FULLTEXT DEL 1 AV 1
Årsredovisning 2025
===== SIDA 1 ===== 1 2025 ANNUAL REPORT 2025 JANUARY - DECEMBER Annual Report ===== SIDA 2 ===== 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 ===== SIDA 3 ===== 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 ===== SIDA 4 ===== 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 ===== SIDA 5 ===== 5 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 ===== SIDA 6 ===== 6 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 ===== SIDA 7 ===== 7 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, ===== SIDA 8 ===== 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 ===== SIDA 9 ===== 9 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. ===== SIDA 10 ===== 10 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. ===== SIDA 11 ===== 11 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. ===== SIDA 12 ===== 12 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 ===== SIDA 13 ===== 13 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 ===== SIDA 57 ===== 57 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 ===== SIDA 58 ===== 58 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 ===== SIDA 59 ===== 59 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. ===== SIDA 60 ===== 60 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. ===== SIDA 61 ===== 61 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. ===== SIDA 62 ===== 62 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. ===== SIDA 63 ===== 63 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. ===== SIDA 64 ===== 64 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. ===== SIDA 65 ===== 65 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. ===== SIDA 66 ===== 66 2025 ANNUAL REPORT Financial Statements SmartCraft ASA 2025 66 ANNUAL REPORT ===== SIDA 67 ===== 67 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 ===== SIDA 68 ===== 68 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 ===== SIDA 69 ===== 69 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 ===== SIDA 70 ===== 70 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 71 ===== 71 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 ===== SIDA 72 ===== 72 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 ===== SIDA 73 ===== 73 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. ===== SIDA 74 ===== 74 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 ===== SIDA 75 ===== 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 ===== SIDA 76 ===== 76 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 ===== SIDA 77 ===== 77 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) ===== SIDA 78 ===== 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. ===== SIDA 79 ===== 79 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. ===== SIDA 80 ===== 80 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% ===== SIDA 81 ===== 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. ===== SIDA 82 ===== 82 2025 ANNUAL REPORT Alternative Performance Measures (APMs) 2025 82 ANNUAL REPORT ===== SIDA 83 ===== 83 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. ===== SIDA 84 ===== 84 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. ===== SIDA 86 ===== 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. ===== SIDA 87 ===== 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 ===== SIDA 89 ===== 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) ===== SIDA 90 ===== 86 2025 ANNUAL REPORT