E 
100.60
+1.00%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 3.56bn
FY2016FY2025
Net income
NOK 1.15bn
FY2016FY2025
Free cash flow
NOK 1.32bn
FY2016FY2025
Shareholders' equity
NOK 24.75bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 3.56bn | NOK 3.73bn | NOK 3.51bn | NOK 3.27bn | NOK 2.58bn | NOK 2.47bn | NOK 2.64bn | NOK 2.77bn | NOK 2.36bn | NOK 2.85bn |
| Gross profit | NOK 3.00bn | NOK 3.46bn | NOK 3.17bn | NOK 2.94bn | NOK 2.31bn | NOK 2.19bn | NOK 2.21bn | NOK 2.12bn | NOK 1.97bn | NOK 1.80bn |
| Operating income | NOK 2.80bn | NOK 2.68bn | NOK 2.97bn | NOK 80.0m | NOK 7.13bn | NOK 8.07bn | NOK 4.22bn | NOK 79.0m | NOK 83.0m | −NOK 742.0m |
| Net income | NOK 1.15bn | NOK 13.0m | −NOK 5.45bn | −NOK 569.0m | NOK 5.06bn | NOK 5.46bn | NOK 2.95bn | NOK 2.54bn | NOK 4.46bn | NOK 2.62bn |
| Diluted earnings per share | 6.32 | 0.07 | -29.92 | -3.12 | 27.81 | 29.98 | 16.18 | 13.93 | 24.51 | 14.38 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 65.27bn | NOK 64.45bn | NOK 73.34bn | NOK 82.16bn | NOK 70.29bn | NOK 59.14bn | NOK 51.16bn | NOK 47.71bn | NOK 43.41bn | NOK 38.89bn |
| Cash and short-term investments | NOK 261.0m | NOK 264.0m | NOK 134.0m | NOK 184.0m | NOK 277.0m | NOK 181.0m | NOK 283.0m | NOK 197.0m | NOK 156.0m | NOK 210.0m |
| Total liabilities | NOK 38.74bn | NOK 38.89bn | NOK 47.78bn | NOK 50.49bn | NOK 36.72bn | NOK 29.94bn | NOK 26.64bn | NOK 25.44bn | NOK 24.47bn | NOK 23.77bn |
| Debt | NOK 30.95bn | NOK 31.71bn | NOK 39.49bn | NOK 40.87bn | NOK 26.95bn | NOK 21.48bn | NOK 20.24bn | NOK 19.35bn | NOK 18.54bn | NOK 18.20bn |
| Shareholders' equity | NOK 24.75bn | NOK 23.80bn | NOK 23.78bn | NOK 29.69bn | NOK 31.26bn | NOK 27.14bn | NOK 22.57bn | NOK 20.52bn | NOK 18.50bn | NOK 14.73bn |
| Shares outstanding | 182m | 182m | 182m | 182m | 182m | 182m | 182m | 182m | 182m | 182m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 1.33bn | NOK 1.35bn | NOK 1.38bn | NOK 1.51bn | NOK 1.49bn | NOK 1.52bn | NOK 1.35bn | NOK 1.39bn | NOK 1.22bn | NOK 1.10bn |
| Capital spending | −NOK 4.0m | −NOK 2.0m | −NOK 4.0m | −NOK 5.0m | −NOK 13.0m | −NOK 21.0m | −NOK 35.0m | −NOK 15.0m | −NOK 23.0m | −NOK 15.0m |
| Free cash flow | NOK 1.32bn | NOK 1.35bn | NOK 1.37bn | NOK 1.50bn | NOK 1.48bn | NOK 1.50bn | NOK 1.32bn | NOK 1.37bn | NOK 1.20bn | NOK 1.08bn |
| Dividends paid | −NOK 200.0m | — | −NOK 455.0m | −NOK 947.0m | −NOK 911.0m | −NOK 874.0m | −NOK 840.0m | −NOK 798.0m | −NOK 698.0m | −NOK 934.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 814.0m | NOK 826.0m | NOK 987.0m | NOK 844.0m | NOK 949.0m | NOK 774.0m | NOK 1.20bn | NOK 821.0m |
| Gross profit | NOK 727.0m | NOK 738.0m | NOK 819.0m | NOK 781.0m | NOK 814.0m | NOK 774.0m | NOK 1.14bn | NOK 757.0m |
| Operating income | NOK 675.0m | NOK 689.0m | NOK 764.0m | NOK 684.0m | NOK 763.0m | NOK 727.0m | NOK 1.02bn | NOK 720.0m |
| Net income | −NOK 838.0m | NOK 171.0m | NOK 344.0m | NOK 224.0m | NOK 397.0m | NOK 186.0m | NOK 579.0m | NOK 85.0m |
| Diluted earnings per share | -4.60 | 0.94 | 1.89 | 1.23 | 2.18 | 1.02 | 3.18 | 0.47 |
| Cash from operations | NOK 151.0m | NOK 298.0m | NOK 1.33bn | NOK 415.0m | NOK 198.0m | NOK 348.0m | NOK 378.0m | NOK 331.0m |
| Capital spending | — | — | −NOK 4.0m | −NOK 4.0m | −NOK 2.0m | — | −NOK 2.0m | −NOK 1.0m |
| Free cash flow | — | — | NOK 1.32bn | NOK 411.0m | NOK 196.0m | — | NOK 376.0m | NOK 330.0m |
| Total assets | NOK 63.89bn | NOK 65.00bn | NOK 65.27bn | NOK 65.64bn | NOK 65.22bn | NOK 64.74bn | NOK 64.45bn | NOK 64.05bn |
| Cash and short-term investments | — | — | NOK 261.0m | NOK 292.0m | NOK 242.0m | NOK 231.0m | NOK 264.0m | NOK 215.0m |
| Debt | NOK 26.45bn | NOK 26.98bn | NOK 27.45bn | NOK 31.62bn | NOK 31.61bn | NOK 31.42bn | NOK 31.39bn | NOK 31.78bn |
| Shareholders' equity | NOK 23.78bn | NOK 24.82bn | NOK 24.75bn | NOK 24.61bn | NOK 24.38bn | NOK 23.99bn | NOK 23.80bn | NOK 23.21bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 84.4% | 92.9% | 90.2% | 89.9% | 89.4% | 88.6% |
| Operating margin | 78.7% | 71.9% | 84.7% | 2.4% | 276.2% | 327.2% |
| Net margin | 32.4% | 0.3% | -155.2% | -17.4% | 196.2% | 221.4% |
| Return on equity | 4.7% | 0.1% | -22.9% | -1.9% | 16.2% | 20.1% |
| Return on assets | 1.8% | 0.0% | -7.4% | -0.7% | 7.2% | 9.2% |
| Free cash flow yield | 7.4% | 7.5% | 7.7% | 8.4% | 8.4% | 8.6% |
| Revenue growth | -4.6% | 6.2% | 7.3% | 26.7% | 4.7% | -6.6% |
| Earnings growth | 8753.8% | -100.2% | 857.6% | -111.2% | -7.3% | 85.3% |
| Current ratio | 0.40x | 0.19x | 0.92x | 0.40x | 0.25x | 0.38x |
| Debt to equity | 1.10x | 1.32x | 1.64x | 1.37x | 0.85x | 0.78x |
| Equity ratio | 37.9% | 36.9% | 32.4% | 36.1% | 44.5% | 45.9% |
| Interest coverage | 2.30x | 1.90x | 1.94x | 0.08x | 13.98x | 15.52x |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.8% | 7.6% | 5.9% |
| Operating income | 227.1% | -19.1% | -1.6% |
| Net income | — | -26.8% | -8.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 88.7% | 89.4% | 89.3% | 84.3% |
| Operating margin | 75.2% | 60.7% | 124.2% | 96.6% |
| Net margin | 16.0% | -34.5% | 29.7% | 65.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.3 | — | -3.9 | -33.9 | 7.1 | 6.5 | 9.0 | 8.3 | 5.0 | 6.0 |
| Price to sales | 5.9 | 5.7 | 6.0 | 5.9 | 14.0 | 14.3 | 10.0 | 7.6 | 9.4 | 5.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 22 Apr 2026.
| FY2026 | FY2025 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.10 | 1.10 | 2.50 | 5.20 | 5.00 | 4.80 | 4.60 | 4.30 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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