Consolidated Balance Sheet
| NOK million | Note no. | IFRS 30 September 2025 | IFRS 30 September 2024 | IFRS 31 December 2024 |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Tangible fixed assets | 2 | 792.9 | 785.9 | 773.2 |
| Investment property | 157.0 | 157.0 | 157.0 | |
| Intangible assets | 2 | 15.4 | 18.7 | 18.0 |
| Deferred tax assets | 5 | 1.7 | 1.7 | 1.3 |
| Long-term derivatives and power contracts | 6 | 23.1 | 47.6 | 24.9 |
| Investment in associate (financial investment before 9 March 2023) | 12 | 1,283.7 | 1311.2 | 1157.5 |
| Other long-term receivables | 0.3 | 0.4 | 0.2 | |
| Total non-current assets | 2,273.9 | 2,322.6 | 2,132.1 | |
| Current assets | ||||
| Inventories | 427.3 | 372.0 | 362.4 | |
| Customer and other short-term receivables | 383.8 | 353.4 | 358.8 | |
| Short-term derivatives and power contracts | 6 | 23.9 | 23.4 | 7.2 |
| Cash and cash equivalents | 28.8 | 29.1 | 51.4 | |
| Total current assets | 863.7 | 777.9 | 779.7 | |
| Total assets | 3,137.6 | 3,100.4 | 2,911.8 | |
| Equity | ||||
| Shareholder's equity | ||||
| Share capital and share premium | 4 | 52.7 | 52.7 | 52.7 |
| Other equity not recognised in P&L | 23.6 | 31.9 | 26.0 | |
| Retained earnings | 1,006.9 | 1,016.4 | 833.8 | |
| Total equity | 1,083.1 | 1,101.0 | 912.5 | |
| Liabilities | ||||
| Non-current liabilities | ||||
| Long-term loans | 10 | 783.5 | 745.4 | 816.7 |
| Long-term leasing obligations | 10 | 48.3 | 49.5 | 41.4 |
| Deferred tax | 5 | 112.0 | 118.0 | 104.5 |
| Total non-current liabilities | 943.8 | 912.8 | 962.6 | |
| Current liabilities | ||||
| Trade payables and other current liabilities | 472.4 | 446.4 | 463.6 | |
| Tax payable | 5 | 8.6 | 6.0 | 14.0 |
| Short-term loans | 10 | 610.3 | 612.0 | 537.8 |
| Short-term leasing obligations | 10 | 19.3 | 22.2 | 21.3 |
| Total current liabilities | 1,110.7 | 1,086.6 | 1,036.7 | |
| Total liabilities | 2,054.5 | 1,999.4 | 1,999.3 | |
| Total equity and liabilities | 3,137.6 | 3,100.4 | 2,911.8 | |
| Of which net interest-bearing debt (long-term and short-term) incl. leasing obligations and sale leaseback | 10 | 1,432.7 | 1,399.9 | 1,365.8 |
| Of which net interest-bearing debt (long-term and short-term) ex. leasing obligations and sale leaseback | 10 | 1,131.0 | 1,097.8 | 1,074.1 |

