Hermana
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Hermana (HERMA) investor relations material

Hermana Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • First full year as a listed company delivered a 48% shareholder return, with focus on royalty proceeds, capital allocation, and investment evaluation.

  • Received NOK 88.7 million from Shell Penguins FPSO royalties, completing all proceeds from this asset.

  • Western Isles FPSO royalty rights remain, with potential for long-term revenue as redeployment is anticipated.

  • Cash and cash equivalents at year-end exceeded NOK 100 million, with no long-term debt.

  • Evaluated around 40 investment opportunities, maintaining a patient, opportunity-driven approach.

Financial highlights

  • 2025 revenue was NOK 1.2 million, down from NOK 3.9 million in 2024 due to lower royalty income.

  • Operating profit was negative NOK 5.3 million; net loss was NOK 13.4 million, impacted by a NOK 9.3 million FX loss.

  • Cash flow from operations was negative NOK 4.5 million; investing activities contributed NOK 88.7 million.

  • Year-end cash and cash equivalents were NOK 104.3 million; equity ratio stood at 99.3%.

  • Market capitalization at year-end was NOK 228.8 million.

Outlook and guidance

  • Anticipates significant, long-term revenue from Western Isles FPSO royalties once redeployed.

  • Continues to evaluate value-accretive investment opportunities, with disciplined capital allocation.

Western Isles FPSO sale: impact on revenue timing
Investment strategy: transformational deals vs. low cost?
Long-term plan for management structure and costs
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Frequently asked questions

Hermana Holding ASA is a Norwegian company involved in royalty-based business operations. The company focuses on manufacturing, trading, and activities related to energy, intangible rights, and raw materials. Additionally, Hermana Holding invests in licenses, securities, financial instruments, and other assets, as well as acquiring businesses. The company’s operations also extend to providing financing in exchange for revenue streams, particularly targeting resource-based assets in the Nordic economies and various intellectual properties. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchanges.

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