AN INNOVATIVE
TECHNOLOGY LEADER IN WASTE
MANAGEMENT
2
Table of Contents
This is Soiltech ....................................................................... 3
Word from the CEO… ............................................................ 4
The Board of Directors’ report 2025 ..................................... 5
Members of the Board .......................................................... 10
Consolidated financial statements ....................................... 12
Notes to the Consolidated financial statements .................. 17
Appendix – Alternative Performance measures… ............... 37
Financial statements Parent company… .............................. 41
Notes to the Parent company… ........................................... 46
Independent Auditor’s report .............................................. 59
3
This is Soiltech
Soiltech is an innovative technology company specializing in
the treatment, recycling and sustainable handling of
contaminated water and solid industrial waste streams at
site. Our technologies enable cost savings and lower CO2
emissions through waste reduction, waste recovery and
reuse. Soiltech operates world-wide, with its head office at
Forus in Sandnes, Norway.
4
Word from the CEO
In 2025, we demonstrated profitable growth
through strong operational performance delivered in
close collaboration with our clients. With 25 active
operations across Norway and international
markets, we maintain a well-diversified contract
portfolio supported by strong counterparties.
Several key contract awards, along with expanded
scope in existing operations, contributed to
increased market shares. Notably, strong revenue
growth was achieved while maintaining key margins
and reducing SG&A costs relative to revenue, caused
by scale effects in the onshore support organization.
We were pleased to see a year-on-year revenue
growth of 46%, due to an increase in the Fluid
treatment segment of 11% and the Solid waste
management business of 132%. Going forward, we
expect both segments to grow further, across GEO
markets, in line with our strategy of being a full-
service provider of drilling waste management
services.
We receive great feedback from our clients when it
comes to our operational performance, thanks to
our committed personnel on location and the
onshore support team. This positive feedback is
important for Soiltech as operational excellence is
critical to our success. We continue to prioritize safe
operations as a fundamental part of our work
culture.
During 2025, the number of employees increased
from 126 to 146. In 2026, we expect to continue
recruiting, on the back of an expected growth in
activity. Our recruitment campaigns continue to
attract strong interest. We remain committed to
continuous improvement, with training, competence
enhancement, and technology innovation as key
drivers.
The international operations’ share of our business
remained quite stable at 23% of revenues compared
to 24% in 2024. Going forward, I expect our
international activities to increase, as we see
tightening environmental regulations world-wide.
Soiltech aims to be a market leader within
sustainable and effective technologies. Market
visibility in our core markets in Europe and Middle
East remains good, supported by clients’ ambition to
maintain or increase activity levels.
Financially, we continue to run a solid business. I am
grateful for the strong support from our banks and
owners, which have provided us with the required
capital to finance our growth over the years.
With several large contracts awarded towards the
end of 2025 and into 2026, we are in an excellent
position to continue growing our business and
create value for our customers and shareholders.
Jan Erik Tveteraas, CEO
5
Board of Directors report 2025
Established in 2011, Soiltech is an innovative technology company specializing in the treatment, recycling and
sustainable handling of contaminated water and solid waste at site. Our technologies enable cost savings and
lower CO2 emissions through waste reduction, waste recovery and reuse. The Group’s head office is at
Koppholen 25 in Sandnes, Norway.
Soiltech (the Group) consists of the parent company Soiltech ASA (the Company) and the subsidiaries Soiltech
Offshore Services AS, Sorbwater Technology AS and Soiltech Romania SRL.
During 2025, the Group had operations in Norway, UK, the Netherlands, Romania, Denmark and Mexico.
Soiltech’s business model is dependent on several key intangible resources. These include the competence and
experience of the company’s employees, market leading technologies and operational know-how, as well as
established relationships with customers and partners in the oil and gas industry. These resources enable the
Group to deliver efficient waste management solutions and represent an important driver of innovation,
competitiveness and long-term value creation.
Highlights in 2025
▪ January. Two-year contract plus five one-year optional periods with Northern Ocean on Deepsea Bollsta
▪ January. Five-year frame contract with OMV Petrom S.A in the Black Sea for Fluid treatment and Solid
waste management on Transocean Barents
▪ January. Call-off order under the Frame agreement with Equinor for Solid waste management on the
Grane field in Norway
▪ May. Contract with OMV and Northern Ocean for Fluid treatment and Solid waste management on
Deepsea Bollsta
▪ May. Three contracts for providing Fluid treatment (STT) services to leading counterparties in the oil &
gas industry in Europe
▪ June. Contract for fluid treatment on an FPSO
▪ June. Call-off order under the frame agreement with Equinor to provide fluid treatment on Njord A in
Norway
▪ July. Successful refinancing and increased bank facilities
▪ November. Soiltech and NOV announce global collaboration on drilling waste management
▪ December. Contract for Fluid treatment (STT) and Solid waste management with Noble Corporation on
Noble Resolute
▪ December. Contract for Fluid treatment (STT) on a floater on the NCS
▪ December. Contract for Fluid treatment (STT), onshore waste handling and associated services for Total
Energies EP Norge AS on West Elara
Events after year-end 2025
▪ January. Multi-year Fluid treatment (Swarf) contract with Wellbore Integrity Solutions in Dubai
▪ January. Contract for Fluid treatment (STT), onshore waste handling and associated services with DNO,
Wellesley and Well Expertise on Deepsea Yantai
▪ February. Fluid treatment (STT) contract with Estedama Environmental Solutions in Saudi Arabia
6
Financial performance and financing
Parent company Group
Key figures (NOK mill)
2025
2024
2025
2024
Revenues
401
274
401
274
Gross Profit
175
129
159
116
Gross Profit margin
44 %
47 %
40 %
42 %
Adjusted EBITDA
93
63
96
63
Profit before tax
18
12
41
11
Net profit
32
8
32
7
Total assets
583
439
591
434
Net interest bearing debt
207
148
217
159
Cash
51
29
58
35
Working Capital
41
32
49
40
Equity
247
205
246
205
Equity ratio
42 %
47 %
42 %
47 %
Information on Alternative Performance measures (APM) can be found in the appendix on page 37.
The Group
The activity has been high throughout the year. The high activity can be attributed to an increasing demand for
the Group’s innovative and sustainable waste treatment technologies, as clients are looking for solutions to
improve operating efficiency, reduce costs and enhance environmental performance. The revenue in 2025 was
MNOK 401 with a growth of 46% year on year. The gross margin was 40% (42%) and the adjusted EBITDA was
MNOK 96 (MNOK 63).
Profit before tax amounted to MNOK 41 (MNOK 11). Notably, 2024 included merger and IPO cost of MNOK 18.
The net profit of MNOK 32 is transferred to other equity. Total assets at year-end amounted to MNOK 591
(MNOK 434).
Cash flow from operating activities reached MNOK 110, while cash flow from investing activities was MNOK -96
due to capacity expansion initiatives. The operating cash flow was sufficient to finance the company’s
investments during the year. Following a net contribution of MNOK 9 from financing activities, the net cash flow
in 2025 stood at MNOK 23. The cash position as of year-end was MNOK 58 while the equity ratio remained solid
at 42% (47%).
Cash flow from operating activities amounted to MNOK 110, while the operating profit was MNOK 60. The
difference is mainly explained by non-cash items, particularly depreciation, as well as a positive development in
working capital during the year.
In July 2025, Soiltech signed new financing agreements with SpareBank 1 Sør-Norge, replacing existing credit
facilities, borrowings and leasing of NOK 229 million. Effective from Q3 2025, the loan agreements include an
additional NOK 150 million investment loan facility and a NOK 30 million overdraft facility, increasing the total
available financing to NOK 409 million.
The Board considers the company’s liquidity position to be satisfactory. The available credit facilities together
with cash on hand provide sufficient liquidity to finance ongoing operations and planned investments. The
company’s working capital requirements fluctuate during the year in line with project activity, but available
committed credit lines are considered adequate to cover peak funding requirements.
The Parent Company
The Net profit of MNOK 32 (MNOK 8) is transferred to other equity. Total assets at year-end amounted to MNOK
583 (MNOK 439).
7
Operations
The Group saw an increase in operations in 2025, with higher activity across the technology portfolio. During the
year, we had up to 25 fluid treatment operations and 6 solid waste management operations ongoing. During
2025, the Group had operations in six countries with international revenues reaching 23% of total revenues.
There was no operational or commercial downtime in 2025.
Risk management and internal control
The Group categorizes its primary risks into commercial, operational, compliance and legal, financial and IT- and
cyber-related risks. The Group has evaluated the overall climate risk to be low. While climate-related matters are
not expected to critically affect assets, provisions, or future cash flows, the Group acknowledges that industry-
wide climate risks could have an indirect impact on its operations over time. Further details can also be found in
notes 18 and 19 to the consolidated financial statements.
Commercial risks include risks related to macro indicators, suppliers, partners, competitors, and technology.
Operational risks include risks related to technical and operational status and performance of equipment, as well
as HSEQ. Compliance and legal risks include risks related to management system, certifications as well as
contractual, legal, regulations and compliance. Financial risk includes risks related to quality in continuous
reporting and internal controls, proper financing and financing sources, forecasting and liquidity management as
well as interest rates, foreign exchange, credit and tax. IT and cyber risks include risks related to the Group’s IT
and communication systems, procedures, ways of working, as well as technical barriers and controls.
The Group’s management and Board of Directors manage these risks on a continuous basis through periodic
reviews, reporting, forecasting and other mitigating measures. While the Company operates in a cyclical industry,
its client base, however, consists of solid and credit-worthy oil & gas and drilling companies. During the year, the
Group has focused on continuous improvement in training and competence requirements, technical and
operational safety as well as planning and forecasting.
The Group has a solid balance sheet and had no trade losses in 2025.
Climate risk
The Group’s technologies are energy efficient technologies contributing to waste reduction, waste recovery and
reuse. As such the company contributes to responsible resource management and reduced emissions. As
emissions and discharge regulations are tightened globally, the Group’s technologies are expected to play an
increasingly important role in the oil & gas industry.
Climate risk is defined as the measure of vulnerability to climate-related impacts that may have financial
consequences, or that may affect various aspects of financial performance. Those consequences could be
anything from minor inconvenience to a complete loss of an asset’s value or operability. With such high stakes,
reducing the uncertainty of that outcome is business critical.
While the Group has assessed its direct climate risk exposure to be low, the industry faces increasing regulatory,
operational, and market-driven challenges. Stricter environmental regulations, evolving customer preferences,
and potential shifts in investment patterns could indirectly impact the company’s operations, market
opportunities, and long-term growth prospects.
The Group’s overall focus regarding the external environment is to provide knowledge to the market about the
company’s technologies, while helping our customers reduce their emissions.
Liability insurance for directors and officers
The Company has in place a Directors & Officers liability insurance that covers Directors of the Board and
executive management. The limit of the coverage is MNOK 50.
8
Research & development
The Group has a strong focus on innovation but does not undertake specific research & development activities as
such. However, the Group is continuously focusing on improving existing technologies and developing new
solutions, based on experience from operations and market needs.
Human resources, diversity and governance
The Group had 146 employees at end-2025 compared to 126 in 2024. The board perceives the working
environment and the general well-being in the workplace to be good. This was confirmed in the 2025
organizational survey. The Group’s diversity is exemplified by the fact that the employees come from multiple
countries. The Group’s onshore personnel consist of both men and women. The management team consist of
three women and four men. The board has five members, two women and three men. The Group’s field
personnel mainly consist of men. The Group has incorporated guidelines aiming to ensure that there is no
discrimination based on gender or nationality. The Group works systematically with recruitment, salary and
working conditions, and promotion and development opportunities.
HSEQ
A fit for purpose management system and robust HSEQ performance is fundamental to the Group. The Company
is recertified according to ISO 9001 (Quality), ISO 14001 (Environment) and ISO 45001 (Working Environment).
The Group requests and receives continuous feedback from its clients to measure quality and continuous
improvement. A high degree of repeat clients is an additional quality parameter that is monitored. The Group had
a sick leave of 2.6 % in 2025.
Soiltech has a zero-accident philosophy when it comes to incidents and spills and strives on a continuous basis to
reduce the impact of its activities on the external environment. In 2025, Soiltech recorded four near-miss
incidents and two first aid cases, with no recoverable incidents. This represents an improvement in safety
performance compared to the previous year. Reported incidents were followed up with appropriate actions,
reinforcing our commitment to continuous improvement and a proactive safety culture.
Sustainability (ESG)
The Group will listen to stakeholders and continue to shape our business in a sustainable direction. We
acknowledge UN’s 17 Sustainable development goals, and we will contribute to reach them by fostering
innovation within the Group to further develop our technologies. We will conduct our business in a socially
responsible manner consistent with the UN Guiding Principles on Business and Human Rights and the Ten
Principles of the UN Global Compact.
We respect all internationally recognized human rights, including those embedded in the Universal Declaration of
Human Rights, the UN Convention on Economic, Social and Cultural Rights, the UN Convention on Civil and
Political Rights and the ILO Declaration on Fundamental Principles and Rights at Work. These rights include, but
are not limited to, the freedom of association and the right to bargain, and the right to freedom from forced
labor, child labor or discrimination in working life. We also respect current standards in International
Humanitarian Law including the Transparency Act which aims to reduce the risk of human rights violations, avoid
modern slavery, and ensure decent working conditions. The Group’s Statement of Transparency act can be found
at https://soiltech.no/sustainability/.
Outlook
With a solid order backlog and a strong financial position, The Group is well positioned for continued profitable
growth. Market visibility in our core markets in Europe and Middle East remains good, supported by clients’
ambition to maintain or increase activity levels. The demand for our services is increasing, driven by ongoing
technological improvements that enhance efficiency and environmental performance. We expect activity in Q1
2026 to be in line with Q4 2025, followed by higher activity levels from Q2 and onwards.
The Board emphasizes that any forward-looking statements contained herein could depend on factors beyond its
control and are subject to risks and uncertainties. Accordingly, actual results may differ materially.
9
Listing on Euronext Oslo Børs
The Company is exploring the potential for an uplisting of its shares from Euronext Expand to Euronext Oslo Børs,
the main list of the Oslo Stock Exchange. The Company believes that an uplisting would strengthen investor
visibility and improve liquidity in the Company’s shares.
Going concern assumption
The Board confirms that the annual accounts and the information presented in the board of directors’ report
have been prepared based on going concern assumption ref. IAS 1.
Shareholders and share capital
At year-end 2025 Soiltech had 1 422 shareholders. The 10 largest shareholders owned 67.9% of the company
whereas foreign ownership was 37.9%. At year-end 2025, Soiltech had an issued share capital of NOK 1 076 651
and 8 281 927 outstanding shares, each with a nominal value of NOK 0.13, carrying equal voting rights. There are
no shareholders and transfer restrictions as described in the Accounting act, §2-2 (13).
Corporate Governance
Soiltech ASA has established a Corporate Governance Policy. This policy outlines the framework of guidelines and
principles governing the interactions between the Company's shareholders, Board of Directors, Chief Executive
Officer, and executive management team. Our commitment to these principles ensures transparency,
accountability, and sustainable value creation for all stakeholders.
The report can be found at https://soiltech.no/investor/#corporategovernancepolicy.
Dividend
The Board does not propose paying dividend for 2025. Soiltech is a growth company, and we are aiming at
continued growth, based on a solid financial position. Our plan is to take advantage of market opportunities and
reinvest generated cash in profitable projects and enhanced service capacity. The board will continuously
consider whether payment of dividends will be appropriate.
Events after year-end
As far as the Board is aware, there have been no significant events since year-end which would impact the
financial position and profits of the Group, other than those mentioned under Events after year-end above.
Sandnes, April 14, 2026
The board of directors of Soiltech ASA
Dag Schjerven
Chairman of the Board
Olaf Skrivervik
Member of the Board
Eirik Flatebø
Member of the Board
Karin Govaert
Member of the Board
Mona Hodne Steensland
Freuchen
Member of the Board
Jan Erik Tveteraas
Chief Executive Officer
10
Members of the Board - Soiltech ASA
Dag Schjerven
Chairman of the board
Karin Govaert
Board member
Eirik Flatebø
Board member
Olaf Skrivervik
Board member
Mona Hodne Steensland Freuchen
Board member
11
12
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(amounts in NOK 1000)
Note
2025
2024
Profit or loss
Revenue
3
Other operating income
3
Total operating income
3
Cost of materials
(81 374 )
(44 422 )
Personnel expenses
4
(192 979 )
(136 277 )
Depreciation and amortisation
5,9,10,11
(32 090 )
(22 727 )
Other operating expenses
6
(34 854 )
(28 954 )
Total operating expenses
(341 297 )
(232 379 )
Expenses related to Merge & IPO
8,22
(17 838 )
Operating profit
Net foreign exchange gains (losses)
7
(1 445 )
Financial income
7
Financial expenses
7
(17 392 )
(14 376 )
Net financial items
(18 365 )
(12 800 )
Profit/(loss) before tax
Income tax expense
8
(9 280 )
(3 509 )
Profit/(loss) for the period
Other comprehensive income
Items that may be reclassified to profit or loss
Currency translation differences
Income tax relating to these items
Net other comprehensive income
Total comprehensive income for the period
Total comprehensive income is attributable to:
Owners of Soiltech ASA
TRANSFERS
Transfers to other equity
Avsatt til utbytte/tilleggsutbytte
Total allocations
Earnings per share (NOK)
Basic earnings per share
21
Diluted earnings per share
21
13
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(amounts in NOK 1000)
ASSETS
Note
31.12.2025
31.12.2024
Non-current assets
Deferred tax assets
8
Intangible assets
9
Property, plant & equipment
10
Right-of-use assets
11
Total non-current assets
Current assets
Trade receivables
13
Cash and cash equivalents
14
Contract assets
3
Other current assets
12
Total current assets
TOTAL ASSETS
EQUITY AND LIABILITIES
Note
31.12.2025
31.12.2024
Equity
Share capital
20
Other paid-in equity
Other reserves
Retained earnings
Total equity
Non-current liabilities
Borrowings
14,15
Lease liabilities
11,14
Deferred tax liabilities
8
Other non-current liabilities
Total non-current liabilities
Current liabilities
Trade payables
17
Borrowings
14,15
Lease liabilities
11
Tax payable
8
Contract liabilities
3
Other current liabilities
12
Total current liabilities
Total liabilities
Total equity and liabilities
14
Sandnes, April 14, 2026
The board of directors of Soiltech ASA
Dag Schjerven
Chairman of the Board
Olaf Skrivervik
Member of the Board
Eirik Flatebø
Member of the Board
Mona Hodne Steensland
Freuchen
Member of the Board
Karin Govaert
Member of the Board
Jan Erik Tveteraas
Chief Executive Officer
15
CONSOLIDATED STATEMENT OF CASH FLOWS
(amounts in NOK 1000)
Note
2025
2024
Cash flows from operating activities
Profit/(loss) before tax
Income taxes paid
8
(1 179 )
(983 )
Depreciation, amortisation and impairment
5
Interest expense
7
Non-cash expenses related to merger
Changes in trade receivables, contract
22
assets/liabilities
(22 315 )
Changes in trade payables
(2 626 )
Changes in other accruals and prepayments
Net cash flow from operating activities
Cash flows from investment activities
Purchase of property, plant & equipment &
Intangible assets
9,10
(97 681 )
(40 898 )
Investment grants received
12
Net cash flow from investment activities
(95 425 )
(38 993 )
Cash flows from financing activities
Proceeds from new borrowings
Transaction costs attributable to obtaining financing
(544 )
Proceeds from merger
Repayments on borrowings
14
(121 808 )
(23 467 )
Payment of principal portion of lease liabilities
11,14
(16 484 )
(13 221 )
Interest paid
14
(17 292 )
(14 588 )
Proceeds from capital increase
Net cash flow from financing activities
NET CASH FLOW FOR THE PERIOD
Effect of exchange rate fluctuations on cash held
(232 )
Cash and cash equivalent 01.01
Cash and Cash equivalents
16
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(amounts in NOK 1000)
Share
Other paid
Other
Retained
Total
2025
capital
in equity
reserves
earnings
equity
Balance at 1 January 2025
Balance at 1 January 2025
Profit/(loss) for the period
Other comprehensive income
Total comprehensive income
Transactions with owners
Share-based payment
Merger
Balance at 31 Dec 2025
2024
Balance at 1 January 2024
Balance at 1 January 2024
Profit/(loss) for the period
Other comprehensive income
Total comprehensive income
Transactions with owners
Share-based payment
Merger
Balance at 31 Dec 2024
17
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
18
19
20
21
22
23
24
25
26
59 854
27
28
29
30
31
32
33
34
35
36
37
APPENDIX - Alternative Performance Measures (APM)
The Group presents certain alternative measures of financial performance, financial position and cash flows that are not
defined or specified in IFRS Accounting Standards. The Group considers these measures to provide valuable supplementary
information for Management, Board of Directors and investors, as they provide additional useful information regarding the
Group's financial performance and position. As not all companies define and calculate these measures in the same way, they
are not always directly comparable with those used by other companies. These measures should not be regarded as
replacing measures that are defined or specified in IFRS Accounting Standards but should be considered as supplemental
financial information. In this report, the Alternative Performance Measures used by the Group are defined, explained and
reconciled to the most directly reconcilable line item, subtotal or total presented in the financial statements of the
corresponding period.
In previous reports, Gross Profit Margin, EBITDA adj. Margin, Operating profit margin and Profit before tax margin were
presented as separate text items. From Q2 2025 onwards, we have replaced these textual references with a dedicated “%”
column placed directly next to the absolute figures for each metric. The calculation methods for each margin remain
unchanged from prior periods.
The APMs used by the Group are set out below:
Operating cost
Operating cost is defined as the total of cost of materials, personnel expenses and other operating expenses less expenses
related to onshore personnel and other onshore operating expenses, share incentive program, severance payment, legal cost
related to Merger & IPO and other items defined by the Management to not relate to offshore operations. Management
defines that Operating cost illustrates the expenses directly related to offshore activities. This measure provides additional
information for the Management, Board of Directors and investors in order to evaluate underlying profitability of offshore
operating activities and their ability to generate cash.
SG&A
Selling, general and administrative expenses (“SG&A”) is defined as the sum of Cost of materials, Personnel expenses and
other operating expenses less operating costs (as defined above), share incentive program, severance payment, legal cost
related to Merger & IPO and other items defined by management that impact comparability between periods. Management
defines that SG&A illustrates the expenses directly related to onshore support activities. This measure provides additional
information for management, the board and investors, in order to evaluate underlying profitability and their ability to
generate cash.
Gross Profit and Gross profit margin (%)
Gross Profit is defined as total operating income less Operating cost (as defined above). Gross profit margin is defined as
gross profit divided by total operating income. Gross profit and Gross profit margin provide additional information for
Management, Board of Directors and investors to evaluate the underlying profitability generated from offshore operating
activities.
EBITDA and EBITDA margin
EBITDA is defined as Operating profit before other gains, impairment, depreciation and amortization. EBITDA is defined as
EBITDA divided by total operating income.
These measures provide additional information for Management, Board of Directors and investors to evaluate the underlying
profitability of operating activities and their ability to generate cash before investment in fixed assets and service of debt.
EBITDA adj. and EBITDA adj. margin
EBITDA adj. is defined as EBITDA (as defined above) adjusted for items affecting comparability such as expenses related to
share incentive programs, severance payment, legal cost related to Merger & IPO and other items defined by Management
that impact comparability. EBITDA adj. margin is defined as EBITDA adj. divided by total operating income. These measures
provide additional information for Management, the Board of Directors and investors to evaluate underlying profitability of
operating activities and their ability to generate cash before investments in fixed assets and service of debt.
38
(a) Total operating income
Net interest-bearing debt
Net interest-bearing debt is defined as the total of non-current borrowings, non-current lease liabilities, current borrowings
and current lease liabilities less cash and cash equivalents. This measure provides additional information for Management,
Board of Directors and investors to assess the Group's financial indebtedness and as an input to assess its capacity to meet its
financial commitments.
Equity ratio
Equity ratio is defined as total equity divided by total assets. This measure provides additional information for Management,
Board of Directors and investors to assess the Group's financial position and capital structure.
All margins are shown under % column in the table.
Reconciliation of the APMs
Operating cost
(Amounts in NOK 1 000)
2025
2024
Cost of materials
Personnel expenses
Other operating expenses
Expenses related to Merge & IPO
Less:
Onshore expenses
Share incentive program (Adjustments)
Merger and IPO cost
Quarterly report
SG&A
(Amounts in NOK 1 000)
2025
2024
Cost of materials
Personnel expenses
Other operating expenses
Expenses related to Merger & IPO
Less:
Operating cost
Share incentive program (Adjustments)
Merger and IPO cost
Gross profit and Gross profit margin
(Amounts in NOK 1 000)
2025
2024
Operating cost
(b) Gross profit
(b/a) Gross profit margin
SG&A
Operating cost
81 374
44 422
192 979
136 277
34 854
28 954
0
17 838
52 842
63 426
4 146
(1 062)
0
17 838
241 635
157 870
241 635
157 870
81 374
44 422
192 979
136 277
34 854
28 954
0
17 838
157 870
241 635
4 146
(1 062)
0
17 838
63 458
52 849
400 985
274 020
241 635
157 870
159 351
116 150
40 %
42 %
39
(a/b) Equity ratio
EBITDA and EBITDA adj.
(Amounts in NOK 1 000)
2025
2024
Operating profit
Depreciation and amortization
Expenses related to IPO
(a) EBITDA
Adjusted for:
Share incentive program (Adjustments)
Merger and IPO cost (Adjustments)
(b) EBITDA adj.
(a/c) EBITDA margin
Net interest-bearing debt
(Amounts in NOK 1 000) 31.12.2025 31.12.2024
Non-current Borrowings
Non-current Lease liabilities
Current Borrowings
Current Lease liabilities
Cash and cash equivalents
Net interest-bearing debt
Equity ratio
(Amounts in NOK 1
000)
31.12.2025
31.12.2024
(a) Total equity
(b) Total assets
(b/c) EBITDA adj. Margin
(c) Total operating income
59 657
23 800
32 090
22 727
-
17 838
91 747
64 365
(1 062)
63 302
4 146
95 893
400 985
274 020
23 %
23 %
24 %
23 %
125 660
86 609
122 655
72 959
14 430
20 207
12 032
13 940
(57 525)
(34 695)
217 252
159 020
246 279
204 505
591 202
434 234
42 %
47 %
40
41
FINANCIAL STATEMENTS FOR PARENT COMPANY
STATEMENT OF PROFIT AND LOSS
(amounts in NOK 1000)
Note
2025
2024
Revenue
3
400 749
273 913
Other operating income
3
142
128
Total operating income
3
400 891
274 041
Cost of materials
(225 622)
(145 491)
Personnel expenses
4
(63 485)
(44 690)
Depreciation and amortisation
5
(29 955)
(20 219)
Other operating expenses
6
(22 664)
(20 260)
Total operating expenses
(341 725)
(230 661)
Expenses related to IPO
7
0
(17 838)
Operating profit
59 167
25 542
Net foreign exchange gains (losses)
(633)
1 359
Financial income
423
210
Financial expenses
9
(41 295)
(14 612)
Net financial items
(41 505)
(13 043)
Profit before tax
17 661
12 500
Income tax expense
10
14 745
(4 362)
Profit for the period
32 407
8 138
Total profit for the period is attributable to:
Owners of Soiltech AS
32 407
8 138
TRANSFERS
Transfers to other equity
32 407
8 138
Total allocations
32 407
8 138
42
BALANCE SHEET
(amounts in NOK 1000)
ASSETS
Note
31.12.2025
31.12.2024
Non-current assets
Deferred tax assets
0
0
Intangible assets
11
1 480
1 740
Property, plant & equipment
12
279 140
201 915
Right-of-use assets
13
149 845
96 303
Investments in subsidiaries
8
8 609
32 779
Total non-current assets
439 072
332 738
Receivables
Trade receivables
15
43 941
59 854
Cash and cash equivalents
16
50 906
28 975
Contract assets
3
8 712
6 656
Other current assets
14
40 176
11 242
Total current assets
143 735
106 726
TOTAL ASSETS
582 808
439 464
EQUITY AND LIABILITIES
Note
31.12.2025
31.12.2024
Equity
Share capital
18
1 077
1 035
Other paid-in equity
118 470
109 493
Other reserves
3 144
2 432
Retained earnings
124 369
91 963
Total equity
247 060
204 923
LIABILITIES
Borrowings
17
125 660
86 609
Lease liabilities
13
107 278
57 432
Deferred tax liabilities
10
66
15 721
Other non-current liabilities
433
541
Total non-current liabilities
233 437
160 304
Current liabilities
Trade payables
16 663
25 742
Borrowings
17
14 430
20 207
Lease liabilities
13
10 798
12 482
Tax payable
10
0
0
Contract liabilities
3
9 810
0
Other current liabilities
14
50 609
15 807
Total current liabilities
102 310
74 237
Total liabilities
335 748
234 541
Total equity and liabilities
582 808
439 464
43
Sandnes, April 14, 2026
The board of directors of Soiltech ASA
Dag Schjerven
Chairman of the Board
Olaf Skrivervik
Member of the Board
Eirik Flatebø
Member of the Board
Mona Hodne Steensland
Freuchen
Member of the Board
Karin Govaert
Member of the Board
Jan Erik Tveteraas
Chief Executive Officer
44
STATEMENT OF CASH FLOWS
(amounts in NOK 1000)
Cash flows from operating activities
Operating profit before tax
Income taxes paid
Depreciation and amortisation
Interest expense
Non-cash expenses related to merger
Impairment of shares in subsidiaries
Changes in trade receivables, contract
assets/liabilities
Changes in trade payables
Changes in other accruals and prepayments
Net cash flow from operating activities
Cash flows from investment activities
Purchase of property, plant & equipment &
Intangible assets
Loans to related party
Investment grants received
Net cash flow from investment activities
Cash flows from financing activities
Proceeds from new borrowings
Transaction costs attributable to obtaining financing
Proceeds from merger
Repayments on borrowings
Payment of principal portion of lease liabilities
Interest paid
Proceeds from capital increase
Net cash flow from financing activities
NET CASH FLOW FOR THE PERIOD
Effect of exchange rate fluctuations on cash held
Cash and cash equivalent 01.01
Cash and Cash eqiuvalents 31.12
31.12.2024
12 500
(983)
20 219
12 158
12 718
2 375
(15 939)
(3 685)
813
40 175
(40 900)
-6 639
1 905
(45 634)
45 700
0
12 803
(23 467)
(11 575)
(13 348)
318
10 433
4 974
416
23 586
28 975
31.12.2025
17 661
(1 179)
29 955
16 168
24 171
23 666
7 684
(11 597)
106 529
(97 681)
-250
2 256
(95 675)
155 650
(544)
0
(121 808)
(14 815)
(16 192)
9 018
11 309
22 163
(232)
28 975
50 906
45
STATEMENT OF CHANGES IN EQUITY
Share
Other
Other
Retained
Total
capital
paid-in
reserves
earnings
equity
(amounts in
NOK 1000)
equity
2025
Balance at 1 January 2025
1 035
109 493
2 432
91 963
204 924
Balance at 1 January 2025
1 035
109 493
2 432
91 963
204 924
Profit/(loss) for the period
0
0
0
32 407
32 407
Transactions with owners
Share-based payment
41
8 977
712
0
9 730
Merger
0
0
Balance at 31 December 2025
1 077
118 470
3 144
124 369
247 060
2024
Balance at 1 January 2024
741
83 948
1 826
83 825
170 340
Balance at 1 January 2024
741
83 948
1 826
83 825
170 340
Profit/(loss) for the period
0
0
0
8 138
8 138
Total income
0
0
0
8 138
8 138
Transactions with owners
4
315
606
0
925
Merger
291
25 230
0
0
25 521
Balance at 31 December 2024
1 035
109 493
2 432
91 963
204 923
46
NOTES TO THE FINANCIAL STATEMENTS
Note 1 – General information
Soiltech ASA (the 'Company') is a limited company domiciled in Norway. The registered office of the Company is
Koppholen 25, 4313, Sandnes, Norway.
The Company is an innovative technology company specializing in the treatment, recycling and sustainable
handling of contaminated water and solid industrial waste streams on site.
The Company was listed on Euronext Expand on 11.09.2024 with the ticker code 'STECH’ and as part of the listing
converted into a public limited company (Nw.: "Allmennaksjeselskap"). The financial statements for the year
ended 31 December 2025 were approved and authorized for issue in accordance with a resolution of the board of
directors on 14
nd
of April 2026.
Note 2 – Summary of general accounting policies
The general accounting policies applied in the preparation of the financial statements are set out below. Specific
accounting policies related to the individual areas in the financial statements are described in the relevant notes.
Basis for preparation
The financial statement has been prepared in accordance with Norwegian Accounting Act and associated
regulations, as well as Generally Accepted Accounting Principles (GAAP) in Norway. The financial statement is
presented in Norwegian Kroner (NOK) and have been rounded to the nearest thousand unless otherwise stated.
As a result of rounding adjustments, amounts and percentages may not add up to the total.
The financial statements are prepared on a going concern basis.
Currency
Transactions in foreign currencies are translated at the rate applicable on the transaction date. Monetary items in
a foreign currency are translated into NOK using the closing rate at the balance sheet date.
The cash flow analysis
The cash flow analysis has been prepared according to the indirect method.
Note 3 – Revenues
Revenue recognition
Overall description of contracts with customers
The Group's revenue mainly derives from the sale of services related to fluid treatment, solid waste (cuttings)
handling, cleaning services and other related services, for customers within the oil & gas industry. The key
element of the service deliveries is the deployment and operation of treatment and handling equipment at the
customer's site. The contract consideration is composed mainly of agreed daily rates for equipment and
personnel, respectively, and reimbursement of costs plus a markup. Rates vary depending on whether the
equipment is in active use during ongoing operations or on standby, for example when the equipment is on
location but not in operation. Costs of mobilization and demobilization of equipment and personnel are normally
recovered through the agreed daily rates, except for some contracts, where these costs are reimbursed
separately. Such reimbursements are, however, generally not material in relation to the total contract
consideration. Consideration is normally invoiced monthly, based on actual deliveries.
47
Accounting policies
The contracts are considered to consist of only one performance obligation, which is satisfied over time. Progress
is measured based on the time the STT unit is available to service the customer. In practice, revenue based on
daily rates is thus recognized with the amount that the Company has a right to invoice. As a practical
simplification based on materiality, any fees associated with mobilization and demobilization are recognized
linearly over the period of the contract they relate to. Cost of mobilization is considered cost to fulfil a contract
and are recognized as an asset when incurred. The assets are subsequently amortized over the contract period, as
cost of materials and personnel expenses.
Revenues by product category
(amounts in NOK 1000)
2 025
2 024
Fluid treatment
214 741
193 895
Solid waste management
186 151
80 147
Total
400 891
274 041
Revenues by geography
(amounts in NOK 1000)
2 025
2 024
Norway
310 300
207 359
Europe (Excl. Norway)
89 869
59 164
Rest of the world
723
7 520
Total
400 891
274 041
Revenues from major customers
(amounts in NOK 1000)
2 025
2 024
Customer 1
120 538
80 913
Customer 2
72 559
0
Customer 3
47 692
28 431
Customer 4
33 653
34 099
Customer 5
26 146
0
Total from major customers
300 589
143 443
Other (less than 10% each)
100 302
130 598
Total
400 891
274 041
Costs to fulfil the customer contracts
(amounts in NOK 1000)
2025
2024
Carrying amount 01.01.
6 655
3 965
Incurred during the period
10 070
4 853
Amortised during the period
(8 013)
(2 163)
Carrying amount 31.12.
8 712
6 655
Contract liabilities – Revenue from contracts with customers
(amounts in NOK 1000)
2025
2024
Carrying amount 01.01.
0
0
Consideration received in advance during the period
19 619
0
Revenue recognised during the period
(9 810)
0
Carrying amount 31.12.
9 810
0
Note 4 – Personnel expense & remuneration to senior executives and board of directors
Accounting policies
Personnel costs are expensed as the employees earn the right to the salary for hours worked.
48
Pensions
The company has a defined contribution plan for its employees. The Group’s Norwegian entities are obligated to
follow the stipulations in the Norwegian Mandatory Occupational Pensions Act. The Group's pension scheme
adheres to the requirements, as set in the Act. Payments to defined contribution pensions are expensed over the
period in which the employees earn the right to the deposit.
Specification of personnel expenses
(amounts in NOK 1000)
2025
2024
Wages and salaries
43 105
31 946
Contract personnel
1 383
2 149
Pension contributions
1 993
1 521
Social security tax
9 174
3 541
Other personnel expenses*
7 830
5 533
Total
63 485
44 690
*Other personnel expenses include expenses related to share-based payment transactions. Please refer to notes
for Consolidation financial statement for further details.
Employees (FTE)
2025
2024
Norway
25
21
United Kingdom
18
15
Other
3
3
Total
46
39
Pursuant to Section 6-16 (b) of the Public Limited Liability Companies Act and applicable regulations, Soiltech ASA
publishes a separate management remuneration report, providing detailed information on remuneration for
executive management and the board of directors. This report will be published immediately after the annual
general meeting on 20 May 2026 and will complement the figures presented below.
In accordance with the corporate governance code recommended by the Oslo Stock Exchange, the salary and
benefits for management are specified in the table below.
In connection with the Company’s long-term share incentive plan, an increase in social security costs resulted in a
cost of NOK 2.5 million in 2025 (compared to a savings of NOK 1.1 million in 2024). As of 31 December 2025, the
corresponding liability amounted to NOK 1.9 million (up from NOK 0.1 million the previous year). Details of the
long-term incentive plan are outlined in the guidelines for determining salaries and other remuneration for
executive management. These guidelines are available on the company’s website:
https://soiltech.no/investor/#corporategovernancepolicy
2025 (amounts in NOK 1000)
Salary earned
1
Benefits in kind
2
Contribution to
Pension Schemes
Variable
3
Total Remuneration
Jan Erik Tveteraas (CEO)
3 320
159
100
0
3 579
Glenn Åsland (COO)
2 554
159
102
0
2 815
Tove Vestlie (CFO)
2 288
159
120
0
2 567
Erik Bjøndal-Røvde (VP Operations)
1 612
117
114
0
1 844
Bente Skogen (VP People & Organisation)
1 299
126
101
0
1 526
Else-Karin Vådeland (VP HSSEQ & Sustainability
1 299
117
100
0
1 516
Patrick Åsland (VP Technology & Newbuilds)
1 194
117
91
0
1 402
2024 (amounts in NOK 1000)
Salary earned
1
Benefits in kind
2
Contribution to
Pension Schemes
Variable
3
Total Remuneration
Jan Erik Tveteraas (CEO)
2 767
161
98
0
3 025
Glenn Åsland (COO)
2 374
161
118
0
2 653
Tove Vestlie (CFO)
1 813
162
118
0
2 093
Erik Bjøndal-Røvde (VP Operations)
1 392
120
90
0
1 602
Bente Skogen (VP People & Organisation)
1 161
120
81
0
1 361
Else-Karin Vådeland (VP HSSEQ & Sustainability
1 161
120
79
0
1 359
Patrick Åsland (VP Technology & Newbuilds)
1 092
120
66
0
1 278
1
Includes fixed salary and accrued holiday pay.
2
Includes car allowance, insurance, free telephone, etc.
3
Variable bonuses for 2025 has been accrued for but not paid.
49
Note 5 – Depreciation and amortisation
Specification of depreciation and amortisation
(amounts in NOK 1000)
2025
2024
Amortisation of intangible assets
426
275
Depreciation of property, plant & equipment
20 286
14 594
Depreciation of right-of-use assets
9 243
5 350
Impairment of goodwill
0
0
Total
29 955
20 219
Note 6 – Other operating expenses
Specification of other operating expenses
Specification of auditors’ remuneration
(amounts in NOK 1000)
2025
2024
Statutory audit fee
980
769
Other certification services
87
32
Tax advisory services
0
0
Other non-auditing services
0
1 047
Total
1 068
1 848
Note 7 - Merger with Oceanteam ASA
Soiltech ASA completed a merger with Oceanteam ASA on September 11, 2024. The merger plan was signed 30
Mai 2024 and approved by the general meetings of the respective companies on 4 July 2024. The main purpose of
the merger was to achieve a listing of Soiltech ASA on the Euronext Expand marketplace.
As part of the merger, Soiltech ASA issued 527 947 new shares as consideration to the shareholders of
Oceanteam ASA. This consideration was based on Oceanteam ASA having a market value of NOK 31.67 million at
the date of entering into the merger agreement.
At the time of the merger, Oceanteam ASA was essentially an empty shell company without any operational
activities. The only significant asset in the company was a cash balance of NOK 19.1 million. Therefore, the
merger has been accounted for as a share-based payment transaction in accordance with IFRS 2. The
measurement of the transaction is based on the value of the shares in Oceanteam ASA at the transaction date,
which was September 11, 2024. At this time, the shares were traded at NOK 0.93, corresponding to a market
value for the company of NOK 30.8 million.
The difference between the cash balance in Oceanteam ASA (NOK 19.1 million) and the fair value of the company
is considered to reflect the value of the stock exchange listing, including access to new capital and recognized
(amounts in NOK 1000)
2025
2024
Cost of lease of assets of low value
558
495
Audit and Accounting cost
3 447
3 121
Legal advisor cost
2 222
2 670
Office cost and it equipment
10 641
8 359
Travel related cost
1 408
1 278
Sales and commercial cost
1 889
911
Insurance
1 141
1 416
Tax abroad for employees
51
699
Other cost
1 309
1 312
Total
22 664
20 260
50
investors. This difference, amounting to NOK 12,8 million, has been recognized as an expense in the financial
statements of Soiltech ASA in the line item “Expenses related to Merger & IPO”, as it does not meet the criteria to
be recognized as an asset on the balance sheet.
In addition to the expenses above, Soiltech ASA has incurred various transaction costs in connection with the
process of completing the merger and subsequent listing on Euronext Expand, amounting to NOK 10.1 million in
total. Of these, NOK 5.3 million is considered incremental costs directly attributable to the equity transaction and
has therefore been recognized as a deduction of equity, reducing the capital increase from the merger. The
remaining NOK 5.0 million has been recognized as an expense and is included in the line item «Expenses related
to Merger & IPO» in the income statement.
Note 8 – Related parties
Accounting policies
In the Parent company, the subsidiaries and investments in any associated company are valued at cost. The
investment is valued at the cost of the shares, less any impairment losses. An impairment loss is recognized 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 is rectified in a later period.
Dividends, Group contributions and other distributions from subsidiaries are recognized in the same year as they
are recognized in the financial statement of the provider. If dividends / group contribution exceeds withheld
profits after the acquisition date, the excess amount represents repayment of invested capital, and the
distribution will be deducted from the recorded value of the acquisition in the balance sheet for the parent
company.
An impairment loss on shares in Sorbwater Technology AS was recognized, amounting to NOK 24.2 million (2024:
NOK 2.4 million).
Subsidiaries
(amounts in NOK 1000)
Place of office
Ownership
Equity as of
31.12.2025
Net result for 2025
Carrying value
31.12.2025
Soiltech Offshore Services AS
Sandnes
100 %
1 065
140
788
Sorbwater Technology AS
Bergen
100 %
7 961
(24 311)
7 820
Soiltech Romania S.R.L
Romania
100 %
(130)
(131)
0.47
Transactions with related parties
(amounts in NOK 1000)
Relationship
Transaction type
2 025
2 024
Purchase of services from Soiltech Offshore AS
Subsidiary
Purchase of serv.
146 268
101 629
Funding of Sorbwater Technology AS
Subsidiary
Funding
250
8 765
Rental of equipment and personell to Soiltech Romania
Subsidiary
Rental income
50 777
0
Total
146 518
110 393
Outstanding balances with group companies
(amounts in NOK 1000) Relationship Nature of amount
2025
2024
Sorbwater
Subsidiary
Funding and group
contribution
(7 504)
(7 754)
Soiltech Offshore Services AS
Subsidiary
Trade payables
(23 920)
(16 662)
Soiltech Romania S.R.L
Subsidiary
Rental income
17 829
0
Total
(13 595)
(24 416)
51
Note 9 – Financial items
(amounts in NOK 1000)
2025
2024
Net foreign exchange gains (losses)
(633)
1 359
Interest income
423
210
Other
0
0
Total financial income
423
210
0
0
Interest expenses on leases
(9 165)
(4 197)
Interest expenses on borrowings
(8 100)
(7 961)
Loss on financial derivatives
0
0
Impairment of shares in subsidiaries
(24 171)
(2 375)
Other
140
(80)
Total financial expenses
(41 296)
(14 612)
Net financial items
(41 505)
(13 043)
Note 10 – Income tax
Accounting policies
The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on
all differences between the book value and tax value of assets and liabilities, with the exception of: temporary
differences linked to goodwill that are not tax deductible. Temporary differences, both positive and negative,
which will or are likely to reverse in the same period, are recorded as a net amount.
Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax
purposes in subsequent periods to utilize the tax asset. The companies recognize previously unrecognized
deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset.
Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as
probable that it can utilize the deferred tax asset. Deferred tax and deferred tax assets are measured based on
the expected future tax rates applicable to the companies in the Group where temporary differences have arisen
based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting
period. Deferred tax and deferred tax assets are recognized at their nominal value and classified as non-current
asset investments (non-current liabilities) in the balance sheet.
Specification of income tax expense
(amounts in NOK 1000)
2025
2024
Profit before tax
17 661
12 500
Group contribution
0
0
+/- Permanent differences
25 006
8 440
+/- Change in temporary differences
(21 395)
(24 071)
- Carry-forward deficit
(21 273)
3 131
Basis for calculating tax
(0)
0
Tax payable 22%
(0)
0
+/- Changes in deferred tax
(14 745)
4 579
Prior year tax correction
0
(216)
Tax expense in the statement of profit and loss
(14 745)
4 363
Tax payable in tax expense
0
0
Tax payable in the balance sheet
0
0
52
Temporary differences related to:
Intangible assets
0
0
PP&E Assets and Intangible
218 057
139 386
Current assets
8 712
6 656
Non-current assets
0
0
Long-term liabilities
(118 076)
(70 288)
Gain & loss account
402
503
Current liabilities
(12 103)
(660)
Tax losses carried forward*
(1 591 449)
(1 608 582)
Net difference
(1 494 457)
(1 532 986)
Tax reducing differences which may not be netted
1 494 754
1 604 445
Total temporary differences
297
71 459
Deferred tax liability (asset) 22%
66
15 721
Tax loss carryforward
The merger between Soiltech ASA and Oceanteam ASA in 2024 was carried out as a tax-free merger in
accordance with Chapter 11 of the Norwegian Tax Act. The merger was completed with tax continuity, whereby
all tax positions in Oceanteam ASA were transferred to Soiltech ASA pursuant to Section 11-7 of the Norwegian
Tax Act.
As part of the transferred tax positions, a tax loss carryforward of approximately MNOK 1,604 were transferred to
Soiltech ASA.
Deferred tax assets related to tax loss carry forwards are recognized only to the extent that it is probable that
future taxable profits will be available against which the tax losses can be utilized, in accordance with IAS 12.
During 2025, the Company reassessed the expected utilization of tax losses within the Norwegian tax group.
Under Norwegian tax rules, tax losses in the parent company must be utilized before tax deductions for group
contributions are applied.
Based on this reassessment, tax loss carry forward of MNOK 109,6 have been recognized in Soiltech ASA, resulting
in recognition of a deferred tax asset of MNOK 24,1.
The recognition reflects a reallocation of deferred tax assets within the Norwegian tax group, where the deferred
tax asset previously recognized in Sorbwater Technology AS has been reduced correspondingly.
Based on an assessment of future taxable profits, and that the risk that some of the loss carried forward might be
disallowed the Group has recognised deferred tax asset losses carried forward equivalent to the tax losses that
arise from the acquisition of Sorbwater. The Group will not recognise additional deferred tax asset before it is
confirmed that the tax authorities will accept the continuation of the Oceanteam loss carried forward.
In the event that the tax loss carried forward following the Oceanteam acquisition were to be disallowed, the
company will have the possibility to offset any payable taxes through group contributions to Sorbwater.
Reference is made to the Group’s tax note for further information regarding ongoing tax audits related to the
merger with Oceanteam ASA and the acquisition of Sorbwater Technology AS
Note 11 – Intangible assets
Accounting policies
Intangible assets mainly comprise goodwill originating from previous acquisitions. Goodwill is not depreciated but
is instead subject to annual impairment testing. Other intangible assets include patents and software which are
recognised in accordance with the cost method and depreciated over their expected economic lifetime.
53
Specification of intangible assets
(amounts in NOK 1000)
Other
Cost 01.01.2024
2 895
Additions
878
Disposals
0
Cost 31.12.2024
3 773
Additions
166
Disposals
0
Cost 31.12.2025
3 939
Accumulated depreciation 01.01.2024
1 658
Depreciations for the year
275
Accumulated depreciation 31.12.2024
1 933
Accumulated impairment 01.01.2024
100
Impairment for the year
Accumulated impairment 31.12.2025
100
Depreciations for the year
426
Accumulated depreciation 31.12.2025
2 359
Impairment for the year
0
Accumulated impairment 31.12.2025
100
Carrying amount 01.01.2024
1 137
Carrying amount 31.12.2024
1 740
Carrying amount 31.12.2025
1 480
Economic useful life
3-5 years
Depreciation schedule
Linear
Note 12 – Property, plant & equipment
Accounting policies
Property, plant & equipment consists of slop treatment units, equipment for cuttings handling and swarf removal,
skips and various other equipment. Property, plant & equipment are recognized in accordance with the cost
method and depreciated over their expected economic lifetime.
54
Specification of property, plant & equipment
(amounts in NOK 1000)
Property, plant &
equipment
Cost 01.01.2024
236 463
Additions
37 375
Investment grants recognized, not yet received
- 1 819
Disposals
0
Cost 31.12.2024
272 019
Additions
97 714
Investment grants recognized, not yet received
-199
Disposals
0
Cost 31.12.2025
369 534
Accumulated depreciation 01.01.2024
51 942
Depreciations for the year
14 594
Accumulated depreciation 31.12.2024
66 536
Accumulated impairment 01.01.2024
3 568
Impairment for the year
0
Accumulated impairment 31.12.2024
3 568
Accumulated depreciation 31.12.2024
66 536
Depreciations for the year
20 286
Accumulated depreciation 31.12.2025
86 822
Accumulated impairment 31.12.2024
3 568
Impairment for the year
0
Accumulated impairment 31.12.2025
3 568
Carrying amount 01.01.2024
180 953
Carrying amount 31.12.2024
201 915
Carrying amount 31.12.2025
279 139
Economic useful life
5-15 years
Depreciation schedule
Linear
Investment grants recognized in the table above are accounted for on an accrual basis and include amounts not
yet received at year-end. Grants received during the year amounted to NOK 2.3 million (2024: NOK 1.9 million)
and is presented in the statement of cash flows.
Note 13 – Leases
Accounting policies
The Company leases certain operating equipment which in turn is leased to our customers. The Company has
substantially all the risks and rewards of ownership and the leases are classified as financial leases. Financial
leases are capitalized at the inception of the lease at the lower of the fair value of the leased asset or the present
value of the future minimum lease payments. Each lease payment is allocated between the corresponding
financial lease liability and finance charges to achieve a constant rate on the outstanding liability.
Depreciation of assets held under capital leases is reported within “Depreciation and amortization expense” in
the Statement of Profit and Loss. The depreciation policy for assets held under financial leases is consistent with
that for owned assets and is depreciated over estimated economic life.
55
Overall description of the leases of the parent company
The parent company primarily leases fluid treatment units (STT) and boat transfer tanks (CRT). The lease term is
usually between 4 and 10 years. It is expected that the purchase option is exercised and as such the asset is
depreciated over the expected economic lifetime.
Specification of right-of-use assets
(amounts in NOK 1000)
Total
Carrying amount 01.01.2024
53 027
Additions
48 626
Termination
0
Depreciations
(5 350)
Carrying amount 31.12.2024
96 303
Additions
62 978
Index regulation/other adjustements
(193)
Non
Depreciations
(9 243)
Carrying amount 31.12.2025
149 845
Economic useful life
5-15 years
Depreciation schedule
Linear
Specification of lease liabilities
(amounts in NOK 1000)
2025
2024
Carrying amount 01.01.
69 914
33 600
Additions
62 978
47 888
Interest expenses
8 065
4 190
Lease payments
(22 880)
(15 765)
Carrying amount 31.12.
118 076
69 914
Non-current lease liabilities
107 278
57 432
Current lease liabilities
10 798
12 482
Contractual payments on leases
(amounts in NOK 1000)
2 025
2 024
Due within one year
18 063
17 719
Due within one and five years
70 744
55 686
Due after 5 years
65 831
14 099
Total
154 638
87 504
Note 14 – Other assets and liabilities
Accounting policies
Non-current assets are assets intended for long-term ownership or use. All other assets are current assets.
Receivables that fall due for payment within one year shall not be classified as non-current assets. Similar criteria
apply to liabilities.
Other current assets are recorded in the balance sheet at nominal value less provisions for expected credit losses.
Other current assets
(amounts in NOK 1000)
31.12.2025
31.12.2024
Prepaid expenses
3 274
2 154
VAT receivable
18 736
6 731
Tax refund connected to research and development
282
2 256
Receivables towards group company
17 829
0
Other
55
100
Total
40 176
11 242
56
Other current liabilities
Note 15 – Trade receivables
Accounting policies
Trade receivables are recognized at an amount equal to the transaction price, less provisions for expected credit
losses. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables.
Specification of trade receivables
(amounts in NOK 1000)
31.12.2025
31.12.2024
Accounts receivable
34 680
59 515
Earned not invoiced revenues
9 261
339
Provision for expected credit losses
0
0
Carrying amount 43 941 59 854
Note 16 – Cash and cash equivalents
Accounting policies
Cash and cash equivalents comprise mostly ordinary bank deposits. The statement of cash flows is prepared using
the indirect method. Interest income and expenses are presented as investing and financing activities,
respectively.
Restricted cash
(amounts in NOK 1000) 31.12.2025
31.12.2024
Payroll withholding tax account
1 435 397
1 182
Note 17 – Borrowings
Accounting policies
Borrowings are initially recognized at fair value, including transaction costs directly attributable to the
transaction, and are subsequently measured at amortized cost. There has not been any material transaction cost
during the year.
In July 2025, Soiltech signed new financing agreements with SpareBank 1 Sør-Norge, replacing existing credit
facilities totalling NOK 229 million (borrowings and leasing). Effective from Q3 2025, the agreements include an
additional NOK 150 million investment loan and a NOK 30 million overdraft facility, increasing total available
financing to NOK 409 million.
Covenants
The loan facilities with Sparebank 1 Sør-Norge have the following covenants:
• Net-interest bearing debt (NIBD)/Earnings before interest taxes, depreciation and amortization (EBITDA)
12 month rolling < 3.75
• Book equity > 30%
• Bank approval required for dividends or group contributions
The covenants are tested quarterly, and pr Year-end 2025 the Company is not in breach of with any of the
covenants.
(amounts in NOK 1000)
31.12.2025
31.12.2024
Public duties payable
5 163
2 821
Liability to employeers incl. holiday pay
6 497
2 699
Liability to group companies
31 425
7 754
Other
7 524
2 533
Total
50 609
15 807
57
Specification of borrowings – 31.12.2025
(amounts in NOK 1000)
Nominal interest
rate
Nominal amount
Capitalized financing
fees
Carrying amount
Sparebank 1 Sør Norge
3 m.Nibor+1.8%
140 634
(544)
140 090
Carrying amount as per 31.12.2025
140 634
(544)
140 090
Non-current borrowings
125 660
Current borrowings
14 430
Specification of borrowings – 31.12.2024
(amounts in NOK 1000)
Nominal interest rate
Nominal amount
Carrying amount
Innovasjon Norge
7.7 %
1 292
1 292
Rogaland Sparebank
3 m.Nibor+2.5%
105 525
105 525
Carrying amount as per 31.12.2024
106 817
106 817
Non-current borrowings
86 609
Current borrowings
20 207
Contractual payments on borrowings – 31.12.2025
(amounts in NOK 1000)
Next year
1-2 years
2-5 years
More than 5 years
Sparebank 1 Sør Norge
22 789
21 908
116 316
0
Total
22 789
21 908
116 316
0
Contractual payments on borrowings – 31.12.2024
(amounts in NOK 1000)
Next year
1-2 years
2-5 years
More than 5 years
Innovasjon Norge
1 356
0
0
0
Rogaland Sparebank
25 868
24 512
64 063
13 906
Total
27 223
24 511
64 063
13 906
For loans with floating interest rates, the amounts above are calculated using the current interest rate per the
relevant year end.
Carrying amount of assets pledged as security
(amounts in NOK 1000)
31.12.2025
31.12.2024
Property, plant & equipment
279 140
201 915
Trade receivables
43 941
59 854
Total
323 081
261 769
Note 18 – Share capital and shareholder information
Share capital and ownership structure
As of 31 December 2025, the share capital of the parent company, Soiltech ASA, amounts to NOK 1,076,650.51
and consists of 8,281,927 ordinary shares, each with a nominal value of NOK 0.13. The increase in share capital
during the period results from the exercise of 318,840 share options. Consequently, share capital increased from
NOK 1,035,201 on 31 December 2024 to NOK 1,076,150.51 on 31 December 2025.
58
Shareholders as of 31.12.2025
Shareholders
Number of shares
Ownership interest
BNP PARIBAS
1 045 778
12.6 %
DNB CARNEGIE INVESTMENT BANK AB
651 859
7.9 %
WELLEX AS, Associated with Glenn Åsland (COO)
608 860
7.4 %
KNATTEN I AS, Associated with Jan Erik Tveteraas (CEO)
605 325
7.3 %
HILDR AS
574 847
6.9 %
SKAGENKAIEN INVESTERING AS, Associated with Mona H.S. Freuchen (Board Member)
570 000
6.9 %
TVETERAAS INVEST AS
521 710
6.3 %
KRISTIANRO AS
436 676
5.3 %
DNB BANK ASA
369 002
4.5 %
RIVERBORG B.V. Associated with Karin Govaert (Board Member)
240 000
2.9 %
PIMA AS, Associated with Eirik Flatebø (Board Member)
220 000
2.7 %
HAVNEBASE EIENDOM AS
193 470
2.3 %
AVANZA BANK AB
125 733
1.5 %
PONDERUS INVEST AB
118 560
1.4 %
GAVIN RYDER
78 000
0.9 %
HOLSTEN INVEST AS
64 670
0.8 %
DRAGESUND INVEST AS
60 000
0.7 %
NIDAL FATHIA ALLABABIDI
58 580
0.7 %
ALTO HOLDING AS
57 990
0.7 %
NORDEA BANK ABP
56 140
0.7 %
Top 20 shareholders
6 657 200
80.4 %
OTHER
1 624 727
19.6 %
Total
8 281 927
100.0 %
Included in Other shareholders are 5 000 shares owned by board member Olaf Skrivervik, 18 000 shares owned
by CFO Tove Vestlie and 23 940 shares owned by Chairman Dag Schjerven. Foreign ownership was 37,9% at year-
end 2025 (2024: 34,6%)
Note 19 – Financial risk and capital management
See information in consolidated financial statement.
Note 20 – Climate risk
See information in consolidated financial statement.
Note 21 – Remuneration to senior executives and Board of Directors
See information in consolidated financial statement.
Note 22 – Share-based payment transactions
See information in consolidated financial statement.
Note 23 – Events after the reporting period
There are no events other than business activity in the ordinary course of business after the balance sheet date of
an adjusting or non-adjusting nature.