Hermana (HERMA) Q2 2025 earnings summary

Executive summary

• Received NOK 44.9 million from Magnora ASA as partial settlement of a demerger receivable tied to Shell Penguins FPSO license rights; another USD 4.3 million is expected upon production milestone in Q4 2025.

• Entitled to USD 0.50 per barrel from Western Isles FPSO, but no new developments as the vessel awaits redeployment amid UK regulatory uncertainty.

• Established a structured investment process and evaluated several potential investments during H1 2025.

• Extraordinary general meeting in August 2025 resulted in new board members and approval of a rights issue for board participants.

• Appointed Morten Strømgren as CEO and CFO in August 2025.

Financial highlights

• Q2 2025 operating revenue was NOK 0.4 million, down from NOK 1.3 million in Q2 2024.

• Operating expenses for Q2 2025 were NOK 1.6 million, significantly reduced from NOK 6.6 million in Q2 2024.

• EBITDA for Q2 2025 was negative NOK 1.2 million; net loss for Q2 2025 was NOK 3.8 million, compared to a profit of NOK 0.7 million in Q2 2024.

• Cash and cash equivalents as of 30 June 2025 were NOK 59.8 million, up from NOK 23.4 million a year earlier.

• Equity ratio remained high at 98% as of 30 June 2025; no debt.

Outlook and guidance

• Anticipates receiving the remaining USD 4.3 million from Magnora ASA after Shell Penguins FPSO reaches 4 million barrels, expected in Q4 2025.

• Expects long-term revenue from Western Isles FPSO once redeployed; vessel is designed for a 30–50 year life.

• Continues to evaluate value-accretive investment opportunities in line with capital allocation strategy.