Appendix
Methodology & notes
Methodology
- Figures are management figures extracted from the general ledger.
- 2026 figures are year-to-date unless stated otherwise.
- Supplier and lease costs are approximate and based on booked amounts.
- Management figures – subject to final reconciliation.
EBITDA definitions
- Accounting EBITDA
- Earnings before interest, tax, depreciation and amortisation as booked. 2025: NOK 27.9m.
- EBITDA incl. Polares add-back
- Accounting EBITDA with related-party Polares costs added back. 2025: NOK 36.3m.
- Normalised EBITDA (management view)
- Management estimate of approx. NOK 40m. Not audited; subject to agreed normalisation methodology and final reconciliation.
Related-party disclosure — Polares
Polares Oy provides software, reporting, development and management support. 2026 YTD spend of NOK 6.3m is a related-party cost, disclosed separately from the external supplier base and treated separately in the normalisation analysis.
Next diligence items
- 01Statutory accounts reconciliationOpen
- 02Lease agreement reviewOpen
- 03Supplier contract reviewOpen
- 04Property ownership reviewOpen
- 05Normalised EBITDA bridgeOpen
- 06Legal structure mapOpen
Figures shown are management figures based on the general ledger and are preliminary pending final statutory reconciliation and agreed normalisation methodology.