Norwegian Block Exchange (NBX) H2 2025 earnings summary

Executive summary

• Transitioned from a Nordic crypto exchange to a European multi-asset digital finance platform, focusing on regulatory compliance and innovation in digital assets.

• Became Norway's first publicly listed Bitcoin treasury company and sole European issuer of USDM stablecoin.

• Expanded product offerings, including new token listings, DCA features, and strategic partnerships.

• Submitted CASP license application under MiCA and began process for a specialized banking license in Latvia.

Financial highlights

• Operating income rose 17% to MNOK 21.0 in 2025 from MNOK 18.0 in 2024.

• Net loss improved to MNOK -14.4 after tax, down from MNOK -23.1 in 2024.

• Operating deficit reduced by 38% year-over-year.

• Total assets increased by 19.7% to MNOK 176.0.

• Equity improved from MNOK 73.4 to MNOK 86.4.

Outlook and guidance

• Anticipates positive operating result in the future, driven by new scalable products and expected profitability of associated companies.

• Focus on stablecoin infrastructure, multicurrency card launch, and expansion into new markets.

• Expects continued growth in digital asset adoption and institutional participation.