G 
22.54
+0.71%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 3.69bn
FY2016FY2025
Net income
NOK 1.11bn
FY2016FY2025
Free cash flow
−NOK 329.0m
FY2016FY2025
Shareholders' equity
NOK 4.46bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 3.69bn | NOK 3.32bn | NOK 7.02bn | NOK 7.16bn | NOK 4.60bn | NOK 4.38bn | NOK 8.27bn | NOK 7.50bn | NOK 7.02bn | NOK 6.55bn |
| Operating income | NOK 228.8m | NOK 273.6m | NOK 876.7m | NOK 1.87bn | NOK 1.12bn | −NOK 251.8m | NOK 926.0m | NOK 1.35bn | NOK 812.9m | NOK 1.68bn |
| Net income | NOK 1.11bn | −NOK 2.45bn | NOK 559.8m | NOK 1.15bn | NOK 604.4m | −NOK 316.0m | NOK 619.5m | NOK 972.5m | NOK 570.5m | NOK 1.19bn |
| Diluted earnings per share | 9.86 | -21.77 | 4.97 | 10.32 | 5.62 | -2.82 | 5.52 | 8.67 | 5.09 | 10.57 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 8.70bn | NOK 13.05bn | NOK 13.66bn | NOK 12.88bn | NOK 10.71bn | NOK 10.64bn | NOK 8.93bn | NOK 8.14bn | NOK 7.15bn | NOK 6.77bn |
| Cash and short-term investments | — | — | — | NOK 1.65bn | NOK 903.3m | NOK 248.2m | NOK 200.0m | NOK 125.5m | NOK 258.2m | NOK 333.6m |
| Total liabilities | NOK 4.25bn | NOK 9.20bn | NOK 6.99bn | NOK 6.39bn | NOK 5.15bn | NOK 6.27bn | NOK 4.79bn | NOK 4.26bn | NOK 3.80bn | NOK 3.56bn |
| Debt | — | NOK 3.78bn | NOK 3.49bn | NOK 3.86bn | NOK 3.19bn | NOK 4.17bn | NOK 2.59bn | NOK 2.40bn | NOK 2.07bn | NOK 1.91bn |
| Shareholders' equity | NOK 4.46bn | NOK 3.85bn | NOK 6.67bn | NOK 6.49bn | NOK 5.56bn | NOK 4.37bn | NOK 4.08bn | NOK 3.83bn | NOK 3.30bn | NOK 3.15bn |
| Shares outstanding | 113m | 113m | 113m | 112m | 108m | 112m | 112m | 112m | 112m | 112m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 405.2m | NOK 450.6m | NOK 280.8m | NOK 1.56bn | NOK 601.5m | NOK 412.2m | NOK 1.46bn | NOK 819.8m | NOK 708.9m | NOK 953.1m |
| Capital spending | −NOK 734.2m | −NOK 1.21bn | −NOK 765.6m | −NOK 564.5m | −NOK 564.9m | −NOK 919.2m | −NOK 369.5m | −NOK 733.0m | −NOK 552.8m | −NOK 254.9m |
| Free cash flow | −NOK 329.0m | −NOK 759.2m | −NOK 484.8m | NOK 997.8m | NOK 36.6m | −NOK 507.0m | NOK 1.09bn | NOK 86.8m | NOK 156.1m | NOK 698.3m |
| Dividends paid | −NOK 157.0m | −NOK 196.2m | −NOK 504.1m | −NOK 336.9m | −NOK 336.9m | −NOK 336.9m | −NOK 220.9m | −NOK 441.7m | −NOK 331.2m | −NOK 331.2m |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 971.1m | NOK 754.4m | NOK 1.01bn | NOK 2.18bn | NOK 852.6m | NOK 856.5m | NOK 426.1m | NOK 2.29bn |
| Operating income | NOK 137.8m | NOK 56.5m | NOK 31.3m | −NOK 466.5m | NOK 145.5m | −NOK 35.9m | NOK 19.8m | −NOK 323.3m |
| Net income | NOK 1.92bn | −NOK 284.2m | −NOK 328.1m | −NOK 312.5m | −NOK 1.39bn | −NOK 30.9m | −NOK 700.8m | −NOK 330.7m |
| Diluted earnings per share | 17.07 | -2.52 | -2.91 | -2.78 | -12.33 | -0.27 | -6.23 | -2.94 |
| Cash from operations | NOK 172.0m | −NOK 303.0m | NOK 351.0m | NOK 158.0m | −NOK 212.0m | NOK 50.0m | −NOK 75.0m | NOK 688.0m |
| Capital spending | −NOK 169.0m | −NOK 169.0m | −NOK 217.0m | −NOK 167.0m | −NOK 347.0m | −NOK 332.0m | −NOK 291.0m | −NOK 238.0m |
| Free cash flow | NOK 3.0m | −NOK 472.0m | NOK 134.0m | −NOK 9.0m | −NOK 559.0m | −NOK 282.0m | −NOK 366.0m | NOK 450.0m |
| Total assets | NOK 8.70bn | NOK 12.56bn | NOK 11.80bn | NOK 13.08bn | NOK 12.95bn | NOK 13.82bn | NOK 13.08bn | NOK 13.10bn |
| Debt | — | — | NOK 2.77bn | — | NOK 3.78bn | — | — | — |
| Shareholders' equity | NOK 4.50bn | NOK 4.83bn | NOK 5.23bn | NOK 5.60bn | NOK 4.05bn | NOK 5.43bn | NOK 5.46bn | NOK 6.39bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 9.4% | 9.5% | 15.6% | 26.1% | 24.3% | -5.7% | — | — |
| Net margin | 30.0% | -73.9% | 8.0% | 16.1% | 13.1% | -7.2% | — | — |
| Return on equity | 24.9% | -63.6% | 8.4% | 17.8% | 10.9% | -7.2% | — | — |
| Return on assets | 12.8% | -18.8% | 4.1% | 9.0% | 5.6% | -3.0% | — | — |
| Free cash flow yield | — | — | 40.1% | 82.2% | 46.8% | 51.3% | 70.3% | 59.8% |
| Revenue growth | 11.4% | -52.7% | -2.0% | 55.8% | 4.9% | -47.0% | — | — |
| Earnings growth | -145.3% | -537.8% | -51.5% | 90.9% | -291.3% | -151.0% | — | — |
| Current ratio | 2.11x | 1.81x | 3.93x | 3.46x | 4.36x | 3.60x | — | — |
| Debt to equity | 0.00x | 0.98x | 0.52x | 0.49x | 0.47x | 0.83x | — | — |
| Equity ratio | 51.2% | 29.5% | 48.8% | 50.4% | 51.9% | 41.1% | — | — |
| Interest coverage | 1.28x | 1.09x | 4.33x | 12.37x | 5.84x | -2.58x | — | — |
| Buybacks as a share of market value | — | — | -0.7% | -3.9% | 4.1% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -19.8% | -3.4% | -2.2% |
| Operating income | -50.4% | — | 11.0% |
| Net income | -1.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 7.2% | 15.3% | 13.6% | 14.0% |
| Net margin | -19.1% | 1.8% | 2.2% | 6.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 3.8 | -1.4 | 6.6 | 3.6 | 7.1 | -14.4 | 12.2 | 5.7 | 6.8 | 3.7 |
| Price to sales | 1.1 | 1.0 | 0.5 | 0.6 | 0.9 | 1.0 | 0.9 | 0.7 | 0.6 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 20 Apr 2026.
| FY2026 | FY2024 | FY2023 | FY2022 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.356 | 1.75 | 9.00 | 3.00 | 4.00 | 4.00 | 4.00 | 1.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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