Kvartalsrapport Q4 2025

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1
2025 Q4 REPORT
Q4 2025 OCTOBER - DECEMBER
Quarterly 
Report

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2
2025 Q4 REPORT
2025 Q4 REPORT
2
Contents
4 Q4 2025 in brief
5 Letter from the CEO
7 Operational development 
11 Financial review
14 Outlook
16 Consolidated Financial Statements
23 Alternative Performance Measures (APMs)
25 This is SmartCraft

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2025 Q4 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
3

===== SIDA 4 =====

4
Q4 REPORT
4
2025
Q4 2025 in brief
Fourth quarter financial highlights
• Revenue NOK 144 million, a growth of 5.4 percent YoY
• Operational cash flow NOK 25 million
• Annual Recurring Revenue NOK 522 million, an organic 
growth of 6.5 percent YoY
• Adjusted EBITDA-CAPEX margin of 27 percent,  
a 2.5 percentage point increase YoY
• Churn of 9.2 percent, a 0.4 percentage point reduction QoQ
Adjusted EBITDA margin development per quarter
 Adjusted EBITDA margin  Adjusted EBITDA-CAPEX margin
ARR development per quarter
End of period, MNOK
Q4 2023
386.6
Q1 2024
401.5
Q2 2024
461.3
Q3 2024
474.4
Q4 2024
482.0
Q1 2025
493.5
8.4%
Q2 2025
504.8
Q3 2025 Q4 2025
504.8 522.3
4
Q4 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

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5
2025 Q4 REPORT
Stepping into the role as CEO, I am excited to see the 
possibilities we have across SmartCraft. The most important 
of all is that we offer products that are loved and create a 
lot of value for our customers. We make thousands of SME 
construction companies more profitable, and the craftsmen’s 
lives easier. Still, the untapped market is enormous, as the 
construction industry is one of the least digitalised industries.
I am particularly encouraged by the structural strengths 
that define SmartCraft. With more than 95 percent recurring 
revenue, high margins, and strong cash flow, our business 
model is highly predictable. Even though the construction 
market is at its slowest in decades, we continue to grow and 
having 25 years behind me in the software industry and having 
seen both high and low preforming companies, I’m proud 
to say that we deliver performance well within the golden 
standard of “Rule of 40”1. 
AI is creating tremendous opportunities and potential 
significant change for the software industry, and SmartCraft is 
well positioned to navigate and benefit from AI. Fundamentally, 
we are providing the possibility for thousands of SME 
construction companies to benefit from the power of AI, 
streamlining their daily life. We are able to do this as we have 
unique access to and control all the data and integrations 
related to their workflows. All of it building on deep domain 
knowledge, built throughout decades in the industry. With a 
very low take-rate and easy onboarding, our solutions produce 
a highly attractive ROI, forming an efficient moat around our 
business model.
In a challenging market, affecting our growth and profitability, 
we continue to be disciplined with regards to cost, and 
maintaining profitability is top priority, allowing us to invest 
in scalable technology, improving our ability to innovate and 
develop new and better products.
Letter from the CEO
During the fourth quarter, we saw encouraging signals. Churn 
is sequentially down for the third quarter in a row, and is now 
flat year-on-year, and our EBITDA-CAPEX margin is 26.7%, up 
from 24.2% last year. Nevertheless, we will continue to keep 
costs under tight control, ensuring that we are ready to reap 
the benefits in the form of scalability and margin enhancement 
when the momentum in the market increases.   
With annual recurring revenue of NOK 522.3 million, the growth 
in the fourth quarter was 8.4%. This was fairly stable compared 
to the last few quarters, but still below our medium-term 
ambition. The main reason for the subdued growth is the soft 
market. Still, we have ambitions to improve. Throughout Q4, 
we completed the transition to our business area model, a 
change that is designed to help us focus more on our core go 
to market activities, leads generations and sales cadence per 
vertical and therefore improved our cross-border collaboration 
to increase our sales and revenue growth.
1. Adj. EBITDA margin + organic ARR growth for the quarter

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2025 Q4 REPORT
“We are happy to report a quarter with steady 
growth, strong margins and churn declining”
JEREMIAS JANSSON – CEO
Looking ahead, I am encouraged by signs of improvement 
across several segments. Renovation and service activity is 
stable, new-build markets show indications of bottoming out, 
and the sentiment in Finland is gradually improving despite 
lingering uncertainty in the first half of 2026. 
During Q1 2026 we will transfer our share listing from Euronext 
Oslo Børs to Nasdaq Stockholm. This is expected to drive 
awareness of SmartCraft, deepen the investor’s interest, 
and unlock additional liquidity pools. We are looking forward 
to meet many new investors in the Swedish market in the 
weeks to come, and we believe that the attractiveness of 
our company, with a large underpenetrated market, high 
degree of recurring revenue, scalable product platform and 
an organisation built to expand, will be appreciated on the 
Stockholm stock exchange. 
Wrapping up, we have entered 2026 with a stronger product 
platform, a more cohesive organization, and a clear plan 
forward. Even if we have more to do, I am excited about the 
journey ahead and confident in our ability to deliver long-term 
value for employees, customers,  and shareholders.

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2025 Q4 REPORT
Q4 marked the completion of our transition to the business 
area model and the beginning of SmartCraft’s next phase. 
While executing the reorganization, we delivered growth, 
improved and lower churn, and solid profitability, confirming our 
solid operational and attractive business model.
While our financial results are affected by one-off investments 
tied to finalizing the business area structure and establishing 
full ownership of product, go-to-market and P&L in each 
business area, we now have our new organisation up and 
running.
In a challenging market we continue to grow, with ARR, 
reaching NOK 522.3 million (+8.4% YoY; +6.5% organic). The 
adoption of our new solutions SmartCraft Spark for electricians 
and SmartCraft Flow for plumbers gained momentum, even 
though contributions to ARR remain relatively small. Both 
solutions build on our SmartCraft Core platform which allows 
accelerated and cost-efficient development and while at the 
same time enables efficient tailoring for each trade segment.
Revenue reached NOK 143.6 million (+5.4% YoY), and the 
adjusted EBITDA margin was 33.9%, down from 36.3% in 
the similar period last year. We continue with a disciplined 
approach to investments, with CAPEX of NOK 10.3 million (13.6 
million in Q4 2024), leading to an Adjusted EBITDA–CAPEX 
margin of 26.7%, up from 24.2% in Q4 2024. This was the 
third quarter in a row with YoY improvement in EBITDA-CAPEX 
margin.
Operational development

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2025 Q4 REPORT
Segments
Amounts in NOK (millions) Q4’25 Q4’24 FY’25 FY’24
SME Construction  56.1  50.7  212.6  191.1 
Electro  17.7  15.9  68.5  60.5 
HVAC & Plumbing  32.6  32.1  130.3  128.4 
Enterprise  37.3  37.5  147.5  130.7 
Total revenue per segment  143.6  136.2  558.9  510.8 
SME Construction 6.5% 10.9% 7.8% 11.8%
Electro 6.6% 13.4% 9.5% 11.3%
HVAC & Plumbing 1.5% 5.8% 1.5% 9.6%
Enterprise (0.8%) 0.7% (6.0%) (3.7%)
Amounts in NOK (millions) Q4’25 Q4’24 FY’25 FY’24
SME Construction  30.9  29.3  114.6  108.8 
Electro  4.3  3.6  16.4  14.7 
HVAC & Plumbing  14.0  15.1  64.2  65.7 
Enterprise  7.5  5.8  23.5  27.7 
Adjusted EBITDA per segment  56.7  53.7  218.6  217.0 
SME Construction 55.1% 57.7% 53.9% 56.9%
Electro 24.6% 22.5% 23.9% 24.3%
HVAC & Plumbing 42.9% 47.1% 49.2% 51.2%
Enterprise 20.0% 15.4% 15.9% 21.2%
Business area distribution of revenue
Organic growth
Adjusted EBITDA margin
Distribution of adjusted EBITDA per reporting segment (Excluding Group overhead)

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2025 Q4 REPORT
SME Construction
SME Construction delivered revenue of NOK 56.1 million in Q4, 
up 10.6% YoY, supported by stable activity in renovation and 
service-driven segments. Organic growth reached 6.5% YoY. 
While the macroeconomic backdrop continued to be stable to 
slightly positive in Sweden for SME Construction, and sales- 
and customer engagement levels were high, the revenue 
growth rate was slightly lower in Q4 than earlier in 2025, as the 
Norwegian market is slow. Adjusted EBITDA amounted to NOK 
30.9 million, implying a 55.1% margin (57.7% in Q4 2024) mainly 
due to higher recruiting costs and higher marketing costs 
related to two larger fairs. 
Similar to the first three quarters of 2025, the business area 
advanced several product development initiatives, enhancing 
customer benefits and consistent product usage. Additional, 
initiatives to improve retention were conducted leading to 
positive results. We have continued to deliver new functionality, 
enhancing workflow efficiency for field-based teams.
Electro
Electro recorded revenue of NOK 17.7 million, growing 6.6% 
organically YoY. More customers are choosing the new 
SmartCraft Spark platform, reflecting improvements in user 
experience and workflow logic through the help of AI. 
Adjusted EBITDA reached NOK 4.3 million and a margin of 
24.6%, up 2.1 percentage points YoY due to organizational 
cost efficiency measures. Operationally, the business area 
spent the quarter preparing for upcoming major releases by 
strengthening customer-facing readiness, including in-app. 
This helped maintain strong onboarding quality and supported 
the segment’s scalable go-to-market model. 
Looking ahead, upcoming regulatory changes may increase 
the urgency for compliant digital documentation tools, an 
opportunity well suited for SmartCraft Spark’s workflow 
model. Historic patterns of strong direct website orders 
and education-driven revenue also carried into this period, 
reinforcing Electro’s scalability business area, with clear 
leverage from Core and a well-defined commercial model.
HVAC & Plumbing
HVAC & Plumbing delivered revenue of NOK 32.6 million 
in the quarter, corresponding to 1.5% organic growth YoY. 
Growth remained modest as the segment continued to face 
a subdued renovation and small-projects market. Despite this, 
underlying activity strengthened throughout the quarter and an 
increased funnel of leads in Q4 demonstrated a sign of rising 
interest from the market. Digital marketing initiatives gained 
momentum with upgraded web funnels, improved messaging, 
and early SEO/GEO uplift.

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2025 Q4 REPORT
Adjusted EBITDA was NOK 14.0 million, implying 42.9% 
margin, down from 47.1% in Q4 2024. The reduction reflects 
deliberate investments to scale distribution and strengthen 
partner channels. During the quarter, we also improved 
cross-functional alignment across sales, R&D and customer 
operations, laying the groundwork for faster product adoption 
as SmartCraft Flow matures.
While adoption of SmartCraft Flow is still at an early stage, 
customer feedback and engagement remain positive. These 
dynamics, combined with an expanding pipeline and improving 
market sentiment, position the business area to return to 
stronger growth as Nordic HVAC and plumbing activity 
normalizes through 2026.
Enterprise
The Enterprise portfolio reported revenue of NOK 37.3 million 
in Q4, down 0.8% organically year over year as large account 
fluctuations continued to normalize. The development 
represents a flattening out of the more negative trend earlier in 
2025, with a Q3 revenue organic revenue decline of 4.5% and a 
decline of 15.3% in Q2.
Adjusted EBITDA reached NOK 7.5 million, corresponding to a 
20.0 percent margin and a 4.7 percentage point improvement 
year over year, driven by stronger contract renewal discipline 
and selected SmartCraft Core platform integrations that helped 
maintain customer stickiness. 
SmartCraft reached an important milestone in the quarter, as 
Locka signed its first customers in the UK. This is SmartCraft’s 
first cross-sale from the Nordics to UK, and outlook for further 
traction for Locka in the UK is promising. During Q4, Locka also 
made its first sale in Finland.
Market conditions, especially the prolonged slowdown in 
new build activity, remain a clear headwind across several 
geographies, and performance varied noticeably across the 
portfolio. However, towards the end of the quarter, activity 
improved slightly, supported by increased use of project, 
documentation and warranty modules.
The business area is still in a broader transformation as several 
brands move further toward recurring revenue models. Locka’s 
results are improving, as the transition to a recurring revenue 
business model is progressing. Overall, Enterprise shows early 
indications of stabilization, but it is still the segment that is 
most exposed to the sustained low level of new build activity. 
Some brands demonstrate resilience and healthy upsell 
dynamics, yet recovery is likely to be gradual, and the ongoing 
transformation work is essential to strengthening long term 
performance.

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11
2025 Q4 REPORT
Financial review
Amounts in NOK (thousands) Q4’25 Q4’24 FY’25 FY’24
Total operating revenue 143 594 136 254 558 928 510 763 
Purchase of goods and services 11 866 12 672 44 461 43 551 
Payroll and related expences 60 473  54 056 226 585 198 804 
Other operating expenses 28 483  22 878 97 621 83 879 
Total operating expenses 100 822 89 606 368 667 326 234
EBITDA 42 773 46 648 190 260 184 530 
Adjustments of special items 5 880 -   8 672 5 458
Adjusted EBITDA 48 653 46 648 198 932 189 987 
Depreciation and amortization 19 410 15 101 81 800 52 465 
Operating profit (loss) before financial items and tax 23 362  31 548  108 461 132 064 
EBITDA-margin 29.8% 34.2% 34.0% 36.1%
Adjusted EBITDA-margin 33.9% 34.2% 35.6% 37.2%
SmartCraft’s consolidated revenue in Q4 2025 grew by 5.4 
percent to NOK 143.6 million, up from NOK 136.3 million in Q4 
2024. The revenue growth was driven by organic growth from 
the Group’s SaaS solutions, as well as changes in currency 
rates. ARR grew to NOK 522.3 million, up 8.4 percent and an 
organic growth of 6.5 percent.
SmartCraft’s strategy is to prioritize and maximize recurring 
revenue. In Q4, the share of recurring revenue was 95.9 
percent, an increase from 94.0 percent in Q4 2024. We expect 
SmartCraft’s recurring revenue share to consistently be in the 
mid-to-high 90 percent range.
The Group had a churn of 9.2 percent in Q4 2025, compared 
to 9.2 percent last year and 9.6 percent in the previous quarter. 
Bankruptcies in the construction industry have impacted 
materially in the last quarters and years. Even though the 
number of bankruptcies seem to be stabilizing, it is still the 
main reason for churn in Q4 2025.
The reported EBITDA was NOK 42.8 million in Q4 2025. 
Adjusted for expenses related to transition to business areas 
and relisting processes, the Group had an adjusted EBITDA 
of NOK 48.7 million (adjusted EBITDA of NOK 46.6 million in 
Q4 2024). The adjusted EBITDA margin for Q4 2025 was 33.9 
percent compared to 34.2 percent in Q4 2024. The decline in 
margin compared to Q4 2024 was mainly due to a reduction 
in capitalizations, an increase in personnel cost and increased 
use of external consultants. The adjusted EBITDA-CAPEX 
margin was 26.7 percent in Q4 2025 (24.2 percent in Q4 
2024). SmartCraft is focused on increasing the margins for all 
solutions in the medium/long-term.
Depreciations and amortizations were NOK 19.4 million in Q4 
2025 compared to NOK 15.1 million in Q4 2024. D&A steadily 
increases as a result of the Group’s continuous R&D activities 
and acquisitions.  In Q4 2025, amortization related to M&A was 
NOK 7.5 million, compared to NOK 6.5 million in Q4 2024.
11

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2025 Q4 REPORT
Organic growth Y oY Q4’25 Q4’24 FY’25 FY’24
Fixed price 6.0% 8.7% 6.5% 9.7%
Transactions 0.2% 8.1% 1.9% 8.0%
Total recurring 5.5% 8.7% 6.1% 9.6%
Non-recurring (30.5%) (9.9%) (43.8%) (17.8%)
Total revenue 3.3% 8.2% 2.9% 8.7%
The Group had a net financial expense of NOK 11.0 million in Q4 
2025, compared to a net income of NOK 1.9 million in Q4 2024. 
Net financial items are mainly driven by currency effects on 
cash deposits for Norwegian entities in foreign currency. 
Cash flow
SmartCraft’s business model generates a high and positive 
cash contribution throughout the entire year, although there 
are seasonal variations relating to the timing of invoicing. Cash 
flow from operating activities was NOK 24.6 million in Q4 2025, 
a decrease from NOK 48.2 million in Q4 2024. The decrease 
is driven mainly by an increase in prepayments of tax in 
Sweden, and a negative effect from net working capital – more 
specifically accounts payables that were high in Q3 2025. The 
Group is constantly working to improve its net working capital, 
which will continue to contribute to improved cash flow from 
operating activities.
Cash flow from investing activities was NOK -15.0 million in Q4 
2025, compared to NOK -14.7 million in Q4 2024. In Q4 2025, 
investing activity was mainly capitalized development costs 
of NOK 10.3 million, compared to NOK 13.6 million in Q4 2024. 
In Q4 2025 capitalizations constitute 7.2 percent of revenue, a 
decrease from 10.0 percent in Q4 2024. In addition, SmartCraft 
has acquired shares for NOK 4.2 million during Q4 2025 as part 
of the long-term investment program for employees. 
Net cash flow from financing activities was NOK -23.4 million 
in Q4 2025. Through buy-back programs, SmartCraft acquired 
805 270 own shares (0.47 percent of total shares) totaling NOK 
19.6 million in Q4 2025. 
The latest SmartCraft share buy-back program of up to NOK 
35 million was initiated after the Q2 report in August 2025. The 
treasury shares may be used for payment for potential future 
acquisitions in combination with cash. Additionally, treasury 
shares may be used for potential future settlement of the 
Group’s long-term investment program for management and 
key employees.
SmartCraft has a positive cash contribution from operations 
every quarter. The Group operates in an under-penetrated 
market and plans to continue its role as a consolidator and 
increase its market share. SmartCraft does not expect to pay 
dividends in the short to medium term and the accumulating 
cash holding will be allocated to investments and acquisitions 
supporting the Group’s position and plans, and potential future 
share buy-back programs.
Financial position
The balance sheet of SmartCraft remains solid and the 
Group has a negative net working capital driven by customer 
prepayments. The Group is in a net cash position, is self-
funded and well capitalized to deliver on the organic growth 
ambitions and M&A strategy.
Total assets amounted to NOK 1 312.0 million (NOK 1 283.1 
million at the end of 2024), of which cash and cash equivalents 
amounted to NOK 144.7 million (NOK 125.7 million at the end 
of 2024), the increase in cash is driven by operational activity. 
Non-current assets amounted to NOK 1 051.2 million (NOK 1

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2025 Q4 REPORT
079.4 million at the end of 2024). The increase in total assets 
is driven by the cash flow from operations and changes in 
currency rates.
Total liabilities amounted to NOK 339.5 million (NOK 352.3 
million at the end of 2024). The change is mainly related to the 
decrease of tax liabilities and non-current lease liabilities.
Share information
At the end of Q4 2025 SmartCraft ASA had 171.5 million shares 
at par value of NOK 0.01. There have been no changes in shares 
or share capital in Q4 2025 in SmartCraft ASA.
As of 31 December 2025, SmartCraft holds 6 770 961 own 
shares (3.95 percent) and total outstanding shares were 164 
751 344.
Risk factors
Risk factors are described in the information document 
prepared in connection with the listing on Oslo Børs, published 
June 14th, 2021 and in the annual accounts for 2024, published 
April 10th, 2025.
Financial calendar
Please visit smartcraft.com/investor-relations/ for most 
recent calendar update.

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2025 Q4 REPORT
Outlook
As we enter 2026, our priorities remain unchanged: To drive 
profitable growth, deepen customer loyalty, continue the 
SmartCraft Spark and SmartCraft Flow initiatives, and use the 
new business area structure to execute with greater focus 
and speed. We will continue to pursue M&A selectively and 
with discipline, prioritizing opportunities that strengthen our 
strategic position and create synergies within each business 
area.
Across our markets, renovation, service and compliance-driven 
activity remain the most resilient sources of demand, 
supported by long-term structural drivers such as 
electrification, energy efficiency, digitalization and regulatory 
requirements. However, the overall market recovery remains 
uneven, and near-term growth continues to be constrained by 
cautious customer behavior and weak new-build activity.
In Sweden, renovation activity benefitted from the temporary 
increase in tax deduction during 2025, which is expected 
to normalize during 2026. Underlying drivers in the 
electrical market remain supportive, with electrification and 
energy-efficiency investments offsetting continued weakness 
in new residential construction.
In Norway, sentiment is gradually improving as housing permits 
and investment stabilize following a prolonged downturn. The 
recovery is however expected to be gradual, with customers 
remaining selective in their investments.
Finland is showing early signs of stabilization, with initial 
activity in industrial, infrastructure and selected housing 
segments supported by green transition initiatives. However, 
small and mid-sized businesses remain cautious amid weak 
macroeconomic conditions, and the first half of 2026 is 
expected to remain challenging. 
In the UK, we expect a gradual and uneven recovery, led 
by infrastructure, public sector investment and repair and 
maintenance activity, while private housing and commercial 
construction remain volatile and sensitive to financing 
conditions.
Overall, while structural demand drivers continue to support 
SmartCraft’s long-term growth opportunity, near-term market 
conditions remain muted. We therefore remain prudent in our 
short-term expectations, while continuing to invest in product 
development, customer value, and scalability.
Our medium term target of 15–20% organic growth and 
margin expansion target stands firm, based on the large, 
underpenetrated market, SmartCraft’s proven ability to deliver 
strong growth in normalized conditions, and our scalable SaaS 
platform. As the market recovers, we are well positioned to 
quickly return to our medium-term targets.
Events after the reporting 
period
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.

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2025 Q4 REPORT
Chief Financial Officer Kjartan Bø stepped down on December 
1st, 2025, after seven years in the role. The Board, together with 
the CEO, has initiated the recruitment process for a new CFO. 
Kine Kragholm Olsen, Group Chief Accountant, has assumed 
the role of Interim CFO as of December 1st, 2025, securing 
stability in financial management and reporting during the 
transition period.
All formal announcements are available at smartcraft.com/
investor-relations/stock-exchange-notices.
Updates from the Board
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 relisting by a 
cross-border merger between SmartCraft ASA and SmartCraft 
Group AB (publ) was approved. 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 relisting 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.

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2025 Q4 REPORT
Condensed 
Consolidated 
Financial  
Statements
2025
16
Q4 REPORT

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2025 Q4 REPORT
Amounts in NOK (thousands) Q4’25 Q4’24 FY’25 FY’24
Total operating revenue  143 594  136 254  558 928  510 763 
Purchase of goods and services  11 866  12 672  44 461  43 551 
Payroll and related expences  60 473  54 056  226 585  198 804 
Other operating expenses  28 483  22 878  97 621  83 879 
Depreciation and amortization  19 410  15 101  81 800  52 465 
Total operating expenses  120 232  104 706  450 467  378 699 
Operating profit (loss) before financial items and tax  23 362  31 548  108 461  132 064 
Financial income  2 596  6 854  9 682  21 158 
Financial expenses  (13 621)  (4 996)  (20 206)  (19 703)
Financial income (expense), net  (11 025)  1 858  (10 525)  1 455 
Profit (loss) before tax  12 337  33 405  97 936  133 519 
Tax expense  338  7 875  12 711  27 560 
Profit (loss)  11 999  25 531  85 225  105 959 
Other comprehensive income
Items that will be reclassified to profit or loss:
Currency translation differences, net of tax  16 996  1 092  17 594  16 957 
Total  16 996  1 092  17 594  16 957 
Total comprehensive income  28 995  26 623  102 818  122 916 
Consolidated Statement of Comprehensive Income

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2025 Q4 REPORT
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Goodwill  669 406  662 299 
Intangible assets  354 700  376 806 
Right to use assets  26 930  35 411 
Tangible Assets  4 469  4 856 
Total non-current assets  1 055 506  1 079 372 
Other current assets  44 560  10 476 
Accounts Receivable  67 205  67 611 
Cash and cash equivalents  144 720  125 655 
Total current assets  256 486  203 742 
Total assets  1 311 992  1 283 114 
Consolidated Statement of Financial Position
Assets

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2025 Q4 REPORT
Amounts in NOK (thousands) 31 Dec 2025 31 Dec 2024
Share capital  1 715  1 715 
Own shares  (68)  (45)
Share premium  605 893  605 893 
Retained earnings  307 441  280 193 
Other components of equity  51 172  33 578 
Non-controlling interests  6 386  9 486 
Total equity  972 539  930 821 
Non-current lease liabilities  14 809  23 281 
Deferred tax liabilities  55 323  62 672 
Total non-current liabilities  70 132  85 953 
Deferred revenue  165 230  149 839 
Current portion of lease liabilities  13 439  12 886 
Accounts payable  10 905  11 760 
Taxes payable  5 341  15 700 
Other current liabilities  74 407  76 155 
Total current liabilities  269 320  266 340 
Total liabilties  339 453  352 293 
Total equity and liabilities  1 311 992  1 283 114 
Consolidated Statement of Financial Position
Equity and liabilities

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2025 Q4 REPORT
Amounts in NOK (thousands) Share capital Treasury 
shares
Share 
premium
Other 
components 
of equity
Retained 
earnings
Non-
controlling 
interest
Total equity
Total equity 31.12.2023  1 715  (31)  605 893  16 621  214 846  4 631  843 675 
Profit / (-) loss for the period  -    -    -    -    105 959  -    105 959 
Other comprehensive income  -    -    -    16 957  -    -    16 957 
Purchase of treasury shares  -    (14)  -    -    (40 851)  -    (40 865)
Changes in non-controlling interests  -    -    -    -    -    4 855  4 855 
Other changes  -    -    -    -    239  -    239 
Total equity 31.12.2024  1 715  (45)  605 893  33 578  280 193  9 486  930 820
Profit / (-) loss for the period  -    -    -    -    85 225  -    85 225 
Other comprehensive income  -    -    -    17 594  -    -    17 594 
Purchase of treasury shares  -    (24)  -    -    (62 389)  -    (62 413)
Changes in non-controlling interests  -    -    -    -    -    (3 100)  (3 100)
Other changes  -    2  -    -    4 411  -    4 413 
Total equity 31.12.2025  1 715  (68)  605 893  51 172  307 441  6 386  972 539 
Consolidated Statement of Changes in Equity

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

21
2025 Q4 REPORT
Amounts in NOK (thousands) Q4’25 Q4’24 FY’25 FY’24
Operating activities
Profit before tax  12 337  33 405  97 936  133 519 
Paid taxes  (22 268)  (14 723)  (56 673)  (41 251)
Net financial income  11 567  (29)  11 203  (1 989)
Gains/loss sold assets  -    (11)  (4)  75 
Depreciation and amortisation  19 410  15 101  81 801  52 465 
Interest received  777  1 056  2 804  4 781 
Net cash provided from operating activities before net working capital changes  21 823  34 801  137 067  147 600 
Working capital adjustments
Changes in accounts receivable  (6 431)  (8 737)  2 607  7 160 
Changes in deferred revenue  12 658  16 420  8 711  24 441 
Changes in accounts payable  (5 494)  2 901  (1 395)  229 
Changes in all other working capital items  2 069  2 776  (2 751)  (415)
Net cash provided from operating activities  24 625  48 160  144 239  179 015 
Investing activities
Investments in tangible and intangible assets  (484)  (1 053)  (1 468)  (3 558)
Payments for acqusitions  (4 162)  -    (6 997)  (152 056)
Payments for software development costs  (10 305)  (13 629)  (43 013)  (48 664)
Net cash used in investing activities  (14 951)  (14 683)  (51 478)  (204 278)
Financing activities
Cash proceeds from capital increases  -    -    -    4 720 
Downpayment on loan facilities  -    -    -    (7 954)
Interest payments  (524)  (1 028)  (2 843)  (2 792)
Repayments of lease liabilities  (3 233)  (3 106)  (12 689)  (12 278)
Payment of treasury shares  (19 631)  (20 018)  (62 413)  (40 865)
Net cash provided by (used in) financing activities  (23 388)  (24 152)  (77 944)  (59 170)
Net increase (decrease) in cash and cash equivalents  (25 534)  9 326  3 653  (84 432)
Cash and cash equivalents at the beginning of period*  160 712  117 751  125 655  206 024 
Foreign currency effects on cash and cash equivalents  (2 278)  (1 422)  4 248  4 063 
Cash and cash equivalents at end of period*  144 720  125 655  144 720  125 655 
Consolidated Cash Flow Statement
* Cash and cash equivalent include restricted funds

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

22
2025 Q4 REPORT
Explanatory Notes to the 
Consolidated Financial Statements
Note 1 Accounting policies
The interim report for the SmartCraft Group for 4th quarter 2025 
has been prepared in accordance with IAS 34 Interim Financial 
Reporting. The same accounting policies and methods 
for computation have been applied as in the latest annual 
statement. For further information on accounting policies see 
the Annual Report 2024.
Note 2 Revenue
Note 3 Earnings per share
Amounts in NOK (thousands) 
Revenue 
recognition Q4’25 Q4’24 FY’25 FY’24
Fixed price Over time  126 327  117 058  493 129  438 216 
Transactions Point in time  11 385  11 057  42 105  39 425 
Total recurring  137 712  128 115  535 234  477 642 
Non-recurring Point in time  5 882  8 139  23 694  33 121 
Total revenue  143 594  136 254  558 927  510 763 
Q4’25 Q4’24 FY’25 FY’24
Profit for the year TNOK 11 999 25 531 85 225 105 959 
Profit for the year attributable to non-controlling interests TNOK - - - - 
Profit for the year attributable to equity holders of SmartCraft ASA TNOK 11 999 25 531 85 225 105 959 
Average numbers of common shares, excl. Own shares 165 141 232 167 471 845 165 984 829 167 907 976 
Earning per share  NOK 0.07 0.15 0.51 0.63

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

23
2025 Q4 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.

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

24
2025 Q4 REPORT
Amounts in NOK (thousands) Q4’25 Q4’24 FY’25 FY’24
Total operating revenue 143 594 136 254 558 928 510 763 
Amounts in NOK (thousands) Q4’25 Q4’24 FY’25 FY’24
EBITDA 42 773 46 648 190 260 184 530 
Adjustments of special items 5 880 - 8 672 5 458
Adjusted EBITDA 48 653 46 648 198 932 189 987 
EBITDA-margin 29.8% 34.2% 34.0% 36.1%
Adjusted EBITDA-margin 33.9% 34.2% 35.6% 37.2%
Amounts in NOK (thousands) Q4’25 Q4’24 FY’25 FY’24
Adjusted EBITDA 48 653 46 648 198 932 189 987 
Capitalized development expenses 10 305 13 629 43 013 48 664 
Adjusted EBITDA - CAPEX margin 26.7% 24.2% 27.9% 27.7%
Q4’25 Q4’24 FY’25 FY’24
Annual Recurring Revenue (ARR) (EoP) TNOK 522 344 481 958 522 344 481 958 
Recurring revenue 95.9% 94.0% 95.8% 93.5%
Average Revenue per Customer (ARPC) NOK 41 993 40 737 41 416 38 848 
Churn rate (R12m) (EoP) 9.2% 9.2% 9.2% 9.2%

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

25
2025 Q4 REPORT
25
2025
 Q4 REPORT
This is
SmartCraft  
FEBRUARY 2026

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

26
2025 Q4 REPORT
Our passion is to simplify business 
for construction companies
SmartCraft’s mission is to streamline operations and free up time for 
construction companies, so they can generate additional revenue 
instead of spending evenings and weekends with planning, purchasing, 
invoicing and documentation. This is especially true for small and medium 
enterprises, but our specialized software is also used by large installation 
companies, as many of the processes in the field and in the office are 
the same. In the future, well-functioning and efficient processes will be 
necessary for craftsmen and contractors to keep up with competition.
Our solutions are also used by our customers even before they 
have won a contract. As a natural part of the sales process, 
our solutions enable our customers to be more efficient and 
precise in their offers. Official requirements and regulations, 
for example with regards to health and safety as well as 
quality control, become increasingly comprehensive and end 
customers require more documentation of the work being 
done. Nevertheless, the construction industry is today one of 
the least digitized. We are more convinced than ever that this 
will change rapidly in the years to come. Those who remain 
passive and stick with their analogue processes will be left 
behind.
Best-of-breed
We offer best-of-breed software. This means that our solutions 
are tailormade for each of the niches we focus on. The best 
solution for a plumber is not necessarily ideal for a carpenter 
– and electricians have their specific requirements too. Since 
we were founded in 1987, we have followed this philosophy, 
which means that we over time have built deep insight and 
competency regarding the business models and workflows of 
our customers. At the same time, we increasingly collaborate 
across the group and solutions when it comes to customer 
insight, product and technology, development and sales. Our 
goal is always to provide the most efficient and productive 
solutions to our customers. We expect to invest 
8-9 percent of our revenue in product and technology 
development in 2026 to further increase our potential to 
increase growth.
The craftsman’s office is in the car or outside on a worksite. 
Our solutions are seamlessly available on smartphones and 
tablets for field workers and on rich web clients at the desktop 
for people in the office. Hence, SmartCraft users can use digital 
tools throughout the day in every step of the process. All the 
way from producing a quotation, project planning and work-
order to project documentation, salaries and invoicing.

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

27
2025 Q4 REPORT
Well positioned to unlock 
value with AI
Leveraging AI is an integral part of our strategy and operations. 
We use it to improve customer workflows and speed up 
product development across the group. In SmartCraft Spark, 
our newly launched solution for electricians, AI-assisted 
quoting and pricing logic improves accuracy and shortens the 
time from request to quote, helping contractors win more jobs. 
In SmartCraft Flow, our new solution for the HVAC segment, 
AI-supported documentation and task suggestions reduce 
admin time in the field. In Cordel, AI-enhanced data extraction 
and smarter integrations help automate compliance-heavy 
workflows.
For customers, next-generation AI improves profitability 
through faster quoting, fewer mistakes, and better cost control. 
For SmartCraft, AI supports our most important operational 
priority: Stabilizing and reducing churn while improving long-
term margin, because our products become more embedded, 
more useful, and easier to adopt. 
SmartCraft’s AI story rests on two foundations:
First, our customers’ work will not disappear because of AI. 
HVAC, electrical installation and contracting are physical, 
regulated services that will remain manual at the point of 
delivery. What changes is everything around the work: quoting, 
planning, documentation, compliance and follow-up. That is 
where SmartCraft creates value by removing administration, 
reducing errors and improving profitability.
Thus, the market remains large and under-digitized. Many 
SMEs still rely on spreadsheets and manual processes. AI 
lowers the barrier to adoption through simpler interfaces 
and voice-to-task workflows, expanding usage across our 
customer base and accelerating digitalization across the 
industry.
Second, SmartCraft is built on an ecosystem, not point 
solutions. A significant share of our ARR comes from systems 
of record, the operating systems where customer work is 
created, executed, documented and followed up. These 
workflows sit at the center of daily operations, with data 
that is compliance-bound and integrated with partners and 
processes. This kind of data is not publicly available. 
AI does not diminish SmartCraft’s position, it amplifies it. Our 
workflow depth, regulatory trust, integrated ecosystem and 
physical end-tasks make SmartCraft a resilient SaaS model. 
With AI enhancing our products, broadening adoption and 
accelerating development, we are positioned to grow faster 
and more profitably in an AI-driven world.

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

28
2025 Q4 REPORT
Massive market and low 
share-of-wallet
In our existing markets there are about 720 000 companies in 
the construction industry. As a market leader we have 14 100 
customers, showcasing the low market penetration. Most of 
these are SME companies where our solutions are a great fit. 
Calculations show that the potential market size is above NOK 
50 billion* in the Nordics and the UK in 2024.
This market is expected to grow and we are deeply committed 
to remaining a leading player and a driving force in the industry 
going forward. It is essential for us to ensure that the purchase 
decision for new customers is easy. Our solutions are cloud 
based and easy to implement. Looking at the cost per month 
for a new SmartCraft customer, the share-of-wallet is very low 
compared to the total cost base. For a customer, the return on 
investment is immense.
Strong growth drivers 
for digitalisation
Lack of skilled workers
• Need for skilled construction workers globally
• Aging workforce and lack of recruitment
Digitally maturing users and software
• Apps and SaaS solutions drive adoption
• Younger more digital workforce
Increasing demand for detailed digital  
documentation
• Regulatory offices
• Consumers
Long tail of service needs in private and 
public sector
• Increasing aging buildings in need of renovation
• Services include renovation, upgrades and 
maintenance of existing buildings
*Analysis by SmartCraft, August 2024. Compounded on basis of ARPC, penetration and addressable companies (ADL model, 2021)

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

29
2025 Q4 REPORT
Attractive business model
The story of SmartCraft has for many years been the story 
of profitable growth. We love our cloud-based Software-
as-a-Service model for many reasons. One being the fact 
that the cost of adding one additional customer or user is 
minimal. This, combined with an efficient sales and marketing 
organization and a gross margin above 90 percent, gives us a 
strong business model. We target a revenue growth of 15-20 
percent organically in the medium term and expect a growing 
EBITDA margin due to the scalability of the business. We are 
continuously investing in product development to secure future 
growth, but in the profitable growth mindset we are focusing 
on maintaining a high margin before any capitalization is made.
Another strength of our business model is the long revenue 
visibility and hence low risk related to our cash flows. Once 
onboard, our customers stay with us for many years and 
historically we have a consistent low annual churn.
High quality of earnings
In the 2025, 96 percent of our revenue was recurring. The high 
level of recurring revenue creates a solid, predictable financial 
profile with low risk. The high level of recurring revenue is a 
result of our strategy to minimize non-recurring revenue like 
setup and installation fees, consulting fees, training fees and 
support fees, as we believe good software should be easy to 
use with minimum effort. We also believe that hardware and 
3rd party software is best handled by the vendors of these 
and that SmartCraft employees should focus on making great 
mission critical solutions for our customers. As a result of this 
strategy, we have high earnings quality with good earnings 
visibility and low operational risk.
* Including earnout payment of NOK 17.6 million previously classified as investing activity (reclassified in Annual report 2023).

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

30
2025 Q4 REPORT
SmartCraft is as of October 2025 organized in accordance 
with four business areas:  Electro, HVAC & Plumbing, SME 
Construction, and Enterprise. This evolution builds on our 
proven product-led strategy, tailored to the needs of our 
core customer groups. By aligning more closely with these 
segments, we sharpen focus, accelerate execution, and 
reinforce a scalable platform for international growth.
Each business area holds end-to-end ownership of product, 
go-to-market, and P&L. This will enable faster decisions, 
stronger accountability, and clearer links between investment 
and outcomes. The structure strengthens our ability to deliver 
value locally while enabling scalable, repeatable growth 
across Sweden, Norway, Finland, and the UK through shared 
playbooks and best practices.
Growth ambitions
Looking ahead, we continue to follow our strategy of profitable 
organic growth and M&A driven consolidation. We have a 
strong financial foundation following the successful listing on
Oslo Børs in 2021, providing a solid balance sheet and a broad, 
international investor base. Hence, our organic growth strategy 
is fully funded. Additionally, with a high cash conversion we are
constantly increasing our M&A capabilities.  
 
Our primary focus going forward is organic growth in the 
Nordics and the UK through upselling to existing customers, by 
winning new customers and by cross selling on our customer 
bases. 
Secondly, we are pursuing M&A opportunities both in existing 
and new geographies and are in dialogue with several 
companies. At the same time, we are patient. Capital discipline 
has high priority and we will only pursue the right acquisition 
target at the right price.
Electro EnterpriseHVAC & 
Plumbing
SME  
Construction
Business area structure optimizes focus

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

31
2025 Q4 REPORT