Announcement: Strategic Partnership with NDI Development
Jul 4, 2025
Announcement: Strategic Partnership for the Development of Firmus Group’s Land Bank
We are proud to announce that Firmus Group AS has entered a landmark partnership with one of Poland’s most respected and accomplished real estate and infrastructure developers: NDI Development Sp. z o.o. (www.NDI.pl).
Through this new joint venture, we are laying the foundation for the next phase in our journey: unlocking the full potential of our extensive land portfolio and transforming it into a dynamic, high-quality destination on the Polish coast. Together, we aim to set a new standard for long-term, sustainable coastal development, driven by professionalism, shared ambition, and a deep understanding of the local market.
Signing 2. July 2025; From left: Bartłomej Oset (COO NDID) Joanna Chmielińska (Lawyer in Kopeĉ & Zaborowski, representing NDID) Jaroslaw Bator (CEO NDID) Tormod Stene-Johansen (CEO Firmus Group) Karol Sowa (Lawyer in White Owl, representing Firmus)
Firmus Group owns more than 2.3 million square meters of land, which is intended to be developed into a destination over the coming 10–20 years. To ensure a capable and professional structure for this long-term initiative, Firmus has chosen to partner with a strong local actor instead of building its own organization. The newly established company will be owned 50/50 and led by Mr. Jaroslaw Bator, CEO of NDI Development.
The new entity will deliver all necessary services to optimize the value of our land bank and ensure progress. Revenues will be derived from direct land sales or through contributions of land as equity in joint ventures with selected development partners for projects where Firmus Group will choose to participate.
Each property within the land bank has been assigned a base value, collectively amounting to PLN 501 million (NOK 1,4 billion), indexed annually from January 1st 2027. All proceeds exceeding this base value will be allocated to the joint venture, which will use the income first to cover operating costs before distributing profits equally between the parties. The company will be financed by NDI Development through shareholder loans, to be repaid from future positive cash flow.
The agreement is contingent on the preparation of a detailed strategic development plan for each parcel and a master plan for the broader area, along with budgets and performance milestones for the coming years. This strategy is to be completed by October 2025, with work starting immediately.
Beyond our ambition to execute transactions at market prices that exceed the established base value, we also believe that our share of development margins from future partnerships in multiple vertical projects can provide significant long-term income.
In this way, Firmus Group will transition into a more financially-oriented entity, with a core mission of managing the equity embedded in our land portfolio—both through strategic sales and by acting as a financial partner in vertical development projects led by selected developers. Our role will be to serve as the optimal partner for any investor seeking to take part in the development of our destination.
The Board of Directors of Firmus Group AS is satisfied with this agreement, which combines the Group’s local knowledge and long-standing experience with the resources and capabilities of one of Poland’s most reputable developers. This partnership establishes a credible operational platform for realizing our destination development goals, while opening doors to regional, national, and international networks through our local partner.
Firmus Group will continue to own, invest in, and develop Firmus Hospitality, which we regard as an important strategic tool for the operational management of future projects. The company aims to be the preferred operator for booking, sales, and marketing of rental units along the coast—delivering unique customer experiences through professional service to both guests and property owners. We believe that the collaboration within our new joint venture will further strengthen the position of both parties.
For our team members, partners and our shareholders, this marks a shift in pace and direction—one that we believe will accelerate value creation and the realization of long-term potential.
Warsaw / Fredrikstad, 2 July 2025, On behalf of the Board of Directors
Tormod Stene-Johansen
CEO, Firmus Group AS
Announcement: Strategic Partnership with NDI Development
Jul 4, 2025
Announcement: Strategic Partnership for the Development of Firmus Group’s Land Bank
We are proud to announce that Firmus Group AS has entered a landmark partnership with one of Poland’s most respected and accomplished real estate and infrastructure developers: NDI Development Sp. z o.o. (www.NDI.pl).
Through this new joint venture, we are laying the foundation for the next phase in our journey: unlocking the full potential of our extensive land portfolio and transforming it into a dynamic, high-quality destination on the Polish coast. Together, we aim to set a new standard for long-term, sustainable coastal development, driven by professionalism, shared ambition, and a deep understanding of the local market.
Signing 2. July 2025; From left: Bartłomej Oset (COO NDID) Joanna Chmielińska (Lawyer in Kopeĉ & Zaborowski, representing NDID) Jaroslaw Bator (CEO NDID) Tormod Stene-Johansen (CEO Firmus Group) Karol Sowa (Lawyer in White Owl, representing Firmus)
Firmus Group owns more than 2.3 million square meters of land, which is intended to be developed into a destination over the coming 10–20 years. To ensure a capable and professional structure for this long-term initiative, Firmus has chosen to partner with a strong local actor instead of building its own organization. The newly established company will be owned 50/50 and led by Mr. Jaroslaw Bator, CEO of NDI Development.
The new entity will deliver all necessary services to optimize the value of our land bank and ensure progress. Revenues will be derived from direct land sales or through contributions of land as equity in joint ventures with selected development partners for projects where Firmus Group will choose to participate.
Each property within the land bank has been assigned a base value, collectively amounting to PLN 501 million (NOK 1,4 billion), indexed annually from January 1st 2027. All proceeds exceeding this base value will be allocated to the joint venture, which will use the income first to cover operating costs before distributing profits equally between the parties. The company will be financed by NDI Development through shareholder loans, to be repaid from future positive cash flow.
The agreement is contingent on the preparation of a detailed strategic development plan for each parcel and a master plan for the broader area, along with budgets and performance milestones for the coming years. This strategy is to be completed by October 2025, with work starting immediately.
Beyond our ambition to execute transactions at market prices that exceed the established base value, we also believe that our share of development margins from future partnerships in multiple vertical projects can provide significant long-term income.
In this way, Firmus Group will transition into a more financially-oriented entity, with a core mission of managing the equity embedded in our land portfolio—both through strategic sales and by acting as a financial partner in vertical development projects led by selected developers. Our role will be to serve as the optimal partner for any investor seeking to take part in the development of our destination.
The Board of Directors of Firmus Group AS is satisfied with this agreement, which combines the Group’s local knowledge and long-standing experience with the resources and capabilities of one of Poland’s most reputable developers. This partnership establishes a credible operational platform for realizing our destination development goals, while opening doors to regional, national, and international networks through our local partner.
Firmus Group will continue to own, invest in, and develop Firmus Hospitality, which we regard as an important strategic tool for the operational management of future projects. The company aims to be the preferred operator for booking, sales, and marketing of rental units along the coast—delivering unique customer experiences through professional service to both guests and property owners. We believe that the collaboration within our new joint venture will further strengthen the position of both parties.
For our team members, partners and our shareholders, this marks a shift in pace and direction—one that we believe will accelerate value creation and the realization of long-term potential.
Warsaw / Fredrikstad, 2 July 2025, On behalf of the Board of Directors
Tormod Stene-Johansen
CEO, Firmus Group AS