Årsredovisning 2025

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1
2025 ANNUAL REPORT
2025 JANUARY - DECEMBER
Annual
Report

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2
2025 ANNUAL REPORT
2025 ANNUAL REPORT
2
Contents
3 2025 in brief
5 Letter from the CEO
6 Statement of the Board of Directors
12 Board of Directors report on Corporate Governance
19 Consolidated Financial Statements
26 Notes
69 Financial Statements - SmartCraft ASA

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3
ANNUAL REPORT
3
2025
2025 in brief
• Revenue NOK 559 million, a growth of 9 percent YoY
• Continued strong operational cash flow NOK 144 million
• Annual Recurring Revenue NOK 522 million, an organic 
growth of 7 percent YoY
• Adjusted EBITDA-CAPEX margin of 28 percent
• Churn of 9.2 percent
Adjusted EBITDA margin development per quarter
 Adjusted EBITDA margin  Adjusted EBITDA-CAPEX margin
ARR development per quarter
End of period, MNOK
3
ANNUAL REPORT
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
39.3 % 40.9 % 38.5 % 36.0 % 34.2 % 34.7 % 38.2 % 35.6 % 33.9 %
31.4 % 33.1 % 29.2 % 25.3 % 24.2 % 27.3 % 29.4 % 28.2 % 26.7 %
0.0 %
20.0 %
40.0 %
60.0 %
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
386.6 401.5
461.3 474.4 482.0 493.5
8.4%
504.8 504.8 522.3
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

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2025 ANNUAL REPORT
Proven Scalability
Historical figures demonstrate efficient growth 
model, scalability and strong cash flow profile.
Amounts in NOK (millions) 2021 2022 2023 2024 2025
ARR 267 318 387 482 522
Revenue 271 333 402 511 559
Adjusted EBITDA
109
40%
131
39%
167
42%
190
37%
199
36%
Operational cash flow 107 116 153* 179 144
R&D CAPEX 22 24 37 49 43
Customers ~11 000 ~12 000 ~12 500 ~13 400 ~14 100
* adjusted for HomeRun earnout recognized over P&L
4

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2025 ANNUAL REPORT
2025 was a year when we had to navigate a tough market, but 
at the same time continued to strengthen the foundation of 
SmartCraft. Even though the construction industry has been 
facing the slowest cycle for decades, we continued to grow. That 
is because we offer products that customers genuinely value. 
We make both thousands of small and mid-sized construction 
companies more profitable, and the everyday workload for 
craftsmen easier. The untapped potential ahead of us is still 
enormous.
One of our greatest strengths is the predictability of our business 
model. More than 95 percent of our revenue is recurring, margins 
remain high, and our cash flow is strong. In a year like 2025, that 
matters. With 25 years in the software industry, having seen both 
high and low performers, I am proud that we continue to deliver 
well within the “Rule of 40” even with today’s market conditions. 
The structural work we’ve done over the past years across 
products, technology and organization is now paying off and sets 
us up for scalable growth.
Technology and innovation were key priorities in 2025. We 
continued to strengthen our product platform so we can scale 
efficiently across segments and countries. SmartCraft Spark and 
SmartCraft Flow are great examples of this. Both solutions are 
supported by deep industry knowledge and unique access to 
workflow data that few others can match.
The challenging market has naturally impacted our growth this 
year, with higher churn and more downgrades in some segments. 
As we enter 2026, the overall picture shows signs of stabilization. 
Across all markets, we keep tight cost discipline, thereby ensuring 
that we are ready to capture margin expansion and scale effects 
when growth picks up again.
Toward the end of 2025, we implemented one of our most 
important organizational changes to date: shifting from a 
geography-based structure to an organization built around 
business areas. This gives us clearer focus, faster decisions, 
Letter from the CEO
and a more efficient go-to-market engine. It also strengthens 
collaboration across countries and helps us tailor our solutions 
better to each customer segment. We already see the 
impact, and this change will continue to support growth and 
operational efficiency. Financially, we ended the year with an 
annual recurring revenue of NOK 522 million and an organic 
growth of 7 percent. Our EBITDA–CAPEX margin remained at 
28 percent year-on-year, and churn declined the last three 
quarters and ended flat year-on-year.
We also enter 2026 with an important strategic milestone 
ahead: moving our stock exchange listing from Euronext Oslo 
Børs to the main list at Nasdaq Stockholm. This will increase 
visibility, broaden our investor base, and give us access 
to deeper liquidity pools. The Nordic SaaS community is 
strong in Sweden, which is also our largest individual market, 
and I believe SmartCraft will be well understood and highly 
appreciated in that market.
As we step into 2026, we do so with a stronger product 
platform, a more cohesive organization, and a clear plan 
forward. The market is still challenging, but the direction 
is promising. We have more work ahead, but also – more 
importantly – everything we need to succeed. I am optimistic 
about the journey ahead 
of us and confident 
that we will continue to 
create long-term value for 
employees, customers, 
and shareholders.
Jeremias Jansson
CEO

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2025 ANNUAL REPORT
Activities
The SmartCraft Group provides software solutions for the 
construction industry in Norway, Sweden, Finland and the 
UK. The parent company is SmartCraft ASA with head office 
in Hønefoss, Norway. In addition to the parent company the 
Group comprises 5 companies in Norway, 6 companies in 
Sweden, 1 company in Finland and 1 company in the UK. 
SmartCraft ASA owns 80% of the shares in the LTIP-structure 
where management and key employees hold up to 20%. 
Together, SmartCraft ASA and the LTIP-structure owns 100% 
(~99/~1 split) of the shares in SmartCraft Software AS, which 
owns 100% of the shares in the subsidiaries. SmartCraft ASA 
is a public limited company listed on the Oslo Stock Exchange 
“Euronext Oslo Børs”.
Strategy and objectives
The Group’s central mission is to simplify business processes 
for craftsmen. To achieve this, SmartCraft has brought together 
several leading digital solution providers for the construction 
industry, covering areas like 3D visualization, quality and risk 
management, project and procurement management, and 
aftermarket defect management. This approach enables 
SmartCraft to offer ready-made, top-tier solutions tailored to 
customer requirements, supporting the digital transformation 
in a traditionally low-tech sector.
SmartCraft pursues sustained profitable growth by leveraging 
its market leadership in the underpenetrated construction 
industry within the Nordic and UK markets. Its strong industry 
focus, advanced SaaS offerings, and efficient sales force 
deliver effective sales performances. The company regards 
sustainability as a strategic objective, increasingly identifying 
opportunities for improvement and positive impact.
Committed to a robust business model emphasizing high 
Statement of the Board of Directors
recurring revenue and sound cost management, SmartCraft 
remains resilient amid challenging macroeconomic conditions 
and a high level of churn due to bankruptcies. The company’s 
solid financial standing, operational cash flow generation, and 
self-funding position is the foundation to further enhance 
shareholder value. During 2025 the Group has made a 
transition from a country-based organization to business areas. 
The transition is done to further leverage the expertise within 
the niched customer segments, streamline decision-making 
and foster collaboration across countries.
The digital solutions market for construction is notably 
fragmented, and SmartCraft has established itself as a 
key consolidator. The company actively seeks acquisition 
opportunities, targeting complementary technologies, 
expansion into new regions, and diversified customer bases. 
SmartCraft plans to continue its M&A strategy.
Serving over 14,100 customers, the Group sees many upselling 
opportunities and will pursue these prospects in the short 
to medium term. SmartCraft aims to integrate and create 
synergies among its solutions where beneficial, adopting 
a pragmatic stance to preserve their distinctive qualities 
and functionalities. In 2025, the Group invested further in 
the development of SmartCraft Spark and SmartCraft Flow, 
merging new features and features from existing solutions 
for electricians and plumbers into innovative offerings for the 
trades.
Group financial statements
The consolidated financial statement for 2025 for the 
SmartCraft Group is prepared in accordance with the 
IFRS Accounting Standards as endorsed by the European 
Union (EU) and Norwegian authorities and effective as of 
December 31st, 2025. These financial statements also provide 
disclosures as specified under the Norwegian Accounting

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2025 ANNUAL REPORT
Act (Regnskapsloven). In the Board’s opinion, the financial 
statements provide an accurate view of the company’s 
financial position at the end of the fiscal year.
In 2025 the Group has a revenue of TNOK 558 928 (TNOK 510 
763 in 2024), a growth of 9 percent and an organic growth of 3 
percent. The current macroeconomic climate has affected the 
company’s growth through increasing churn and downgrades, 
and is well below the ambitions, but with a strong customer 
base with high recurring revenue the Group is expecting higher 
organic growth when the market turns.
The SmartCraft Group has high profitability and is guiding on 
increasing margin in the medium term. In 2025 the adjusted 
EBITDA-R&D capex margin is 28 percent (28 percent in 2024), 
still effected by dilution from less profitable acquired solutions, 
and the strategic investments in development.
Total depreciation and amortization of tangible and intangible 
assets in 2025 is TNOK 81 822 (TNOK 52 465 in 2024), where 
TNOK 34 323 (TNOK 25 206 in 2024) is amortization of 
intangible assets related to M&A. Operating profit is TNOK 108 
445 (TNOK 132 064 in 2024).
Profit before tax is TNOK 97 927 in 2025 (TNOK 133 519 in 
2024). The decrease in profit before tax is mainly due to the 
increased amortizations of intangible assets and full year 
effects of the cost levels for acquired companies in 2024, and 
changes in foreign exchange currency as the Group is exposed 
to fluctuations in NOK compared to SEK, EUR and GBP through 
its operations in multiple countries.
Net cash provided from operational activities was TNOK 144 
239 in 2025 (TNOK 179 015 in 2024), a decrease of 19 percent. 
The decrease in net cash provided from operational activities in 
2025 is due to decreased profit and increased prepayment of 
taxes. Additionally, net working capital in 2024 benefited from 
the successful transition in the timing of annual prepayment 
billing for a portion of customers purchasing yearly licenses.
Net cash outflows from investing activities were TNOK 51 478 
in 2025 (TNOK 204 278 in 2024). This is primarily related to the 
acquisition of shares in the LTIP from key personnel who has 
left, together with capitalized development costs of a total of 
TNOK 43 013 (TNOK 48 664 in 2024).
Net cash outflows from financing activities are mainly affected 
by the acquisition of treasury shares, and repayment of lease 
liabilities. The total cash outflow related to purchase of treasury 
shares in 2025 were TNOK 62 413 (TNOK 40 865 in 2024). In 
total the net cash outflows by financing activities were TNOK 
77 944 in 2025 (TNOK 59 170 in 2024). In the Board’s opinion 
the Group’s liquidity is solid and the Group has sufficient funds 
to settle all obligations when due. As of December 31st, 2025, 
the Group had cash and cash equivalents of TNOK 144 720 
(TNOK 125 655 as of December 31st, 2024).
Shareholder’s equity was TNOK 970 615 as of December 31st, 
2025 (TNOK 930 821 as of December 31st, 2024) with an equity 
ratio of 74 percent (73 percent as of December 31st, 2024). 
The retained equity increased due to the profit in 2025. During 
2025 the Group has continued to acquire treasury shares in 
SmartCraft ASA as part of buy-back programs managed by 
DNB Carnegie. The difference between par value of the shares 
and the purchase price gives a total reduction in retained 
equity of TNOK 58 035 during 2025. As part of establishing 
the LTIP there is also recognized a non-controlling interest in 
the Group. The booked value of the non-controlling interest 
is TNOK 6 386 as of December 31st, 2025 (TNOK 9 486 as 
of December 31st, 2024). The LTIP is structured as a geared 
instrument with a corresponding risk for the participants. As 
of December 31st, 2025, changes compared to last year are 
due to changes in participants in the LTIP during 2025 as some 
personnel has left the Group. When acquiring the LTIP shares 
from participants that leave the difference between the non-
controlling interest and acquisition gives a total reduction in 
retained equity of TNOK 3 364 during 2025.
SmartCraft ASA  
financial statement
The financial statement for 2025 for SmartCraft ASA is 
prepared in accordance with the Norwegian Generally 
Accepted Accounting Principles. In the Board’s opinion,

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8
2025 ANNUAL REPORT
the financial statements provide an accurate view of the 
company’s financial position at the end of the fiscal year.
SmartCraft ASA had a total revenue of TNOK 16 122 in 2025 
(TNOK 13 983 in 2024), and operating profit of TNOK -22 767 
in 2025 (TNOK -13 161 in 2024). As of December 31st, 2025, the 
company has a total equity of TNOK 540 882 with an equity 
ratio of 73 percent.
In the Board’s opinion the company’s liquidity is satisfactory 
and the company has sufficient funds to settle all obligations 
when due.
Risk management and  
internal control
The Group is subject to various types of risks relating to 
operations and finance. The Group’s risk management system 
shall ensure a systematic and uniform approach to identify, 
evaluate and mitigate risks, and describe processes and 
internal control actions.
Operational risks
The Group’s operations involve development and maintenance 
of software solutions sold to a third party. Trends within the 
software industry can affect the overall level of demand for IT 
services and accordingly influence the Group’s sales. Further, 
the ability to attract and retain sufficient competent personnel 
to secure the Group’s future development of existing and 
new solutions is crucial to the Group’s operations. SmartCraft 
integrates AI across its product suite to enhance customer 
workflows, streamline administration, and accelerate product 
development. While this strengthens our competitive position 
and supports key priorities like reducing churn and improving 
margins, there are operational risks to consider. The transition 
from manual and spreadsheet-based processes to AI-driven 
digital workflows may present challenges in user adoption, 
especially among SMEs accustomed to traditional methods. 
Maintaining compliance, data integrity, and data security is 
also critical, given our systems handle regulated, mission-
critical information that is not publicly available. There are 
also risks related to the integrity of data processed and 
stored by our solutions, the reliability of integrations with 
other systems, and the potential for software downtime that 
could disrupt customer operations. Reliance on AI for quoting, 
documentation, and compliance automation could lead to 
errors or disruptions if systems are not robustly managed and 
monitored. Furthermore, as SmartCraft’s ecosystem becomes 
increasingly embedded in daily operations, any failure, 
misalignment in AI-driven processes, loss of data integrity, 
integration failures, or extended downtime could impact 
customer profitability and satisfaction. Addressing these risks 
requires ongoing investment in technology, user training, 
and rigorous oversight to ensure the reliability, security, data 
integrity, uptime, and regulatory compliance of our AI-enabled 
solutions. The Group’s Chief Technology Officer oversees 
the technical resources within the Group and assesses any 
measures if needed.
A significant part of the Group’s growth is through 
acquisitions. The inability to secure an acquisition in line with 
the Group’s product portfolio, technology and culture could 
result in negative effects in operational focus and financial 
performance. A thorough and tested M&A and onboarding 
process has historically limited any negative effects of 
acquisitions.
Volatile, negative, or uncertain economic or political conditions 
may have a negative effect on the Group’s operations and 
financial performance. Such events may result in a loss of 
revenue as customers stop buying the solutions, or increased 
costs if the Group needs to change to a more expensive 
business operation to keep the services running. The recent 
years’ events and inflation and following interest pressure 
have increased the Group’s churn and customer downgrades, 
as bankruptcies increase and many customers experience 
reduced activity. The operational risks are considered 
moderate given the uncertainty of the situation.
The Group’s customers are all in the same industry which 
exposes the Group to an industry specific risk. Changes in the 
macro environment may affect the industry, and the Group, 
negatively. The construction industry has seen macroeconomic

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2025 ANNUAL REPORT
challenges in the last years, resulting in fewer new build 
projects. The Group focus on small and medium enterprises 
(SMEs) which have the renovation segment as their primary 
target market. The renovation segment is bigger than the new 
build part of the industry and has proven to be less volatile, 
growing steadily over the last years and is expected to do so 
for the coming years. Additionally, most of our customers are 
electricians and plumbers that are experiencing high demand 
due to energy efficiency initiatives of existing buildings. The risk 
is considered moderate.
Financial risks
As the Group operates internationally it is exposed to other 
currencies than NOK (functional currency). However, there is a 
natural hedge on the currency exchange risk as all operating 
entities have material costs and revenue in their functional 
currency, and the Group has both assets and liabilities in 
foreign currency. Still, the Group sees an increase in the 
number of suppliers linking their prices to a currency other than 
local currency, and the currency risk is considered moderate.
The active M&A strategy may be a significant contributor to 
the Group’s growth. As the Group’s profitability and financial 
position may fluctuate, as well as the tech sector specifically 
and general financial market changes, there is a risk of the 
Group not being able to obtain funding on favorable terms. In 
this event, the use of a larger portion of the Group’s cash will 
reduce the Group’s funds available for operations or future 
business opportunities. The risk is considered low/moderate. 
The Group’s financial position as of December 31st, 2025, 
leaves the Group with positive direct exposure to the increased 
interest rates across the operating countries as the Group is in 
a net cash position with no external loan facilities.
Credit risk is considered low/moderate as the Group invoice 
most of its services upfront and can block access to non-
paying customers, although there is a reminder period where 
the Group runs the risk of loss. Additionally, the Group’s 
customers are operating in the same industry, exposing the 
Group to general market/industry risk. On historical basis the 
market risk is considered low/moderate. The Group has ample 
cash to support operations and cover its current liabilities.
Working environment, 
equal opportunities and 
discrimination
The SmartCraft Group has 270 employees as of December 
31st, 2025. There has been no reported work-related injuries or 
accidents in 2025. Absence due to sickness was 5.8%.
Society is increasingly expectating companies to be 
transparent about their corporate actions, diversity and 
equal employment opportunities. The Group is, by its Code 
of Conduct, committed to building a highly skilled workforce 
and ensuring that recruitment processes actively foster 
equal opportunities and diversity. The company prohibits 
discrimination in any form, whether based on political views, 
sexual orientation, disability, union membership, or age. As 
of December 31st, 2025, there are 3 men and 4 women in 
management positions including the Group executive suite.
SmartCraft ASA
SmartCraft ASA has 3 employees as of December 31st, 
2025. There has been no reported work-related injuries or 
accidents in 2025. There was no absence due to sickness. The 
company’s human resource policy is based on equal rights for 
all, and there is no difference in treatment on any basis in terms 
of salary or recruitment.
The Board of Directors is comprised of 4 men and 3 women.
The Transparency Act was implemented from July 1st, 2022, 
and the SmartCraft Group is according to the Act required 
to carry out due diligence assessments according to 
OECD’s guidelines. The Group published an annual report in 
accordance with the Transparency Act at smartcraft.com in 
June 2025.
The Group’s corporate social responsibilities are included in the 
separate sustainability report.

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2025 ANNUAL REPORT
Sustainability
At SmartCraft, our approach to sustainability is connected to 
our vision to make everyday life easier for craftsmen and the 
construction industry. We believe that tomorrow’s challenges 
can be met with smarter solutions that empower craftsmen 
and the construction industry. By providing digital tools 
that simplify everyday tasks for thousands of construction 
companies, we contribute to building a safer, more sustainable, 
and more productive industry. Together, we are shaping a 
future where efficiency and care go hand in hand. To continue 
delivering customer value, we focus on maintaining an 
attractive workplace with engaged employees and sustainable 
operations.
SmartCraft solutions and integrations, which meet companies’ 
operational and administrative needs, do not operate in a 
climate-intensive industry. We have no production facilities; 
therefore, we don’t release any direct emissions to the water 
or contribute to any hazardous waste. However, like most 
companies, we have some environmental impact. We work to 
minimize emissions and resource use that negatively affect 
the environment and climate, while maximizing the positive 
effects of our products and services. The Board of Directors 
and employees are traveling as a part of daily operations. 
The Group encourages the use of environmentally friendly 
transport, and if possible, video conferences, to reduce the 
effects on the environment.
SmartCraft has a material impact on social sustainability 
through our employees and our suppliers. The employees 
in the group are the main contributors to the operations, 
and it is important to secure a positive, inclusive, and safe 
work environment to attract talent and foster employee 
development.
SmartCraft’s business model is centered around sustainable 
practices. We offer advanced technological solutions to the 
construction sectors, helping our customers in the Nordics and 
the UK operate more effectively. Our role as system providers 
includes responsibility to maintain ethical standards and to 
limit any negative environmental and social impacts. In our 
governance efforts, we are focused on upholding information 
security, accountability and transparency aiming to support the 
industry’s steady development.
For more information regarding SmartCraft’s efforts as well 
as assessments of impacts, risks and opportunities see the 
separate sustainability report available on smartcraft.com.
Insurance for board 
members and executive 
officers
The Company has directors’ and officers’ liability insurance. 
The insurance covers the Board of Directors as well as the 
executive officers of the company from legal personal liability 
for financial damage caused by the performance of their 
duties.
Corporate governance
Good corporate governance is essential to ensure that the 
Group protects the long-term interest of the stakeholders. 
The Group’s corporate governance principles are compliant 
with the Norwegian Accounting Act and the Norwegian Code 
of Practice for Corporate Governance. The Group’s corporate 
governance practices are subject to annual reviews and 
discussion by the Board of Directors. The Group’s corporate 
governance policy is available at smartcraft.com/investor-
relations/corporate-governance. The code is based on the 
“comply or explain” principles and deviations, if any, is explained 
under the relevant topic in the report on Corporate Governance 
for 2025 which is included in this Annual Report.
Going concern assumption
In accordance with the Norwegian accounting act, the Board 
confirms that the accounts have been prepared in conformity 
with the going concern assumption and this assumption 
is valid. After the completion of the cross-boarder merger 
SmartCraft ASA will be liquidated while all assets and liabilities 
will be transferred to SmartCraft Group AB (publ). The merger 
will not affect the going concern for the Group.

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2025 ANNUAL REPORT
Mette Kamsvåg
Chairperson of the Board
Per Norman
Board member
Isabella Alveberg
Board member
Carl Ivarson
Board member
Allan Engström
Board member
Ståle Risa
Board member
Eva Hemb
Board member
Jeremias Jansson
CEO
March 16th, 2026
Board of Directors and CEO, SmartCraft ASA
Subsequent events
Following the completion of the CEO transition, Jeremias 
Jansson assumed the role as Chief Executive Officer on 
January 5th, 2026, as previously announced. In connection with 
the transition. Hanna Konyi has taken up the position as Deputy 
CEO, ensuring continuity across the organization. In addition, 
the Group announced the appointment of Tobias Lindquist as 
new CFO on February 20th, 2026. Mr. Lindquist will assume the 
role effective July 1st, 2026.
The Board has concluded its evaluation of a potential change 
of listing venue, and SmartCraft will relist on Nasdaq Stockholm 
in Q1 2026. The company held an extra ordinary general 
meeting January 12th, 2026, where the decision to enable 
the re-listing by a cross-border merger between SmartCraft 
ASA and SmartCraft Group AB (publ) was approved with 
SmartCraft Group AB (publ) as acquirer. When the merger 
is completed, SmartCraft ASA’s assets and liabilities will be 
transferred to SmartCraft Group AB (publ). The merger will 
trigger taxable realization of assets and liabilities for SmartCraft 
ASA, while the same values will be base for taxable entry 
values for SmartCraft Group AB (publ). Tax positions related 
to SmartCraft ASA as of December 31st, 2025, will be realized 
during 2026 or as part of the merger. 
The decision is driven by several factors:
•
a significantly str
onger fit with the Nordic SaaS peer group
• a br oader and deeper investor base for software-driv en
companies
• S
weden represents SmartCraft’s largest market, both in
revenues and customer footprint.
The re-listing is expected to strengthen SmartCraft’s long
-t
erm 
positioning and improve visibility among investors who are 
more familiar with our business model, product portfolio and 
growth strategy.
The Group announced February 16th, 2026 a tender offer 
to buy treasury shares after terminating the share buy-
back program announced August 27th, 2025. The offer was 
launched to all shareholders with a total consideration of up to 
TNOK 75 000. Following the application period ending February 
20th, 2026, the Group resolved to by 4 166 666 shares at a total 
consideration of TNOK 75 000.
No other material financial events have taken place after 
December 31st, 2025. There has been no material change in 
any of the current markets or solutions after December 31st, 
2025.

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2025 ANNUAL REPORT
Board of Directors report on 
Corporate Governance
Reporting on Corporate 
Governance
The Group’s corporate governance policy is compliant with 
the Norwegian Accounting Act and the Norwegian Code 
of Practice for Corporate Governance (NUES). The Group’s 
corporate governance practices are subject to annual 
reviews and discussion by the Board of Directors. The Group’s 
corporate governance policy is available at smartcraft.com/
investor-relations/corporate-governance. The code is based 
on the “comply or explain” principles and deviations, if any, is 
explained under the relevant topic in the report. The Group 
believes that good corporate governance involves transparent 
and trustful cooperation between all parties involved with 
the Group and its business. This includes the Company’s 
shareholders, Board of Directors and Executive Management 
team, employees, customers, suppliers, and other business 
partners, as well as public authorities and society at large. The 
Board of Directors and Executive Management shall contribute 
to achieve the following core objectives when honoring the 
Company’s corporate governance policy:
•
T
ransparency. Communication with the Company’s
shareholders, stakeholders and other interest group’s
shall be based on transparency and openness on issues
relevant for the evaluation of the development and
position of the Company.
•
Independence
. The relationship between the Board of
Directors, Executive Management and shareholders shall
be based on independence principles. Independence shall
ensure that all decisions are made on an unbiased and
neutral basis.
•
E
qual treatment. A fundamental objective for good
corporate governance is equal treatment and equal rights
for all of the Company’s shareholders.
•
Contr
ol and management. Sound control and corporate
governance mechanisms shall contribute to predictability 
and reduce the level of risk for the Company’s 
shareholders, stakeholders, and other interest group’s. 
Business Objective 
The Company’s business objective, as set out in the 
Company’s articles of association, reads as follows: “The 
Company’s objects is industry, trade and investments in shares 
and other assets in other companies and enterprises as well 
as all other activities related to this.” The Board of Directors 
has defined objectives, strategies, and risk profiles for the 
Company’s business activities as an effort to create value for 
its shareholders in a sustainable manner. These objectives, 
strategies and risk profiles are evaluated annually.
Equity and Dividends 
The Board of Directors is responsible for ensuring that the 
Group is adequately capitalized relative to the risk and scope of 
operations and that the capital requirements set forth in laws 
and regulations are met.
The Group’s consolidated equity was TNOK 970 615 on 
December 31st, 2025, representing an equity ratio of 74 
percent. The Board monitors the capital situation and takes 
actions necessary to ensure that the equity or liquidity is 
adequate. The Company shall, at all times, have a clear and 
predictable dividend policy. The company believes that it will 
serve its shareholders best by investing for the long term and 
growing and developing the business.
The company’s dividend policy is that the company does not 
expect to pay any dividend in the short to medium term as 
the company intends to use its profit for both organic and 
inorganic growth initiatives as well as product and technology 
innovation. The company will in the future continuously

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2025 ANNUAL REPORT
evaluate its capital allocation and will prioritize organic growth 
investments and acquisitions over dividends if the company 
expects that this will generate an attractive return on capital.
At the Annual General Meeting on May 2nd, 2025, the Board 
was granted the following authorizations:
•
A
uthorization to increase the share capital in one or
more rounds by up to NOK 171 522,305. The authorization
covers contribution in kind and the right to incur specific
obligations on behalf of the Company and includes
mergers. There have not been issued any new shares
under this authorization. The authorization is valid until
the Company’s Annual General Meeting in 2026, but not
longer than June 30th, 2026.
•
A
uthorization to acquire own shares with a total nominal
value up to NOK 85 761,15 which is equivalent to 5 percent
of the current share capital. This authorization is in
addition to treasury shares purchased under previous
authorizations. The maximum purchase price is NOK
50 and minimum NOK 1. As of December 31st, 2025, the
authorization has been used to purchase 1 686 864 shares
for a total of TNOK 42 390. The authorization is valid until
the Company’s Annual General Meeting in 2026, but not
longer than June 30th, 2026.
At the Annual General Meeting on May 2nd, 2024, the Board 
was granted the following authorization:
•
A
uthorization to increase the share capital in one or more
rounds by up to NOK 17 152,23. The authorization covers
settlement of the Group’s long/term investment program
(LTIP). There have not been issued any new shares under
this authorization. The authorization is valid until the
Company’s Annual General Meeting in 2026, but not
longer than June 30th, 2026.
Equal Treatment of 
Shareholders 
All shareholders shall be treated on an equal basis unless 
there is a just and factual cause for treating them differently. 
Each share in the Company carries one vote, and all shares 
carry equal rights, including the right to participate in general 
meetings and the right to dividends. Where the Board of 
Directors resolves to issue new shares and deviate from 
existing shareholders’ pre-emptive rights pursuant to an 
authorization granted to the Board of Directors, the stock 
exchange announcement issued in connection with the share 
issue shall also include a justification for the deviation.
The Company’s transactions in treasury shares shall be 
carried out through Oslo Stock Exchange’ trading platform 
at the prevailing trading price or by making a public offer to 
all shareholders. All transactions in treasury shares shall be 
publicly disclosed in a stock exchange announcement. There 
was a total of 181 transaction in treasury shares in 2025 which 
was carried out by DNB Carnegie on behalf of the Company. 
Transactions between the Company and its shareholders, 
a shareholder’s parent company, members of the Board 
of Directors, executive management or closely associated 
persons to any such party, that are deemed material under the 
Norwegian Public Limited Liability Companies Act, are subject 
to approval by the general meeting. Furthermore, the Board of 
Directors is required to arrange for an independent auditor’s 
valuation of the transaction.
Freely Transferable Shares 
The shares of the Company are listed on the Oslo Stock 
Exchange and are freely transferable and there are no 
limitations on any party’s ability to own or vote for the shares in 
the Company.
Deviation from the Code of Practice: 
Sellers of the shares in Clixifix Ltd. entered into a lock-up 
agreement for shares purchased as part of the settlement. The 
lock-up period was valid until May 2nd, 2025.

===== SIDA 14 =====

14
2025 ANNUAL REPORT
General Meetings 
The General Meeting is the Company’s highest authority, 
and open to all shareholders. The Company encourages 
shareholders to participate and exercise their rights. The 2025 
Annual General Meeting was held digitally on May 2nd, 2025, 
with 73,07 percent of the Company’s shares represented.
The Board, auditor, or shareholders representing at least 
5 percent of the shares can call for Extraordinary General 
Meetings when deemed necessary.
The notice of the General Meeting and supporting documents 
are made available on the Company’s website no later than 
3 weeks prior to the date of the meeting. Shareholders may 
request the documents by mail. Efforts are made to ensure 
that proposed resolutions and supporting information 
are sufficiently detailed and comprehensive to allow the 
shareholders to form a view on all matters to be considered 
at the meeting. The notice includes information about 
shareholders’ rights. The notice period, right to attend and 
agenda proposals are regulated in the Articles of Association.
The deadline for shareholders to notify the Company if they 
wish to participate at the General Meeting shall be set as close 
to the date of the general meeting as practically possible, but 
at the earliest two business days before the General Meeting.
Shareholders who are unable to attend the general meeting 
shall be given the opportunity to be represented by proxy and 
to vote by proxy. The Board of Directors shall in this respect, 
with regards to the notice of the general meeting:
•
pr
ovide information on the procedure for attending by
proxy;
• nomina
te a person who will be available to vote on behalf
of non-attending shareholders as their proxy (normally
being the chair of the Board of Directors); and
• pr
epare a proxy form, which shall, to the extent possible,
be set up so that it is possible to vote separately on each
individual matter on the agenda and each candidate
nominated for election.
Deviation from the Code of Practice: The Code recommends 
separate voting for candidates to the Board. However, the 
Board must be in accordance with applicable legislation 
regarding gender representation and qualifications for 
committee assignments. The nomination committee’s proposal 
is given with respect to such legislation. Should a situation 
arise where the composition of the Board might conflict with 
applicable legislation, the situation and consequences of 
electing a board contrary to legislation should be discussed at 
the General Meeting and shareholders should base their votes 
on the views discussed.
Nomination Committee
The Nomination Committee is governed by the Articles of 
Association section 10. The nomination committee does 
not include any executive personnel or any member of the 
company’s Board of Directors. All members of the Nomination 
committee are independent of the Board of Directors and 
Group Management. The members of the Nomination 
Committee are elected at the General Meeting for a period of 
two year. Mr. Tim Smistadl (chair) and Ms. Helen Fasth Gilstedt 
were elected at the General Meeting on May 2nd, 2025, and 
Ms. Ingeborg Aavatsmark was elected at the General Meeting 
on May 2nd, 2024.
The General Meeting stipulates the rules of procedure for 
the Nomination Committee and determines the Committees’ 
remuneration. The Nomination Committee gives its 
recommendation to the General Meeting on election of 
and compensation to members of the Board of Directors, 
in addition to election of members of the Nomination 
Committee. Each proposal is justified on an individual basis. All 
shareholders are entitled to nominate candidates to the Board 
of Directors, and information on how to propose candidates 
can be found on the company’s website.

===== SIDA 15 =====

15
2025 ANNUAL REPORT
Composition and 
Independence of  
The Board of Directors
In accordance with the articles of association section 7, the 
company’s Board of Directors shall consist of three to nine 
members. On December 31st, 2025, the Board of Directors 
consisted of seven members (see table below), of which three 
were female. The directors can be elected by the General 
Name Role Independent Served 
since
Term 
expires
Meeting 
participation
Gunnar Haglund Chairperson Yes 15.03.2017 02.05.2025 2 of 2
Mette Kamsvåg Chairperson, elected 02.05.2025 Yes 02.05.2024 AGM 2027 11 of 11
Bernt Ulstein Board member Yes 15.03.2017 02.05.2025 2 of 2
Carl Ivarsson Board member No 14.02.2017 AGM 2026 11 of 11
Allan Engström Board Member No 14.02.2017 AGM 2026 11 of 11
Isabella Alveberg Board Member Yes 28.04.2023 AGM 2026 10 of 11
Eva Hemb Board Member Yes 02.05.2024 AGM 2026 11 of 11
Per Norman Board Member Yes 02.05.2025 AGM 2027 9 of 9
Ståle Risa Board Member Yes 02.05.2025 AGM 2027 8 of 9
Meeting for a term no longer than two years and may be re-
elected.
The company’s website provides information to illustrate 
the expertise of the members of the Board of Directors. The 
Board of Directors considers its composition to be diverse 
and represent required competencies including financial and 
industrial experience. Board members are encouraged to 
own shares in the company. An overview of board members’ 
share ownership in the Company is available in note 25 to the 
consolidated financial statements.
Work of the Board of 
Directors 
The objectives, responsibilities and functions of the Board 
of Directors and the CEO shall be in compliance with rules 
and standards applicable to the Group, which are described 
in the Company’s “Instructions for the board of directors of 
SmartCraft ASA”. The Board has the ultimate responsibility 
for the management of the Company and the Group and for 
supervising Group Management. 
The Board of Directors shall annually evaluate its performance 
and expertise for the previous year. This evaluation shall include 
the composition of the Board of Directors and the manner in 
which its members function, individually and as a group, in 
relation to the objectives set out for its work. The report shall 
be made available to the nomination committee.
The Board has established two committees, an Audit 
Committee, and a Remuneration Committee.
Audit Committee 
Pursuant to section 6-41 of the Norwegian Public Limited 
Liability Companies Act, Rule Book II and recommendations set 
out in the Code, the Company is obliged to establish an audit 
committee. The Committee members are appointed by and 
among the Board of Directors.

===== SIDA 16 =====

16
2025 ANNUAL REPORT
Per December 31st, 2025, the audit committee members were 
Mrs. Eva Hemb (chair), Mr. Carl Ivarsson and Mr. Per Norman, 
all considered independent of Group Management. The Audit 
Committee held 6 meetings in 2025.
Remuneration Committee 
The remuneration committee shall provide the Board of 
Directors with a guideline and recommendation for the salary 
and other remuneration for executive management, which shall 
be made in accordance with section 6-16a of the Norwegian 
Public Limited Liability Companies Act. The members of the 
remuneration committee are elected by and among the 
members of the Board of Directors for a term of up to two 
years. Per December 31st, 2025, the remuneration committee 
members were Mrs. Kamsvåg (chair), Mr. Allan Engström and 
Mrs. Alveberg, all independent of the Group Management. For 
2025, the Committee met 15 times.
Risk Management and 
Internal Control 
The Group’s risk management system shall ensure that 
the Group has a systematic and uniform approach to risk 
management. The system defines responsibilities, processes, 
tools and documentation, including considerations related to 
integrating stakeholders in relation to the Company’s value 
creation.
Group Management sets the context in which risks are 
managed and supervises the risk management process. Risk 
assessments are presented to the Audit Committee and the 
Board of Directors. The Board performs a review of risks in 
connection with the approval of the annual budget.
Group Management regularly updates the Board of Directors 
including operational reviews, HSE (Health, Safety and 
Environment) measures, financial status and key performance 
indicators. Prior to each Board meeting, the CEO and CFO 
prepares a report to the Board of Directors, which includes 
this information in addition to any items requested by Board 
members and items requiring action by the Board of Directors. 
Because the Group operates internationally, it is required to 
comply with numerous national and international laws and 
regulations. All business activities and processes must be 
conducted in accordance with laws, and regulations.
The quarterly and yearly reporting process and significant 
accounting and reporting issues are discussed with the Audit 
Committee in the presence of the external auditor.
Remuneration of the Board 
Of Directors 
The members of the Board of Directors receive remuneration in 
accordance with their individual roles. The remuneration is not 
linked to Company performance and members are not granted 
share options. Remuneration for each member of the Board 
of Directors is detailed in note 11 to the consolidated financial 
statements.
Members of the Board of Directors and/or companies with 
which they are associated should not take on specific 
assignments for the Company in addition to their appointment 
as a member of the Board of Directors, but if they do, this 
shall be disclosed to the full Board. The remuneration for such 
additional duties will be approved by the Board of Directors. 
There were no such assignments in 2025.
Remuneration of Executive 
Management 
The policy for remuneration of executive management of the 
Group was last updated in April 2025 and presented at the 
Annual General Meeting in 2025. The remuneration policy 
must be approved by the Annual General Meeting upon any 
material changes and at minimum every four years. The Board 
determines remuneration of the Chief Executive Officer while 
remuneration of Group Management is determined according 
to guidelines. The Board’s statement regarding compensation 
of leading employees, required by accounting act §7-31b, is 
published on smartcraft.com.

===== SIDA 17 =====

17
2025 ANNUAL REPORT
Information and 
Communication 
The Company treats its investors equally. Timely information 
is published simultaneously to all investors in accordance 
with applicable legislation and regulation to provide the best 
possible basis for evaluation of Company performance. All 
information is provided in English. Interim reports are published 
on a quarterly basis, in line with Oslo Stock Exchange’s 
recommendations.
Interim reports include presentations to provide an overview 
of operational and financial developments, market outlook, 
and the Company’s prospects. The presentations are open to 
the public and made available through a webcast. The Chief 
Executive Officer and the Chief Financial Officer are normally 
present at the quarterly presentations. Furthermore, the 
Company keeps an ongoing dialogue with its investors and 
makes presentations to analysts and investors through various 
conferences and events.
Takeovers 
The Board of Directors have established the main principles 
for its actions in the event of a takeover offer. In a takeover 
process, the Board of Directors, and the Executive 
Management each have independent responsibilities to 
ensure that the Company’s shareholders are treated equally 
and that there are no unnecessary interruptions to the 
Company’s business activities. The Board of Directors has a 
particular responsibility to ensure that the shareholders are 
given sufficient information and time to assess the offer. The 
Company has no written guidelines for procedures to be 
followed in the event of a takeover offer. The Board is open 
to initiatives that are commercially and financially attractive 
for the shareholders. The Board will assess potential offers in 
accordance with applicable legislation and Code of Practice 
requirements in due course.
Statutory Auditor 
The Company’s external auditor, Ernst & Young AS, is 
appointed by the General Meeting and is independent from the 
Company.
The auditor shall participate in meeting(s) of the Board of 
Directors where any of the following topics is on the agenda: 
the annual accounts, accounting principles, assessment of 
any important accounting estimates and other matters of 
importance where there has been disagreement between the 
auditor and the Company’s executive management and/or the 
audit committee.
The auditor shall at least once a year present to the Board of 
Directors or the audit committee a review of the Company’s 
internal control procedures, including identification of 
weaknesses and proposals for improvement. The audit 
committee shall hold a meeting with the auditor at least once a 
year in which no representative of the executive management 
can be present. To strengthen the Board of Directors’ work on 
financial reporting and internal control, the auditor shall provide 
a report to the audit committee on the main features of the 
audit in respect to the previous financial year, and especially 
mention any material weaknesses identified in the internal 
control relating to the financial reporting process.
Remuneration to the auditor is approved by the General 
Meeting and the Board of Directors shall specify the executive 
management’s right to use the auditor for other purposes than 
auditing. For remuneration to the auditor see note 21 to the 
consolidate financial statements.

===== SIDA 18 =====

18
2025 ANNUAL REPORT
Statement of compliance
The Board of Directors and the Chief Executive Officer (CEO) 
have today considered and approved the report from the Board 
of Directors and CEO, the financial statements for the Group 
and for the parent company SmartCraft ASA (the Company) for 
the year ending December 31st, 2025.
The consolidated financial statements of the Group have been 
prepared in accordance with International Financial Reporting 
Standards as adopted by the EU and additional disclosure 
requirements as stated in the Norwegian Accounting Act that 
are applicable at December 31st, 2025.
The financial statements for the Company have been prepared 
in accordance with the Norwegian Accounting Act and 
Generally Accepted Accounting Principles in Norway that are 
applicable at December 31st, 2025. The report from the Board 
of Directors and CEO for the Group and the Company has been 
prepared in accordance with the Norwegian Accounting Act 
and the Norwegian Accounting Standard no. 16 applicable at 
December 31st, 2025. 
We confirm that, to the best of our knowledge: 
•
the financial st
atements for the period from January 1st
to December 31st, 2025, for the Group and the Company
have been prepared in accordance with applicable
accounting standards
•
the financial st
atements give a true and fair view of the
Company’s and the Group’s consolidated assets, liabilities,
financial position and results of operations
•
the Boar
d of Directors’ report provides a true and fair view
of the development and performance of the business and
the position of the Company and the Group, together with
a description of the key risks and uncertainty factors that
the company is facing
Mette Kamsvåg
Chairperson of the Board
Per Norman
Board member
Isabella Alveberg
Board member
Carl Ivarson
Board member
Ståle Risa
Board member
Eva Hemb
Board member
March 16th, 2026
Board of Directors and CEO, SmartCraft ASA
Allan Engström
Board member
Jeremias Jansson
CEO

===== SIDA 19 =====

19
2025 ANNUAL REPORT
Consolidated 
Financial  
Statements
2025
19
ANNUAL REPORT

===== SIDA 20 =====

20
2025 ANNUAL REPORT
Amounts in NOK (thousands) Note 2025 2024
Revenue from customers 8  558 928  510 763 
Total operating revenue  558 928  510 763 
Purchase of goods and services  44 461  43 551 
Payroll and related expences 10, 11  226 585  198 804 
Other operating expenses 21  97 615  83 879 
Depreciation and amortization 13, 23, 24  81 822  52 465 
Total operating expenses  450 483  378 699 
Operating profit (loss) before financial items and tax  108 445  132 064 
Financial income 22  9 682  21 158 
Financial expenses 22  (20 200)  (19 703)
Financial income (expense), net  (10 518)  1 455 
Profit (loss) before tax  97 927  133 519
Tax expense 20  14 462  27 560 
Profit (loss)  83 465  105 959 
Attributeable to: 
Shareholders in SmartCraft ASA 26 83 465 105 959
Non-controlling interests - -
Other comprehensive income
Items that will be reclassified to profit or loss:
Currency translation differences, net of tax  20 850  16 957 
Total  20 850  16 957 
Total comprehensive income  104 315  122 916 
Consolidated Statement of Comprehensive Income
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Profit for the year  83 465  105 959 
Profit for the year attribuable to non-controlling interests  -  - 
Profit for the year attribuable to equity holders of SmartCraft ASA  83 465  105 959 
Average numbers of common shares  165 984 829  167 907 976 
Earning per share and diluted earnings per share NOK  0,50  0,63

===== SIDA 21 =====

21
2025 ANNUAL REPORT
Amounts in NOK (thousands) Note 31 Dec 2025 31 Dec 2024
Goodwill 6, 12  669 406  662 299 
Intangible assets 13  354 700  376 806 
Right to use assets 24  26 930  35 411 
Tangible Assets 23  4 446  4 856 
Total non-current assets  1 055 483  1 079 372 
Other current assets 7, 8, 16  44 567  10 476 
Accounts Receivable 7, 15  67 267  67 611 
Cash and cash equivalents 7, 17  144 720  125 655 
Total current assets  256 554  203 742 
Total assets  1 312 036  1 283 114 
Consolidated Statement of Financial Position
Assets

===== SIDA 22 =====

22
2025 ANNUAL REPORT
Amounts in NOK (thousands) Note 31 Dec 2025 31 Dec 2024
Share capital 25  1 715  1 715 
Own shares  (68)  (45)
Share premium  605 893  605 893 
Retained earnings  302 261  280 193 
Other components of equity  54 428  33 578 
Non-controlling interests 25  6 386  9 486 
Total equity  970 615  930 821 
Non-current lease liabilities 17, 24  14 809  23 281 
Deferred tax liabilities 20  52 403  62 672 
Total non-current liabilities  67 212  85 953 
Current portion of deferred revenue 8  164 442  149 839 
Current portion of lease liabilities 17, 24  13 439  12 886 
Accounts payable 7, 18  11 897  11 760 
Taxes payable 7, 20  10 216  15 700 
Other current liabilities 7, 19, 28  74 216  76 155 
Total current liabilities  274 210  266 340 
Total liabilties  341 421  352 293 
Total equity and liabilities  1 312 036  1 283 114 
Consolidated Statement of Financial Position
Equity and liabilities

===== SIDA 23 =====

23
2025 ANNUAL REPORT
Mette Kamsvåg
Chairperson of the Board
Per Norman
Board member
Isabella Alveberg
Board member
Carl Ivarson
Board member
Allan Engström
Board member
Ståle Risa
Board member
Eva Hemb
Board member
Jeremias Jansson
CEO
March 16th, 2026
Board of Directors and CEO, SmartCraft ASA

===== SIDA 24 =====

24
2025 ANNUAL REPORT
Amounts in NOK (thousands) Note 2025 2024
Operating activities
Profit before tax  97 927  133 519 
Paid taxes 20  (56 673)  (41 251)
Net financial income  11 203  (1 989)
Gains/losses sold assets 13, 23, 24  (4)  75
Depreciation and amortization 13, 23, 24  81 822  52 465 
Interest recevied 22  2 804  4 781 
Net cash provided from operating activities before net working capital changes  137 080  147 600 
Working capital adjustments
Changes in accounts receivable  2 545  7 160 
Changes in deferred revenue  7 923  24 441 
Changes in accounts payable  (403)  229 
Changes in all other working capital items  (2 907)  (415)
Net cash provided from operating activities  144 239  179 015 
Investing activities
Investments in tangible and intangible assets 13, 23  (1 468)  (3 558)
Payments for acqusitions 6, 19  (6 997)  (152 056)
Payments for software development costs 13  (43 013)  (48 664)
Net cash used in investing activities  (51 478)  (204 278)
Financing activities
Cash proceeds from capital increases 25  -    4 720 
Downpayment on loan facilities 17  -    (7 954)
Interest payments 22  (2 843)  (2 792)
Repayments of lease liabilities 24  (12 689)  (12 278)
Payment of treasury shares 25, 26  (62 413)  (40 865)
Net cash provided by (used in) financing activities  (77 944)  (59 170)
Net increase (decrease) in cash and cash equivalents  14 817  (84 432)
Cash and cash equivalents at the beginning of period*  125 655  206 024 
Foreign currency effects on cash and cash equivalents  4 248  4 063 
Cash and cash equivalents at end of period* 17  144 720  125 655 
Consolidated Cash Flow Statement
* Cash and cash equivalents include restricted funds. For further information see note 17.

===== SIDA 25 =====

25
2025 ANNUAL REPORT
Amounts in NOK (thousands) Share capital Treasury 
shares
Share 
premium
Retained 
earnings
Currency 
translation 
reserve
Non-
controlling 
interest
Total equity
Total equity 01.01.2024  1 715  (31)  605 893  214 846  16 621  4 631  843 675 
Profit / (-) loss for the period  -    -    -    105 959  -    -    105 959 
Other comprehensive income  -    -    -    -    16 957  -    16 957 
Changes in non-controlling interests  -    -    -    -    -    4 855  4 855 
Purchase of treasury shares  -    (14)  -    (40 851)  -    -    (40 865)
Other changes  -    -    -    239  -    -    239 
Total equity 31.12.2024  1 715  (45)  605 893  280 193  33 578  9 486  930 821 
Profit / (-) loss for the period  -    -    -    83 465  -    -    83 465 
Other comprehensive income  -    -    -    -    20 850  -    20 850 
Changes in non-controlling interests  -    -    -    (3 364)  -    (3 100)  (6 464)
Purchase of treasury shares  -    (24)  -    (62 389)  -    -    (62 413)
Other changes  -    2  -    4 354  -    -    4 356 
Total equity 31.12.2025  1 715  (68)  605 893  302 261  54 428  6 386  970 615 
Consolidated Statement of Changes in Equity

===== SIDA 26 =====

26
2025 ANNUAL REPORT
Notes
Note 1 Reporting entity
The reporting entity reflected in these financial statements 
is comprised of SmartCraft ASA and the consolidated 
subsidiaries that make up the SmartCraft Group. The 
parent company SmartCraft ASA is a Norwegian entity and 
headquarters is located Strandgata 3, 3513 Hønefoss, Norway. 
The Group operates with offices in Norway, Sweden, Finland 
and United Kingdom.
SmartCraft ASA is a software company with a portfolio of 
related software brands. During 2025, Bygglet, Cordel, Congrid, 
EL-VIS, HomeRun, Kvalitetskontroll, El-verdi, Elinn, Coredination, 
Locka, Clixifix, SmartCraft Spark and SmartCraft Flow were 
all brands in the Group’s portfolio. The Group operates in the 
Nordic region and the UK and provides SaaS and subscription 
software solutions for construction- and craftsmen companies, 
with market leading positions.
Note 2 Basis of preparation
The consolidated financial statements of SmartCraft 
ASA and its subsidiaries are prepared in accordance with 
IFRS Accounting Standards as endorsed by the European 
Union (EU) and Norwegian authorities and effective as of 
December 31st, 2025. These financial statements also provide 
disclosures as specified under the Norwegian Accounting 
Act (Regnskapsloven). The financial statements are prepared 
on a historical cost basis, except for certain assets, liabilities, 
and financial instruments, which are measured at fair value. 
Preparation of financial statements including note disclosures 
requires management to make estimates and assumptions 
that affect amounts reported. The estimates and associated 
assumptions are based on historical experience and various 
other factors that are believed to be reasonable under the 
circumstances, the results of which form the basis of making 
the judgments about carrying values of assets and liabilities. 
Actual results may differ from these estimates. Slight rounding 
differences may occur between the financial statements 
and the note disclosures. The estimates and underlying 
assumptions are reviewed on an ongoing basis. Revisions to 
accounting estimates are recognized in the period in which the 
estimate is revised, if the revision affects only that period, or in 
the period of the revision and future periods, or if the revision 
affects both current and future periods. Judgments made by 
management in the application of IFRS which have a significant 
effect on the consolidated financial statements and estimates, 
with a significant risk of material adjustment in the next year, 
are discussed in note 4.
Note 3 Material accounting 
policies 
This following description of material accounting principles 
applies to the SmartCraft Group’s 2025 financial reporting, 
including all comparative figures. The relevant accounting 
policies for selected financial statement line items are 
described in detail in the specific notes in this set of financial 
statements. Changes in accounting policies and new 
pronouncements are discussed at the end of this section.
3.1 Basis of consolidation
The consolidated financial statements include SmartCraft ASA 
and subsidiaries, in which SmartCraft ASA is exposed, or has 
the rights, to variable returns from its involvement with the 
subsidiary and has the ability to affect those returns through 
its power over the investee. Power is normally achieved through 
ownership, directly or indirectly, of more than 50% of the voting 
power.
Subsidiaries are included from the date control commences 
until the date control ceases. There were two acquisitions 
completed during 2024 where control was commenced for

===== SIDA 27 =====

27
2025 ANNUAL REPORT
Locka Group AB as of 1st April 2024 and Clixifix Limited (Now 
SmartCraft Software UK Limited) as of 1st May 2024.
Intercompany transactions and intercompany balances, 
including internal profits and unrealized gains and losses, are 
eliminated.
Business combinations
The acquiree’s identifiable assets, liabilities and contingent 
liabilities are recognized separately at the acquisition date at 
their fair value irrespective of any non-controlling interest, and 
goodwill recognized to the extent the consideration exceeds 
identified net assets.
Goodwill
Goodwill is recognized as a part of business combinations. 
Goodwill is initially measured either as the excess of the 
consideration over the SmartCraft Group’s interest or the fair 
value of 100 percent of the acquiree in excess of the acquiree’s 
identifiable net assets (full goodwill). Goodwill is not amortized, 
but is tested for impairment annually, and more frequently 
if indicators of possible impairment are observed. Goodwill 
is allocated to the cash generating units or groups of cash 
generating units expected to benefit from the synergies of the 
combination and that are monitored for internal management 
purposes.
Foreign currency translation
The Group presents its financial statements in the Norwegian 
krone (NOK). This is also the parent company’s functional 
currency. Each subsidiary has the local currency of their market 
as the functional currency. For consolidation purposes, the 
balance sheet figures for subsidiaries with a different functional 
currency have been translated at the rate applicable at the 
balance sheet date. The income statement has been translated 
at the average rate for the reported period. Exchange rate 
differences are recognized in equity. Changes in exchange 
rate are recognized in the statement of comprehensive 
income as they occur during the period. When investments in 
foreign subsidiaries are sold the accumulated exchange rate 
differences relating to the subsidiary are recognized in the 
income statement.
3.2 Intangible assets 
Intangible assets acquired individually or as a group are 
recognized at cost when acquired. Intangible assets acquired 
in a business combination are recognized at fair value 
separately from goodwill when they arise from contractual or 
legal rights or can be separated from the acquired entity and 
sold or transferred. Internally generated intangible assets are 
recognized when the expected future economic benefits that 
are attributable to the asset will flow to the entity and the cost 
of the asset can be measured reliably. Development costs are 
capitalized as intangible assets at cost in accordance with IAS 
38 Intangible Assets when the recognition criteria are met. 
Research expenditures are expensed as incurred. Intangible 
assets with indefinite useful life are tested for impairment 
yearly. For intangible assets with definite useful life, SmartCraft 
reviews the residual value and useful life of its assets, with 
any estimate changes accounted for prospectively over the 
remaining useful life of the asset.
Internally generated development:
Expenses relating to research activities are recognized as 
they occur. Expenses relating to development activities 
are capitalized to the extent that the product or process 
is technically and commercially viable and the Group has 
sufficient resources to complete the development work. 
Expenses that are capitalized include the costs of materials, 
direct wage costs and a share of the directly attributable 
common expenses. Capitalized development costs are 
recognized at their cost minus accumulated amortization and 
impairment losses.
Cost of building new features and functionality together with 
significant and pervasive improvements of the core platform, 
provided that the significant and pervasive improvements of 
parts or main components of the core platform will generate 
probable future economic benefits, are capitalized as 
development costs and amortized on a straight-line basis over 
the estimated economic lifetime.
To the extent developers perform updates that are required to 
maintain the products functionalities, the costs are expensed.

===== SIDA 28 =====

28
2025 ANNUAL REPORT
Customer relationship:
Customer relationships are recognized as a part of business 
combinations and measured initially as the net present value 
of the lifetime revenue from existing customers less cost to 
fulfill the contractual obligations. Customer relationships are 
depreciated on a straight-line basis over the expected lifetime 
of the relationship.
Software:
Software is recognized both as a part of business 
combinations and by internal development. Acquired software 
in a business combination is measured at fair value. The fair 
value measurement is if possible based on observable market 
data, if such data is not available, fair value is estimated as 
the expected cost to develop a similar software and internally 
developed software is capitalized in accordance with the 
measurement criteria in IAS 38 and amortized on a straight-line 
basis over the estimated economic lifetime.
Brand names:
Brand names that contribute to future economic benefits are 
recognized separately from Goodwill as a part of business 
combinations. Brand names are measured using the royalty 
method, the management evaluates whether to have indefinite 
or definite useful lifetime and tested annually for impairment.
3.3 Revenue from contracts with customers
At contract inception, SmartCraft identifies the promised 
licenses and services within the contract and determines 
which of those are separate performance obligations. 
SmartCraft performance obligations within the contracts are 
described below. The timing of the transfer is determined 
based on when the customer obtains control of the delivered 
licenses or services.
SmartCraft usually does not pay sales commission to its 
partners on sales to customers. On the few occasions it 
has been paid sales commissions SmartCraft has applied 
the practical expedient for costs to obtain a contracts to 
immediately expense sales commissions because the 
amortization period of the asset otherwise would have used is 
one year or less.
SmartCraft generates revenue from five main sources and 
subcategories in total.
Subscriptions
Revenue from software subscriptions (right to access) are 
recognized on a straight-line basis over time, as the customer 
simultaneously receives and consumes the benefits of the 
services. Subscription contracts are invoiced in advance, up to 
and mainly on a 12-month interval.
Integrated services and bundled services
Revenue from the transactional use of integrated or bundled 
3rd party services are recognized at a point in time, on the time 
of the services being rendered and invoiced subsequently at 
the end of the month.
Expert services
Revenue from the sale of support, consultancy, system set-
up and other advisory services are recognized at a point in 
time, on the time of the services being rendered and invoiced 
subsequently at the end of the month. Expert services included 
in the SaaS and software subscriptions is not recognized as 
independent revenues.
3.4 Leasing
Identifying a lease
At the inception of a contract, the Group assesses whether 
the contract is, or contains, a lease. A contract is, or contains, 
a lease if the contract conveys the right to control the use 
of an identified asset for a period of time in exchange for 
consideration.
The Group as a lessee
For contracts that constitute, or contain a lease, the Group 
separates lease components if it benefits from the use of 
each underlying asset either on its own or together with other 
resources that are readily available, and the underlying asset 
is neither highly dependent on, nor highly interrelated with, 
the other underlying assets in the contract. The Group then 
accounts for each lease component within the contract as a 
lease separately from non-lease components of the contract.

===== SIDA 29 =====

29
2025 ANNUAL REPORT
Recognition of leases and exemptions
At the lease commencement date, the Group recognizes a 
lease liability and corresponding right-of-use asset for all lease 
agreements in which it is the lessee, except for the following 
exemptions applied:
• Short-term leases (defined as 12 months or less)
• Low value assets (defined as less than NOK 50 000)
For these leases, the Group recognizes the lease payments 
as other operating expenses in the statement of profit or loss 
when they incur. 
 
Lease liabilities
The lease liability is recognized at the commencement date 
of the lease. The Group measures the lease liability at the 
present value of the lease payments for the right to use the 
underlying asset during the lease term that are not paid at the 
commencement date. The lease term represents the non-
cancellable period of the lease, together with periods covered 
by an option either to extend or to terminate the lease when 
the Group is reasonably certain to exercise this option.
The lease payments included in the measurement compromise 
of:
• Fixed lease payments (including in-substance fixed 
payments), less any lease incentives receivable.
• Variable lease payments that depend on an index or a 
rate, initially measured using the index or rate as at the 
commencement date.
• Amount expected to be payable by the Group under 
residual value guarantees.
• The exercise price of a purchase option, if the Group is 
reasonably certain to exercise that option.
• Payments of penalties for terminating the lease, if the 
lease term reflects the Group exercising an option to 
terminate the lease. 
The lease liability is subsequently measured by increasing 
the carrying amount to reflect interest on the lease liability, 
reducing the carrying amount to reflect the lease payments 
made and remeasuring the carrying amount to reflect any 
reassessment or lease modifications, or to reflect adjustments 
in lease payments due to an adjustment in an index or rate. 
The Group does not include variable lease payments 
dependent upon an index or a rate, in the lease liability. Instead, 
the Group recognizes these variable lease expenses in the 
statement of profit or loss.
SmartCraft presents its lease liabilities as separate line items 
in the statement of financial position and has initially applied 
incremental borrowing rate in the range of 2.75 % to 12.64 % 
when recognizing the lease liability.
Right-of-use assets
The Group measures the right-of-use asset at cost, less any 
accumulated depreciation and impairment losses, adjusted for 
any remeasurement of lease liabilities. The cost of the right-of-
use asset comprise: 
• The amount of the initial measurement of the lease liability 
recognized.
• Any lease payments made at or before the 
commencement date, less any incentives received.
• Any initial direct costs incurred by the Group. An estimate 
of the costs to be incurred by the Group in dismantling 
and removing the underlying asset, restoring the site on 
which it is located or restoring the underlying asset to 
the condition required by the terms and conditions of 
the lease, unless those costs are incurred to produce 
inventories. 
SmartCraft applies the depreciation requirements in IAS 16 
Property, Plant and Equipment in depreciating the right-of-use 
asset, except that the right-of-use asset is depreciated from 
the commencement date to the earlier of the lease term and 
the remaining useful life of the right-of-use asset. 
The Group applies IAS 36 Impairment of Assets to determine 
whether the right-of-use asset is impaired and to account for 
any impairment loss identified.

===== SIDA 30 =====

30
2025 ANNUAL REPORT
3.5 Financial instruments
Financial assets 
Financial assets represent a contractual right by the SmartCraft 
Group to receive cash or another financial asset in the future. 
Financial assets include cash and cash equivalents, accounts 
receivable and withheld cash receivable. On initial recognition, 
a financial asset is measured at fair value, and classified for 
subsequent measurement at amortized cost; at fair value 
through other comprehensive income (FVOCI) or at fair value 
through profit or loss (FVTPL). Classification depends on the 
business model and, for some instruments, the entity’s choice. 
Financial assets are derecognized when the rights to receive 
cash from the asset have expired or when SmartCraft has 
transferred the asset.
Financial liabilities 
Financial liabilities represent a contractual obligation by 
the SmartCraft Group to deliver cash in the future and are 
classified as either current or non-current. Financial liabilities 
include the long-term loan, contingent liabilities, accounts 
payable and other financial liabilities. Financial liabilities are 
initially recognized at fair value, including transaction costs 
directly attributable to the transaction, and are subsequently 
measured at amortized cost. Financial liabilities are 
derecognized when the obligation is discharged through 
payment or when SmartCraft is legally released from the 
primary responsibility for the liability.
3.6 Measurement of fair value 
SmartCraft measures certain assets and liabilities at fair value 
for the purposes of recognition or disclosure. Non-recurring fair 
value measurement is used for transactions, such as business 
combinations, contingent consideration and other non-routine 
transactions. SmartCraft does not have any recurring fair 
value measurement as the group does not have any derivative 
financial instruments, equity investments or other similar 
financial assets or liabilities that are measured at fair value.
3.7 Employee benefit expense 
Payments to employees, such as wages, salaries, social 
security contributions, paid annual leave and bonus 
agreements are accrued in the period in which the associated 
services are rendered by the employee.  All Group companies 
have defined contribution pension plans. The Group has no 
other obligations after payment of the pension premium has 
been made. The pension premiums are charged to expenses 
as they are incurred.
The company has established a pension scheme as required 
by Norwegian law for employees in the Norwegian entities. 
3.8 Current and deferred income tax
The income tax expense consists of tax payable and changes 
to deferred tax. Deferred tax liability/tax assets are calculated 
on all taxable temporary differences, except for goodwill for 
which amortization is not deductible for tax purposes. 
Deferred tax assets are recognized when it is probable that the 
company will have sufficient profit for tax purposes to utilize 
the tax asset. SmartCraft recognizes formerly unrecognized 
deferred tax assets to the extent that it has become probable 
that the Group can utilize the deferred tax asset. Similarly, the 
company reduces its deferred tax assets to the extent that it 
can no longer utilize these. 
Deferred tax liabilities and deferred tax assets are measured 
based on the expected future tax rates applicable to the 
companies in the Group where temporary differences have 
arisen. Deferred tax liabilities and deferred tax assets are 
recognized at their nominal value and are classified as non-
current liabilities or non-current assets in the balance sheet. 
The tax payable and deferred taxes are recognized directly in 
equity to the extent they relate to equity transactions. 
3.9 Provisions
Provisions are recognized when, and only when, the Group has 
a valid liability (legal or estimated) because of events that have 
taken place and it can be proven probable (more probable 
than not) that a financial settlement will take place, as a result 
of a liability, and that the size of the amount can be measured 
reliably.

===== SIDA 31 =====

31
2025 ANNUAL REPORT
3.10 Changes in accounting policies and new 
pronouncements
There are no changes in accounting principles compared 
to previous years. The Group has applied all relevant IFRS 
standards that were in effect for 2025.
IFRS 18 will change the Group’s statement of profit or loss by 
introducing new required categories (operating, investing, 
and financing) and additional required subtotals such as 
“operating profit”. Furthermore, the standard introduces new 
disclosure requirements for management defined performance 
measures (MPMs) and enhanced disaggregation of income 
and expenses. Based on a preliminary assessment, the 
Group expects IFRS 18 to mainly affect the presentation and 
disclosure of the Group’s performance measures and line 
items. The Group does not expect a significant impact on 
total comprehensive income, equity, or cash flows. None of 
the other issued, not yet effective, accounting standards 
or amendments to such standards are expected to have 
significant effects for the SmartCraft Group’s financial 
reporting.
3.11 Equity
Treasury shares are shares in SmartCraft ASA controlled by 
the Group. When there are transactions with treasury shares 
the nominal value of the shares are booked as treasury shares. 
Differences between nominal value of the shares and the 
acquisition cost/selling price of the shares are booked towards 
other components of equity.
Note 4 Significant estimates 
and judgements
The application of accounting policies requires that 
management makes estimates and judgements in determining 
certain revenues, expenses, assets and liabilities. The 
following areas involve a significant degree of judgement and 
complexity, and may result in significant variation in amounts: 
• Identification and initial measurement of intangible assets 
acquired in a business combination – see note 6
• Impairment of goodwill – see note 12
• Capitalization of internally generated intangible assets - 
see note 13
• Measurement of right of use assets and lease liabilities - 
see note 24
Note 5 Financial risk 
disclosures
Credit risk
Credit risk for the Group consists of balances of accounts 
receivable in addition to cash deposits held at several banks 
that have a long history and credible reputations. Management 
believes customer risk is low/moderate as customers 
generally need to pay upfront in order to receive services. 
As the Group has a very diverse customer base and limited 
customer acquisition cost as well as no material customer 
exposures, credit checks of new and existing customers are 
not deemed necessary. If existing customers are not paying 
for subscriptions the Group can block access to their systems, 
although the Group is at risk for loss in the period between 
due date and blocking access. Exposure to default risk on 
individual customers is low as the Group has a large number 
of customers. However, most customers are related to the 
same industry and this exposes the Group to the industry 
specific risk. For additional information regarding loss and loss 
allowance, see note 15.
Liquidity risk
The Group needs to maintain enough liquidity in order to 
pay running operating costs. Non-current lease liabilities and 
non-current financial liabilities have a maturity of up to 4 years, 
and all other financial liabilities (current lease liabilities and 
accounts payable) are due within 12 months. The SmartCraft 
Group has ample cash to support operations and liabilities. The 
SmartCraft Group has no investments in equity securities and 
does not use financial derivatives. For information regarding 
future payments of liability, see note 28.

===== SIDA 32 =====

32
2025 ANNUAL REPORT
Capital management
Management believes that SmartCraft is in a growth phase with the intention of increasing market share and expand into new 
markets. Management will undertake M&A where it sees market growth opportunities. The Group intends to fund M&A and internal 
growth through current cash balances, equity, and external capital from bonds, banks and similar lenders. The Group prepares an 
annual detailed liquidity budget to ensure sufficient liquidity throughout the year. The Group policy is to keep its cash in a checking 
account. The banks where SmartCraft keeps excess liquidity are well established and reputable with a long history of holding 
deposits without defaults.
Interest risk
The Group has no financial liabilities to lenders which bear an interest as of 31.12.2025. See notes 7, 22 and 28 for more information. 
The group has no hedging of interest risk.
Foreign exchange risk
As of December 31st 2025 the Group has financial liabilities of foreign currency of TNOK 52 586, and financial assets in foreign 
currency in total of TNOK 212 562. Net amount in foreign currency translates to a financial asset of TNOK 159 976, and the exposure 
of foreign currency risk is considered low.
Amounts in NOK (thousands) Amount 
31.12.2025
Effect on EBT 
+ 5%
Effect on EBT 
- 5%
Foreign exchange risk sensitivity
Financial assets in foreign currency  212 562  10 628  (10 628)
Financial liabilities in foreign currency  (52 586)  (2 629)  2 629 
Total for SmartCraft Group  159 976  7 999  (7 999)
Amounts in NOK (thousands) Amount 
31.12.2024
Effect on EBT 
+ 5%
Effect on EBT 
- 5%
Foreign exchange risk sensitivity
Financial assets in foreign currency  147 609 7 380 (7 380)
Financial liabilities in foreign currency  (50 280)  (2 514)  2 514 
Total for SmartCraft Group  97 329  4 866  (4 866)
The Group earns revenue in NOK, SEK, EUR and GBP. All 
operating entities have all material costs and revenue in 
their functional currency. This works as a natural hedge on 
the currency exchange risk and as such the management 
considers the foreign exchange risk exposure for the group to 
be the low/moderate. The calculated effect on revenue and 
EBITDA is based on a change of 5% in the currency rate for 
SEK, EUR and GBP towards NOK.

===== SIDA 33 =====

33
2025 ANNUAL REPORT
Note 6 Business 
combinations
In a business combination, consideration, assets and 
liabilities are recognized at estimated fair value, and any 
excess purchase price included in goodwill. In the businesses 
SmartCraft operates, fair values of individual assets and 
liabilities are normally not readily observable in active markets. 
Estimation of fair values requires the use of valuation models 
for acquired assets and liabilities as well as ownership interests. 
Such valuations are subject to numerous assumptions and are 
thus uncertain. The quality of fair value estimates may impact 
periodic depreciation and amortization of fixed assets, and 
assessment of possible impairment of assets and/or goodwill 
in future periods. There were no business combinations in 
2025. The specific significant judgements for SmartCraft 
during 2024 include the identification and fair value of the 
acquired intangible assets in Locka Group AB and Clixifix 
Limited. These are all discussed below in the specific relevant 
section. During 2024 the Group recognized acquisition related 
costs as other operating expenses in the profit and loss of a 
total of TNOK 5 458.
Acquisitions in 2024
In 2024 SmartCraft Sweden AB acquired 100% of the share 
capital and the voting rights of Locka Group AB and its 
subsidiaries Locka Software AB and Locka Service AB. The 
Locka solution is a 3D visualization with customer interaction 
and after-sales service for the construction industry. The 
acquisition was financed by cash transfer.
Net profit for Locka Group in included in the consolidated 
financial statements from April 1st 2024. For the year 2024 the 
companies’ contributions to the SmartCraft Group amounted 
to TNOK 32 979 in revenue, an EBITDA of TNOK 1 936 and EBT 
of TNOK 250. 
If the companies had been included from January 1st, the 
SmartCraft Group had ended the year with TNOK 519 985 (+9 
222) in revenues, an EBITDA of TNOK 185 260 (+730) and EBT of 
TNOK 131 319 (-1 523).
Significant judgement related to the identification of the acquired 
intangible assets and their valuation
The management places a significant value on the technology 
and have allocated the majority of the purchase price to 
software.
The brand is established in Sweden and registered for use in 
Europe. The brands value is based on existing customers and 
customer loyalty and the potential revenue growth for the 
brand.
Amounts in NOK (thousands) Revenue 
2025
Effect on revenue 
+/- 5%
EBITDA 
2025
Effect on EBITDA 
+/- 5%
Foreign exchange risk sensitivity
SmartCraft Group consolidated  558 928  +/- 18 539  190 267 +/- 7 533
Amounts in NOK (thousands) Revenue 
2024
Effect on revenue 
+/- 5%
EBITDA 
2024
Effect on EBITDA 
+/- 5%
Foreign exchange risk sensitivity
SmartCraft Group consolidated  510 763  +/- 16 338  184 529 +/- 6 692

===== SIDA 34 =====

34
2025 ANNUAL REPORT
Locka - 2024
Purchase consideration: TNOK
Cash paid  8 841 
Total purchase consideration  8 841 
The assets and liabilities recognized as a result of the acquisition are as follows:
Amounts in NOK (thousands) Fair value as of acquisition date
Cash  (947)
Trade receivables  3 419 
Office machinery and equipment  85 
Right-of-use assets  541 
Other receivables  809 
Brand  2 309 
Technology  16 043 
Customer relationships  9 740 
Total assets  31 999 
Trade creditors  2 501 
Lease liabilities  541 
Public duties payable  2 964 
Other short-term liabilities  9 299 
Other long-term liabilites  7 954 
Deferred tax liability  11 082 
Total Liabilites  34 342 
Net identifiable assets  (2 343)
Goodwill  11 183 
Total consideration for the shares  8 841 
In 2024 SmartCraft Software AS acquired 100% of the share 
capital and voting rights of Clixifix Limited. The Clixifix solution 
is an end-to-end SaaS for managing defects, complaints and 
repairs for constructor companies and property owners. The 
acquisition of Clixifix also expands the SmartCraft Group into 
the UK market. This acquisition was financed by cash transfer 
and transfer of treasury shares.
Net profit from Clixifix Limited is included in the consolidated 
financial statements from May 1st 2024. For the year 2024 the 
company’s contribution to the SmartCraft Group amounted to 
TNOK 29 085 in revenues, an EBITDA of TNOK 8 616 and EBT of 
TNOK 1 754. 
If the company had been included from January 1st, the 
SmartCraft Group had ended the year with TNOK 523 871 (+13 
018) in revenues, an EBITDA of TNOK 188 669 (+4 139) and EBT 
of TNOK 133 546 (+704).

===== SIDA 35 =====

35
2025 ANNUAL REPORT
Significant judgement related to the identification of the acquired 
intangible assets and their valuation
The Goodwill arising on the transaction is related to anticipated 
profitability of the operations and anticipated synergies with 
the existing SmartCraft solutions. The Goodwill is not tax 
deductible.
Clixifix - 2024
Purchase consideration: TNOK
Cash paid  145 619 
Transfer of treasury shares  4 413 
Total purchase consideration  150 032 
The assets and liabilities recognized as a result of the acquisition are as follows:
Amounts in NOK (thousands) Fair value as of acquisition date
Cash  7 270 
Trade receivables  4 966 
Office machinery and equipment  468 
Other receivables  2 708 
Brand  15 869 
Technology  38 980 
Customer relationships  32 526 
Total assets  102 787 
Trade creditors  648 
Public duties payable  4 335 
Other short-term liabilities  13 392 
Other long-term liabilites  626 
Deferred tax liability  25 379 
Total Liabilites  44 379 
Net identifiable assets  58 408 
Goodwill  91 624 
Total consideration for the shares  150 032 
Of which cash  145 619 
Of which equity  4 413 
The management places a significant value on the technology 
and estimates its value based on the cost incurred related to 
the development of the technology at the time of acquisition.
The brand is established in the UK and registered for use in 
Europe. The brands value is based on existing customers and 
customer loyalty and the potential revenue growth for the 
brand.

===== SIDA 36 =====

36
2025 ANNUAL REPORT
Note 7 Financial assets and financial liabilities
Note 8 Revenue from customers
Disaggregation of revenue from contracts with customers
Amounts in NOK (thousands) Category 31 Dec 2025 31 Dec 2024
Financial assets
Current financial assets FAAC  32 192  1 078 
Accounts Receivable FAAC  67 267  67 611 
Accrued revenue FAAC  1 631  804 
Cash and cash equivalents FAAC  144 720  125 655 
Total Financial assets  245 810  195 149 
Financial liabilities
VAT and other public taxes FLAC  37 549  37 637 
Accrued operating cost FLAC  31 646  33 565 
Accounts payable FLAC  11 897  11 760 
Liabilities related to aqcustions FVTPL  -    4 413 
Total Financial liabilities  81 092  87 374 
Amounts in NOK (thousands) 2025 2024
Revenue from contracts with customers  558 928  510 763
At a point in time revenue recognition
Integrated services and bundled services  27 422  20 826 
Expert services  21 415  29 090 
Other revenue  36 960  22 677 
Total at a point in time revenue recognition  85 798  72 593 
Over time revenue recognition
SaaS (software as a service)  464 294  427 733 
Software subscriptions  8 836  10 438 
Total over time revenue recognition  473 130  438 170 
FAAC - Financial Assets at Amortized Costs
FVTPL - Fair Value Through P&L
FLAC - Financial Liabilities at Amortized Costs

===== SIDA 37 =====

37
2025 ANNUAL REPORT
Deferred revenue
Accrued revenue
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Opening balance  149 839  106 029 
Revenue recognized in this period that was included in the deferred revenue balance at the beginning of the 
period
 (149 839)  (106 029)
Aquired through business combinations  -    17 705 
Additions in the period  164 442  132 134 
Deferred revenue in balance sheet  164 442  149 839 
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Opening balance  804  395 
Revenue recognized previous period that was accrued in the beginning of the period  (804)  (395)
Aquired through business combinations  -    -   
Revenue recognized in this period that is accrued in the end of the period  1 631  804 
Accrued revenue in the balance sheet  1 631  804 
Amounts in NOK (thousands) 2025 2024
Norway  188 156  184 008 
Sweden  276 661  247 387 
Finland  48 927  50 283 
UK  45 183  29 085 
Total revenue  558 928  510 763 
There are not identified any performance obligations related to contracts with costumers that has an original expected duration 
more than one year.
The contract assets are costs incurred on specific customer contracts which has been used to satisfy performance obligations and 
are recoverable. There are not identified any contract assets that will not be recovered during the next year.
Note 9 Segment information
The Group regularly reports detailed profit/loss statements with emphasis on operating revenue and EBITDA in functional operating 
segments to the Board of Directors. While the Group uses both measures to analyze performance, the Group’s strategy of profitable 
growth means that EBITDA is the prevailing measure of performance. Operating segments are reported in the consolidated financial 
statements by the emphasized measures as is presented to the Board of Directors.

===== SIDA 38 =====

38
2025 ANNUAL REPORT
IFRS 8 Operating Segments, including that segments shall 
be identified based on the internal reporting provided to the 
Group’s Executive leadership team. Comparative figures for 
prior periods have been restated in accordance with IFRS 8.29 
to reflect the new segment structure. The change affects only 
the presentation of segment information and has no impact on 
the Group’s total profit, financial position, or cash flows.
Amounts in NOK (thousands) 2025 2024*
SME Construction  212 601  191 129 
Electro  68 519  60 512 
HVAC & Plumbing  130 347  128 392 
Enterprise  147 461  130 729 
Total revenue  558 928  510 763 
Revenue
Recurring revenue is related to subscription agreements with customers. The subscription periods vary between monthly and 
annual, where the subscription periods are renewed automatically unless canceled. All subscription agreements have a minimum 
cancelation period of three months.
Amounts in NOK (thousands) 2025 2024*
SME Construction  97 078  100 464 
Electro  6 463  20 745 
HVAC & Plumbing  56 676  64 432 
Enterprise  -3 432  8 146 
Group  (58 858)  (60 269) 
Total PBT  97 927  133 519 
PBT
With effect from October 1st 2025, the Group has changed 
its internal reporting structure. Previously, the Group’s 
operating segments were based on a geographical allocation 
by country. To reflect the Group’s operational management 
model, decision-making processes, and the manner in which 
management assesses profitability and allocates resources, 
segment information is now reported based on business areas. 
The change is made in accordance with the requirements of 
Amounts in NOK (thousands) 2025 2024
SME Construction  114 505  107 118 
Electro  16 327  12 899 
HVAC & Plumbing  61 895  64 594 
Enterprise  23 450  28 134 
Group  (25 909)  (28 216) 
Total EBITDA  190 267  184 529 
EBITDA

===== SIDA 39 =====

39
2025 ANNUAL REPORT
Amounts in NOK (thousands) 2025 2024*
SME Construction  260 903  259 210 
Electro  130 917  132 550 
HVAC & Plumbing  221 125  226 278 
Enterprise  407 523  417 798 
Group  35 015  43 535 
Total non-current assets  1 055 483  1 079 372 
Amounts in NOK (thousands) 2025 2024
Norway  366 964  373 933 
Sweden  334 575  327 753 
Finland  162 003  164 975 
UK  174 307  184 939 
Group  17 633  27 772 
Total non-current assets  1 055 483  1 079 372 
Non-current assets
Note 10 Payroll and related expenses
Amounts in NOK (thousands) 2025 2024
Salaries  192 943  171 020 
Social security costs  43 120  34 618 
Governmental tax relief (SkatteFUNN)  (1 020)  (252)
Other personnel related costs  11 324  15 955 
Pension expense defined contribution plans  17 229  14 745 
Total payroll and related expenses  263 596  236 086 
Less capitalized personnel costs  37 012  37 282 
Total payroll and related expenses recognized in the P&L  226 585  198 804 
Average number of FTEs 255 247
* 2024 are adjusted to new segments

===== SIDA 40 =====

40
2025 ANNUAL REPORT
Note 11 Management and board of directors remuneration
Payments to Management and Board of Directors 2025
Amounts in NOK (thousands) Salary Bonus Pension 
benefit
Other 
remuneration
Total 
remuneration
Gustav Line, CEO 1)  3 000  528  54  8  3 590 
Hanna Konyi, Interim CEO 2)  1 285  -    380  53  1 717 
Kjartan Bø, CFO 3)  1 965  100  85  11  2 159 
Kine Kragholm Olsen, Interim CFO 4)  180  -    -    1  181 
Christian Saleki, CTO  1 731  -    386  105  2 222 
Katja Widlund, CMO  1 536  -    328  78  1 942 
Hans Gunnar Haglund, former Chairperson of the Board 5)  -    -    -    500  500 
Mette Kamsvåg, Chairperson of the board 6)  -    -    -    300  300 
Carl Henrik Ivar Ivarsson, Board member 7)  -    -    -    -    -   
Max Eric Allan Engström, Board member 8)  -    -    -    -    -   
Isabell Alvberg , Board member  -    -    -    200  200 
Eva Hemb, Board member 9)  -    -    -    250  250 
Bernt Ulstein, Board member 10)  -    -    -    215  215 
Total  9 697  628  1 232  1 720  13 276 
1. Gustav Line left SmartCraft July 1st, 2025.
2. Hanna Konyi has served as Interim CEO from July 1st, 2025. She has previously served as Country Manager for Sweden. Disclosed remuneration relates to the 
period from July 1st, 2025. 
3. Kjartan Bø stepped down as CFO as of December 1st, 2025.
4. Kine Kragholm Olsen has served as Interim CFO from December 1st, 2025. She has previously served as Group Chief Accountant. Disclosed remuneration 
relates to the period from December 1st, 2025.
5. Mr. Haglund served as Chairperson of the Audit Committee and Remuneration Committee until Annual General Meeting in 2025.
6. Ms. Kamsvåg serves as Chairperson of the Remuneration Committee from the Annual General Meeting in 2025.
7. Mr. Ivarsson represents Valedo Partners III AB on the Board of Directors. Mr. Ivarsson receives salary from Valedo and has waived his right to remuneration as a 
member of the Board. Mr. Ivarsson also serves as a member of the Audit Committee.
8. Mr. Engström represents Valedo Partners III AB on the Board of Directors. Mr. Engström receives salary from Valedo and has waived his right to remuneration as 
a member of the Board. Mr. Engström also serves as a member of the Remuneration Committee.
9. Ms. Hemb serves as Chairperson of the Audit Committee from the Annual General Meeting in 2025. 
10. Mr. Ulstein also served as a member of the Remuneration Committee until the Annual General Meeting in 2025.

===== SIDA 41 =====

41
2025 ANNUAL REPORT
1. If the company terminates the employment, Mr. Line is entitled to 6 months’ salary after a 6-month termination period.
2. If the company terminates the employment, Mr. Bø is entitled to 3 months’ salary after a 3-month termination period.
3. Mr. Haglund also serves as Chairman of the Audit Committee and Remuneration Committee. 
4. Mr. Ivarsson represents Valedo Partners III AB on the Board of Directors. Mr. Ivarsson receives salary from Valedo and has refrained from remuneration as a 
member of the Board. Mr. Ivarsson also serves as a member of the Audit Committee.
5. Mr. Engström represents Valedo Partners III AB on the Board of Directors. Mr. Engström receives salary from Valedo and has refrained from remuneration as a 
member of the Board. Mr. Engström also serves as a member of the Remuneration Committee.
6. Ms. Røren also served as a member of the Audit Committee until the Annual General Meeting in 2024.
7. Ms. Danell served as a member of the Board of Directors until the Annual General Meeting in 2024.
8. Mr. Ulstein also serves as a member of the Remuneration committee.
9. Ms. Kamsvåg and Ms. Hemb has served as a member of the Board of Directors from the Annual General Meeting in 2024.
Payments to Management and Board of Directors 2024
Amounts in NOK (thousands) Salary Bonus Pension 
benefit
Other 
remuneration
Total 
remuneration
Gustav Line, CEO 1)  2 752  560  90  11  3 413 
Kjartan Bø, CFO 2)  1 877  -    88  11  1 976 
Christian Saleki, CTO  1 538  41  340  90  2 008 
Katja Widlund, CMO  1 294  85  265  74  1 719 
Hans Gunnar Haglund, Chairperson of the Board 3)  -    -    -    416  416 
Mette Kamsvåg, deputy chairperson of the board 9)  -    -    -    -    -   
Carl Henrik Ivar Ivarsson, Board member 4)  -    -    -    -    -   
Max Eric Allan Engström, Board member 5)  -    -    -    -    -   
Marianne Røren, Board member 6)  -    -    -    224  224 
Maria Danell, Board Member 7)  -    -    -    182  182 
Bernt Ulstein, Board member 8)  -    -    -    192  192 
Isabell Alvberg , Board member  -    -    -    182  182 
Eva Hemb, Board member 9)
TOTAL  7 461  686  783  1 382  10 312 
The Group senior executive management consists of the Chief 
Officer Suite.
The Group has not given any loans or security deposits to the 
CEO, the Chairman of the Board or their related parties for 
either 2024 or 2025. 
A bonus program exists for the senior executive management 
of SmartCraft. A limit is set for the amount of bonus that can 
be achieved. The size of the bonus payment is dependent on 
actual group performance compared to a set of predefined 
targets. The bonus for the CEO is decided on by the Board of 
Directors.
The Group has issued a separate report for remuneration of 
Group senior executive management in accordance with The 
Public Limited Liability Companies Act § 6-16b. The report 
is available at the Groups website smartcraft.com/investor-
relations/ 
For shares owned by the management and Board of Directors 
see note 25.

===== SIDA 42 =====

42
2025 ANNUAL REPORT
Note 12 Goodwill and 
impairment testing of 
goodwill
Goodwill is recognized as a part of business combinations. 
Goodwill is initially measured either as the excess of the 
consideration over the SmartCraft Group’s interest or the 
fair value of 100% of the acquiree in excess of the acquiree’s 
identifiable net assets (full goodwill). Goodwill is not amortized, 
but is tested for impairment annually, and more frequently if 
indicators of possible impairment are observed, in accordance 
with IAS 36 Impairment of Assets. Goodwill is allocated to the 
cash generating units (CGU) or groups of cash generating units 
expected to benefit from the synergies of the combination and 
Amounts in NOK (thousands) 2025 2024
Acquisition cost 01.01  662 299  547 580 
Additions  -    105 910 
Currency translation  7 107  8 809 
Acquisition cost 31.12  669 406  662 299 
Impairment 01.01  -    -   
Impairment  -    -   
Accumulated impairment 31.12  -    -   
Net value 31.12  669 406  662 299 
Goodwill
The goodwill is related to know-how and other non-identified 
assets from the acquisitions of shares in the acquired 
companies. Impairment testing of the goodwill is carried out 
at the end of the year for the respective cash generating units 
to which the goodwill relates to. Recoverable amount, which 
is determined based on the higher of the value in use or fair 
value, is derived from an assessment of the expected future 
cash flows before tax for the next five years, discounted at an 
appropriate discount rate before tax that takes into account 
the maturity and risk. Recoverable amount will therefore 
demonstrate what the value of the asset is expected to 
contribute. 
The estimated recoverable amount exceeds the carrying 
amount with a significant headroom for all Cash Generating 
Units (CGU). No impairment losses are recognized during 
2025. In connection with the impairment testing of goodwill, 
sensitivity analysis has been carried out. The sensitivity analysis 
has tested changes in WACC, revenue growth rates, net 
working capital and EBITDA margins.
that are monitored for internal management purposes. The 
Group has aligned CGUs with segments, shifting from country-
based in 2024 to business areas in 2025.  
Goodwill originating from acquisitions is included in the 
following CGUs: 
• HVAC & Plumbing, Cordel Norge AS from 2017 
• SME Construction, Bygglet Group from 2018 and 
Kvalitetskontroll AS from 2021
• Electro, EL-Info Group from 2019 and Elverdi Norge AS and 
Inprog AS from 2022
• Enterprise, Congrid Oy from 2020, Homerunbynet Oy from 
2021, Coredination AB from 2023 and Locka Group AB and 
Clixifix Limited from 2024.

===== SIDA 43 =====

43
2025 ANNUAL REPORT
Estimates relating to the impairment test are as follows:
Goodwill
Amounts in NOK (thousands) 2025 2024
Electro  65 236  63 026 
Enterprise  226 244  229 177 
HVAC & Plumbing  197 647  197 647 
SME Construction  180 279  172 449 
Total  669 406  662 299 
Budget and forecast period
The basis for the projection of the future cash flows estimated 
is based on the financial budget of one year approved by 
the Board of Directors. The budget in combination with the 
forecasts represent the management’s best estimate of the 
range of economic conditions that will exist over the useful life 
of the asset. The remaining four years of the forecast period 
are estimated based on budget and projected performance. 
After the five-year period the growth rate is based on the risk-
free rate in the applicable market.
Growth rate
Growth rate is represented by five-year CAGR, which is 
defined as the average annual gross profit growth rate over 
a five-year projected cash flow period. Average rates of 
growth in operating revenue are based on the management’s 
expectations of future conditions in the markets in which the 
business operates, and historical growth rate for the CGUs. The 
projected cash flow also includes a growth assumption of 2% 
in the terminal value. 
The 5-year Compound Annual Growth Rate (CAGR) is the rate 
of return that is required for an investment to grow from its 
beginning balance to its ending balance five years later. The 
calculation assumes that profits are reinvested at the end of 
each period. When testing for impairment the Group has used 
a 5-year CAGR in the range between 7.7% and 17.1% to project 
the cash flows beyond the period covered by the most recent 
budgets. When testing for impairment in 2024 the applied 
5-year CAGR were between 13.6% and 18.0%. 
EBITDA margin
EBITDA margins are based on the margins achieved historically, 
adjusted for expected future developments in market 
conditions.
WACC
Future cash flows are discounted to present value using a 
discount rate based on a calculation of a weighted average 
cost of capital (WACC). The pre-tax WACC for each CGU is 
calculated on basis of a risk-free rate and a risk premium, 
adjusted by a beta for the software market. Adjustments 
for country specific risks are applied where necessary. The 
discount rates applied to the cash flow projections range 
between 15.6% and 16.7%. When testing for impairment in 2025 
the WACC ranged from 12.1% to 17.8%.
2025
Electro 15.6%
Enterprise 16.7%
HVAC & Plumbing 16.7%
SME Construction 15.6%

===== SIDA 44 =====

44
2025 ANNUAL REPORT
Sensitivity
As of December 31st 2025, the Group’s value in use for each 
CGU exceeded the carrying amount of goodwill allocated to 
the CGUs Electro, HVAC & Plumbing, and SME Construction 
by a substantial margin. A sensitivity analysis has been 
performed to assess whether reasonably possible changes in 
key assumptions could cause the carrying amount to exceed 
the recoverable amount. For the CGU Enterprise, the analysis 
indicates that the headroom is limited.
The Enterprise CGU is particularly sensitive to adverse 
movements in WACC, EBITDA-margin assumptions and 
forecasted revenue growth rates. The sensitivity analysis 
shows that an increase in the pre-tax WACC or reduction in 
the EBITDA-margin, or a downward adjustment of the revenue 
growth, would reduce the value in use to a level close to, or 
below, the carrying amount. Such changes would indicate a 
potential impairment.
Given the limited headroom, the Enterprise CGU is subject 
to an elevated level of estimation uncertainty. Management 
considers the assumptions applied to be appropriate as of 
the reporting date; however, reasonably possible negative 
changes in these assumptions may result in an impairment in 
future periods. The Group will continue to monitor the financial 
performance of the Enterprise CGU and the underlying 
assumptions used in the impairment assessment. 
Key assumptions for 2025 (amounts in TNOK) Estimated impairment Enterprise
Pre-tax discount rate +1 pp  6 237 
Revenue growth rate -5 pp  33 277 
EBITDA-margin -10 pp  122 309 
Estimated change in impairment  
Note 13 Intangible assets 
SmartCraft has capitalized expenses related to new 
research and development activities that are technically and 
commercially viable for the business according to IAS 38. 
Activities related to maintenance of existing software have not 
been capitalized but is recognized in the income statement.
Total additions in 2025 are TNOK 43 013 that is reduced by 
TNOK 1 868 due to government grants. Amortization came 
to TNOK 66 157 in 2025. TNOK 71 807 has been recognized 
as development cost in the income statement (TNOK 54 
114 in 2024). The directly attributable development cost 
that is capitalized as a part of the products include the 
software development employee costs and an appropriate 
portion of the relevant overhead costs. The costs of product 
development cost not fulfilling the criteria of capitalization 
are expensed over the income statement. Amortization 
of capitalized development projects are included in other 
operating expenses in the table below.
Customer relationships
Customer relationships is related to the purchase of the 
Bygglet Group in 2018, the EL-Info Group in 2019, Congrid Oy 
in 2020, Homerunbynet Oy and Kvalitetskontroll AS in 2021, 
Elverdi Norge AS and Inprog AS in 2022, Coredination AB in 
2023 and Locka and Clixifix in 2024. The customer relationships 
are depreciated on a straight-line basis over 10-20 years as 
the history indicates at least 10 to 20-year average lifetime of 
customers. The SmartCraft Group has a significant number of 
recurring subscriptions.

===== SIDA 45 =====

45
2025 ANNUAL REPORT
Software
Software is related to the purchase of the Bygglet Group 
in 2018, the EL-Info Group in 2019, Congrid Oy in 2020, 
Homerunbynet Oy and Kvalitetskontroll AS in 2021, Inprog 
AS in 2022, Coredination AB in 2023 and Locka and Clixifix in 
2024 where the group acquired the Bygglet, EL-VIS, Congrid, 
Homerun, Kvalitetskontroll, Elinn, Coredination, Locka and 
Clixifix software. Software is depreciated on a straight-line 
basis over between 5 and 10 years as the management 
expects economic benefits from the software over such period 
of time before the software are replaced or substituted by 
continuous improvements. 
Individual significant assets are:
• Cordel: The original Cordel software has no allocated value 
as an asset. The Cordel SaaS solution consists of several 
modules, but the framework is included as capitalized 
development with a book value of 8 790 pr 31.12.2025 and 
remaining life between 3 and 7 years.
• Bygglet: Bygglet is a true-SaaS born in the cloud solution 
with accessibility on multiple platforms, book value 
31.12.2025 is TNOK 6 566 and remaining useful life of 3 
years.
• EL-VIS: The EL-VIS software is a modular solution offering 
mission critical services in the electricians’ daily operations, 
book value 31.12.2025 is TNOK 5 145 and remaining useful 
life of 3 years.
• Congrid: The Congrid solution is a cloud-based tool for 
complete project management in construction companies, 
book value 31.12.2025 is TNOK 7 912 and remaining useful 
life of 6 years.
• Kvalitetskontroll: The Kvalitetskontroll solution is a 
cloud-based project management solution and quality 
assurance platform for construction companies, book 
value 31.12.2025 is TNOK 10 571 and remaining useful life of 
5 years.
• ELinn: The ELinn solution is a cloud-based solution 
for electricians to make offers and handle project 
management, book value 31.12.2025 is TNOK 1 963 and is 
expected to be fully amortized during 2026. 
• Coredination: The Coredination solution is a SaaS 
solution that provides a digital project tool for workforce 
management, machine rental and fleet management, 
book value 31.12.2025 is TNOK 8 839 and remaining useful 
life of 7 years.
• Locka: The Locka solution is a 3D visualization with 
customer interaction and aftersales service for the 
construction industry, book value 31.12.2025 is TNOK 14 
408 and remaining useful life of 8 years.
• Clixifix: The clixifix solution is an end-to-end SaaS for 
managing defects, complaints and repairs for constructor 
companies and property owners, book value 31.12.2025 is 
TNOK 31 927 and remaining useful life of 8 years.
Further information can be found in note 6 for acquired 
intangible assets.

===== SIDA 46 =====

46
2025 ANNUAL REPORT
Amounts in NOK (thousands) 
Internally 
generated 
development 
under 
construction
Internally 
generated 
development
Customer 
relation-
ships Software Brand Total
Balance SmartCraft 01.01.2025  38 871  115 147  153 259  148 772  37 647  493 696 
Additions  -  114  -  -  -  114 
Additions from business combinations  -  -  -  -  -  - 
Capitalized employee benefit  and other 
expenses
 2 649  40 364  -  -  -  43 013 
Disposals  -  -  -  -  -  - 
Reclassification  (35 171)  35 216  4 040  (4 087)  (44)  (48) 
Other changes*  (1 868)  -  -  -  -  (1 868) 
Foreign currency translation effect  8 812  (6 024)  3 660  1 524  (171)  7 801 
Acquired cost 31.12.2025  13 293  184 815  160 958  146 209  37 432  542 707 
Balance SmartCraft 01.01.2025  -  29 254  45 365  40 782  1 490  116 890 
Amortization of the year  -  31 834  12 301  20 787  1 235  66 157 
Accumulated amortization disposals  -  -  -  -  -  - 
Foreign currency translation effect  -  1 408  2 112  1 441  -  4 960 
Accumulated amortization 31.12.2025  -  62 496  59 777  63 009  2 725  188 007 
Carrying value 31.12.2025  13 293  122 319  101 181  83 200  34 707  354 700 
Estimated lifetime 5-10 years 10-20 years 10 years
3 years/
indefinite
Amortization schedule Straight line Straight line Straight line Straight line
* Other changes comprises of government grants related to SkatteFUNN.

===== SIDA 47 =====

47
2025 ANNUAL REPORT
* Other changes comprises of government grants related to SkatteFUNN.
Amounts in NOK (thousands) 
Internally 
generated 
development 
under 
construction
Internally 
generated 
development
Customer 
relation-
ships Software Brand Total
Balance SmartCraft 01.01.2024  30 927  75 268  107 111  90 466  18 581  322 353 
Additions  -  -  -  -  -  - 
Additions from business combinations  -  -  43 498  56 613  18 717  118 827 
Capitalized employee benefit  and other 
expenses
 13 840  34 823  -  -  -  48 664 
Disposals  -  -  -  -  -  - 
Reclassification  (3 713)  3 713  -  -  -  - 
Other changes*  (2 311)  -  -  -  -  (2 311) 
Foreign currency translation effect  127  1 343  2 649  1 693  350  6 162 
Acquired cost 31.12.2024  38 871  115 147  153 259  148 772  37 647  493 696 
Balance SmartCraft 01.01.2024  -  15 476  29 791  29 879  1 128  76 274 
Amortization of the year  -  12 943  14 552  10 332  301  38 129 
Accumulated amortization disposals  -  -  -  -  -  - 
Foreign currency translation effect  -  834  1 021  571  61  2 487 
Accumulated amortization 31.12.2024  -  29 254  45 365  40 782  1 490  116 890 
Carrying value 31.12.2024  38 871  85 893  107 894  107 990  36 158  376 806 
Estimated lifetime 5-10 years 10-20 years 10 years
3 years/
indefinite
Amortization schedule Straight line Straight line Straight line Straight line

===== SIDA 48 =====

48
2025 ANNUAL REPORT
Note 14 Government Grants
Note 15 Accounts receivable
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Accounts receivable  68 227  69 084 
Loss allowance  960  1 473 
Total  67 267  67 611 
Amounts in NOK (thousands) 2025 2024
Government grant booked as reduction in expsenses over P&L  1 454  258 
Government grant booked as reduction of the carrying value of the asset  1 868  2 311 
Total government grants  3 322  2 569 
The 2025 government grant has not been received and is included in the Group’s receivables.
Accounts receivables are initially recognized at transaction price, subsequently accounted for at amortized cost and are reviewed for 
impairment on an ongoing basis. Individual significant accounts are assessed for impairment taking into consideration indicators of 
financial difficulty and management assessment. The remaining receivables are impaired based on an Estimated Credit Loss-model 
(ECL). The SmartCraft Group’s business model for accounts receivable is to hold the receivables to collect the contractual cash 
flows.
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Accounts receivable NOK  18 123  20 376 
Accounts receivable SEK  34 121  38 039 
Accounts receivable EUR  4 568  6 248 
Account receivable GBP  11 415  4 421 
Total  68 227  69 084 
Loss and loss allowances
The Group has minor losses historically, which also is expected going forward. The Group tests for loss allowance by reviewing 
historical losses against each interval of aging receivables. As of December 31st 2025, the Group has estimated TNOK 960 in loss 
allowance based on the ECL-model.

===== SIDA 49 =====

49
2025 ANNUAL REPORT
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Opening balance 01.01.  1 473  878 
Foreign currency translation effect  3  12 
Acquired in business combinations  -    28 
Net allowance / (reversal)  (516)  554 
Closing balance 31.12.  960  1 473 
Realised losses  1 535  2 964 
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Prepaid expenses  10 140  7 752 
Accrued revenue  1 631  804 
Inventory  115  167 
Other accruals  32 681  1 752 
Total Other current asset  44 567  10 476 
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Cash at banks and on hand  142 518  122 764 
Restricted cash balances  2 202  2 892 
Total cash and cash equivalents  144 720  125 655 
Note 16 Other current assets
Note 17 Cash and cash equivalents 
Other current accruals consist primarily of accrued revenue, tax claim, prepaid taxes and prepayments to employees.
The Group has restricted cash related to employees’ tax withholding account. The restricted cash can only be deposited to the 
Norwegian tax authorities.
For the purpose of the consolidated statement of cash flow, cash and cash equivalents comprise the following on December 31st:

===== SIDA 50 =====

50
2025 ANNUAL REPORT
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Balance at the beginning of the period  36 166  25 162 
Cash changes
Principal payment to lender/lessor  (10 253)  (11 615)
Interest payment to lender/lessor  (2 436)  (1 815)
Non-cash changes
Buisniess combinations  -    555 
Inital recognition of new lease agreements  4 455  17 218 
Changes in accrued interest  2 467  1 825 
Lease modifications  (316)  4 525 
Foreign currency translation effect  (1 836)  310
Balance at the end of the period  28 247  36 166 
Changes in liabilities arising from financing activities
Note 18 Accounts payable
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Trade payable  11 897  11 760 
Total  11 897  11 760 
All accounts payable to suppliers are due within 12 months.

===== SIDA 51 =====

51
2025 ANNUAL REPORT
Note 19 Other current liabilities
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Payroll related liabilities  33 288  32 004 
VAT  20 904  21 727 
Accrued operating expenses  6 368  7 106 
Liabilities related to acqusitions  -    4 413 
Pre-payments from customers*  5 603  4 583 
Accrued payroll and bonuses  4 955  3 081 
Other  3 098  3 241 
Total Other current liabilities  74 216  76 155 
*Pre-payments from customers are payments made from customers to register credits that later can be converted into transaction-based services or special 
reports. The prepayments are converted to revenue when the service is acquired. If the customers don’t utilize the credits they are entitled to a payback of the 
outstanding amount.
The liability related to acquisitions pr 31.12.2024 is related to payment to sellers of Clixifix. The liability was settled by transfer of 
treasury shares from SmartCraft ASA during 2025.

===== SIDA 52 =====

52
2025 ANNUAL REPORT
Note 20 Taxes
Calculation of deferred tax/deferred tax benefit
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Differences evaluated to be offset:
Intangible assets arising from business combinations  218 782  251 598 
Property, plant and equipment  (286)  543 
Non-current receivables  7 372  5 072 
Liabilities  -    -   
Tax losses carry -forward  (2 010)  (78)
Other differences  13 649  26 991 
Total  237 507  284 126 
Deferred tax assets (-)  (664)  (847)
Deferred tax (+)  53 066  63 519 
Deferred tax  (-) / tax assets (+) in balance sheet of 31.12.
Tax assets (-)/ deferred tax (+) Norwegian companies  6 654  8 786 
Tax assets (-)/ deferred tax (+) foreign companies  45 748  53 886 
Total tax assets (-) / deferred tax (+)  52 403  62 672

===== SIDA 53 =====

53
2025 ANNUAL REPORT
Basis for income tax expense, changes in deferred tax and tax payable
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Total tax expense for the period
Taxes payable on this years profit  25 239  36 091 
Adjusted allocated tax from last year  -    278 
Change in deferred tax for Norwegian companies  (2 193)  (1 225)
Change in deferred tax for foreign companies  (8 584)  (7 584)
Total  14 462  27 560 
Tax rate 22% 22%
Taxes payable for the year
Profit before tax  97 927  133 518 
Permanent differences  18 928  (2 000)
Change in temporary differences  10 154  25 585 
Utilisation of previously unrecognised tax losses  1 895  (0)
Basis for taxes payable  128 904  157 103 
Amounts in NOK (thousands) 2025 2024
Specification of taxes payable
Taxes payable on this years profit  24 638  34 365 
Advance tax payment, foreign companies  (11 100)  (16 950)
Tax reduction by SkatteFunn grant  (3 322)  (2 568)
Tax obligation related to merger or acquisition  -    854 
Carried forward tax compensation  -    -   
Total taxes payable  10 216  15 700 
Reconciling the tax cost
Earnings before tax  97 927  133 518 
Calculated tax at 22 %  21 544  29 374 
Tax result permanent differences and tax rate difference  2 565  (2 106)
Use of previously unrecognised loss carried forward (-) / Increase in valuation allowance **  (9 300)  1 968 
Adjusted allocated tax from last year  (376)  (1 676)
Not booked deferred tax asset  28  -   
Tax expense  14 462  27 560

===== SIDA 54 =====

54
2025 ANNUAL REPORT
Deferred tax assets are recognized when the Group can 
document future taxable profits to utilize the tax asset per 
company. The deferred tax asset is recognized for the amount 
corresponding to the expected taxable profit based on the 
convincing evidence. The carrying amount of deferred tax 
assets is reviewed at each reporting date and reduced to 
the extent that convincing evidence no longer exists for the 
utilization. Unrecognized deferred tax assets are reassessed 
at each reporting date and are recognized to the extent that 
convincing evidence exists supporting that taxable profits 
will allow the deferred tax asset to be recovered. The actual 
outcome of future tax costs may deviate from these estimates.
Note 21 Other operating expenses
Amounts in NOK (thousands) 2025 2024
Miscellaneous office expenses  10 204  7 152 
Office premises  4 994  5 401 
Fixtures and fittings  6 776  5 869 
External services  36 978  22 577 
Travel and vehicle expenses  5 768  4 742 
Marketing  21 900  19 957 
Loss on receivables  852  3 595 
Transaction costs on acquisitions  -    5 458 
Other  10 144  9 128 
Total  97 615  83 879 
Amounts in NOK (thousands) 2025 2024
Statutory audit  2 548  2 476 
Other audit related services  217  276 
Total  2 766  2 752 
Audit fees
The Group has the following audit related fees, provided by our elected auditor, included in the legal and audit fees in the table above 
(all figures excl. VAT). The table below shows the remuneration to the group auditors in 2025 and 2024.

===== SIDA 55 =====

55
2025 ANNUAL REPORT
Note 22 Financial items
Amounts in NOK (thousands) 2025 2024
Interest income  2 804  4 781 
Exchange rate gains  4 982  15 799 
Other financial income  1 896  578 
Financial income  9 682  21 158 
Interest expense  29  981 
Interest expense on lease liabilties  2 467  1 815 
Exchange rate losses  17 691  16 787 
Other financial expense  13  120 
Financial expense  20 200  19 703 
Net financial  (10 518)  1 455 
Note 23 Tangible assets 
Tangible assets consisting of office equipment and vehicles 
are recognized at acquisition cost. The carrying value is 
comprised of the historical cost less accumulated depreciation 
and accumulated impairment losses (if any). 
Depreciation expenses are measured on a straight-line basis 
over the estimated useful life of the asset, commencing when 
the asset is ready for its intended use. 
At each financial year-end SmartCraft reviews the residual 
value and useful life of its assets, with any estimate changes 
accounted for prospectively over the remaining useful life of 
the asset.

===== SIDA 56 =====

56
2025 ANNUAL REPORT
Amounts in NOK (thousands) Vehicles Office equipment Total
Balance SmartCraft 01.01.2025  1 122  15 177  16 298 
Additions    -    1 654  1 654 
Acquisitions of a subidiary  -    -    -   
Disposals  (1 122)  (345)  (1 466)
Foreign currency translation effect  -    369  369 
Acquried cost 31.12.2025  -    16 856  16 856 
Accumulated depreciation and impairment
Balance SmartCraft 01.01.2025  767  10 676  11 443 
Depreciation of the year  51  2 340  2 391 
Impairment of the year  -    -    -   
Accumulated depreciation disposals  (818)  (243)  (1 060)
Foreing currency translation effect  -    (364)  (364)
Accumulated depreciation and impairments 31.12.2025  -    12 410  12 410 
Carrying value 31.12.2025  -    4 446  4 446 
Amounts in NOK (thousands) Vehicles Office equipment Total
Balance SmartCraft 01.01.2024  1 122  11 457  12 578 
Additions    -    3 558  3 558 
Acquisitions of a subidiary  -    570  570 
Disposals  -    (170)  (170)
Foreign currency translation effect  -    (238)  (238)
Acquried cost 31.12.2024  1 122  15 177  16 298 
Accumulated depreciation and impairment
Balance SmartCraft 01.01.2024  560  9 018  9 578 
Depreciation of the year  207  1 673  1 880 
Impairment of the year  -    -    -   
Accumulated depreciation disposals  -    (130)  (130)
Foreing currency translation effect  -    101  101 
Accumulated depreciation and impairments 31.12.2024  767  10 676  11 443 
Carrying value 31.12.2024  354  4 501  4 855

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2025 ANNUAL REPORT
Note 24 Leasing 
Office buildings consist of leased assets (right-of-use assets). 
The Group has contracts divided into the categories office 
buildings, vehicles and machinery. Short-term and low-
value leases are excluded from the lease accounting. When 
measuring leases, SmartCraft includes fixed lease payments 
for extension periods reasonably certain to be used. As a 
practical expedient, non-lease components are not separated 
from lease contracts, and not recognized but expensed in 
the period when the lease expense is incurred. Judgement is 
applied in assessing whether renewal options are reasonably 
certain to be utilized.
Depreciation expenses are measured on a straight-line basis 
over the contract period of the asset, commencing when the 
asset is ready for its intended use.
Amounts in NOK (thousands) 
Office buildings 
(Right-of-use 
assets)
Vehicles 
(Right-of-use 
assets)
Machinery 
(Right-of-use 
assets) Total
Balance SmartCraft 01.01.2025  62 194  8 146  -    70 340 
Additions  and adjustments   1 925  2 711  -    4 636 
Acquisitions of a subidiary  -    -    -    -   
Disposals  -    (1 430)  -    (1 430)
Foreign currency translation effect  1 900  417  -    2 317 
Acquried cost 31.12.2025  66 019  9 845  -    75 864 
Accumulated depreciation and impairment
Balance SmartCraft 01.01.2025  29 000  5 929  (0)  34 929 
Depreciation of the year  11 529  1 724  -    13 253 
Impairment of the year  -    -    -    -   
Accumulated depreciation disposals  -    (952)  -    (952)
Foreign currency translation effect  1 364  340  -    1 704 
Accumulated depreciation and impairments 31.12.2025  41 893  7 041  (0)  48 934 
Carrying value 31.12.2025  24 126  2 804  0  26 930

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2025 ANNUAL REPORT
Amounts in NOK (thousands) 
Office buildings 
(Right-of-use 
assets)
Vehicles 
(Right-of-use 
assets)
Machinery 
(Right-of-use 
assets) Total
Balance SmartCraft 01.01.2024  49 587  8 540  645  58 772 
Additions  and adjustments   11 963  1 808  -    13 770 
Acquisitions of a subidiary  555  -    -    555 
Disposals  (581)  (2 330)  (645)  (3 556)
Foreign currency translation effect  670  128  -    798 
Acquried cost 31.12.2024  62 194  8 146  -    70 340 
Accumulated depreciation and impairment
Balance SmartCraft 01.01.2024  28 450  5 022  645  34 117 
Depreciation of the year  10 495  1 961  -    12 457 
Impairment of the year  -    -    -    -   
Accumulated depreciation disposals  (10 453)  (1 151)  (645)  (12 249)
Foreign currency translation effect  508  97  -    605 
Accumulated depreciation and impairments 31.12.2024  29 000  5 929  (0)  34 929 
Carrying value 31.12.2024  33 194  2 217  0  35 411 
Lease liabilities
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Current lease liabilities  13 439  12 886 
Non-current lease liabilites  14 809  23 281 
Balance at the beginning of the period  36 167  25 124 
Cash changes
Payment to lessor  (12 689)  (12 278)
Non-cash changes
Initial recognition  4 455  17 218 
Buisness combinations  -    555 
Accrued interest  2 467  1 825 
Lease modifications  (316)  4 525 
Foreign currency translation effect  (1 836)  (802)
Balance at the end of the period  28 248  36 167

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2025 ANNUAL REPORT
Total undiscounted lease liabilities
Expenses related to the right of use assets and lease liabilites recongized in the P&L
Amounts in NOK (thousands) Maturity analysis Total 2025
Less than 1 year  13 825  13 825 
1-2-years  8 088  8 088 
2-3 years  7 462  7 462 
3-4 years  2 155  2 155 
4-5 years  -    -   
More than 5 years  -    -   
Total undiscounted lease liability  31 529  31 529 
Amounts in NOK (thousands) 2025 2024
Total lease expenses related to short-term or low value leases  629  774 
Depreciation  13 253  12 457 
Interest on lease liabilites  2 467  1 825 
Total expenses from leases recognized in the P&L  16 348  15 056 
The SmartCraft Group has some leases that are not accounted for as right-of-use assets and lease liabilities at the balance sheet 
date because they are exempted as low-value or short-term leases. The amount of the future minimum lease payments due under 
these leases is considered to not be material. The Group has no financial liabilities with maturity over 12 months other than leasing 
liabilities.
The Group has not included any extension options in recognizing right-of-use assets and lease liabilities, based on the high level of 
uncertainty regarding future needs.

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2025 ANNUAL REPORT
Note 25 Subsidiaries and shareholders
The consolidated Group financial statements include the financial statements of SmartCraft ASA and the subsidiaries listed in the 
following table:
Ownership Voting rights Y ear acquired 
by SmartCraft Location Functional 
currency
SmartCraft Group AB (publ) 100% 100% 2025 Gothenburg, Sweden SEK
SMCRT MGMT 1 AS 89% 89% 2022 Hønefoss, Norway NOK
SMCRT MGMT 2 AS 85% 85% 2024 Hønefoss, Norway NOK
SmartCraft Software AS (direct and indirect) 99.8 % 99.8 % 2022 Hønefoss, Norway NOK
SmartCraft Tech AS (indirect) 100% 100% 2024 Hønefoss, Norway NOK
SmartCraft Tech Sweden AB (indirect) 100% 100% 2024 Gothenburg, Sweden SEK
SmartCraft Norway AS (indirect) 100% 100% 2021 Hønefoss, Norway NOK
SmartCraft Sweden AB (indirect) 100% 100% 2018 Gothenburg, Sweden SEK
Bygglet AB (indirect) 100% 100% 2018 Gothenburg, Sweden SEK
El-Info i Växjö AB (indirect) 100% 100% 2019 Växjö, Sweden SEK
Coredination AB (indirect) 100% 100% 2023 Stockholm, Sweden SEK
Locka Software AB (indirect) 100% 100% 2024 Trollhättan, Sweden SEK
SmartCraft Finland Oy (indirect) 100% 100% 2020 Helsinki, Finland EUR
SmartCraft Software UK Limited (indirect) 100% 100% 2024 Houghton Le Spring, UK GBP
When establishing the LTIP invited personnel signed up for 20 
% of the shares in SMCRT MGMT 1 AS. Changes in ownership 
for SMCRT MGMT 1 AS is due to exit of management investors. 
The LTIP was extended further in 2024 and invited personnel 
signed up for 20% of the shares in SMCRT MGMT 2 AS for a 
total of TNOK 4 720. Changes in non-controlling interests is 
due to changes in participants in the LTIP during 2025.
All subsidiaries follow the same financial calendar as the Group 
with year-end on December 31st. 
As of December 31st 2025, SmartCraft ASA had a share capital 
of NOK 1 715 223 distributed in 171 522 305 common shares, 
each with a nominal value of NOK 0,01. Each share grants 1 
voting right.

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2025 ANNUAL REPORT
SmartCraft ASA shareholders as of December 31st, 2025
Shareholders Number of 
common shares
Percent of 
shareholding
Valedo Partners III AB  67 903 692 39.6 %
Jefferies LLC  16 084 379 9.4 %
B. Ulstein AS  10 621 975 6.2 %
State Street Bank and Trust Comp  8 553 202 5.0 %
The Northern Trust Comp, London Branch  6 793 700 4.0 %
SmartCraft ASA (Treasury shares)*  6 737 104 3.9 %
Citibank, N.A.  5 223 844 3.0 %
BNP Paribas  4 663 284 2.7 %
Société Générale  3 209 880 1.9 %
HSBC Bank Plc  3 049 982 1.8 %
Svenska Handelsbanken AB  2 839 698 1.7 %
Mustad Industrier AS  2 430 000 1.4 %
CACEIS Bank  2 212 912 1.3 %
J.P. Morgan SE  2 109 048 1.2 %
Kvantia AS  2 107 500 1.2 %
The Bank of New York Mellon  1 839 271 1.1 %
Mette Kamsvåg, Chairperson of the Board  16 500 0.0 %
Per Norman, Board member  10 000 0.0 %
Ståle Risa, Board member  8 000 0.0 %
Isabella Alveberg, Board member  4 075 0.0 %
Eva Hemb, Board member  1 000 0.0 %
Hanna Konyi, Interim CEO  600 277 0.3 %
Katja Widlund, CMO  70 809 0.0 %
Christian Saleki, CTO  18 149 0.0 %
Other (< 1%)  24 414 024 14.2 %
Total  171 522 305 100.0 %
* There were performed transactions 23.12.2025, 27.12.2025 and 30.12.2025 where SmartCraft ASA purchased additionally 4 011, 21 747 and 8 099 treasury shares. Due 
to holidays these transactions were not registered in VPS pr 31.12.2025.

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2025 ANNUAL REPORT
SmartCraft ASA shareholders as of December 31st, 2024
Shareholders Number of 
common shares
Percent of 
shareholding
Valedo Partners III AB  67 903 692 39.6 %
Le Spring, UK  21 454 787 12.5 %
Bernt Ulstein (via B. Ulstein AS)  10 741 975 6.3 %
Jefferies LLC  7 783 342 4.5 %
SmartCraft ASA (Treasury shares) *  4 506 204 2.6 %
HSBC Bank Plc  4 078 648 2.4 %
Société Générale  3 439 481 2.0 %
Svenska Handelsbanken AB  2 843 168 1.7 %
J.P. Morgan SE  2 211 887 1.3 %
Interactive Brokers LLC  2 206 598 1.3 %
BNP Paribas  2 377 564 1.4 %
Mustad Industrier AS  2 100 000 1.2 %
Gustav Line (via Line Invest AS)  1 278 025 0.7 %
Gunnar Haglund, Chairperson of the Board (via Skarvhaugen Förvaltning AB)  1 004 800 0.6 %
Mette Kamsvåg, Deputy Chairperson of the Board  16 500 0.0 %
Isabella Alveberg, Board member  575 0.0 %
Kjartan Bø, CFO (via KBI AS)  250 000 0.1 %
Christian Saleki, CTO  18 149 0.0 %
Katja Widlund, CMO  70 809 0.0 %
Other (< 1%)  37 236 101 21.7 %
Total  171 522 305 100.0 %
* There were performed transactions 27.12.2024 and 30.12.2024 where SmartCraft ASA purchased additionally 3 351 and 755 treasury shares. Due to holidays these 
transactions were not registered in VPS pr 31.12.2024.

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2025 ANNUAL REPORT
Note 26 Earnings per share
The calculation of earnings per share is based on the profit of the year attributable to the shareholders of the parent company and 
a weighted average number of shares outstanding during the year ending 31st December. Treasury shares purchased during the 
period is excluded in the calculation of weighted average number of shares from the date the shares are purchased.
Amounts in NOK (thousands) 2025 2024
Profit for the year  83 465  105 959 
Profit for the year attribuable to non-controlling interests  -  - 
Profit for the year attribuable to equity holders of SmartCraft ASA  83 465  105 959 
Average numbers of common shares  165 984 829  167 907 976 
Earning per share and diluted earnings per share NOK  0.50  0.63 
2025 Treasury shares 
acquired
Total outstanding 
shares
Ytd average 
outstanding shares
Shares outstanding 01.01.2025  4 510 310  167 011 995  458 824 
January  103  167 011 892  19 270 604 
February  45 535  166 966 357  8 255 959 
March  401 636  166 564 721  13 284 600 
April  125 944  166 438 777  14 179 039 
May  282 190  166 156 587  14 163 789 
June  382 929  165 773 658  13 220 824 
July  116 631  165 657 027  26 397 806 
August  15 456  165 641 571  1 820 244 
September  84 957  165 556 614  13 647 832 
October  236 891  165 319 723  14 998 009 
November  352 435  164 967 288  12 702 484 
December  215 944  164 751 344  13 584 816 
Shares outstanding 31.12.  6 770 961  164 751 344  165 984 829 
SmartCraft ASA has during 2025 bought 2 438 004 treasury shares at total of TNOK 62 413. In 2024 SmartCraft bought 1 434 061 
treasury shares at total of TNOK 40 906 as part of a share buy-back program. The buy-back program was originally authorized by 
the Extraordinary General Meeting held November 2nd 2022 and re-authorized by the Annual General Meeting held April 9th 2025. 
The program is managed by DNB Carnegie AS. 
As of December 31st 2025, the SmartCraft Group has no share options, share incentive schemes or employee share purchase 
programs.

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2025 ANNUAL REPORT
2024 Treasury shares 
acquired
Total outstanding 
shares
Ytd average 
outstanding shares
Shares outstanding 01.01.2024  3 076 249  168 446 056  461 496 
January  25 284  168 420 772  13 842 929 
February  121 422  168 299 350  34 124 763 
March  -  168 299 350  - 
April  89 272  168 210 078  10 138 948 
May  145 764  168 064 314  12 437 609 
June  281 627  167 782 687  13 337 381 
July  89 105  167 693 582  14 245 698 
August  1 084  167 692 498  43 646 001 
September  -  167 692 498  - 
October  -  167 692 498  - 
November  310 425  167 382 073  12 393 430 
December  370 078  167 011 995  13 279 722 
Shares outstanding 31.12.  4 510 310  167 011 995  167 907 976 
Note 27 Related parties
The sales to and purchases from related parties are made at arm’s length prices. Outstanding balances at the year-end are 
unsecured, interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party 
receivables or payables.
There are no such transactions in 2025 and 2024. All transactions are at arm’s length market prices.
Note 28 Current and non-current financial liabilities
Current financial liabilities
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Current portion of lease liabilities  13 439  12 886 
Total current financial liabilities at 31.12  13 439  12 886 
All current financial liabilities have a maturity of less than one year.

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2025 ANNUAL REPORT
Non-current financial liabilities
Covenants
There are no financial liabilities related to external loans as of December 31st 2025. The Group has no covenants regarding its 
financial liabilities.
Collateral
The Group had no collateral related to the financial liabilities as of December 31st 2025. 
Amounts in NOK (thousands) Lease liabilities
Financial 
liabilities Total 2025
Less than 1 year  13 825  -    13 825 
1-2-years  8 088  -    8 088 
2-3 years  7 462  -    7 462 
3-4 years  2 155  -    2 155 
4-5 years  -    -    -   
More than 5 years  -    -    -   
Total undiscounted financial liabilities at 31.12  31 529  -    31 529 
Note 29 Subsequent events
Following the completion of the CEO transition, Jeremias Jansson assumed the role as Chief Executive Officer on January 5th, 
2026, as previously announced. In connection with the transition. Hanna Konyi has taken up the position as Deputy CEO, ensuring 
continuity across the organization. In addition, the Group announced the appointment of Tobias Lindquist as new CFO on February 
20th, 2026. Mr. Lindquist will assume the role effective July 1st, 2026.
The Board has concluded its evaluation of a potential change of listing venue, and SmartCraft will relist on Nasdaq Stockholm in 
Q1 2026. The company held an extra ordinary general meeting January 12th, 2026, where the decision to enable the re-listing by a 
cross-border merger between SmartCraft ASA and SmartCraft Group AB (publ) was approved with SmartCraft Group AB (publ) as 
acquirer. When the merger is completed, SmartCraft ASA’s assets and liabilities will be transferred to SmartCraft Group AB (publ). 
The merger will trigger taxable realization of assets and liabilities for SmartCraft ASA, while the same values will be base for taxable 
entry values for SmartCraft Group AB (publ). Tax positions related to SmartCraft ASA as of December 31st, 2025, will be realized 
during 2026 or as part of the merger. The decision is driven by several factors:
• a significantly stronger fit with the Nordic SaaS peer group
• a broader and deeper investor base for software-driven companies
• Sweden represents SmartCraft’s largest market, both in revenues and customer footprint.
The re-listing is expected to strengthen SmartCraft’s long-term positioning and improve visibility among investors who are more 
familiar with our business model, product portfolio and growth strategy.
The Group announced February 16th, 2026 a tender offer to buy treasury shares after terminating the share buy-back program 
announced August 27th, 2025. The offer was launched to all shareholders with a total consideration of up to TNOK 75 000. Following 
the application period ending February 20th, 2026, the Group resolved to by 4 166 666 shares at a total consideration of 
TNOK 75 000.
No other material financial events have taken place after December 31st, 2025. There has been no material change in any of the 
current markets or solutions after December 31st, 2025.

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2025 ANNUAL REPORT
Financial  
Statements 
SmartCraft 
ASA
2025
66
ANNUAL REPORT

===== SIDA 67 =====

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2025 ANNUAL REPORT
Income statement
Operating income and operating expenses
Amounts in NOK (thousands) Note 2025 2024
Other revenue 2 16 112 13 983
Total income 16 112 13 983
Cost of sold goods 861 73
Employee benefits expense 3 19 811 17 022
Depreciation and amortisation expenses 4 59 58
Other expenses 3 18 148 9 991
Total expenses 38 878 27 144
Operating profit (22 767) (13 161)
Financial income and expenses
Income from subsidiaries 21 533 28 829
Interest income from group companies 7 666 12 405
Other interest income 5 2 527 4 550
Other financial income 5 3 580 10 660
Interest expense to group companies 7 663 12 359
Other interest expenses 5 11 6
Other financial expenses 5 4 864 7 148
Net financial items 22 768 36 930
Net profit before tax 1 23 770
Income tax expense 6 1 514
Net profit / loss 0 23 256
Distributed profit / loss
Other equity 0 23 256
Total distributed 0 23 256

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2025 ANNUAL REPORT
Balance sheet
Assets
Amounts in NOK (thousands) Note 2025 2024
Non-current assets
Trademark and other intangible assets 306 353
Total intangible assets 4 306 353
Equipment and other movables 4 31 43
Total property, plant and equipment 4 31 43
Non-current financial assets
Investments in subsidiaries 8 531 333 524 337
Loan to group companies 4 413 -
Total non-current financial assets 535 746 524 337
Total non-current assets 536 083 524 732
Current assets
Debtors
Other short-term receivables 2 464 1 040
Receivables from group companies 9 78 722 63 658
Total receivables 81 186 64 698
Cash and cash equivalents 10 125 616 88 431
Total current assets 206 801 153 128
Total assets 742 884 677 860

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2025 ANNUAL REPORT
Balance sheet
Equity and liabilities
Amounts in NOK (thousands) Note 2025 2024
Equity
Contributed equity
Share capital 11 1 715 1 715
Treasury stock 11, 12 (68) (45)
Share premium reserve 605 893 605 893
Total contributed equity 607 540 607 563
Retained earnings
Other equity (66 659) (8 681)
Total retained earnings (66 659) (8 681)
Total equity 7 540 882 598 882
Liabilities
Deferred tax 6 1 628 1 627
Total provisions 1 628 1 627
Current liabilities
Trade payables 2 361 2 914
Public duties payable 125 534
Liabilities to group companies 9 193 441 70 289
Other current liabilities 13 4 448 3 614
Total current liabilities 200 374 77 351
Total liabilities 202 003 78 978
Total equity and liabilities 742 884 677 860

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2025 ANNUAL REPORT
Mette Kamsvåg
Chairperson of the Board
Per Norman
Board member
Isabella Alveberg
Board member
Carl Ivarson
Board member
Allan Engström
Board member
Ståle Risa
Board member
Eva Hemb
Board member
Jeremias Jansson
CEO
March 16th, 2026
Board of Directors and CEO, SmartCraft ASA

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2025 ANNUAL REPORT
Indirect Cash Flow
Amounts in NOK (thousands) Note 2025 2024
Cash flows from operating activities
Profit/loss before tax 1 23 770 
Paid taxes - 248 
Gained sale of shares - (21 312)
Ordinary depreciation 59 58 
Change in accounts payable (554) 2 590 
Change in other accrual items   (511) 157 
Net cash flows from operating activities   (1 005) 5 015 
Cash flows from investment activities
Investments in tangible assets - (42)
Proceeds from sale of shares - 23 973 
Investments in shares and participations in other companies (6 997) (18 879)
Net cash flows from investment activities   (6 997) 5 053 
Cash flows from financing activities
Group contributions 7 516 -
Change in intercompany debt (23 069) 64 448 
Change in cashpool account 123 152 (123 836)
Payment of threasury shares 12 (62 413) (40 865)
Net cash flows from financing activities 45 187 (100 254)
Net change in cash and cash equivalents 37 185 (90 186)
Cash and cash equivalents at the start of the period 88 431 178 616 
Cash and cash equivalents at the end of the period 10 125 616 88 431

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2025 ANNUAL REPORT
Accounting principles
The annual accounts have been prepared in conformity with 
the provisions of the Norwegian Accounting Act and good 
accounting practice.
Use of estimates
In the preparation of the annual accounts estimates and 
assumptions have been made that have affected the profit 
and loss account and the valuation of assets and liabilities, 
and uncertain assets and liabilities on the balance sheet 
date in accordance with generally accepted accounting 
practice. Areas which to a large extent contain such subjective 
evaluations, a high degree of complexity, or areas where 
the assumptions and estimates are material for the annual 
accounts, are described in the notes.
Revenues
Services are posted as income as they are delivered. The 
company provides management services for the other 
companies in the SmartCraft Group.
Tax
The tax charge in the profit and loss account consists of tax 
payable for the period and the change in deferred tax. Deferred 
tax is calculated at the tax rate at 22 % on the basis of tax-
reducing and tax-increasing temporary differences that exist 
between accounting and tax values, and the tax loss carried 
forward at the end of the accounting year. Tax-increasing 
and tax-reducing temporary differences that reverse or may 
reverse in the same period are set off and entered net. The net 
deferred tax receivable is entered on the
balance sheet to the extent that it is likely that it can be utilised.
Classification and valuation of fixed assets
Fixed assets consist of assets intended for long-term 
ownership and use. Fixed assets are valued at
acquisition cost less depreciation and write-downs. Long-
term liabilities are entered on the balance sheet at the nominal 
amount at the time of the transaction.
Plant and equipment is capitalised and appreciated over 
the economic lifetime of the asset. Significant items of plant 
and equipment that consist of several material components 
with different lifetimes are broken down in order to establish 
different depreciation periods for the different components. 
Direct maintenance of plant and
equipment is expensed on an ongoing basis under operating 
costs, while additions or improvements are added to the 
asset’s cost price and depreciated in line with the asset. Plant 
and equipment is written down to the recoverable amount in 
the event of a fall in value that is not expected to be temporary. 
The recoverable amount is the higher of the net sales value 
and the value in use. Value in use is the present value of future 
cash flows related to the asset. The write-down is reversed 
when the basis for the write-down is no longer
present.
Classification and valuation of current assets
Current assets and short-term liabilities consist normally of 
items that fall due for payment within one year of the balance 
sheet date, as well as items related to the stock cycle. Current 
assets are valued at the lower of acquisition cost and fair value. 
Short-term liabilities are entered on the balance sheet at the 
nominal amount at the time of the transaction.
Subsidiaries and associated companies
Subsidiaries and associated companies are valued using the 
cost method in the company accounts. The investment is 
valued at acquisition cost for the shares unless a write-down 
has been necessary. A write-down to fair value is made when 
a fall in value is due to reasons that cannot be expected to 
be temporary and such write-down must be considered as 
necessary in accordance with good accounting practice. 
Write-downs are reversed when the basis for the write-down is 
no longer present.
Dividends, group contributions and other distributions from 
subsidiaries are posted to income in the same year as provided 
for in the distributor’s accounts. To the extent that dividends/ 
group contributions exceed the share of profits earned after 
the date of acquisition, the excess amounts represents a

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2025 ANNUAL REPORT
repayment of invested capital, and distributions are deducted 
from the investment’s value in the balance sheet of the parent 
company.
Receivables
Receivables from customers and other receivables are entered 
at par value after deducting a provision for expected losses. 
The provision for losses is made on the basis of an individual 
assessment of the respective receivables. In addition an 
unspecified provision is made to cover expected losses on 
claims in respect of customer receivables.
Cash flow statement
The cash flow statement has been prepared using the indirect 
method. Cash and cash equivalents consist of cash, bank 
deposits and other short-term, liquid investments.

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2025 ANNUAL REPORT
Note 1 Financial market risk
Smartcraft ASA have a limited activity other then management of group companies.
Credit risk
The company has a credit risk related to receivables from group companies. The risk of a counterpart not having the financial 
capacity to fulfil its obligations is considered to be low. Historically, there have been no losses on intercompany receivables.
Currency risk
The company’s currency exposure is related to intercompany balances being booked in the local currency of the counterpart. As 
of December 31,2025 SmartCraft ASA has financial assets/liablities of TEUR 4 552, TSEK - 105 970, TGBP -841 and TUSD -755. The 
exposure of foreign currency is concidered moderate.
Amounts in NOK (thousands) 2025 2024
By business area
Management services 16 112 13 983
Total 16 112 13 983
Geographic breakdown
Norway 16 112 13 983
Sweden - -
Finland - -
UK - -
Total 16 122 13 983
Note 2 Sales income

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75
2025 ANNUAL REPORT
In 2025 the company employed 3.5 full time employees.
Pension liabilities
The company is liable to maintain an occupational pension scheme under the Mandatory Occupational Pensions Act. The 
company’s pension schemes are defined contribution schemes and satisfy the requirements of this Act.
Gustav Line stepped down as CEO as of July 1st, 2025. Hanna Konyi has served as Interim CEO from July 1st, 2025. As of January 5th, 
2026, Jeremias Jansson has assumed the role as CEO, while Hanna Konyi has taken up the position as deputy CEO.
If the company terminates the employment the CEO is entitled to 6 monts’ salary after a 6 month termination period. There are no 
loans or collateral granted the CEO or members of the Board. SmartCraft ASA has prepared a report for remuneration to leading 
personnel in accordance with the Accounting Act § 7-31b.
Auditor
Remuneration to the elected auditor for 2025 amount to TNOK 1 396 ex. vat.where of TNOK 158 is related to audit related services.
Amounts in NOK (thousands) CEO Board
Salaries 4 813 0
Pension costs 434 0
Other remuneration 60 1 465
Total 5 307 1 465
Amounts in NOK (thousands) 2025 2024
Salaries 8 080 8 986
Employment tax 1 091 1 419
Pension costs 228 309
Other benefits 10 412 6 443
Total 19 811 17 156
Note 3 Salary costs and benefits, remuneration to the chief 
executive, board and auditor

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2025 ANNUAL REPORT
Note 5 Items that are aggregated in the accounts
Financial income
Financial costs
Amounts in NOK (thousands) 2025 2024
Interest income CashPool 2 527 4 550
Agio 3 580 10 660
Total financial income 6 107 15 210
Amounts in NOK (thousands) 2025 2024
Interest and provisions for CashPool 9 0
Other interest expenses 2 6
Disagio 4 864 7 148
Total financial costs 4 875 7 154
Note 4 Non-current assets
Amounts in NOK (thousands) 
Fixtures and 
office equipment
Trademark and 
other intangible 
assets Total
Purchase cost as of 01.01.25 59 464 522
Acquisition cost 31.12.2025 59 464 522
Accumulated depreciations 31.12.25 28 159 186
Book value 31.12.2025 31 306 337
This year’s ordinary depreciation 12 47 59
Economic lifetime 5 years 10 years
Decreciation plan Linear Linear

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2025 ANNUAL REPORT
Note 6 Tax
Amounts in NOK (thousands) 2025 2024
Entered tax on ordinary profit/loss:
Payable tax - -
Changes in deferred tax 1 514 
Tax expense on ordinary profit/loss 1 514 
Taxable income:
Ordinary result before tax 1 23 770 
Permanent differences (21 528) (28 948)
Changes in temporary differences (6) (2 338)
Received intra-group contribution 21 533 7 516 
Taxable income - -
Payable tax in the balance:
Payable tax on this year's result (4 737) (1 654)
Payable tax on received Group contribution 4 737 1 654 
Total payable tax in the balance - -
Calculation of effective tax rate
Profit before tax 1 23 770 
Calculated tax on profit before tax 0 5 229 
Tax effect of permanent differences 1 (4 715)
Total 1 514 
Effective tax rate 114.9% 2.2%
The tax effect of temporary differences that has formed the basis for deferred tax and deferred tax advantages, specified on type of 
temporary differences.
Amounts in NOK (thousands) 2025 2024 Difference
Tangible assets 30 13 (17)
Long-term receivables and liabilities in foreign currency 7 372 7 383 11
Total 7 402 7 396 (6)
Basis for deferred tax 7 402 7 396 (6)
Deferred tax (22%) 1 628 1 627 (1)

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78
2025 ANNUAL REPORT
Note 7 Equity
Note 8 Subsidiaries, associated companies etc.
Investments in subsidiaries are recognised according to the cost method in the company’s financial statements.
Share capital Own shares Share premium Other equity 
captial
Total equity 
capital
Pr. 31.12.2024 1 715 (45) 605 893 (8 681) 598 882
Purchase of own shares - (23) - (57 977) (58 000)
Pr. 31.12.2025 1 715 (68) 605 893 (66 659) 540 882
Amounts in 
NOK (thousands) Office Acquisition 
registered
Ownership 
interest Book value Share of 
equity 
Share of 
result
Subsidiary
SmartCraft Software AS Hønefoss, NOR 2022 99.8% 485 783 576 514 516
SMCRT MGMT 1 AS Hønefoss, NOR 2022 89% 25 473 19 798 (36)
SMCRT MGMT 2 AS Hønefoss, NOR 2024 85% 19 545 18 814 (20)
SmartCraft Group AB (publ) Götemorg, SWE 2025 100% 533 500 -
Total 531 333
Amounts in NOK (thousands) 2025 2024 2025 2024
Companies in the same Group 4 201 4 690 78 933 58 968
Total 4 201 4 690 78 933 58 968
Amounts in NOK (thousands) 2025 2024 2025 2024
Companies in the same Group 178 757 193 441 70 289
Total 178 757 193 441 70 289
Note 9 Intercompany items between companies in the 
same group etc.
Debt to suppliers
Customer receivables
Other liabilities
Other receivables
Other liabilities are balances related to the global cash pool.

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2025 ANNUAL REPORT
Note 10 Bank deposits
Funds standing on the tax deduction account (restricted funds) are TNOK 76.
SmartCraft ASA is the owner of the Cash Pool organized together with:
• SmartCraft Norway AS
• SmartCraft Software AS
• SmartCraft Tech AS
• SmartCraft Tech Sweden AB
• SmartCraft Sweden AB
• Bygglet AB
• EL-Info AB
• Coredination AB
• Locka Software AB
• SmartCraft Finland Oy
• SmartCraft Software UK Limited
Note 11 Shareholders
Share capital in SmartCraft ASA pr. December 31st 2025 consists of:
Total Nominal value Share capital
Common shares 171 522 305 0.01 1 715
Total 171 522 305 1 715
As part of the announced merger with SmartCraft Group AB (publ) the Global Cash Pool has been transferred to SmartCraft 
Software AS in January 2026.

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2025 ANNUAL REPORT
Shareholders
The largest shareholders as of December 31st 2025 were:
Shareholders Number of 
common shares
Percent of 
shareholding
Valedo Partners III AB 67 903 692 39.60%
Jefferies LLC 16 084 379 9.40%
B. Ulstein AS 10 621 975 6.20%
The Northern Trust Comp, London Branch 6 793 700 4.00%
SmartCraft ASA (treasury shares) 6 737 104 3.90%
Citibank N.A. 5 223 844 3.00%
State Street Bank and Trust Comp 6 040 520 3.50%
BNP Paribas 4 530 971 2.60%
Société Générale 3 209 880 1.90%
HSBC Bank Plc 3 049 982 1.80%
Svenska Handelsbanken AB 2 839 698 1.70%
Mustad Industrier AS 2 430 000 1.40%
CACEIS Bank 2 212 912 1.30%
J.P. Morgan SE 2 109 048 1.20%
Kvantia AS 2 107 500 1.20%
The Bank of New York Mellon 1 839 271 1.10%
Shares owned by Board members and leading personnel
Hanna Konyi , Interim CEO 600 277 0.3%
Katja Widlund, CMO 70 809 0.0%
Christian Saleki, CTO 18 149 0.0%
Mette Kamsvåg, Chairperson of the Board 16 500 0.0%
Per Norman, Board member 10 000 0.0%
Ståle Risa, Board member 8 000 0.0%
Isabella Alveberg, Board memeber 4 075 0.0%
Eva Hemb, Board member 1 000 0.0%
Total other 27 059 019 15.8%
Total  171 522 305  100.00%

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81
2025 ANNUAL REPORT
Note 12 Treasury shares
During 2025 the company acquired 2 438 004 shares in the market for TNOK 62 475. The purchase of shares are in accordance of 
the share buy-back program authorized by the Annual General Meeting held May 2nd 2025. The buy-back program was managed 
by DNB Carnegie AS.
Note 13 Provisions for liabilities
Short-term provisions
Development in the company's own shares Number of 
shares
Par value per 
share Total amount Amount of  
share capital
Holding as at 1.1.2025 4 510 310 0.01 45 2.6%
Acquisition of own shares 2 438 004 0.01 24 1.4%
Disposal of own shares (177 353) 0 (2) (0.1%)
Holding as at 31.12.2025 6 770 961 0.01 68 3.9%
Accrued cost Total
Balance 01.01.2025 3 614 3 614
Provisions 4 448 4 448
Provisions utilised (3 614) (3 614)
Balance 31.12.2025 4 448 4 448
There are no contingent liabilites as of  31.12.2025.

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2025 ANNUAL REPORT
Alternative 
Performance 
Measures 
(APMs)
2025
82
ANNUAL REPORT

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2025 ANNUAL REPORT
Alternative Performance Measures 
(APMs)
The following terms are used by the Group in definitions of APMs:
EBITDA: 
Is defined as operating income before depreciation of tangible 
and intangible non-current assets.
Adjusted EBITDA: 
Is defined as EBITDA adjusted for special operating items that 
distorts comparison, such as acquisition related expenses, 
listing preparation costs and other items which are special in 
nature compared to ordinary operational income or expenses.
Adjusted EBITDA margin (%): 
Is defined as Adjusted EBITDA divided by sales, expressed as a 
percentage. 
Adjusted EBITDA – CAPEX margin (%): 
Is defined as Adjusted EBITDA – R&D CAPEX divided by sales, 
expressed as a percentage.
Annual Recurring Revenue (“ARR”): 
Is defined as a 12 month subscription value of the Group’s 
customer base at the end of the reporting period. The ARR 
metric only includes fixed price subscriptions.
Recurring Revenue (%): 
Is defined as subscription revenue generated over the historical 
period divided by sales for the same period, expressed as a 
percentage. Recurring Revenue includes both fixed price and 
transaction-based subscription revenues.
Average Revenue Per Customer (“ARPC”): 
Is defined as the annualized monthly total operating revenue 
divided by the number of customers at the end of the month.
Churn Rate (%): 
Is a measure of loss of ARR on a rolling 12-month basis, 
expressed as a percentage of average monthly ingoing ARR for 
the same 12-month period.
Organic Growth:
Is defined as growth compared to previous period adjusted for 
effects from acqusitions and changes in currency.

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2025 ANNUAL REPORT
Amounts in NOK (thousands) Note 2025 2024
Revenue from customers 8  558 928 510 763 
Total operating revenue  558 928 510 763 
Amounts in NOK (thousands) Note 2025 2024
EBITDA  190 267 184 529 
Adjustment of special items  8 672 5 458 
Adjusted EBITDA  198 939 189 987 
EBITDA-margin 34.0 % 36.1 %
Adjusted EBITDA-margin 35.6 % 37.2 %
Amounts in NOK (thousands) Note 2025 2024
Adjusted EBITDA  198 939 189 987 
Capitalized development expenses  43 013 48 664 
Adjusted EBITDA - CAPEX margin 27.9 % 27.7 %
Amounts in NOK (thousands) 2025 2024
Annual Recurring Revenue (ARR) (EoP) TNOK  522 344 481 958 
Recurring revenue 95.8 % 93.5 %
Average Revenue per Customer (ARPC) NOK  41 416 38 848 
Churn rate (R12m) (EoP) 9.2 % 9.2 %

===== SIDA 85 =====

Statsautoriserte revisorer 
Ernst & Young AS 
Stortorvet 7, 0155 Oslo 
Postboks 1156 Sentrum, 0107 Oslo 
Foretaksregisteret: NO 976 389 387 MVA 
Tlf: +47 24 00 24 00 
www.ey.no 
Medlemmer av Den norske Revisorforening 
A member firm of Ernst & Young Global Limited 
To the General Meeting in SmartCraft ASA 
INDEPENDENT AUDITOR'S REPORT 
Report on the audit of the financial statements 
Opinion 
We have audited the financial statements of SmartCraft ASA (the Company), which comprise: 
• The financial statements of the Company, which comprise balance sheet as at 31
December 2025 and income statement and indirect cash flow for the year then ended and notes
to the financial statements, including a summary of significant accounting policies, and
• The financial statements of the Group, which comprise statement of the financial position as at 31
December 2025, statement of comprehensive income, statement of changes in equity and cash
flow statement for the year then ended and notes to the financial statements, including material
accounting policy information.
In our opinion: 
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31
December 2025, and its financial performance and cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2025, and its financial performance and cash flows for the year then
ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee. 
Basis for opinion 
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our 
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of 
the financial statements section of our report. We are independent of the Company and the Group in 
accordance with the requirements of the relevant laws and regulations in Norway and the International 
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants 
(including International Independence Standards) (the IESBA Code) as applicable to audits of financial 
statements of public interest entities, and we have fulfilled our other ethical responsibilities in accordance 
with these requirements. We believe that the audit evidence we have obtained is sufficient  and 
appropriate to provide a basis for our opinion. 
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit 
Regulation (537/2014) Article 5.1 have been provided. 
We have been the auditor of the Company for 3 years from the election by the general meeting of the 
shareholders on 28th April 2023 for the accounting year 2023.

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2 
 
 
 
 
 
 
 
Independent auditor's report - SmartCraft ASA 2025 
A member firm of Ernst & Young Global Limited 
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the financial statements for 2025. These matters were addressed in the context of our audit of the 
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate 
opinion on these matters. 
Impairment assessment of goodwill 
Basis for the key audit matter 
Goodwill amounts to NOK 669 million in the 
consolidated financial statements as at 31 
December 2025. In total, this accounts for 51% 
percent of total assets of the Group. The Group 
performed impairment tests to determine the 
recoverable amounts and recorded no 
impairment in 2025. Goodwill impairment test 
was based on value-in use using estimated 
future cash flows. Due to the subjectivity involved 
in forecasting and discounting of future cash 
flows and the significance of the Group's 
recognized goodwill as at 31 December 2025, 
this was considered a key audit matter 
Our audit response 
We evaluated management's assessment of 
impairment and management's estimates related 
to sales forecasts. We further inquired and 
evaluated management's assumptions regarding 
the current market situation and expectations 
about future sales. Furthermore, we evaluated 
the valuation methodology and the discount rate 
applied by using external market information. We 
also tested the mathematical accuracy of the 
value in use calculation. Our audit procedures 
further included analysis and evaluation of 
historical accuracy of prior year's forecasts. We 
refer to the Group's disclosures in notes 4 and 12 
of the consolidated financial statements. 
Other information 
Other information consists of the information included in the annual report other than the financial 
statements and our auditor’s report thereon. The Board of Directors and Chief Executive Officer 
(management) are responsible for the information in the Board of Directors’ report and the other 
information presented with the financial statements. Our opinion on the financial statements does not 
cover the information in the Board of Directors’ report and the other information presented with the 
financial statements. 
In connection with our audit of the financial statements, our responsibility is to read the information in the 
Board of Directors’ report and for the other information presented with the financial statements. The 
purpose is to consider if there is material inconsistency between the information in the Board of Directors’ 
report and the other information presented with the financial statements and the financial statements or 
our knowledge obtained in the audit, or otherwise the information in the Board of Dir ectors’ report and for 
the other information presented with the financial statements otherwise appears to be materially 
misstated. We are required to report if there is a material misstatement in the Board of Directors’ report 
and the other information presented with the financial statements.  
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report  
• is consistent with the financial statements and 
• contains the information required by applicable statutory requirements. 
Our statement on the Board of Directors’ report applies correspondingly for the statement on Corporate 
Governance.

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3 
Independent auditor's report - SmartCraft ASA 2025 
A member firm of Ernst & Young Global Limited 
Responsibilities of management for the financial statements 
Management is responsible for the preparation of financial statements of the Company that give a true 
and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices 
generally accepted in Norway, and for the preparation of the consolidated financial statements of the 
Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the 
EU. Management is responsible for such internal control as management determines is necessary to 
enable the preparation of financial statements that are free from material misstatement, whether due to 
fraud or error. 
In preparing the financial statements, management is responsible for assessing the Company’s and the 
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern 
and using the going concern basis of accounting unless management either intends to liquidate the 
Company or the Group, or to cease operations, or has no realistic alternative but to do so.  
Auditor’s responsibilities for the audit of the financial statements 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 
audit conducted in accordance with ISAs will always detect a material misstatement when it exists.  
Misstatements can arise from fraud or error and are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the 
basis of these financial statements. 
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional 
scepticism throughout the audit. We also: 
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s and the Group’s internal  control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s and the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company and the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial

===== SIDA 88 =====

4 
Independent auditor's report - SmartCraft ASA 2025 
A member firm of Ernst & Young Global Limited 
statements. We are responsible for the direction, supervision and performance of the group audit. 
We remain solely responsible for our audit opinion. 
We communicate with the Board of Directors regarding, among other matters, the planned scope and 
timing of the audit and significant audit findings, including any significant deficiencies in internal control 
that we identify during our audit. 
We also provide the Audit Committee with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other matters 
that may reasonably be thought to bear on our independence, and where applicable, related safeguards. 
From the matters communicated with the Board of Directors, we determine those matters that were of 
most significance in the audit of the financial statements of the current period and are therefore the key 
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public 
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should 
not be communicated in our report because the adverse consequences of doing so would reasonably  be 
expected to outweigh the public interest benefits of such communication.  
Report on other legal and regulatory requirement 
Report on compliance with regulation on European Single Electronic Format (ESEF) 
Opinion 
As part of the audit of the financial statements of SmartCraft ASA we have performed an assurance 
engagement to obtain reasonable assurance about whether the financial statements included in the 
annual report, with the file name smartcraftasa-2025-12-31-1-en, have been prepared, in all material 
respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 
on the European Single Electronic Format (the ESEF Regulation) and regulation pursuant to Section 5 -5 
of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the 
annual report in XHTML format and iXBRL tagging of the consolidated financial statements.  
In our opinion, the financial statements, included in the annual report, have been prepared, in all material 
respects, in compliance with the ESEF Regulation. 
Management’s responsibilities 
Management is responsible for the preparation of the annual report in compliance with the ESEF 
Regulation. This responsibility comprises an adequate process and such internal control as management 
determines is necessary. 
Auditor’s responsibilities 
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material 
respects, the financial statements included in the annual report have been prepared in accordance with 
the ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance 
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial 
information”. The standard requires us to plan and perform procedures to obtain reasonable assuranc e 
about whether the financial statements included in the annual report have been prepared in accordance 
with the ESEF Regulation. 
As part of our work, we perform procedures to obtain an understanding of the Company’s processes for 
preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial 
statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL 
tagging of the consolidated financial statements and assess management’s use of judgement. Our

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5 
Independent auditor's report - SmartCraft ASA 2025 
A member firm of Ernst & Young Global Limited 
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in 
human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to 
provide a basis for our opinion. 
Oslo, 16 March 2026 
ERNST & YOUNG AS 
Thomas Embretsen 
State Authorised Public Accountant (Norway)

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86
2025 ANNUAL REPORT