Norwegian Block Exchange (NBX) H1 2026 earnings summary

Executive summary

• Secured MiCA CASP authorisation, expanded into regulated European digital asset services, and launched tokenised gold and silver products.

• Approved as a recognised custodian by SIX Exchange Regulation and began preparations for a specialised credit institution in Latvia.

• Acquired JuJu AS customer base, adding over 4,000 customers, and reinforced balance sheet via NOK 19.8 million debt-to-equity conversion.

• Launched NBX Visa Flex Card with multi-currency and asset cashback features, and completed a proof of concept in active management of borrowed digital assets.

Financial highlights

• Total operating income for H1 2026 was MNOK 6.05, down 45.3% from MNOK 11.08 in H1 2025.

• Platform and exchange income fell 51.8% year-over-year, while institutional services (OTC and custody) grew 183.7%.

• Operating expenses decreased 8.7% to MNOK 18.02, but underlying costs rose due to investment in compliance and platform development.

• Operating loss (EBIT) was MNOK -11.97, net loss after tax was MNOK -16.64, both deteriorating year-over-year.

• Net financial items were MNOK -9.36, mainly due to Bitcoin treasury revaluation.

• Book equity increased to MNOK 99.95 from MNOK 73.38 a year earlier.

Outlook and guidance

• Focus for H2 2026 is on completing USDM registration, launching the NBX Visa Flex Card, and progressing the Latvian banking licence.

• New euro and Polish złoty stablecoins and payment services are planned for launch in 2027.

• Management is conducting a structured cost review to set written targets for the cost base.