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Norwegian Block Exchange (NBX) investor relations material

Norwegian Block Exchange H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary25 Sep, 2025

Executive summary

  • Total operating income rose 14% year-over-year to MNOK 11.1, driven by listing income, staking, and fees.

  • Ordinary loss before tax improved by 20% to MNOK -9.8, but the pace of improvement is unsatisfactory.

  • Credit card program remains a net negative; excluding it, net loss would have been MNOK -3.9.

  • USDM stablecoin launch delayed, with revenue potential expected to materialize in 2026.

  • Strategic partnership and share swap with Nexpay increased costs and postponed some initiatives.

Financial highlights

  • Sales revenue increased from MNOK 5.2 to MNOK 9.1 year-over-year.

  • Other operating income decreased from MNOK 4.5 to MNOK 1.8 due to reclassification.

  • Payroll costs rose 14% to MNOK 6.4; depreciation increased 36% to MNOK 2.1.

  • Net financial items improved from MNOK -3.6 to MNOK -1.1.

  • Total assets grew from MNOK 134.0 to MNOK 158.9; equity increased to MNOK 73.3.

Outlook and guidance

  • Stablecoin USDM expected to become a key revenue driver in 2026.

  • Focus shifting to projects with better ROI after credit card program pause.

  • Anticipates increased institutional and retail interest in digital assets.

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Next Norwegian Block Exchange earnings date

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H2 202510 Apr, 2026
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Frequently asked questions

Norwegian Block Exchange AS (NBX) is a pioneering financial services company based in Norway, focusing on the cryptocurrency and blockchain technology sector. Originating as a spin-off from Norwegian Air Shuttle, NBX was established with the objective of integrating cryptocurrency payments into the aviation industry to minimize payment-related costs. Today, NBX has evolved into a comprehensive platform providing cryptocurrency exchange, custody, and payment services. The company is dedicated to making cryptocurrency accessible and available to a wide audience, prioritizing security, efficiency, and user-friendly services. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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