Annual Report 2025
This is Thor Medical
3
Year in Brief
4
Highlights
4
CEO Letter
5
Share Information
7
Leadership
8
Executive Leadership Team
8
Board of Directors
11
Board of Directors’ Report
13
Governance
22
Corporate Governance Report
22
Sustainability
29
Environment
33
Social
34
Governance
35
Financials
36
Consolidated Financial Statements
37
Parent Company Financial Statements
71
Responsibility Statement
90
Auditor’s Report
91
Alternative Performance Measures
95
Contents
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
Thor Medical’s vision is to become
a world-leading supplier of alpha-
emitting radioisotopes for cancer
therapy, enabling next-generation
precision radiopharmaceutical
treatments.
The Company has developed a proprietary, irradiation-free production technology for high-purity
isotopes derived from naturally occurring thorium. Alpha particles deliver very high energy over
a short range, enabling highly targeted destruction of cancer cells while minimizing damage to
surrounding healthy tissue. This makes alpha-emitters particularly well suited for next-generation
radiotherapeutics addressing significant unmet medical needs.
Thor Medical is currently industrializing AlphaOne, its first commercial-scale isotope production
facility at Herøya Industrial Park, Norway, marking the Company’s transition from pilot operations
to industrial-scale manufacturing.
Thor Medical is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the
ticker symbol ‘TRMED’.
Thor Medical • Annual Report 2025
3 This is Thor MedicalThis is Thor Medical
Highlights
In 2025, Thor Medical initiated the transition from pilot operations to
industrial-scale manufacturing. The year was defined by decisive progress
on AlphaOne, accelerated commercial execution, secured feedstock supply
and full financing of the Company’s first commercial-scale production
facility, including the following milestones.
• Final investment decision for AlphaOne taken; the Company’s first commercial scale manufacturing facility
• Multi-year sales agreements signed with new clients Oncoinvent, Telix Pharmaceuticals, NucliThera,
RadioMedix and expanded multi-year agreement with existing client AdvanCell
• Strategic sourcing agreement for feedstock of thorium-232 entered with European chemical group
• First batch of ultra-high purity Pb-212 shipped for preclinical use at big pharma customer
• Strategic sales agreement for thorium-228 signed with an undisclosed global leader in target alpha therapy
• Funding for AlphaOne completed with an equity raise for increased capacity of approximately NOK 100
million in June; raised total equity of NOK 300 million and NOK 90 million loan commitment from
Innovation Norway
• Strengthened the executive team with Executive Vice President HR and Head of Communications and
Corporate Affairs
• Official takeover new laboratory and associated infrastructure at Herøya
Key Figures
(figures in NOKm) 2025 2024
Total operating income 0.8 -
Operating profit (EBIT) (69.7) (43.9)
Profit/loss after taxes (58.0) (42.2)
Net cash flow from operations (47.5) (24.0)
Net cash flow from investment activities (66.5) 1.6
Net cash flow from financing activities 171.2 104.0
Cash and cash equivalents at the end of the period 180.6 123.4
Total assets 708.6 414.4
Equity 456.0 337.1
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
44 Year in BriefYear in Brief | HighlightsYear in Brief | Highlights
CEO Letter
Scaling a Reliable Alpha Isotope Supply
Chain for Global Cancer Care
Thor Medical was founded on a clear mission: to enable the use of alpha-emitters in precision cancer
treatment. The momentum behind targeted alpha therapies is accelerating, and reliable access to
thorium-228, radium-224 and lead-212 is becoming a limiting factor for the industry. Over the past
year, we demonstrated our ability to meet that need as we scale production responsibly and efficiently.
A year and half have passed since my family and I relocated from
Stockholm, and I say this with humility: the Thor Medical team has
achieved a great deal in this short period of time.
The first installation of full-scale production equipment at the
Herøya AlphaOne plant just ahead of Christmas was a clear high-
light not only to the team, but also for me personally. The upright
thorium storage tanks being hoisted into place by two heavy-duty
cranes stand as a visible, tangible symbol that industrialization is
now truly underway.
Our pilot facility continues to perform well, delivering high-purity
thorium-228, radium-224 and lead-212, with several pilot batches
validated by customers in preclinical settings.These deliveries have
supported commercial agreements with several global pharma-
ceutical partners.
We increased the scope of our supply agreement with AdvanCell as
they advance their lead-212 PSMA program, and we entered new
partnerships with Oncoinvent, NucliThera, Telix Pharmaceuticals
and RadioMedix. Together, these partners address a wide range
of cancer indications, including prostate cancer, neuroendocrine
tumors, hematological malignancies, and ovarian cancer,
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
55 Year in BriefYear in Brief | CEO LetterYear in Brief | CEO Letter
highlighting both the breadth of clinical innovation and the impor-
tance of a stable alpha-isotope supply chain. As of writing this text,
targeted beta-emitting radioligand therapies have demonstrated
strong clinical benefit and are now established standards of care in
selected indications (PSMA-positive mCRPC and GEP-NETs). Their
routine clinical use reflects growing physician adoption of radio-
ligand therapy, paving the way for next-generation alpha-emitting
RLTs that are ought to be powered by Thor Medical’s isotopes.
In 2025, we also recorded our first revenues, marking the transition
into an early commercial phase.
The commercial, financial and operational readiness provided the
foundation for the Board’s final investment decision for AlphaOne
in March. With multi-year sales agreements that already secure
a substantial share of initial capacity, a NOK 90 million loan from
Innovation Norway, and close to NOK 300 million raised in new
equity since December 2024, AlphaOne is fully financed through
construction and ramp-up.
We have also taken important steps to strengthen the resilience of
our supply chain. In May, we signed a long-term feedstock agree-
ment with a major European chemical producer, securing thorium
supplies for both the pilot and AlphaOne, as a starting point to build
a diversified and reliable raw-material supply over time.
Our organization is growing with equal ambition. We strengthened the
executive team with new leaders in HR and communications, adding
capabilities essential for scaling a global industrial business. Their
experience will support the Company as we deepen customer relation-
ships, expand operations, and prepare for our next phase of growth.
As we look toward 2026, our priorities are clear: continue to execute
the AlphaOne plant safely and on schedule, prepare for commercial
deliveries at scale, and continue to develop a supply chain capable of
supporting an expanding global market. I want to thank our employees,
partners, and shareholders for their trust and commitment during this
important year. Together, we are building the infrastructure that will
enable the next generation of cancer therapies.
Jasper C. Kurth
Chief Executive Officer
Thor Medical ASA
“The momentum behind
targeted alpha therapies is
accelerating, and reliable
access to thorium-228
and lead-212 is becoming
a limiting factor for the
industry”
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
66 Year in BriefYear in Brief | CEO LetterYear in Brief | CEO Letter
Share Information
Per December 31, 2025, the Company
had 354,076,894 issued shares, divided
between 14,487 shareholders.
The closing price for the Company’s share
was NOK 5.25 per share as of December
31, which corresponds to a market
capitalization of NOK 1,859 million.
Overview Largest Shareholders
# Shareholder Number of shares Percentage of total shares
1 Scatec Innovation 82,118,280 23.2
2 Olili AS 19,000,000 5.4
3 Roht Invest AS 14,544,640 4.1
4 Brennebu AS 11,000,000 3.1
5 Nordnet Livsforsikring AS 7,121,895 2.0
6 Bergfald Holding AS 6,013,228 1.7
7 Nordnet Bank AB 4,813,936 1.4
8 MP Pensjon PK 4,295,063 1.2
9 J.P. Morgan SE 3,833,386 1.1
10 Jon Magne Asmyr 3,500,000 1.0
Total shares for top 10 shareholders 156,240,428 44.1
Total shares 354,076,894 100.0
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
77 Year in BriefYear in Brief | Share InformationYear in Brief | Share Information
Executive Leadership Team
Jasper C. Kurth
Chief Executive Officer (CEO)
Mr. Kurth brings over 15 years of leadership experience in the pharma-
ceutical and med-tech industries, with a proven track record of driving
strategic growth and transforming businesses sustainably. Before
joining Thor Medical, he served at Bayer Pharmaceuticals as General
Manager Radiology Nordics, overseeing multiple markets and leading
high-performing teams in sales, marketing and equipment services.
Mr. Kurth holds a master’s equivalent degree in Business Information
Management. Mr. Kurth is granted 3,600,000 share options and held
400,000 shares in the Company at year-end 2025. Following exercise
of options in March 2026, Mr. Kurth holds 1,552,698 shares and
2,200,000 options.
Brede Ellingsæter
Chief Financial and Operating
Officer (CFOO)
Mr. Ellingsæter has 10 years of industrial experience from advanced
material manufacturing. Before joining Thor Medical, Mr. Ellingsæter
served as the CFO of Scatec Innovation and before that as CFO of
the Elkem Carbon Solutions division in Elkem ASA. In Elkem, Mr.
Ellingsæter held several management positions during his 8 years
with the Company, including management positions abroad. Mr.
Ellingsæter holds a Master of Business and Economics from the
Norwegian School of Economics (NHH). Mr. Ellingsæter is granted
3,100,000 share options and controlled 1,481,346 shares at year-end
2025. Following exercise of options in March 2026, he holds 2,157,401
shares and 1,700,000 options.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
88 LeadershipLeadership | Executive Leadership TeamLeadership | Executive Leadership Team
Executive Leadership Team
Prof. Sindre Hassfjell
Chief Technology Officer (CTO)
Prof. Sindre Hassfjell has over three decades of expertise in nuclear
and radiochemistry scientific research. He possesses comprehensive
experience across all radioactivity levels (A, B, C-lab), encompassing a
diverse array of alpha- and beta-emitters. His proficiency spans from
radionuclide production to the advancement of radiopharmaceuticals
and conducting preclinical testing with precision and efficacy. Dr.
Hassfjell served as a scientist and project leader at IFE, as well as
Director of generator development for ARTBIO, before assuming his
role at Thor Medical. His career also encompasses positions such as
Postdoctoral Researcher at UiO, NIH, and the University of Chicago,
where he focused on developing production methods for alpha
emitters and pioneering microdosimetric methodology. Dr. Hassfjell
holds a M.Sc. and D.Sc. in nuclear chemistry from the University of
Oslo. Mr. Hassfjell is granted 2,700,000 share options and held 80,000
shares in the Company at year-end 2025. Following exercise of options
in March 2026, he holds 968,740 shares and 1,200,000 options.
Astrid Liland
EVP HSEQ
Ms. Liland has 25 years of experience in radiation research, environ-
mental radioactivity, radioactive contamination and consequences for
man and the environment. Before joining Thor Medical, she was Director
of nuclear emergency and response at the Norwegian radiation and
Nuclear Safety Authority (DSA). Ms. Liland has been active in the nuclear
scientific research community through many national, Nordic, European
and international research projects. Liland holds a Master of Science in
nuclear chemistry from the University of Oslo (UiO). Ms. Liland is granted
2,100,000 share options and held no shares in the Company at year-end
2025. Following exercise of options in March 2026, she holds 518,372
shares and 758,334 options.
Dr. Alf Bjørseth
EVP Business Development
Dr. Alf Bjørseth has a long track record of establishing new companies
based on proprietary developed technologies, primarily within the areas
of renewable energy and advanced materials. His efforts have resulted in
a number of new businesses like REC, NorSun, Scatec Solar ASA, Norsk
Titanium and REEtec AS. He also founded ScanWafer in 1994, followed
by other companies within the solar industry, all merged into Renewable
Energy Corporation in 2000 where he served as President and CEO until
the fall of 2005. He started his career as a researcher and was Corporate
Director of Research at Norsk Hydro and Director of Technology for
Elkem. Alf Bjørseth holds a Doctor Phil. in physical chemistry from the
University of Oslo. Dr. Bjørseth held 447,855 shares in the Company at
year-end 2025.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
99 LeadershipLeadership | Executive Leadership TeamLeadership | Executive Leadership Team
Executive Leadership Team
Therese Kvehaugen
EVP HR
Ms. Kvehaugen brings extensive international HR leadership experience
within biotechnology, pharmaceuticals and advanced technology indu-
stries. Before joining Thor Medical, she served as CEO of Timbr, a strategic
HR advisory firm. Prior to that, Ms. Kvehaugen was Head of HR at Nykode
Therapeutics and spent several years with Alnylam Pharmaceuticals
in Switzerland, contributing to the Company’s growth from a small pre-
commercial biotech to a global leader in RNA therapeutics. Earlier in her
career, she held senior HR leadership positions at Rambøll, Biogen and
Franke. She joined Thor Medical on January 12, 2026, is granted 700,000
options and does not own shares in the Company.
Mathias Nilsen Reierth
Head of Communications
and Corporate Affairs
Mr. Reierth brings extensive experience in communications, corporate
affairs and strategy from management consulting and leadership roles
in the green industry and energy sector, including positions within the
Aker system, Hafslund, and the industrial scale-up and HitecVision
portfolio company, Arbion Industries. He is a former journalist with
leading Norwegian media outlets, a published author on leadership
and communication, and holds a Master of Science in Economics and
Business Administration from the Norwegian School of Economics
(NHH). Mr. Reierth joined Thor Medical on January 26, 2026, is granted
600,000 options and does not own shares in the Company.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
1010 LeadershipLeadership | Executive Leadership TeamLeadership | Executive Leadership Team
Board of Directors
John Andersen, Jr.
Chairman of the Board
Mr. Andersen is the CEO of Scatec Innovation AS and the founding
Chair of Thor Medical AS, the predecessor of Thor Medical ASA. Mr.
Andersen has extensive experience with rolling out technology-inten-
sive industrial concepts and building global organizations for both
public and private companies. Prior to Scatec Innovation, Mr. Andersen
served as the Group Chief Operating Officer and Executive Vice
President of the REC Group, a major global solar energy company. Mr.
Andersen currently serves as the Chair of Norsk Titanium AS, REEtec
AS, and TEGma AS, as well as other privately held companies. Mr.
Andersen holds a Master in Business and Economics (Finance) from BI
Norwegian Business School. Number of shares: 0. Number of shares
controlled by close associate at year-end 2025 (Scatec Innovation
AS): 82,118,280. 0 RSUs granted. Participation: 7 of 7 board meetings
attended (eligible meetings).
Mimi Berdal
Director of the Board
Ms. Berdal has been a self-employed corporate adviser, lecturer,
and investor since 2005. She is the chair of the Board of Directors
of Goodtech ASA and she sits on the boards of Energima AS, KLP
Eiendom AS, Norsk Titanium AS, Cavendish Hydrogen ASA and Hexagon
Composites ASA, and also serves as the chair of the nomination
committee of Borregaard ASA.Ms. Berdal holds a Master of Laws from
the University of Oslo and was previously a partner at the law firm
Arntzen de Besche in Oslo and as in-house legal adviser to TOTAL Norge
AS. Number of shares at year-end 2025: 761,508. 54,880 RSUs granted.
Participation: 7 of 7 board meetings attended (eligible meetings).
Jens Gisle Schnelle
Director of the Board
Mr. Schnelle is an independent interim management consultant and
has over a decade of management experience within multiple indus-
tries. He has previously held the position of Chief Financial Officer
and Chief Executive Officer in Team Tankers International Ltd., Chief
Financial Officer in Nordic Mining ASA and interim Chief Financial
Officer in TOPRO Mobility. He holds a Master of Science in Business
and Economics from BI Norwegian Business School in Oslo, Norway.
Mr. Schnelle is a Norwegian citizen and resides in Oslo, Norway.
164,641 RSUs granted at year-end 2025. Participation: 5 of 5 board
meetings attended (eligible meetings).
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
1111 LeadershipLeadership | Board of DirectorsLeadership | Board of Directors
Board of Directors
Ann Gidner
Director of the Board
Ms. Gidner has 30 years in international Life Science management,
with significant achievements in strategic development and sales
growth, repeatedly building new significant international businesses.
Steep sales growth in global Pharma CDMO corporations took her to
Corporate Executive roles in the USA and Germany for Cambrex Corp
and Lanxess Corp. She built Pharma out-licencing internationally for
Novozymes Biopharma, Denmark and managed a Clinical Trial Business
Unit in Berlin, Germany. In recent years she has been holding CEO and
Board positions in publicly listed Scandinavian Biotech companies
including SelectImmune Pharma and Ziccum. She currently is a Partner
of Axcel Partners in Paris, France. Ms Gidner holds a Master of Science /
Biotechnology from Swedish Lund Institute of Technology and a Master
of Science/Bioprocessing from the French Elite University ENSIGCT, as
well as an MBA /Strategy from Swedish Ekonomicentrum. Ms. Gidner
did not own any shares in the Company at year-end 2025. Participation:
5 of 5 board meetings attended (eligible meetings).
Thomas Ramdahl
Director of the Board
Dr. Thomas Ramdahl is a pharmaceutical executive with over 25 years
of clinical and development experience. In 2001, he became President
and the first CEO of Algeta ASA. When Dr. Ramdahl joined Algeta, he was
one of six employees and he played an instrumental role in its success,
including the approval of the alpha particle emitting radio pharmaceutical
Xofigo®, serving in several senior positions within the Company through
to and post the acquisition of Algeta by Bayer AG in 2014 for US$2.9
billion. Following the acquisition Dr. Ramdahl served as CEO of Bayer
AS until 2018. He currently serves on the boards of Precirix, Clarity
Pharmaceuticals and Agiana Pharmaceuticals. Dr. Ramdahl has authored
more than 40 publications and is a co-inventor of several patents.
Thomas gained his PhD in environmental chemistry from the University
of Oslo and holds a Master of Science in organic chemistry from the
Norwegian Institute of Technology. Dr. Ramdahl did not own shares at
year-end 2025. 54,880 RSUs granted. Participation: 5 of 5 board meetings
attended (eligible meetings).
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
1212 LeadershipLeadership | Board of DirectorsLeadership | Board of Directors
Board of Directors’ Report – 2025
Thor Medical ASA (“Thor Medical” or “the Company”) recorded 2025 as a year characterized by
significant operational progress, encouraging market developments and a strengthened organization.
With AlphaOne construction well underway, laboratory facilities secured and critical infrastructure
installed, the Company is well-positioned to enter early commercial operations in 2026. Supported
by favorable trends in the radiopharmaceutical industry, and growing commercial interest in alpha-
emitting isotopes, Thor Medical continues to advance toward its vision of becoming a world-leading
supplier of alpha emitters for cancer therapy.
Thor Medical is an emerging supplier of radionuclides to the
radio pharmaceutical industry, derived from naturally occurring
thorium. The Company’s proprietary production process requires
no irradiation or use of nuclear reactors, and provides a reliable,
environmentally friendly and cost-efficient supply of alpha-emitters,
enabling radiopharmaceutical companies to develop next-
generation precision cancer therapies that target cancer cells while
minimizing damage to nearby healthy tissue.
The Company is headquartered in Oslo, Norway, and is listed on the
Oslo Stock Exchange (Euronext Oslo Børs) under the ticker symbol
“TRMED”.
Strategy and Development
Thor Medical entered 2025 with a clear strategic ambition to
establish itself as a leading global supplier of alpha-emitting radio-
nuclides for next-generation radiotherapeutics. Building on years
of research and development, the successful commissioning of
its pilot facilities in 2024, and the final investment decision for its
first commercial-scale plant, AlphaOne, the Company has focused
on industrial execution, commercial scale-up, strengthening of
its value chain, and further development of its organization and
governance framework.
The Board of Directors’ priorities during the year were centered
on ensuring the advancement of the construction and expansion
of AlphaOne, securing long-term access to critical feedstock,
converting strong market demand into long-term commercial
agreements, and ensuring that the Company’s financial capacity
and organizational structure were aligned with its accelerating
growth trajectory.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
1313 Board of Directors’ ReportBoard of Directors’ Report Board of Directors’ Report
Operational Development
Following the final investment decision for AlphaOne on March
25, 2025, Thor Medical commenced construction of its first
commercial- scale production facility for high-purity radioisotopes at
Herøya Industrial Park, located just under two hours’ drive south of
Oslo, the capital of Norway. AlphaOne is designed to enable reliable,
industrial-scale production of high-purity thorium-228 and derived
alpha-emitters to meet the growing demand from radiopharma-
ceutical developers globally.
During 2025, planning and construction activities progressed
according to plan, while the Company also continued to operate
its pilot facilities at Herøya. The Company signed contracts for
long-lead items, equipment with extended procurement timelines
for the AlphaOne plant, and commenced detailed engineering in the
second quarter, with the start of civil construction before summer.
A decision to expand capacity at the AlphaOne plant with approx.
40 percent followed the June 16, 2025 announcement that Thor
Medical had entered into a five-year supply agreement for delivery
of thorium-228 to a global leader in targeted alpha therapy, which
effectively exhausted the original design capacity of AlphaOne.
The capacity increase at AlphaOne will take place within the original
construction timeline and allow for AlphaOne to be fully operational
by the end of the third quarter 2026. The initiative is expected to
increase total production from originally planned 15,000 patient
doses to 21,000 doses after three years of operations.
In December 2025, Thor Medical officially took over the new
labora tory and associated infrastructure at Herøya and completed
the first equipment installations starting with large-scale tanks for
the storage of thorium raw material.
The pilot plant remained an important operational asset throughout
2025, supporting process optimization, customer qualification
activities and limited early deliveries.
Commercial Development
Commercial execution accelerated in 2025, with Thor Medical
expanding its portfolio of long-term supply agreements with
leading radiopharmaceutical companies developing targeted
alpha t herapies. By the end of 2025, Thor Medical had established
a diversified and growing customer base comprising eight radio-
pharmaceutical companies with assets in preclinical, clinical and
late-stage development, totaling an order backlog of approximately
NOK 850 million. The Company’s commercial agreements are
structured with a phased ramp-up of deliveries aligned with the
commissioning and scaling of AlphaOne.
During 2025, the Company signed several strategic and multi-year
supply agreements for thorium-228 to build AlphaOne backlog:
• In June, Thor Medical signed a sales agreement for thorium-
228 supply with an undisclosed global leader in targeted alpha
therapy. The agreement represents sales revenue for Thor
Medical of approximately NOK 200 million over a five-year period
• In August, Thor Medical expanded its master supply agreement
with AdvanCell, increasing contracted volumes by approximately
50 percent and raising the total purchasing commitment under
the agreement to approximately NOK 150 million over five
years. The expansion reflects AdvanCell’s accelerating clinical
development programs and the decision to increase AlphaOne’s
production capacity
• In August, Thor Medical signed a sales agreement for thorium-
228 supply with Oncoinvent to supply the Phase 3 clinical
program for Radspherin®, Oncoinvent’s lead product candidate
• In November, Thor Medical signed a five-year sales agreement
for thorium-228 supply to Telix Pharmaceuticals, a global
Australian-headquartered radiopharmaceutical company with a
strong footprint in North America
• In November, Thor Medical signed a five-year frame agreement
for thorium-228 supply to NucliThera’s development programs
for hematological cancers. NucliThera’s research program is led
by Dr. Roy H. Larsen and Professor Emeritus Øyvind S. Bruland,
co-developers of Xofigo, the only FDA-approved alpha-emitting
cancer therapy to date
• In December, Thor Medical signed a five-year supply agreement
for thorium-228 supply to RadioMedix’ manufacturing of lead-212
in its development pipeline, and to leverage the Company’s
proprietary Pb-212 generator platform RAHA-100
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
1414 Board of Directors’ ReportBoard of Directors’ Report Board of Directors’ Report
The new agreements and expansions of scope in 2025 build on
already existing agreements with ARTBIO for thorium-228 supply
equivalent to sales revenues of up to NOK 400 million over a
five-year period and an agreement of lead-212 supply to a globally
leading pharmaceutical company for use in pre-clinical studies.
Thor Medical’s AlphaOne production facility is designed to
address the initial growing demand for high-purity isotopes. The
Company expects an initial production capacity of approximately
21,000 patient doses after three years of operation, increasing to
approximately 35,000 doses after five years, with further scalable
growth thereafter. This corresponds to an estimated annual
revenue potential of approximately NOK 350 million and NOK 550
million, respectively. Market demand for lead-212 is expected to
exceed the currently available and planned commercial supply,
creating a commercially attractive opportunity for long-term
capacity expansion.
Financing and Capital Requirements
Thor Medical’s capital strategy remains focused on combining
equity, debt and public funding instruments in a phased manner
aligned with value-creating milestones. In 2024 and 2025,
Thor Medical strengthened its financial position to support the
con struction, expansion and commissioning of AlphaOne.
In December 2024 and January 2025, Thor Medical raised approxi-
mately NOK 200 million in equity through a private placement and
a subsequent retail offering and secured a NOK 90 million loan
commitment from Innovation Norway.
The equity proceeds, the loan from Innovation Norway, and
additional working capital arrangements contributed to securing
financing for AlphaOne through construction and ramp-up, in line
with the business plan.
In June, 2025, Thor Medical raised approximately NOK 100 million
in equity through a private placement and retail offering, including a
subsequent offering.
Following the June equity raise, AlphaOne, including its expansions,
is fully funded with approximately NOK 300 million in total equity
and a NOK 90 million loan commitment from Innovation Norway.
As the Company progresses toward larger-scale production phases
beyond AlphaOne, additional financing is expected to be required to
support future expansions.
Products and Technology
Thor Medical and its customers address a significant unmet medical
need through the development of radiotherapeutics based on
alpha-emitting radionuclides. Alpha particles offer high linear energy
transfer, short path length and efficient DNA damage, enabling
targeted destruction of cancer cells with limited off-target toxicity.
The Company’s proprietary AlphaCycle™ process enables the
pro duction of thorium-228 and its daughter isotopes, including
lead-212 and radium-224, from naturally occurring thorium-232.
The process is designed to be scalable, energy-efficient and
environmentally responsible, and avoids the use of nuclear reactors
or particle accelerators.
Thor Medical’s Proprietary Process
Thor Medical has developed proprietary and verified technology
and processes for production of alpha-emitting radionuclides. The
Company processes natural thorium-232 into high-purity thorium-
228, and by further decay and processing derives radium-224 and
lead-212. These highly potent radioisotopes enable radiopharma-
ceutical companies to develop end-user drug candidates for
next-generation precision cancer treatment.
Thor Medical’s AlphaCycle™ process represents a significant
advancement in the scalability of radiopharmaceutical produc-
tion. Thor Medical’s reliable and efficient separation process
enables continuous production with consistently high purity in an
automated closed-loop process, with reuse of materials and no
radioactive contaminants. The technology effectively generates no
waste and enables scaling-up to large-scale production.
The AlphaCycle™ process is rooted in fundamental nuclear physics:
thorium-232 decays into radium-228, which further decays into
thorium-228, radium-224, and eventually lead-212. Based on the
proprietary AlphaCycle™ process, Thor Medical is separating and
isolating each specific isotope through the decay chain from
natural thorium-232.
Thor Medical’s processing of thorium-232 involves isolating and
optimizing the radioactive elements for use in medical applications,
particularly targeted radiation therapy. The process enables
efficient and scalable generation of isotopes with minimal need for
additional raw materials or external energy input.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
1515 Board of Directors’ ReportBoard of Directors’ Report Board of Directors’ Report
As more thorium-232 parent isotopes decay, the production
of thorium-228 and radium-224 isotopes increases, enabling
a self-scaling effect. Essentially, the more thorium-232 that is
available at the start, the greater the eventual output as the decay
chain progresses.
The AlphaOne plant exemplifies this process, scaling production
capacity from 21,000 patient doses after three years to 60,000
doses annually within a decade. As the market matures, the process
becomes self-sustaining, reusing thorium-232 feedstock to maintain
production capacity indefinitely.
Alternative production routes exist for thorium-228, radium-224
and lead-212, such as nuclear reactors and accelerators using
irradi ation of a target material, which typically require centralized
facilities with high capital expenditure, longer time-to-market, and
lower efficiency. These approaches typically create unwanted
impurities and are also generally less suitable for short-lived
isotopes due to logistical delays in delivery.
Feedstock Supply
Securing reliable access to thorium feedstock is a critical element
of Thor Medical’s value chain strategy. On May 13, 2025, the
Company entered into a three-year strategic supply agreement
with a major European multinational chemical manufacturing
company, securing feedstock supplies for both the pilot facilities
and AlphaOne.
This agreement complements Thor Medical’s broader feedstock
strategy, which is based on developing multiple supply sources to
ensure resilience and long-term security of supply. During 2025, the
Company continued its dialogue with additional potential feedstock
suppliers, including parties linked to mineral resources in Europe,
Asia, Africa and other regions.
Organizational Development
Thor Medical continued to strengthen its organization during 2025
to support its transition from pilot-scale operations to industrial
production. The Company expanded its Executive Leadership Team
with key appointments in human resources and communications.
Therese Kvehaugen was appointed Executive Vice President,
Human Resources, effective January 12, 2026, while Mathias
Nilsen Reierth was appointed Head of Communications and
Corporate Affairs from January 26, 2026.
Thor Medical has a growing multidisciplinary organization
encompassing production, R&D, quality, regulatory, finance
and commercial functions. The Company remains focused on
attracting and retaining highly qualified personnel with expertise in
radiochemistry, industrial operations and life sciences.
As of December 31, 2025, the Company staffing corresponded to
18 full-time employees.
Corporate Governance
Thor Medical maintains a structured governance framework
aligned with its growth ambitions and regulatory obligations as a
listed company. The Board of Directors continued to exercise active
oversight of strategy, risk management, capital allocation and
organizational development throughout 2025.
On April 24, 2025, the annual general meeting elected the following
to the Board of Directors until 2027:
• John Andersen Jr., chair
• Mimi Kristine Berdal, board member
• Ann Gidner, board member
• Thomas Ramdahl, board member
• Jens Gisle Schnelle, board member
The nomination committee consists of Didrik Leikvang (chairman),
Jørn Åge Johansen (member) and Jon Magne Asmyr (member),
elected at the annual general meeting on April 24, 2024. The
members are elected until the annual general meeting in 2026.
The Company has Directors’ and Officers’ liability insurance in
place, and there were no reported workplace injuries or accidents
during the year.
There have not been reports of injuries or accidents at the
Company in 2025.
Market Development
Cancer remains one of the leading causes of death globally,
and the high unmet medical need continues to support strong
regulatory and clinical momentum. Nuclear medicine has further
moved from niche use into broader oncology practice, supported
by increasing inclusion in clinical treatment guidelines and more
streamlined regulatory pathways. Strategic partnerships across
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
1616 Board of Directors’ ReportBoard of Directors’ Report Board of Directors’ Report
the radiopharma ceutical ecosystem are accelerating development
timelines and facilitating access to specialized capabilities across
isotope supply, drug development and commercialization.
The radiotherapeutics market continued to develop rapidly through
2025, further consolidating its role as a core pillar of next-generation
cancer treatment. Radiotherapeutics utilize radioactive isotopes
to selectively target and destroy cancer cells while minimizing
damage to surrounding healthy tissue, and the field has continued
its transition from early clinical adoption towards broader, guideline-
supported use in mainstream oncology.
According to the MEDraysintell Nuclear Medicine Report, Edition
September 2025, the global radiopharmaceutical market, including
both radiotherapeutics and radiodiagnostics, is expected to grow
from approximately USD 12 billion in 2025 to around USD 42 billion
by 2034. Radiotherapeutics are projected to account for USD 28
billion of this total, corresponding to a compound annual growth
rate (CAGR) of approximately 28 percent. This growth significantly
outpaces that of radiodiagnostics and underscores radiothera-
peutics as the primary driver of market expansion.
Growth is driven by continued technological advances in targeted
cancer therapies, particularly within alpha-emitting radiothera-
peutics, which offer higher linear energy transfer, greater efficacy
and reduced off-target toxicity compared to beta-emitting alterna-
tives. Clinical activity remained strong in 2025, with oncology trial
starts at historically high levels and more than 20 companies
actively advancing late-stage radiotherapeutic drug candidates
across a range of indications.
The continued enthusiasm for radiotherapeutics is also reflected in
capital markets activity. Transaction volumes in the radiopharma-
ceutical sector remained high during 2025, with significant M&A
activity and sustained financing levels. Major pharmaceutical
companies, including Novartis, Sanofi and Eli Lilly, have further
expanded their investments in radiotherapeutics, reinforcing the
long-term strategic importance of the modality and validating the
commercial potential of late-stage assets.
Secure access to high-quality, scalable and reliable radioisotope
supply is increasingly recognized as a critical enabler for continued
market growth. While several approved radiotherapeutics are
currently based on beta-emitting isotopes, an increasing share of
development programs is now focused on alpha-emitters, reflecting
their superior therapeutic profile and growing physician acceptance.
Leading radiotherapeutics such as Pluvicto and Lutathera, already
on the market with combined peak sales estimated to exceed USD 7
billion, are blazing the trail for targeted radiopharmaceuticals. Their
growing clinical adoption, particularly in the U.S., reflects increasing
acceptance among treating physicians of targeted radiopharma-
ceuticals as a standard treatment modality. In several indications,
these therapies are now being used as first-line treatment, in some
cases even ahead of chemotherapy. This broad clinical validation
lowers the entry barriers for next-generation radiotherapeutics and
supports the commercial potential of novel agents carrying higher-
performance radioactive payloads, such as alpha-emitters.
Lead-212 is increasingly regarded as one of the most attractive
alpha-emitting isotopes, combining favorable safety, efficacy and
waste-handling characteristics due to its short half-life. The number
of lead-212-based assets in preclinical and clinical development has
increased materially in recent years, supported by the emergence of
a scalable value chain based on thorium-228-derived production and
growing participation from both biotechnology companies and large
pharmaceutical players.
Thor Medical is aware of more than 40 cancer therapy candidates
utilizing lead-212 or radium-224 in preclinical and clinical develop-
ment, with several assets now in Phase 2 trials. A single successful
lead-212-based therapy has the potential to generate annual
revenues in the hundreds of millions of US dollars for the isotope
suppliers.
Sustainability
Thor Medical is committed to responsible industrial development
and sustainable operations. The Company’s AlphaCycle™ process
minimizes radioactive waste, energy consumption and supports
environmentally responsible production of medical isotopes.
Thor Medical operates in compliance with regulatory requirements
set by the Norwegian Radiation and Nuclear Safety Authority and
implements comprehensive health, safety and radiation protection
measures.
Thor Medical maintains a strong Code of Conduct and governance
framework addressing ethics, compliance, anti-corruption and
whistleblowing. Sustainability considerations remain integrated into
the Company’s strategic decision-making.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
1717 Board of Directors’ ReportBoard of Directors’ Report Board of Directors’ Report
More information is provided in Thor Medical’s sustainability report.
Long-Term Vision
Thor Medical’s long-term vision is to contribute to the trans-
formation of cancer care through next-generation precision
treatments by enabling a reliable and scalable supply of alpha-
emitting radionuclides, by:
• Scaling production to exceed 1 million patient doses annually
to meet the high and growing demand for innovative
radiopharmaceuticals
• Capturing a market-driven revenue potential expected to exceed
USD 1 billion annually, through monetization of Thor Medical’s
proprietary production capabilities and established partnerships
through the radiotherapeutics value chain
• Achieving a high-margin operational model with EBITDA margins
surpassing 50 percent upon industrial-scale ramp-up, driven by
the efficiency of proprietary technology and high-value nature of
its products
Risk Factors and Risk Management
Thor Medical complies with applicable regulations for companies
listed on the Oslo Stock Exchange and adheres to the Norwegian
Code of Practice for Corporate Governance. The Board of Directors
is responsible for ensuring sound internal control and appropriate
risk management systems.
The Company faces risks related to project development, technology
scale-up, market demand, regulatory frameworks, financing and
organizational capacity. These risks are managed through a phased
industrialization approach, diversified supply and customer strategies,
strong compliance frameworks and disciplined capital allocation.
Thor Medical employs a systematic approach to mitigate risks
through policies, procedures, and continuous improvements,
ensuring sustainable growth and operational excellence.
Health, safety and security risk: The construction, maintenance
services, and operation of the AlphaOne industrial plant under
construction will expose Thor Medical employees, suppliers, and
partners to potential health, safety, and security risks, including those
associated with handling radioactive materials. Thor Medical works
systematically to identify, assess, and respond appropriately to all
occupational health, safety, and security risks, and has in-house
senior and specialist expertise in handling of radioactive materials.
Project development risk: Thor Medical’s growth relies on
successful project development which is impacted by a number
of factors including availability and component prices, interest
rate level, government approval process, permits and access to
competitive financing. Thor Medical employs a methodical approach
to industriali zation, with its pilot facility serving as the groundwork for
the establishment of a full-scale industrial plant.
Technology risk: Scaling and commercializing complex, early-stage
technology presents a significant challenge and risk. Mitigation efforts
include the establishment of the Company’s pilot facility, designed
to validate both technology and production processes before further
scaling. The phased scale-up approach is meticulously overseen by an
expert team, ensuring readiness for industrial deployment.
Commercial risk: Market demand uncertainty and an emerging
thorium supply chain and industry pose challenges to long-term
stability. To mitigate these risks, Thor Medical establishes multiple
offtake agreements and targets a diversified supply chain strategy.
These measures are designed to create resilience and ensure
reliable sourcing and delivery.
Regulatory risk: Thor Medical’s operations involve the handling
and movement of regulated materials and are therefore subject to
national and international regulatory requirements. The Company
holds valid authorizations for import, export, manufacturing and
trade of open radioactive sources, and awaits an authorization for
operating the new high-activity laboratory in AlphaOne, issued by the
Norwegian Radiation and Nuclear Safety Authority. The Company
has implemented a strong compliance framework, supported by
robust monitoring systems and experienced key personnel, to ensure
continuous adherence to applicable regulatory requirements.
Financial risk: Thor Medical is exposed to financial risks related
to funding requirements, liquidity, and currency fluctuations,
particularly in connection with procurement and the ongoing
construction of AlphaOne. Currency risk primarily arises from
fluctuations affecting procurement costs for parts and workflows,
including payments for long-lead items in foreign currency. When
AlphaOne becomes operational, currency risk will also relate to
sales agreements denominated in foreign currency. To manage
these risks, Thor Medical applies a phased investment approach
that aligns funding needs with milestone achievements, including
securing offtake agreements and expanding its customer base. The
Company is also exploring diversified funding sources to ensure
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
1818 Board of Directors’ ReportBoard of Directors’ Report Board of Directors’ Report
flexibility, reduce reliance on any single funding mechanism, and
sustain growth through market uncertainties. Liquidity risk is further
addressed through prudent cash flow forecasting, maintaining
adequate cash reserves, and aligning capital expenditures with
available funding to ensure the Company can meet its obligations
as they fall due. No financial hedging arrangements have currently
been entered into to mitigate currency risk beyond managing
payments of long-lead items in foreign currency.
Organizational risk: Thor Medical employs highly educated and
competent specialists within their fields, which will be crucial
for succeeding with the Company’s ambitions. Key employees
leaving or challenges in attracting and retaining critical expertise
could negatively impact Thor Medical’s development. To mitigate
this risk, the Company prioritizes a supportive work environment,
competitive compensation packages, and targeted recruitment
strategies to secure and retain top talent.
Forward-looking Statements
This report contains forward-looking statements regarding the
Company’s strategy, objectives, market development and future
performance. Such statements are subject to inherent risks and
uncertainties, and actual results may differ materially from those
expressed or implied.
Financial Review
Thor Medical’s consolidated financial statements for the period
January 1, 2025 to December 31, 2025 have been prepared in
accordance with EU-adopted International Financial Reporting
Standards (IFRS) and the Norwegian Accounting Act.
The Company remains in an early commercial phase, with limited
revenues reflecting initial deliveries. Financial results for 2025 primarily
reflect construction activities related to AlphaOne, organizational
growth and continued investment in operational readiness.
(figures in NOKm) FY 2025 FY 2024
Total operating income 0.8 -
EBITDA (48.7) (41.6)
Operating profit (EBIT) (69.7) (43.9)
Net financials 7.4 1.3
Profit/loss for the period before tax (62.3) (42.6)
Profit and Loss 2025
For 2025, the Company recorded its first revenue from delivery
of initial batches of lead-212 to one customer. Thor Medical
had an operating loss of NOK 69.7 million, of which personnel
expenses increased to NOK 33.0 million as a result of building
a more professional organization with more functions in-house.
Depreciation of tangible and intangible assets amounted to
NOK 20.9 million, and other operating expenses NOK 16.6 million.
Other operating expenses were made up of facility rent, running
costs and professional services.
The increased cost level in 2025 reflects the Company’s transition
from operating only pilot facilities to preparing for commercial
operations, including organizational development.
Financial Position
Total assets as at 31 December 2025 amounted to NOK 708.6 million
(NOK 414.4 million). Cash and cash equivalents totaled NOK 180.6
million (NOK 123.4 million).
Right-of-use assets related to new long-term lease agreements at
Herøya Industrial Park amounted to NOK 171.1 million (NOK 0.8
million). Construction in progress related to the AlphaOne facility
was recognized at NOK 67.3 million (NOK 0). Property, plant
and equipment amounted to NOK 5.8 million (NOK 0.6 million),
reflecting investments in organizational and facility development.
Other current receivables amounted to NOK 15.7 million (NOK 6.5
million), primarily relating to prepaid rent, insurance, equipment
purchases for AlphaOne, and raw material samples. Other
intangible assets totaled NOK 264.1 million (NOK 283.0 million),
reflecting technology rights recognized in connection with Nordic
Nanovector ASA’s acquisition of Thor Medical AS in 2023.
Total equity amounted to NOK 456.0 million (NOK 337.1 million) at
year-end 2025.
Non-current liabilities amounted to NOK 209.0 million (NOK 54.3
million), consisting primarily of deferred tax liabilities of NOK 49.8
million and NOK 159.2 million in non-current lease liabilities related
to the new long-term lease agreements at Herøya Industrial Park.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
1919 Board of Directors’ ReportBoard of Directors’ Report Board of Directors’ Report
Current liabilities amounted to NOK 43.7 million (NOK 22.9 million)
at year-end. This included trade payables of NOK 14.9 million
(NOK 15.2 million), social security contributions and other taxes
payable of NOK 2.2 million (NOK 1.1 million), current lease liabilities
of NOK 12.2 million related to the Herøya lease agreements, and
other current liabilities totaling NOK 14.4 million.
Cash Flow
Net cash generated from operations ended at negative NOK 47.5
million (NOK -24.0 milllion), with the majority of negative cash
flow from operations reflecting the net loss of NOK 62.3 million,
adjusted for NOK 20.9 million in depreciation, net interest of nega-
tive NOK 6.0 million, share based payment expenses of NOK 4.0
million, changes in inventories of negative NOK 3.0 million, changes
in accounts receivables of negative NOK 0.3 million, changes in
trade payables of negative NOK 0.4 million, and changes in working
capital of negative NOK 0.5 million.
Net cash flow from investing activities ended at negative NOK 66.5
million (NOK 1.6 million), reflecting NOK 73.1 million invested in
AlphaOne net of interest income of NOK 6.6 million.
The net cash flow from financing activities closed at NOK 171.2
million (NOK -104.0 million), reflecting NOK 181.5 million in proceeds
from the issue of equity, adjusted for share issue costs of negative
NOK 8.6 million, interest paid of negative NOK 0.6 million and
repayment of principle lease liabilities of negative NOK 1.1 million.
Overall, the net change in cash and cash equivalents was NOK 57.2
million (NOK 81.6 million) for the full year 2025. Cash and cash
equivalents at the end of the period were NOK 180.6 million
(NOK 123.4 million).
Cash Flow Summary
(figures in NOKm) 2025 2024
Net cash flow from operating activities (47.5) (24.0)
Net cash flow from investment activities (66.5) 1.6
Net cash flow from financing activities 171.2 104.0
Effects of exchange rate changes on cash and
cash equivalents - -
Net change in cash and cash equivalents 57.2 81.6
Cash and cash equivalents at start of period 123.4 41.8
Cash and cash equivalents at end of period 180.6 123.4
Allocation of Net Loss and Dividends
Thor Medical ASA had a net loss of NOK 62.3 million from January
1 to December 31, 2025. The Company is in a growth phase and is
not in position to pay dividends.
The Board of Directors proposes that the net loss is allocated to
accumulated losses.
Going Concern
The consolidated financial statements have been prepared on a going
concern basis. The Board of Directors considers this assumption to
be appropriate based on the Company’s financial position, committed
funding, and the expected progression toward commercial operations.
Events after the Balance Sheet Date
On January 6, 2026, the Company issued 63,739 shares to CTO
Sindre Hassfjell as part of an incentive program recognizing his
contributions to the Company’s intellectual property portfolio, with
the shares subject to lock-up until the end of 2027.
On March 3, 2026, the Company’s primary insiders purchased
additional shares following a cashless option exercise, increasing
their shareholdings as follows:
• Jasper C. Kurth, CEO: 1,152,698 new shares
(total 1,552,698 shares; 2,200,000 options)
• Brede Ellingsæter, CFO & COO: 676,055 new shares
(total 2,157,401 shares; 1,700,000 options)
• Sindre Hassfjell, CTO: 825,001 new shares
(total 968,740 shares; 1,200,000 options)
• Astrid Liland, EVP HSEQ: 518,372 new shares
(total 518,372 shares; 758,334 options)
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
2020 Board of Directors’ ReportBoard of Directors’ Report Board of Directors’ Report
Outlook and 2026 Priorities
In 2026, Thor Medical plans to transition into early commercial
operations with the AlphaOne facility, completing organizational
onboarding, commissioning and initiating operational ramp-up to
enable reliable supply of alpha-emitters to initial customers. Key
priorities include executing first customer deliveries, advancing
commercial leads toward longer-term supply agreements, and
optimizing production, quality and regulatory frameworks.
The Company enters this phase against a favorable industry
backdrop, where leading drug developing companies have validated
targeted radiotherapy as a blockbuster category, and alpha emitters
such as lead-212 are emerging as the next generation of more potent
and precise cancer treatments. With AlphaOne construction well
underway, formal ownership of the AlphaOne laboratory facilities
secured, and critical infrastructure installed at Herøya, Thor Medical
is positioned to qualify processes, meet regulatory requirements and
support customer sample programs ahead of full-scale operations.
In parallel, the Company will continue to strengthen its commercial
backlog, broadening the partnership portfolio, and continue building a
diversified pool of feedstock suppliers.
With AlphaOne progressing according to plan, commercial
partnerships continuing to develop, and tailwinds from the
develop ment within the radiopharmaceutical industry, the Board of
Directors maintains a positive outlook for the Company.
Oslo, March 26, 2026
The Board of Directors of Thor Medical ASA
John Andersen Jr.
Chairman of the Board
Mimi Kristine Berdal
Ann Gidner
Thomas Ramdahl
Jens Gisle Schnelle
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
2121 Board of Directors’ ReportBoard of Directors’ Report Board of Directors’ Report
Corporate Governance Report
Good corporate governance is fundamental to maintaining trust and enabling long-term,
sustainable value creation in the best interests of shareholders, employees, customers and other
stakeholders. Strong governance structures promote accountability, transparency, responsible
decision-making, and provide the foundation for effective oversight and strategic execution.
Thor Medical ASA (“Thor Medical” or “the Company”) is committed
to conducting its business in accordance with high ethical standards
and applicable laws and regulations. A robust corporate governance
framework supports reliable financial reporting, sound risk manage-
ment and a clear allocation of roles and responsibilities between
shareholders, the Board of Directors and Executive Leadership Team.
The principles set out below form the basis of Thor Medical’s
corporate governance framework and reflect the Company’s
commitment to integrity, transparency and accountability.
• All shareholders are treated equally
• Thor Medical will provide open, reliable and relevant communica-
tion to shareholders, governmental bodies and the public about the
Company’s activities and its corporate governance commitment
• Thor Medical’s Board of Directors is fully independent of the
Company’s Executive Leadership Team
• The majority of the members of the board of Thor Medical are
independent of major shareholders
• Thor Medical pays particular attention to ensuring that there
are no conflicts between the interests of its shareholders, the
members of its board, and its executives
• Thor Medical will ensure a clear division of responsibility between
the board and the executives
Corporate Governance Framework and Reporting
Thor Medical ASA’s board actively adheres to good corporate
governance standards, in line with Norwegian laws and regulations,
as well as international best practice standards. Thor Medical’s
corporate governance policy is in all material aspects based on
the Norwegian Code of Practice for Corporate Governance (the
Code), to which the board has resolved that the Company shall
adhere. Thor Medical ASA is a Norwegian-registered public limited
liability company with its shares listed on the Oslo Stock Exchange.
The Norwegian Accounting Act Section 2-9, which the Company
is subject to, sets out certain corporate governance related
information, which is to be disclosed and reported on through the
issuance of an annual reporting document. This report meets the
requirements provided by the Accounting Act. The Accounting Act
is available on www.lovdata.no.
Further, the continuing obligations of companies listed on the Oslo
Stock Exchange requires such companies to publish an annual
statement of their practice related to their policy on corporate
governance (cf. Oslo Rule Book II, section 4.4). In addition to setting
out certain minimum requirements for such reporting (equivalent to
those under the Accounting Act), the continuing obligations require
that the Company reports on its compliance with the recommen-
dations of the Code. Both the continuing obligations and the Code
require that an explanation is provided where a company has
chosen an alternative approach to specific recommendations in the
Code (i.e., the “comply or explain” principle). Thor Medical complies
with the current Code, most recently revised on August 28, 2025.
The Company provides a report on its principles for corporate
governance in its annual report and on its website. The continuing
obligations are available on www.oslobors.no and the Code is
available on www.nues.no.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
2222 GovernanceGovernance | Corporate Governance ReportGovernance | Corporate Governance Report
The board of Thor Medical has, in close cooperation with the
Company’s executives, adopted instructions for each of the board
committees, including the audit committee, the organization &
remuneration committee (the remuneration committee), and the
nomination committee:
• Code of conduct and corporate social responsibility
• Rules of procedure for the board
• Instructions for the audit committee
• Instructions for the remuneration committee
• Instructions for the nomination committee
• Instruction for handling inside information
• Insider policy for primary insiders and employees that are not
primary insiders
• Anti-corruption manual
• Whistle blowing policy
The governance documents set out principles for how business
should be conducted, and these also apply to Thor Medical’s
subsidiaries. The Code covers 15 topics, and this statement covers
each of these topics and states Thor Medical’s adherence to the
Code on each topic.
Business
Thor Medical’s business is clearly defined in Section 3 in the
Company’s articles of association as adopted on the annual general
meeting June 28, 2023 as follows: “The objective of the Company is
to supply alpha emitters to suppliers and developers of innovative
drugs targeting indications of high unmet medical need, including
any medical products and equipment, and to run business related
thereto or associated therewith.”
The board is responsible for defining the Company’s strategies,
primary objectives and risk profiles and supporting the Company’s
value creation to shareholders in a sustainable manner. These take
into account financial, social, and environmental considerations, are
evaluated annually and described in the annual report.
Equity and Dividends
Equity and Capital Structure
The Board of Directors ensures that the Company maintains a
capital structure that is appropriate in relation to its objectives,
strategy and risk profile, in line with the Norwegian Code of Practice
for Corporate Governance (NUES) and the Norwegian Public
Limited Liabilities Companies Act.
During 2025, Thor Medical ASA completed several equity trans-
actions to support the financing of its operational expansion and
long-term growth strategy.
In December 2024, the Company successfully allocated 63,000,000
new shares in a Private Placement, each at a subscription price
of NOK 2.50 per Offer share, raising NOK 157.5 million in gross
proceeds. The Company simultaneously completed a retail offering
in Norway, Sweden, Denmark and Finland of 6,029,300 new shares,
raising approximately NOK 15 million in gross proceeds via the
PrimaryBid platform.
Following the extraordinary general meeting held on January
6, 2025, the shareholders approved the issuance of the second
tranche of the private placement resolved in December 2024, as
well as granting the board an authorization to increase the share
capital in connection with a subsequent offering. In January
2025, the Company completed a subsequent offering (repair
issue), issuing 10,519,746 new shares at a subscription price of
NOK 2.50 per share, raising approximately NOK 26.3 million in
gross proceeds.
Following registration of the share capital increase from the
subsequent offering, the Company’s share capital amounted to
NOK 62,881,704.20, divided into 314,408,521 shares, each with a
nominal value of NOK 0.20.
In June 2025, the Company completed a private placement of
30,000,000 new shares and a retail offering through the PrimaryBid
platform of 4,577,399 new shares, both at a subscription price of
NOK 2.50 per share, raising total gross proceeds of approximately
NOK 86.4 million. The transactions were carried out pursuant to the
board authorization granted by the annual general meeting on April
24, 2025. Following registration of these share capital increases,
the Company’s share capital amounted to NOK 69,797,184, divided
into 348,985,920 shares.
In July 2025, the Company completed a subsequent offering
directed towards existing shareholders, issuing 4,000,000 new
shares at a subscription price of NOK 2.50 per share, raising
gross proceeds of NOK 10 million. The subsequent offering was
oversubscribed and was completed pursuant to the same board
authorization.
Following registration of the July 2025 share capital increase, the
Company’s share capital amounts to NOK 70,597,184, divided into
352,985,920 shares, each with a nominal value of NOK 0.20. All
shares carry equal rights, and there are no different share classes.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
2323 GovernanceGovernance | Corporate Governance ReportGovernance | Corporate Governance Report
The deviations from shareholders’ preferential rights in connection
with the private placements were assessed by the board to be
in the common interest of the Company and its shareholders,
taking into account execution certainty, transaction costs, market
conditions and the Company’s funding requirements. Subsequent
offerings were carried out to mitigate dilution effects and support
equal treatment of shareholders.
The board continuously evaluates the Company’s capital structure in
light of market conditions, investment opportunities, liquidity needs
and risk profile to ensure long-term value creation for shareholders.
The Company issued an additional 1,090,974 new shares on
November 11, 2025 in connection with the exercise of RSUs
granted to board members, which explains the increase in issued
share capital and the total number of shares outstanding at
year-end.
Total issued share capital as of December 31, 2025 amounted to
NOK 70,815,379, divided into 354,076,894 shares, each with a par
value of NOK 0.20.
Dividend Policy
Thor Medical expects to create long-term value for its shareholders
through the establishment and commercialization of industrial -
-scale plants for production of alpha-emitting radioisotopes for
cancer therapy. This will require significant investments, and
although the Company aims to reward its investors with com peti-
tive returns on invested capital it does not expect to be in a position
to distribute dividends at least until the first plant is fully up and
running and generating profits. Correspondingly, the Company has
not proposed to pay any dividends for 2025. The mandate to the
board to increase Thor Medical’s share capital is tied to defined
purposes and limited in time no later than the date of the next AGM.
Board Authorizations
The AGM held on April 24, 2025 granted several authorizations to
the Board of Directors to manage the Company’s strategic and
operational needs effectively.
1. Incentive program: The board was authorized to increase the
share capital by up to NOK 2,300,000 through one or more
issuances. This authorization is specifically tied to the issuance
of shares under the Company’s incentive program, such as the
exercise of stock options or subscription rights. The authorization
is valid until the AGM in 2026, but no later than June 30, 2026. As
of December 31, 2025, the board had granted stock options to the
Company’s executives that could increase the share capital up to
NOK 2,300,000 if fully exercised.
2. Restricted Stock Units (RSUs): The AGM authorized the board to
increase the share capital by up to NOK 400,000 to issue shares
to the Company’s board members who exercise awarded RSUs.
This authorization also remains valid until the AGM in 2026, but no
later than June 30, 2026. It allows for the deviation of shareholders’
preferential rights and permits capital increases through cash contri-
butions or by offsetting claims related to board remuneration.
General purposes and strategic initiatives: A further authorization
was granted to increase the share capital by up to NOK 12,576,340.84,
representing up to 20 percent of the Company’s share capital. This
authorization enables the issuance of shares to strengthen equity,
finance acquisitions, and support general corporate purposes,
including issuing consideration shares for acquisitions. The authori-
zation is valid until the Company’s annual general meeting in 2026, but
no longer than June 30, 2026.
These authorizations reflect Thor Medical’s commitment to aligning
governance practices with strategic growth and value-creation
objectives. The resolutions allow for operational flexibility while main-
taining a robust framework for shareholder value and transparency.
Equal treatment of shareholders It is the Company’s policy to treat all
shareholders equally.
Thor Medical has only one class of shares. Each share in the Company
carries one vote and all shares carry equal rights, including the right
to participate in general meetings. The nominal value of each share
is NOK 0.20. If the board resolves to carry out a share issue without
pre-emption rights for existing shareholders, then the justification shall
be publicly disclosed in a stock exchange announcement issued in
connection with the share issue.
Freely Negotiable Shares
There are no restrictions related to owning, trading or voting for
shares in Thor Medical.
General Meetings
The board ensures that the Company’s shareholders can participate
in the Company’s general meetings, and that the general meetings
are an effective forum for the views of shareholders and the board.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
2424 GovernanceGovernance | Corporate Governance ReportGovernance | Corporate Governance Report
Participation and execution
The chair of the board, the CEO and CFO/COO are present at the
AGMs, along with the chair of the nomination committee and the
Company auditor.
The board ensures that:
• Resolutions and supporting information distributed are
sufficiently detailed, comprehensive and specific to allow
shareholders to form a view on all matters to be considered at
the meeting
• Any deadline for shareholders to give notice of their intention to
attend the meeting is set as close to the date of the meeting as
possible
• The general meeting is able to elect an independent chair for the
general meeting
• Shareholders who are unable to participate themselves may cast
a vote on each agenda item electronically or vote by proxy.
Notification
The notice of the general meeting includes information regarding
shareholders’ rights and guidelines for registering and voting at
the general meeting. The Company provides information on the
procedure for representation at the general meeting through proxy,
and a proxy form which allows separate voting instructions for each
individual matter, including on each individual candidate nominated
for election, is attached to the notice.
Nomination Committee
The nomination committee is laid down in the Company’s articles
of association and the general meeting has stipulated guidelines
for the duties of the nomination committee. The nomination
committee consists of three members. The general meeting
elects the members of the nomination committee, its chair and
determines the committee’s remuneration. The majority of the
members shall be independent of the board and the management.
The nomination committee shall not include any executive
personnel or any member of the Company’s Board of Directors.
The AGM held April 24, 2024, elected Didrik Leirvang (chair),
Jørn Aage Johansen, and Jon Magne Asmyr as members of the
nomi nation committee for a period until the AGM in 2026. The
nomination committee’s duties include proposing candidates for
election to the board and the nomination committee and proposing
fees to be paid to such members.
Board of Directors – Composition and Independence
Article 5 of Thor Medical’s articles of association states that the
Company’s board shall consist of three to nine members and that
the members shall serve for a term of up to two years.
The composition of the board shall ensure that it can act
independently of any special interests. The board consists of; John
Andersen, Jr. (chair), Mimi Kristine Berdal, Ann Gidner, Thomas
Ramdahl and Jens Gisle Schnelle. John Andersen, Jr. is the CEO of
Scatec Innovation AS, the founding and largest shareholder of Thor
Medical. Mimi Berdal, Ann Gidner, Thomas Ramdahl and Jens Gisle
Schnelle are independent of the Company’s executive personnel,
material business contacts and the Company’s major shareholder(s).
The Company’s Board of Directors meets the requirements for
gender representation, with no more than 3 out of 5 members
representing one of the genders.
The biographies of the board members are presented on the
Company’s website and the board members’ shareholding in Thor
Medical ASA is disclosed in note 6.3 to the annual accounts. An
overview of the board members’ attendance at board meetings is
included in their respective biographies in the annual report.
The Work of the Board of Directors
Rules of Procedure for the Board of Directors
The Board of Directors is responsible for the overall management
of the Company and shall supervise the Company’s day-to-day
management and the Company’s activities in general.
The Norwegian Public Limited Liability Companies Act regulates
the duties and procedures of the Board of Directors. In addition, the
Board of Directors has adopted supplementary rules of procedures,
which provide further regulation on inter alia the duties of the Board
of Directors and the Chief Executive Officer (CEO), the division of
work between the Board of Directors and the CEO, the annual plan for
the Board of Directors, notices of board proceedings, administra tive
procedures, minutes, board committees, transactions between the
Company and the shareholders and confidentiality.
Transactions with Close Associates
The Board of Directors aims to ensure that any material future
transactions between the Company and shareholders, a
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
2525 GovernanceGovernance | Corporate Governance ReportGovernance | Corporate Governance Report
share holder’s parent company, members of the Board of Directors,
executive personnel or close associates of any such parties are
conducted on arms-length terms. For any such transactions which
do not require approval by the General Meeting pursuant to the
Norwegian Public Limited Liability Companies Act, the Board of
Directors will on a case-by-case basis assess whether a fairness
opinion from an independent third party should be obtained.
The Board of Directors meets at least six times per year. The CEO
informs the board about the Company’s activities, position and
financial development. In 2025, the board held 7 ordinary meetings
and 4 additional meetings.
Guidelines for Board of Directors and Executive Leadership Team
The Board of Directors has adopted rules of procedure which,
among other things, set out guidelines requiring members of the
Board of Directors and the Executive Leadership Team to notify the
Company of any material direct or indirect interest in transactions
entered into by the Company.
The Board of Directors’ consideration of material matters in which
the chairman of the board is, or has been, personally involved, shall
be chaired by some other member of the board. There were no
such cases in 2025.
The Audit Committee
The Company’s audit committee is governed by the Norwegian
Public Limited Liability Companies Act and a separate instruction
adopted by the Board of Directors. The members of the audit
committee are appointed by and among the members of the Board
of Directors. A majority of the members shall be independent of the
Company’s executives, and at least one member shall have quali-
fications within accounting or auditing. Board members who are also
members of the Executive Leadership Team cannot be members of
the audit committee. On December 31, 2025, the audit committee,
consisted of Jens Gisle Schnelle (Chair), John Andersen, Jr. and Ann
Gidner, all considered independent of the Company.
The main tasks of the audit committee are to:
• Prepare the Board of Directors’ supervision of the Company’s
financial reporting process and advise the board regarding the
integrity of the financial reporting
• Prepare the board’s quality assurance of sustainability reporting
and information on climate-related matters
• Monitor the systems for internal control and risk management
• Interact with the Company’s auditor regarding the audit of the
annual accounts and inform the Board of Directors of the result
of the audit
• Review and monitor the independence of the Company’s auditor,
including the extent to which services other than auditing
provided by the auditor or the audit firm representatives
The audit committee reports and makes recommendations to the
Board of Directors, but the Board of Directors retains responsibility
for implementing such recommendations.
Other Board Committees
On December 31, 2025, the remuneration committee consisted of
John Andersen, Jr. (Chair), Mimi Berdal and Thomas Ramdahl. The
primary purpose of the remuneration committee is to assist and
facilitate the decision-making of the Board of Directors in matters
related to the remuneration of the executives of the Company,
review recruitment policies, career planning and management
development plans, and prepare matters relating to other material
employment issues with respect to the executive management.
The remuneration committee reports and makes recommendati ons
to the board, but the Board of Directors retains responsibility
for implementing such recommendations. There were no other
committees established by the board.
The Board’s Evaluation of its Own Work
The Board of Directors conducts an annual assessment of its
performance and expertise, which is presented to the nomination
committee.
Risk Management and Internal Control
The Board of Directors ensures that the Company maintains robust
internal controls and risk management systems tailored to the scale
and scope of its operations. This includes conducting an annual risk
assessment and reviewing quarterly financial statements presented
by management, which provide insights into current business
performance and associated risks. The board evaluates significant
risks such as strategic, financial, liquidity, and operational risks,
including those related to product development, on an ongoing basis
and at least once a year. The finance function is accountable for
preparing financial statements in compliance with applicable laws
and regu lations, including IFRS as adopted by the EU, while the audit
committee scrutinizes these statements, focusing on transaction
types with significant impacts on the financials. Management
controls are executed at a senior level within the Company.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
2626 GovernanceGovernance | Corporate Governance ReportGovernance | Corporate Governance Report
Moreover, the Board of Directors conducts continual risk
assessments to identify potential risks and address any incidents,
engaging external expertise if necessary. This thorough evalu-
ation,conducted annually alongside the review of the Company’s
financial statements, ensures a comprehensive under standing
of the Company’s situation. Bi-annual financial statements are
also reviewed to keep the board and shareholders informed about
current business performance and associated risks. Policies
and procedures are established to manage risks specific to
Thor Medical’s operations, integrating considerations related to
stakeholder involvement in value creation. Additionally, the board
ensures the Company upholds corporate values, ethical guidelines,
and sustainability practices through effective internal controls and
reporting mechanisms, which are detailed in the annual report.
Remuneration of the Board of Directors
The remuneration of the board is proposed by the nomination
committee and decided by the shareholders at the AGM of the
Company. The level of remuneration of the board reflects the
responsibility of the board, its expertise and the level of activity
in both the board and any board committees. The Company has
not granted share options to board members. The Company has,
however, granted restricted stock units (RSUs) to board members
who have elected to receive all or part of their remuneration
determined by the AGM in advance in the form of restricted stock
units. The number of restricted stock units allocated to the board
members is determined based on the volume-weighted average
share price of the 10 trading days prior to the grant date less the
nominal value of the share. The remuneration of the board is thus
not linked to the Company’s performance.
Salary and Other Remuneration for Senior Executives
The board has established guidelines on the salary and other
remuneration for executive personnel that are clear and easily under-
standable, and contribute to the Company’s commercial strategy,
long-term interests and financial viability. The performance-related
remuneration of the executive personnel, such as equity incentives
and bonus programmes, are linked to value creation for share-
holders. Any bonus agreement with the Chief Executive Officer of the
Company shall be limited to up to 35 percent of base salary, while
bonus agreements for other members of the senior executives team
may provide for bonuses up to 25 percent of their base salary.
More information is available in Thor Medical’s Guidelines for
remuneration of senior executives and board of directors. The
guidelines detail fixed and variable components of remuneration,
including performance-related elements such as equity incentives
and bonus programs, and are available on the Company’s website
under the corporate governance section.
Information and Communication
Thor Medical is committed to treat all shareholders equally and will
provide timely and precise information about the Company and its
operations to its shareholders, the Oslo Stock Exchange and the
financial markets in general through the Oslo Stock Exchange’s
information system. Such information will be given in the form of
annual reports, quarterly reports, press releases, notices to the
stock exchange, capital market days and investor presentations.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
2727 GovernanceGovernance | Corporate Governance ReportGovernance | Corporate Governance Report
The Company maintains a dedicated section on its website for
corporate governance matters. This section is regularly updated to
reflect changes in legislation, corporate policies, and governance
practices.
The board has established several guidelines related to the
Company’s disclosure of information to the financial markets and
for the contact with shareholders, as mentioned in “Corporate
Governance in Thor Medical ASA” above.
The Company publishes a financial calendar with an overview of
the dates for important events, such as the AGMs and release of
interim reports.
Take-Overs
In the event of a takeover offer, the Board of Directors adheres to
established guiding principles aimed at maintaining impartiality
and equitable treatment of shareholders. The board refrains
from obstructing or complicating bids for the acquisition of the
Company’s operations or shares and ensures shareholders receive
equal treatment. If a takeover offer is received, the board engages
an independent expert to conduct a valuation and provides a
recommendation regarding shareholder acceptance. Additionally,
the board guarantees uninterrupted company activities, ensures
shareholders have adequate information and time to evaluate the
offer, and considers relevant recommendations from the Code of
Practice, assessing their applicability to the specific circumstances.
Auditor
The Company’s external auditor is Ernst & Young AS (EY). The
auditor is appointed in the AGM and is independent of Thor Medical
ASA. The board ensures that the Company’s auditor on an annual
basis presents to the audit committee the main features of the
plan for the performance of the audit work. The auditor participates
in meetings with the board that deals with the annual financial
statements and, at least once a year, carries out a review of the
Company’s procedures for internal control in collaboration with the
audit committee. In addition, the external auditor meets with the
board, without management being present, at least once per year.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
2828 GovernanceGovernance | Corporate Governance ReportGovernance | Corporate Governance Report
Sustainability
This report outlines Thor Medical’s sustainability approach
and initiatives, underscoring the Company’s commitment to
environmental, social, and governance (ESG) excellence through
the industrialization phase.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
2929 SustainabilitySustainability Sustainability
Business Model
Thor Medical’s strategy is to supply alpha-emitters
for novel cancer therapies, utilizing its proprietary
AlphaCycle™ process to separate thorium isotopes with
unmatched purity and scalability. The Company sources
natural thorium (thorium-232) from mining operations,
processes it into thorium-228, and subsequently
radium-224 and lead-212 to supply radiopharmaceuti-
cal customers. This model enables Thor Medical to
address a growing demand for next- generation cancer
treatments with minimal environmental impact. Unlike
traditional isotope production methods that rely on
irradiation or nuclear reactors, Thor Medical’s approach
requires little energy input, generates no radioactive
waste, and operates within a closed-loop system,
making it scalable and environmentally sustainable.
More details about the business model can be found in
the Board of Directors report in the Annual Report.
Turning waste into next-generation cancer therapies
Proprietary process
for separation of
Th-232 into Th-228
Thorium-232
– a naturally
occurring
isotope
Generating Ra-224/
Pb-212 and linking to
targeting molecule
to create radiothera-
peutic
Distribution to
hospitals and cancer
clinics for patient
treatment
Thor Medical
Thor Medical plant
Th-228 half-life:
1.9 years
Sourcing from
mining operations
Th-232 half-life:
14 billion years
Generators and
radiotherapeutic production
Ra-224 half-life: 3.6 days
Pb-212 half-life: 10.6 hours
Hospitals and
treatment centres
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
3030 SustainabilitySustainability Sustainability
Development Timeline and Sustainability Plans
In 2025, Thor Medical transitioned from pilot operations to construction of a
commercial scale plant. Following the final investment decision in March 2025,
construction of the AlphaOne plant commenced at Herøya Industrial Park,
establishing the Company’s first commercial-scale production facility. The
pilot plant remained fully operational through out the year, supporting process
optimization, customer qualification and early deliveries to customers.
Commercial momentum accelerated during the year with multiple
long-term supply agreements with leading global radiopharmaceutical
companies and an increased backlog. The Company also strengthened
its value chain by securing long-term access to critical thorium feedstock
through a new strategic supplier agreement.
Through a combination of equity financings and public loan commitments,
the Company secured full funding for the construction, ex pan sion and
ramp-up of AlphaOne, providing a solid platform for continued growth.
The key sustainability risks that Thor Medical is expected to face are
outlined below, along with the corresponding mitigation efforts:
• Environmental risks: Management of radioactive materials and waste is
a top priority. Compliance with Norwegian Radiation and Nuclear Safety
Authority (DSA) standards ensures safety.
• Health and safety risks: Robust safety protocols, employee training, and
continuous monitoring minimize risks associated with handling radio active
materials.
• Supply chain risks: Diversified sourcing agreements to ensure reliability.
The key risks are expected to develop over time as Thor Medical executes
its strategic roadmap, as highlighted in the table below:
Company
milestones and
ambitions
Risk
mitigation
initiatives
Key
sustainability
risk
Preparing for industrial-scale production
2026
Scaling production capacity
2026 and beyond
• AlphaOne FID
• Built NOK 850m of long-term order backlog
• Pilot facility operational with early deliveries
to customers
• Thorium feedstock secured for pilot and
AlphaOne from European multinational
chemical manufacturing company
• Fully funded on current business plan, including
AlphaOne through construction and ramp-up
• Successfully complete AlphaOne start-up –
initial production for key clients
• Initiate production scaling towards 21,000
patient doses annually after 3 years
• Prepare transition from pilot to full-scale operations
• File regulatory approvals for expansion and
industrial production
• Sustainable waste management at scale
• Maintaining production efficiency and reliability
• Strengthening governance and compliance
• Pursuing strategy to develop multiple
feedstock suppliers
• Enhanced process monitoring and waste control
• Continuous safety assessments and training
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
3131 SustainabilitySustainability Sustainability
Thor Medical Policies and Standards
Thor Medical’s Code of Conduct embodies the Company’s core
principles of ethical business conduct, emphasizing integrity,
compliance with laws, and sustainability across all operations.
The Code outlines commitments to human rights, environmental
responsibility, fair competition, anti-corruption, and workplace safety,
setting clear expectations for employees, managers, and business
partners. It integrates global regulatory standards while also main-
taining rigorous internal accountability mechanisms, including a
zero-tolerance policy for bribery and corruption, responsible resource
management, and proactive risk mitigation strategies.
Sustainability is embedded into all business functions, ensuring
long-term operational resilience and ethical governance.
For more information, including Thor Medical standards, please
visit the Code of Conduct on the Company’s webpage.
International Principles
Thor Medical adheres to international frameworks, including:
• UN Global Compact Principles – 10 principles covering human
rights, labor standards, environmental responsibility, and
anti-corruption. These principles ensure that businesses operate
ethically, responsibly, and sustainably, which is crucial as Thor
Medical scales its industrial operations. By adhering to these
principles, Thor Medical demonstrates a commitment to fair
labor practices, reducing environmental impact, and maintaining
transparency – critical factors in securing partnerships, regula-
tory approvals, and investor confidence.
• ISO 14001 for environmental management – the standard for
environmental management systems (EMS). It helps companies
like Thor Medical minimize environmental risks, ensure regulatory
compliance, and continuously improve sustainability performance.
As Thor Medical scales production, this certification is vital for
managing radioactive materials, reducing emissions, and opti-
miz ing resource efficiency, all while reinforcing the Company’s
commitment to sustainable industrial growth
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
3232 SustainabilitySustainability Sustainability
With the start of pilot facility operation in the second half of 2024,
Thor Medical has implemented strict environmental and safety
measures to ensure compliance with Norwegian regulations and
international standards.
Safe Handling of Radioactive Materials
Thorium-232 is currently supplied by a vendor and delivered in
barrels, which are stored in a designated radioactive storage area
at Herøya Industrial Park. This restricted-access area follows safety
protocols, ensuring compliance with national radiation protection
standards. Once fed into the production process, the material is kept
in a closed-loop system, allowing safe operations for personnel.
Personnel Safety Measures
• All staff and visitors must wear dosimeters for continuous
radiation exposure tracking.
• Regular area monitoring ensures safe exposure levels.
• Strict entry and exit protocols prevent contamination risks.
• Personal protective equipment that may be contaminated is safely
managed and disposed according to Norwegian regulations
Table 1: Operational Performance – Pilot Facility
Metric Value (2025) Unit Notes
Radioactive waste volume
1.15
m³ Safe disposal as per regulations
Commitment to Sustainability
Thor Medical is dedicated to integrating sustainability into its
industrial operations, ensuring responsible waste management,
energy efficiency, and emission reductions.
Through proprietary technology, the Company minimizes
radioactive waste, eliminating long-lived contaminants and
ensuring safe disposal in compliance with Norwegian regulations.
As part of its broader sustainability approach, Thor Medical is
transitioning to low-energy production processes and optimizing
logistics to reduce greenhouse gas emissions.
Thor Medical upholds its commitment to safe, responsible, and
environmentally conscious operations through a minimal-waste
process that prioritizes sustainability.
Environmental
Thor Medical is committed to
minimizing its environmental
impact, reducing waste, and
handling materials safely and
responsibly.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
3333 SustainabilitySustainability | EnvironmentSustainability | Environment
The management team has a particular responsibility to lead
by example in this regard. A whistleblower policy is in place to
encourage reporting of concerns without fear of retaliation.
Organizational Growth and Development
By year-end, Thor Medical had 18 employees and employed one
contractor, with further employees onboarded early in 2026.
Health and Safety
Thor Medical prioritizes workplace safety and had no reported
injuries in 2025. Employees undergo radiation protection and
emergency training, and strict entry and exit protocols are enforced
at production facilities. Compliance with Norwegian Radiation and
Nuclear Safety Authority (DSA) regulations remains a top priority.
Table 2: Social and HSE Performance – Pilot Facility (2025)
Metric Value (2025) Unit Notes
Total employees
18
Headcount Full-time
Reported injuries
-
Number As per 2025 data
Radiation exposure incidents
-
Number
Supply Chain Responsibility
Thor Medical maintains a low-risk supply chain, ensuring safe and
ethical sourcing of materials, and the Code of Conduct describes
fundamental principles that apply in terms of engaging with stake-
holders including suppliers. The Company continues to diversify
suppliers to enhance stability and sustainability.
Social
Attracting, developing, and retaining
top talent is key to Thor Medical’s
success. The Company is committed
to ensuring all employees are
treated fairly and with respect in an
inclusive work environment free from
discrimination or harassment.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
3434 SustainabilitySustainability | SocialSustainability | Social
Governance Structure
The Board of Directors oversees governance and risk management.
Anti-corruption
Strict adherence to anti-corruption laws and transparent business
practices ensures accountability. All employees and partners are
required to comply with the anti-corruption policies outlined in the
Code of Conduct.
Transparency Act (Åpenhetsloven)
Thor Medical is subject to the Norwegian Transparency Act. The
Company publishes its Transparency Act statement on its IR website
(Reports and Presentations) and updates the latest version on an
ongoing basis in accordance with the requirements of the Act.
Governance
R&D Ethics
Thor Medical complies with rigorous
ethical standards for radiotherapeutics
R&D, ensuring patient safety and
environmental responsibility.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
3535 SustainabilitySustainability | GovernanceSustainability | Governance
Financial
Statements
Consolidated Financial Statements
37
Parent Company Financial Statements
71
Responsibility Statement
90
Auditor’s Report
91
Alternative Performance Measures
95
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
3636 FinancialsFinancials Financials
Consolidated Financial Statements
Consolidated Statement of Income
38
Consolidated Statement of Comprehensive Income
39
Consolidated Statement of Financial Position
40
Consolidated Statement of Changes in Equity
42
Consolidated Statement of Cash Flow
43
Notes to the Consolidated financial statements
44
Section 1 - Background
44
Section 2 - General Accounting Policies
44
2.1 Basis for preparation of the annual accounts
44
2.2 Consolidation principles
45
2.3 Functional currency and presentation currency
45
2.4 Significant accounting judgements, estimates and
assumptions
45
2.5 Other accounting policies
46
2.6 Cash flow statement
46
Section 3 - Operating Activities
47
3.1 Other operating expenses
47
3.2 Payroll and related expenses
47
3.3 Government grants
48
3.4 Other current receivables and prepayments
48
3.5 Other current liabilities
49
3.6 Inventories
49
3.7 Auditors fee
50
Section 4 - Asset base
51
4.1 Property, plant, equipment and construction in progress
51
4.2 Intangible assets
52
4.3 Leasing
53
4.4 Impairment of non-financial assets
55
Section 5 - Risk Management, Financial Instruments,
Capital Structure and Equity
57
5.1 Risk factors and risk management
57
5.2 Cash and cash equivalents
58
5.3 Current liabilities
59
5.4 Share capital and shareholder information
60
5.5 Finance income and finance expenses
61
5.6 Earnings per share (EPS)
61
5.7 Undrawn credit facilities
62
Section 6 - Remuneration
63
6.1 Remuneration to management
63
6.2 Share-based payments and incentive program
64
6.3 Remuneration to the board
67
Section 7 - Tax
68
7.1 Income tax
68
Section 8 - Group Structure
70
8.1 Information about subsidiaries
70
8.2 Transactions with related parties
70
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
3737 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
Consolidated Statement of Income
For the period 1 January to 31 December
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
Revenues | |||
Other income | |||
Total operating revenue | |||
| Payroll and related expenses | 3.2, 6.1 | ||
| Depreciation and amortization | 4.1, 4.2, 4.3 | ||
| Other operating expenses | 3.1, 3.3, 3.7 | ||
Total operating expenses | |||
Operating profit (loss) | ( | ( | |
| Finance income and finance expenses | |||
| Finance income | 5.5 | ||
| Finance expenses | 5.5 | ||
| Net currency gains (loss) | 5.5 | ||
Net finance income (expenses) | |||
Net profit before income tax | ( | ( | |
| Tax expense | 7.1 | ( | ( |
Loss for the year | ( | ( |
The accompanying notes are an integral part of these financial statements.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
3838 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
3939FinancialsFinancialsFinancials||ConsolidatedConsolidatedFinancialFinancialStatementsStatements
Consolidated Statement of Comprehensive Income
For the period 1 January to 31 December
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
| Other comprehensive income (loss), net of income tax that | |||
| may be reclassified to profit and loss in subsequent periods | |||
Translation effects | |||
Other comprehensive income (loss), net of income tax not to be reclassified to profit and loss in subsequent periods | |||
Remeasurement gains (losses) on defined benefit plans | |||
Total comprehensive income (loss) for the year | ( | ( | |
Loss for the year attributable to owners of the parent | ( | ( | |
Total comprehensive income (loss) for the year attributable to owners of the parent | ( | ( | |
| Earnings (loss) per share | |||
| Basic and diluted earnings (loss) per share | 5.6 | ( | ( |
The accompanying notes are an integral part of these financial statements.
ThorThorMedicalMedical••AnnualAnnualReportReport20252025
Consolidated Statement of Financial Position
For the year ended 31 December
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
| ASSETS | |||
| Non-current assets | |||
| Property, plant & equipment | 4.1 | ||
| Construction in progress | 4.1 | ||
| Right-of-use assets | 4.3 | ||
| Intangible assets | 4.2 | ||
Other long-term receivables | |||
Total non-current assets | |||
| Current assets | |||
| Inventories | 3.6 | ||
Accounts receivables | |||
| Other current receivables and prepayment | 3.4 | ||
| Cash and cash equivalents | 5.2 | ||
Total current assets | |||
Total assets |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
4040 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 5.4 | ||
Share premium | |||
Other paid in capital | |||
Retained earnings | ( | ( | |
Total equity | |||
| Liabilities | |||
| Non-current liabilities | |||
Deffered tax liabilities | |||
| Lease liabilities – long term | 4.3 | ||
Total non-current liabilities | |||
| Current liabilities | |||
| Trade payable | 5.3 | ||
| Tax payable | 5.3 | ||
| Social security and other taxes | 5.3 | ||
| Lease liability | 4.3, 5.3 | ||
| Other current liabilities | 3.5, 5.3 | ||
Total current liabilities | |||
Total liabilites | |||
Total equity and liabilities |
The accompanying notes are an integral part of these financial statements.
Oslo, March 26, 2026
The Board of Directors of Thor Medical ASA
John Andersen Jr.
Chairman of the Board
Mimi Kristine Berdal
Ann Gidner
Thomas Ramdahl
Jens Gisle Schnelle
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
4141 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
Consolidated Statement of Changes in Equity
For the year ended 31 December
| Other paid in | Accumulated | |||||
(Amounts in NOK 1,000) | Note | Share capital | Share premium | capital | losses | Total equity |
Balance at 1.1.2024 | ( | |||||
Loss for the year | ( | ( | ||||
| Recognition of share based payments | 3.2, 6.2 | |||||
| Issue of ordinary shares | 5.4 | |||||
Transaction costs | ( | ( | ||||
Balance at 31.12.2024 | ( | |||||
Loss for the year | ( | ( | ||||
| Recognition of share based payments | 3.2, 6.2 | |||||
| Issue of ordinary shares | 5.4 | |||||
Issue of ordinary shares under RSUs | ||||||
Transaction costs | ( | ( | ||||
Balance at 31.12.2025 | ( |
The accompanying notes are an integral part of these financial statements.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
4242 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
Consolidated Statement of Cash Flow
For the year ended 31 December
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
| Cash flows from operating activities | |||
Loss before income tax | ( | ( | |
Loss before income tax | ( | ( | |
| Adjustments for: | |||
Interest paid | |||
Interest received | ( | ( | |
Share based payment expenses | |||
Depreciation and amortization | |||
| Changes in inventories | 3.6 | ( | |
Changes in accounts receivables | ( | ||
| Changes in trade payables | 5.3 | ( | |
Changes in other working capital | ( | ||
Net cash flows from operating activities | ( | ( |
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
| Cash flows from investment activities | |||
Payments for fixed assets | ( | ( | |
Interest received | |||
Net cash flow from investment activities | ( | ||
| Cash flows from financing activities | |||
| Gross proceeds from equity issue | 5.4 | ||
Transaction costs | ( | ( | |
Payment of principle portion of lease liabilities | ( | ( | |
Interest paid | ( | ( | |
Net cash flow from financing activities | |||
Effects of exchange rate changes on cash and cash equivalents | |||
Net change in cash and cash equivalents | |||
Cash and cash equivalents at the beginning of the period | |||
Cash and cash equivalents at the end of the period |
The accompanying notes are an integral part of these financial statements.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
4343 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
Notes to the Consolidated financial statements
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
4444 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
4545 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
4646 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
Reasearch and development costs | 2,057 | 3,309 | |
| Government grants | 3.3 | (3,422) | (7,156) |
Transactions with related parties | 637 | 1,411 | |
Professional fees | 9,056 | 14,814 | |
Premises and facility costs | 1,709 | 836 | |
Other administrative costs | 6,543 | 13,421 | |
| Total other operating expenses | 16,580 | 26,634 |
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
Salaries and bonus | 6.1, 6.2 | 24,539 | 9,862 |
Social security tax | 3,337 | 1,630 | |
| Pension expense | 6.1 | 1,422 | 591 |
| Share-based payment employees | 6.2 | 4,007 | 2,807 |
Accrued employer’s social security on share based payment | 5,000 | 910 | |
Other personel expenses | 1,627 | 736 | |
Capitalized payroll related to assets under construction | (6,194) | - | |
| Government grants | 3.3 | (749) | (1,620) |
Total payroll and related expenses | 32,988 | 14,916 | |
Average number of full-time equivalent employees | 15 | 8.5 |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
4747 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
| Government grants have been recognised in the income | |||
statement as a reduction for the related expenses with the following amounts: | |||
Payroll and related expenses | 749 | 1,620 | |
| Other operating expenses | 3.1 | 3,422 | 7,156 |
Total | 4,171 | 8,777 | |
| Grants receivable are detailed as follows: | |||
| Grants from SkatteFUNN | 3.4 | 2,971 | 3,631 |
Grants from The Research Council of Norway | - | 345 | |
Grants from Innovation Norway | 1,200 | 4,800 | |
Total 31.12. | 4,171 | 8,777 |
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
Government grants | 3.3 | 2,971 | 3,656 |
Refundable VAT | 4,633 | 1,686 | |
Prepaid expenses | 1,672 | 577 | |
Rental deposits | 70 | 70 | |
Other receivables | 6,352 | 533 | |
Other current receivables and prepayments 31.12 | 15,697 | 6,523 |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
4848 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | 2025 | 2024 |
Unpaid vacation pay | 2,079 | 967 |
Accrued social security related to outstanding non exercised options, and RSUs | 6,031 | 173 |
Other accrued costs | 6,298 | 4,980 |
Other current liabilities 31.12 | 14,408 | 6,120 |
(Amounts in NOK 1,000) | 2025 | 2024 |
Cost of 01.01 | - | - |
Purchased raw material | 2,964 | - |
Inventories 31.12 | 2,964 | - |
Write-down for obsolescence | - - |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
4949 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | 2025 | 2024 |
Audit fee | 709 | 593 |
Audit related work | 41 | 408 |
Tax services | - | - |
Auditors fee 31.12 | 750 | 1,001 |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
5050 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
| Building and | Construction in | Laboratory | Office | Permanent | Furniture and | ||
| (Amounts in NOK 1,000) | plant | progress | equipment | equipment | building fixtures | fittings | Total |
Cost of 01.01.2024 | - | - | 4,759 | 174 | - | - | 4,933 |
Additions in the year | - | - | - | - | - | - | - |
Disposals in the year | - | - | - | - | - | - | - |
Cost at 31.12.2024 | - | - | 4,759 | 174 | - | - | 4,933 |
Additions in the year | 3,812 | 67,256 | - | 505 | 578 | 880 | 73,031 |
Disposals in the year | - | - | - | - | - | - | - |
Cost at 31.12.2025 | 3,812 | 67,256 | 4,759 | 679 | 578 | 880 | 77,964 |
Accumulated depreciations 01.01.2024 | - | - | 3,784 | 142 | - | - | 3,925 |
Depreciations in the year | - | - | 373 | 21 | - | - | 393 |
Disposals in the year | - | - | - | - | - | - | - |
Accumulated depreciation at 31.12.2024 | - | - | 4,156 | 163 | - | - | 4,319 |
Depreciations in the year | 80 | - | 428 | 17 | 4 | 18 | 547 |
Disposals in the year | - | - | - | - | - | - | - |
Accumulated depreciation at 31.12.2025 | 80 | - | 4,585 | 179 | 4 | 18 | 4,866 |
Net carrying amount at 31.12.2024 | - | - | 603 | 11 | - | - | 614 |
Net carrying amount at 31.12.2025 | 3,732 | 67,256 | 174 | 500 | 574 | 861 | 73,098 |
Estimated useful life | 5-10 years | 3-5 years | 2-3 years | 2-5 years | 3-5 years | ||
Depreciation method | straight-line | straight-line | straight-line | straight-line | straight-line |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
5151 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
| Patents, | ||||
| licenses, | ||||
(Amounts in NOK 1,000) | Technology | domains, etc. | Goodwill | Total |
Cost of 01.01.2024 | 247,265 | - | 37,216 | 284,481 |
Additions in the year | - | 140 | - | 140 |
Disposals in the year | - | - | - | - |
Cost at 31.12.2024 | 247,265 | 140 | 37,216 | 284,621 |
Additions in the year | - | 77 | - | 77 |
Disposals in the year | - | - | - | - |
Cost at 31.12.2025 | 247,265 | 217 | 37,216 | 284,698 |
Accumulated depreciations 01.01.2024 | - | - | - | - |
Depreciations in the year | 1,580 | 1 | - | - |
Disposals in the year | - | - | - | - |
Accumulated depreciation at 31.12.2024 | 1,580 | 1 | - | 1,581 |
Depreciations in the year | 18,974 | 1 | - | 18,975 |
Disposals in the year | - | - | - | - |
Accumulated depreciation at 31.12.2025 | 20,554 | 2 | - | 20,556 |
Net carrying amount at 31.12.2024 | 245,685 | 139 | 37,216 | 283,040 |
Net carrying amount at 31.12.2025 | 226,711 | 215 | 37,216 | 264,142 |
Estimated useful life | 15 years | 15 years | ||
Depreciation method | straight-line | straight-line |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
5252 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | Plant & buildings |
Acquisition cost of 01.01.2024 | - |
Additions in the year | 1,220 |
Cost at 31.12.2024 | 1,220 |
Additions in the year | 171,698 |
Disposal acquisition cost | (1,220) |
Cost at 31.12.2025 | 171,698 |
Accumulated depreciations at 01.01.2024 | - |
Depreciations in the year | 407 |
Accumulated depreciation at 31.12.2024 | 407 |
Depreciations | 1,402 |
Disposals accumulated depreciations | (835) |
Accumulated depreciation at 31.12.2025 | 567 |
Net carrying amount of right-of-use assets at 31.12.2024 | 813 |
Net carrying amount of right-of-use assets at 31.12.2025 | 171,131 |
Estimated useful life | 10-30 years |
Depreciation method | straight-line |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
5353 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | 2025 | 2024 |
Short-term lease expenses | 24 | 68 |
Low-value assets lease expenses | 212 | 68 |
Variable lease expenses in the period (not included in the lease liabilities) | 1,478 | 637 |
| Total lease expenses in the period related to practical expedients and variable | ||
payments | 1,714 | 772 |
(Amounts in NOK 1,000) | Total |
Less than 1 year | 14,405 |
1-2 years | 16,491 |
2-3 years | 18,366 |
3-4 years | 18,366 |
4-5 years | 18,366 |
More than 5 years | 436,448 |
Total undiscounted lease liabilities at 31.12.2025 | 522,440 |
(Amounts in NOK 1,000) | Total |
Lease liabilities 01.01 | 737 |
Adjustment of lease liabilities | 22 |
New contracts | 171,698 |
Cash payments for lease liabilities | (1,078) |
Total lease liabilities 31.12 | 171,379 |
Current lease liabilities | 12,177 |
Non-current lease liabilities | 159,202 |
Cash outflows for the principal portion of the lease liabilities | (583) |
Cash outflows Interest expense portion of the lease liabilities | (495) |
Total cash outflows for leases recognised as leases | (1,078) |
Cash outflows recognised related to practical expedients and variable payments | (1,714) |
Total cash outflows for leases | (2,792) |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
5454 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
| NOK 483.6 million, of which carrying amount of goodwill is NOK 37.2 |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
5555 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
5656 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
5757 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | 2025 | 2024 |
Employee withholding tax, restricted | 1,275 | 569 |
Variable interest rate bank accounts | 179,281 | 122,819 |
Cash and cash equivalents 31.12 | 180,556 | 123,389 |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
5858 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
| Less than 3 | 3 to 12 | |||
(Amounts in NOK 1,000) | On demand | months | months | Total |
Accounts payable | - | 14,854 | - | 14,854 |
Unpaid duties and charges | - | 1,896 | 322 | 2,218 |
Unpaid vacation pay | - | - | 2,079 | 2,079 |
Accrued social security related to outstanding non exercised options and RSUs 1 | - | - | 6,031 | 6,031 |
Lease liabilities | - | 1,281 | 10,896 | 12,177 |
Other accrued costs | - | 1,837 | 4,461 | 6,298 |
Current liabilities 31.12 | - | 19,868 | 23,789 | 43,657 |
| Less than 3 | 3 to 12 | |||
(Amounts in NOK 1,000) | On demand | months | months | Total |
Accounts payable | - | 15,230 | - | 15,230 |
Unpaid duties and charges | - | 949 | 165 | 1,114 |
Unpaid vacation pay | - | - | 967 | 967 |
Accrued social security related to outstanding non exercised options and RSUs 1 | - | - | 1,031 | 1,031 |
Lease liabilities | - | 113 | 323 | 437 |
Other accrued costs | 139 | 2,348 | 1,635 | 4,122 |
Current liabilities 31.12 | 139 | 18,640 | 4,121 | 22,900 |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
5959 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
Note | 31/12/2025 | 31/12/2024 | |
Ordinary shares at beginning of the period | 280,492,395 | 233,539,006 | |
Issue of ordinary shares | 72,493,525 | 45,632,920 | |
| Issue of ordinary shares under RSUs | 6.2 | 1,090,974 | 1,320,469 |
Ordinary shares at the end of the period | 354,076,894 | 280,492,395 |
| Number | Percentage of | ||
| Shareholder | of shares | total shares | |
1 | Scatec Innovation AS | 82,118,280 | 23.19% |
2 | Olili AS | 19,000,000 | 5.37% |
3 | Roht Invest AS | 14,544,640 | 4.11% |
4 | Brennebu AS | 11,000,000 | 3.11% |
5 | Nordnet Livsforsikring AS | 7,121,895 | 2.01% |
6 | Bergfald Holding AS | 6,013,228 | 1.70% |
7 | Nordnet Bank AB | 4,813,936 | 1.36% |
8 | MP Pensjon PK | 4,295,063 | 1.21% |
9 | J.P. Morgan SE | 3,833,386 | 1.08% |
10 | Jon Magne Asmyr | 3,500,000 | 0.99% |
11 | Verdipapirfondet KLP AksjeNorge IN | 3,134,843 | 0.89% |
12 | Workpartner AS | 2,601,890 | 0.73% |
13 | Bækkelaget Holding AS | 2,500,000 | 0.71% |
14 | Middelboe AS | 2,175,949 | 0.61% |
15 | Sciencons AS | 2,000,000 | 0.56% |
16 | Verdipapirfondet DNB Norge Indeks | 1,996,485 | 0.56% |
17 | Danske Bank A/S | 1,977,781 | 0.56% |
18 | Eivind Kjellman Opedal | 1,651,500 | 0.47% |
19 | Verdipapirfondet Storebrand Indeks | 1,629,843 | 0.46% |
20 | Jan-Tore Pedersen | 1,502,099 | 0.42% |
Total shares for top 20 shareholders | 177,410,818 | 50.11% | |
Total shares for other 14,467 shareholders | 176,666,076 | 49.89% | |
Total shares for 14,487 shareholders | 354,076,894 | 100.00% |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
6060 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1 000) | Note | 2025 | 2024 |
| Finance income | |||
Interest income on tax repaid | 68 | 54 | |
| Interest incom on bank deposit | 5.2 | 6,559 | 1,395 |
Other finans income | 1 | 9 | |
Currency gains | 2,750 | 242 | |
Total finance income | 9,379 | 1,700 | |
| Finance expenses | |||
Interest expense leasing | 602 | 98 | |
Other fees, charges | - | 3 | |
Currency loss | 1,391 | 306 | |
Total finance expense | 1,993 | 407 | |
Net finance income (expenses) | 7,385 | 1,293 |
(Amounts in NOK 1 000, except number of shares) | Note | 2025 | 2024 |
Loss for the period (NOKm) | (58.0) | (42.2) | |
Average number of outstanding shares during | 332,004,515 | 235,793,352 | |
Earnings (loss) per share in NOK– basic and diluted | (0.17) | (0.18) |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
6161 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
5.7 Undrawn credit facilities
The Group has access to credit facilities to support its liquidity and working capital requirements.
The loan facility with Innovation Norway amounts to NOK 90 million and was undrawn at year-end. The facility
is structured in three tranches linked to milestones for civil construction completion, mechanical completion
and production ramp at AlphaOne. The facility is subject to financial covenants, including a minimum available
cash balance of NOK 20 million and a minimum equity ratio of 50 percent.
The working capital facility with DNB Bank ASA totals NOK 20 million and was undrawn at year-end. The facility
is structured in two tranches of NOK 10 million each. NOK 10 million was available at year-end, while the
remaining NOK 10 million becomes available upon mechanical completion of the relevant project.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
6262 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | 2025 | 2024 |
Short term employment benefits | 10,450 | 6,716 |
Post-employment pension | 560 | 412 |
Termination benefits | - | - |
Total compensation of key management personnel of the group in cash | 11,010 | 7,127 |
Imputed share based payment expense | 2,800 | 2,407 |
Total compensation of key management personnel of the group expense | 13,810 | 9,535 |
| Employed with | ||||
| Current position | the Company | Number of | Number of | |
| Name | within the Company | since | shares 2025 | shares 2024 |
| Current management | ||||
Jasper C. Kurth | Chief Executive Officer | 01.08.2024 | 400,000 | 400,000 |
Brede Ellingsæter | Chief Financial- and Operating Ofifcer | 01.06.2024 | 1,481,346 | 400,000 |
Alf Bjørseth | Executive Vice President Business | |||
Development | 01.07.2023 | 447,855 | 447,855 | |
Sindre Hassfjell | Chief Technology Officer | 01.07.2023 | 80,000 | 80,000 |
Astrid Liland | Executive Vice President HSEQ | 01.01.2024 | - | - |
Total compensation of key management personnel of the group expense | 2,409,201 | 1,327,855 |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
6363 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
| Total number of RSUs | Remuneration for the period | Allocation between | Remuneration for the | Number of RSUs granted | Market price | Number of RSUs exer - | Total number of RSUs | |||
| Name | outstanding 31 December 2024 | 2025–2026 in NOK | cash and RSUs | period 2025-2026 in cash | for the period 2025–2026 | on grant date in NOK | cised or settled in 2025 | outstanding 31 December 2025 | ||
John Andersen Jr. 1 | 344,518 | 460,000 | 460,000 | - | - | (344,518) | - | |||
Mimi Berda l 2 | 344,518 | 400,000 | 33% RSU | 264,000 | 54,880 | 2.43 | (344,518) | 54,880 | ||
Ann Ulrika Gidner 2 | - | 400,000 | 400,000 | - | - | - | - | |||
Thomas Ramdahl 2 | - | 400,000 | 33% RSU | 264,000 | 54,880 | 2.43 | - | 54,880 | ||
Jens Gisle Schnelle 2 | - | 400,000 | 100% RSU | - | 164,641 | 2.43 | - | 164,641 | ||
| Ludvig Sandnes (former Chair) | 401,938 | - | - | - | - | (401,938) | - | |||
Total | 1,090,974 | 2,060,000 | 1,388,000 | 274,401 | - | (1,090,974) | 274,401 | |||
| 1 | NOK 460,000 | as chairman of the board. | ||||||||
| 2 | NOK 400,000 | as board member. |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
6464 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
| Weighted average | Weighted average | Weighted average | Weighted average | |||
| Numbers | exercise price | fair value | Numbers | exercise price | fair value | |
| RSUs outstanding | of RSUs | in NOK | in NOK | of RSUs | in NOK | in NOK |
Balance at 01.01. | 1,090,974 | 0.20 | 0.87 | 1,320,469 | 0.20 | 0.72 |
Granted during the year | 274,401 | 0.20 | 2.43 | 1,090,974 | 0.20 | 0.87 |
Exercised or settled during the year | (1,090,974) | 0.20 | 0.87 | (1,320,469) | 0.20 | 0.72 |
Forfeited | - | |||||
Balance at 31.12. | 274,401 | 0.20 | 0.87 | 1,090,974 | 0.20 | 0.72 |
Hereof vested RSUs | - | 0.20 | 0.87 | - | 0.20 | 0.72 |
Assumption | Grant |
Option pricing model | Black-Scholes |
Share price at grant date | NOK 1.03 |
Exercise price | NOK 1.07 |
Expected volatility | 85.33% |
Risk-free interest rate | 3.74% |
Expected dividend yield | - |
Expected life of options | 2,7 years |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
6565 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
| Total number of | Number of options | Total number of | |||
| options outstanding | Number of options | Weighted average | exercised or settled | options outstanding | |
| Name | 31 December 2024 | granted in 2025 | exercise price in NOK | in 2025 | 31 December 2025 |
Jasper C. Kurth | 3,600,000 | - | - | - | 3,600,000 |
| Brede | |||||
Ellingsæter | 3,100,000 | - | - | - | 3,100,000 |
Alf Bjørseth | - | - | - | - | - |
Sindre Hassfjell | 2,700,000 | - | - | - | 2,700,000 |
Astrid Liland | 2,100,000 | - | - | - | 2,100,000 |
Total | 11,500,000 | - | 1.07 | - | 11,500,000 |
| Weighted average | ||||
| Weighted average | Numbers of | exercise price | ||
Options outstanding | Numbers of options | exercise price in NOK | options | in NOK |
Balance at 01.01. | 11,500,000 | 1.07 | - | - |
Granted during the year | - | - | 11,500,000 | 1.07 |
Vested, not exercised | 5,791,666 | - | - | - |
Not vested | 5,708,334 | - | - | - |
Forfeited | - | - | - | - |
Balance at 31.12. | 11,500,000 | 1.07 | 11,500,000 | 1.07 |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
6666 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
| Remuneration | Nomination | |||
(Amounts in NOK 1,000, exclusive of social security) | Board of Directors | Audit committee | committee | committee |
Chair | 460 | 50 | 30 | 50 |
Member | 400 | 30 | 20 | 40 |
| Remuneration | Nomination | |||
(Amounts in NOK 1,000, exclusive of social security) | Board of Directors | Audit committee | committee | committee |
John Andersen Jr. | Chair | Member | Chair | |
Mimi Berdal | Member | Member | ||
Ann Ulrika Gidner | Member | Member | ||
Thomas Ramdahl | Member | Member | ||
Jens Gisle Schnelle | Member | Chair | ||
Didrik Leikvang | Chair | |||
Jørn Aage Johansen | Member | |||
Jon Magne Asmyr | Member |
| Remuneration to the Board of Directors for the 12 month period | Shares held by the Board | ||||
| from AGM to AGM the following year | of Directors at year end | ||||
| Board fee and fees for | Number of shares as | ||||
| (Amounts in NOK 1,000, except | Served since/ period on the | committee work | of 31.12 | ||
| number of shares) | board | 2024 | 2025 | 2025 | 2024 |
| Current board | |||||
John Andersen Jr. | June 2023 | 300 | 520 | - | - |
Mimi Berdal | June 2023 | 300 | 420 | 761,508 | 416,990 |
Ann Ulrika Gidner | May 2025 | - | 430 | - | - |
Thomas Ramdahl | May 2025 | - | 420 | - | - |
Jens Gisle Schnelle | May 2025 | - | 450 | - | - |
| Former members of the board | |||||
Ludvig Sandnes | June 2023–May 2025 | 300 | - | 1,028,427 | 486,489 |
Total | 900 | 2,240 | 1,789,935 | 903,479 | |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
6767 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | 2025 | 2024 |
Net profit before income tax | (62,269) | (42,638) |
Non-deductible expenses | 4,116 | 2,873 |
Non-taxable income | (3,039) | (3,710) |
Share issue costs | (8,586) | (9,726) |
Effect of tax loss carried forward not recognised | 65,400 | 52,942 |
Change in temporary differences | 23,726 | 2,212 |
Basis for tax calculation | 19,018 | 1,953 |
Income tax expense | (4,256) | (430) |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
6868 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
(Amounts in NOK 1,000) | 2025 | 2024 |
Expected tax expense | (13,699) | (9,380) |
Non-deductible expenses | 905 | 632 |
Non-taxable income | (669) | (816) |
Share issue costs | (1,889) | (2,140) |
Change in deferred tax assets not recognised | 11,095 | 11,275 |
Income tax expense | (4,256) | (430) |
(Amounts in NOK 1,000) | 2025 | 2024 |
Tax losses carried forward | 676,536 | 666,500 |
Property, plant and equipment | 142 | 168 |
Liabilities | 6,204 | 265 |
Intangible assets | (49,877) | (54,051) |
Temporary differences and tax loss carry forward | 633,006 | 612,882 |
(Amounts in NOK 1,000) | 2025 | 2024 |
Deferred tax assets, net | 633,006 | 612,882 |
Deferred tax assets, not recognised in statement of financial position | (682,783) | (666,916) |
Deferred tax assets – not recognised in statement of financial position | (49,778) | (54,034) |
| Book value | % Equity interest | |||
Name | Country of incorporation | (in NOK 1,000) | 2025 | 2024 |
TM Technologies AS | Norway | 234,707 | 100% | 100% |
| Purchases | |||
| (included in other operating expenses) | |||
(Amounts in NOK 1,000) | Note | 2025 | 2024 |
Subsidiary – TM Technologies AS | - | - | |
Purchase of professional services from Scatec Innovation AS | 637 | 1,411 | |
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
7070 FinancialsFinancials | Consolidated Financial StatementsFinancials | Consolidated Financial Statements
Parent Company Financial Statements
5.8 Commitments
62
Parent Company Statement of Income
72
Parent Company Statement of Financial Position
73
Parent Company Statement of Changes in Equity
75
Parent Company Statement of Cash Flow
76
Notes to the Parent Company Financial Statements
77
Section 1 - General Information
77
Section 2 - Accounting Principles
77
2.1 Foreign currency translation
77
2.2 Income tax
78
2.3 Balance sheet classification
78
2.4 Research and development
78
2.5 Property, plant and equipment
78
2.6 Subsidiaries and investment in associates
79
2.7 Inventories
79
2.8 Accounts receivable and other receivables
79
2.9 Revenues
79
2.10 Leases
79
2.11 Cash flow statement
79
Section 3 - Operating Activities
80
3.1 Other operating expenses
80
3.2 Payroll and related expenses
80
3.3 Other current receivables and prepayments
81
3.4 Other current liabilities
81
3.5 Inventories
82
3.6 Auditors fee
82
Section 4 - Asset Base
83
4.1 Property, plant, equipment and construction in
progress
83
Section 5 - Risk Management, Financial Instruments,
Capital Structure and Equity
84
5.1 Cash and cash equivalents
84
5.2 Current liabilities
84
5.3 Share capital and shareholder information
85
5.4 Finance income and finance expenses
85
5.5 Undrawn credit facilities
85
5.6 Commitments
85
Section 6 - Remuneration
86
6.1 Remuneration to management
86
6.2 Share-based payments and incentive program
86
6.3 Remuneration to the board
86
Section 7 - Tax
87
7.1 Income tax
87
Section 8 - Group Structure
89
8.1 Information about subsidiaries
89
8.2 Transactions with related parties
89
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
7171 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Parent Company Statement of Income
For the year ended 31 December
(Amounts in NOK 1,000) Note 2025 2024
Revenues
Revenues
439
-
Other income
400
-
Total operating revenue
839
-
Payroll and related expenses
3.2, 6.1 32,990 14,862
Depreciation
4.1 119 21
Other operating expenses
3.1, 3.6 18,153 27,063
Total operating expenses 51,262 41,946
Operating profit (loss) (50,423) (41,946)
(Amounts in NOK 1,000) Note 2025 2024
Finance income and finance expenses
Finance income
5.4 6,597 1,662
Finance expenses
5.4 - 309
Net currency gains (loss)
5.4 1,359 -
Net finance income (expenses) 7,955 1,353
Net profit before income tax (42,468) (40,594)
Tax expense
7.1 - -
Loss for the year (42,468) (40,594)
Attributable to
Accumulated losses 42,468 40,594
Loss for the year 42,468 (40,594)
The accompanying notes are an integral part of these financial statements.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
7272 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Parent Company Statement of Financial Position
For the year ended 31 December
(Amounts in NOK 1,000) Note 2025 2024
Assets
Non-current assets
Property, plant & equipment
4.1 5,656 -
Construction in progress
4.1 67,256 -
Intangible assets 217 140
Shares in subsidaries 234,707 234,707
Other long-term receivables 758 -
Total non-current assets 308,594 234,846
Current assets
Inventories
3.5 2,964 -
Accounts receivables 295 -
Other current receivables and prepayment
3.3 15,697 6,524
Cash and cash equivalents
5.1 179,800 122,555
Total current assets 198,755 129,079
Total assets 507,349 363,925
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
7373 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
(Amounts in NOK 1,000) Note 2025 2024
Equity and liabilities
Equity
Share capital
5.3 70,815 56,098
Share premium 314,927 156,778
Other paid in capital 191,334 187,328
Retained earnings (101,209) (58,741)
Total equity 475,868 341,463
Liabilities
Current liabilities
Trade payable
5.2 14,856 15,229
Tax payable
5.2 - -
Social security and other taxes
5.2 2,218 1,114
Other current liabilities
3.4, 5.2 14,408 6,119
Total current liabilities 31,482 22,462
Total liabilites 31,482 22,462
Total equity and liabilities 507,349 363,925
The accompanying notes are an integral part of these financial statements.
Oslo, March 26, 2026
The Board of Directors of Thor Medical ASA
John Andersen Jr.
Chairman of the Board
Mimi Kristine Berdal
Ann Gidner
Thomas Ramdahl
Jens Gisle Schnelle
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
7474 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Parent Company Statement of Changes in Equity
For the year ended 31 December
(Amounts in NOK 1,000) Note Share capital Share premium Other paid in capital Accumulated losses Total equity
Balance at 1.1.2024 46,707 61,549 184,520 (18,147) 274,629
Loss for the year - - - (40,594) (40,594)
Recognition of share based payments
3.2, 6.2 - - 2,807 - 2,807
Issue of ordinary shares
5.3 9,391 104,956 - - 114,346
Share issue costs - (9,726) - - (9,726)
Balance at 31.12.2024 56,098 156,778 187,328 (58,741) 341,463
Loss for the year - - - (42,468) (42,468)
Recognition of share based payments
3.2, 6.2 - - 4,007 - 4,007
Issue of ordinary shares
5.3 14,499 166,735 - - 181,234
Issue of ordinary shares under RSUs 218 - - - 218
Share issue costs - (8,586) - - (8,586)
Balance at 31.12.2025 70,815 314,927 191,334 (101,209) 475,867
The accompanying notes are an integral part of these financial statements.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
7575 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Parent Company Statement of Cash Flow
For the year ended 31 December
(Amounts in NOK 1,000) Note 2025 2024
Cash flows from operating activities
Loss before income tax
7.1 (42,468) (40,594)
Loss before income tax (42,468) (40,594)
Adjustments for:
Interest received (6,597) (1,410)
Share based payment expenses 4,007 2,807
Depreciation and impairment 119 21
Changes in inventories
7.1 (2,964) -
Changes in accounts receivables
3.4 (295) -
Changes in trade payables
5.2 (373) 13,158
Changes in other working capital (539) 2,264
Net cash flows from operating activities (49,109) (23,754)
(Amounts in NOK 1,000) Note 2025 2024
Cash flows from investment activities
Payments for fixed assets (73,108) (140)
Interest received 6,597 1,410
Net cash flow from investment activities (66,512) 1,271
Cash flows from financing activities
Gross proceeds from equity issue
5.3 181,452 114,346
Transaction costs (8,586) (9,726)
Payment of principle portion of lease liabilities - -
Net cash flow from investment activities 172,866 104,620
Effects of exchange rate changes on cash and cash equivalents - -
Net change in cash and cash equivalents 57,245 82,137
Cash and cash equivalents at the beginning of the period 122,555 40,418
Cash and cash equivalents at the end of the period 179,800 122,555
The accompanying notes are an integral part of these financial statements.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
7676 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Notes to the Parent Company Financial Statements
Section 1 - General Information
Thor Medical ASA (the group) consists of Thor Medical ASA and its subsidiaries. Thor Medical ASA (“the
Company”) is a public limited liability company incorporated and based in Oslo, Norway. The address of the
registered office is Drammensveien 167, 0277 Oslo.
These financial statements were approved for issue by the Board of Directors on 26 March, 2026.
Section 2 - Accounting Principles
The principal accounting policies applied in the preparation of these financial statements are set out below.
The financial statements have been prepared in accordance with the Norwegian Accounting Act and generally
accepted accounting principles (NGAAP) in Norway. Amounts are in Norwegian kroner (NOK) unless stated
otherwise. The functional currency of Thor Medical ASA is NOK.
2.1 Foreign currency translation
Transactions in foreign currency are translated at the rate applicable on the transaction date. Monetary items
in a foreign currency are translated into NOK using the exchange rate applicable on the balance sheet date.
Non-monetary items that are measured at their historical price expressed in a foreign currency are translated
into NOK using the exchange rate applicable on the transaction date. Non-monetary items that are measured
at their fair value expressed in a foreign currency are translated at the exchange rate applicable on the balance
sheet date. Changes to exchange rates are recognised in the income statement as they occur during the
accounting period.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
7777 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
2.2 Income tax
The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calcu-
lated on all differences between the book value and tax value of assets and liabilities. Deferred tax is calculated
as 22 percent of temporary differences and the tax effect of tax losses carried forward. Deferred tax assets are
recorded in the balance sheet when it is more likely than not that the tax assets will be utilized. Taxes payable
and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.
2.3 Balance sheet classification
Current assets and short-term liabilities consist of receivables and payables due within one year, and items
related to the inventory cycle. Other balance sheet items are classified as fixed assets/long term liabilities.
Current assets are valued at the lower of cost and fair value. Short term liabilities are recognised at nominal
value.
Fixed assets are valued at cost, less depreciation and impairment losses. Long term liabilities are recognised at
nominal value.
2.4 Research and development
Development costs are capitalized providing that a future economic benefit associated with development of
the intangible asset can be established and costs can be measured reliably. Otherwise, the costs are expensed
as incurred. Capitalized development costs are amortized on a straight-line basis over its useful life. If the
economic useful life of the capitalized development costs cannot be reliably estimated, the capitalized develop-
ment costs must be amortized over a maximum period of ten years. Research costs are expensed as incurred.
2.5 Property, plant and equipment
Property, plant and equipment is capitalized and depreciated linearly over the estimated useful life. Costs for
maintenance are expensed as incurred, whereas costs for improving and upgrading property plant and equip-
ment are added to the acquisition cost and depreciated with the related asset. If carrying value of a non-current
asset exceeds the estimated recoverable amount, the asset is written down to the recoverable amount. The
recoverable amount is the greater of the net realizable value and value in use. In assessing value in use, the
discounted estimated future cash flows from the asset are discounted are used.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
7878 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
2.6 Subsidiaries and investment in associates
Subsidiaries and investments in associates are valued at cost in the Company accounts. The investment is
valued as cost of the shares in the subsidiary, less any impairment losses. An impairment loss is recognised
if the impairment is not considered temporary, in accordance with generally accepted accounting principles.
Impairment losses are reversed if the reason for the impairment loss disappears in a lather period.
Dividends, group contributions and other distributions from subsidiaries are recognised in the same year as
they are recognised in the financial statement of the provider. If dividends/group contribution exceed withheld
profits after the acquisition date, the excess amount represents repayment of invested capital, and the distri-
bution will be deducted from the recorded value of the acquisition in the balance sheet for the parent company.
2.7 Inventories
Goods are valued at the lower of cost and net realizable value. Inventories are valued according to the weighted
average cost principle. Net realizable value is the estimated realizable value after deduction of estimated
necessary expenses for the implementation of the sale. In the case of purchase, the cost of acquisition is the
purchase price plus purchase expenses. In the case of manufacturing, the cost of acquisition includes variable
and quick manufacturing costs (full manufacturing cost).
2.8 Accounts receivable and other receivables
Accounts receivable and other current receivables are recorded in the balance sheet at nominal value less
provisions for doubtful accounts. Provisions for doubtful accounts are based on an individual assessment of the
different receivables. For the remaining receivables, a general provision is estimated based on expected loss.
Gains or losses that arise in connection with settlement or significant curtailment of defined benefit plans are
recognised in the income statement at the settlement or curtailment. Current service cost, interest expense
and expected return for the remaining part of the accounting period are determined based on assumptions at
the time of the curtailment.
2.9 Revenues
Income from sale of goods is recognised on the date of delivery. Revenue is measured at the fair value of the
consideration.
2.10 Leases
Leases are not recognised in the balance sheet. Lease payments are recognised as an operating expense and
are distributed systematically over the entire lease term.
2.11 Cash flow statement
The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash,
bank deposits and other short term, highly liquid investments with maturities of three months or less.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
7979 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Section 3 - Operating Activities
3.1 Other operating expenses
Accounting policy
Other operating expenses are recognised in the statement of profit and loss in the period which the related
costs are incurred or services are provided.
Overview
Costs related to the pilot facilitates at Herøya have been expensed as incurred because they will not generate
revenue in the future, and therefore do not meet the requirements for capitalization as an intangible asset.
(Amounts in NOK 1,000) Note 2025 2024
Reasearch and development costs 2,057 3,309
Government grants (3,422) (7,156)
Transactions with related parties 637 1,411
Professional fees 8,961 14,672
Premises and facility costs 3,389 1,417
Other administrative costs 6,531 13,411
Total other operating expenses 18,153 27,063
3.2 Payroll and related expenses
Accounting policy
Payroll and related expenses are recognised in the statement of profit and loss in the period which the related
costs are incurred or services are provided. For additional information on calculation of costs related to share
based payments see note 6.2.
(Amounts in NOK 1,000) 2025 2024
Salaries and bonus 6.2 24,539 9,862
Social security tax 3,337 1,630
Pension expense
6.1 1,422 555
Share-based payment employees
6.2 4,007 2,807
Accrued employer’s social security on share based payment 5,000 910
Other personel expenses 1,628 719
Capitalised payroll related to assets under construction (6,194) -
Government grants (749) (1,620)
Total payroll and related expenses 32,990 14,862
Average number of full-time equivalent employees 15 8.5
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
8080 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
3.3 Other current receivables and prepayments
(Amounts in NOK 1,000) Note 2025 2024
Government grants 3.4 2,971 3,656
Refundable VAT 4,633 1,686
Prepaid expenses 1,672 579
Rental deposits 70 70
Other receivables 6,352 533
Other current receivables and prepayments 31.12 15,697 6,524
3.4 Other current liabilities
Accounting policy
Other liabilities are classified as current liabilities if payment is due within one year or less (or in the normal
operating cycle of the business if longer). If not, they are presented as non-current liabilities. Accounts payable
and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method.
Restructuring provisions are recognised only when the group has a constructive obligation, which is when
there is a detailed formal plan that identifies the business or part of the business concerned, the location
and number of employees affected, the detailed estimate of the associated costs, and the timeline; and the
employees affected have been notified of the plan’s main features.
Statement of income, For the year ended 31 December
(Amounts in NOK 1,000) 2025 2024
Unpaid vacation pay 2,079 967
Accrued social security related to outstanding non exercised
options, and RSUs - 173
Other accrued costs 6,298 4,979
Other current liabilities 31.12 8,377 6,119
Social security contributions on share options
The Company recognises employer’s social security tax arising from share-based payment arrangements as an
integral part of the share-based payment expense in accordance with IFRS 2. The liability for social security tax
is accrued over the vesting period based on the fair value of the underlying equity instruments and the expected
number of instruments that will vest. The provision is remeasured at each reporting date to reflect changes in the
fair value of the underlying instruments, with corresponding adjustments recognised in profit or loss
Other accrued costs
Other accrued costs for period ended 31 December 2025 are mainly related to professional services incurred.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
8181 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
3.5 Inventories
See Note 3.6 in the consolidated financial statements for details regarding inventories.
3.6 Auditors fee
Accounting policy
Auditors fee is expensed and recognised in the statement of profit and loss in the period which the related
costs are incurred or services are provided. Amounts are presented exclusive of VAT.
(Amounts in NOK 1,000) 2025 2024
Audit fee 672 593
Audit related work 41 408
Tax services - -
Auditors fee 31.12 713 1,001
Audit fee for 2025 in the table above is the actual booked audit fee for the accounting year. Some of the cost is
related to audit of the accounting year ended 31 December 2024. The same principal applies for 2024.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
8282 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Section 4 - Asset Base
4.1 Property, plant, equipment and construction in progress
Accounting policy
Property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Acquisition cost
includes expenditures that are directly attributable to the acquisition of
the individual item. Property, plant and equipment are depreciated on a
straight-line basis over the expected useful life of the asset. Depreciation
commences when the assets are ready for their intended use.
(Amounts in NOK 1,000)
Building and
plant
Construction in
progress
Laboratory
equipment
Office
equipment
Permanent
building fixtures
Furniture and
fittings Total
Cost of 01.01.2024 - - 3,641 105 - - 3,747
Additions in the year - - - - - - -
Disposals in the year - - - - - - -
Cost at 31.12.2024 3,641 105 - - 3,747
Additions in the year 3,812 67,256 - 505 578 880 73,031
Disposals in the year - - - - - - -
Cost at 31.12.2025 3,812 67,256 3,641 611 578 880 76,778
Accumulated depreciations 01.01.2024 - - 3,641 84 - - 3,725
Depreciations in the year - - - 21 - - 21
Disposals in the year - - - - - - -
Accumulated depreciation at 31.12.2024 - 3,641 105 - - 3,746
Depreciations in the year 80 - - 17 4 18 119
Disposals in the year - - - - - - -
Accumulated depreciation at 31.12.2025 80 - 3,641 121 4 18 3,865
Net carrying amount at 31.12.2024 - - - - - - -
Net carrying amount at 31.12.2025 3,732 67,256 - 489 574 861 72,912
Estimated useful life 5-10 years 3-5 years 2-3 years 2-5 years 3-5 years
Depreciation method straight-line straight-line straight-line straight-line straight-line
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
8383 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Section 5 - Risk Management, Financial Instruments, Capital Structure and Equity
5.1 Cash and cash equivalents
(Amounts in NOK 1,000) 2025 2024
Employee withholding tax, restricted 1,275 569
Variable interest rate bank accounts 178,525 121,986
Cash and cash equivalents 31.12 179,800 122,555
Of the total balance of cash and cash equivalents, NOK 1.3 million (2024: NOK 0.6 million) relates to restricted
funds for employee withholding taxes. The remainder of the cash is deposited in various banks on variable
interests rate terms.
5.2 Current liabilities
Accounting policy
The parent’s financial liabilities consist of accounts payable and other current liabilities and are classified as
“current liabilities”. Accounts payable are obligations to pay for goods or services that have been acquired in
the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment
is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are
presented as non-current liabilities. Accounts payable and other financial liabilities are recognised initially at
fair value and subsequently measured at amortised cost using the effective interest method.
The table below summarizes the maturity profile of the parent’s financial liabilities based on contractual
undiscounted payments:
As per 31 December, 2025
(Amounts in NOK 1,000) On demand
Less than 3
months
3 to 12
months Total
Accounts payable - 14,856 - 14,856
Unpaid duties and charges - 1,896 322 2,218
Unpaid vacation pay - - 2,079 2,079
Accrued social security related to outstanding non
exercised options and RSUs
1
- - 6,031 6,031
Other accrued costs 1,837 4,461 6,298
Current liabilities 31.12 - 18,589 12,892 31,482
As per 31 December, 2024
(Amounts in NOK 1,000) On demand
Less than 3
months
3 to 12
months Total
Accounts payable - 15,229 - 15,229
Unpaid duties and charges - 949 165 1,114
Unpaid vacation pay - - 967 967
Accrued social security related to outstanding non
exercised options and RSUs
1
- - 1,031 1,031
Other accrued costs 139 2,348 1,635 4,122
Current liabilities 31.12 139 18,525 3,797 22,462
1
Social security is payable when the equity instruments are exercised.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
8484 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
5.3 Share capital and shareholder information
As at 31 December 2025 the company’s share capital is NOK 70 815 378.80 (31 December 2024: NOK 56 098
479), being divided into 354 076 894 ordinary shares, each with a nominal value of NOK 0.20. All shares carry
equal voting rights.
See Note 5.4 to the consolidated financials statements for a list of the company’s largest shareholders and the
shareholdings of senior executives.
5.4 Finance income and finance expenses
Accounting policy
The group and parent company’s finance income largely relates to interest received on bank deposits. Net currency
gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable.
(Amounts in NOK 1,000) Note 2025 2024
Finance income
Interest income on tax repaid 68 50
Interest incom on bank deposit
5.1 6,527 1,360
Other finans income 1 9
Currency gains 2,750 242
Total finance income 9,346 1,662
Finance expenses
Other fees, charges - 3
Currency loss 1,391 306
Total finance expense 1,391 309
Net finance income (expenses) 7,955 1,353
5.5 Undrawn credit facilities
See Note 5.7 to the consolidated financial statements for information about credit facilities
5.6 Commitments
See note 5.8 to the consolidated financial statements for information regarding the Company’s commitments
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
8585 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Section 6 - Remuneration
6.1 Remuneration to management
See Note 6.1 in the consolidated financial statements for further details
regarding remuneration to management.
6.2 Share-based payments and incentive program
See Note 6.2 in the consolidated financial statements for further details
regarding share-based payments and incentive program.
6.3 Remuneration to the board
See Note 6.3 in the consolidated financial statements for further details
regarding remuneration to the board.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
8686 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Section 7 - Tax
7.1 Income tax
Accounting policy
Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are
recognised based on temporary differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax
liabilities are recognised for taxable temporary differences, and deferred tax assets arising from deductible
temporary differences are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Deferred tax liabilities and assets are
measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset
realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period.
The Company is in the research phase of its product development and has incurred significant tax losses
related to its operations. The deferred tax asset has not been recognised in the statement of financial position,
as the Company does not consider that taxable income in the short-term will sufficiently support the use of a
deferred tax asset.
Basis for tax calculation
(Amounts in NOK 1,000) 2025 2024
Loss for the year (42,468) (40,594)
Non-deductible expenses 4,116 (6,853)
Non-taxable income (3,039) (3,706)
Share issue costs (8,586) -
Change in temporary differences 4,389 591
Basis for tax calculation (45,588) (50,562)
Income tax expense - -
This year’s tax expense
(Amounts in NOK 1,000) 2025 2024
Calculation of effective tax rate
Profit before tax (42,468) (40,594)
Calculated tax on profit before tax (9,343) (8,931)
Tax effect of permanent differences (1,652) (2,323)
Income tax expense (10,995) (11,254)
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
8787 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
The tax effect of temporary differences and loss to be carried forward that forms the basis for deferred tax and
deferred tax advantages, specified on type of temporary differences:
(Amounts in NOK 1,000) 2025 2024 Difference
Property, plant and equipment (118) (729) (611)
Liabilities (6,204) (1,204) 5,000
Total (6,322) (1,933) 4,389
(Amounts in NOK 1,000) 2025 2024 Difference
Accumulated tax losses carried forward (3,058,411) (3,012,876) (3,012,876)
Not included in the deferred tax calculation 3,064,734 3,014,809 6,079,543
Basis for deferred tax assets - - -
The corporate tax rate in Norway was 22 percent in 2025 and 2024.
The Company is in pilot and scale-up phase and has incurred significant tax losses related to its operations.
The tax losses can be carried forward indefinitely.
The Company has not recognised a deferred tax asset in the statement of financial position, as it does not
consider that taxable income in the near term will sufficiently support the utilization of a deferred tax asset.
No current or deferred tax charge or liability has been recognised for 2025.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
8888 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Section 8 - Group Structure
8.1 Information about subsidiaries
Accounting policy
Shares and investments intended for long-term ownership are reported in the parent company’s statement of
financial position as long-term investments and valued at cost. The Company determines at each reporting
date whether there is any objective indication that the investment in the subsidiary is impaired. If this is the
case, the amount of impairment is calculated as the difference between the recoverable amount of the sub-
sidiary and its carrying value and recognises the amount in the income statement. Any realised and unrealised
losses and any write-downs relating to these investments will be included in the parent’s statement of compre-
hensive income as financial items.
The consolidated financial statements of the Group include
Book value
(in NOK 1,000)
% Equity interest
Name Country of incorporation 2025 2024
TM Technologies AS Norway 234,707 100% 100%
Thor Medical ASA is a public limited liability company incorporated and domiciled in Norway and is the
parent company of the group. In 2025 the parent company acquired 100 percent of the shares in TM
Technologies AS.
8.2 Transactions with related parties
Accounting policy
The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s
length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement
occurs in cash. There have been no guarantees provided or received for any related party receivables or pay -
ables. Transactions and balances between companies, which are a member of the group, have been eliminated
in the consolidated accounts for the group. Note 8.1 provides information about the group’s structure.
The following table provides the total amount of transactions that have been
entered into with related parties for the relevant financial year:
Purchases
(included in other operating expenses)
(Amounts in NOK 1,000) Note 2025 2024
Subsidiary – TM Technologies AS - -
Purchase of professional services from Scatec Innovation AS 637 1,411
In 2025, the group has used the professional services from majority shareholder Scatec Innovation related to
finance, accounting, IT, and legal.
The following table provides overview of amounts owed to and by related
parties at year-end for the relevant financial year:
Purchases
(included in other operating expenses)
(Amounts in NOK 1,000) Note 2025 2024
Subsidiary – TM Technologies AS - -
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
8989 FinancialsFinancials | Parent Company Financial StatementsFinancials | Parent Company Financial Statements
Responsibility
Statement
We confirm, to the best of our knowledge, that
the set of financial statements for 2025 has been
prepared in accordance with IFRS Accounting
Standards, as adopted by the EU, and requirements
in accordance with the Norwegian Accounting Act,
and gives a true and fair view of the (Company’s
and) group’s assets, liabilities, financial position and
profit or loss as a whole.
We also confirm, to the best of our knowledge, that
this report includes a fair review of important events
that have occurred during 2025 and their impact on
the set of financial statements, a description of the
principal risks and uncertainties, and an overview of
major related parties’ transactions.
Oslo, March 26, 2026
The Board of Directors of Thor Medical ASA
John Andersen Jr.
Chairman of the Board
Mimi Kristine Berdal
Ann Gidner
Thomas Ramdahl
Jens Gisle Schnelle
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
9090 FinancialsFinancials | Responsibility StatementFinancials | Responsibility Statement
Statsautoriserte revisorer
Ernst & Young AS
Stortorvet 7, 0155 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
To the General Meeting in Thor Medical ASA
INDEPENDENT AUDITOR'S REPORT
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Thor Medical ASA (the Company),
which comprise:
The financial statements of the Company, which comprise the statement of
financial position as at 31 December 2025, the income statement and
statement of cash flows for the year then ended and notes to the financial
statements, including a summary of significant accounting policies, and
The consolidated financial statements of the Group, which comprise the
statement of financial position as at 31 December 2025, statement of
income, statement of comprehensive income, statement of changes in
equity and statement of cash flow for the year then ended and notes to the
financial statements, including material accounting policy information.
In our opinion:
the financial statements comply with applicable statutory requirements,
the financial statements of the Company give a true and fair view of the
financial position of the Company as at 31 December 2025, and its financial
performance and cash flows for the year then ended in accordance with the
Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and
the consolidated financial statements of the Group give a true and fair view
of the financial position of the Group as at 31 December 2025, and its
financial performance and cash flows for the year then ended in accordance
with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing
(ISAs). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Company and the Group in accordance with the
requirements of the relevant laws and regulations in Norway and the International
Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards) (the
IESBA Code) as applicable to audits of financial statements of public interest entities,
and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to
in the Audit Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 12 years from the election by the
general meeting of the shareholders for the accounting year 2014 (with at renewed
election on 24 April 2025).
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements for 2025. We have determined
that there are no key audit matters to communicate in our report.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
9191 FinancialsFinancials | Auditor’s ReportFinancials | Auditor’s Report
2
Independent auditor's report - Thor Medical ASA 2025
A member firm of Ernst & Young Global Limited
Other information
The Board of Directors and the Chief Executive Officer (management) are
responsible for the information in the Board of Directors’ report and the other
information presented with the financial statements. The other information comprises
the information included in the annual report other than 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 and the other information presented
with the financial statements.
In connection with our audit of the financial statements, our responsibility is to read
the information in the Board of Directors’ report and for the other information
presented with the financial statements. The purpose is to consider if there is
material inconsistency between the information in the Board of Directors’ report and
the other information presented with the financial statements and the financial
statements or our knowledge obtained in the audit, or otherwise the information in
the Board of Directors’ report and for the other information presented with the
financial statements otherwise appears to be materially misstated. We are required
to report if there is a material misstatement in the Board of Directors’ report and the
other information presented with the financial statements. We have nothing to report
in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of
Directors’ report
is consistent with the financial statements and
contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly for the
statement on Corporate Governance.
Responsibilities of management for the financial statements
Management is responsible for the preparation of financial statements 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 and using the going concern basis of
accounting unless management either intends to liquidate the Company or the
Group, or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when
it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
9292 FinancialsFinancials | Auditor’s ReportFinancials | Auditor’s Report
3
Independent auditor's report - Thor Medical ASA 2025
A member firm of Ernst & Young Global Limited
resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the
Company’s and the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by
management.
Conclude on the appropriateness of management’s use of the going
concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s and the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company and the Group to cease to
continue as a going concern.
Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves
fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Group to express
an opinion on the consolidated financial statements. We are responsible for
the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in
our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on other legal and regulatory requirement
Report on compliance with regulation on European Single Electronic Format
(ESEF)
Opinion
As part of the audit of the financial statements of Thor Medical 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
thormedicalasa-2025-12-31-1-en.zip, have been prepared, in all material respects, in
compliance with the requirements of the Commission Delegated Regulation (EU)
2019/815 on the European Single Electronic Format (the ESEF Regulation) and
regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which
includes requirements related to the preparation of the annual report in XHTML
format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been
prepared, in all material respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance
with the ESEF Regulation. This responsibility comprises an adequate process and
such internal control as management determines is necessary.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
9393 FinancialsFinancials | Auditor’s ReportFinancials | Auditor’s Report
4
Independent auditor's report - Thor Medical ASA 2025
A member firm of Ernst & Young Global Limited
Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on
whether, in all material respects, the financial statements included in the annual
report have been prepared in accordance with the ESEF Regulation. We conduct our
work in accordance with the International Standard for Assurance Engagements
(ISAE) 3000 – “Assurance engagements other than audits or reviews of historical
financial information”. The standard requires us to plan and perform procedures to
obtain reasonable assurance about whether the financial statements included in the
annual report have been prepared in accordance with the ESEF Regulation.
As part of our work, we perform procedures to obtain an understanding of the
Company’s processes for preparing the financial statements in accordance with the
ESEF Regulation. We test whether the financial statements are presented in
XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of
the consolidated financial statements and assess management’s use of judgement.
Our procedures include reconciliation of the iXBRL tagged data with the audited
financial statements in human-readable format. We believe that the evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 27 March 2026
ERNST & YOUNG AS
The auditor's report is signed electronically
Asbjørn Bugge
State Authorised Public Accountant (Norway)
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
9494 FinancialsFinancials | Auditor’s ReportFinancials | Auditor’s Report
Alternative Performance Measures
Thor Medical discloses alternative performance measures (APMs)
in addition to those normally required by IFRS. This is based on the
Company’s experience that APMs are frequently used by analysts,
investors and other arties as supplemental information.
The purpose of APMs is to provide an enhanced insight into the oper-
ations, financing and future prospect of the Company. Management
also uses these measures internally to drive performance in terms of
monitoring operating performance and long-term target setting. APMs
are adjusted IFRS measures that are defined, calculated and used in
a consistent and transparent manner over the years and across the
Company where relevant.
Financial APMs should not be considered as a substitute for measures
of performance in accordance with the IFRS.
Thor Medical’s APMs
EBITDA: is defined as earnings before interest, tax, depreciation, amor-
tization and impairment. EBITDA corresponds to operating profit/(loss)
plus depreciation, amortization and impairment.
Equity ratio: is defined as total equity divided by total assets.
Order backlog: is defined as the total value of purchases from
customers under the terms of signed long-term strategic sales
agreements. Timing of product delivery to be confirmed by purchase
orders and revenue recognition will happen upon delivery of products
according to the terms of the agreements.
Thor Medical • Annual Report 2025Thor Medical • Annual Report 2025
9595 FinancialsFinancials | Alternative Performance MeasuresAlternative Performance Measures
artbox.no
Thor Medical HQ
Drammensveien 167
NO-0277 Oslo, Norway
thormedical.com