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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.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.
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