Sverre Flatby
Chief Executive Officer

Good morning, everyone. I am here with my colleague and CFO, Einar Bonnevie, and we thank you all for joining today.

Let me start clearly. The fourth quarter 2025 was a record quarter, and 2025 was a record year. So, we have interesting topics for you to go through today, and these are the main highlights. We’re going through the fourth quarter highlights, the full year ’25 and of course, AI, which is important. We’ll go through that deeply.

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Status when it comes to M&A. And as you see, we will have a presentation for about 25, 30 minutes, and we will have a Q&A session at the end of the session. So please, if you have any questions, type them in as we go, and then we will attend to them at the end of the presentation.

So, let’s start and talk about the fourth quarter 2025. Reported revenue, NOK 135 million. That is 17% growth compared to the fourth quarter 2024. We are quite happy with that and also happy with the fact that the reported EBITDA in that quarter is NOK 31 million and the reported EBITDA margin is 23%. And even there are some one-offs as usual, this is the reported margin without any adjustments. And then the full year, it didn’t just end on the high note with the fourth quarter. The full year 2025 is also a structural step-up for Omda. NOK 496 million in sales and revenue for 2025, which exceed our guiding for ’25. That is 16% growth compared to 2024. And that also means that the operational baseline, the operating baseline into 2026 is very, very strong based on what has happened in 2025. So, the profitability and

Ocado Group has confirmed it has closed several warehouses in North America

The chief executive of online grocer Ocado has warned over “significant” redundancies after US retail behemoth Kroger withdrew from its automated warehouse collaborations, sending shares plummeting.

The company confirmed it has shut down several facilities in North America and cautioned that additional job losses are forthcoming as Ocado continues to “simplify” its operations.

The redundancy warning rattled investors on Thursday morning as shares in Ocado Group plunged 10 per cent at market opening, leaving the stock down two per cent year to date.

Total revenue before adjustment at Ocado Group increased in the year to November 2025, rising 12 per cent to £1.4bn.

The retailer, which trades on the FTSE-250, invested over £90m in technology as it embarks on a “very significant phase of investment in our robotics and automation capabilities,” chief executive Tim Steiner said, as reported by City AM.

Operating expenses at the online grocer rose three per cent to £1.6bn, and the group’s adjusted pre-tax loss narrowed marginally, decreasing seven per cent to £353m.

Ocado Group stated it aims to reduce costs by £150m and workforce reductions could reach as many as 1,000.

Ocado Group’s chief executive stated further staff losses were imminent as the grocer winds down a series of automated warehouse collaborations with US retail giant Kroger and Canadian grocer Sobeys. Ocado intensified its technology transformation last year when it unveiled plans to market its AI-powered warehouse technology internationally, which enables retailers to process and complete online grocery orders using AI.

Ocado had secured an exclusivity agreement with retail giant Kroger for the deployment of this technology in the US, but the American company cancelled three warehouses and abandoned plans for a fourth.

Sobeys withdrew from a warehouse utilising Ocado technology last month, causing the retailer’s shares to tumble nearly ten per cent.

The majority of the retailer’s exclusivity agreements with global partners have now lapsed, which Ocado’s chief executive says presents an opportunity for expansion.

Steiner said: “With exclusivity arrangements concluded in most markets, we have greater flexibility to pursue new partnerships and growth opportunities.

“We are well set to re-enter multiple markets with an evolved technology platform, designed to be more flexible, offering a wider range of solutions to help retailers to run more efficiently.”

Announcing today’s results, Steiner said its investment in new technology is “largely completed,” with the retailer “simplifying” its operating model to finance its expansion into technology overseas.

He said: “These changes will also reflect the lower structural cost base that we have signalled over recent years. Regrettably, this means a significant number of roles will no longer be required.”

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Stocks rebound despite President Trump’s new global tariffs. The gains occur as Meta Platforms agrees to buy more than $100 billion in artificial-computing power from Advanced Micro Devices. Plus, Home Depot shares gain as the home-improvement retailer posts strong quarterly results.

Los Angeles FC locked in one of Major League Soccer’s most prolific attackers on Wednesday, announcing a contract extension with forward Denis Bouanga that runs through the 2028 season as a Designated Player, with an option for 2029-30.

The deal secures Bouanga’s future with the club amid reported interest from abroad during the offseason, including bids from Brazil’s Fluminense and MLS rivals Inter Miami. Bouanga, 31, has established himself as LAFC’s all-time leading scorer since joining from Saint-Étienne in August 2022.

“I’m grateful to LAFC for the trust they’ve shown in me,” Bouanga said in a statement released by the club. “From the beginning, my family and I have felt at home in Los Angeles. It’s an honor to represent this club and our supporters every time I put on the jersey. I believe in what we are building here, and I’m motivated to keep improving, winning more trophies, and helping this club reach even higher.”

Bouanga’s commitment comes as LAFC aims to build on recent successes, including multiple trophies and consistent deep playoff runs. The Gabon international has been a cornerstone of the team’s attack, particularly in tandem with global superstar Son Heung-min, who joined LAFC from Tottenham Hotspur in August 2025.

The partnership between Bouanga and Son has already produced historic moments. Late in the 2025 season, the duo combined for 18 consecutive goals for LAFC from late August to early October, setting an MLS record for the most consecutive goals scored by two teammates. Together, they accounted for 25 goals and eight assists after Son’s arrival, powering a strong finish that included a 9-2-4 record in their remaining matches.

South Korean media highlighted Bouanga’s re-signing in the context of his on-field chemistry with Son. One report noted that the two forwards “were jointly responsible for 18 consecutive LAFC goals last season,” underscoring their lethal synergy. Bouanga vowed to pursue more silverware alongside Son, emphasizing his excitement for the continued collaboration under new head coach Marc Dos Santos.

“More history to make,” the club posted on social media alongside the announcement, reflecting optimism for the 2026 campaign.

Bouanga’s statistical impact since arriving in MLS has been remarkable. He has tallied a club-record 105 goals and 43 assists in 155 appearances across all competitions. He led the team in scoring in each of his three full seasons, including a Golden Boot-winning 2023 campaign with 38 goals in 48 games. His consistency earned him three consecutive MLS Best XI selections.

LAFC Sporting Director and General Manager John Thorrington praised Bouanga’s contributions.

“Denis has delivered at an elite level with historic consistency since the day he arrived, and he has helped us win multiple trophies,” Thorrington said. “This new contract reflects that. We’re proud of what he’s accomplished here and are motivated to continue building on that success together.”

The extension provides stability for a squad that has been among MLS’s elite in recent years. LAFC has reached at least the conference semifinals in the MLS Cup Playoffs for four straight seasons — a feat unmatched by any other club — and finished in the top four of the regular-season standings multiple times. The club is viewed as a top contender for the 2026 MLS Cup, bolstered by Bouanga’s retention and the established attacking core.

Bouanga’s decision to stay quells speculation that intensified over the winter. Reports indicated offers exceeding $15 million from interested parties, but LAFC’s commitment as a Designated Player — allowing the club to allocate significant salary budget resources — proved decisive.

The forward’s journey to MLS stardom began in France, where he developed at clubs including Lorient and Saint-Étienne before making the move to Los Angeles. His explosive pace, clinical finishing and versatility on the wing or centrally have made him a nightmare for defenses.

With the 2026 MLS season approaching, Bouanga’s extension positions LAFC to challenge for more titles. The team enters the year with high expectations, fueled by the proven partnership between Bouanga and Son, a dynamic that has already rewritten record books.

Bouanga expressed confidence in the project’s trajectory.

“I’m motivated to keep improving, winning more trophies,” he reiterated, signaling his intent to add to the hardware already in the club’s cabinet while forming an even stronger bond with Son on the pitch.

As LAFC continues its pursuit of sustained excellence in MLS, retaining a player of Bouanga’s caliber represents a major win both on and off the field. The Black & Gold now look ahead to what promises to be another competitive season, with their star forward firmly committed to the cause.

But, Roy added, the Treasury and the Department of Work and Pensions are coming back to perceived unaffordability of Westminster’s welfare budget, so we can expect new approaches to cuts and reduced entitlement. If that goes ahead, Holyrood will find itself facing further cuts in block grant.

The wavy hair products company has struck a major deal with the retail giant

An innovative haircare company launched in lockdown by a North Tyneside couple has sealed a deal that will see its products stocked by high street giant Boots. Merwave was established by Abi and Tom Reid, of Whitley Bay, five years ago after they spotted a gap in the market for hair products for people with wavy hair.

Keen to care properly for her tresses, Abi worked with teams of experts to create the formulas for products she hadn’t been able to find anywhere else. The resulting Merwave kit comprises five separate products to “help women awaken their natural waves”.

They became an instant hit, buoyed by successful online marketing and viral videos of women using the products. New products have been added to the original five-step shampoo, conditioner, wave cream, cast foam and gel kit, and all of the products are silicone, sulphate and paraben‑free, and cruelty free.

The couple gave up different careers to launch the business, with Abi leaving a marketing position at a North East housebuilder, and e-commerce specialist Tim putting his consultancy skills to use with Merwave’s viral advertising. The company now has a fulfilment centre in Gateshead shipping out orders across the UK, and it also setting up an EU warehouse.

At the moment it employs three full-time staff members as well as six freelancers. Since launch the firm has seen huge growth, from first year turnover of £1m to current sales of around £5m. And that figure is set to increase on the back of a huge deal that will see its products stocked in scores of Boots stores around the UK.

Merwave is now stocked in 215 UK Boots stores, including Eldon Square and the Metrocentre, and the pair describe the deal as a “huge pinch-me moment”. Tom initiated the deal by contacting Boots to point out that, while its shelved were well-stocked with products for curly hair, there was nothing for wavy hair – and the two hair types require different products.

Boots soon entered into talks, and the deal was struck. Abi said: “It’s a massive opportunity for us. Our big goal is to grow the number of stores we launch in, after the initial 215 stores. A key goal is for us to define the category, create it and be the leader of wavy hair.”

Tom said: “Our goal here is to really grow that. So that’s one big focus. The next big focus is expanding to the European marketplaces – hence why we’ve got a warehouse in Europe, I’m distributing around there. And then we also want to keep growing in the UK as well.”

Abi added: “This is a really big step for us. We don’t have experience in this. This isn’t our background as we’ve never been in retail. We positively avoided it for the four to five years. It only launched on Monday but we will make it work. Obviously you can see Merwave on our website, but it just feels different seeing it in Boots.”

In 2022 Abi was named as one of the UK’s most inspirational female founders. Her story impressed judges at the national Everywoman Awards which single out female entrepreneurs. She collected the Artemis Award – a category that singles out the most inspirational woman running a business trading from 18 months to three years. Sara Davies of Crafter’s Companion is a previous winner of the Artemis award.