Nordic Financials (NOFIN) Q1 2026 earnings summary

Executive summary

• Maintained a debt-free, capital-light, and agile investment model, focusing on a concentrated portfolio of high-quality positions.

• Two anchor holdings: Gold Road (core, long-term) and Heder Bank (early-stage, strategic investment).

• Ongoing smaller investments and transactions support pipeline development.

• Remains cost-conscious and committed to a lean operating model.

Financial highlights

• Net income from shares and bonds was NOK 309k in Q1 2026, down from NOK 1,122k in Q1 2025.

• EBITDA for Q1 2026 was NOK -1,895k, compared to NOK -1,166k in Q1 2025.

• Profit for the period was NOK -1,783k, compared to NOK -2,079k in Q1 2025.

• Basic and diluted EPS for Q1 2026 was NOK -0.09, unchanged from Q1 2025.

• Investments in shares increased to NOK 13,388k from NOK 6,725k at year-end 2025; bonds reduced to zero after divestment.

Outlook and guidance

• Pursuing several new investment opportunities with optimism regarding deal flow and access to capital.

• Expects the benefits of a lean operating model to materialize through 2026.