Hermana (HERMA) Q3 2025 earnings summary

Executive summary

• Evaluated around 20 investment opportunities across sectors, maintaining a patient, opportunity-driven capital allocation approach.

• Main income source remains royalty design rights from two FPSOs; no FPSO-related payments in Q3 2025.

• New CEO/CFO appointed and two new board members elected following an extraordinary general meeting.

Financial highlights

• Q3 2025 operating revenue was NOK 0.3 million, up from NOK 0 in Q3 2024.

• Operating expenses were NOK 1.4 million, down from NOK 2.3 million in Q3 2024.

• EBITDA and operating profit/loss for Q3 2025 were both NOK -1.1 million, compared to NOK -2.3 million in Q3 2024.

• Net loss for Q3 2025 was NOK -1.5 million, improved from NOK -4.5 million in Q3 2024.

• Cash and cash equivalents at quarter-end were NOK 60.3 million, up from NOK 18.8 million a year earlier.

Outlook and guidance

• Expects to receive USD 4.3 million in Q4 2025 as the final demerger receivable from Magnora ASA related to the Shell Penguins FPSO.

• Anticipates long-term revenue from Western Isles FPSO, with entitlement to USD 0.50 per barrel produced and offloaded.

• Short-term clarity expected on UK windfall tax and redeployment timing for the Western Isles vessel.