Fourth quarter financial results: Focusing and de-risking the portfolio

13 Feb 2026 08:00 CET

(Arendal, 13 February 2026) Arendals Fossekompani ASA (OSE: AFK) reported
revenue of NOK 995 million (1,175 million) and an operating profit (EBIT) of NOK
–107 million (155 million) in the fourth quarter of 2025. Ordinary profit after
tax, but before non-controlling interests, totalled NOK –267 million (2
million).

The decline in Group revenue YoY was primarily driven by lower revenue in ENRX,
due to weaker market conditions, and NSSLGlobal due to lower airtime activity
and one-off projects completed in Q4 2024.

“The negative operating profit in the quarter was primarily due to impairments
and provisions in ENRX related to the divestment of the Charge business.
Adjusted for this, the Q4 operating profit was NOK 58 million, corresponding to
a margin of 6%,” says Benjamin Golding, Chief Executive Officer at Arendals
Fossekompani.

Accelerating growth at Volue
Volue delivered yet another solid quarter, with 22% YoY growth in recurring
revenue. The company continued its active M&A agenda. In the quarter Volue
acquired smartPulse and completed the acquisitions of Quorum in the UK and HAKOM
Time Series GmbH in Austria, which were announced after quarter-end. The
acquisition of Optimeering was completed after the end of the quarter.

After the close of the quarter, TA Associates joined as new strategic investment
partner in Volue, marking a significant milestone in Volues’s growth journey.

As part of the transaction, Arendals Fossekompani will receive cash proceeds of
approximately EUR 38 million (approximately NOK 425 million). Arendals
Fossekompani’s ownership in Volue will be around 36% after closing. The
transaction prices Arendals Fossekompani’s remaining shareholding in Volue to
approximately EUR 520 million (approximately NOK 5,9 billion). Final amounts
are subject to closing adjustments. Completion of the transaction is subject to
regulatory approvals.

“Our partnership with Advent and Generation has proven exceptionally strong, and
together with TA, will provide the stable foundation for Volue to reach its goal
of becoming the #1 technology provider for energy systems by 2030,” says
Benjamin Golding, Chief Executive Officer of Arendals Fossekompani.

Focusing and de-risking the portfolio
In line with the ongoing strategy to focus, de-risk and optimise the portfolio,
Arendals Fossekompani concluded several measures in Q4.

ENRX divested a 75% stake in its Charge business. The transaction provides the
Charge business with capital and a long-term partner to support its continued
development, while reducing cost and complexity and freeing up capital and
resources for ENRX to focus fully on its core business.

Tekna completed its refinancing plan, including a fully underwritten rights
issue of NOK 300 million and a new bank financing agreement. The rights issue
resulted in Arendals Fossekompani increasing its shareholding in Tekna from
69.5% to 72.4%.

“We are pleased to further increase our ownership in Tekna, reflecting our
conviction in the company’s technology, market position and growth potential.
Tekna also reached an important milestone in the quarter, delivering its second
consecutive positive EBITDA quarter since IPO,” says Golding.

Following the dissolution of the Alytic investment team in Q2 and the completed
sale of Factlines in Q3, impairments in the early-phase companies totalling NOK
202 million were concluded in the quarter.

Robust capital base
Arendals Fossekompani Parent company's financial position remains solid. The
company’s available cash on 31 December amounted to NOK 570 million. In
addition, the company has undrawn credit facilities of NOK 2,182 million,
securing available liquidity of NOK 2,752 million at the end of the quarter.

“We remain committed to capital discipline and have strengthened robustness
across our portfolio, allowing flexibility to capture opportunities and adapt to
change. With a more resilient and focused portfolio in attractive and growing
end-markets, we are well positioned to support long-term value creation,” says
Golding.


Highlights from the portfolio

Volue: Solid revenue growth
Total revenue in Q4 amounted to NOK 415 million (369 million), corresponding to
a growth rate of 13% YoY. Recurring revenue growth for the quarter was 22%. The
growth was a result of upsell to existing customers, combined with a strong logo
expansion across multiple geographic regions. Adjusted EBITDA in the quarter was
NOK 113 million (131 million) corresponding to a margin of 27%, and adjusted
cash EBITDA was NOK 74 million (63 million).

ENRX: Restructuring and focusing on core
Total operating revenue in Q4 was EUR 35.9 million (46 million). The decline was
driven by high uncertainty, tariffs, and political turmoil. Operating profit for
the quarter was EUR -29.9 million (5.3 million). The negative result was driven
by impairments and provisions totalling EUR 30 million relating to the sale of
the ENRX Charge business, which was concluded after the close of the quarter.
Adjusted for one-offs related restructuring and M&A, operating profit for Heat
in the quarter was EUR 2.9 million, corresponding to an operating margin of
8.2%. Total order intake was EUR 38.4 million (37.3 million), and the order
backlog at the end of the quarter was EUR 56.8 million (67.1 million).

NSSLGlobal: Consistent operational performance
Revenue in Q4 was GBP 24.9 million (27.1 million) and operating profit was GBP
3.4 million (5.2 million), corresponding to an operating margin of 14% (19%).
Lower airtime revenue and a one-off project in Q4 2024, which was not repeated
in Q4 2025, were the main drivers of the YoY decline. NSSLGlobal won GBP 12.9
million (18.2 million) in contracts across its corporate, government and
maritime sectors.

Tekna: Second consecutive EBITDA positive quarter
Total operating revenue in Q4 was CAD 9.9 million (9.6 million). The YoY
increase was driven by record high Materials revenue, largely due to high demand
from Aerospace & Defence customers. Activity levels within Systems was low in
the quarter, with revenue of CAD 1.8 million (2.2 million). Adjusted EBITDA in
the quarter was CAD 0.9 million (-1.4 million), marking the second consecutive
positive EBITDA quarter. The order intake totalled CAD 9.1 million (6.4
million), driven by YoY growth in both business areas. The backlog was CAD 20.5
million (16.7 million) at the end of the quarter.

AFK Vannkraft: Higher hydropower production and prices
Total revenue in Q4 was NOK 137 million (96 million) with an operating profit of
NOK 106 million (63 million). The quarter was characterised by heavy
precipitation and high inflow. Consequently, power production was 163 GWh,
approximately 10% higher than the same quarter last year (148.5 GWh). Average
power price in the NO2 region in the quarter was EUR 69.7/MWh (53.5 EUR/MWh).

Restatement Q3
The financial statements include a restatement of NOK -591 million related to
share of profit from associated company Faraday Topco AS (the holding company of
Volue AS) reported in Q3. The restatement relates to incorrect reporting of
Faraday Topco’s gain on sale of Volue's infrastructure business. Please refer to
note 8 in the Q4 financial report for details.


ENDS
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Q4 Financial report
The Q4 Financial Report is attached as a pdf file. All reports are published on
the company's website:
https://arendalsfossekompani.no/en/investor-relations/reports-and-presentations

Q4 2025 financial results webcast with CEO Benjamin Golding and CFO Lars Peder
Fensli
Arendals Fossekompani (AFK) will release its Q4 2025 results on Friday, February
13 at 08:00 am CEST. The results will be presented by CEO Benjamin Golding and
CFO Lars Peder Fensli via webcast at 09:30 am CEST the same day. The
presentation will be held in English and followed by a Q&A session.
To attend the presentation and submit questions, please visit:
https://qcnl.tv/p/puewMuacM942uK-Qe2cRDg

Investor lunch, Volue presentation and meeting with Volue’s new CEO, Stephan
Sieber
Following the webcast, investors and analysts are invited to an investor lunch,
including a company presentation by Volue and an opportunity to meet Volue’s new
CEO, Stephan Sieber.
The investor lunch will be held on Friday, February 13, from 11:00–12:00 CET, at
ABG Sundal Collier, Ruseløkkveien 26, 8th floor, 0251 Oslo.
To attend the investor lunch, please register by emailing invitations@abgsc.no


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For inquiries or additional comments, please contact:
Hanne Watts, VP Communications & Sustainability: +47 974 04 496

About Arendals Fossekompani | https://arendalsfossekompani.no/en
Arendals Fossekompani is a long-term industrial investment company. We are
active owners and developers of companies enabling the energy transition and
next generation industrial technologies. Established in 1896, we have been a
proud producer of hydropower for more than 100 years. Arendals Fossekompani is
headquartered in Arendal and has been listed at the Oslo Stock Exchange since
1913.

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This information is considered inside information pursuant to the EU Market
Abuse Regulation and is subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Lars Peder Fensli, EVP and CFO
of Arendals Fossekompani ASA, on 13 February 2026 at 0800.

More information:
Access the news on Oslo Bors NewsWeb site

665785_Arendals Fossekompani Q4 Interim Report 2025.pdf
665785_Arendals Fossekompani Q4 Interim Report 2025 Presentation.pdf