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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Hermana
Hermana (HERMA) investor relations material
Hermana H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary15 Jul, 2026
Executive summary
Evaluated multiple investment opportunities across sectors, maintaining a patient, opportunity-driven capital allocation approach.
Main business remains royalty design rights tied to the Western Isles FPSO; no royalty revenue recorded this half-year.
Operating revenue was NOK 0.6 million, unchanged year-over-year; operating expenses increased to NOK 4.0 million from NOK 2.9 million.
Cash and cash equivalents rose to NOK 102.5 million from NOK 59.8 million year-over-year.
No significant events occurred after the reporting period.
Financial highlights
Operating revenue for H1 2026 was NOK 0.6 million, flat year-over-year.
Operating expenses increased to NOK 4.0 million from NOK 2.9 million year-over-year.
EBITDA and operating loss were NOK -3.4 million, compared to NOK -2.3 million in H1 2025.
Net loss narrowed to NOK -1.4 million from NOK -11.8 million year-over-year.
Cash flow from operations was negative NOK 1.8 million; no investing or financing cash flows in the period.
Outlook and guidance
Royalty rights from the Western Isles FPSO expected to provide significant long-term revenue, but timing of redeployment remains uncertain.
Continues to seek value-accretive investments in line with capital allocation strategy.
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Latest events from Hermana
- Strong shareholder return and cash position, with future revenue tied to FPSO redeployment.HERMA
Q4 2025 - Improved results and strong cash; major FPSO royalty payment expected in Q4 2025.HERMAQ3 2025
- Strong cash position and high equity ratio maintained despite Q2 net loss and delayed project revenues.HERMAQ2 2025
- No Q3 revenue and a net loss, but strong equity and cash position post-demerger.HERMAQ3 2024
- Q2 2024 net profit NOK 0.7m, strong equity, all revenue from FPSO royalties post-demerger.HERMAQ2 2024
- Q1 2025 saw a net loss, but major milestone payments and strong liquidity position Hermana for growth.HERMAQ1 2025
- Solid equity and future receivables, but revenue hinges on FPSO redeployment and diversification.HERMAQ4 2024
Next Hermana earnings date
H2 202616 Feb, 2027
Hermana
Next Hermana earnings date
H2 202616 Feb, 2027
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Frequently asked questions
Hermana Holding ASA is a Norwegian company involved in royalty-based business operations. The company focuses on manufacturing, trading, and activities related to energy, intangible rights, and raw materials. Additionally, Hermana Holding invests in licenses, securities, financial instruments, and other assets, as well as acquiring businesses. The company’s operations also extend to providing financing in exchange for revenue streams, particularly targeting resource-based assets in the Nordic economies and various intellectual properties. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchanges.