Hermana (HERMA) Q2 2026 earnings summary

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.