Financial reports

2025

2024

Executive statement

A turning point and continued push forward

2025 marks a clear turning point for the Norlys Energy Trading. After a challenging 2024, we have returned to positive territory, and we have carried that momentum into 2026.

The turnaround came from sharpening what we already do well: tighter risk discipline around our trading, a broader geographic footprint with the addition of US energy markets, and continued growth in our client business, particularly within structured energy solutions. Together, these have changed the trajectory.

We end 2025 financially stronger than we began it. Our capital base is robust, liquidity is strong, and our portfolio is deliberately diversified across products, markets, and time horizons. This is the foundation that allows us to remain a solid partner for those who rely on us to hedge their exposure - at the scale and through the cycles that matter.

We are not yet where we want to be, and there is still work to be done in a market that changes constantly.

We continue our focus on adding on more markets, building and refining our trading engine and increasing our client business.

Anders Bauditz

Chief Executive Officer

Operating profit

Total assets

Equity

People

300

Financial highlights

Here you will find the consolidated financial results for 2025. The report provides a clear overview of key figures, capital structure, and risk management.

Market brief

No items found.

People and impact

Building the foundation for a high-performance culture

In 2025, we continued strengthening the foundation for a high-performance culture by further clarifying the roles and responsibilities of specialists and leaders across Norlys Energy Trading.

We believe that strong performance is created collectively and enabled through both formal and informal leadership. Leaders play an important role as catalysts for collaboration, development and direction. Equally important are the specialists and employees whose expertise, initiative and daily contributions drive the company forward.

Throughout the year, we therefore focused on defining core responsibilities across the organisation and creating a shared understanding of the impact strong leadership can have when exercised well. At the same time, we continued recognising the importance of specialist knowledge, knowledge sharing and the informal leadership that emerges through expertise, collaboration and ownership.

Together, these elements form the foundation of the performance culture we are building - one where accountability, dedication, discipline and collaboration support both individual growth and collective results.

With this foundation now established, we will continue in 2026 to strengthen leadership capabilities, support our specialists and further embed the principles of high performance.

People

300

+

Nationalities

22

Offices

12

Executive statement

Anders Bauditz

Chief Executive Officer

Operating profit

38

Total assets

11

Equity

338.09

People

270

Financial highlights

Here you will find the consolidated financial results for 2024. The report provides a clear overview of key figures, capital structure, and risk management.

Market brief

No items found.

People and impact

The Learning Collective and Academy became foundational pillars

The Learning Collective forms the basis of the Humans and Resources strategy of Norlys Energy Trading. It is a philosophy, a guiding principle and a commitment to the employees, the leaders, to partners and to society.

We believe that the sum of our collective knowledge, experience and continued learning is what takes the company forward, as it enables momentum, informed decisions and deliberate direction and creates results and ensures our contribution to the green future. This is our intent.

The Academy is a core component of the Learning Collective. It serves a centralised knowledge hub, where courses, study groups and other structured dialogues between employees accross the company, are organised. These groups, facilitated by employees across departments, promote cross-functional collaboration and knowledge sharing. Topics range from deep learning and scalable systems to leadership practices.

People

270

+

Nationalities

22

Offices

4

Stories from the year