Highlights About Pexip Statement from the BoD Corporate Governance Financials Annual Report 2025
Table of
Contents
About Pexip 10
Highlights
3
Pexip
3
Key figures
5
Letter from the CEO
6
Pexip as an investment
9
Board of Directors 44
Statement from the Board
of Directors
25
Statement of Corporate
Governance (NUES)
34
Financial Statements 45
Executive Management 43
Our journey 13
Our mission and values
10
Our offering
20
Market and customers
15
Strategy and targets 23
24Sustainability
About Pexip Statement from the BoD Corporate Governance Financials Annual Report 2025
3
Pexip
Pexip is a video technology specialist and a leading provider of video meeting infrastructure.
The company delivers software-only solutions that are deliered as a self-hosted
software, or as a service, designed for large organizations with complex collaboration
and security requirements.
Founded in 2012, Pexip has grown into a global
provider of high performance video technology.
The company employs 285 people across 24
countries and serves more than 3,000 enterprise
and government organizations worldwide. With
over 300 partners globally, Pexip combines deep
technical expertise with an international presence
to meet the critical collaboration needs of highly
regulated and security focused organizations.
Pexip supports organizations where video
communication is business critical and operational
requirements are high. Customers include
government and public sector bodies, defense and
national security organizations, healthcare and
justice agencies, and other regulated industries,
as well as large global enterprises. Many of these
organizations operate in controlled IT environments
and require seamless collaboration solutions
that support private, sovereign, or on premises
infrastructure, with complete governance over
access, data, and operations.
Beyond connecting any meeting room with any
meeting platform, and enabling robust security,
privacy, and data control, Pexip also integrates
secure video workflows into mission critical
processes in sectors such as healthcare and justice,
where reliable and compliant communication is
essential. These workflow integrations extend
across other industries that depend on tailored, high
assurance collaboration solutions.
Highlights
Pexip has two main solution areas, powered by the Infinity software platform:
Pexip is recognized for its strong alliances with leading technology providers, complementing and enhancing
major meeting platforms to help customers maximize the value of their existing collaboration investments.
The company has a people centric culture, guided by The Pexip Way and its success principles: think like
world champions, keep all eyes on the customer, and promote healthy, sustainable ways of working.
Pexip Connected Spaces
Connecting any video meeting room device
to any meeting platform
Pexip Secure & Custom Spaces
Video meetings that are self-hosted
on-premises or in a private cloud
When several video technologies need
to work seamlessly together
When complete privacy and control
over data is required
4
Annual Report 2025Highlights About Pexip Statement from the BoD Corporate Governance Financials 4Highlights
Global presence
285
employees across 24 countries
3,000+
customers enterprise & public sector
300+
partners
Washington DC
HQ Oslo
Stockholm
London
Madrid
Milan
Sydney
Tokyo
Singapore
Utrecht
Ghent
Paris
Technology partners
5
Annual Report 2025About Pexip Statement from the BoD Corporate Governance FinancialsHighlights About Pexip Statement from the BoD Corporate Governance Financials Annual Report 2025
Key figures
1,228 MNOK
Revenue 2025
26%
Adjusted EBITDA margin 2025
29%
Free cash flow margin 2025
285
Employees end of 2025
92%
Gross Margin 2025
131 MUSD
ARR end of 2025
Definition of free cash flow can be found in the APM section
867
2022 2023 2024 2025
Revenue (MNOK)
Free cash flow
994
1,119
1,228
100
103
113.1
131
2022 2023 2024 2025
Contracted Annual Recurring Revenue (ARR, MUSD)
2022
2022
2023
2023
2024
2024
2025
2025
113
105
207
196
316
354
EBITDA adjusted
(MNOK)
-184
-264
6
About Pexip Statement from the BoD Corporate Governance Financials
Annual Report 2025
This is our moment
The need for trusted, secure, and seamless collaboration has never been greater. Around
the world, organizations are rethinking how critical collaboration happens. From everyday
meetings to the most security-sensitive missions, video has become foundational to how
modern organizations make decisions, serve clients and citizens, and deliver outcomes.
Two forces are shaping the market
First, enterprises and public institutions continue
to invest in connected meeting environments that
work seamlessly across platforms and workflows.
Second, governments, defense organizations, and
regulated industries are accelerating their demand
for sovereign and secure collaboration where
control, resilience, and compliance are operational
requirements, not optional features.
Pexip sits at the intersection of these needs.
We connect the world’s meeting platforms, and we
power trusted conversations in the environments
where security and control matter most. This is our
moment, shaped by market forces, earned through
execution, and strengthened by the people and
partners who build Pexip every day.
Our success formula continues to guide us: think
like world champions, keep all eyes on the customer,
and stay healthy. It shapes how we prioritize, how
we execute, and how we build for the long term. In
2025, it helped us deliver with focus, speed, and
quality across the business.
Two business areas. One clear purpose.
The markets we serve are growing because
video collaboration is no longer just a “tool”, but
operational infrastructure supporting productivity,
public services, and mission outcomes. At the
same time, customers are moving beyond “one
platform fits all.” They want collaboration that is
interoperable, secure by design, supports zero-
trust architectures, and is integrated into their daily
workflows without creating complexity for users
or burdens for IT. This shift favors specialists who
can simplify what is complex and make critical
collaboration work every time. That is the space
Pexip is built to lead.
Powering everyday collaboration
Interoperability remains one of the most practical
and persistent challenges in modern collaboration.
Most organizations operate in a multi-platform
world because their customers, citizens, partners,
suppliers, and internal teams do. What they need
is simple: meeting room devices that
work reliably regardless of the platform on the
meeting invitation.
Highlights
LETTER FROM THE CEO
7
About Pexip Statement from the BoD Corporate Governance Financials
Annual Report 2025
In 2025, we continued to strengthen Pexip’s role
as the technology provider that connects these
environments seamlessly. For customers, this
means protecting existing investments, improving
the meeting experience for users, and reducing
friction for IT teams, so collaboration is dependable
and not a daily workaround.
This part of our business remains highly relevant
because the world is not becoming less diverse
in platforms. It is becoming more connected, and
customers should not have to replace what already
works to move forward.
Sovereignty, control, and compliance as
market drivers
What was once a technical preference is now
increasingly a regulatory requirement. Across
Europe and beyond, sovereign IT and tighter
cybersecurity mandates are raising expectations
around data control, access governance, and
resilience. Public sector and regulated organizations
are re-architecting collaboration around four
questions:
1. Who controls the data?
2. Where does it run?
3. Who can access it?
4. How resilient is it under pressure?
This shift plays to Pexip’s strengths. We enable
secure collaboration in environments where
customers require deployment flexibility, operational
control, and assurance without compromise. For
customers, this means you can meet your security
and compliance obligations while still collaborating
effectively with the world around you.
Private AI on our customers’ terms
AI is becoming part of modern collaboration, and
customers want the benefits. But in public and
secure environments, AI must be delivered in a way
that preserves privacy, control, and compliance.
That is why Private AI is becoming a priority in our
market. Customers are asking for AI capabilities
that can be governed, deployed, and operated
according to their requirements, not only the
requirements of a public cloud provider. We see
this reflected in customer conversations and
deployments, particularly in regulated and public
sector environments. In 2025, we continued
to invest in enabling customers to adopt AI in
collaboration while keeping trust and control at
the center.
From meetings to missions
When customers rely on you across different levels
of criticality, from everyday meetings to high-stakes
mission communications, we know we are relevant.
In 2025, we saw continued demand across both our
business areas. Customers are looking for solutions
that reduce complexity, connect environments, and
increase assurance, because video collaboration has
become a core part of how organizations operate.
What is especially encouraging is that these needs
are not temporary. Interoperability is enduring.
Security and sovereignty are growing requirements.
Together, they define the long-term direction of our
market and the role Pexip is designed to play.
Scaling with discipline
As our markets evolve, we are also building Pexip
with long-term strength in mind. In 2025, we
continued to increase recurring revenue, strengthen
operating discipline, and improve the predictability
of our business model. We are focused on scaling
responsibly, investing where we see sustained
demand, improving how we operate, and building a
company that can deliver sustainable value
over time.
Growing through partnerships
Pexip succeeds by being a trusted specialist within
a broader ecosystem. Our role is not to replace the
platforms customers standardize on, but to extend
them, connect them, and help customers meet
requirements those platforms were not designed to
solve. That makes partnerships central to how we
go to market, deliver, and scale.
In 2025, our ecosystem of technology partners,
resellers, service providers, integrators, and
strategic alliances continued to strengthen our
reach and reinforce our relevance across both
connected and secure collaboration environments.
Highlights
8
About Pexip Statement from the BoD Corporate Governance Financials
Annual Report 2025
A word of thanks
I want to end with gratitude, because the progress
we made in 2025 is the result of people.
To the Pexip team: thank you. Your commitment,
skill, grit, and care show up in the quality of what
we deliver and in how we show up for each other.
You bring our success formula to life; thinking like
world champions, keeping all eyes on the customer,
and staying healthy while doing meaningful work.
To our customers: thank you for trusting Pexip in the
moments that matter, from everyday collaboration
to your most sensitive and critical conversations.
We do not take that responsibility lightly, and we
will continue to earn your trust through reliability,
security, and outcomes you can depend on.
To our partners: thank you for building with us. The
ecosystem we share is a force multiplier, and your
trust and collaboration help us serve customers
better.
And to our shareholders: thank you for your
continued support and belief in our long-term
direction.
This is our moment, not as a slogan, but as a
reflection of where the market is and what Pexip
is built to deliver. We enter the year ahead with
confidence and ambition, ready to keep earning
trust, delivering value, and enabling the critical
conversations people rely on every day.
Trond K. Johannessen
CEO, Pexip
Highlights
9
About Pexip Statement from the BoD Corporate Governance Financials Annual Report 2025
Pexip as an investment
Proven and scalable business model with unique technology
Pexip is a certified video communication platform that offers a combination of unique
technology and industry partnerships to serve a broad range of companies and governments
around the world. The platform’s distinctive technology sets it apart from its competitors,
as it offers a level of quality and security that is unmatched in the industry. This makes
Pexip an attractive option for companies and governments looking for a robust and reliable
video communication platform.
Strong organization with value-driven culture
Pexip is led by an experienced management and technical team with a history of industry-
defining innovation and key competence to propel our continued growth. Pexip also
has a strong company culture that values performance and sets the customer first. The
company has an open and inclusive work environment, where all employees are given equal
opportunities to succeed.
Solid positioning for further growth
Pexip exited 2025 with a subscription base of USD 131 million in annual recurring revenue,
and 26% Adjusted EBITDA margin. It is targeting combining double-digit growth with Rule of
40 performance across growth rate and EBITDA margin. Pexip is committed to deliver strong
financial results to its shareholders. In addition to its EBITDA target, Pexip aims to achieve a
strong cash conversion rate and generate significant cash flow from its operations. This strong
financial performance, combined with the company’s position in high-growth markets and focus
on the lucrative enterprise segment, makes Pexip an attractive investment opportunity for those
looking to invest in the video communication industry.
Strong position in growing niche markets
Pexip uses its unique technology in two niche markets, video interoperability and secure
and custom video meetings. Pexip has a strong position in both of these markets in terms
of product differentiation, a distinguished large enterprise and government customer list
and strong industry partnerships with others in the industry, such as Microsoft, Google
and HP/Poly. Pexip has a clear focus on large organizations and has focused its product
development and its go-to-market to meet this segment’s needs, building a strong brand
position and trust within our target customer group. Pexip’s strategy is to continue expanding
its presence in these markets, leveraging its unique position to drive growth and increase its
market share.
Highlights
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Annual Report 2025Highlights Statement from the BoD Corporate Governance FinancialsAbout Pexip
Our mission and values
We provide seamlessvideo communication to all organizations regardless
of technology platforms and security requirements.
Powering the critical conversations that people rely on every day
For health systems across the U.S., Europe and Australia, we enable doctor–patient calls, group therapy
sessions, and counseling, delivering timely care to those who need it the most.
For Ministries of Justice, we accelerate hearings and remote testimony with secure video, helping
cases progress more quickly for people awaiting resolution.
For governments worldwide, we make it simple and safe for citizens to reach their government, from
benefits to urgent services, without unnecessary friction.
For NATO and allies organizations, we ensure trusted and consistent collaboration from command centre
to the tactical edge, giving teams a decisive advantage in protecting democracy and our way of life.
Every day, we safeguard the world’s most confidential conversations. Our technology enables what
matters most—human connection, decisive interaction and meaningful progress.
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Annual Report 2025Highlights Statement from the BoD Corporate Governance FinancialsAbout Pexip Statement from the BoD Corporate Governance Financials Annual Report 2025
The Pexip way
Our company values are at the core of everything we do, and they define how we interact
with each other, our customers and our partners daily.
They guide our business, our product development, and our brand. As our company continues to evolve and
grow, scaling the Pexip Way is critical to our success.
Since day one, Pexip has had an open and inclusive work culture with equal opportunities for all. We are proud
to represent a diverse workforce and we see diversity as a competitive advantage.
One Team
We make each other better
We respect, support and care for each other
We appreciate diversity
Freedom & Responsibility
We encourage initiative and innovation
We are all leaders
We act like owners
Professional & Fun
We are committed to our partners & customers
We are passionate and fun to work with
We strive for excellence
No Bullshit
We say it as it is
We do what needs to be done
We stand for honesty and integrity
12
Highlights Statement from the BoD Corporate Governance Financials
Annual Report 2025
Our succes formula
The Pexip Way describes the underlying values for the company. Further we have built our
own “success formula” in Pexip – designed to guide our specific mindset and behaviour
toward a successful future.
Think like world champions
Mastering any skill takes
discipline, patience, learning
from failure—and the drive to
show up and keep practicing.
But it also takes ambition. Like
world champions, you need
goals worth chasing, dreams
that push you forward, and the
determination to give it your
all. If you want to improve your
mark, you have to work hard and
practice every single day.
All eyes on the customer
Putting the customer first
means more than solving
problems—it means truly
understanding them. We step
into their world, listen with
intent, and work to grasp the
challenges they face. Only by
connecting deeply and engaging
consistently can we design
solutions that meet real needs,
deliver real value, and earn
lasting trust.
Stay healthy
Health fuels performance—both
in business and in people. We stay
sharp by tracking our financial
and organizational fitness, making
sure we’re on course and moving
forward with purpose. But true
health also means supporting
each other. That means promoting
well-being, encouraging balance,
and creating a safe, positive
environment where everyone
can thrive.
About Pexip
13
Highlights Statement from the BoD Corporate Governance Financials
Annual Report 2025
Our journey: Built to protect the
world’s most critical conversations
In a world where video is embedded in how people
work, deliver services, and make decisions, secure
and seamless communication has never been more
essential. Over more than a decade, Pexip has built
one of the world’s most flexible and universal video
technology platforms—designed to connect any
room to any meeting, keep every interaction private,
and secure every conversation by design. This
foundation gives customers full control over their
experience, their environment, and their data.
This is our journey.
Step 1: Connect everything
From the start, our mission has been simple and
ambitious: make video communication work across
platforms, devices, and meeting spaces. In a multi
platform world, interoperability is not optional,
it is a strategic requirement. Enterprises and
public institutions collaborate daily with partners,
suppliers, and stakeholders who use different
meeting services. Pexip enables them to connect
effortlessly and consistently, from anywhere, with a
user experience they can trust
Step 2: Keep it private and secure by design
Some conversations carry higher stakes. For over
a decade, we have built technology grounded
in the principle that security is not an add on, it
must be fundamental. Our platform is trusted in
environments where privacy, governance, and
data control are non negotiable. From sovereign
deployments to tightly restricted networks, Pexip
enables customers to meet rising requirements
for security without compromising usability or the
modern user experience users expect.
Step 3: Bring innovation into real workflows
Video is no longer just a meeting, it is a service
enabler. Across healthcare, justice, government,
defense, and other sectors, organizations use Pexip
to embed video into critical workflows. We continue
to innovate to help customers tailor experiences to
operational needs, integrate video where it creates
the most value, and support emerging opportunities
such as Private AI, delivering advanced capabilities
while maintaining governance, trust, and control.
Focused on what comes next
Video technology has the power to make work
more human, services more accessible, and
decisions faster and better informed. At Pexip,
we stay focused on what’s next: connecting every
room, securing every conversation, and building
technology that organizations can rely on every day,
and especially when it matters most.
About Pexip
14
Highlights Statement from the BoD Corporate Governance Financials
Annual Report 2025
2011
Videxio AS
(pre-merger entity) founded.
2017
Launch of interoperability solutions
for Teams Meetings (CVI), Skype for
Business, and Google Meet.
2020
Pexip listed on the Oslo Stock
Exchange in the world’s first
virtual IPO.
2021
Pexip acquires Skedify, now Pexip
Engage, for business-to-consumer
scheduling applications.
2023
Pexip partners with HP/Poly.
Launch of Pexip for Government, a
FedRAMP® Authorized service for the
U.S. Government
2012
Pexip AS (pre-merger entity) founded.
Pexip Inc established in the U.S.
2018
Merger between Pexip AS and
Videxio AS approved.
2024
Pexip partners with Nvidia.
Launch of Pexip Private AI.
Launch of Video Platform as a
Service.
Launch of interoperability solutions
for native Microsoft Teams and Zoom
rooms.
2025
Launch of interoperability solution for
native Google Meet rooms.
Launch of Pexip Private AI v2
2013
Launch of Pexip Infinity software
platform
2019
New company HQ in Oslo opened.
2022
Pexip appoints Trond Johannessen as
CEO.
OUR JOURNEY
About Pexip
Highlights Statement from the BoD Corporate Governance Financials Annual Report 2025
15
Market and customers
The global video collaboration market continues to mature and expand. Hybrid work is now
a permanent operating model for many organizations, and video has become embedded
not only in everyday meetings but also in core workflows such as customer engagement,
virtual care, legal proceedings, and public services. As a result, demand is rising for solutions
that combine simplicity, reliability, security, and deployment control, and that work across
organizational boundaries where platforms, policies, and requirements differ.
In 2025, two dynamics became even clearer. First, the market remains structurally multi-platform:
organizations may standardize internally, but they collaborate daily with external parties using various
meeting services and room systems. Second, security requirements are rising. Governments and regulated
industries are increasing expectations around data control, sovereignty, compliance, and resilience.
Pexip addresses these needs through two complementary solution areas: Connected Spaces and Secure &
Custom Spaces, serving customers across both private and public sectors where requirements are complex
and where reliability matters.
1.
2.
3.
4.
5.
Seamless user experience in meeting rooms and across devices
Secure-by-design and zero trust collaboration, including access controls and auditing
Deployment flexibility across private cloud, sovereign cloud, on-premises, and air-gapped
Workflow integration, embedding video into applications and sector-specific processes
AI capabilities while maintaining governance and control of data
Market overview
The video collaboration market is shaped by a combination of technology trends, changing customer
expectations, and shifting geopolitical and regulatory realities. While major meeting platforms continue to
innovate and expand, many organizations still face two persistent challenges: interoperability, the practical
need to connect across platforms, devices, and meeting spaces without friction; and control, the need to meet
higher standards for confidentiality, governance, and operational resilience.
Across both of market categories, we see customers prioritizing:
About Pexip
16
Annual Report 2025Highlights Statement from the BoD Corporate Governance FinancialsAbout Pexip
Secure and Custom Spaces:
sovereignty, controlled IT, and
compliance
In Secure and Custom Spaces, Pexip targets a
segment, not fully served by public cloud offerings;
organizations that require controlled deployment,
strong governance, and assured operations. In
2025, demand in this segment continued to
strengthen due to several structural drivers:
Sovereignty and data control, particularly
in Europe
Across Europe, sovereign IT initiatives and national
digital sovereignty strategies are accelerating.
Public sector organizations and regulated industries
increasingly expect solutions that support sovereign
deployment models, data residency requirements,
and jurisdictional control.
Security and compliance requirements
continue to rise
Customers are raising expectations for zero trust
controls, including granular access control, meeting
governance, classification and policy enforcement,
and auditability. For many organizations, security
is no longer limited to encryption. It now includes
identity, access control, policy enforcement,
auditability, and data handling aligned with
organizational risk and compliance obligations.
Controlled IT environments and resilience
A growing set of customers require solutions that
run in controlled IT environments, including private
cloud, sovereign cloud, on-premises, air-gapped
networks, or restricted environments. These
customers often need to reduce reliance on external
providers and to maintain business continuity under
strict operational constraints.
Private AI becomes a key decision factor
AI is becoming a standard expectation in
collaboration, including captions, transcription,
translation, and meeting intelligence. In regulated
and security-sensitive environments, however,
customers increasingly seek Private AI approaches
that allow them to adopt AI capabilities while
retaining governance over data, policies, and
operational boundaries. This strengthens demand
for secure collaboration architectures that can
support AI on the customer’s terms.
Video is moving into workflows
Beyond meetings, there is growing demand
to embed video into workflows, particularly in
healthcare, justice, and public services, where video
becomes part of a structured process rather than
a standalone session. Interoperability and platform
flexibility become critical when workflows span
multiple systems and stakeholders.
What customers value in this
segment:
1. Sovereign and controlled deployment
options
2. Strong governance over identity, access,
and meeting policy
3. Data control and compliance alignment
4. Assurance, resilience, and operational
predictability
5. Integration into familiar workflows like
Teams (e.g., scheduling tools)
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Annual Report 2025Highlights Statement from the BoD Corporate Governance FinancialsAbout Pexip
What customers value in this
segment:
1. Any room to any meeting platform
connectivity
2. High reliability and ease of use
3. Reduced operational burden for IT/AV
teams
4. Protection of room investments and
platform flexibility
5. Scalability across global estates of
meeting rooms
Connected Spaces:
interoperability remains essential
in a multi-platform world
In Connected Spaces, Pexip serves organizations
that need meeting rooms and collaboration
environments to work seamlessly across multiple
platforms.
The reality in 2025 is that the market remains
multi-platform. Even when organizations
standardize internally, they routinely collaborate
with external stakeholders such as customers,
partners, suppliers, courts, healthcare providers,
and public institutions who use different meeting
services. This makes interoperability a practical
requirement, not a transitional phase.
We see connected spaces evolving in two
important ways:
Room experience is a productivity and
adoption issue
Meeting rooms are often where platform friction
becomes visible with failed joins, workarounds,
and inconsistent user experience. Organizations
increasingly prioritize solutions that deliver a
consistent user experience, reduce friction, and
improve utilization of existing investments.
Cross-platform engagement is increasing
Hybrid work and external engagement (B2B and
B2C) continue to drive a high volume of meetings
across organizational boundaries. This increases the
importance of “any-to-any” connectivity, especially
as organizations deploy different room systems and
endpoints across geographies.
Highlights Statement from the BoD Corporate Governance Financials Annual Report 2025About Pexip
18
Customers
Pexip serves large organizations in the private and
public sectors where collaboration is business
critical and operational requirements are complex.
Customers often have multi-platform environments,
demanding security requirements, and a need for
deployment flexibility.
Large enterprises
Large enterprises typically operate across
multiple meeting platforms, endpoints, and office
locations. They require interoperability to enable
internal productivity and external collaboration
with customers and partners. Many also operate
under strict regulatory regimes or internal risk
requirements, increasing the need for secure
meeting capabilities and stronger data governance.
Government, defense and national security
These organizations require controlled IT
environments, government-certified infrastructure,
and strict adherence to national security and
sovereignty requirements. Expectations for quality,
resilience, security assurance, and documentation
are high. In many cases, these organizations also
require collaboration that can operate independently
of public cloud constraints, and that supports
governance at scale.
Regulated industries
Healthcare, justice, finance, and other regulated
industries increasingly rely on video as part of
service delivery. These sectors often require both
workflow integration and stronger governance,
creating demand for secure meeting solutions,
private deployments, and increasingly Private AI
capabilities within controlled boundaries.
Technology service providers and partners
Pexip works closely with service providers,
system integrators, and technology partners to
deliver solutions that fit customer architectures
and operational models. Partners may deploy
Pexip across different environments, integrate it
into existing workflows, and provide operational
services, enabling adoption at scale across
industries and regions.
Flexible deployment options
Flexible deployment options
SOFTWARE AS A SERVICE PLATFORM AS A SERVICE SELF-HOSTED
Public
cloud
Geo-fenced
private cloud
Private
cloud
Sovereign
cloud
Government
cloud
On-
premises
Air-
gapped
Highlights Statement from the BoD Corporate Governance Financials Annual Report 2025About Pexip
19
Pexip’s strategic impact in 2025
Pexip’s relevance strengthened in 2025 as
collaboration requirements continued to expand.
Organizations increasingly need seamless
interoperability for day-to-day productivity in
a multi-platform world, while also demanding
sovereign, secure collaboration for sensitive and
regulated use cases. Pexip plays a distinct role
in addressing both needs, reducing complexity,
protecting customer investments, and enabling
trusted collaboration across both connected and
controlled environments.
Interoperability that protects collaboration
investments
In 2025, this continued to drive demand for meeting
room interoperability. Pexip enables organizations
to modernize meeting rooms without vendor lock-in
while delivering a consistent user experience. This
supports hybrid work, external engagement, and
cross-organizational collaboration.
Enabling secure collaboration in controlled
IT environments
Security and compliance expectations continued to
rise in 2025, with a stronger focus on data control,
governance, and operational resilience. For many
organizations, particularly in government, defense,
healthcare, and regulated industries, collaboration
must run in controlled IT environments. Pexip
supports these deployment models and enables
customers to retain control over identity,
access, policy, and data handling, making secure
collaboration possible where public cloud services
are insufficient.
A partner-first role in a platform-driven
market
Pexip’s strategic position is strengthened by how
we work with the broader ecosystem. We typically
complement the leading meeting platforms rather
than competing directly, extending their value
through interoperability and secure deployment
options. This partner-first approach reduces
adoption friction for customers and enables Pexip
to be deployed alongside existing collaboration
investments. It also supports scalable routes to
market through service providers, integrators, and
technology alliances, helping customers implement
solutions that match their procurement preferences
and operational requirements.
Private AI, delivered on the customer’s
terms
AI is becoming a standard expectation in
collaboration. In 2025, market interest increasingly
shifted toward Private AI, as more customers
require AI functionality but cannot rely on public
cloud services. For regulated and security-sensitive
environments, this is a key requirement: customers
want AI benefits without losing control over data,
policies, and compliance boundaries. Pexip’s focus
on Private AI directly addresses this demand,
enabling customers to adopt AI capabilities within
deployment models and governance frameworks
that meet their security and sovereignty needs.
In 2025, Pexip’s strategic impact was defined
by enabling organizations to collaborate across
platforms while meeting rising requirements for
control, assurance, and innovation.
20
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20
Pexip provides the market with a unique and differentiated technology platform serving two
market categories: Pexip Secure & Custom Spaces and Pexip Connected Spaces.
Our offering
Pexip Connected Spaces
Connecting any video meeting room device to any meeting platform
Pexip Secure & Custom Spaces
Video meetings that are self-hosted on-premises or in a private cloud
When several video technologies need to work seamlessly together
When complete privacy and control over data is required
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Annual Report 2025Highlights Statement from the BoD Corporate Governance FinancialsAbout Pexip
Pexip Secure and Custom Spaces product portfolio
Pexip Secure Meetings for National
Security and Defense
Trusted, sovereign, interoperable secure
collaboration built for defense enterprises,
mission systems, and national security
partners
Pexip Secure Meetings for Government
Sovereign and compliant video meeting
solution providing secure and private
communication for government officials,
agencies, and citizens.
Pexip Private AI platform
AI powered captions and translations in secure
and custom meetings.
Pexip Secure Scheduler
For organizations that are unable to use
Microsoft Exchange, Pexip Secure Scheduler
for Web offers secure scheduling for secure
meetings.
Pexip Secure Meetings for Justice
A video platform for justice built for courts,
corrections, and law enforcement to deliver
virtual hearings that protect sensitive
information and expand access to justice.
Pexip Secure Meetings for Healthcare
A video platform for virtual care enabling
clinicians to deliver care, connect teams, and
embed secure video into everyday clinical
workflows.
Pexip Video Platform
A flexible, adaptable, integrator-friendly video platform designed for secure and custom environments
demanding for strict control and regulatory compliance.
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Annual Report 2025Highlights Statement from the BoD Corporate Governance FinancialsAbout Pexip
Pexip Connected Spaces product portfolio
Connect for Microsoft Teams
Join Teams meetings from any device with
Cloud Video Interop (CVI).
Connect for Teams Rooms
Join any meeting from Teams Rooms.
Connect for U.S. Government
Pexip Government Cloud is a FedRAMP®
Authorized CVI solution.
Connect for Google Meet
Join Google Meet meetings from any device.
Connect for Google Meet Rooms
Join Google Meet meetings from any device..
Connect for Zoom Rooms
Join Teams meetings from
Zoom Rooms.
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23
Strategy and targets
Pexip’s mission is to provide seamless video communication to all organizations
regardless of technology platforms and security requirements. We do this by developing
software technologies for video collaboration, and selling this technology to partners
and end-customers. The capabilities of our video platform allow us to serve two distinct,
complementary markets: Connected Spaces (interoperability) and Secure & Custom
(controlled and sovereign deployments).
Within the video infrastructure and interoperability
market, Pexip is positioned as a leader and
specialist interoperability provider enabling
meeting rooms devices to connect across
leading meeting platforms. This market remains
structurally multi-platform, and customers
continue to prioritize reliable “any room to any”
experiences with low operational complexity.
Pexip’s strategy is to defend and extend its
leadership through continued product excellence,
deeper platform integrations, and a partner-led
go-to-market model. We build alliances with
leading industry players and typically complement
their offerings rather than compete directly. The
Connected Spaces business is a mature market
with clear customer needs, where we focus on
maintaining a healthy and profitable business
while strengthening our market position.
Within the market for secure and customized
video solutions, Pexip is well positioned for
growth due to our ability to deliver a modern, self-
hosted video platform that can run in controlled
IT environments and integrate into customer
workflows. In 2025, key market drivers continued
to strengthen: increased focus on sovereignty,
compliance and data control–particularly the rise
of sovereign IT in Europe–alongside heightened
security expectations and demand for resilient
operations. In parallel, customers increasingly
seek the benefits of AI while retaining governance
over data, accelerating interest in Private AI
approaches. Pexip’s strategy is to strengthen
technology leadership in secure collaboration and
Private AI, while focusing go-to-market activities
toward public sector and regulated industries,
and the system integrator and service provider
ecosystem that serves these customers.
Pexip’s financial targets are to consistently deliver
double-digit growth in annual recurring revenues
and to deliver Rule of 40 performance across annual
recurring revenue growth and EBITDA margin. The
company aims to achieve this by focusing on niches
where Pexip has a unique competitive advantage
and a clear path to market leadership.
Pexip’s unique value drivers
Accelerated focus on Sovereign solutions
and data control
Continue to upsell and provide AI
functionality to existing customers
Solving highly relevant interoperability
challenges in enterprise and public sector
Unique position in highly classified and
mission-critical environments
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Highlights About Pexip Statement from the BoD Corporate Governance Financials
Annual Report 2025About Pexip
Pexip’s Sustainability Report
We believe that video conferencing will contribute to a sustainable future, from reducing
carbon emissions due to reduced travel, reducing e-waste and network usage, to providing a
better work-life balance for our employees, business partners and customers. At Pexip, we
work to ensure that our ESG responsibilities convert into positive outcomes.
2025 Pexip Sustainability Report
The sustainability statements are prepared based on
the requirements of the voluntary VSME standard
basic module from EFRAG (the European Financial
Reporting Advisory Group). The reporting is guided
by the Double Materiality Assessment that Pexip
completed in January 2025. The information in
this report is also in reference to Global Reporting
Initiative (GRI) standards, and Pexip will report on
material ESG topics that were deemed significant
based on the materiality assessment aligned with
the GRI. Pexip considers that the Sustainability
Accounting Standards Board (SASB)’s Software
and IT Services Standard and the disclosures
contained within it to be material ESG topics for the
company. All disclosures from the Standard have
been included in this report – see SASB disclosure
table in the appendix on page 38. The data enclosed
in the document has been collected over the period
of January 1, 2025 to December 31, 2025 and covers
the Pexip Group.
Where to find the full Sustainability Report
Pexip publishes a dedicated Sustainability Report
anually covering the Pexip Group and reporting
period, including VSME, GRI and SASB reference
tables and disclosures across environment, people,
governance, and supply chain.
The Pexip Sustainability Report is accessible here:
https://investor.pexip.com
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Statement from the Board
of Directors
In 2025 Pexip continued to deliver on its strategy of building market-leading positions in
its target markets, and through that drive growth and profitability. Industry partnerships
continue to play a central role, and in 2025 Pexip has both strengthened the partnerships
with the key players in the industry such as Microsoft, Google, Zoom and HP.
The Board sees a strong market opportunity for Pexip, with increased awareness of security
and sovereignty among large organizations. Companies and public sector organizations
continue to increase their investments to improve and secure digital communication and
interaction both with their customers and internally, and Pexip is in a good position to
support our customers with this. We continue to see the emergence of several markets
adjacent to the global video and collaboration market where we believe Pexip really has an
edge and the technology to be a key player.
Market environment
Pexip’s ambition is to be the industry leader within
its core markets, which for Pexip is the market for
video infrastructure and interoperability, and the
market for secure and customized communication
solutions.
Within video infrastructure and interoperability,
Pexip believes that technology should work with
existing workflows and systems. With Pexip’s
solutions, users can securely join meetings with
any device and from any location, without the need
for expensive hardware upgrades, downloads or
software installations. With Pexip, organizations
can connect the tools and workflows already in use
and utilize native integrations with Google Meet
and Microsoft Teams, as well as SIP interoperability
to a large range of other platforms. The result is an
optimal user experience, ease of management for
administrators, enhanced return on investment on
existing infrastructure and a reduction in e-waste
as organizations extend the lifetime of their video
conferencing equipment and upgrade it in the most
efficient and sustainable way possible.
Within secure and customized solutions, the
potential use cases of video stretch far beyond
traditional videoconferencing and Pexip is at
the core of this, enabling organizations to make
the most of these possibilities. Video now plays
a critical role in critical communication inside
organizations, safely connecting patients with
healthcare providers, making public services more
accessible to citizens and facilitating business
continuity by enabling both internal meetings and
customer-facing interactions to securely happen
from anywhere. Organizations are impacted by
the heightened global security focus, driven by
both increased geopolitical complexity and cyber
vulnerability, and increasing awareness around
topics such as data security and data sovereignty.
It is becoming more important to have control
over your own data, in addition to the ability to be
compliant with new laws and regulations.
Pexip can deliver solutions that allow organizations
to maintain full data control with an integrated
chat, video and file-sharing solution to ensure
secure communications. In addition, with Pexip,
organizations can use application programming
interfaces (APIs) to build custom branded
experiences and integrate with their chosen
technology and workflows to provide video-enabled
consultations that are easy to join from any device
or location, and that remain secure.
In total Pexip grew its subscription base to USD
131.0 million dollars at the end of 2025, up from
USD 113.1 million at the end of 2024. This is a 16%
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year-over-year growth, and together with a 26%
EBITDA margin excluding other gains and losses
enabled the Company to reach its medium-term
ambition of Rule of 40 performance across ARR
growth and EBITDA margin.
Organization and management
Pexip added Audhild Randa as a new EVP
Engineering to the senior management team
in 2025, to help drive even better execution in
developing new products and enabling the CTO to
focus on product development and customer needs.
The company’s two main teams are the commercial
team responsible for sales and customer success in
Pexip’s target markets, and the engineering team
responsible for software development, service
operations, support and product development. In
addition, the company has a small headquarter team
responsible for people and development, finance,
legal and marketing.
Pexip has worked to continuously optimize its
operations during 2025 by adding key roles where
needed and at the same time consolidating roles
and removing support functions. This has led to a
modest increase in staff from 282 at the start of
2025 to 285 at the end of the year. The current
organization is designed to further execute on
Pexip’s revenue strategy going into 2026 and deliver
on the company’s strategic and financial targets.
Pexip has a global sales organization, with R&D
mostly done in Norway and in England and most
HQ functions in Norway. Pexip has legal entities in
Norway, UK, USA, Germany, France, Netherlands,
Belgium, Italy, Spain, Japan, Singapore and
Australia, as well as a registered branch in Sweden.
Financial review
(Figures in brackets = same period prior year or
relevant balance sheet date).
Revenue amounted to NOK 1,228.3 million in 2025
(NOK 1,118.6 million), representing a 10% growth
year-on-year, driven by ARR growth across both
product areas.
• Self-hosted software revenue was NOK 635.7
million (NOK 573.3 million, +11%). The increase
is due to higher license sales and maintenance
renewals.
• Pexip as-a-Service revenue was NOK 592.6
million (NOK 545.2, +9%) from higher sales.
• EMEA is the largest revenue contributor with
NOK 585.1 million (NOK 567.0 million, +3%),
followed by Americas with NOK 548.1 million
(NOK 468.7 million, +17%), and APAC with NOK
95.1 million (NOK 82.8 million, +14%).
Cost of sale was NOK 101.4 million (NOK 105.1
million), resulting in a gross margin of 92% (up from
91%). The improvement is due to cloud platform
rebates and operational efficiency.
Operating expenses:
• Salary and personnel expenses were NOK
656.9 million (NOK 654.0 million), representing
53% of revenue (down from 58%). The increase
is mainly due to share-based compensation,
including realized social security costs related to
an exercise window in 2025.
• Other operating expenses were NOK 153.6
million (NOK 152.8 million), with no significant
changes across the main cost categories.
Other gains and losses amounted to a loss of NOK
5.3 million (loss of NOK 15.9 million), mostly related
to restructuring costs.
EBITDA excluding other gains and losses was NOK
316.4 million (NOK 206.7 million), reflecting a 26%
margin (18%). EBITDA was NOK 311.1 million (NOK
190.8 million), reflecting a 25% margin (17%).
Depreciation and amortization costs were NOK
52.5 million (NOK 78.1 million), reflecting lower
amortization of intangible assets.
Net financial items amounted to a gain of NOK
4.7 million (gain of NOK 54.6 million), with interest
income of NOK 26.4 million and foreign exchange
losses of NOK 18.6 million.
Profit before tax was NOK 263.3 million (NOK
164.2 million), and profit after tax was NOK 207.8
million (NOK 117.9 million).
Financial position
Pexip continues to have a very robust financial
position as the company has a solid cash buffer, no
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Annual Report 2025Corporate Governance
material interest bearing debt and a positive cash
flow. Total assets amounted to NOK 2,170 million
(NOK 2,206 million at the end of 2024), and total
equity amounted to NOK 1,511 million (NOK 1,608
million).
Current assets amounted to NOK 952 million (NOK
969 million at the end of 2024). Cash and cash
equivalents decreased to NOK 384 million (NOK
422 million) and Financial assets (money market
funds) increased to NOK 216 million (NOK 206
million). Combined cash and money market funds
decreased to NOK 600 million (NOK 628 million).
Trade and other receivables were at NOK 314
million (NOK 314 million), while Contract Assets
decreased to NOK 5 million (NOK 7 million).
Non-current assets amounted to NOK 1,218
million (NOK 1,237 million at the end of 2024). Of
this, NOK 599 million is related to goodwill which
is unchanged from the previous year. Contract
costs decreased to NOK 302 million (NOK 325
million), with the decrease coming from a NOK
5 million in net negative additions and negative
NOK 18 million from foreign exchange translation
differences. Right-of-use assets are reduced
to NOK 40 million (NOK 52 million) mostly from
reduced lease durations while Deferred tax asset
is up to NOK 159 million (NOK 140 million) with the
increase being tied to increased share compensation
liabilities.
Total liabilities were at NOK 659 million (NOK 598
million). NOK 2 million are borrowings
(NOK 2 million).
Current liabilities increased to NOK 581 million
(NOK 513 million at the end of 2024), with the
increased being mainly related to an increase in
contract liabilities and in trade and other payables.
Non-current liabilities amounted to NOK 78
million (NOK 85 million at the end of 2024), from a
reduction in lease liabilities and increase in deferred
tax liabilities.
Cash flow
Net cash flow from operating activities was NOK
394.1 million in 2025 (NOK 244.5 million) compared
to an EBITDA of NOK 311.0 million. In addition, the
Company had a positive fair value adjustment on
its money market funds of NOK 10.2 million (NOK
6.1 million). The increase compared to 2024 is due
to improved profitability and better working capital
development.
Cash flow from investing activities was negative
NOK 35.1 million in 2025 (negative NOK 240.7
million), with the improved cash flow mainly
due to NOK 200 million in money market funds
investments in 2024. Investments in own software
development are NOK 35.2 million (NOK 30.2
million) towards new features and capabilities to
ensure continued technology leadership in Pexip’s
target markets, while cash flow related to received
government R&D grants was NOK 4.0 million (NOK
4.5 million).
Cash flow from financing activities was negative
NOK 376.1 million in 2025 (negative NOK 127.9
million). The main cash outflow was related to
the dividend of NOK 259.8 million and the share
buyback of NOK 100.1 million.
As a result of the positive cash flow for the year
and the strong liquidity position of the Company,
the Board of Directors will propose a dividend of
NOK 4.0 per share for 2025 to the Annual General
Meeting in April 2026, which will be executed as
a repayment of capital upon shareholder approval.
At the issue of this report, the Company has
104,429,671 shares outstanding, of which 47,445 are
held by the Company itself.
Outlook and targets
Pexip believes that the market for enterprise-grade
video communication will continue to increase
due to the increased adoption and usage of video
communication, and increased awareness of
sustainability. Pexip has unique video technology
with capabilities within security, interoperability,
and flexible deployments. This makes the company
well-positioned as enterprises and public sector
organizations continue to adopt hybrid working
models. Furthermore, Pexip believes in the increased
use of video in organizations’ workflows with their
clients/customers, creating additional new and
significant market opportunities. In particular,
the use of video for mission-critical, high-security
meetings has increased. This is the foundation of
the focused strategy Pexip is executing, pursuing
market-leading positions in Secure and Custom
Video and Connected Spaces.
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Pexip’s near-term financial targets for 2025 were
to consistently deliver above 10% growth in annual
recurring revenues and have an EBITDA margin
above 20% with a high cash conversion. Pexip
delivered 16% growth in annual recurring revenue,
and an EBITDA margin excluding other gains and
losses of 26%.
Going forward the company aims to deliver double-
digit ARR growth and above Rule of 40 performance
across a combined ARR growth rate and EBITDA
margin excluding other gains and losses.
The company’s near-term outlook is to end Q1 2026
with an ARR of USD 133-136 million from USD 131.0
million at the end of Q4 2025.
These forward-looking statements are not
guarantees or predictions of future performance,
and involve known and unknown risks,
uncertainties, and other factors, many of which are
beyond our control, and which may cause actual
results to differ materially from those expressed in
the statements contained in this section. Readers
are cautioned not to put undue reliance on forward-
looking statements.
Subsequent events
There were no subsequent events after December
31, 2025.
Parent company and allocation
of net profit
Pexip Holding ASA is a public limited liability
company. It has 0 employees, and its activities are
limited to being listed on Oslo Børs and being the
parent company of Pexip AS. Pexip Holding ASA
had a profit of NOK 381.4 million in 2025 (NOK 10.5
million in 2024), mainly related to fees for external
services and operating expenses as well as financial
income.
For 2025 the Pexip Group had a net profit of NOK
207.8 million (NOK 117.9 million). The Pexip Group
had a free cash flow of NOK 353.7 million (NOK
196.5 million), and a negative change in cash and
money market funds of NOK 27.9 million. The Board
of directors will propose a dividend of NOK 4.0 pr
share for 2025 for the Annual General Meeting in
April 2026.
The Board of directors recommend that the gain for
the year of the parent company, Pexip Holding ASA,
of NOK 381.4 million is allocated to dividend and
other equity.
Environmental, social and
governance
Pexip’s ambition within Environmental, Social
and Governance (ESG) is to run the business in a
responsible and sustainable manner over time, and
in a way that contributes to a positive, trust-based
relationship between Pexip, Pexip’s stakeholders
and society. Material topics included in Pexip’s
Sustainability Report were identified in alignment
with GRI’s materiality principle. Pexip uses SASBs
Software and IT Services Standard and the
disclosures contained within it to represent material
ESG topics for the company. All disclosures from
the Standard have been included in this report.
The Sustainability Report can be found on Pexip’s
webpage under https://investor.pexip.com/ and
includes the following material topics:
• Data security and privacy
• Talent attraction and retention
• Greenhouse gas emissions and energy use
• Ethical business practices
• Diversity and equal opportunity
• Digital inclusion and positive industry impacts
• Health, safety, and wellbeing
• Supply chain management
• Intellectual property rights
Reducing both Pexip’s and the customers’ impact
on the environment when using Pexip’s products
and services is an important focus for Pexip and the
Board, and it will become even more important in
the future. The Board considers Pexip’s operations
to have an overall positive effect on the global
environment. Pexip delivers videoconferencing
services, which can be used to reduce business
travel and commuting, thereby reducing carbon
emissions, and improving the environment. Pexip’s
software also allows enterprises to increase the
lifetime of their technical equipment through
interoperability, giving the opportunity to reduce
e-waste. Pexip only produces software and
software-as-a-service and does not use products
or materials which are harmful to the natural
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Annual Report 2025Corporate Governance
environment in the production of its services. Pexip
uses waste sorting and recycling schemes for
supplies and materials. On the other hand, Pexip’s
cloud services and software has a significant power
consumption which has a negative impact. Pexip is
using vendors with clear net zero strategies for their
data center operations.
The direct impact of climate change is not expected
to have a material impact on Pexip’s financial
performance and accounts in the short term, as
Pexip has a limited carbon footprint and limited
physical infrastructure which can be impacted.
In the mid-term Pexip expects climate change
awareness to have a positive effect on revenue due
to the positive nature of videoconferencing when it
comes to reducing travel and commuting, improving
the environment as described above. Similarly,
it may negatively impact the cost of operations,
mainly related to data centers and compute due
to increasing cost of electricity. Pexip continues to
monitor potential risks and opportunities related to
climate change.
People and organization
Pexip aims to be a leading People organization in the
industry, with a strong focus on our people
and a culture of accountability and performance. We
rely on a diverse workforce to succeed, and we are
committed to providing an equal-opportunity, safe,
resilient and supportive environment that fosters
inclusion, individual growth, and enjoyment at work.
Pexip is an equal-opportunity employer, committed
to fair and consistent treatment of all applicants
and employees regardless of age, race, colour,
gender, religion, national origin, sexual orientation,
disability, or veteran status. We strive to foster
a diverse, inclusive, and safe work environment
where everyone has equal access to training,
compensation, and opportunities for advancement.
Our talent acquisition and promotion processes
are structured and guided by HR to ensure fairness
for all. All our leadership training programs include
dedicated discussions on these themes, including
our One Team session focused on diversity,
inclusion, and collaboration. Our Leadership Lab
pilot further reinforces these priorities through
multiple learning modules.
Employees and gender balance
At the end of 2025, Pexip had 285 employees in
permanent positions (2024: 282). Of these, 224
Employees
2025 2024
Male Female Male Female
# of total employees 224 61 227 55
# of full-time employees
at end of year
215 61 237 53
# of part-time
employees at end of year
3 0 2 2
# of temporary
employees at end of year
6 0 0 0
# of involuntary part-
time employees at end
of year
0 0 0 0
At year-end 2025, female representation reached
21%, compared with 20% at the end of 2024.
Pexip’s long-term ambition is to increase the share
of women in the organization, reflecting both our
commitment to diversity and the broader gender
balance challenges within the technology industry.
In Norway, women represent almost 37%
([ssb.no]) of the private-sector workforce, according
to Statistics Norway, yet only around 29% of
employees and 27% of leadership roles in the IT
sector are held by women, according to Abelia’s
2025 analysis of women in technology.
Pexip’s senior leadership team consists of eight
employees, of whom three are women. The Board
of Directors currently comprises five members: two
women and three men.
Looking ahead, our goal is to continue building a
diverse and inclusive workplace that offers equal
opportunities and a supportive environment for
all employees. While we recognize that further
progress is needed, Pexip remains committed
to expanding opportunities and strengthening
female representation across all divisions and
organizational levels. We work actively in talent
acquisition and promotion processes to ensure fair
were male and 61 were female, located across
24 countries. Pexip maintains offices in Norway,
Sweden, Belgium, Spain, France, Italy, Germany,
the United Kingdom, Australia, the United States,
Singapore, and Japan
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and equitable assessment practices and to attract
and retain a more gender-balanced workforce.
Our work for equality is underpinned by several
policies. Our code of conduct includes our
commitment to creating an equal opportunity
workplace, free from discrimination, harassment,
and victimization. Our human capital policy outlines
our principle of gender pay equality, and our belief
in equal pay for equal work. The Chief People
Officer leads the work with regards to equality,
and progress on internal goals and activities
are regularly followed up by the Company’s top
management.
Through 2025, Pexip has collaborated with Team
Aker Dæhlie to support BEYOND. Team Aker Dæhlie
is the first professional athletic team to include
athletes from both genders across long-distance
running, FIS/allround, talents and para-crossing.
The venture is called BEYOND and is also about
performing beyond going fast on the cross-
country track. Pexip is proud to have joined this
collaboration, and the joint ambition and action for
equal opportunities.
Flexible working and healthy working
conditions
Pexip works to offer a safe and risk-free working
environment that promotes a healthy workplace
and facilitates work-life balance. The company
offers flexible working hours and flexible workplace
schemes to facilitate work-life balance and better
conditions for, for example, combining work and
parenting. In 2025, the average sick-leave was 0.7%
(2024: 0.6%). During the year, 4 male and 4 female
employees were on parental leave for more than a
month, and male employees took 48 weeks in total,
while the female employees took 54 weeks.
Parental leave 2025 2024
Male Female Male Female
Employees entitled to
parental leave
224 61 227 55
Employees that took
parental leave of more
than one month
4 4 3 4
Weeks of parental
leave during the year
48 54 16 117
Sick leave 2025 2024
Male Female Male Female
# of employees on
sick leave during
the year
55 28 55 26
# of days of sick
leave during the
year
211 224 305 137
Research and development (R&D)
A core activity for Pexip is R&D related to distributed
software platforms for videoconferencing and
collaboration. During 2025 Pexip has delivered
several important innovations, as described
elsewhere in this report. The technology is
developed with the aim of making the company
the industry leader within Connected Spaces and
Secure and Custom video solutions
for large international corporations and public sector
organizations. Of the total R&D in 2025, Pexip
capitalized NOK 31 million (NOK 26 million) and
the remaining cost has been classified as operating
expenses.
Risk and risk management
Risk management in Pexip is based on the principle
that risk evaluation is an integral part of all business
activities and is a part of the annual strategy review.
Pexip has developed its approach to risk assessment
and risk mitigation within financial reporting, and
within information security, where Pexip holds
ISO 27001 and 27701 certifications as an external
recognition of its approach.
Pexip is exposed to both operational and financial
risks and has consequently implemented procedures
for risk management that are designed to reduce
possible negative effects.
Key financial and ESG risks
The Company is selling to large enterprises and
public sector organizations across the world,
often in partnership with the leading technology
companies operating in the wider collaboration
software market. This is a global market with a high
degree of innovation, and the company is exposed
to market risk with regards to customer demand,
commercial and technology partnerships as well as
technology innovation.
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The Company is exposed to fluctuations in currency
exchange rates. This is partly mitigated by both
revenue and costs being in multiple currencies,
however, the Company has an overweight of
exposure benefiting from a strong US dollar. Hedge
agreements are not in use.
Pexip is also exposed to credit risk with regards
to company’s customers. The vast majority of the
Company’s counterparts are well-renowned and
large IT companies, and historically the Company
has limited bad debt costs. This is assessed
periodically and any potential losses are reflected as
part of operating expenses.
The Company has very limited interest-bearing debt,
and limited exposure to interest rate fluctuations.
The Company has a solid positive cash flow and a
considerable cash and money-market fund position,
which is held and managed by reputable Nordic
banks, and considers liquidity risk to be low.
Pexip considers the financial risk from ESG risk
factors to be very limited, based on the company’s
low climate impact. This is further described in the
sustainability report.
Key current operational risks
Impact of Russia’s Invasion of Ukraine
The ongoing situation in Ukraine, and the impact on
business in the region is still ongoing. In response to
the attack on Ukraine, several extensive packages of
sanctions towards Russia have been launched. The
imposed sanctions are far-reaching. Norway has
adhered to all EU sanctions. To ensure compliance,
Pexip has ceased all commercial activities in
Russia, Donetsk, Luhansk, and Belarus. The
company regularly assesses, and maps exposures
related to these regions, including relationships
with banks, resellers, and customers with ties to
Russian interests or sanctioned individuals. All such
relationships are thoroughly reviewed to ensure
adherence to international sanctions.
Impact from the current market situation
The global economic and geopolitical situation
has faced challenges during 2025 and remains
uncertain for 2026. In particular there is increased
uncertainty with regards to sanctions and trade
barriers, which may impact Pexip which delivers
its software and software-as-a-service in several
markets across the world. Pexip has a local
presence in its key markets and is continuously
monitoring the development in order to adjust to
and seek to mitigate any regulatory changes.
Corporate governance
Good corporate governance provides the foundation
for long-term value creation, to the benefit of
shareholders, employees and other stakeholders.
The Board has established a set of governance
principles to ensure a clear division of roles
between the Board, the executive management
and the shareholders. The principles are based
on the Norwegian Code of Practice for Corporate
Governance. Pexip is subject to annual corporate
governance reporting requirements under section
2-9 of the Norwegian Accounting Act and the
Norwegian Code of Practice for Corporate
Governance. Pexip is subject to the Norwegian
Transparency Act, and the assessment can be
found together with the other financial reports at
www.pexip.com/investor. The annual statement on
corporate governance for 2025 has been approved
by the Board and can be found in this annual report.
A Directors and Officers Liability Insurance is in
place for members of the Board of Directors and
the CEO for their potential liability towards the
Company and third parties. The insurance covers
the Board’s and the CEO’s legal personal liability
for financial damage caused by the performance
of their duties. The insurance additionally covers
any employee acting in a managerial capacity and
includes subsidiaries owned with more than 50%.
The insurance policy is issued by a reputable,
specialized insurer with appropriate rating.
Share and shareholder matters
The Pexip share is listed on Oslo Børs under the
ticker PEXIP. The company was listed on Oslo Børs
on May 14, 2020 with a subscription price of NOK
63.00 per share.
Pexip has only one share class, and all shares have
equal rights in the company.
On December 31, 2025, the share capital of Pexip
Holding ASA was NOK 1,566,445.065 divided into
104,429,671 ordinary shares with a par value of NOK
0.015. The share had a closing price on December
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Highlights About Pexip Statement from the BoD Financials
Annual Report 2025Corporate Governance
30, (last day the share was traded in 2025) of NOK
77.9, up from NOK 43.9 per share at the end for
2024.
The turnover of shares is a measure of traded
volumes. On average, 208,271 Pexip shares were
traded on Oslo Børs every trading day in 2025.
As of December 31, 2025, Pexip had 5,054
shareholders registered in the Euronext Securities.
The shareholders were from 28 different countries
across the world, with 32.9% of holdings were
held by shareholders outside Norway. The top 20
shareholders held 46.0% of the registered shares
excluding shares held by the company.
The shares are registered in the Norwegian Central
Securities Depository. The company’s registrar
is DNB Markets. The shares carry the securities
number ISIN NO 0010840507.
Pexip aims to have an open and transparent
dialogue with shareholders and investors. Pexip
has a set of guidelines for investor relations.
The purpose of the investor relations guidelines
is to ensure that relevant, accurate and timely
information is made available to the market as
a basis for fair pricing and regular trading of the
company’s shares, and the company is perceived
as a visible, accessible, reliable and professional
company by the capital market, while at the same
time always observing the rules and legislation for
listed companies on Oslo Børs.
Pexip ensured that all relevant information
required for external evaluation of the company
was published in accordance with applicable rules
and guidelines set by Oslo Børs. The company also
conducted investor roadshows with investors across
the globe in connection with the interim results and
participated on several industry and investment
seminars during the year.
Going concern
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Annual Report 2025Corporate Governance
Board of Directors
SIGNATURE PAGE
Oslo, March 26, 2026
Board of Directors and CEO of Pexip Holding ASA
Kjell Skappel
Chair of the Board
Trond K. Johannessen
CEO
Irene Kristiansen
Board Member
Phillip Austern
Board Member
Silvija Seres
Board Member
Geir Langfeldt Olsen
Board Member
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Corporate governance
Good corporate governance provides the basis for long-term value creation, to the benefit
of shareholders, employees and other stakeholders. The Board of Pexip has established a set
of governance principles in order to ensure a clear division of roles between the Board, the
executive management and the shareholders. The principles are based on the Norwegian
Code of Practice for Corporate Governance.
Pexip is subject to annual corporate governance
reporting requirements under section 2.9 of the
Norwegian Accounting Act and the Norwegian
Code of Practice for Corporate Governance on the
continuing obligations of stock exchange listed
companies. The Accounting Act may be found (in
Norwegian) at www.lovdata.no. The Norwegian
Code of Practice for Corporate Governance, which
was last revised on August 28, 2025, may be found
at www.nues.no.
The annual statement on corporate governance for
2025 follows below. The statement was approved by
the Board on March 26, 2026.
1. Implementation and reporting on
corporate governance
The Board is committed to building a sound and
trust-based relationship between Pexip and
the company’s shareholders, the capital market
participants, and other stakeholders.
Pexip’s overall principles for corporate governance
are approved by the Board and can be found at
https://investor.pexip.com/corporate-governance.
Pexip complies with the Norwegian Code of Practice
for Corporate Governance (the code) issued by the
Norwegian Corporate Governance Board, latest
edition of August 28, 2025.
The Board’s annual statement on how Pexip
has implemented the code is set out below. The
statement covers each section of the code, and
deviations from the code, if any, are specified under
the relevant section.
2. Business
Pexip’s articles of association are available on
Pexip’s website.
Article 3 of these articles, Pexip’s business
objectives states: “The company’s objective
is to operate, own and/or invest in businesses
or development related to telecommunication
services and telecommunication solutions,
investment in other companies or development
of other businesses, and anything related to the
foregoing”. Within the framework of its articles
of association, Pexip has established goals and
strategies for its business.
Pexip’s objectives and strategies are presented
in the annual report in section “About Pexip”. The
evaluation of Pexip’s objectives and strategies as
well as risk and risk management are described in
the Board’s report. The “Environmental, Social and
Governance” section in the Board’s report covers
considerations on sustainable long-term value
creation.
When carrying out its work on defining objectives,
strategies, and risk profiles to create value
for shareholders in a sustainable manner, the
Board takes into account financial, social and
environmental considerations. The Board has
guidelines for how it integrates considerations
related to its stakeholders into its value creation.
The Board evaluates these objectives, strategies
and risk profiles at least yearly.
3. Equity and dividends
Equity
As of December 31, 2025, Pexip had a consolidated
equity of NOK 1,511 million, corresponding to an
equity ratio of 70%.
The Board considers that Pexip has a capital
structure that is appropriate for its objectives,
strategy and risk profile.
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Dividends
In deciding whether to propose a dividend and in
determining the dividend amount, the Board will
comply with the legal restrictions set out in the
Norwegian Public Limited Liabilities Companies
Act and take into account the company’s capital
requirements, including capital expenditure
requirements, the company’s financial condition,
general business conditions and any restrictions
that its contractual arrangements in place at the
time of the dividend may place on its ability to pay
dividends and the maintenance of appropriate
financial flexibility.
The proposal to pay a dividend in any year is, in
addition to any legal restrictions further subject
to any restrictions in the company’s borrowing
arrangements or other contractual arrangements in
place at the time.
The company introduced a policy in 2023 to
distribute 50-100% of the free cash flow generated
in the previous calendar year. For the financial
year of 2025, the Board has recommended a
dividend of NOK 4.0 per share, consisting of an
ordinary dividend of NOK 3.0 and an extraordinary
dividend of NOK 1.0 as the board recognizes that
the company has excess liquidity. If approved, the
last day including rights to dividends will be April
17, 2026. The company paid a dividend of NOK 2.5
for 2024 after the AGM in 2025, NOK 1.1 for 2023,
and did not pay any dividends on its Shares for the
financial years that ended December 31, 2022, 2021
and 2020.
Board mandates to increase the share
capital
At the Annual General Meeting of the company on
April 25, 2025 the Board was authorized to increase
the share capital of Pexip for general purposes by
up to NOK 156,000 in one or more share capital
increases through issuance of new shares. The
authorization was only to be used in connection with
(i) capital raisings for the financing of the company’s
business; and (ii) in connection with acquisitions
and mergers. If the Board proposes to deviate from
shareholders' preferential rights, the justification
shall be stated in the board minutes and in the stock
exchange announcement that publishes the capital
increase. The authorization can be used in situations
described in the Norwegian Securities Trading Act
section 6-17. The authorization is valid until the
annual general meeting in 2026, however no longer
than until June 30, 2026. The Board did not issue
any shares in relation to this authorization since the
Annual General Meeting on April 25, 2025 and up to
the date of this report.
At the Annual General Meeting of the company on
April 25, 2025 the Board was authorized to increase
the share capital of Pexip by up to NOK 50,000
in one or more share capital increases through
issuance of new shares. The authorization was only
be used in connection with issuance of shares to
the group’s employees or board members in relation
with option and incentive programs, both individual
and general. The authorization can be used in
situations as described in the Norwegian Securities
Trading Act section 6-17. The authorization is valid
until the annual general meeting in 2026 however
no longer than until June 30, 2026. No new shares
have been issued by the Board in relation to this
authorization since the Annual General Meeting on
April 25, 2026 and up to the date of this report.
4. Equal treatment of shareholders
The company’s share capital is NOK 1,566,445.065,
divided into 104,429,671 shares, each with a nominal
value of NOK 0.015.
The company held 1,952,590 own shares at the end
of 2025.
The Board and the executive management are
committed to ensure equal treatment of all the
company’s shareholders and that transactions with
related parties take place on an arm’s length basis.
The notes to the consolidated financial statements
for 2025 provides details about transactions with
related parties as well as financial relationships
related to the directors and executive personnel.
5. Shares and negotiability
The company’s shares are freely negotiable. The
articles of association do not impose any restriction
on the negotiability of the shares. There are no
general restrictions on the purchase or sale of
shares by members of the company’s management
as long as they comply with the regulations on
insider trading and in the Market Abuse Regulation.
Each share carries one vote.
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Highlights About Pexip Statement from the BoD Corporate Governance Financials
Annual Report 2025
6. General meetings
All shareholders have the right to participate in the
general meetings of the company, which exercise
the highest authority of the company. The Board
ensures that its shareholders can attend and
participate in the general meeting. The annual
general meeting will take place on April 17, 2026.
The Group’s financial calendar is published via Oslo
Børs and in the investor relations section of Pexip’s
website.
Notice, registration and participation
The full notice for general meetings shall be
sent to shareholders no later than 21 calendar
days prior to the meeting. The notices for such
meetings shall include documents providing the
shareholders with sufficient detail in order for
the shareholders to make an assessment of all
the cases to be considered as well as all relevant
information regarding procedures of attendance
and voting. The notice and the documents may be
sent to or made available for the shareholders by
electronic communication, to the extent allowed
in the company’s articles of association. The Chair
of the Board and the Chair of the nomination
committee are present at the general meeting.
The company’s auditor shall normally be present
at general meetings. The right to participate and
vote at general meetings of the Company can only
be exercised by those who are shareholders five
business days prior to the general meeting (the
registration date). Shareholders who wish to attend
a general meeting of the Company shall give the
Company written notice of attendance within a
time limit given in the notice of the general meeting,
which cannot expire earlier than two days before the
general meeting.
Proxy form, advance voting and voting
restrictions
Notices with documentation are made available on
Pexip’s website immediately after the documentation
has been issued as a stock exchange announcement.
The Board may allow for shareholders to cast written
votes in advance in matters to be discussed at the
general meetings of the company. Such votes may
also be cast through electronic communication.
The access to cast votes in advance is subject to the
presence of a safe method of authenticating
the sender.
General-meeting notices provide information on the
procedures for attendance and voting, including the
use of proxies or permission to cast written votes in
advance. Shareholders who cannot attend in person
are encouraged to cast written votes in advance or
appoint a proxy.
A proxy form, where a proxy has been named, is
framed in such a way that the shareholder can
specify how the proxy should vote on each issue
to be considered. The notices include information
on the right to raise issues for consideration at the
general meeting, including the relevant deadlines.
Chairing meetings, elections, etc.
General Meetings will normally be chaired by the
General Counsel. The Board will evaluate prior to
each General Meeting whether it is appropriate to
engage an external Chair to chair the meeting.
The Chair of the Board and Chief Executive Officer
(CEO) are required to attend. Other members of the
Board are entitled to attend.
Upon elections of Nomination Committee and
Directors of the Board. The general meeting will be
facilitated for separate voting for each individual
candidate
Minutes from general meetings are published
as soon as practicable via the stock exchange’s
reporting system (www.newsweb.no, ticker code:
PEXIP) and in the investor relations section of
Pexip’s website.
7. Nomination committee
The nomination committee is laid down in article
8 of the company’s articles of association. The
company shall have a nomination committee,
elected by the general meeting. The members of
the nomination committee should be selected to
take into account the interests of shareholders
in general, and the majority of the nomination
committee should be independent of the Board
and the executive management team. No board
member or member of the executive management
team should serve on the nomination committee.
Members of the executive management team should
not be members of the nomination committee.
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Highlights About Pexip Statement from the BoD Corporate Governance Financials
Annual Report 2025
The nomination committee shall present proposals
to the general meeting regarding (i) election of
the Chair of the Board, board members and any
deputy members, and (ii) election of members of the
nomination committee. The nomination committee
shall also present proposals to the general meeting
for remuneration of the Board and the nomination
committee, which is to be determined by the general
meeting.
In its work, the nomination committee may
contact shareholders, members of the Board, the
management and external advisers. The Board
shall ensure that information is provided on how
shareholders can propose board member candidates
to the nomination committee.
Shareholders should be given the opportunity
to propose board member candidates to the
Nomination Committee. The nomination committee
shall give considerable weight to the wishes of the
shareholders when making its recommendations.
Members of the nomination committee are elected
for a term of two years but may be re-elected. The
members may be removed or replaced at any time
by a resolution of the general meeting. In order to
ensure continuity, a maximum of two members
should be up for election at any time. The annual
general meeting stipulates the remuneration to be
paid to the nomination committee. The nomination
committee’s expenses shall be covered by the
company.
The general meeting shall adopt instructions for the
nomination committee.
The Annual General Meeting on April 25, 2025
re-elected Dag S. Kaada (Chair) and Arild Resen as
members of the nomination committee for a period
up to the annual general meeting in 2026. The AGM
also elected Johan Qviberg as a new member for a
period up to the annual general meeting in 2026. No
directors or members of executive management are
represented in the nomination committee.
8. Board of directors: composition
and independence
Pursuant to the articles of association, the Board
shall consist of between 3 and 7 board members, as
decided by the general meeting. The Board currently
has five shareholder-elected directors. Directors
and the Chair of the Board are currently elected by
the general meeting for a one or two year term. The
composition of the Board is intended to secure the
interests of the shareholders in general, while the
directors also collectively possess a broad business
and management background as well as in-depth
sector understanding and expertise in investment,
financing and capital markets. Weight is also
given to the Board’s ability to make independent
judgements of the business in general and of the
individual matters presented by the executive
management. Consideration has also been given
to gender representation and independence of
directors from the company and its management.
The Board does not include executive personnel.
All shareholder elected directors are independent
of Pexip’s executive management and commercial
partners. No shareholder elected directors has
done paid work for or on behalf of the company
during 2025 beyond their responsibilities as board
members, which is compensated in line with the
decision of the annual general meeting.
Details on background, experience and
independence of directors are presented on Pexip’s
website.
11 board meetings were held in 2025, in addition to
several Board workshops and committee meetings.
Each board member’s attendance at Board
meetings is recorded by the company.
Members of the Board are encouraged to own
shares. The shareholding of each board member
can be found in notes to the consolidated financial
statements and in the biography of each board
member on https://investor.pexip.com/corporate-
governance-Board.
9. The work of the Board
The Board shall prepare an annual plan for its
work with special emphasis on goals, strategy and
implementation. The Board’s primary responsibility
shall be (i) participating in the development and
approval of the company’s strategy, (ii) performing
necessary monitoring functions and (iii) acting as an
advisory body for the executive management team.
Its duties are not static, and the focus will depend
on the company’s ongoing needs. The Board is also
responsible for ensuring that the operation of the
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Highlights About Pexip Statement from the BoD Corporate Governance Financials
Annual Report 2025
company is compliant with the company’s values
and ethical guidelines. The Chair of the Board is
responsible for ensuring that the Board’s work is
performed in an effective and correct manner. The
Board shall ensure that the company has proper
management with clear internal distribution of
responsibilities and duties. A clear division of
work has been established between the Board
and the executive management team. The CEO
is responsible for the executive management of
the company. All members of the Board shall
regularly receive information about the company’s
operational and financial development. The
company’s strategies shall regularly be subject
to review and evaluation by the Board. The Board
shall prepare an annual evaluation of its work.
The role of the Board
The Board shall contribute with expertise and
experience to management. It shall set the vision,
values and long-term objectives of the company.
The duties of the Board
The duties of the Board are subject to the existing
laws, the company’s articles of association,
powers and instructions given by the general
meeting, these instructions and the company’s
Corporate Governance Policy. The main duties of
the Board may be divided in:
• The Board’s administration of the company,
cf. the Norwegian Public Limited Liability
Companies Act (the Companies Act) Section
6-12
• The Board’s supervisory responsibility, cf. the
Companies Act Section 6-13
The Board shall in general get involved and
consider all matters that are significant to the
company’s financing, operational performance and
long-term development.
The Board’s administration of
the company
The Board shall ensure an adequate organization
of the business, including appointment and
discharge of the CEO and issuing of instructions
to him (the Companies Act Section 6-2) The Board
is responsible for issuing any incentive programs
for the management of the company.
The Board shall approve the overall strategy,
business plans and budgets for the company.
The strategy discussions shall be finalized well in
time before the yearly budget process is started.
The Board shall, when necessary, timely initiate
discussions on strategic areas, especially within
re-structuring and/or change of the administration
and/or the management.
Through an adequate monthly reporting system,
the Board members shall keep themselves fully
updated on the company’s operational and financial
development. The information shall be given in a
meeting and/or in writing.
The annual report, sustainability report and the
annual accounts shall be submitted to the Board
for approval within relevant legal time frames.
The Board shall submit its annual report and
sustainability report, which shall include information
about net profit or loss, sustainability matters, and
prospects for the future (c.f the Accounting Act
Section 3-2).
The Board shall, in cooperation with the executive
management team, issue the company’s dividend
policy and is responsible for submitting proposals
(if any) for distribution of dividend to the general
meeting.
The Board has established specific sub-committees
to follow up the administration of the Company. The
Board has an audit committee and a remuneration
committee. The Board has established instructions
for each committee setting out their roles,
responsibilities and working procedures.
The Board’s supervisory responsibility
The Board shall supervise the management of the
company’s business in general. The Board may issue
instructions for the CEO.
Adequate equity
The Board shall see to that the company is at all
times funded and financed adequately in terms of
the risk and scope of the company’s business.
The Board’s duties in relation to the
general meeting
The general meetings are convened by the Board
(the Companies Act Section 5-8). The Board shall
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Highlights About Pexip Statement from the BoD Corporate Governance Financials
Annual Report 2025
prepare all matters which shall be considered by the
general meeting.
Directors of the Board and the CEO have the right
to attend and speak at general meetings. The Chair
of the Board and the CEO shall, save in case of
legal absence, attend general meetings unless the
general meeting in each case decides otherwise (the
Companies Act Section 5-5).
The Board shall submit its proposal to profit and
loss account and balance sheet, and its proposal
to application of profit or coverage of loss to each
shareholder (the Companies Act Section 5-6 third
paragraph) preferably together with the notice to
the general meetings, but not later than one week
before the matter shall be considered by the general
meeting.
Related parties
Any transactions, agreements or arrangements
between the Group and the Company’s
shareholders, members of the Board, members of
the executive management team or close associates
of any such parties may only be entered into as part
of the ordinary course of business and on arm’s
length market terms. All such transactions shall
where relevant comply with the procedures set out
in the Norwegian Public Limited Liability Companies
Act. The Board will arrange for a valuation to be
obtained from an independent third party unless the
transaction, agreement or arrangement in question
is considered to be immaterial. The Company’s
financial statements shall provide further
information about transactions with related parties
in accordance with applicable accounting principles.
Board members shall immediately notify the Board
and members of the executive management team
shall immediately notify the CEO (who where
relevant will notify the Board) if they have any
material direct or indirect interest in any transaction
entered into by the Group.
Other responsibilities
The Board shall be responsible for all other duties
which are attributed to the Board pursuant to laws
or the articles of association, and the Board shall
keep itself informed about or resolve matters which
in the opinion of the administration or the Chair of
the Board is natural or required.
10. Risk management and internal
control
As set out in the corporate governance guidelines
of Pexip Holding ASA, the company’s Board shall
ensure that the company has sound internal
control and systems for risk management that are
appropriate in relation to the extent and nature
of the company’s activities. This document sets
out the routines for such internal control and risk
management.
Objective of the risk management and
internal control
The objective for the company’s risk management
and internal control is to manage, rather than
eliminate, exposure to risks related to the
successful conduct of the company’s business and
to support the quality of its financial reporting and
sustainability reporting. Effective risk management
and good internal control contribute to securing
shareholders’ investment in the company and the
company’s assets.
The Board’s responsibility for risk
management and internal control
The Board shall ensure that the company’s internal
control comprises guidelines, processes, duties,
conduct and other matters that:
• facilitate targeted and effective operational
arrangements for the company and also make it
possible to manage commercial risk, operational
risk, the risk of breaching applicable legislation
and regulations as well as all other forms of risk
that may be material for achieving the company’s
commercial objectives
• contribute to ensuring the quality of internal and
external reporting
• contribute to ensuring that the company operates
in accordance with the relevant legislation and
regulations as well as with its internal guidelines
for its activities, including the company’s ethical
guidelines and corporate values
The Board shall form its own opinion on the
company’s internal controls, based on the
information presented to the Board. Reporting
by executive management to the Board shall
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Highlights About Pexip Statement from the BoD Corporate Governance Financials
Annual Report 2025
be prepared in a format which gives a balanced
presentation of all risks of material significance, and
of how the internal control system handles these
risks.
Internal control and risk management
system
The Board shall develop and assess the need
for internal control systems which address the
organization and execution of the company’s
financial and sustainability reporting. These systems
shall be continuously developed in light of the
company’s growth and situation.
The Board shall also focus on the need for
developing ethical guidelines ensuring that
employees can safely communicate to the Board
matters related to illegal or unethical conduct by the
company. The Board shall ensure that the company
has the necessary routines and hired personnel to
ensure that any outsourced functions are handled in
a satisfactory manner.
Pexip’s primary internal control routines related
to financial reporting are as follows: The Finance
department prepares a monthly financial report
which also contains the most important operational
KPIs and qualitative developments, comparing the
results to previous period and to budget. This report
is reviewed by the CEO, the management team and
the Board. The Board Audit Committee reviews
each quarterly and annual financial statement and
other company reports such as the sustainability
report with a particular focus on risk elements,
such as special transactions and estimates, and the
Board reviews and approves quarterly and annual
reports.
Each year, the external auditor performs tests of the
company’s internal control routines and presents
the findings to the Board. On this basis, the Board
reviews management’s plan for further development
of the company’s internal control system.
Annual review by the Board
The Board shall carry out an annual review of the
company’s most important areas of exposure to risk
and of the company’s internal control systems. The
Board’s review shall cover all matters included in
reports to the Board during the course of the year,
together with any additional information that may
be necessary to ensure that the Board has taken
into account all matters related to the company’s
internal control.
When conducting their review, the Board shall pay
attention to:
• changes relative to previous years’ reports in
respect of the nature and extent of material risks
and the company’s ability to cope with changes in
its business and external changes
• the extent and quality of management’s routine
monitoring of risks and the internal control
system and, where relevant, the work of the
internal audit function
• the extent and frequency of management’s
reporting to the Board on the results of such
monitoring, and whether this reporting makes
it possible for the Board to carry out an overall
evaluation of the internal control situation in the
company and how risks are being managed
• instances of material shortcomings or
weaknesses in internal control that come to light
during the course of the year which have had,
could have had or may have had a significant
effect on the company’s financial results or
financial standing
• to which extent the company’s external reporting
process functions
The Board shall provide an account in the annual
report of the main features of the company’s
internal control and risk management systems as
they relate to the company’s financial reporting.
11. Remuneration of the Board of
directors
The general meeting determines the Board’s
remuneration annually, normally in advance, on the
basis of recommendations from the nomination
committee. Remuneration of Board members
shall be reasonable and based on the Board’s
responsibilities, work, time invested and the
complexity of the enterprise. The Board shall be
informed if individual Board members perform tasks
for the company other than exercising their role
as Board members. Work in sub-committees may
be compensated in addition to the remuneration
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received for Board membership. This is further
described in the Pexip’s Remuneration Guidelines
and Remuneration report for 2025.
With the exception of the Chair of the Board,
none of the directors have undertaken any special
assignments for Pexip other than their work on the
Board and Board committees. Directors are unable
to accept such assignments without approval from
the Board in each case.
12. Salary and other remuneration
of executive personnel
The Board has a remuneration committee. The main
responsibilities of the committee are to evaluate and
propose the remuneration guidelines and issue an
annual report on the compensation of the executive
management team, which shall be included in the
company’s annual accounts pursuant to applicable
rules and regulations, including accounting
standards, promulgated from time to time. This
is further described in Pexip’s Remuneration
Guidelines and Remuneration report for 2025.
Changes to the executive management
and the Board
The annual general meeting on April 25, 2025 re-
elected the following Board, in accordance with the
nomination committee’s proposal:
i. Kjell Skappel, chair
iv. Irene Kristiansen
v. Phillip Austern
vi. Geir Langfeldt Olsen
vii. Silvija Seres
Kjell Skappel, Irene Kristiansen, Philip Austern, Geir
Langfeldt Olsen and Silvija Seres were elected for a
term of one year. No deputy members were elected.
Pexip added Audhild Randa as a new EVP
Engineering to the executive management team
in 2025, to help drive even better execution in
developing new products, and enabling the CTO to
focus on product development and customer needs.
13. Information and
communications
The Board ensures that the company discloses
financial and other information in accordance
with established guidelines for investor
communication. Pexip’s communication with
the capital markets is based on the principles of
transparency, full disclosure and equality. These
guidelines are published on investor.pexip.com.
The CEO and CFO are responsible for the main
dialogue with the investor community, hereunder
the company’s shareholders.
Pexip follows the Norwegian corporate
governance code. This includes the code’s
policy and principles for publication of relevant
information. Therefore, information shall at all
times be available on Pexip’s investor website
(investor.pexip.com).
English will be the primary language used
for investor communication. Stock exchange
notices and other formal communications will
be published in English. Information to the stock
market is published in the form of annual and
interim reports, press releases, stock exchange
announcements and investor presentations. All
information considered relevant and significant
for valuing the company’s shares will be
distributed and published in English via Oslo
Børs disclosure system, www.newsweb.no, and
via Pexip’s investor website (investor.pexip.com)
simultaneously.
Pexip holds public presentations in connection
with the announcement of quarterly and annual
financial results as well as strategic updates. The
presentations are available as live presentations
via the internet. Presentation material is made
available via Oslo Børs’ news site
www.newsweb.no and investor.pexip.com.
Pexip gives weight to maintaining an open and
ongoing dialogue with the investor community,
hereunder frequent meetings with investors, fund
managers, analysts and journalists. The company
is also present at relevant investor conferences
and seminars. Presentations held at such events
are made public via investor.pexip.com.
The guidelines for investor communication state
that in the last three weeks prior to distribution
and publication of company results, no meetings
with shareholders, investors or analyst are to be
held. Pexip also has the right to put into effect
Silent Periods in connection with other corporate
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events. In Silent Periods, no comments will be given
to other stakeholders, such as the press, on Pexip’s
results and future development.
Reporting of financial and other information shall
be timely and accurate. The main purpose of this
information presents a complete picture of Pexip’s
financial results and position as well as articulating
Pexip’s long-term goals and potential, including its
strategy, value drivers and important risk factors.
The Group publishes a financial calendar every year
with an overview of the dates of important events,
including the general meeting, publication of interim
reports and open presentations. This calendar is
made available as a stock exchange announcement
and on Pexip’s website as soon as it has been
approved by the Board.
14. Takeovers
The Board has established guiding principles for
responding to possible takeover bids.
In a take-over process, should it occur, the Board
and the executive management team each have
an individual responsibility to ensure that the
company’s shareholders are treated equally and
that there are no unnecessary interruptions to the
company’s business activities. The Board has a
particular responsibility in ensuring, to the extent
possible, that the shareholders have sufficient
information and time to assess the offer.
In the event of a take-over process, the Board shall
ensure that:
• the Board will not seek to hinder or obstruct
any takeover bid for the company’s operations
or shares unless there are particular reasons for
doing so;
• the Board will not undertake any actions intended
to give shareholders or others an unreasonable
advantage at the expense of other shareholders
or the Company;
• the Board will not institute measures with the
intention of protecting the personal interests of
its members at the expense of the interests of the
shareholders; and
• the Board shall be aware of the particular duty it
has for ensuring that the values and interests of
the shareholders are protected.
In the event of a take-over bid, the Board will, in
addition to complying with relevant legislation
and regulations, seek to comply with the
recommendations in the Norwegian Code of
Practice for Corporate Governance unless there are
particular reasons not to. This includes obtaining a
valuation from an independent expert. On this basis,
the Board will seek make a recommendation as to
whether or not the shareholders should accept the
bid.
15. Auditor
The external auditor, Deloitte, annually presents
its overall plan for the audit of Pexip for the audit
committee’s consideration.
The external auditor’s involvement with the Board
during 2025 related to the following:
Presented the main features of the audit work.
• Attended all audit committee meetings approving
the financial statements and sustainability
reports, reviewing possible significant changes
in accounting principles, assessing significant
accounting estimates, and considering all
possible disagreements between the external
auditor and executive management.
• Reviewed Pexip’s internal control procedures
and systems, including the identification of
weaknesses and proposals for improvements.
• Held a meeting with the Board without the
presence of the executive management.
• Confirmed its independence and provided an
overview of non-audit services provided to Pexip.
• During 2025, the external auditor attended 5
meetings with the audit committee in addition to
one meeting with the Board.
Pursuant to the code, the Board has established
guidelines for Pexip’s management use of the
external auditor for non-audit services.
The Board reports annually to the annual general
meeting on the external auditor’s total fees, split
between audit and non-audit services. The annual
general meeting approves the auditor’s fees for the
holding company.
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Executive Management
Øystein Hem
Chief Financial Officer
Patricia Auseth
Chief Marketing Officer
Trond K. Johannessen
Chief Executive Officer
Ingrid Woodhouse
Chief People Officer
Helge Hoff Hansen
Chief Operations Officer
Audhild Andersen Randa
EVP Engineering
Åsmund O. Fodstad
Chief Revenue Officer
Ian Mortimer
Chief Technology Officer
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Period January 1 - December 31
Consolidated statement of profit or loss
The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.
(NOK 1,000) Notes 2025 2024
Revenue 2 1 228 286 1 118 562
Cost of sale 101 435 105 102
Salary and personnel expenses 3 656 873 653 959
Other operating expenses 4 153 590 152 787
Other gains and losses 5 5 318 15 936
EBITDA 311 069 190 778
Depreciation and amortization 9,10,12 52 534 78 137
Impairment losses 3 104
Operating profit or loss 258 535 109 537
Financial income 6 26 427 28 665
Financial expenses 6 -3 097 -3 397
Net gain and loss on foreign exchange differences 6 -18 582 29 352
Financial income/- expenses - net 4 748 54 620
Profit or loss before income tax 263 283 164 156
Income tax expense 7 55 516 46 251
Profit or loss for the year 207 767 117 905
Profit or loss is attributable to:
Owners of Pexip Holding ASA 207 767 117 905
Earnings per share
Basic earnings per share 8 2.02 1.16
Diluted earnings per share 8 1.96 1.12
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Period January 1 - December 31
Consolidated statement of comprehensive income
The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.
(NOK 1,000) 2025 2024
Profit or loss for the year 207 767 117 905
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations -26 979 20 301
Total comprehensive income for the year 180 788 138 206
Total comprehensive income is attributable to:
Owners of Pexip Holding ASA 180 788 138 206
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Date as of December 31
Consolidated statement of financial position
The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.
(NOK 1,000) Notes 2025 2024
ASSETS
Non-current assets
Property, plant and equipment 9 16 107 20 124
Right-of-use assets 10 40 065 51 793
Goodwill 11 598 998 598 998
Other intangible assets 12 97 065 95 749
Deferred tax asset 7 158 901 140 225
Contract costs 18 301 818 325 086
Receivables 554
Other assets 13 4 766 4 841
Total non-current assets 1 217 720 1 237 369
Current assets
Trade and other receivables 13,19 313 995 313 825
Contract assets 18 4 940 6 737
Other current assets 14 32 857 19 778
Financial Investments 19 216 245 206 066
Cash and cash equivalents 15,19 384 067 422 100
Total current assets 952 103 968 507
TOTAL ASSETS 2 169 823 2 205 875
(NOK 1,000) 2025 2024
EQUITY AND LIABILITIES
Equity
Total equity 16 1 510 750 1 607 952
Non-current liabilities
Borrowings 17,19 1 984
Lease liabilities 10,19 32 177 43 510
Deferred tax liabilities 7 46 109 39 755
Other payables 28
Total non-current liabilities 78 286 85 277
Current liabilities
Trade and other payables 19,21 180 973 156 534
Contract liabilities 18 377 570 335 885
Current tax liabilities 7 4 743 2 104
Borrowings 17,19 1 769
Lease liabilities 10,19 15 732 18 123
Total current liabilities 580 787 512 646
Total liabilities 659 074 597 923
TOTAL EQUITY AND LIABILITIES 2 169 823 2 205 875
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Board of Directors
SIGNATURE PAGE
Oslo, March 26, 2026
Board of Directors and CEO of Pexip Holding ASA
Kjell Skappel
Chair of the Board
Trond K. Johannessen
CEO
Irene Kristiansen
Board Member
Phillip Austern
Board Member
Silvija Seres
Board Member
Geir Langfeldt Olsen
Board Member
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The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.
Consolidated statement of changes in equity
Notes Share
capital
Share
premium
Other
reserves
Translation
differences
Retained
earnings
Total
equity
(NOK 1,000)
Balance at January 1, 2024 1 523 2 115 938 56 186 14 977 -633 803 1 554 823
Profit or loss for the year 117 905 117 905
Other comprehensive income for the year 20 301 20 301
Total comprehensive income for the year 20 301 117 905 138 206
Buy/sell treasury share 16 4 605 609
Dividend paid to company’s shareholders 22 -111 745 -111 745
Share-based payments 3 26 060 26 060
Balance at December 31, 2024 1 527 2 004 193 82 851 35 277 -515 898 1 607 952
Balance at January 1, 2025 1 527 2 004 193 82 851 35 277 -515 898 1 607 952
Profit or loss for the period 207 767 207 767
Other comprehensive income for the year -26 979 -26 979
Total comprehensive income for the year -26 979 207 767 180 788
Buy/sell treasury share 16 10 -97 745 -97 735
Dividend paid to company’s shareholders 22 -259 799 -259 799
Share-based payments, net of tax 3 79 544 79 544
Balance at December 31, 2025 1 537 1 744 393 64 651 8 298 -308 131 1 510 750
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Consolidated statement of cash flows
The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.
Period January 1 - December 31
(NOK 1,000) Notes 2025 2024
Cash flow from operating activities
Profit or loss before income tax 263 283 164 156
Adjustments for
Depreciation, amortization and net impairment losses 9,10,12 52 534 81 241
Non-cash - share based payments 21 232 26 060
Interest income/expenses - net 6 -13 040 -19 312
Net exchange differences 3 740 -16 654
Fair value on Financial Assets at fair value through profit and loss 6 -10 178 -6 066
Other adjustments -1 119 629
Change in operating assets and liabilities
Change in trade, other receivables and other assets 3 175 -110 197
Change in trade, other payables and contract liabilities 64 965 109 390
Interest received 6 15 919 22 472
Income taxes paid/refunded -6 373 -7 241
Net cash inflow/outflow from operating activities 394 137 244 478
Cash flow from investing activities
Payment for property, plant and equipment 9 -4 004 -16 122
Payment of software development cost 12 -35 230 -30 197
Receipt of government grants 12 4 000 4 497
Proceeds from sale of property, plant and equipment 176 1 163
Payment for financial assets at fair value through profit or loss -200 000
Net cash inflow/outflow from investing activities -35 059 -240 660
Cash flow from financing activities
Dividend paid to company’s shareholder 22 -259 799 -111 745
Proceeds from borrowings 104 301
Repayment of borrowings -90 -470
Principal element of lease payments 10 -15 566 -13 405
Interest paid 6,10 -3 019 -3 160
Proceeds from release of Treasury shares 16 2 314
Aquisition of treasury shares 16 -100 049 609
Net cash inflow/outflow from financing activities -376 105 -127 871
Net increase/(decrease) in cash and cash equivalents -17 026 -124 053
Cash and cash equivalents start of the period 422 100 522 692
Effects of exchange rate changes on cash and cash equivalents -21 006 23 460
Cash and cash equivalents end of the period 384 067 422 100
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Note 18 - Contract costs, contract assets and contract liabilities
(NOK 1,000)
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The Group has recognized the following assets and liabilities related to contract with customers:
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26b) List of subsidiaries
The consolidated financial statements for 2025 include the following subsidiaries:
Company Registered office Voting share Ownership share
Pexip AS Oslo, Norway 100% 100%
Pexip Ltd. Berkshire, England 100% 100%
Pexip Inc. Virginia, USA 100% 100%
Pexip Australia Pty Ltd Sydney, Australia 100% 100%
Pexip Singapore Pte Ltd Singapore, Singapore 100% 100%
Pexip Japan GK Tokyo, Japan 100% 100%
Pexip France SAS Neuilly-sur- Seine, France 100% 100%
Pexip Germany GmbH Düsseldorf, Germany 100% 100%
Pexip Netherlands B.V. Utrecht, Netherlands 100% 100%
Pexip Belgium NV Ghent, Belgium 100% 100%
Pexip Italy S.R.L. Milan, Italy 100% 100%
Pexip Spain SL Madrid, Spain 100% 100%
The consolidated financial statements for 2024 include the following subsidiaries:
Company Registered office Voting share Ownership share
Pexip AS Oslo, Norway 100% 100%
Pexip Ltd. Berkshire, England 100% 100%
Pexip Inc. Virginia, USA 100% 100%
Pexip Australia Pty Ltd Sydney, Australia 100% 100%
Pexip Singapore Pte Ltd Singapore, Singapore 100% 100%
Pexip Japan GK Tokyo, Japan 100% 100%
Videxio Asia Pacific Ltd. Kuala Lumpur, Malaysia 100% 100%
Pexip France SAS Neuilly-sur- Seine, France 100% 100%
Pexip Germany GmbH Düsseldorf, Germany 100% 100%
Pexip Netherlands B.V. Utrecht, Netherlands 100% 100%
Pexip Belgium NV Ghent, Belgium 100% 100%
Pexip Italy S.R.L. Milan, Italy 100% 100%
Pexip Spain SL Madrid, Spain 100% 100%
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26c) Transactions with related parties
The Group’s related parties include Parent Company and subsidiaries (see section above for the list of companies in the
Group), as well as members of the Board, Management Group and their related parties. Related parties also include
companies in which the individuals mentioned above have significant influence.
The Group is not part in any agreements, deals, or other transactions in which the Parent company’s Board of Directors or
Management Group had a financial interest, except for transactions following from the employment relationship.
Remuneration to key personnel is disclosed in the remuneration report.
In note 3 employee benefit expense, key management compensation by categories is disclosed.
Transactions and balances between the parent company and its subsidiaries, and between the subsidiaries, have been
eliminated on consolidation, and are not disclosed in this note. The Group does not have other transactions with related
parties, except for remuneration for their role in the Group.
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Period January 1 - December 31
Profit or loss statement
(NOK 1,000) Notes 2025 2024
Operating expenses 2,3 19 525 19 901
EBITDA -19 525 -19 901
Operating profit or loss -19 525 -19 901
Financial income 4 410 013 28 718
Financial expenses 4 -9 735
Net gain and loss on foreign exchange differences 4 -3 349 4 623
Financial income/- expenses - net 396 929 33 341
Profit or loss before income tax 377 404 13 439
Income tax expense 5 -4 044 2 957
Profit or loss for the year 381 448 10 483
Profit or loss is attributable to:
Owners of Pexip Holding ASA 381 448 10 483
Allocation of net profit and equity transfers
Dividends to shareholders 6 417 529 259 799
Transfers from equity -36 081 -249 316
Total allocations and equity transfers 381 448 10 483
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Date as of December 31
Statement of financial position
(NOK 1,000) Notes 2025 2024
ASSETS
Non-current assets
Deferred tax 5 34 057 30 012
Investments in group companies 7 1 138 018 1 115 380
Total non-current assets 1 172 075 1 145 393
Current assets receivables
Other current assets 1 108 980
Financial Investments 9 216 245 206 066
Receivables from Group company 8 395 786 15 871
Cash and cash equivalents 8 366 286 404 405
Total current assets 979 425 627 322
TOTAL ASSETS 2 151 500 1 772 715
(NOK 1,000) 2025 2024
SHAREHOLDERS EQUITY AND LIABILITIES
Shareholders equity
Paid-in equity
Share capital 6,10 1 537 1 528
Share premium 6,11 1 326 865 1 744 394
Total paid-in equity 1 328 402 1 745 921
Equity
Other equity 6 -174 092 -480 433
Total other equity -174 092 -480 433
Total shareholders equity 1 154 310 1 265 489
Liabilities
Current liabilities
Trade and other payables 1 395 -69
Debt to group Company 8 578 266 247 496
Dividends 6 417 529 259 799
Total current liabilities 997 189 507 226
Total liabilities 997 189 507 226
TOTAL EQUITY AND LIABILITIES 2 151 500 1 772 715
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Board of Directors
SIGNATURE PAGE
Oslo, March 26, 2026
Board of Directors and CEO of Pexip Holding ASA
Kjell Skappel
Chair of the Board
Trond K. Johannessen
CEO
Irene Kristiansen
Board Member
Phillip Austern
Board Member
Silvija Seres
Board Member
Geir Langfeldt Olsen
Board Member
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Period January 1 - December 31
Statement of cash flows
(NOK 1,000) Notes 2025 2024
Cash flow from operating activities
Profit or loss before income tax 390 368 13 439
Fair value on financial instruments 4 -10 178 -6 066
Net exchange differences 3 269 -4 634
Financial income/(expenes) - net 4 -412 799 -22 651
Change in operating assets and liabilities
Change in trade payables 1 325 -1
Changes in intercompany balances 101 640 -70 430
Changes in other current assets and other liabilities 11 61
Interest received 4 4 049 22 651
Net cash inflow/outflow from operating activities 77 685 -67 632
Cash flow from investing activities
Cash out from loan to related parties -502 -1 043
Cash in from intercompany loans 502 276 327
Payment for financial assets at fair value -200 000
Net cash inflow/outflow from investing activities 75 284
Cash flow from financing activities
Proceeds from intercompany borrowings 247 393
Repayment of Borrowings -2 319
Proceeds from release of treasury shares 10 2 314 609
Aquisition of treasury shares 10 -100 049
Dividend paid to company’s shareholder 6 -259 799 -111 745
Net cash inflow/outflow from financing activities -112 460 -111 137
Effects of currency rate changes on bank deposits, cash and equivalents
Net increase/(decrease) in cash and cash equivalents -34 775 -103 485
Cash and cash equivalents start of the period 404 405 503 255
Effects of exchange rate changes on cash and cash equivalents -3 343 4 634
Cash and cash equivalents end of the period 366 286 404 405
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Pexip Holding ASA
Note 1 - Accounting policies
The financial statements have been prepared in accordance with the Norwegian Accounting Act of
1998 and generally accepted accounting principles in Norway.
Valuation and classification of assets and liabilities
Assets intended for permanent ownership or use in the business are classified as non-current assets.
Other assets are classified as current assets. Receivables due within one year are classified as current
assets. The classification of current and non-current liabilities is based on the same criteria.
Current assets are valued at the lower of historical cost and fair value.
Fixed assets are carried at historical cost, but are written down to their recoverable amount if this is lower than the
carrying amount and the decline is expected to be permanent. Fixed assets with a limited economic life are
depreciated on a systematic basis in accordance with a reasonable depreciation schedule.
Other long-term liabilities, as well as short-term liabilities, are valued at nominal value.
Foreign currency
All balance sheet items denominated in foreign currencies are translated into NOK at the exchange rate prevailing
at the balance sheet date.
Currency forward contracts are valued in the balance sheet at fair value on the balance sheet date.
Shares in subsidiaries and associates
Subsidiaries and investments in associates are carried at cost. A write-down to fair value will be performed if
the impairment is not considered to be temporary, and an impairment charge is deemed necessary according
to generally accepted acccounting principles. Received dividends and group contributions are recognized as other
financial income. The same applies for investments in associates.
Share-based payments
Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation
model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most
appropriate inputs to the valuation model including the expected life of the share option or appreciation right,
volatility and dividend yield and making assumptions about them.
For the measurement of the fair value of the equity-settled transactions with employees at the grant date, the Group
uses the Black-Scholes-Merton option pricing model.
Revenue
Revenue is recognized when it is earned, i.e. when the claim to remuneration arises. This occurs when the service is
Notes to the accounts, year ended 31 December 2025
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performed, as the work is being done. The revenue is recognized with the value of the remuneration at the time of
transaction.
Receivables
Trade receivables and other receivables are recognized at nominal value, less the accrual for expected losses of
receivables. The accrual for losses is based on an individual assessment of each receivable.
Cash and cash equivalents
Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less
than three months at the date of purchase.
Income taxes
Tax expenses are matched with operating income before tax. Tax related to equity transactions e.g.
group contribution, is recognized directly in equity.
Tax expense consists of current income tax expense and change in net deferred tax. Deferred tax liabilities and
deferred tax assets are presented net in the balance sheet.
Dividends
Dividends proposed in the annual statement is recognized as a liability in the balance sheet of Pexip Holding AS at balance
ending date.
Note 2 - Payroll costs, number of employees, benefits, loans to
employees etc.
(NOK 1,000)
Pexip Holding ASA has no employees.
Chief Executive Officer is compensated from Pexip AS.
The remuneration to CEO is disclosed in the managment remuneration report for 2025.
Remuneration to board of directors in the parent company
The remuneration to board of directors is disclosed in the management remuneration report for 2025.
Auditor
Remuneration to Deloitte AS and their associates is as follows:
2025 2024
Statutory audit 2 887 2 591
Assurance services 81
Total 2 968 2 591
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Note 3 - Operating expenses
(NOK 1,000)
Note 4 - Financial Income and expenses
(NOK 1,000)
Note 5 - Income tax expense
(NOK 1,000)
Other operating expenses 2025 2024
Operating expenses 10 734 10 971
Audit fees 2 968 2 591
Other professional fees 398 1 195
Other operating costs 5 425 5 144
Total 19 525 19 901
2025 2024
Interest income 4 049 6 781
Financial instruments at fair value 10 178 6 066
Group contribution from subsidiary 395 786
Interest income from Group company 15 871
Financial income 410 013 28 718
Financial expenses Group companies -9 735
Financial expenses -9 735
Net foreign currency gains and losses -3 349 4 623
Net financial income (expense) 396 929 33 341
Of the Exchange gains and losses as of December 31 2025, NOK -3,349 thousand
are related to currency changes (AUD, DKK, EUR, GBP, SEK, SGD, USD) for the bank accounts.
Specification of income tax expense: 2025 2024
Current income tax payable
Changes in deferred tax -4 044 2 957
Tax on profit/(loss) -4 044 2 957
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Reconciliation from nominal to real income tax rate:
2025 2024
Profit/(loss) before taxation 377 404 13 439
Estimated income tax according to nominal tax rate (22%) * -4 044 2 957
Tax effect of non deductible expenses
Income tax expense -4 044 2 957
Effective income tax rate 22% 22%
2025 2024
Specification for the tax effect of temporary differences and losses carried forward Asset Asset
Tax losses 34 057 30 012
Total 34 057 30 012
Deferred tax is determined based on the amount differences between the accounting principles and the taxation purposes,
of assets and liabilities at the reporting date. Deferred tax assets are generally recognized for all deductable temporary
differences to the extent that it is probable that they can be offset by future taxable income for the Pexip Group.
The company has assesed that the tax losses will be recoverable in the future.
*Group contribution from subsidiary Pexip AS does not affect the tax calculation as the contribution is given
free of tax.
Note 6 - Equity
(NOK 1,000)
(NOK 1,000)
Share
capital
Share
premium
Other
reserves
Retained
earnings
Total
equity
Balance at January 1, 2024 1 524 2 004 193 -44 974 -471 887 1 488 855
Profit or loss for the period 10 483 10 483
Total income for the year 10 483 10 483
Dividend to shareholders -259 799 -259 799
By/sell treasury share 4 605 609
Share-based payments 25 342 25 342
Balance at December 31, 2024 1 528 1 744 394 -19 027 -461 404 1 265 489
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(NOK 1,000)
Share
capital
Share
premium
Other
reserves
Retained
earnings
Total
equity
Balance at January 1, 2025 1 528 1 744 394 -19 027 -461 404 1 265 489
Profit or loss for the period 381 448 381 448
Total income for the year 381 448 381 448
Dividend to shareholders -417 529 -417 529
By/sell treasury share 10 -97 745 -97 735
Share-based payments 22 638 22 638
Balance at December 31, 2025 1 538 1 326 865 -94 134 -79 956 1 154 310
Note 7 - Investments in subsidiaries and associated companies
(NOK 1,000)
Note 8 - Related party transactions and balances
(NOK 1,000)
Company Date of acquisition Registered office Voting share Ownership share
Pexip AS 10/22/2018 Lysaker, Norway 100% 100%
Equity latest
financial statements
Profit/loss latest
financial statements
Company
Pexip AS 1 200 235 649
Related party transactions, profit and loss
Related party balance items
Relationship to
the counterpart
Intercompany
borrowings
Intercompany
borrowings
Counterpart 2025 2024
Pexip AS Subsidiary 578 266 247 496
Total 578 266 247 496
Relationship to
the counterpart
Intercompany
receivables
Intercompany
receivables
Counterpart 2025 2024
Pexip AS Subsidiary 395 786 15 871
Total 395 786 15 871
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Intercompany borrowings amounted to NOK 578,266 thousand and intercompany receivables to NOK 395,786 thousand.
Of the total cash of NOK 366,286 thousand, 312,234 thousand is related to the established cash pool for the Pexip Group.
Total cash amount within the cash pool for the Group per year end 2025 is booked in Pexip Holding ASA as the legal
owner of the cash.
Note 9 - Financial assets
(NOK 1,000)
Financial assets 2025 2024
Financial assets at cost:
Cash & cash equivalents 366 286 404 405
Total 366 286 404 405
Financial assets at fair value
Liquidity fund 216 245 206 066
Total 216 245 206 066
Total Financial assets 582 531 610 471
Fair value hierarchy
This overview explains the judgements made in determining the fair values of financial instruments in the
financial statements.
2025 2024
Level Amount Level Amount
Liquidity fund Level 1 216 245 Level 1 206 066
Total Financial instruments at fair value 216 245 206 066
There was no transferred between levels in 2025 or 2024.
Level 1 fair value is based on quoted market prices at the end of the reported period.
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Note 10 - Share capital, shareholder information and dividend
(NOK 1,000)
The Parent Company’s registered share capital as at December 31, 2025 was NOK 1,566 thousand, divided into
104,429.671 ordinary shares with a par value of NOK 0.015. All issued shares have equal voting rights. The parent company
holds treasury shares of 1,952,590 making the presented share capital NOK 1,537 thousand.
The Parent Company’s registered share capital as at December 31, 2024 was NOK 1,566 thousand divided into
104,429.671 ordinary shares with a par value of NOK 0.015. All issued shares have equal voting rights. The parent company
held treasury shares of 2,588,729 making the presented share capital NOK 1,528 thousand.
Development in the number of issued and outstanding shares
Number of shares
(1,000)
Share capital
(1,000)
Outstanding at January 1, 2025 104 430 1 566
Outstanding at December 31, 2025 104 430 1 566
Treasury shares
Number of shares
Outstanding at January 1, 2025 2 588 729
Shares bought back on-market 1 705 000
Employee share scheme issue -2 341 139
Outstanding at December 31, 2025 1 952 590
The total puchase price of the shares bought back by Pexip Holding ASA was
million 100 NOK.
Ownership structure
The 20 largest shareholders as of December 31, 2025:
Shares Ownership
HOLMEN SPESIALFOND 8 669 897 8.30%
T.D. VEEN AS 6 146 946 5.89%
VERDIPAPIRFONDET DNB SMB 4 250 997 4.07%
Skandinaviska Enskilda Banken AB 3 441 059 3.30%
BJØBERG EIENDOM AS 2 571 200 2.46%
VEEN EIENDOM AS 2 133 496 2.04%
STAVANGER VENTURE AS 2 102 000 2.01%
A HOLDINGS AS 2 010 000 1.92%
PEXIP HOLDING ASA 1 952 590 1.87%
XFILE AS 1 950 000 1.87%
VPF DNB NORGE SELEKTIV 1 803 370 1.73%
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SYNESI AS 1 750 000 1.68%
The Bank of New York Mellon SA/NV 1 459 622 1.40%
Tamorer ltd ATF Wylie Family Trust 1 189 000 1.14%
GLO CAPITAL AS 1 178 312 1.13%
PEBRIGA AS 1 132 730 1.08%
Skandinaviska Enskilda Banken AB 1 105 979 1.06%
SIRIUS AS 1 050 000 1.01%
Avanza Bank AB 1 041 347 1.00%
The Bank of New York Mellon SA/NV 1 037 000 0.99%
Total top 20 shareholders 47 975 545 45.94%
Others 56 454 126 54.06%
Total 104 429 671 100%
Number of shares owned or controlled directly or indirectly by the Management Group and Board of Directors at
December 31, 2025:
Persons discharging managerial responsibilities Shares Ownership
Kjell Skappel (Chair of the Board) 10 382 442 9.94%
Irene Kristiansen(Board Member) 150 000 0.14%
Geir Olsen (Board Member) 1 178 312 1.13%
Phillip Lester Austern (Board Member) 0 0.00%
Silvija Seres (Board Member) 0 0.00%
Trond Johannessen (CEO) 266 078 0.25%
Ian Mortimer (CTO) 54 667 0.05%
Patricia Auseth (CMO) 92 161 0.09%
Åsmund Fodstad (CRO) 698 161 0.67%
Ingrid Woodhouse (CPO) 129 524 0.12%
Øystein Hem (CFO) 238 249 0.23%
Helge Hansen (COO) 15 318 0.01%
Audhild Randa (EVP Engineering) 0 0.00%
Total 13 204 912 12.64%
Dividend paid and proposed
Proposal for approval at AGM for financial year 2025 is that NOK 4 per share is paid as a dividend.
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Note 11 - Share-based payments
Pexip has two share-based compensation programs offered to employees: stock options (Options) and restricted stock
units (RSUs). Legacy stock option programs (granted prior to 2022) vest over a period of four years and fully vest, at
earliest, in 2023 and at latest during 2025. Options expire 5 years after grant date – at earliest in 2024 and latest in 2026.
Option granted after 2022 vests over 3 years, and Expire 4 years after the Grant Date. Exercise windows for stock options
are currently offered 1-2 times annually and are typically conditional upon active employment at the time of exercise.
During the financial year ending 31.12.2025 Pexip has held two exercise windows during which employees were able to
exercise their share awards - one in February and one in May 2025.
During the Exercise Window in February 2025, the Company offered option holders the opportunity to exercise vested
Options through a cashless Net-Exercise arrangement. The Net-Exercise mechanism enabled participants to forgo
payment of the strike price by surrendering a proportionate number of Options, resulting in the conversion of the
remaining Options into nil-strike Options.
The conversion ratio was determined based on the Volume Weighted Average Share Price following the publication of the
Company’s Q4 results, which resulted in a conversion price of NOK 44.70 per share. The number of Options surrendered
was calculated by dividing the aggregate strike price by the conversion price, with the detailed mechanics governed by
individual Net-Exercise agreements.
Participation in the Net-Exercise arrangement was voluntary and limited to option holders who executed the agreement.
Option holders who did not participate were permitted to exercise their Options by paying the applicable strike price in
cash.
The Net-Exercise represented a value-neutral transaction, as the elimination of the strike price was offset by a
proportional reduction in the number of Options. Accordingly, no incremental fair value was granted and no additional
compensation expense was recognized in connection with the Net-Exercise under IFRS 2.
During the Exercise Window in February 2025, members of the Senior Leadership Team (SLT) exercised vested awards
through the Net-Exercise mechanism. The resulting nil-strike awards were settled partly in cash and partly in equity, with
48% settled in cash and 52% settled in equity. All SLT members elected to participate in this settlement structure.
The cash-settled portion constituted a modification of the original equity-settled awards and required reclassification to
cash-settled share-based payment arrangements. In accordance with the modification and reclassification requirements
of IFRS 2 (including paragraphs 27–29 and 43A–43C), the liability was measured at fair value at the modification date, the
related equity component was derecognized, and incremental fair value of NOK 12,759,584 was recognized in profit or loss.
As the awards were modified and exercised simultaneously, the incremental expense was recognized immediately.
For Options granted in 2025, Balck-Scholes Merton model was used to determine the Grant Date Fair Value.
For RSUs granted in 2025, Monte-Carlo Simulation was used to correcly evaluate the Fair Value of the awards, given the
contractual clauses.
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Options 2025 2025 2024 2024
Weighted average
exercise price
Number Weighted average
exercise price
Number
Outstanding at January 1 19.20 5 050 125 23.63 6 660 450
Granted during the year 45.34 2 045 000
Converted during the year 18.70 -1 253 098 41.26 -1 302 825
Forfeited during the year 27.26 -23 334 41.77 -245 000
Exercised during the year 1.34 -2 143 346 22.14 -27 500
Expired during the year 46.40 -20 000 32.00 -35 000
Outstanding at December 31 32.10 3 655 347 19.20 5 050 125
RSUs 2025 2025 2024 2024
Number Number
Outstanding at January 1 2 098 781 2 070 325
Granted during the year 70 000 68 000
Notional dividend credited during the year 185 330
Converted during the year 521 130
Forfeited during the year -119 764 -334 036
Adjusted during the year
Exercised during the year -552 279 -226 638
Expired during the year
Outstanding at December 31 1 682 068 2 098 781
Pursuant to the contractual terms of the option agreements, following the dividend payment in May 2025, the exercise
price of all options outstanding at the dividend record date was reduced by NOK 2.5 per option, corresponding to the
dividend amount, in order to preserve the economic value of the awards.
The exercise price of options outstanding at December 31, 2025 ranged beetween NOK 13.68 and NOK 81.40 (2024: NOK
17.28 and NOK 85.00) and their weighted average contractual life was 2.62 years (2024: 3.45 years). Weighted average
contractual life for RSUs outstanding at December 31, 2025 was 3.03 years (2024: 3.05 years).
Of the total number of options outstanding at December 31, 2025 1 537 013 (2024: 3 613 976) had vested and were
excercisable (Weighted average exercise price of NOK 27.35). No RSUs were vested at December 31, 2025.
The weighted average fair value of each option granted during the 2025 was NOK 17.28 (2024: No options granted). The
weighted average fair value of each RSU granted during the year was NOK 51.61 (2024: NOK 30.25).
The total expense recognized for the period (ending December 31, 2025) arising from share-based payment transactions
was NOK 47.5 million (2024: NOK 46.1 million).
The following information is relevant in the determination of the fair value of instruments granted during the year.
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Note 12 - Events after the balance sheet date
No events that have significantly affected or may significantly affect the operations of the Company have occurred after
December 31, 2025.
Options 2025 2024
Option pricing model used Black-Scholes Black-Scholes/
Monte Carlo
Weighted Average share price at grant date (in NOK) 45.56 N/A
Weighted Average Excercise price (in NOK) 46.31 N/A
Weighted Average expected life (in days) 888 N/A
Weighted Average Expected volatility 46.86% N/A
Weighted Average Risk-free interest rate 3.84% N/A
The expected volatility is based on the historic volatility of Pexip’s share price, calculated using the same period as the
lifetime of the award
As there are no expected dividend payments, the dividend parameter is not included in the calculations.
RSUs 2025 2024
Option pricing model used Monte-Carlo
Simulation
Monte-Carlo
Simulation
Weighted Average share price at grant date (in NOK) 53.61 32
Weighted Average Excercise price (in NOK)
Weighted Average expected life (in days) 1 125 1 077
Weighted Average Expected volatility 50.05% 58.83%
Weighted Average Risk-free interest rate 3.65% 3.64%
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Declaration in Accordance with 5-5 of the Securities Trading Act
We confirm that the financial statements for the period January 1 to December 31, 2025, have, to the best of
our knowledge, been prepared in accordance with applicable accounting standards and give a true and fair
view of the assets, liabilities, financial position and profit or loss of the company and the Group.
We also hereby declare that the annual report provides a true and fair view of the financial development and
performance and position of the company, as well as a description of the principal risks and uncertainties
facing the company.
Oslo, March 26, 2026
Board of Directors and CEO of Pexip Holding ASA
Kjell Skappel
Chair of the Board
Trond K. Johannessen
CEO
Irene Kristiansen
Board Member
Phillip Austern
Board Member
Silvija Seres
Board Member
Geir Langfeldt Olsen
Board Member
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Deloitte AS
Dronning Eufemias gate 14
Postboks 221
NO
-0103 Oslo
Norway
+47 23 27 90 00
www.deloitte.no
Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche T
ohmatsu Limited, a
UK private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and ind
ependent entities. DTTL and
Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network
of member firms.
Deloitte Norway conducts business through two legally separate and independent limit
ed liability companies; Deloitte AS, providing audit,
consulting, financial advisory and risk management services, and Deloitte Advokatfirma AS, providing tax and legal services.
Registrert i Foretaksregisteret
Medlemmer av Den norske Revisorforening
Organisasjonsnummer: 980 211 282
To the General Meeting of Pexip Holding ASA
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Pexip Holding ASA, which comprise:
• The financial statements of the parent company Pexip Holding ASA (the Company), which comprise
the statement of financial position as at 31 December 2025, the profit or loss statement and
statement of cash flows for the year then ended, and notes to the financial statements, including
material accounting policy information.
• The consolidated financial statements of Pexip Holding ASA and its subsidiaries (the Group), which
comprise the statement of financial position as at 31 December 2025, statement of profit or loss,
statement of comprehensive income, statement of changes in equity and statement of cash flows for
the year then ended, and notes to the financial statements, including material accounting policy
information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31
December 2025, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the Group
as at 31 December 2025, and its financial performance and its cash flows for the year then ended in
accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company and the Group as required by relevant
laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code)
as applicable to audits of financial statements of public interest entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
The Company was listed in 2020. We have been the company’s elected auditor since before the Company
was listed. We have been the Company’s elected auditor continuously for 6 years since the company was
listed, including the listing year.
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2
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of 2025. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Carrying amount of goodwill
Assessment of Key Audit Matter Audit response
The carrying value of goodwill amounted to NOK 598.9
million on 31 December 2025 in the group financial
statements.
According to IFRS as adopted by the EU, goodwill is
required to be tested for impairment annually, or
whenever events or changes in circumstances
indicate that the carrying value may not be
recoverable. The recoverability of the goodwill is
dependent on assumptions related to future cash
flows and forecasts related to revenues, operating
margins and long-term growth rates as well as
discount rates.
These assumptions are of particular importance due
to the level of uncertainties and judgements involved.
The outcome of impairment assessments could vary
significantly if different assumptions were applied and
as such have a significant impact on the accounts.
Hence, this risk item is assessed to be a key audit
matter.
We assessed the design and implementation of the
controls Pexip has established related to assessment of
the recoverability of goodwill. We assessed and
challenged the reasonableness of management’s
judgements, in particular:
• the cash flow forecast;
• the long-term growth rate;
• and the discount rate used
by reference to the most recent financial budget
approved by management, past performance, externally
derived data and forecast for economic factors. We
evaluated the assumptions used and the sensitivity
analysis related to changes in key assumptions.
We used internal valuation specialists to assess
discount rate assumptions used and to validate the
mathematical accuracy of the cash flow models.
We evaluated the appropriateness of related
disclosures made in the financial statements.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements and
our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the
Board of Directors’ report nor the other information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’
report and the other information accompanying the financial statements. The purpose is to consider if there is
material inconsistency between the Board of Directors’ report and the other information accompanying the
financial statements and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report and the other information accompanying the financial statements otherwise
appear to be materially misstated. We are required to report if there is a material misstatement in the Board
of Directors’ report or the other information accompanying the financial statements. We have nothing to
report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
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• contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly to the statement on Corporate
Governance.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and
fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and for the preparation of the consolidated financial statements of the Group that give a
true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is
responsible for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern.
The financial statements of the Company use the going concern basis of accounting insofar as it is not likely
that the enterprise will cease operations. The financial statements of the Group use the going concern basis
of accounting unless management either intends to liquidate the Group or to cease operations, or has no
realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting,
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s and the Group's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company and
the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.
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• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Pexip Holding ASA, we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the annual
report, with the file name PexipHoldingASA-2025-12-31-en.zip, have been prepared, in all material respects,
in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the
European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian
Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML
format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in compliance with
ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE)
3000 – “Assurance engagements other than audits or reviews of historical financial information”. The
standard requires us to plan and perform procedures to obtain reasonable assurance about whether the
financial statements included in the annual report have been prepared in compliance with the ESEF
Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s processes
for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the
financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the
iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-
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readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Oslo, 26 March 2026
Deloitte AS
Morten Østigård
State Authorised Public Accountant
(electronically signed)
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Appendix — Definitions
The Group uses the following terms in the definition of APMs in this Report:
EBITDA: Profit/(loss) for the period before net financial items, income tax expense, depreciation, and amortization and
impairment.
Adjusted EBITDA: EBITDA adjusted for cost that are not related to the ordinary business and that are non-recurring costs.
EBITDA-margin: EBITDA in the percentage of revenue.
EBITDA margin excl other gains and losses: Share of recurring revenues: Recurring revenue from own products is defined
as revenue from time-limited contracts where the purchase is recurring. Revenue from time-limited software subscriptions
and related mandatory maintenance contracts are considered recurring. Revenue from third-party software licences,
perpetual software licences and project-based professional services, such as customer-specific proof-of-concept projects or
installation projects, are considered non-recurring.
Free cash flow: The sum of operating cash flow, investing cash flow and principal lease payments. This represents the free
cash flow from the business, excluding potential equity or debt financing cash flows as well as potential cash flows related
to company acquisitions/divestitures.
Contracted Annual Recurring Revenue (ARR): Annualized sales from all active subscriptions/contracts and ordered
subscriptions with a future start date where the subscription is time-limited and recurring in nature.
This corresponds to Pexip’s order backlog.
Gross Margin: Revenue after the cost of goods sold in the percentage of revenue.
Delta Annual Recurring Revenue (DARR): The difference in ARR from one quarter to another.
Net Revenue Retention (NRR) Rate is the percentage of annual recurring revenue retained from customers’ existing in the
prior year, including upsell, downsell and total churn.
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Appendix — Definitions
Revenue - Pexip as a
service
Revenue from Pexip as a service is the revenue stream for all Pexip products that are delivered
to customers as Software as a service. The customer is given access to Pexip Products on a
subscription basis.
Revenue - Self hosted
Software
Self-Hosted software revenue is revenue from delivering of software licenses to customers,
either on a termed subscription or as a perpetual license. This also includes maintanence and
installation services or other related consultancy services.
ARR - Contracted Annual
Recurring Revenue
Annualized sales from all active subscriptions/contracts and ordered subscriptions with
a future start date where the subscription is time-limited and recurring in nature. This
corresponds to Pexip’s order backlog.
Delta Annual Recurring
Revenue (DARR)
The difference in ARR from one period to another.
NRR - Net Revenue
Retention Rate
The percentage of annual recurring revenue retained from customers’ existing in the prior
year, including upsell, downsell and churn.
FVTPL Fair Value through profit or loss
Appendix — Alternative performance measures (APMs)
The Group uses the following terms in the definition of APMs in this Report:
EBITDA Profit/(loss) for the period before net financial items, income tax expense, depreciation, and
amortization and impairment.
This number can be directly read out of the Consolidated statement of profit or loss.
Adjusted EBITDA EBITDA adjusted for cost that are not related to the ordinary business and that are non-
recurring costs.
2025 2024 Change Change in %
EBITDA 311 069 190 778 120 291 63%
Other gains and losses 5 318 15 936 -10 618 -67%
Adjusted EBITDA 316 387 206 714 109 673 53%
EBITDA-margin EBITDA in percentage of revenue in the same period.
2025 2024 Change Change in %
EBITDA 311 069 190 778 120 291 63%
Revenue 1 228 286 1 118 562 109 724 10%
EBITDA Margin 25% 17% 8% 48%
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EBITDA margin excl other
gains and losses
Adjusted EBITDA as a percentage of revenues in the same period.
2025 2024 Change Change in %
Adjusted EBITDA 316 387 206 714 109 673 53%
Revenue 1 228 286 1 118 562 109 724 10%
EBITDA margin excl other
gains and losses
26% 18% 7% 39%
Gross Profit Revenue less cost of goods sold
2025 2024 Change Change in %
Revenue 1 228 286 1 118 562 109 724 10%
Cost of Goods sold 101 435 105 102 -3 667 -3%
Gross Profit 1 126 850 1 013 460 113 390 11%
Gross Margin Gross Profit as a percentage of revenues in the same period.
2025 2024 Change Change in %
Gross Profit 1 126 850 1 013 460 113 390 11%
Revenue 1 228 286 1 118 562 109 724 10%
Gross Margin 92% 91% 1% 1%
Free cash flow The sum of operating cash flow, investing cash flow and principal lease payments. This
represents the free cash flow from the business, excluding potential equity or debt financing
cash flows as well as potential cash flows related to company acquisitions/divestitures. Fair
value changes to money market funds held for short-term cash needs is included similar to
interest income from cash in bank.
The numbers can be derived out from the cash flow statement
2025 2024 Change Change in %
Operating cash flow 394 137 244 478 149 659 61%
Investing Cash flow -35 059 -240 660 205 601 -85%
Principal element of lease payments -15 566 -13 405 -2 161 16%
Fail value adjustment of financial
investments at FVTPL 10 178 6 066 4 112 68%
Net cash investment of Financial
investments at FVTPL 200 000 -200 000 -100%
Free cash flow 353 691 196 479 157 212 80%
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Net debt Net debt consist of both Non current and Current interest bearing liabilities less Financial
Investments and Cash and Cash equivalents. The numbers can be derived from the balance
sheet statement.
2025 2024 Change Change in %
Non Current Lease liability 32 177 43 510 -11 333 -26%
Non Current Borrowings 1 984 -1 984 -100%
Current Lease liabilities 15 732 18 123 -2 391 -13%
Current Borrowings 1 769 1 769 100%
Total interest bearing Liabilities 49 678 63 617 -13 939 -22%
Cash in bank 384 067 422 100 -38 032 -9%
Financial Investments 216 245 206 066 10 178 5%
Net debt -550 634 -564 549 13 915 -2%
