North Energy (NORTH) investor relations material

Executive summary

• Net asset value (NAV) decreased to NOK 332.2 million, mainly due to a change in valuation principles for Wind Catching Systems (WCS).

• Operating expenses reduced by 15% year-over-year, driven by lower payroll and administrative costs.

• Comprehensive income for Q2 2026 was NOK 11.0 million, up from NOK 8.0 million in Q2 2025, primarily due to higher results from associates and lower expenses.

• Dividend of NOK 0.13 per share (NOK 15.2 million total) was distributed in April 2026.

Financial highlights

• Operating profit for Q2 2026 was NOK 12.4 million, compared to NOK 6.3 million in Q2 2025.

• Net result from investments in associates was NOK 20.0 million, up from NOK 8.2 million year-over-year.

• Negative change in fair value of financial investments of NOK 3.3 million, compared to a positive NOK 3.2 million last year.

• Cash at quarter-end was NOK 73.0 million, down from NOK 108.9 million a year earlier.

• Equity ratio at quarter-end was 73%, down from 83% in Q2 2025.

Outlook and guidance

• Strategic plan targets annualized NAV per share growth of 15-20% for 2026-28, including dividends.

• Shareholder distributions expected to increase towards the end of the plan period, with a 3% annual dividend policy maintained until then.

• If NAV growth targets are not met, the Board may propose distributing net assets to shareholders.

• High energy prices and increased spending on energy security are expected to benefit core investments.