M 
38.40
-0.26%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 2.35bn
FY2018FY2025
Net income
−NOK 73.0m
FY2018FY2025
Free cash flow
NOK 505.7m
FY2018FY2025
Shareholders' equity
NOK 1.79bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 2.35bn | NOK 2.23bn | NOK 2.38bn | NOK 1.90bn | NOK 1.12bn | NOK 887.4m | NOK 848.8m | NOK 760.5m |
| Operating income | −NOK 54.5m | NOK 360.8m | NOK 471.4m | NOK 894.0m | NOK 372.7m | NOK 221.5m | NOK 187.7m | NOK 201.2m |
| Net income | −NOK 73.0m | NOK 147.4m | −NOK 135.9m | NOK 621.0m | NOK 164.3m | NOK 199.1m | NOK 122.2m | NOK 135.5m |
| Diluted earnings per share | -0.60 | 1.20 | -1.11 | 5.07 | 1.51 | 1.82 | 1.13 | 1.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 5.04bn | NOK 5.24bn | NOK 5.16bn | NOK 4.99bn | NOK 3.87bn | NOK 1.67bn | NOK 1.13bn | NOK 1.08bn |
| Cash and short-term investments | — | NOK 20.7m | NOK 9.6m | NOK 29.6m | NOK 115.2m | NOK 17.7m | NOK 128.3m | NOK 185.1m |
| Total liabilities | NOK 3.23bn | NOK 3.39bn | NOK 3.37bn | NOK 3.00bn | NOK 2.52bn | NOK 1.18bn | NOK 710.5m | NOK 714.9m |
| Debt | NOK 1.32bn | NOK 2.31bn | NOK 1.95bn | NOK 2.03bn | NOK 2.28bn | NOK 796.5m | NOK 421.9m | NOK 460.1m |
| Shareholders' equity | NOK 1.79bn | NOK 1.84bn | NOK 1.76bn | NOK 1.95bn | NOK 1.32bn | NOK 486.5m | NOK 415.3m | NOK 358.5m |
| Shares outstanding | 121m | 123m | 123m | 123m | 109m | 110m | 108m | 108m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 614.5m | NOK 77.2m | NOK 446.9m | NOK 728.5m | NOK 58.6m | NOK 131.2m | NOK 212.4m | NOK 212.4m |
| Capital spending | −NOK 108.8m | −NOK 165.9m | −NOK 103.3m | −NOK 203.3m | −NOK 1.95bn | −NOK 567.2m | −NOK 165.9m | −NOK 165.9m |
| Free cash flow | NOK 505.7m | −NOK 88.7m | NOK 343.6m | NOK 525.2m | −NOK 1.90bn | −NOK 436.1m | NOK 46.4m | NOK 46.4m |
| Dividends paid | — | −NOK 61.3m | −NOK 61.3m | −NOK 122.5m | −NOK 35.3m | −NOK 76.9m | −NOK 67.1m | −NOK 67.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 839.1m | NOK 509.8m | NOK 833.2m | NOK 579.9m | NOK 869.1m | NOK 681.2m | NOK 453.9m | NOK 492.5m |
| Operating income | −NOK 17.1m | −NOK 53.6m | −NOK 62.9m | NOK 5.1m | NOK 28.1m | −NOK 199.8m | NOK 57.4m | −NOK 138.7m |
| Net income | −NOK 26.7m | −NOK 50.4m | −NOK 20.9m | −NOK 33.9m | NOK 104.9m | −NOK 128.3m | −NOK 11.5m | NOK 8.0m |
| Diluted earnings per share | -0.22 | -0.41 | -0.17 | -0.28 | 0.87 | -1.06 | -0.09 | 0.07 |
| Cash from operations | NOK 273.0m | −NOK 30.0m | NOK 288.0m | NOK 76.0m | NOK 116.0m | NOK 111.0m | −NOK 279.0m | NOK 80.0m |
| Capital spending | −NOK 22.0m | −NOK 15.0m | −NOK 19.0m | −NOK 36.0m | −NOK 42.0m | −NOK 10.0m | −NOK 21.0m | −NOK 30.0m |
| Free cash flow | NOK 251.0m | −NOK 45.0m | NOK 269.0m | NOK 40.0m | NOK 74.0m | NOK 101.0m | −NOK 300.0m | NOK 50.0m |
| Total assets | NOK 4.74bn | NOK 4.98bn | NOK 5.07bn | NOK 5.18bn | NOK 5.16bn | NOK 4.93bn | NOK 5.24bn | NOK 5.08bn |
| Cash and short-term investments | — | — | — | NOK 16.6m | NOK 32.0m | NOK 68.6m | NOK 8.1m | NOK 9.3m |
| Debt | NOK 1.12bn | NOK 1.29bn | NOK 1.32bn | NOK 1.99bn | NOK 1.99bn | NOK 1.99bn | NOK 1.99bn | NOK 1.62bn |
| Shareholders' equity | NOK 1.72bn | NOK 1.74bn | NOK 1.79bn | NOK 1.81bn | NOK 1.82bn | NOK 1.71bn | NOK 1.83bn | NOK 1.84bn |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -3.1% | 9.6% | 13.4% | 47.1% | 33.4% | 16.0% |
| Net margin | -3.1% | 6.6% | -5.7% | 32.7% | 14.7% | 22.4% |
| Return on equity | -4.1% | 8.0% | -7.7% | 31.8% | 12.4% | 40.9% |
| Return on assets | -1.4% | 2.8% | -2.6% | 12.5% | 4.2% | 11.9% |
| Free cash flow yield | 15.8% | 5.2% | 11.9% | 20.1% | 48.8% | 16.8% |
| Revenue growth | 5.0% | -6.2% | 25.4% | 70.0% | 25.9% | 4.5% |
| Earnings growth | -149.6% | -208.4% | -121.9% | 277.9% | -17.5% | 62.9% |
| Current ratio | 1.28x | 1.69x | 0.74x | 1.51x | 1.92x | 1.11x |
| Debt to equity | 0.74x | 1.08x | 0.94x | 0.87x | 1.73x | 1.42x |
| Equity ratio | 35.5% | 35.1% | 34.0% | 39.2% | 34.1% | 29.2% |
| Interest coverage | -0.46x | 1.32x | 2.10x | 9.79x | 9.78x | 8.61x |
| Buybacks as a share of market value | 1.1% | 0.0% | 0.0% | -12.3% | 0.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.3% | 19.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 6.7% | 18.9% | 20.9% | — |
| Net margin | 1.6% | 6.3% | 8.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -43.0 | 22.9 | -23.4 | 6.0 | 26.7 |
| Price to sales | 1.4 | 1.6 | 1.4 | 2.0 | 4.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 5 Jun 2024.
| FY2024 | FY2023 | FY2022 | |
|---|---|---|---|
| Paid in the year | 0.50 | 0.50 | 1.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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