Hermana Holding ASA: First quarter 2026 update

30 Apr 2026 17:00 CEST

In the first quarter of 2026 Hermana Holding ASA (‘Hermana’) maintained a solid
financial position and continued evaluating potential investments including
transformational deals.

Highlights of Q1 2026 and outlook:

* Operationally, attention was mainly on the company’s FPSO royalty agreement
and further investment opportunities. Potential investments ranged from small-
and mid-cap companies to transformational deals, of which several cases are
still relevant. After media reported in January that the owners of Western Isles
FPSO were considering a sale, Hermana has not noted any further news about such
a sale or redeployment with corresponding royalty revenues for Hermana.

* In the quarter, operating revenues were NOK 0.5 million (Q1’25: NOK 0.2
million), operating expenses NOK 2.2 million (Q1’25: NOK 1.3 million), operating
loss NOK 1.8 million (Q1’25: loss NOK 1.1 million), and net result was a loss of
NOK 0.8 million (Q1’25: loss of NOK 8.0 million). By the end of the quarter,
cash and cash equivalents were NOK 102.2 million (Q1’25: NOK 14.5 million),
equity was NOK 111.5 million (Q1’25: NOK 113.5 million), and there was no
long-term debt.

* Hermana expects more clarity on the redeployment of the Western Isles FPSO.
This 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. Its production capacity is 44,000 barrels (boe) per day.

* Main operational priorities ahead are to manage the royalty rights, maintain
cost discipline and follow up investment opportunities. 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.

Hermana has moved from quarterly financial reporting to semi-annual reporting,
with shorter updates on the first and third quarters.

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.

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