The Annual Report 2025

"2025 has been a year marked by pride and wistfulness. We have concluded an important part of Norwegian industrial history, while at the same time laying the foundation for a new role for Store Norske in Longyearbyen," says chief executive Rune Midtgaard.

Through the year, Store Norske (the state-owned mining company) has strengthened its position as a community actor in Longyearbyen, with primary activity in property, logistics and energy. Store Norske entered into an agreement with Longyearbyen lokalstyre (the local council) in June last year to buy 100% of the shares in Svalbard Energi AS, with the company taken over at the turn of the year.

In parallel, important studies of the energy system and the housing stock have been carried out, which will form the basis for large investments in the years ahead. In the state budget for 2026, NOK 1.2 billion was appropriated for the period 2026-2028 for upgrading the energy supply.

"Store Norske shall continue to be a significant community actor on Svalbard. Our task going forward is to contribute to a stable and sustainable local community, among other things through the development of housing, commercial buildings and critical infrastructure. In particular, the construction of a new power plant will require a great deal of effort and resources in the next few years," says Midtgaard.

In 2025 the company has also carried out a number of concrete construction activities. These include the rehabilitation of 110 homes at Blåmyra and the refurbishment of bathrooms at Funken Lodge.

At the same time, the clean-up after the mining operations has been started, and will continue for some time to come in line with environmental requirements and the expectations of the authorities.

"We shall build the future on the shoulders of more than 100 years of Arctic industrial history. We shall do so with the same culture of solidarity, responsibility and ability to deliver that has characterised the company through generations," says Midtgaard.

Result: In 2025 Store Norske had operating revenues of NOK 322 million and a result before tax of NOK 12 million. The decline from the previous year is mainly because the 2024 accounts were largely characterised by reduced estimates and provisions related to the clean-up after the mining operations. At the end of the year the company had 111 employees.

The annual report gives a comprehensive review of the business, including developments in sustainability, social responsibility and the group's various business areas. See the link to the report here:

Photo: Ishak Atleuv