K 
6.52
+6.89%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 15.40bn
FY2017FY2025
Net income
−NOK 660.0m
FY2017FY2025
Free cash flow
NOK 627.0m
FY2017FY2025
Shareholders' equity
NOK 2.06bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 15.40bn | NOK 14.93bn | NOK 15.54bn | NOK 14.30bn | NOK 10.90bn | NOK 9.76bn | NOK 7.43bn | NOK 7.09bn | NOK 8.47bn |
| Operating income | −NOK 17.0m | −NOK 67.0m | −NOK 885.0m | NOK 6.0m | NOK 369.0m | NOK 276.5m | NOK 48.2m | −NOK 279.3m | −NOK 11.0m |
| Net income | −NOK 660.0m | −NOK 192.0m | −NOK 1.04bn | −NOK 32.0m | NOK 300.0m | NOK 221.0m | NOK 32.5m | −NOK 482.3m | NOK 284.2m |
| Diluted earnings per share | -3.76 | -1.10 | -5.92 | -0.24 | 4.15 | 3.06 | 0.45 | -33.37 | 18.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 7.66bn | NOK 7.54bn | NOK 7.31bn | NOK 7.53bn | NOK 3.47bn | NOK 2.74bn | NOK 2.62bn | NOK 2.45bn | — |
| Cash and short-term investments | — | NOK 726.0m | NOK 230.0m | NOK 145.6m | NOK 40.2m | NOK 53.9m | NOK 44.5m | NOK 38.4m | — |
| Total liabilities | NOK 5.60bn | NOK 4.95bn | NOK 4.59bn | NOK 4.04bn | NOK 2.66bn | NOK 1.82bn | NOK 1.93bn | NOK 1.79bn | — |
| Debt | NOK 1.30bn | NOK 1.32bn | NOK 1.41bn | NOK 1.58bn | NOK 917.0m | NOK 365.8m | NOK 719.1m | NOK 472.0m | NOK 561.5m |
| Shareholders' equity | NOK 2.06bn | NOK 2.58bn | NOK 2.72bn | NOK 3.50bn | NOK 806.0m | NOK 917.3m | NOK 687.7m | NOK 660.7m | — |
| Shares outstanding | 175m | 175m | 175m | 131m | 72m | 72m | 73m | 14m | 16m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 757.0m | NOK 1.08bn | NOK 866.0m | NOK 1.10bn | NOK 65.0m | NOK 471.9m | NOK 101.4m | NOK 28.9m | NOK 177.9m |
| Capital spending | −NOK 130.0m | −NOK 168.0m | −NOK 212.0m | −NOK 177.0m | −NOK 56.0m | −NOK 38.7m | −NOK 34.3m | −NOK 67.0m | −NOK 138.4m |
| Free cash flow | NOK 627.0m | NOK 910.0m | NOK 654.0m | NOK 925.0m | NOK 9.0m | NOK 433.3m | NOK 67.1m | −NOK 38.1m | NOK 39.5m |
| Dividends paid | — | — | — | — | −NOK 420.0m | −NOK 10.0m | −NOK 10.0m | −NOK 8.2m | −NOK 44.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 3.57bn | NOK 3.40bn | NOK 5.13bn | NOK 3.84bn | NOK 3.34bn | NOK 3.37bn | NOK 4.88bn | NOK 3.75bn |
| Operating income | NOK 11.0m | −NOK 32.0m | NOK 98.0m | NOK 3.0m | −NOK 51.0m | −NOK 57.0m | NOK 69.0m | −NOK 51.0m |
| Net income | −NOK 20.0m | −NOK 57.0m | −NOK 464.0m | −NOK 43.0m | −NOK 76.0m | −NOK 77.0m | NOK 20.0m | −NOK 74.0m |
| Diluted earnings per share | -0.11 | -0.33 | -2.65 | -0.25 | -0.43 | -0.44 | 0.11 | -0.42 |
| Cash from operations | NOK 237.0m | −NOK 575.0m | NOK 713.0m | NOK 229.0m | −NOK 57.0m | −NOK 201.0m | NOK 660.0m | NOK 283.0m |
| Capital spending | −NOK 37.0m | −NOK 28.0m | −NOK 35.0m | −NOK 25.0m | −NOK 25.0m | −NOK 45.0m | −NOK 60.0m | −NOK 31.0m |
| Free cash flow | NOK 200.0m | −NOK 603.0m | NOK 678.0m | NOK 204.0m | −NOK 82.0m | −NOK 246.0m | NOK 600.0m | NOK 252.0m |
| Total assets | NOK 6.11bn | NOK 6.32bn | NOK 7.66bn | NOK 7.07bn | NOK 7.12bn | NOK 7.20bn | NOK 7.54bn | NOK 7.07bn |
| Cash and short-term investments | — | — | — | NOK 269.0m | NOK 168.0m | NOK 351.0m | NOK 726.0m | NOK 256.0m |
| Debt | NOK 800.0m | NOK 800.0m | NOK 800.0m | NOK 202.0m | NOK 996.0m | NOK 1.20bn | NOK 1.17bn | NOK 1.20bn |
| Shareholders' equity | NOK 1.84bn | NOK 1.86bn | NOK 2.06bn | NOK 2.46bn | NOK 2.51bn | NOK 2.56bn | NOK 2.58bn | NOK 2.59bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -3.6% | -0.6% | -5.7% | 0.0% | 3.4% | 2.9% |
| Net margin | -4.3% | -1.3% | -6.7% | -0.2% | 2.8% | 2.3% |
| Return on equity | -32.0% | -7.4% | -38.1% | -0.9% | 37.2% | 24.1% |
| Return on assets | -8.6% | -2.5% | -14.2% | -0.4% | 8.6% | 8.1% |
| Free cash flow yield | 85.7% | 120.4% | 104.2% | 165.5% | 28.4% | 119.8% |
| Revenue growth | 3.2% | -3.9% | 8.7% | 31.1% | 11.7% | 31.3% |
| Earnings growth | 243.8% | -81.5% | 3143.8% | -110.7% | 35.7% | 580.5% |
| Current ratio | 1.04x | 1.13x | 1.13x | 1.03x | 1.26x | 1.16x |
| Debt to equity | 0.39x | 0.38x | 0.36x | 0.34x | 0.85x | 0.14x |
| Equity ratio | 26.9% | 34.3% | 37.2% | 46.4% | 23.2% | 33.5% |
| Interest coverage | -3.12x | -0.50x | -5.06x | 0.02x | 13.32x | 10.58x |
| Buybacks as a share of market value | -0.0% | 0.0% | -33.8% | -81.3% | 0.0% | -327.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.5% | 9.5% | 15.2% |
| Net income | 174.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -0.3% | -1.6% | -0.4% | -0.4% |
| Net margin | -2.8% | -3.2% | -1.7% | -1.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -3.6 | -7.8 | -2.0 | -59.1 | 16.3 |
| Price to sales | 0.1 | 0.1 | 0.1 | 0.1 | 0.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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