The investment and royalty company Hermana Holding ASA publishes its annual report for 2025

12 Feb 2026 07:00 CET

Hermana Holding ASA (‘Hermana’) delivered strong cash flow in 2025, has a solid
financial position and is evaluating further investments including
transformational deals.

Highlights of 2025 and outlook:

• During the year, Hermana received NOK 88.7 million in proceeds related to the
Shell Penguins FPSO royalty agreement, settling the corresponding receivable
from Magnora ASA.

• Operationally, attention and efforts were mainly on the follow-up of royalty
proceeds, positioning for more diversified capital allocation, and evaluating
investment opportunities.

• During the year, Hermana evaluated approximately 40 potential investments.
With an opportunity-driven and patient approach to capital allocation, the
company explored options ranging from small- and mid-cap investments to
transformational deals. Several of the cases are still relevant.

• Operating revenues and costs were moderate, mainly due to the Western Isles
FPSO not being deployed in 2025, as in most of 2024. Revenue was NOK 1.2 million
(2024: NOK 3.9 million), operating expenses NOK 6.4 million (2024: NOK 13.1
million) and operating profit negative 5.3 million (2024: negative NOK 9.2
million). Foreign exchange gain was negative NOK 9.3 million (2024: positive NOK
10.2) and net profit negative NOK 13.4 million (2024: positive NOK 1.7 million).

• At year-end, cash and cash equivalents amounted to NOK 104.3 million, there
was no long-term debt and book value of assets was NOK 112.8 million.

• Hermana expects in 2026 more clarity on the future royalty revenues from the
Western Isles FPSO. This FPSO, currently awaiting redeployment, represents a
significant long-term revenue as Hermana is entitled to USD 0.50 per barrel of
oil equivalents produced and offloaded from the FPSO for its lifetime. According
to media, the owners of the FPSO have initiated a sales process attracting broad
interest from potential buyers.

• Main operational priorities ahead are to manage the royalty rights, maintain
cost discipline, continue evaluating investment opportunities, and act when the
situation is right. Any investments will rely on an estimated return well above
the cost of capital, and the return of cash to the shareholders will also
regularly be considered. The company considers both its financial position and
the outlook to be positive.

The Annual Report for 2025 is attached and also available on
www.hermanaholding.com.

About Hermana
Holding Hermana Holding ASA is an investment and royalty company, listed on the
main list of the Oslo Stock Exchange since 2024. The company has revenues from
FPSO design rights previously owned by Sevan Marine ASA and later Magnora ASA.
Hermana has a pragmatic and opportunity-driven approach to the allocation of the
current funds and the royalty revenues.

More information:
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665480_Hermana Holding ASA Annual Report 2025.pdf