, where feasible, cascading expectations to lower-tier suppliers. | Potential negative impact | l | l | ||||
Safe and fair working risks at Tier 1 suppliers Workers at Tier 1 suppliers may face unsafe or unfair working conditions, including insecure employment arrangements, excessive working hours, physically strenuous tasks, and limited labor protections. These risks are heightened in jurisdictions with weaker labor enforcement or reliance on migrant/contracted labor. While Nordic does not directly control these suppliers, sourcing and logistics activities may be linked to such practices. Nordic addresses these risks through RBA-aligned requirements, supplier assessments, and cascading expectations. | Potential negative impact | l | l | l | |||
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Enabling sustainable applications through low-energy connectivity Nordic’s low-energy connectivity technology enables a wide range of sustainable applications across sectors such as agriculture, healthcare, environmental monitoring, tracking, and measurement. By supporting devices that enhance access to information, improve resource efficiency, and reduce operational costs, Nordic contributes to positive environmental and social outcomes for end-users and customers. These benefits are realized through the downstream integration of Nordic-enabled products into connected solutions that deliver measurable sustainability gains. | Actual positive impact | l | l | ||||
Financial risks related to end-user privacy and information impacts Failures in end-user privacy or personal data protection in downstream products using Nordic technology may create financial and reputational risks. While Nordic does not process consumer data directly, its components support applications that do. Inadequate safeguards, unauthorized data use, or privacy-related incidents may undermine customer confidence, reduce demand, and affect long- term revenue. | Risk | l | l | ||||
Financial risks related to product-security information impacts Vulnerabilities in devices using Nordic components may compromise product integrity, safety, or secure operation. Weaknesses such as flawed encryption, inadequate patch management, or exploitable design elements could result in product recalls, regulatory actions, and reputational damage. Customers in security-sensitive or regulated markets may switch to alternative suppliers following significant vulnerabilities, leading to reduced revenue and long-term erosion of market share. Although Nordic does not control downstream device architectures, product-security failures linked to Nordic technologies may result in material financial consequences. | Risk | l | l | ||||
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Cybersecurity incidents affecting data protection and business conduct Cybersecurity incidents—such as data breaches, IP theft, or system disruptions—may expose personal information, disrupt customer access to secure and reliable services, and affect confidence in Nordic’s business conduct. These events may compromise privacy rights, cause stress and uncertainty for affected individuals, and disrupt business-critical operations and confidentiality. Preventive controls and monitoring mechanisms are in place; however, residual risk persists due to the evolving threat landscape. Governance practices, including clear expectations for ethical conduct and responsible information handling, help mitigate these risks. | Potential negative impact | l | l | l | |||
Potential impact related to whistleblower protection and retaliation Whistleblower protection is important for maintaining transparency and accountability. Retaliation—whether direct or indirect—may deter individuals from reporting concerns, leading to unaddressed misconduct and a decline in confidence in Nordic’s ethical environment. Nordic maintains an external reporting channel and a non-retaliation policy, yet a residual risk remains that individuals may experience adverse treatment. Governance structures, including leadership practices and expectations for respectful behavior, support the effectiveness of these protection mechanisms. | Potential negative impact | l | l | ||||
Financial risks arising from cybersecurity incidents Cybersecurity failures—whether caused by external attacks or insider threats—may expose Nordic to material financial losses. Incidents can lead to IP theft, data leaks, system downtime, and unauthorized access to sensitive information, triggering litigation, regulatory scrutiny, remediation expenses, and operational disruption. Reputational damage and reduced customer confidence may further affect revenue and long-term competitiveness. Although Nordic operates robust controls, including monitoring and access management, the sophistication of external threat actors and the difficulty of detecting insider misuse sustain a residual level of financial exposure. | Risk | l | l | l | |||
Transition risks and opportunities related to the transition to a low-carbon economy | |
Risks | Opportunities |
Policy and legal | Resource/Product energy efficiency |
Upstream decarbonization-related cost exposure: Nordic faces financial risks from increased production costs driven by supplier decarbonization measures and emerging climate-related regulations. As upstream partners, including wafer fabrication foundries and assembly/test subcontractors, adopt renewable energy or low-carbon processes, costs associated with manufacturing inputs are expected to increase. These changes may be triggered by carbon pricing mechanisms, emission limits, renewable energy sourcing, or capital investments in energy-efficient technologies, which are partially passed along the value chain. While these regulatory shifts and supplier decarbonization measures aim to advance global climate goals, Nordic’s exposure arises from its reliance on external manufacturing partners. With limited direct control over supplier operations, Nordic faces indirect financial vulnerability from Scope 3 emissions associated with purchased goods and services. | Nordic seeks to develop products with enhanced intelligence and energy efficiency, focusing on reducing power consumption across successive product generations. Through low-power Internet of Things (IoT) solutions, Nordic has an opportunity to contribute to solutions for energy efficiency and energy management, attract new customers, and increase demand for its products. These present an opportunity to capitalize on market demand for lower energy consumption in end-user devices and to expand the energy-saving capabilities of its IoT solutions. Opportunities in climate-resilient products: Nordic has the opportunity to develop and market products and services that support climate-resilient infrastructure. This could include climate-resilient technologies, such as smart sensors, cellular IoT, and energy harvesting, as well as infrastructure designed to withstand extreme weather or changing environmental conditions. Such innovation helps businesses prepare for climate risks, strengthen customer relationships, and open new revenue streams. As more sectors recognize the importance of resilience, demand for such solutions is expected to grow. |
Technology | Energy source |
As a fabless company with outsourced production, the ability to adapt, invest, and support new energy- saving and GHG-emissions-reduction technologies lies with its manufacturing suppliers. Nordic's business model is not affected by technological shifts towards a low-carbon economy, allowing it to benefit from these advancements without bearing the risks itself. | Nordic is working to increase the use of renewable energy and reduce GHG emissions in its offices. In its European offices, most of the energy comes from renewable sources. More than 50% of its employees work in energy-efficient buildings with green building certifications such as BREEAM and LEED. Outsourced manufacturing partners are focused on implementing new energy-saving measures to increase energy efficiency and the use of renewable energy in the production process. |
Market | |
Reputation | |
Taking environmental and climate change effects into account is crucial for Nordic's brand recognition. Poor performance or increased concern/negative feedback about climate change and GHG emissions could harm its brand value and lead to customer loss due to changing preferences and expectations regarding climate change. Nordic's strategy involves engaging and maintaining close relationships with suppliers, conducting annual carbon accounting, regularly reviewing operations, implementing GHG reduction initiatives, and being transparent in reporting. | |
Physical risks related to climate change | |
Acute risks (event-driven) | Resilience |
Acute physical events from climate change could affect Nordic's manufacturing suppliers, especially those in Southeast Asia, where tropical cyclones and floods could damage production facilities and infrastructure. Such events are likely to impact suppliers' production capacity and delivery capability in the short-to-medium term and may negatively affect Nordic's revenue. | Nordic has established a short- to medium-term strategy to reduce the risk of supply disruptions from natural disasters. These are addressed in Nordic's enterprise risk assessment and business continuity plans. In the short term, it maintains a reserve of wafers and finished products to operate under extreme weather conditions and address any temporary shortage. To mitigate medium-term risk, Nordic uses a dual-sourcing strategy to protect against widespread supply disruptions. To mitigate long-term risk, its key manufacturing partners have their own business continuity plans to reduce such chronic risks. |
Chronic risks (long-term shifts in climate patterns) | |
Long-term changes and extreme variability in climate patterns, as well as events like droughts and floods, can affect access to clean water and production capacity for Nordic’s manufacturing suppliers. Such events can affect its ability to deliver products to customers and result in reduced/delayed revenue. Nordic has already experienced water rationing in some of the countries where its manufacturing suppliers operate. | |
List of material DRs | Page number |
ESRS 2 - General Disclosures | |
BP-1 General basis for preparation of the sustainability statement | Page 38 |
BP-2 Disclosures in relation to specific circumstances | Page 38 |
GOV-1 The role of the administrative, management, and supervisory bodies | Pages 39-41 |
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management, and supervisory bodies | Page 41 |
GOV-3 Integration of sustainability-related performance in incentive schemes | Page 42 |
GOV-4 Statement on due diligence | Pages 43-44 |
GOV-5 Risk management and internal controls over sustainability reporting | Page 45 |
SBM-1 Strategy, business model, and value chain | Pages 46-47 |
SBM-2 Interests and views of stakeholders | Pages 48-49 |
SBM-3 Material impacts, risks, and opportunities, and their interaction with strategy and business model | Pages 50-58 |
IRO-1 Description of the processes to identify and assess material impacts, risks, and opportunities | Pages 59-60 |
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement | Pages 67-74 |
E1 - Climate change | |
ESRS 2 GOV-3-E1 Integration of sustainability-related performance in incentive schemes | Page 42 |
E1-1 Transition plan for climate change mitigation | Pages 76-77 |
E1-ESRS 2 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model | Pages 78-79 |
ESRS 2 IRO-1-E1 Description of the processes to identify and assess material climate-related impacts, risks, and opportunities | Pages 60-61 |
E1-2 Policies related to climate change mitigation and adaptation | Page 79 |
E1-3 Actions and resources in relation to climate change policies | Pages 79-80 |
E1-4 Targets related to climate change mitigation and adaptation | Pages 81-83 |
E1-5 Energy consumption and mix | Page 83 |
E1-6 Gross Scopes 1, 2, 3, and Total GHG emissions | Pages 84-87 |
E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities | Page 87 |
E2 - Pollution | |
E2-ESRS 2 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model | Pages 88-89 |
List of material DRs | Page number |
ESRS 2 IRO-1-E2 Description of the processes to identify and assess material pollution-related impacts, risks, and opportunities | Page 64 |
E2-1 Policies related to pollution | Pages 89-90 |
E2-2 Actions and resources related to pollution | Page 90 |
E2-3 Targets related to pollution | Pages 90-91 |
E2-5 Substances of concern and substances of very high concern | Page 91 |
E3 - Water and marine resources | |
E3-ESRS 2 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model | Page 92 |
ESRS 2 IRO-1-E3 Description of the processes to identify and assess material water and marine resources-related impacts, risks, and opportunities | Page 64 |
E3-1 Policies related to water and marine resources | Pages 92-93 |
E3-2 Actions and resources related to water and marine resources | Page 93 |
E3-3 Targets related to water and marine resources | Page 93 |
E4 - Biodiversity and ecosystems | |
ESRS 2 IRO-1-E4 Description of the processes to identify and assess material biodiversity and ecosystem-related impacts, risks, and opportunities | Pages 64-65 |
E5- Resource use and circular economy | |
E5-ESRS 2 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model | Pages 94-95 |
ESRS 2 IRO-1-E5 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks, and opportunities | Page 65 |
E5-1 Policies related to resource use and circular economy | Page 95 |
E5-2 Actions and resources related to resource use and circular economy | Pages 95-96 |
E5-3 Targets related to resource use and circular economy | Page 96 |
E5-4 Resource inflows | Pages 96-98 |
E5-5 Resource outflows | Page 98 |
S1- Own workforce | |
ESRS 2 SBM-2-S1 Interests and views of stakeholders | Page 49 |
S1-ESRS 2 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model | Pages 104-105 |
S1-1 Policies related to own workforce | Page 106 |
S1-2 Processes for engaging with own workforce and workers' representatives about impacts | Pages 106-107 |
S1-3 Processes to remediate negative impacts and channels for the own workforce to raise concerns | Page 107 |
S1-4 Taking action on material impacts on own workforce, approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions | Page 108 |
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | Pages 108-109 |
S1-6 Characteristics of the undertaking’s employees | Pages 109-111 |
S1-7 Characteristics of non-employees in the undertaking’s own workforce | Page 112 |
S1-9 Diversity metrics | Page 112 |
S1-13 Training and skills development metrics | Page 112 |
S1-14 Health and safety metrics | Page 112 |
S1-15 Work-life balance metrics | Page 112 |
S1-16 Remuneration metrics (pay gap and total remuneration) | Pages 112-113 |
List of material DRs | Page number |
S1-17 Incidents, complaints, and severe human rights impacts | Page 113 |
S2- Workers in the value chain | |
ESRS 2 SBM-2-S2 Interests and views of stakeholders | Page 49 |
S2-ESRS 2 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model | Pages 114-115 |
S2-1 Policies related to value chain workers | Page 115 |
S2-2 Processes for engaging with value chain workers about impacts | Pages 115-116 |
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns | Page 116 |
S2-4 Taking action on material impacts on value chain workers, approaches to managing material risks and pursuing material opportunities related to value chain workers, and the effectiveness of those actions | Pages 116-117 |
S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | Page 117 |
S4- Consumers and End-users | |
ESRS 2 SBM-2-S4 Interests and views of stakeholders | Page 49 |
S4-ESRS 2 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model | Pages 119-120 |
S4-1 Policies related to consumers and end-users | Page 120 |
S4-2 Processes for engaging with consumers and end-users about impacts | Page 120 |
S4-4 Taking action on material impacts on consumers and end-users, approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and the effectiveness of those actions | Page 121 |
S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | Pages 121-122 |
G1 - Business Conduct | |
G1-ESRS 2 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model | Pages 124-125 |
ESRS 2 GOV-1-G1 The role of the administrative, management, and supervisory bodies | Page 41 |
ESRS 2 IRO-1-G1 Description of the processes to identify and assess material business conduct and corporate culture-related impacts, risks, and opportunities | Pages 65-66 |
G1-1 Business conduct policies and corporate culture | Pages 125 |
Disclosure requirement and related datapoints | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Material / Non-material | Page number |
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) | Indicator number 13 of Table #1 of Annex 1 | Commission Delegated Regulation (EU) 2020/1816, Annex II | Material | Page 40 | ||
ESRS GOV-1 Percentage of board members who are independent paragraph 21 (e) | Delegated Regulation (EU) 2020/1816, Annex II | Material | Page 40 | |||
ESRS 2 GOV-4 Statement on due diligence paragraph 30 | Indicator number 10 Table #3 of Annex 1 | Material | Pages 43-44 | |||
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i | Indicator number 4 Table #1 of Annex 1 | Article 449a Regulation (EU) No 575/2013: Commission Implementing Regulation (EU) 2022/2453 Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk | Delegated Regulation (EU) 2020/1816, Annex II | Not material | ||
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii | Indicator number 9 Table #2 of Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II | Not material | |||
ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii | Indicator number 14 Table #1 of Annex 1 | Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II | Not material | |||
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv | Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II | Not material | ||||
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 | Regulation (EU) 2021/1119, Article 2(1) | Material | Page 76 | |||
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g) | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book Climate Change transition risk: Credit quality of exposures by sector, emissions, and residual maturity | Delegated Regulation (EU) 2020/1818, Article 12.1 (d) to (g), and Article 12.2 | Material | Pages 76-77 | ||
ESRS E1-4 GHG emission reduction targets paragraph 34 | Indicator number 4 Table #2 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 6 | Material | Pages 81-83 |
Disclosure requirement and related datapoints | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Material / Non-material | Page number |
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 | Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1 | Not material | ||||
ESRS E1-5 Energy consumption and mix paragraph 37 | Indicator number 5 Table #1 of Annex 1 | Material | Page 83 | |||
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 | Indicator number 6 Table #1 of Annex 1 | Not material | ||||
ESRS E1-6 Gross Scope 1, 2, 3, and Total GHG emissions paragraph 44 | Indicators number 1 and 2 Table #1 of Annex 1 | Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions. and residual maturity | Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1) | Material | Pages 84-85 | |
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 | Indicator number 3 Table #1 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 8(1) | Material | Page 85 | |
ESRS E1-7 GHG removals and carbon credits paragraph 56 | Regulation (EU) 2021/1119, Article 2(1) | Not material | ||||
ESRS E1-9 Exposure of the benchmark portfolio to climate- related physical risks paragraph 66 | Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II | Not material | ||||
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c). | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk. | Not material |
Disclosure requirement and related datapoints | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Material / Non-material | Page number |
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c). | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2: Banking book - Climate change transition risk: Loans collateralized by immovable property - Energy efficiency of the collateral | Not material | ||||
ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities paragraph 69 | Delegated Regulation (EU) 2020/1818, Annex II | Not material | ||||
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water, and soil, paragraph 28 | Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 | Not material | ||||
ESRS E3-1 Water and marine resources paragraph 9 | Indicator number 7 Table #2 of Annex 1 | Material | Pages 92-93 | |||
ESRS E3-1 Dedicated policy paragraph 13 | Indicator number 8 Table 2 of Annex 1 | Not material | ||||
ESRS E3-1 Sustainable oceans and seas paragraph 14 | Indicator number 12 Table #2 of Annex 1 | Not material | ||||
ESRS E3-4 Total water recycled and reused paragraph 28 (c) | Indicator number 6.2 Table #2 of Annex 1 | Not material | ||||
ESRS E3-4 Total water consumption in m^3 per net revenue on own operations paragraph 29 | Indicator number 6.1 Table #2 of Annex 1 | Not material | ||||
E4-ESRS 2 SBM-3 paragraph 16 (a) i | Indicator number 7 Table #1 of Annex 1 | Not material | ||||
E4-ESRS 2 SBM-3 paragraph 16 (b) | Indicator number 10 Table #2 of Annex 1 | Not material | ||||
E4-ESRS 2 SBM-3 paragraph 16 (c) | Indicator number 14 Table #2 of Annex 1 | Not material | ||||
ESRS E4-2 Sustainable land/ agriculture practices or policies paragraph 24 (b) | Indicator number 11 Table #2 of Annex 1 | Not material | ||||
ESRS E4-2 Sustainable oceans/ seas practices or policies paragraph 24 (c) | Indicator number 12 Table #2 of Annex 1 | Not material |
Disclosure requirement and related datapoints | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Material / Non-material | Page number |
ESRS E4-2 Policies to address deforestation paragraph 24 (d) | Indicator number 15 Table #2 of Annex 1 | Not material | ||||
ESRS E5-5 Non-recycled waste paragraph 37 (d) | Indicator number 13 Table #2 of Annex 1 | Not material | ||||
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 | Indicator number 9 Table #1 of Annex 1 | Not material | ||||
ESRS 2 SBM2-S1 Risk of incidents of forced labor paragraph 14 (f) | Indicator number 13 Table #3 of Annex I | Not material | ||||
ESRS 2 SBM2-S1 Risk of incidents of child labor paragraph 14 (g) | Indicator number 12 Table #3 of Annex I | Not material | ||||
ESRS S1-1 Human rights policy commitments paragraph 20 | Indicator number 9 Table #3, and Indicator number 11 Table #1 of Annex I | Material | Page 106 | |||
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labour Organization Conventions 1 to 8, paragraph 21 | Delegated Regulation (EU) 2020/1816, Annex II | Material | Page 106 | |||
ESRS S1-1 Processes and measures for preventing trafficking in human beings paragraph 22 | Indicator number 11 Table #3 of Annex I | Material | Page 106 | |||
ESRS S1-1 Workplace accident prevention policy or management system paragraph 23 | Indicator number 1 Table #3 of Annex I | Material | Page 106 | |||
ESRS S1-3 Grievance/complaints handling mechanisms paragraph 32 (c) | Indicator number 5 Table #3 of Annex I | Material | Page 107 | |||
ESRS S1-14 Number of fatalities and number and rate of work- related accidents paragraph 88 (b) and (c) | Indicator number 2 Table #3 of Annex I | Delegated Regulation (EU) 2020/1816, Annex II | Material | Page 112 | ||
ESRS S1-14 Number of days lost to injuries, accidents, fatalities, or illness paragraph 88 (e) | Indicator number 3 Table #3 of Annex I | Material | Page 112 | |||
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) | Indicator number 12 Table #1 of Annex I | Delegated Regulation (EU) 2020/1816, Annex II | Material | Page 112-113 | ||
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) | Indicator number 8 Table #3 of Annex I | Material | Page 113 | |||
ESRS S1-17 Incidents of discrimination paragraph 103 (a) | Indicator number 7 Table #3 of Annex I | Material | Page 113 |
Disclosure requirement and related datapoints | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Material / Non-material | Page number |
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 104 (a) | Indicator number 10 Table #1, and Indicator n. 14 Table #3 of Annex I | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) | Material | Page 113 | ||
S2-ESRS 2 SBM-3 Significant risk of child labor or forced labor in the value chain paragraph 11 (b) | Indicators number 12 and 13 Table #3 of Annex I | Material | Pages 114-115 | |||
ESRS S2-1 Human rights policy commitments paragraph 17 | Indicator number 9 Table #3, and Indicator n. 11 Table #1 of Annex 1 | Material | Page 115 | |||
ESRS S2-1 Policies related to value chain workers paragraph 18 | Indicator number 11 and n. 4 Table #3 of Annex 1 | Material | Page 115 | |||
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19 | Indicator number 10 Table #1 of Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | Material | Page 115 | ||
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labour Organization Conventions 1 to 8, paragraph 19 | Delegated Regulation (EU) 2020/1816, Annex II | Material | Page 115 | |||
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 | Indicator number 14 Table #3 of Annex 1 | Material | Pages 116-17 | |||
ESRS S3-1 Human rights policy commitments paragraph 16 | Indicator number 9 Table #3 of Annex 1, and Indicator number 11 Table #1 of Annex 1 | Not material | ||||
ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles, and OECD guidelines paragraph 17 | Indicator number 10 Table #1 Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | Not material | |||
ESRS S3-4 Human rights issues and incidents paragraph 36 | Indicator number 14 Table #3 of Annex 1 | Not material | ||||
ESRS S4-1 Policies related to consumers and end-users paragraph 16 | Indicator number 9 Table #3, and Indicator number 11 Table #1 of Annex 1 | Material | Page 120 | |||
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 | Indicator number 10 Table #1 of Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | Material | Page 120 | ||
ESRS S4-4 Human rights issues and incidents paragraph 35 | Indicator number 14 Table #3 of Annex 1 | Not material |
Disclosure requirement and related datapoints | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Material / Non-material | Page number |
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) | Indicator number 15 Table #3 of Annex 1 | Material | Page 125 | |||
ESRS G1-1 Protection of whistle- blowers paragraph 10 (d) | Indicator number 6 Table #3 of Annex 1 | Material | Page 125 | |||
ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a) | Indicator number 17 Table #3 of Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II) | Not material | |||
ESRS G1-4 Standards of anti- corruption and anti-bribery paragraph 24 (b) | Indicator number 16 Table #3 of Annex 1 | Not material |
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Reducing emissions from customers using energy-efficient technology | Actual positive impact | l | l | ||||
GHG emissions from energy use and supplier operations | Actual negative impact | l | l | l | |||
Upstream decarbonization-related cost exposure | Risk | l | l | ||||
Opportunities in climate-resilient products | Opportunity | l | l | l |
Target identifier | Scope | Baseline | Target | ||||||
Year | Value | Unit | Year | Reduction | Target value | Unit | Absolute max value (tons CO2e) | ||
NT ABS1 | Scope 1+2 (market-based) | 2019 | 717 | tons CO2e | 2030 | 60% | 287 | tons CO2e | 287 |
NT INT1 | Scope 3 (all categories) | 2019 | 692 | tons CO2e per MUSD value added* | 2030 | 60% | 277 | tons CO2e per MUSD value added* | 0 |
LT ABS1 | Scope 1+2+3 | 2019 | 79577 | tons CO2e | 2050 | 90% | 7958 | tons CO2e | 7958 |
NZ | Scope 1+2+3 | 2019 | 79577 | tons CO2e | 2050 | 100% | 0 | tons CO2e | 0 |
Energy consumption and mix | Comparative (2024) | 2025 |
Total electricity consumption from fossil sources (MWh) | 53 | 117 |
Share of fossil sources in total energy consumption (%) | 0.8 | 2 |
Total electricity consumption from nuclear sources (MWh) | 5 | 8 |
Share of consumption from nuclear sources in total energy consumption (%) | 0.1 | 0.1 |
Total heating from non-renewable sources (MWh) | 279 | 336 |
Total non-renewable energy consumption (MWh) | 337 | 461 |
Fuel consumption for renewable sources, including biomass (MWh) | 0 | 0 |
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) | 6487 | 5352 |
Consumption of self-generated non-fuel renewable energy (MWh) | 43 | 72 |
Total renewable energy consumption (MWh) | 6530 | 5424 |
Share of renewable sources in total energy consumption (%) | 95 | 92 |
Total energy consumption (MWh) | 6867 | 5885 |
Energy consumption per revenue (MWh/MUSD) | 12.6 | 8.8 |
GHG emissions for the period 2025-01-01 to 2025-12-31 | Retrospective | Milestones and target years | ||||||
Base year (2019) | Comparative (2024) | 2025 | % 2025/ 2024 - 1 | 2026 | 2030 | 2050 | Annual % target / Base year | |
Scope 1 GHG emissions | ||||||||
Gross scope 1 GHG emissions (tCO2eq) | 0,7 | 0 | 0 | 0% | 0.5 | 0 | 0 | 0% |
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) | 0% | 0% | 0% | 0% | ||||
Scope 2 GHG emissions | ||||||||
Gross location-based Scope 2 GHG emissions (tCO2eq) | 324 | 1352 | 1104 | (19)% | ||||
Gross market-based Scope 2 GHG emissions (tCO2eq) | 717 | 41 | 79 | 93% | 443 | 287 | 72 | 5% |
Significant Scope 3 GHG emissions | ||||||||
Total gross indirect (Scope 3) GHG emissions (tCO2eq) | 78860 | 95870 | 111782 | 17% | 7886 | 5% | ||
1. Purchased Goods and Services | 59371 | 84201 | 91187 | 8% | ||||
2. Capital goods | 13593 | 5183 | 13393 | 158% | ||||
3. Fuel- and energy-related activities (not included in Scope 1 or Scope 2) | 38 | 43 | 96 | 129% | ||||
4. Upstream transportation and distribution | 101 | 87 | 83 | (4)% | ||||
5. Waste generated in operations | 2 | 3 | 1 | (78)% | ||||
6. Business travel | 1896 | 1128 | 1852 | 64% | ||||
7. Employee commuting | 205 | 413 | 421 | 2% | ||||
8. Upstream Leased Assets | 198 | 341 | - | - | ||||
9. Downstream transportation and distribution | 1005 | 1122 | 794 | (29)% | ||||
10. Processing of sold products | 149 | 155 | 187 | 20% | ||||
11. Use of sold products | 2279 | 3172 | 3743 | 18% | ||||
12. End-of-life treatment of sold products | 21 | 22 | 25 | 14% | ||||
13. Downstream leased assets | - | - | ||||||
14. Franchises | - | - | ||||||
15. Investments | - | - | ||||||
Total GHG emissions | ||||||||
Total GHG emissions (location-based) (tCO2eq) | 79185 | 97222 | 112886 | 16 | ||||
Total GHG emissions (market-based) (tCO2eq) | 79577 | 95911 | 111861 | 17 | 7958 | |||
GHG intensity per net revenue | Comparative (2024) | 2025 | % 2025/2024-1 |
Total GHG emissions (location-based) per net revenue (tCO2eq/USD 1000) | 0.190 | 0.169 | (11)% |
Total GHG emissions (market-based) per net revenue (tCO2eq/USD 1000) | 0.188 | 0.168 | (11)% |
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Air pollution from transport and outsourced production | Actual negative impact | l | l | l | |||
Substances of concern and of very high concern in Nordic's products | Actual negative impact | l | l |
Substance group | Hazard class | Total weight in Nordic products (g) | |
Comparative (2024) | 2025 | ||
Substances of concern | Carcinogenicity, categories 1 and 2 | 1663.2 | 3144.1 |
Germ cell mutagenicity category 2 | 993.9 | 1879.0 | |
Reproductive toxicity category 1 | 993.9 | 1879.0 | |
Respiratory sensitization category 1 | 993.9 | 1879.0 | |
Skin sensitization category 1 | 1645.5 | 3110.4 | |
Chronic hazard to the aquatic environment categories 1 to 4 | 8236.1 | 12871.1 | |
651.6 | 1231.4 | ||
Substances of very high concern | Carcinogenicity categories 1 and 2 | 16190.9 | 6762.7 |
Reproductive toxicity category 1 | 16392.0 | 6871.2 | |
Persistent, Bioaccumulative, and Toxic (PBT) | 16190.9 | 6762.7 | |
Endocrine disruption for human health | 16190.9 | 6762.7 | |
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Water consumption in upstream production | Actual negative impact | l | l | ||||
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Resource use linked to component and packaging material inputs | Actual negative impact | l | l | l | |||
Product durability and reliability supporting circularity | Potential positive impact | l | l |
Downstream waste treatment of EEE components | Potential negative impact | l | l | ||||
Supplier and distributor waste generation (manufacturing scrap and packaging) | Actual negative impact | l | l | l |
Base year (2021) | Comparative (2024) | 2025 | |
Share of device containers made from recycled plastic (%) | 0% | 46% | 51% |
Total weight of plastic in containers (kg) | 105870 | 39019 | 51577 |
Weight of recycled plastic in containers (kg) | 0 | 16444 | 21881 |
Weight percentage of recycled plastic in containers (%) | 0% | 42% | 42% |
Financial year (N) | 2025 | ||||||||||||||
KPI | Total | Proportion of Taxonomy eligible activities | Taxonomy- aligned activities | Proportion of Taxonomy- aligned activities | Breakdown by environmental objectives of Taxonomy-aligned activities | Proportion of enabling activities | Proportion of transitional activities | Not assessed activities considered non- material | Taxonomy- aligned activities in the previous financial year (N-1) | Proportion of Taxonomy- aligned activities in the previous financial year (N-1) | |||||
Climate Change Mitigation | Climate Change Adaptation | Water | Circular Economy | Pollution | Biodiversity | ||||||||||
Text | USD 1,000 | % | USD 1,000 | % | % | % | % | % | % | % | % | % | % | USD 1,000 | % |
Turnover | 667 619 | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | — | 0.0% |
CapEx | 92 911 | 25.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3 585 | 9.5% |
OpEx | 45 715 | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.2% | — | 0.0% |
Reported KPI (Turnover/CapEx/OpEx) | CapEx | ||||||||||||
Financial year (N) | 2025 | ||||||||||||
Economic Activities | Code | Taxonomy eligible KPI (Proportion of Taxonomy eligible Turnover/ CapEx/ OpEx) | Taxonomy aligned KPI (monetary value of Turnover/ CapEx/ OpEx) | Taxonomy aligned KPI (Proportion value of Turnover/ CapEx/ OpEx) | Environmental objective of Taxonomy-aligned activities | Enabling activity | Transitional activity | Proportion of Taxonomy aligned in Taxonomy eligible | |||||
Climate Change Mitigation | Climate Change Adaptation | Water | Circular Economy | Pollution | Biodiversity | ||||||||
Text | % | USD 1,000 | % | % | % | % | % | % | % | E where applicable | T where applicable | % | |
Acquisition and ownership of buildings | CCM 7.7 | 9.6% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | ||
IT/OT data-driven solutions (Memfault technology intangible) | CE 4.1 | 15.4% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | ||
Sum of alignment per objective | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||||||
Total KPI (Turnover/CapEx/OpEx) | 25.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Health and well-being | Potential negative impact | l | l | l | |||
Representation and equal opportunities | Potential negative impact | l | l | ||||
Training and skill development | Actual positive and potential negative impact | l | l | l |
2024 | 2025 | |
Voluntary employee turnover rate | 7% | 6% |
Number of employees who left voluntarily | 101 | 78 |
Gender | Number of employees (2024 head count) | Number of employees (2025 head count) |
Male | 1133 | 1171 |
Female | 238 | 252 |
Other gender categories (not disclosed) | 0 | 3 |
Not reported | 0 | 0 |
Total employees | 1371 | 1426 |
Country | Number of employees (2024 head count) | Number of employees (2025 head count) |
Norway | 564 | 569 |
Finland | 305 | 293 |
Poland | 112 | 110 |
UK | 49 | 53 |
Taiwan | 59 | 58 |
USA | 62 | 93 |
India | 48 | 49 |
Sweden | 34 | 35 |
Germany | 5 | 12 |
China | 28 | 30 |
Hong Kong | 12 | 11 |
Japan | 5 | 6 |
South Korea | 4 | 4 |
Singapore | 8 | 8 |
Philippines | 62 | 72 |
Denmark | 3 | 3 |
Australia | 2 | 3 |
Netherlands | 2 | 3 |
France | 2 | 2 |
Spain | 3 | 3 |
Canada | 1 | 4 |
United Arab Emirates | 0 | 3 |
Italy | 0 | 1 |
Portugal | 0 | 1 |
Bulgaria | 1 | 0 |
2024 | Female | Male | Other gender categories (not disclosed) | Not reported | Total |
Number of employees (headcount) | 238 | 1133 | 0 | 0 | 1371 |
Number of permanent employees (headcount) | 235 | 1128 | 0 | 0 | 1363 |
Number of temporary employees (headcount) | 3 | 5 | 0 | 0 | 8 |
Number of non-guaranteed hours employees (headcount) | 0 | 0 | 0 | 0 | 0 |
Number of full-time employees (headcount) | 228 | 1105 | 0 | 0 | 1333 |
Number of part-time employees (headcount) | 7 | 23 | 0 | 0 | 30 |
2025 | Female | Male | Other gender categories (not disclosed) | Not reported | Total |
Number of employees (headcount) | 252 | 1171 | 3 | 0 | 1426 |
Number of permanent employees (headcount) | 247 | 1168 | 3 | 0 | 1418 |
Number of temporary employees (headcount) | 5 | 3 | 0 | 0 | 8 |
Number of non-guaranteed hours employees (headcount) | 0 | 0 | 0 | 0 | 0 |
Number of full-time employees (headcount) | 242 | 1145 | 3 | 0 | 1390 |
Number of part-time employees (headcount) | 5 | 23 | 0 | 0 | 28 |
2024 | 2025 | |
Total number of non-employees | 51 | 67 |
2024 | 2025 | |
Gender diversity | ||
Women in top management | 1 (9%) | 1 (9%) |
Distribution of employees by age group | ||
Under 30 years old | 13% | 11% |
Between 30 and 50 years old | 65% | 66% |
Over 50 years old | 22% | 21% |
2024 | 2025 | |
Employees entitled to parental leave | 100% | 100% |
Entitled employees who took parental leave | 4% | 6% |
of which % were men | 71% | 80% |
of which % were women | 29% | 20% |
2024 Category | Male | Female | Gender pay ratio |
Overall (excl. EMT) | 1117 | 234 | 75% |
Executive Management Team | 10 | 1 | 78% |
Business Support | 67 | 45 | 81% |
R&D | 891 | 116 | 81% |
Sales | 107 | 29 | 76% |
Supply Chain | 54 | 42 | 46% |
2025 Category | Male | Female | Gender pay ratio |
Overall (excl. EMT) | 1171 | 249 | 77% |
Executive Management Team | 10 | 1 | 77% |
Business Support | 94 | 71 | 83% |
R&D | 928 | 123 | 88% |
Sales | 89 | 10 | 97% |
Supply Chain | 60 | 45 | 44% |
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Gender-based role segregation and unequal treatment | Potential negative impact | l | l | ||||
Child and forced-labor risks in raw material and Tier 2+ suppliers | Potential negative impact | l | l | ||||
Impacts on migrant workers’ rights at Tier 1 suppliers | Potential negative impact | l | l |
Safe and fair working risks in upstream and Tier 2+ facilities | Potential negative impact | l | l | ||||
Safe and fair working risks at Tier 1 suppliers | Potential negative impact | l | l | l |
Metric | 2024 value (baseline) | 2025 target | Material impact addressed | 2025 value (outcome) | Methodology & limitations | External validation |
Tier-1 high- level screening coverage | 100% of Tier-1 supplier base screened using the KPMG HRDD tool. Denominator: suppliers with purchase orders placed by Nordic in the reporting year. | 100% | Cross-cutting for Tier-1 impacts (equal treatment and opportunities; migrant- worker vulnerabilities; safe and fair working conditions at Tier 1 and logistics- related working conditions). | 100% of Tier-1 supplier base screened using EcoVadis IQ Plus (same denominator). | In 2025, Nordic changed the screening tool from KPMG’s HRDD tool (2024) to EcoVadis IQ Plus. The metric definition (coverage of Tier-1 screening) remains unchanged, but comparability may be affected by differences in tool methodologies, scope, and acceptance status (where applicable). | EcoVadis platform output (and/or evidence from equivalent tools, where used). |
Supplier in- depth assessment coverage | Batch 1: 8 suppliers; Batch 2: 10 suppliers. | No numeric target set: risk- based in-depth assessments using RBA SAQ, EcoVadis Vitals/ Ratings, and Nordic’s HRDD questionnaire, reviewed through supplier follow-up routines. | Cross-cutting support for all five S2 material impacts, with primary use for Tier-1 working conditions, migrant-worker vulnerabilities, and equal treatment indicators. | Tier-1, high risk: 13 suppliers: RBA SAQ: 5; EcoVadis assessment (Ratings/Vitals): 0; Nordic HRDD questionnaire: 5. Tier-1, medium-high risk: 57 suppliers: RBA SAQ: 3; EcoVadis assessment (Ratings/Vitals): 9; Nordic HRDD questionnaire: 2. | Counts reflect coverage by tool type; suppliers may be covered by multiple tools (potentially overlapping coverage). Coverage varies with batch planning, supplier criticality, and the availability of supplier assessments. EcoVadis assessments may be conducted via Ratings or Vitals, depending on supplier profile and availability; these are treated as equivalent for coverage reporting. | Mix of self-reported inputs (RBA SAQ, supplier questionnaires) and third-party assessments (EcoVadis, where applicable). |
RBA Code commitment | 100% of Tier-1 manufacturing suppliers. | Maintain 100%. | Primarily supports Tier-1 impacts (safe and fair working risks at Tier 1; migrant-worker rights at Tier 1; equal treatment and opportunities at Tier 1). | 100% (target met). | Direct verification of signed commitments; measures commitment only, not maturity or effectiveness of implementation. | RBA membership verification (commitment verification basis). |
RMI membership | 70% (7/10 of relevant manufacturing partners). | Maintain at least 70%. | Primarily supports upstream impacts (child and forced- labor risks in raw materials and Tier-2+, and safe and fair working risks in upstream and Tier-2+ facilities). | 78% (7/9 of relevant manufacturing partners, target met). | Verified through RMI member directory; does not independently validate upstream HSE performance. The denominator changed in 2025 due to one manufacturing partner ceasing operations, affecting year-on-year comparability. | RMI verification. |
Conflict- minerals reporting (CMRT) | 100% of standard products with complete CMRT. | Maintain 100%. | Upstream impacts (child and forced-labor risks in raw materials and Tier-2+ suppliers). | 100% (target met). | Based on supplier CMRT submissions, accuracy depends on supplier declarations and completeness of smelter/refinery data. | RMI conformant smelter verification (where applicable). |
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Enabling sustainable applications through low-energy connectivity | Actual positive impact | l | l | ||||
Financial risks related to end-user privacy and information impacts | Risk | l | l | ||||
Financial risks related to product- security information impacts | Risk | l | l | ||||
Location in the value chain | Time horizon | ||||||
Upstream | Own operations | Downstream | Short-term | Medium-term | Long-term | ||
Cybersecurity incidents affecting data protection and business conduct | Potential negative impact | l | l | l | |||
Financial risks arising from cybersecurity incidents | Risk | l | l | l | |||
Potential impact related to whistleblower protection and retaliation | Potential negative impact | l | l |
Metric | 2024 baseline | 2025 actual | 2025 target |
Security awareness completion rate | 96% | Not applicable (no campaign-based awareness training conducted in 2025) | ≥90% |
Security incidents by severity*: | |||
- High | 0 | 7 | Monitoring only |
- Medium | 1 | 0 | Monitoring only |
- Low | 0 | 1 | Monitoring only |
Metric | 2024 baseline | 2025 actual | 2025 target |
Whistleblowing reports received | 4 | 8 | Monitoring only |
Confirmed retaliation cases | 0 | 0 | 0 |
Availability of protected reporting channels | Yes | Yes | Yes |
Oslo, March 23, 2026 | ||
Anita Huun | Dieter May | Inger Berg Ørstavik |
Board member, Audit Com. Chair | Chair | Board member |
Dr. Helmut Gassel | Vegard Wollan | Annastiina Hintsa |
Board member | Chief Executive Officer | Board member, People and Compensation Com. Chair |
Jon Helge Nistad | Anja Dekens | Monika Lie Larsen |
Board member, employee | Board member, employee | Board member, employee |
GROUP | PARENT | |||||
2025 | 2024 | Amount in USD 1000 | Note | 2025 | 2024 | |
Total Revenue | 6 | 620 891 | 477 595 | |||
- | - | Cost of materials and services | 7 | -320 531 | -269 415 | |
Gross profit | 300 359 | 208 179 | ||||
- | - | Payroll expenses | 8/9/14/24 | -87 370 | -73 026 | |
- | - | Other operating expenses | 10/15 | -184 401 | -176 714 | |
- | - | Depreciation, amortization and impairments | 14/15/16 | -32 811 | -27 989 | |
- | Operating profit | -4 222 | -69 550 | |||
- | - | Share of profit or loss from associates and joint ventures | 17 | -355 | -260 | |
Financial income | 11/27/28 | 33 980 | 22 078 | |||
- | - | Financial expenses | 11/16/27/28 | -13 727 | -12 175 | |
- | Net foreign exchange gains (losses) | 11/27 | -6 809 | 4 022 | ||
- | Profit before tax | 8 867 | -55 885 | |||
Income tax expense | 12 | 8 207 | 8 107 | |||
- | Net profit after tax | 17 074 | -47 779 | |||
Attributable to: | ||||||
- | Equity holders of the parent | 17 074 | -47 779 | |||
- | Ordinary earnings per share (USD) | 23 | 0.09 | -0.25 | ||
- | Fully diluted earnings per share (USD) | 23 | 0.09 | -0.25 | ||
2025 | 2024 | Statement of comprehensive income | 2025 | 2024 | ||
- | Net profit after tax | 17 074 | -47 779 | |||
- | Actuarial gains (losses) on defined benefit plans (before tax) | 1 | -132 | |||
- | Income tax effect | 12 | 0 | 29 | ||
- | Items that may not be reclassified to the income statement | 1 | -103 | |||
- | Currency translation differences | |||||
- | Items that may be reclassified to the income statement | |||||
- | Other comprehensive income | 1 | -103 | |||
- | Total Comprehensive Income | 17 075 | -47 882 | |||
Attributable to: | ||||||
- | Equity holders of the parent | 17 075 | -47 882 | |||
GROUP | PARENT | ||||
2025 | 2024 | Amount in USD 1000 | Note | 2025 | 2024 |
ASSETS | |||||
Non-current assets | |||||
Goodwill | 13/14 | 249 | 249 | ||
Capitalized development expenses | 14 | 52 903 | 50 076 | ||
Software and other intangible assets | 13/14 | 26 630 | 12 610 | ||
Deferred tax assets | 12 | 20 903 | 12 181 | ||
Right of use assets | 16 | 40 045 | 43 288 | ||
Fixed assets | 15/27/28 | 23 103 | 15 329 | ||
Investments in subsidiaries and joint ventures | 1/17 | 14 610 | 13 799 | ||
Other non-current assets | 16/18 | 90 711 | 91 140 | ||
Total non-current assets | 269 154 | 238 672 | |||
Current assets | |||||
Inventory | 7 | 154 994 | 171 907 | ||
Accounts receivable | 19/27/28 | 714 | 1 037 | ||
Other current receivables | 18/20/27/28 | 237 430 | 123 914 | ||
Cash and cash equivalents | 21/27/28 | 205 181 | 185 633 | ||
Total current assets | 598 319 | 482 490 | |||
TOTAL ASSETS | 867 473 | 721 162 | |||
GROUP | PARENT | ||||
2025 | 2024 | Amount in USD 1000 | Note | 2025 | 2024 |
EQUITY | |||||
Share Capital | 22 | 324 | 317 | ||
Share premium | 22 | 338 897 | 235 448 | ||
Other components of equity | 282 658 | 279 286 | |||
Total equity | 621 879 | 515 052 | |||
LIABILITIES | |||||
Non-current liabilities | |||||
Pension liabilities | 24 | 171 | 578 | ||
Borrowings | 27/28 | 98 377 | 87 336 | ||
Deferred tax liabilities | 12/13 | 0 | 0 | ||
Non-current lease liabilities | 16/27/28 | 44 063 | 38 957 | ||
Total non-current liabilities | 142 611 | 126 870 | |||
Current liabilities | |||||
Accounts payable | 26/27/28 | 36 613 | 22 903 | ||
Income taxes payable | 12/28 | 0 | 0 | ||
Public duties | 26/28 | 5 038 | 4 577 | ||
Current lease liabilities | 16/27/28 | 7 430 | 5 865 | ||
Other current liabilities | 20/26/27/28 | 53 902 | 45 895 | ||
Total current liabilities | 102 983 | 79 240 | |||
Total liabilities | 245 594 | 206 110 | |||
TOTAL EQUITY AND LIABILITIES | 867 473 | 721 162 | |||
Oslo, March 23, 2026 | ||
Anita Huun | Dieter May | Inger Berg Ørstavik |
Board member, Audit Com. Chair | Chair | Board member |
Dr. Helmut Gassel | Vegard Wollan | Annastiina Hintsa |
Board member | Chief Executive Officer | Board member, People and Compensation Com. Chair |
Jon Helge Nistad | Anja Dekens | Monika Lie Larsen |
Board member, employee | Board member, employee | Board member, employee |
Amount in USD 1000 | Share capital | Treasury shares | Share premium | Other paid in capital | Currency translation reserve | Retained earnings | Total equity |
Equity as of 01.01.2024 | - | - | |||||
Net profit for the period | - | - | |||||
Other comprehensive income | - | - | - | ||||
Share based compensation | 0 | ||||||
Consideration shares in business combination | 0 | ||||||
Repurchase of own shares | 0 | - | - | ||||
Equity as of 31.12.2024 | - | - | |||||
Net profit for the period | |||||||
Other comprehensive income | |||||||
Share based compensation | 1 | ||||||
Repurchase of own shares | -2 | - | - | ||||
Capital increase | |||||||
Equity as of 31.12.2025 | - |
Amount in USD 1000 | Share capital | Treasury shares | Share premium | Other paid in capital | Retained earnings | Total equity |
Equity as of 01.01.2024 | 317 | -1 | 235 448 | 13 250 | 305 870 | 554 883 |
Net profit for the period | -47 779 | -47 779 | ||||
Other comprehensive income | -103 | -103 | ||||
Share based compensation | 0 | 11 499 | 11 499 | |||
Consideration shares in business combination | 0 | 359 | 359 | |||
Repurchase of own shares | 0 | -3 808 | -3 808 | |||
Equity as of 31.12.2024 | 317 | -1 | 235 448 | 25 109 | 254 180 | 515 052 |
Net profit for the period | 17 074 | 17 074 | ||||
Other comprehensive income | 1 | 1 | ||||
Share based compensation | 1 | 16 502 | 16 503 | |||
Repurchase of own shares | -2 | -30 205 | -30 207 | |||
Capital increase | 7 | 103 449 | 103 456 | |||
Equity as of 31.12.2025 | 324 | -2 | 338 897 | 41 610 | 241 050 | 621 879 |
GROUP | PARENT | ||||
2025 | 2024 | Amount in USD 1000 | Note | 2025 | 2024 |
Cash flows from operating activities | |||||
- | Profit before tax | 8 867 | -55 885 | ||
- | - | Taxes paid for the period | 12 | 0 | -3 717 |
Depreciation, amortization and impairments | 15/14/16 | 32 811 | 27 989 | ||
Change in inventories, trade receivables and payables | 7/19/26/27 | 30 945 | -18 904 | ||
Share-based compensation | 16 240 | 11 084 | |||
Net financial income and expenses | -20 253 | -9 904 | |||
Interests received | 10 107 | 10 895 | |||
- | Other operations related adjustments | 16 716 | 1 527 | ||
Net cash flows from operating activities | 95 434 | -36 915 | |||
Cash flows used in investing activities | |||||
- | - | Capital expenditures (including software) | 15/14 | -37 502 | -7 225 |
- | - | Capitalized development expenses | 14 | -15 628 | -19 343 |
- | - | Investment in associate company | -518 | -431 | |
Loans to subsidiaries | -111 663 | 0 | |||
- | Business Combination, net of cash acquired | 13 | 0 | 0 | |
Dividend from subsidiary * | 18 893 | 10 830 | |||
- | - | Net cash flows used in investing activities | -146 417 | -16 168 | |
Cash flows from financing activities | |||||
- | - | Repurchase of treasury shares | 22 | -30 205 | -3 808 |
Proceeds from issuance of equity | 102 941 | 0 | |||
Proceeds from bridge loan | 100 000 | 0 | |||
- | Payment of bridge loan | -100 000 | 0 | ||
- | - | Payment of interest | -8 503 | -7 353 | |
- | - | Payment of principal portion of lease liabilities | -3 930 | -3 071 | |
- | - | Payment of interest portion of lease liabilities | -3 182 | -2 958 | |
- | - | Credit facility fee | -853 | -1 120 | |
- | Net cash flows from financing activities | 56 268 | -18 310 | ||
- | Effects of exchange rate changes on cash and cash equivalents | 14 264 | -10 527 | ||
- | Net change in cash and cash equivalents | 19 548 | -81 919 | ||
Cash and cash equivalents as of 1.1. | 185 633 | 267 553 | |||
Cash and cash equivalents as of 31.12. | 21/27 | 205 181 | 185 633 | ||
GROUP | PARENT | |||
2025 | 2024 | Revenue | 2025 | 2024 |
400 303 | 349 560 | Consumer | 372 285 | 326 444 |
244 490 | 146 812 | Industrial and Healthcare | 227 378 | 137 103 |
20 516 | 12 496 | Other | 19 080 | 11 670 |
665 309 | 508 868 | Total revenue excl. ASIC | 618 743 | 475 216 |
2 311 | 2 547 | ASIC components | 2 149 | 2 379 |
667 619 | 511 415 | Total revenue from contracts with customers | 620 891 | 477 595 |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
57 767 | 35 438 | Europe | 53 724 | 33 094 |
154 878 | 84 717 | Americas | 144 038 | 79 114 |
454 974 | 391 260 | Asia/Pacific | 423 130 | 365 386 |
667 619 | 511 415 | Total revenue from contracts with customers | 620 891 | 477 595 |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
28 548 | 22 363 | Refund liability – from ship & debit | — | — |
5 581 | 3 679 | Refund liability – from end-customer rebates | — | — |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
322 753 | 257 596 | Inventories recognized as an expense | 321 690 | 257 565 |
3 801 | 11 850 | Changes in inventory write-downs | 3 801 | 11 850 |
-4 960 | — | Reversed previous inventory write-downs | -4 960 | — |
321 594 | 269 446 | Cost of materials and services | 320 531 | 269 415 |
57 722 | 89 615 | Raw materials | 57 722 | 89 615 |
45 537 | 35 435 | Work in Progress | 45 537 | 35 435 |
51 736 | 46 857 | Finished goods | 51 736 | 46 857 |
154 994 | 171 907 | Total inventory | 154 994 | 171 907 |
GROUP | PARENT | |||
2025 | 2024 | Combined expenses for salary and other compensation are distributed as follows: | 2025 | 2024 |
154 709 | 137 679 | Salary and vacation pay | 68 449 | 55 930 |
21 164 | 20 737 | Other compensation | 14 043 | 16 366 |
16 139 | 14 429 | Payroll tax | 11 038 | 9 889 |
-428 | — | Tax grant | -428 | — |
12 994 | 11 175 | Defined contribution pension | 4 839 | 4 541 |
-10 571 | -13 699 | Capitalized development expenses (hourly costs) | -10 570 | -13 699 |
194 007 | 170 321 | Total | 87 370 | 73 026 |
1 370 | 1 405 | Weighted average number of full time employees | 565 | 579 |
GROUP | PARENT | |||
2025 | 2024 | Employees as of December 31, are distributed as follows: | 2025 | 2024 |
570 | 558 | Norway | 570 | 558 |
291 | 304 | Finland | — | — |
110 | 112 | Poland | — | — |
49 | 48 | India | — | — |
95 | 62 | USA | — | — |
59 | 58 | Taiwan | — | — |
53 | 49 | UK | — | — |
74 | 62 | Philippines | — | 1 |
35 | 34 | Sweden | — | — |
30 | 28 | China | — | — |
12 | 12 | Hong Kong | — | 1 |
4 | 4 | South Korea | — | 3 |
12 | 5 | Germany | — | — |
6 | 5 | Japan | — | — |
3 | 2 | The Netherlands | 3 | 2 |
3 | 3 | Denmark | — | — |
3 | 2 | Australia | 3 | 2 |
8 | 8 | Singapore | — | — |
0 | 1 | Bulgaria | — | 1 |
3 | 3 | Spain | 3 | 3 |
2 | 2 | France | 2 | 2 |
4 | 1 | Canada | 2 | 1 |
1 | — | Italy | — | — |
1 | — | Portugal | — | — |
3 | — | United Arab Emirates | — | — |
1 431 | 1 362 | Total | 583 | 574 |
Total compensation* expensed during the year for the CEO and other executives: | ||||||
2025 | Salary | Bonus | RSUs & PSUs | Other Comp. | Pension expenses | Total |
Vegard Wollan, CEO | 424 | 382 | 277 | 3 | 73 | 1 159 |
Pål Elstad, CFO/EVP Finance | 269 | 208 | 106 | 4 | 41 | 627 |
Kjetil Holstad, EVP Product Management | 260 | 203 | 106 | 5 | 38 | 611 |
Geir Langeland, EVP Sales & Marketing | 285 | 240 | 112 | 4 | 46 | 687 |
Ole Fredrik Morken, EVP Supply Chain | 252 | 188 | 96 | 2 | 39 | 577 |
Ståle Ytterdal, SVP IR & Strategic Sales | 178 | 82 | 63 | 5 | 23 | 351 |
Sonja Kusmin, SVP People & Culture | 204 | 115 | 43 | 0 | 42 | 405 |
Øyvind Strøm, EVP BU Short-Range | 261 | 203 | 83 | 4 | 42 | 593 |
Øyvind Birkenes, EVP BU Long-Range | 261 | 203 | 83 | 6 | 42 | 595 |
Joakim Ferm, SVP BU WI-FI | 171 | 102 | 63 | 3 | 22 | 361 |
Ola Boström, SVP Quality & Sustainability | 178 | 104 | 84 | 2 | 23 | 391 |
Total | 2 743 | 2 029 | 1 116 | 37 | 432 | 6 357 |
2024 | Salary | Bonus | RSUs & PSUs | Other Comp. | Pension expenses | Total |
Vegard Wollan, CEO | 358 | 158 | 157 | 3 | 70 | 747 |
Pål Elstad, CFO/EVP Finance | 246 | 78 | 109 | 3 | 43 | 479 |
Svein Egil Nielsen, CTO/EVP R&D and Strategy | 618 | — | -204 | 1 | 33 | 448 |
Geir Langeland, EVP Sales & Marketing | 262 | 93 | 121 | 4 | 42 | 521 |
Ole Fredrik Morken, EVP Supply Chain** | 273 | 74 | 88 | 5 | 34 | 474 |
Ståle Ytterdal, SVP IR & Strategic Sales | 165 | 51 | 71 | 4 | 23 | 314 |
Kjetil Holstad, EVP Product Management | 233 | 74 | 97 | 4 | 44 | 452 |
Katarina Finneng, EVP People & Communication | 257 | 43 | -73 | 2 | 33 | 263 |
Sonja Kusmin, SVP People & Culture | 150 | 31 | 33 | 0 | 28 | 243 |
Linda Pettersson, SVP Legal & Compliance | 50 | — | -20 | 0 | 4 | 35 |
Ola Boström, SVP Quality & Sustainability | 164 | 51 | 57 | 2 | 24 | 298 |
Joakim Ferm, SVP BU WI-FI | 145 | 43 | 38 | 4 | 20 | 250 |
Øyvind Strøm, EVP BU Short-Range | 155 | 57 | 29 | 1 | 29 | 272 |
Øyvind Birkenes, EVP BU Long-Range | 163 | 59 | 29 | 4 | 30 | 284 |
Total | 3 239 | 812 | 532 | 37 | 458 | 5 079 |
The Group has granted EMT members the following RSUs and performance shares (PSUs):* | ||||
EMT member | 2025 | 2024 | ||
RSUs | PSUs | RSUs | PSUs | |
Vegard Wollan, CEO | 11 751 | 17 627 | 10 493 | 10 493 |
Pål Elstad, CFO/EVP Finance | 5 410 | 8 114 | 4 830 | 4 830 |
Katarina Finneng, EVP People & Communication** | — | — | 4 028 | 4 028 |
Geir Langeland, EVP Sales & Marketing | 5 725 | 8 587 | 5 112 | 5 112 |
Ole Fredrik Morken, EVP Supply Chain | 5 184 | 7 777 | 4 629 | 4 629 |
Ståle Ytterdal, SVP IR & Strategic Sales | 2 653 | 3 979 | 3 158 | 3 158 |
Kjetil Holstad, EVP Product Management | 5 184 | 7 777 | 4 629 | 4 629 |
Ola Bostøm, SCP Quality & Sustainability | 3 525 | 5 288 | 3 148 | 3 148 |
Joakim Ferm, SVP BU WI-FI | 3 525 | 5 288 | 3 148 | 3 148 |
Øyvind Strøm, EVP BU Short-Range | 5 599 | 8 399 | 5 000 | 5 000 |
Øyvind Birkenes, EVP BU Long-Range | 5 599 | 8 399 | 5 000 | 5 000 |
Sonja Kusmin, SVP People & Culture | 4 072 | 6 109 | 2 203 | 1 000 |
Executives | Grant year | Number of RSU/PSU Exercised | Share price at time of release in NOK | Cash payout in USD 1000 |
Pål Elstad, CFO/EVP Finance | 2022 RSU | 3 193 | 163.38 | 50 |
2022 PSU | — | — | — | |
Geir Langeland, EVP Sales & Marketing | 2022 RSU | 3 379 | 163.38 | 53 |
2022 PSU | — | — | — | |
Sonja Kusmin, SVP People & Culture | 2022 RSU | 1 000 | 163.38 | 16 |
2024 PSU | 640 | 163.38 | 10 | |
Ole Fredrik Morken, EVP Supply Chain | 2022 RSU | 2 429 | 163.38 | 38 |
2022 PSU | — | — | — | |
Ola Bostrøm, SVP Quality & Sustainability | 2022 RSU | 500 | 163.38 | 8 |
2022 PSU | — | — | — | |
Ståle Ytterdal, SVP IR & Strategic Sales | 2022 RSU | 2 087 | 163.38 | 33 |
2022 PSU | — | — | — | |
Kjetil Holstad, EVP Product Management | 2022 RSU | 2 380 | 163.38 | 37 |
2022 PSU | — | — | — |
Total compensation expensed for Board Members* | 2025 | 2024 |
Dieter May, Chair | 122 | 49 |
Birger Steen, Chair | 28 | 128 |
Inger Berg Ørstavik, Board Member | 65 | 62 |
Snorre Kjesbu, Board member | 10 | 62 |
Annastiina Hintsa, Board Member | 65 | 61 |
Anita Huun, Board Member | 75 | 62 |
Helmut Gassel, Board Member | 64 | 49 |
Jon Helge Nistad, Board Employee Representative (Board remuneration only) | 16 | 15 |
Morten Dammen, Board Employee Representative (Board remuneration only) | 5 | 15 |
Anja Dekens, Board Employee Representative (Board remuneration only) | 16 | 15 |
Krishna Shingala, Board Employee Representative (Board remuneration only) | 0 | 5 |
Monika Larsen, Board Employee Representative (Board remuneration only) | 16 | 0 |
Total | 483 | 522 |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
33 900 | 30 284 | Service and maintenance | 29 685 | 26 132 |
19 298 | 18 031 | Other consultancy fees | 15 252 | 15 409 |
3 423 | 3 582 | Office expenses | 1 722 | 2 456 |
1 837 | 1 138 | Office equipment | 1 430 | 815 |
12 249 | 12 297 | Material and components | 11 516 | 11 790 |
-48 | — | Tax grant | -48 | — |
-5 057 | -5 643 | Capitalized development expenses | -5 057 | -5 643 |
3 792 | 3 115 | Travel and meeting expenses | 1 646 | 1 322 |
16 373 | 14 076 | Other operating expenses | 9 145 | 9 145 |
— | — | Other operating expenses intercompany | 119 108 | 115 287 |
85 768 | 76 880 | Total other operating expenses | 184 401 | 176 714 |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
312 | 309 | Audit services | 201 | 216 |
156 | 95 | Other attestation Services/CSRD | 156 | 95 |
7 | 22 | Tax advisory Services | — | 5 |
— | 26 | Other Non Audit service | — | 26 |
475 | 451 | Total audit fee | 356 | 341 |
GROUP | PARENT | |||
2025 | 2024 | Net financial items | 2025 | 2024 |
9 914 | 11 079 | Interest income | 9 726 | 11 150 |
— | — | Interest income on intercompany loans | 3 524 | — |
316 | 40 | Interest income on lease receivables | 316 | 40 |
— | — | Dividend received from group companies | 18 785 | 10 830 |
— | — | Group contribution received from group companies | 1 096 | — |
539 | 58 | Other financial income | 526 | 58 |
10 769 | 11 177 | Financial income | 33 973 | 22 078 |
3 800 | 3 514 | Interest expenses on lease liabilities | 3 182 | 2 958 |
— | — | Interest expenses on intercompany loans | 332 | 668 |
8 027 | 7 239 | Borrowing interest expense | 8 027 | 7 239 |
2 205 | 1 366 | Other financial expense | 2 186 | 1 310 |
14 029 | 12 119 | Financial expense | 13 727 | 12 176 |
-6 939 | 3 819 | Foreign exchange gain(loss) | -6 809 | 4 022 |
-347 | -260 | Share of gain (loss) from joint venture | -347 | -260 |
-10 545 | 2 617 | Net financial items | 13 089 | 13 665 |
GROUP | PARENT | |||
2025 | 2024 | Income tax expense | 2025 | 2024 |
5 432 | 4 294 | Current tax expense | — | 251 |
-9 172 | -8 979 | Change in deferred tax | -8 207 | -8 358 |
-3 740 | -4 685 | Total income tax expense (income) | -8 207 | -8 107 |
GROUP | PARENT | |||
2025 | 2024 | Net deferred tax recognized in OCI as of 31.12 | 2025 | 2024 |
3 | -29 | Net gain on actuarial gains and losses | — | -29 |
3 | -29 | Total tax expense (income) in OCI | — | -29 |
GROUP | PARENT | |||
2025 | 2024 | Reconciliation of nominal and actual tax expense | 2025 | 2024 |
12 645 | -43 189 | Profit before tax | 8 867 | -55 885 |
2 782 | -9 502 | Computed tax at parent's nominal tax rate of 22% | 1 951 | -12 295 |
-1 161 | -722 | Differences due to different tax rates | — | — |
-1 140 | -902 | Non taxable income | -5 498 | -2 443 |
673 | 2 604 | Non deductible expenses | 81 | 1 580 |
-181 | -1 373 | Tax incentives | — | — |
206 | -170 | Adjustment previous years | — | 291 |
— | — | Group contribution | 235 | — |
-5 333 | 4 902 | Currency translation differences | -4 919 | 4 760 |
414 | 478 | Other items | -57 | — |
-3 740 | -4 685 | Total income tax expense (income) | -8 207 | -8 107 |
GROUP | PARENT | |||
2025 | 2024 | Net deferred tax presented in the statement of financial position | 2025 | 2024 |
23 031 | 13 097 | Deferred tax assets | 20 903 | 12 181 |
8 217 | — | Deferred tax liabilities | — | — |
14 814 | 13 097 | Net deferred tax assets as of 31.12 | 20 903 | 12 181 |
GROUP | ||||||
Deferred tax | Balance sheet | Income statement | Other. Comp. income | |||
31.12.2025 | 31.12.2024 | 2025 | 2024 | 2025 | 2024 | |
Inventory | 2 504 | 2 593 | 404 | -2 063 | — | — |
Fixed Assets | -1 413 | 4 302 | -1 906 | -616 | — | — |
Right-of-use assets | -10 680 | -9 511 | -33 | 214 | — | — |
Lease liabilities | 11 388 | 9 965 | -158 | -496 | — | — |
Social security tax (RSUs) | 205 | 176 | -7 | -63 | — | — |
Pension obligation | 38 | 127 | 102 | -51 | 3 | -29 |
Accruals | 1 699 | 84 | -357 | 33 | — | — |
Total assets and liabilities | 3 741 | 7 736 | -1 955 | -3 042 | 3 | -29 |
Gain and loss account | -12 | -13 | -3 | -4 | — | — |
Items recognized directly in equity | — | — | 439 | — | — | — |
Tax losses carried forward | 23 827 | 5 364 | -17 683 | -5 765 | — | — |
Tax credits carried forward | 4 001 | 3 493 | — | — | — | — |
Currency effect of translation to USD | -1 543 | — | -270 | -58 | — | — |
Other items | -132 | -270 | -994 | -110 | — | — |
Net deferred tax assets (liabilities) | 29 881 | 16 310 | -20 467 | -8 979 | 3 | -29 |
Deferred tax assets, not recognized | -15 067 | -3 213 | 11 295 | — | — | — |
Net deferred tax assets (liabilities) | 14 814 | 13 097 | ||||
Changes in deferred tax expense (income) | -9 172 | -8 979 | 3 | -29 | ||
GROUP | ||||
Deductible temporary differences | Recognized deferred tax assets | Unrecognized deferred tax assets | Total deferred tax assets | |
Tax losses carried forward | ||||
Norway | 69 742 | 15 343 | 0 | 15 343 |
USA | 31 186 | 0 | 8 484 | 8 484 |
Total tax losses carried forward | 100 928 | 15 343 | 8 484 | 23 827 |
Tax credits carried forward | ||||
Poland | 21 056 | 416 | 3 585 | 4 001 |
Total tax credits carried forward | 21 056 | 416 | 3 585 | 4 001 |
Other tax-deductible temporary differences | 44 159 | 7 272 | 2 999 | 10 271 |
Total tax-deductible temporary differences | 166 143 | 23 031 | 15 067 | 38 099 |
Netted deferred tax | -36 811 | -8 217 | 0 | -8 217 |
Net tax-deductible temporary differences | 129 332 | 14 814 | 15 067 | 29 881 |
PARENT | ||||||
Deferred tax | Balance sheet | Income statement | Other. Comp. income | |||
31.12.2025 | 31.12.2024 | 2025 | 2024 | 2025 | 2024 | |
Inventory | 2 505 | 2 593 | 404 | -2 064 | — | — |
Fixed assets | 3 625 | 3 453 | 257 | -77 | — | — |
Right-of-use assets | -10 618 | -9 410 | 18 | 127 | — | — |
Lease liabilities | 11 328 | 9 861 | -214 | -410 | — | — |
Social security tax (RSUs) | 205 | 176 | -7 | -64 | — | — |
Pension obligation | 38 | 127 | 102 | -51 | 0 | -29 |
Accruals | 14 | 30 | 19 | -19 | — | — |
Total non-current items | 7 097 | 6 830 | 579 | -2 558 | 0 | -29 |
Gain and loss account | -12 | -13 | -3 | -3 | — | — |
Group contribution | — | — | 235 | — | — | — |
Items recognized directly in equity | — | — | 439 | — | — | — |
Tax losses carried forward | 15 343 | 5 364 | -9 200 | -5 765 | — | — |
Currency effect of translation to USD | -1 525 | — | -257 | -62 | — | — |
Other items | — | — | — | 30 | — | — |
Net deferred tax assets (liabilities) | 20 903 | 12 181 | -8 207 | -8 358 | 0 | -29 |
Deferred tax assets, not recognized | — | — | — | — | — | — |
Net deferred tax assets (liabilities) | 20 903 | 12 181 | ||||
Changes in deferred tax expense (income) | -8 207 | -8 358 | 0 | -29 | ||
PARENT | ||||
Tax rate of 22% | Deductible temporary differences | Recognized deferred tax assets | Unrecognized deferred tax assets | Total deferred tax assets |
Tax losses carried forward | 69 742 | 15 343 | — | 15 343 |
Other tax-deductible temporary differences | 25 273 | 5 560 | — | 5 560 |
Total tax-deductible temporary differences | 95 015 | 20 903 | — | 20 903 |
Deferred tax liabilities | — | — | — | — |
Net tax-deductible temporary differences | 95 015 | 20 903 | — | 20 903 |
GROUP | PARENT | |||
2025 | 2024 | Reconciliation of net deferred tax assets | 2025 | 2024 |
13 097 | 5 872 | Opening balance as of 1.1 | 12 181 | 4 948 |
-8 195 | — | Deferred tax liabilities, acquired | — | — |
9 172 | 8 979 | Tax expense recognized in the P&L | 8 207 | 8 358 |
-3 | 29 | Tax expense recognized in OCI | — | 29 |
743 | -1 783 | Currency effect from translation to USD | 516 | -1 154 |
14 814 | 13 097 | Net deferred tax assets (liabilities) as of 31.12 | 20 904 | 12 181 |
Amounts USD thousand | Value |
Details of the business combination | |
Amount settled in cash | 111 926 |
Total consideration | 111 926 |
Amounts USD thousand | Value |
Recognized amounts of identifiable assets | |
Customer relationships | 4 800 |
Brand | 8 400 |
Technology | 14 300 |
Fixed assets | 11 |
Accounts receivable | 541 |
Other current receivables | 511 |
Cash and cash equivalents | 6 581 |
Total assets | 35 144 |
Recognized amounts of identifiable liabilities | |
Deferred tax liabilities | 8 195 |
Accounts payable | 179 |
Income taxes payable | 58 |
Public duties | 5 |
Other current liabilities | 5 153 |
Total liabilities | 13 590 |
Net identifiable assets and liabilities at fair value | 21 554 |
Goodwill | 90 372 |
Total | 111 926 |
Valuation | Value |
Market value | 2 642 189 |
Book value | 679 587 |
GROUP | |||||||
2025 | Software and other intangible assets | Capitalized development expenses | Goodwill | Customer relationships | Brand | Technology | Total |
Acquisition cost | |||||||
Opening balance | 46 988 | 98 331 | 10 880 | — | — | — | 156 200 |
Additions | 21 508 | 15 628 | 90 372 | — | — | — | 127 509 |
Additions from business combinations | — | — | — | 4 800 | 8 400 | 14 300 | 27 500 |
Currency translation differences | -145 | — | 58 | — | — | — | -87 |
Acquisition cost as of 31.12 | 68 351 | 113 959 | 101 310 | 4 800 | 8 400 | 14 300 | 311 121 |
Accumulated amortization | |||||||
Opening balance | 33 226 | 48 255 | — | — | — | — | 81 481 |
Amortization expenses | 8 009 | 10 797 | — | 229 | — | 461 | 19 496 |
Impairment expenses | — | 2 003 | — | — | — | — | 2 003 |
Currency translation differences | -177 | — | — | — | — | — | -177 |
Accumulated amortization and impairment as of 31.12 | 41 058 | 61 056 | — | 229 | — | 461 | 102 803 |
Net carrying value as of 31.12 | 27 293 | 52 903 | 101 310 | 4 571 | 8 400 | 13 839 | 208 316 |
Estimated useful life | 3 - 10 years | 1 - 5 years | Indefinite | 10 years | Indefinite | 15 years | |
Depreciation method | Straight-line | Straight-line | NA | Straight-line | NA | Straight-line |
PARENT | ||||
2025 | Software and other intangible assets | Capitalized development expenses | Goodwill | Total |
Acquisition cost | ||||
Opening balance | 42 599 | 98 331 | 249 | 141 179 |
Additions | 21 348 | 15 628 | — | 36 976 |
Additions from business combinations | — | — | — | — |
Acquisition cost as of 31.12 | 63 947 | 113 959 | 249 | 178 155 |
Accumulated amortization | ||||
Opening balance | 29 989 | 48 255 | — | 78 244 |
Amortization expenses | 7 329 | 10 797 | — | 18 126 |
Impairment expenses | — | 2 003 | — | 2 003 |
Accumulated amortization and impairment as of 31.12 | 37 318 | 61 056 | — | 98 374 |
Net carrying value as of 31.12 | 26 630 | 52 903 | 249 | 79 782 |
Estimated useful life | 3 - 10 years | 1 - 5 years | Indefinite | |
Depreciation method | Straight-line | Straight-line | NA |
GROUP | R&D expenses: | PARENT |
133 615 | Personnel expenses | 57 708 |
42 733 | Other operating expenses | 33 979 |
176 349 | Total cost recognized in income statement | 91 687 |
191 977 | Total cost for R&D (incl. capitalized development cost) | 107 315 |
GROUP | ||||
2024 | Software and other intangible assets | Capitalized development expenses | Goodwill | Total |
Acquisition cost | ||||
Opening balance | 44 731 | 78 988 | 10 891 | 134 611 |
Additions | 2 257 | 19 343 | — | 21 600 |
Currency translation differences | — | — | -11 | -11 |
Acquisition cost as of 31.12 | 46 988 | 98 331 | 10 880 | 156 200 |
Accumulated depreciation | ||||
Opening balance | 25 668 | 40 051 | — | 65 719 |
Amortization expenses | 7 203 | 8 205 | — | 15 408 |
Impairment expenses | 431 | — | — | 431 |
Currency translation differences | -77 | — | — | -77 |
Accumulated amortization as of 31.12 | 33 226 | 48 255 | — | 81 482 |
Net carrying value as of 31.12 | 13 762 | 50 076 | 10 880 | 74 718 |
PARENT | ||||
2024 | Software and other intangible assets | Capitalized development expenses | Goodwill | Total |
Acquisition cost | ||||
Opening balance | 40 217 | 78 988 | 249 | 119 454 |
Additions | 2 381 | 19 343 | — | 21 723 |
Acquisition cost as of 31.12 | 42 599 | 98 331 | 249 | 141 177 |
Accumulated depreciation | ||||
Opening balance | 23 208 | 40 051 | — | 63 259 |
Amortization expenses | 6 349 | 8 205 | — | 14 554 |
Impairment expenses | 431 | — | — | 431 |
Accumulated amortization as of 31.12 | 29 989 | 48 255 | — | 78 244 |
Net carrying value as of 31.12 | 12 610 | 50 076 | 249 | 62 936 |
Estimated useful life | 3 - 10 years | 1 - 5 years | Indefinite | |
Amortization method | Straight-line | Straight-line | NA |
GROUP | R&D expenses: | PARENT |
107 661 | Personnel expenses | 45 641 |
39 722 | Other operating expenses | 33 075 |
147 384 | Total cost recognized in income statement | 78 715 |
166 727 | Total cost for R&D (incl. capitalized development cost) | 98 058 |
GROUP | |||||
2025 | Office and lab equipment | Computer equipment and machinery | Fixture and fittings | Property | Total |
Opening balance | 48 378 | 52 913 | 6 977 | 333 | 108 600 |
Additions | 3 398 | 13 599 | 1 032 | 1 311 | 19 341 |
Currency translation differences | 2 226 | 268 | 230 | — | 2 724 |
Acquisition cost as of 31.12 | 54 002 | 66 780 | 8 239 | 1 644 | 130 666 |
Opening balance | 39 426 | 42 636 | 4 584 | — | 86 646 |
Depreciation expenses | 7 023 | 5 944 | 997 | — | 13 964 |
Currency translation differences | 770 | 394 | 86 | — | 1 250 |
Accumulated depreciation as of 31.12 | 47 219 | 48 974 | 5 667 | — | 101 860 |
Net carrying value as of 31.12 | 6 783 | 17 806 | 2 572 | 1 644 | 28 805 |
PARENT | |||||
2025 | Office and lab equipment | Computer equipment and machinery | Fixture and fittings | Property | Total |
Opening balance | 23 009 | 48 342 | 3 585 | 333 | 75 269 |
Additions | 793 | 13 364 | 685 | 1 311 | 16 153 |
Acquisition cost as of 31.12 | 23 801 | 61 706 | 4 270 | 1 644 | 91 421 |
Opening balance | 18 262 | 39 448 | 2 405 | — | 60 115 |
Depreciation expenses | 2 249 | 5 563 | 391 | — | 8 203 |
Accumulated depreciation as of 31.12 | 20 511 | 45 011 | 2 796 | — | 68 318 |
Net carrying value as of 31.12 | 3 290 | 16 695 | 1 474 | 1 644 | 23 103 |
GROUP | |||||
2024 | Office and lab equipment | Computer equipment and machinery | Fixture and fittings | Property | Total |
Opening balance | 46 687 | 49 703 | 6 858 | 333 | 103 581 |
Additions | 2 003 | 3 209 | 199 | — | 5 411 |
Disposals | -312 | — | -80 | — | -392 |
Acquisition cost as of 31.12 | 48 378 | 52 913 | 6 977 | 333 | 108 600 |
Opening balance | 33 436 | 37 393 | 3 656 | — | 74 485 |
Depreciation expenses | 7 409 | 5 911 | 1 062 | — | 14 382 |
Currency translation differences | -1 217 | -668 | -69 | — | -1 954 |
Accumulated depreciation as of 31.12 | 39 426 | 42 636 | 4 584 | — | 86 646 |
Net carrying value as of 31.12 | 8 952 | 10 278 | 2 393 | 333 | 21 955 |
PARENT | |||||
2024 | Office and lab equipment | Computer equipment and machinery | Fixture and fittings | Property | Total |
Opening balance | 21 177 | 45 080 | 3 578 | 333 | 70 168 |
Additions | 1 832 | 3 929 | 86 | — | 5 847 |
Disposals | — | -487 | -80 | — | -566 |
Acquisition cost as of 31.12 | 23 009 | 48 518 | 3 585 | 333 | 75 444 |
Opening balance | 15 724 | 33 873 | 2 074 | — | 51 671 |
Depreciation expenses | 2 538 | 5 701 | 395 | — | 8 635 |
Disposals | — | -126 | -65 | — | -190 |
Accumulated depreciation as of 31.12 | 18 262 | 39 448 | 2 405 | 0 | 60 116 |
Net carrying value as of 31.12 | 4 746 | 9 070 | 1 180 | 333 | 15 329 |
GROUP AND PARENT | |||||
Estimated useful life | 3 - 5 years | 3 - 5 years | 5 years | ||
Depreciation method | Straight-line | Straight-line | Straight-line | No depreciation | |
GROUP | Carrying amount | Contractual cash flow | Less than one year | One to five years | More than five years |
Office space | — | 631 | 256 | 263 | 111 |
Office equipment | — | — | — | — | — |
Total | — | 631 | 256 | 263 | 111 |
PARENT | Carrying amount | Contractual cash flow | Less than one year | One to five years | More than five years |
Office space | — | — | — | — | — |
Office equipment | — | — | — | — | — |
Total | — | — | — | — | — |
GROUP | Carrying amount | Contractual cash flow | Less than one year | One to five years | More than five years |
Lease payments receivables | 6 436 | 8 203 | 980 | 5 277 | 1 945 |
Total | 6 436 | 8 203 | 980 | 5 277 | 1 945 |
PARENT | Carrying amount | Contractual cash flow | Less than one year | One to five years | More than five years |
Lease payments receivables | 6 436 | 8 203 | 980 | 5 277 | 1 945 |
Total | 6 436 | 8 203 | 980 | 5 277 | 1 945 |
GROUP | |||
2025 | Office space | Office equipment and machinery | Total |
Acquisition cost | |||
Opening balance | 91 274 | 370 | 91 644 |
Additions | 1 470 | — | 1 470 |
Adjustments | 7 452 | — | 7 452 |
Net investment in the lease | -3 595 | — | -3 595 |
Acquisition cost as of 31.12 | 96 601 | 370 | 96 971 |
Accumulated depreciation and impairment | |||
Opening balance | 39 187 | 74 | 39 261 |
Depreciation expenses | 8 709 | 74 | 8 784 |
Currency translation differences | -733 | — | -733 |
Accumulated depreciation and impairment as of 31.12 | 47 163 | 148 | 47 312 |
Net carrying value as of 31.12 | 49 437 | 222 | 49 660 |
PARENT | |||
2025 | Office space | Office equipment and machinery | Total |
Acquisition cost | |||
Opening balance | 64 989 | 370 | 65 360 |
Additions | 240 | — | 240 |
Adjustments | 4 591 | — | 4 591 |
Net investment in the lease | -3 595 | — | -3 595 |
Acquisition cost as of 31.12 | 66 225 | 370 | 66 596 |
Accumulated depreciation and impairment | |||
Opening balance | 21 998 | 74 | 22 072 |
Depreciation expenses | 4 405 | 74 | 4 479 |
Accumulated depreciation and impairment as of 31.12 | 26 403 | 148 | 26 551 |
Net carrying value as of 31.12 | 39 822 | 222 | 40 045 |
GROUP | |||
2024 | Office space | Office equipment and machinery | Total |
Acquisition cost | |||
Opening balance | 83 580 | — | 83 580 |
Additions | 5 488 | 370 | 5 858 |
Adjustments | 5 042 | — | 5 042 |
Net investment in the lease | -2 835 | — | -2 835 |
Acquisition cost as of 31.12 | 91 274 | 370 | 91 645 |
Accumulated depreciation and impairment | |||
Opening balance | 28 910 | — | 28 910 |
Depreciation expenses | 8 960 | 74 | 9 034 |
Impairment expenses | 1 318 | — | 1 318 |
Accumulated depreciation and impairment as of 31.12 | 39 187 | 74 | 39 261 |
Net carrying value as of 31.12 | 52 062 | 296 | 52 358 |
PARENT | |||
2024 | Office space | Office equipment and machinery | Total |
Acquisition cost | |||
Opening balance | 63 250 | — | 63 250 |
Additions | 36 | 370 | 407 |
Adjustments | 4 538 | — | 4 538 |
Net investment in the lease | -2 835 | — | -2 835 |
Acquisition cost as of 31.12 | 64 989 | 370 | 65 360 |
Accumulated depreciation and impairment | |||
Opening balance | 17 724 | — | 17 724 |
Depreciation expenses | 4 274 | 74 | 4 348 |
Accumulated depreciation and impairment as of 31.12 | 21 998 | 74 | 22 072 |
Net carrying value as of 31.12 | 42 991 | 296 | 43 288 |
GROUP | PARENT | |
2 699 | Lease payment receivables as of 1 January 2025 | 2 699 |
-670 | Lease payments | -670 |
3 595 | Acquisitions and adjustments | 3 595 |
316 | Interest | 316 |
497 | Foreign exchange adjustments | 497 |
6 436 | Lease payment receivables as of 31 December 2025 | 6 436 |
GROUP | PARENT | |||
2025 | 2024 | Lease receivables | 2025 | 2024 |
923 | 341 | Current | 923 | 341 |
5 513 | 2 358 | Non-Current | 5 513 | 2 358 |
6 436 | 2 699 | Total lease receivables | 6 436 | 2 699 |
GROUP | PARENT | |||
2025 | 2024 | Lease liabilities | 2025 | 2024 |
12 408 | 10 360 | Current | 7 430 | 5 865 |
50 813 | 45 752 | Non-Current | 44 063 | 38 957 |
63 221 | 56 112 | Total lease liabilities | 51 493 | 44 822 |
GROUP | PARENT | |
56 112 | Net liabilities as of 1 January 2025 | 44 821 |
-12 324 | Lease payments | -7 112 |
8 922 | Acquisitions and adjustments | 4 831 |
— | Disposals | — |
3 800 | Interest | 3 182 |
6 711 | Foreign exchange adjustments | 5 771 |
63 221 | Net liabilities as of 31 December 2025 | 51 493 |
GROUP | PARENT | |||
2025 | 2024 | Other items from operational leases and subleasing | 2025 | 2024 |
677 | 59 | Income from subleasing right-of-use assets | 677 | 59 |
316 | 27 | Interest income from net investment in finance leases | 316 | 27 |
993 | 86 | Total items from subleasing | 993 | 86 |
365 | 397 | Expenses relating to short-term leases | — | 75 |
451 | 932 | Expenses relating to leases of low-value assets | 161 | 269 |
3 800 | 3 555 | Interest expense on lease liabilities | 3 182 | 2 958 |
4 616 | 4 884 | Total items from operational leases | 3 343 | 3 302 |
12 463 | 12 148 | The total cash outflow for leases | 6 596 | 6 314 |
Subsidiaries consolidated in | Established Year | Location | Share Ownership | Voting Rights |
Nordic Semiconductor Inc | 2006 | USA | 100% | 100% |
Nordic Semiconductor Poland S.P z o.o | 2013 | Poland | 100% | 100% |
Nordic Semiconductor Finland OY | 2014 | Finland | 100% | 100% |
Nordic Semiconductor KK | 2017 | Japan | 100% | 100% |
Nordic Semiconductor Germany GmbH | 2018 | Germany | 100% | 100% |
Nordic Semiconductor Norway AS | 2020 | Norway | 100% | 100% |
Nordic Semiconductor UK Limited | 2020 | UK | 100% | 100% |
Nordic Semiconductor India Pvt. Ltd | 2020 | India | 100% | 100% |
Nordic Semiconductor Sweden AB | 2020 | Sweden | 100% | 100% |
Nordic Semiconductor Hong Kong Limited | 2021 | Hong Kong | 100% | 100% |
Nordic Semiconductor (Shenzhen) Limited | 2021 | China | 100% | 100% |
Nordic Semiconductor Singapore Pte Ltd | 2022 | Singapore | 100% | 100% |
Nordic Semiconductor Denmark ApS | 2022 | Denmark | 100% | 100% |
Nordic Semiconductor Philippines, Inc. | 2022 | Philippines | 100% | 100% |
Nordic Semiconductor South Korea Ltd | 2025 | South Korea | 100% | 100% |
Memfault Inc | 2025 | USA | 100% | 100% |
Memfault Germany GmbH | 2025 | Germany | 100% | 100% |
Subsidiaries as of 31 December 2025 | Ownership | Share of votes | Net profit 2025 | Equity 31. Dec 2025 |
Nordic Semiconductor Inc | 100% | 100% | -1 165 | 5 836 |
Nordic Semiconductor Poland S.P z o.o | 100% | 100% | 2 361 | 8 182 |
Nordic Semiconductor Finland OY | 100% | 100% | 4 246 | 8 689 |
Nordic Semiconductor KK | 100% | 100% | 44 | 206 |
Nordic Semiconductor Germany GmbH | 100% | 100% | 46 | 250 |
Nordic Semiconductor Norway AS | 100% | 100% | 3 098 | 11 019 |
Nordic Semiconductor UK Limited | 100% | 100% | 343 | 3 242 |
Nordic Semiconductor India Pvt. Ltd | 100% | 100% | 505 | 2 914 |
Nordic Semiconductor Sweden AB | 100% | 100% | 483 | 2 470 |
Nordic Semiconductor Hong Kong Limited | 100% | 100% | 921 | 3 666 |
Nordic Semiconductor (Shenzhen) Limited | 100% | 100% | 2 438 | 9 003 |
Nordic Semiconductor Singapore Pte Ltd | 100% | 100% | 12 583 | 35 322 |
Nordic Semiconductor Denmark ApS | 100% | 100% | 49 | 369 |
Nordic Semiconductor Philippines, Inc. | 100% | 100% | 356 | 710 |
Nordic Semiconductor South Korea Ltd | 100% | 100% | 51 | 57 |
Memfault Inc | 100% | 100% | -2 682 | -573 |
Memfault Germany GmbH | 100% | 100% | 24 | 196 |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
6 436 | 2 699 | Lease payment receivables, see Note 16: Leases | 6 436 | 2 699 |
83 469 | 88 441 | Prepayments | 83 469 | 88 441 |
805 | — | Other long-term investments in shares, see Note 17.3: Joint ventures | 805 | — |
90 711 | 91 140 | Other long term assets | 90 711 | 91 140 |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
93 488 | 66 412 | Gross receivables | 714 | 1 037 |
— | — | Provision for doubtful accounts | — | — |
93 488 | 66 412 | Accounts receivable, net | 714 | 1 037 |
PARENT | 2025 | 2024 |
Loans to group companies | 1 033 | 3 032 |
Receivables group companies | 216 913 | 99 301 |
Total receivable | 217 946 | 102 333 |
Accounts payable, group companies | 29 949 | 28 395 |
Total payables | 29 949 | 28 395 |
PARENT | 2025 | 2024 |
Sale of goods | 615 330 | 474 356 |
Total revenue | 615 330 | 474 356 |
Cost of goods sold | 326 392 | 261 125 |
Total cost of goods sold | 326 392 | 261 125 |
Service fee for R&D and product promotion | 119 108 | 115 288 |
Total other operating expenses | 119 108 | 115 288 |
Interest income from loans to group companies | 3 524 | 353 |
Interest expenses from loans to group companies | -333 | — |
Total financial income | 3 191 | 353 |
GROUP | PARENT | |||
2025 | 2024 | Cash and cash equivalents as of the balance sheet date were as follows: | 2025 | 2024 |
194 524 | 192 445 | Cash at bank | 92 304 | 90 164 |
2 650 | 2 256 | Restricted cash (withholding tax account) | 2 650 | 2 256 |
110 228 | 93 213 | Money market funds | 110 228 | 93 213 |
307 402 | 287 914 | Cash and cash equivalents in statement of financial position | 205 181 | 185 633 |
GROUP | Number of shares | Share capital (USD 1000) | Treasury shares (USD 1000) | Share premium (USD 1000) | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Holdings as of 1.1 | 192 781 600 | 192 781 600 | 317 | 317 | -1 | -1 | 235 448 | 235 448 |
Issue of share capital | 7 000 000 | — | 7 | — | — | — | 103 449 | — |
Change in treasury shares | — | — | — | — | -1 | — | — | — |
Holdings as of 31.12 | 199 781 600 | 192 781 600 | 324 | 317 | -2 | -1 | 338 897 | 235 448 |
Shareholder | Shares | Percentage |
Folketrygdfondet | 24 784 246 | 12.4% |
Accelerator Ltd | 17 477 950 | 8.7% |
DNB Asset Management AS | 14 647 204 | 7.3% |
ODIN | 7 705 486 | 3.9% |
Vanguard | 6 971 293 | 3.5% |
Eika Kapitalforvaltning | 5 489 760 | 2.7% |
KLP Kapitalforvaltning AS | 5 210 642 | 2.6% |
Handelsbanken Fonder | 4 583 455 | 2.3% |
BlackRock | 4 303 035 | 2.2% |
Storebrand Asset Management | 3 267 290 | 1.6% |
Danske Invest | 3 150 231 | 1.6% |
Alfred Berg Kapitalforvaltning | 2 773 445 | 1.4% |
DNB Asset Management SA | 2 752 793 | 1.4% |
AAT Invest AS | 2 350 000 | 1.2% |
Robeco | 2 258 202 | 1.1% |
Awilhelmsen AS | 2 154 490 | 1.1% |
Artisan Partners | 2 054 260 | 1.0% |
Skandia Fonder | 1 986 813 | 1.0% |
State Street Investment Management | 1 970 361 | 1.0% |
Svenn-Tore Larsen | 1 847 142 | 0.9% |
Total for the 20 largest shareholders | 117 738 098 | 58.9% |
Other shareholders | 82 043 502 | 41.1% |
Total shares outstanding | 199 781 600 | 100.0% |
Board of Directors | Shares | Executive Management | Shares |
Dieter May | 11 047 | Vegard Wollan | 151 090 |
Anita Huun | 15 607 | Geir Langeland | 224 411 |
Inger Berg Ørstavik | 8 207 | Ole Fredrik Morken | 207 721 |
Annastiina Hintsa | 6 607 | Ståle Ytterdal | 143 708 |
Helmut Gassel | 1 688 | Ola Bostrøm | 6 177 |
Anja Dekens | 1 430 | Pål Elstad | 54 138 |
Monika Lie Larsen | 1 663 | Øyvind Birkenes | 9 540 |
Jon Helge Nistad | 1 519 | Kjetil Holstad | 19 859 |
Joakim Ferm | 2 824 | ||
Sonja Kusmin | 2 801 | ||
Øyvind Strøm | 10 000 | ||
Total | 47 768 | Total | 832 269 |
Basis for calculation of basic earnings per share | 2025 | 2024 |
Earnings for the year (USD ‘000) | 16 385 | -38 504 |
Weighted average number of outstanding shares (‘000) | 193 411 | 192 196 |
Earnings per share (USD) | 0.08 | -0.20 |
Basis for calculation of fully diluted earnings per share | ||
Earnings for the year (USD ‘000) | 16 385 | -38 504 |
Weighted average number of outstanding shares (‘000) | 196 567 | 194 717 |
Earnings per share (USD) | 0.08 | -0.20 |
Date | Shares issued | Shares outstanding | |
01.01.2025 | Opening balance | 192 781 600 | 192 262 908 |
31.12.2025 | Closing balance | 199 781 600 | 198 287 005 |
A summary of RSUs transactions during 2025 and 2024 below: | 2025 | 2024 |
Outstanding RSUs 1.1 | 1 921 826 | 1 404 565 |
Granted | 1 425 918 | 1 355 419 |
Forfeited | 312 495 | 462 508 |
Released | 1 066 956 | 375 650 |
Outstanding RSUs 31.12 | 1 968 293 | 1 921 826 |
A summary of performance shares during 2025 and 2024 below: | 2025 | 2024 |
Outstanding performance shares 1.1 | 355 789 | 77 357 |
Granted | 87 344 | 516 983 |
Forfeited | 2 872 | 69 431 |
Performance adjusted | -10 929 | -169 120 |
Released | 258 626 | — |
Outstanding performance shares 31.12 | 170 706 | 355 789 |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
41 253 | 23 918 | Accounts payable | 36 613 | 22 903 |
— | — | Accounts payable from subsidiaries | 29 949 | 28 280 |
2 567 | 1 799 | Income taxes payable | — | — |
7 587 | 6 737 | Social security tax and payroll tax | 5 845 | 5 259 |
12 408 | 10 360 | Current lease liabilities | 7 430 | 5 865 |
25 320 | 14 940 | Employee benefit obligations | 11 336 | 6 074 |
10 131 | 8 831 | Holiday pay | 5 734 | 4 845 |
28 548 | 22 363 | Ship and debit | — | — |
5 581 | 3 679 | End-customer rebate | — | — |
7 693 | 5 514 | Accrued expenses | 5 176 | 3 271 |
4 333 | 4 947 | Other current liabilities | 900 | 2 743 |
145 420 | 103 087 | Total current liabilities | 102 983 | 79 240 |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
679 587 | 569 766 | Total equity | 621 879 | 515 052 |
983 361 | 806 706 | Total assets | 867 473 | 721 162 |
69% | 71% | Equity share | 72% | 71% |
GROUP | PARENT | |||
2025 | 2024 | Amortized cost | 2025 | 2024 |
6 436 | 2 699 | Net investment in finance leases | 6 436 | 2 699 |
93 488 | 66 412 | Accounts receivable | 714 | 1 037 |
3 707 | 3 179 | Other current receivables | 218 484 | 103 281 |
197 114 | 194 701 | Cash at bank | 94 893 | 92 420 |
300 745 | 266 992 | Total financial assets at amortized cost | 320 527 | 199 437 |
GROUP | PARENT | |||
2025 | 2024 | Fair value through profit or loss | 2025 | 2024 |
805 | — | Other long-term investments in shares | 805 | — |
110 288 | 93 213 | Money market fund | 110 288 | 93 213 |
111 093 | 93 213 | Total financial assets at fair value through profit or loss | 111 093 | 93 213 |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
93 213 | 98 731 | As at 1 January | 93 213 | 98 731 |
— | — | Disposal of financial instruments | — | — |
— | — | Acquisition of financial instruments | — | — |
5 953 | 5 008 | Changes in fair value | 5 953 | 5 008 |
11 927 | -10 526 | Currency translation differences | 11 927 | -10 526 |
111 093 | 93 213 | As at 31 December | 111 093 | 93 213 |
GROUP | PARENT | |||
2025 | 2024 | Amortized cost | 2025 | 2024 |
98 377 | 87 336 | Bond | 98 377 | 87 336 |
41 253 | 23 918 | Accounts payable | 36 613 | 22 902 |
663 | 626 | Current financial liabilities | 663 | 626 |
88 530 | 66 383 | Other current liabilities | 58 278 | 48 414 |
50 813 | 45 752 | Non-current lease liabilities | 44 063 | 5 865 |
12 408 | 10 360 | Current lease liabilities | 7 430 | 38 957 |
292 044 | 234 375 | Total financial liabilities at amortized cost | 245 424 | 204 100 |
GROUP | PARENT | |||
2025 | 2024 | Gross total | 2025 | 2024 |
69 473 | 56 604 | Not due | 433 | 782 |
18 691 | 8 151 | Past due 0-30 days | 44 | 161 |
5 222 | 1 607 | Past due 31-120 days | 134 | 44 |
102 | 50 | Over 120 days | 103 | 50 |
93 488 | 66 412 | Total | 714 | 1 037 |
GROUP | PARENT | |||
2025 | 2024 | 2025 | 2024 | |
93 488 | 66 412 | Accounts receivable | 714 | 1 037 |
26 957 | 27 029 | Other current receivables | 237 430 | 123 914 |
307 402 | 287 914 | Cash and cash equivalents | 205 181 | 185 633 |
427 846 | 381 355 | Total | 443 325 | 310 583 |
GROUP | Carrying amount | Contractual cash flow | Less than one year | One to five years | More than five years |
Bond - payment of principal* | 98 377 | 99 215 | — | 99 215 | — |
Bond - payment of interest** | 663 | 20 674 | 7 015 | 13 659 | — |
Accounts payable | 41 253 | 41 253 | 41 253 | — | — |
Other current liabilities | 81 793 | 81 793 | 81 793 | — | — |
Lease liabilities*** | 63 221 | 75 174 | 12 028 | 34 434 | 28 712 |
Total | 285 307 | 318 109 | 142 089 | 147 308 | 28 712 |
PARENT | Carrying amount | Contractual cash flow | Less than one year | One to five years | More than five years |
Bond - payment of principal* | 98 377 | 99 215 | — | 99 215 | — |
Bond - payment of interest** | 663 | 20 674 | 7 015 | 13 659 | — |
Accounts payable | 36 613 | 36 613 | 36 613 | — | — |
Accounts payable subsidiaries | 29 949 | 29 949 | 29 949 | — | — |
Other current liabilities | 23 290 | 23 290 | 23 290 | — | — |
Lease liabilities*** | 51 493 | 62 428 | 6 896 | 26 990 | 28 542 |
Total | 240 385 | 272 169 | 103 763 | 139 864 | 28 542 |
2025 | 2024 | |
Interest rate (3 months NIBOR) | Effect on profit before tax | Effect on profit before tax |
+50 basis points | -496 | -440 |
-50 basis points | 496 | 440 |
Profit before tax | |
NOK exchange rate +/- 10% | +/- 4 680 |
GROUP | 2025 | 2024 | ||||
Local currency (1,000) | USD (1,000) | Share of total revenue in % | Local currency (1,000) | USD (1,000) | Share of total revenue in % | |
USD | 667 693 | 667 693 | 100.0% | 511 189 | 511 189 | 100.0% |
EUR | -150 | -175 | —% | 162 | 169 | —% |
Other | 1 033 | 101 | —% | 549 | 57 | —% |
Total | 667 619 | 100.0% | 511 415 | 100.0% | ||
PARENT | 2025 | 2024 | ||||
Local currency (1,000) | USD (1,000) | Share of total revenue in % | Local currency (1,000) | USD (1,000) | Share of total revenue in % | |
USD | 620 965 | 620 965 | 100.0% | 477 374 | 477 374 | 100.0% |
EUR | -150 | -175 | —% | 162 | 169 | —% |
Other | 1 033 | 101 | —% | 547 | 51 | —% |
Total | 620 891 | 100.0% | 477 595 | 100.0% | ||
GROUP | 2025 | 2024 | ||
Accounts receivable | Accounts payables | Accounts receivable | Accounts payables | |
USD | 93 476 | 37 432 | 66 250 | 20 606 |
EUR | — | 1 576 | 156 | 1 523 |
NOK | 12 | 1 497 | 6 | 1 620 |
Other | — | 748 | — | 169 |
Total | 93 488 | 41 253 | 66 412 | 23 918 |
PARENT | 2025 | 2024 | ||
Accounts receivable | Accounts payables | Accounts receivable | Accounts payables | |
USD | 702 | 34 510 | 981 | 20 606 |
EUR | — | 453 | 156 | 590 |
NOK | 12 | 1 497 | 6 | 1 620 |
Other | — | 153 | — | 87 |
Total | 714 | 36 613 | 1 037 | 22 903 |
GROUP | 2025 | 2024 | ||
Book value | Fair market value | Book value | Fair market value | |
Financial liabilities | ||||
Bond | 98 377 | 102 617 | 87 336 | 90 900 |
PARENT | 2025 | 2024 | ||
Book value | Fair market value | Book value | Fair market value | |
Financial liabilities | ||||
Bond | 98 377 | 102 617 | 87 336 | 90 900 |
Oslo, March 23, 2026 | ||
Anita Huun | Dieter May | Inger Berg Ørstavik |
Board member, Audit Com. Chair | Chair | Board member |
Dr. Helmut Gassel | Vegard Wollan | Annastiina Hintsa |
Board member | Chief Executive Officer | Board member, People and Compensation Com. Chair |
Jon Helge Nistad | Anja Dekens | Monika Lie Larsen |
Board member, employee | Board member, employee | Board member, employee |
