Nordic Financials (NOFIN) Q4 2025 earnings summary

Executive summary

• Achieved a debt-free, capital-light position with a strengthened balance sheet by year-end 2025.

• Completed two share issues totaling NOK 100 million, surpassing the NOK 40 million target.

• Initiated a renewed investment strategy, including new investments in bonds and shares.

• Participated as guarantors in a share issue and became a top 10 investor in Gold Road Inc.

• Closed the year with improved governance and a portfolio showing strong early returns.

Financial highlights

• Net income from shares and bonds in Q4 2025 was NOK 1,122 thousand.

• EBITDA for Q4 2025 was NOK -784 thousand; profit for the period was NOK -3,273 thousand.

• Cash at year-end 2025 was NOK 16,595 thousand, up from NOK 656 thousand at the start of the year.

• Total assets increased to NOK 29,738 thousand as of 31 December 2025, from NOK 5,492 thousand a year earlier.

• Equity rose to NOK 28,833 thousand at year-end 2025, compared to NOK 181 thousand at year-end 2024.

Outlook and guidance

• Optimistic about deal flow and access to capital, with several investment opportunities being pursued.

• Increased financial capacity is expected to enable scaling and broader participation in attractive opportunities.