Interim report
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1H 2026 FINANCIAL REPORT
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3Nordic T echnology Group 1H 2026 Financial Report 2 Nordic T echnology Group 1H 2026 Financial Report As of 30 June 2026, NTG hold majority ownership in four companies; Wavetrain Systems AS (7 4.2%), Hammertech AS (75.5%) in the sensor technology business area and MossHydro AS (89.9%), Hystorsys AS (100%) in the clean technology business area. 1H 2026 key events ◉ January: NTG raised around NOK 55 million in new cash equity plus NOK 10 million in debt conversion at a share price of NOK 1.40 per share ◉ March: NTG raised NOK 1.3 million in new cash at the subsequent share offering at NOK 1.40 per share. ◉ March: Hammertech signed a 3-year Frame Agreement with a major drilling service provider in the Americas region ◉ March: Wavetrain Systems signed a contract with Austrian Federal Railways for delivery of its AI powered Level Crossing Warning System ◉ March: Wavetrain Systems signed a contract for delivery of its AI powered Level Crossing Warning System to Sweden ◉ March: Hammertech receives a NOK 5.5 million repeat order for delivery to a drilling service pro- vider in the Americas region Subsequent events ◉ July: Wavetrain Systems achieves T ype Approval from Network Rail in UK opening up for commer- cial roll-out ◉ August: Hammertech receives NOK 6.6 million additional order for 10 AquaFieldTM Mud meters NTG group consolidated financials NTG Group reported consolidated revenues of NOK 24.1 million in 1H 2026 (NOK 18.8 million in 1H 2025). By business area, Sensor T echnology generated approximately NOK 4.9 million (NOK 7.3 million in 1H 2025) and Clean T echnology generated NOK 19.2 mil- lion (NOK 11.5 million in 1H 2025). T otal operating expenses for 1H 2026 amounted to NOK 96.5 million (NOK 96.2 million in 1H 2025). The Group reported a net operating loss in 1H 2026 of NOK 72.4 million, of which NOK 39.9 million was related to depreciation and amortization (compared to a net operating loss of NOK 77.4 million, including NOK 41.1 million in depreciation and amortization in 1H 2025). As of 30 June 2026, NTG Group’s consolidated cash balance stood at NOK 0.9 million. NTG Parent Com- pany receivables towards its subsidiaries as of end 1H 2026 is NOK 75.3 million which may be converted to shares in subsidiaries and/or be paid back to NTG Parent Company. In July and August 2026, around NOK 10 million in new liquidity has been raised in the Group. Current assets at end 1H 2026 were NOK 35.1 million, while current liabilities totaled NOK 62.5 mil- lion (compared with NOK 47.3 million and NOK 113.5 million, respectively, at end 1H 2025). Non-current liabilities were NOK 13.6 million (NOK 21.6 million in 1H 2025), primarily comprising bank loans, convertible loans, and innovation loans with other institutions. T otal assets as of 30 June 2026 were NOK 289.5 mil- lion, of which NOK 247.3 million is related to intangible assets. Goodwill of NOK 63.1 million, recognized from the acquisition of NTG Group companies in July 2022, is being amortized over five years. Other intangible assets are depreciated over a ten-year period. Cash flow from operating activities in 1H 2026 showed a net outflow of NOK 58.3 million (outflow of NOK 69.8 million in 1H 2025). Net cash outflow from investing activities was NOK 8.3 million (compared to a net cash outflow of NOK 17.9 million in 1H 2025), while financing activities contributed NOK 63.6 million (NOK 86.4 million in 1H 2025). The book value of equity at 30 June 2026 was NOK 213.4 million (NOK 198.3 million in 1H 2025), cor- responding to an equity ratio of 73.7% (59.5% in 1H 2025). The net loss for 1H 2026 of NOK 7 4.4 million has been allocated to uncovered losses. Going concern The 1H 2026 financial statements have been pre- pared under the going concern assumption, in accord- ance with Section 4-5 of the Norwegian Accounting Act. Nordic T echnology Group AS and its subsidiaries oper- ate in a project-based environment characterized by limited firm order backlog and variability in the timing of contract awards. As of the balance sheet date, the Group has limited committed revenues, and future cash inflows are dependent on the successful con- version of ongoing commercial activities into signed contracts, the timing of which remains uncertain. As of the date of approval of these financial statements, revised budgets and cash flow forecasts for the next 12 months indicate that the Group will require addi- tional funding to support ongoing operations in the parent company, Wavetrain Systems AS and Ham- mertech AS. The forecasts are based on assumptions regarding future order intake, project execution and timing of payments, which are inherently uncertain and may differ from actual outcomes. In Q1 2026, NTG completed a capital increase of NOK 66.3 million, of which NOK 55 million in new cash. The new capital was raised at NOK 1.40 per NTG share. Additional capital was raised directly in Wavetrain Systems and Hammertech in 1H 2026. Wavetrain Systems raised a combined amount of NOK 17.0 mil- lion in new equity and convertible loans at a valuation of around NOK 494 million for Wavetrain Systems, and Hammertech raised a combined amount of NOK 17.3 million in new equity and convertible loans at a valuation of around NOK 307 million for Hammertech. As part of the capital raise in Wavetrain Systems and Hammertech, some participating investors which have recently contributed cash, or will contribute cash in Wavetrain Systems and Hammertech, will receive subscription rights for additional preference shares in both Hammertech and Wavetrain. During the period up to December 2027, these rights may be exercised to subscribe for up to 1,157,891 additional preference shares in Wavetrain at NOK 9.50 per share and up to 11,412 additional preference shares in Hammertech at NOK 950 per share. If fully exercised, the sub- scription rights would provide the subsidiaries with an additional NOK 21.8 million of new equity capital (NOK 11.0 million in Wavetrain and NOK 10.8 million in Hammertech), bringing the total potential equity capital contribution under the T ransaction to approxi- mately NOK 42.7 million. As part of the above, NTG has agreed to grant participating investors with the right, during the same excersise period, to convert all preference shares acquired under the T ransaction (including any preference shares subscribed for through the subscription rights) into ordinary shares in NTG at a fixed subscription price of NOK 1.70 per share, subject to the terms and conditions of the respective agreements. Should all subscription rights in the subsidiaries be exercised, and all preference shares subsequently be converted into ordinary NTG shares, the total number of outstanding shares in NTG would increase by approximately 25,128,975 shares. An expected sale of MossHydro AS will secure addi- tional liquidity to NTG. The proceeds provides a basis for continued opera- tions in the short term. Beyond this, the Group’s ability to meet its obligations as they fall due is dependent on securing additional financing and/or achieving sufficient order intake and cash generation. The Com- pany is in dialogue with its main shareholders, banking partner and relevant public financing institutions regarding potential financing solutions. As of the date of approval of these financial statements, no binding commitments for such financing have been secured. The outcome, timing and terms of any such financing remain uncertain. Based on the above the Board of Directors and man- agement consider it appropriate to prepare the finan- cial statements under the going concern assumption in line with the Norwegian Accounting Act. The Board of Directors and management confirm that the company has adequate plans and realistic prospects to secure sufficient funding to be able to continue Nordic T echnology Group AS (NTG), an Norwegian-based industrial technology company listed on Euronext Growth Oslo. NTG targets technologies that have completed substantial development and validation phases and are entering early growth commercial deployment. Headquartered in Oslo, Norway, NTG works closely with industrial partners, customers and financial institutions to support its subsidiaries in realising their commercial potential and driving sustainable value creation for its shareholders. Directors Report Directors Report 2 Consolidated Income Statement 5 Consolidated Balance Sheet 6 Statement of Cash Flows 8 Notes to the Financial Statements 9 Contents
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4 Nordic T echnology Group 1H 2026 Financial Report 5Nordic T echnology Group 1H 2026 Financial Report its operations for at least the next 12 months in line with the Accounting Act. At the same time, the Board of Directors and management acknowledges that uncertainty related to the timing of revenue realisation and raising additional financing through equity and sale of non-core subsidiaries constitutes a material uncertainty that should be appropriately disclosed in the notes to the financial statements and in the annual report as the Group is dependent on the suc- cessful implementation of these measures in order to meet its ongoing obligations and ensure continued operations. Until new financing and sale of non-core businesses is secured, there will always be an inherent risk that adequate sources of funds may not be available, or available at acceptable terms and conditions when needed, and as such, there is a considerable risk to the going concern if each of Nordic T echnology Group AS (Parent company) and the Group companies Wav- etrain Systems and Hammertch are not successful in obtaining required liquidity. Events after the balance sheet date There have been no events after the balance sheet date (reporting period) that would have an impact on the Company’s financial statements or its financial position at the time issuing this report. The Board of Directors report, including the 1H 2026 financial report will be available for download on the NTG Group´s web page www.ntechgroup.no. Oslo, 27 August 2026 /s/ Henrik August Christensen Chairman /s/ Georg Johan Espe Board member /s/ Konstantinos Koutsoumpelis Board member /s/ Leif Rune Rinnan Chief Executive Officer Consolidated Income Statement Unaudited Unaudited Unaudited Unaudited Amounts in NOK 1000 Note H1 2026 H1 2025 YTD 2026 YTD 2025 Operating income and expenses Revenue 1 24 086 18 799 24 086 18 799 Other operating income 0 0 0 0 T otal revenue 24 086 18 799 24 086 18 799 Capitalized internally generated assets -8 043 -10 270 -8 043 -10 270 Cost of goods sold 11 830 7 287 11 830 7 287 Payroll expenses 36 090 31 759 36 090 31 759 Depreciation and amortisation expenses 2, 3 39 864 41 071 39 864 41 071 Other operating expenses 16 794 26 362 16 794 26 362 T otal operating expenses 96 535 96 209 96 535 96 209 Operating profit or loss -72 448 -77 410 -72 448 -77 410 Financial income and expenses Other finance income 806 159 806 159 Other financial expense 2 930 3 745 2 930 3 745 Net financial items -2 124 -3 586 -2 124 -3 586 Profit of loss before income tax -74 573 -80 996 -74 573 -80 996 Income tax expense 177 177 177 177 Net loss for the period before minority interests -74 395 -80 818 -74 395 -80 818
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7Nordic T echnology Group 1H 2026 Financial Report6 Nordic T echnology Group 1H 2026 Financial Report Consolidated Balance Sheet Unaudited Audited Amounts in NOK 1000 Note YTD 2026 2025 ASSETS Development 2 174 936 174 950 Other intangible assets 2 500 518 Deferred tax asset 8 783 8 606 Goodwill 2 63 120 94 679 T otal intangible assets 247 338 278 753 Fixtures and fittings, tools, office machinery and equipment 3 7 093 7 120 T otal tangible assets 7 093 7 120 T otal non-current assets 254 431 285 873 Inventories 18 025 18 152 T otal inventories 18 025 18 152 T rade receivables 4 849 6 847 Other receivables 11 257 18 448 T otal receivables 16 105 25 296 Cash and bank deposits 928 3 854 T otal current assets 35 059 47 302 TOT AL ASSETS 289 490 333 175 Unaudited Audited Amounts in NOK 1000 Note YTD 2026 2025 EQUITY AND LIABILITIES Equity Share capital 4 831 615 Share premium 4 895 930 827 334 T otal paid-in equity 896 761 827 949 Other equity 4 -785 051 -718 724 T otal retained earnings -785 051 -718 724 Minority interests 4 101 671 89 081 T otal equity 213 380 198 305 Liabilities Convertible loans 5 514 11 331 Liabilities to financial institutions 8 107 10 231 T otal other non-current liabilities 13 621 21 562 Convertible loans 338 17 301 Liabilities to financial institutions 20 496 22 086 T rade payables 13 313 10 607 Public duties payable 2 833 4 856 Other short-term liabilities 25 509 58 459 T otal current liabilities 62 489 113 308 T otal liabilities 76 110 134 870 TOT AL EQUITY AND LIABILITIES 289 490 333 175 Oslo, 27 August 2026 /s/ Henrik August Christensen Chairman /s/ Georg Johan Espe Board member /s/ Konstantinos Koutsoumpelis Board member /s/ Leif Rune Rinnan Chief Executive Officer
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9Nordic T echnology Group 1H 2026 Financial Report8 Nordic T echnology Group 1H 2026 Financial Report Statement of Cash Flows Notes to the Financial Statements General and basis for preparation Nordic T echnology Group AS (NTG) was incorporated in March 2021 as a limited liability company organized under Norwegian law and with a governance structure based on Norwegian corporate law and other regulatory require- ments. NTG has its headquarters located in the munic- ipality of Oslo, Norway. The condensed interim financial statements for the period ending on 30 June 2026 have been prepared in accordance with the Norwegian Account- ing Act (NGAAP) and generally accepted accounting principles. The accounting principles applied in preparing the interim financial statements are consistent with the annual report for 2025. The interim financial statements are unaudited. The preparation of the interim financial statements entails the use of valuations, estimates and assumptions that affect the application of the accounting policies and the amounts recognized as assets and liabilities, income, and expenses. The actual results may deviate from these esti- mates. The material assessments underlying the application of the group’s accounting policy, and the main sources of uncertainty are the same as for the annual report for 2025. It is the opinion of the Board of Directors and Chief Exec- utive Officer that the 1H 2026 financial statements and financial positions provide a true and fair view of the devel- opment, risks and results of the parent company and its subsidiaries as of 30 June 2026. The Board of Directors and Chief Executive Officer confirms that the 1H 2026 financial statements are prepared in accordance with the going concern assumption and has taken this into account when preparing the financial statements. There have been no other circumstances after the end of 30 June 2026 that are of importance when assessing the groups position besides what is informed under events after the balance sheet date. Management reviews on a regular basis cash-flow fore- casts to evaluate whether it will be able to cover the liquidity needs for the next 12-month period. In developing estimates of future cash flows, the management makes assumptions about revenue and revenue growth, pricing strategies, cost of materials, payroll and other operating expenses, capital expenditures, potential acquisition opportunities, loan repayments, interest rates, currency development and tax charges. The assumptions applied are based on historical experience and future expectations, and uncertainty arises from the effectiveness of these decisions and their impact on revenues and expenses. At the same time, the Board of Directors and Chief Exec- utive Officer acknowledges that uncertainty related to the timing of revenue realisation and raising additional financing through equity and sale of non-core subsidiaries constitutes a material uncertainty that should be appropri- ately disclosed in the notes to the financial statements and in the annual report as the Group is dependent on the suc- cessful implementation of these measures in order to meet its ongoing obligations and ensure continued operations. Until new contracts are secured, additional financing and sale of non-core businesses is secured, there will always be an inherent risk that adequate sources of funds may not be available, or available at acceptable terms and conditions when needed, and as such, there is a considerable risk to the going concern if each of Nordic T echnology Group AS (Parent company) and the Group companies Wavetrain Systems and Hammertech are not successful in obtaining required liquidity. The Board of Directors and Chief Executive Officer believe to the best of their abilities that Parent company, Wave- train Systems and Hammertech´s initiatives and plans are realistic and sufficient to support the assumption that the Group can meet its financial obligations and continue to support the liquidity requirements for ongoing operations for the coming twelve-month period. Unaudited Audited Amounts in NOK 1000 YTD 2026 2025 Cash flow from operations Profit or loss before income taxes -74 573 -183 181 Depreciation 39 864 87 450 Write-down of intangible assets 0 8 335 Change in inventory 127 79 Change in trade receivables 1 999 -4 081 Change in trade creditors 2 707 -1 248 Change in other provisions -28 419 22 853 Net cash flow from operations -58 296 -69 792 Cash flow used in investments Purchase of tangible and intangible assets, including capitalized internally generated assets -8 245 -17 856 Net cash flow from investments -8 245 -17 856 Cash flow used in financing Net proceeds from long term loans -24 903 -14 501 Net change in bank overdraft -1 590 -3 163 Net proceeds from issuance of equity 95 815 104 088 Purchase of minority shareholding -5 707 0 Net cash flow from financing 63 615 86 423 Net change in cash and cash equivalents -2 926 -1 225 Cash and cash equivalents at the beginning of the period 3 854 7 955 Cash at the beginning of the period from discontinued operations 0 -2 876 Cash and cash equivalents at the end of the period 928 3 854
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11Nordic T echnology Group 1H 2026 Financial Report10 Nordic T echnology Group 1H 2026 Financial Report Notes Amounts in NOK 1000 Notes Amounts in NOK 1000 Note 1 Operating income Nordic T echnology Group, consolidated H1 2026 H1 2025 Sales income 24 086 18 799 T otal 24 086 18 799 Geographical distribution H1 2026 H1 2025 Norway 18 669 11 455 Other countries 5 417 7 344 T otal 24 086 18 799 By business area H1 2026 H1 2025 Sensor technology 4 878 7 344 Clean technology 19 208 11 455 T otal 24 086 18 799 Note 2 Intangible assets Other Develop- intangible Nordic T echnology Group, consolidated ment assets Goodwill T otal Purchase cost at 31 December 2025 234 391 2 265 356 708 593 364 Additions during the period 8 158 0 0 8 158 Purchase cost at 30 June 2026 242 549 2 265 356 708 601 522 Accumulated write-downs and depreciation at 31 Dec. 2025 59 442 1 747 262 028 323 217 Write-downs and depreciation for the period 8 172 18 31 560 39 750 Accumulated write-downs and depreciation at 30 June 2026 67 614 1 765 293 588 362 967 Book value at 30 June 2026 174 936 500 63 120 238 555 Depreciation for the period 8 172 18 31 560 39 750 Write-down for the period 0 0 0 0 Estimated useful life 5-10 years 3-15 years 5 years Depreciation plan Straight line Straight line Straight line Note 3 T angible assets Fixtures, tools, office Nordic T echnology Group, consolidated machinery T otal Purchase cost at 31 December 2025 10 117 10 117 Additions during the period 87 87 Purchase cost at 30 June 2026 10 204 10 204 Accumulated write-downs and depreciation at 31 December 2025 2 997 2 997 Write-downs and depreciation for the period 114 114 Accumulated write-downs and depreciation at 30 June 2026 3 111 3 111 Book value at 30 June 2026 7 093 7 093 Depreciation for the period 114 114 Estimated useful life 3-5 years Depreciation plan Straight line Note 4 Shareholders’ equity Share Share Other Minority Nordic T echnology Group, consolidated capital premium equity interest T otal Equity changes for the period Equity at 31 December 2025 615 827 334 -718 725 89 081 198 305 Result for the period -65 689 -8 706 -74 395 Share capital increase NTG 216 72 057 72 273 T ransaction cost related to share issue -3 461 -3 461 Share capital increase subsidiaries 27 003 27 003 Other changes in equity -638 -5 707 -6 345 Equity at 30 June 2026 831 895 930 -785 051 101 671 213 380 Note 5 Events after the balance sheet date There have been no events after the balance sheet date (reporting period) that would have an impact on the Company’s financial statements or its financial position at the time issuing this report.
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Fridtjof Nansens plass 5, 0160 Oslo, Norway www.nordictechnologygroup.no