Sub 8 AS
Score · fiscal year 2025
55of 100
How to read this: the company is ahead of 61 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,398 of 3,541 · What are Morning company classes?
Place in the whole sector: 2,358 of 5,998 · Overnatting og servering
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 77 and solidity 24 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Sub 8 AS is 6 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 49 among 3,534 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 5.0% (median 1.5%) and equity ratio 4.4% (median 13.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 6 MNOK | 5 MNOK |
| Operating margin | 5.0% | 1.5% |
| Profit margin | 6.1% | 1.1% |
| Return on assets | 35.3% | 5.5% |
| Equity ratio | 4.4% | 13.1% |
| Debt-to-equity | 21.72 | 2.02 |
| Current ratio | 1.03 | 1.01 |
| Revenue growth | 7.5% | 5.7% |
| Revenue per employee | 0.29 MNOK | 0.44 MNOK |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 55, Sub 8 AS does better than 61% of companies in the Morning class Micro in the same sector (3,541 companies) in 2025.
Score 2023–2025
- Sub 8 AS
- Median: companies in the Morning class Micro in the same sector
Sub 8 AS has a score of 55 for 2025, rank 2,358 of 5,998 in the sector.
Strongest: Profitability: percentile 77 against peers, operating margin 5.0% against a median of 1.5%. Consistency: percentile 69 against peers.
Weakest: Solidity: percentile 24 against peers, equity ratio 4.4% against a median of 13.1%.
Worth a closer look
- The equity ratio is very low. Could the company absorb a bad year, and does it need more equity? Based on: equity ratio 4.4% (median 13.1%).
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 0.8 percentage points better than for comparable companies: the company +0.1, the industry −0.8 points. That is the company's own, not something that hit the whole industry.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
The industry or the company: what drove the result?
In 2025 the operating margin of Sub 8 AS rose by 0.1 percentage points. Comparable companies fell by a median 0.8 points. So the company did 0.8 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Sub 8 AS moved the same way as comparable companies 0 times. About 37% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | 4.9% | 2.3% | −0.8 percentage points | +0.5 percentage points | −1.3 percentage points |
| 2025 | 5.0% | 1.5% | +0.1 percentage points | −0.8 percentage points | +0.8 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
The company and its sector's drivers
Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Sub 8 AS. The figures stand side by side; we claim no cause.
Service prices: accommodation and food (indeks (2021 = 100))
Service prices: accommodation and food rose 3.6% in 2025; the operating margin of Sub 8 AS rose 0.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: accommodation and food, annual average | 100.0 | 107.9 | 114.0 | 118.8 | 123.1 | 126.9 (so far) |
| Change from the year before | – | +7.9% | +5.7% | +4.1% | +3.6% | +3.1% |
| The company's operating margin | – | – | 5.7% | 4.9% | 5.0% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: accommodation and food service (indeks (2021 = 100))
Turnover index: accommodation and food service rose 2.3% in 2025; the operating margin of Sub 8 AS rose 0.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: accommodation and food service, annual average | 97.0 | 139.7 | 153.5 | 157.8 | 161.5 | 170.4 (so far) |
| Change from the year before | +23.4% | +44.1% | +9.9% | +2.8% | +2.3% | +5.5% |
| The company's operating margin | – | – | 5.7% | 4.9% | 5.0% | – |
Source: SSB (13863, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Sub 8 AS rose 0.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | 5.7% | 4.9% | 5.0% | – |
Source: SSB (14710, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Sub 8 AS rose 0.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | 5.7% | 4.9% | 5.0% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Sub 8 AS rose 0.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| The company's operating margin | – | – | 5.7% | 4.9% | 5.0% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: food and beverage service (indeks)
Wage index: food and beverage service rose 6.5% in 2025; the operating margin of Sub 8 AS rose 0.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: food and beverage service, annual average | 88.0 | 91.3 | 96.4 | 101.5 | 108.1 | 110.6 (so far) |
| Change from the year before | +3.5% | +3.8% | +5.6% | +5.4% | +6.5% | +2.3% |
| The company's operating margin | – | – | 5.7% | 4.9% | 5.0% | – |
Source: SSB (12314, CC BY 4.0). Source
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
What the numbers say
Sub 8 AS had an operating margin of 5.0% and an equity ratio of 4.4% in 2025, and ranks 2,358 of 5,998 in Overnatting og servering.
No large changes in the key figures from 2024 to 2025.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 2 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.4 | 2 MNOK |
| EV/EBIT | 15.5 | 2 MNOK |
| P/B | 3.5 | 0 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 51% for an unlisted company: 20% for lack of marketability and 38% for size (a small-company premium of 4% on the cost of equity).
A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation
Worth a closer look
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 4.4% (median 13.1%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.0% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 1.3%. Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 77 | weight 30% |
|---|---|---|
| Solidity | 24 | weight 25% |
| Liquidity | 52 | weight 15% |
| Growth | 55 | weight 15% |
| Consistency | 69 | weight 15% |
Durability: 53 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Sub 8 AS?
The operating margin was 5.0% in 2025, against a median of 1.5% among companies in the Morning class Micro in the same sector. Return on assets was 35.3%.
How solid is Sub 8 AS?
The equity ratio was 4.4% in 2025 (median 13.1%). Debt-to-equity was 21.72 (median 2.02).
What is the liquidity of Sub 8 AS like?
The current ratio was 1.03 in 2025 (median 1.01).
How does Sub 8 AS compare in Overnatting og servering?
Sub 8 AS ranks 2,358 of 5,998 in Overnatting og servering for 2025. Among companies in the Morning class Micro it is number 1,398 of 3,541. Revenue changed by 7.5% from the year before.
Group structure · 2025
25 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
Private persons own 100% of the shares in Kit Holding AS. Persons are not shown by name.
Kit Holding AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
From the Central Coordinating Register
- Org. no.
- 825260692
- Legal form
- AS
- Sector
- Overnatting og servering (56.110)
- Morning company class
- Micro
- Employees
- 20 registered 10 October 2026
- Founded
- 28 May 2020 6 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Moldfaret 2G, 4848 ARENDAL
- Municipality
- Arendal rank 5–10 of 10 in KOSTRA group 11
- Audit
- Audit opted out from 26 June 2020
- Latest accounts filed
- 2025
- Website
- www.subway.no
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Sub Holding AS (100%)
Ultimate owner: private person
- Sub Holding AS · 100.0%
The company is new in the shareholder register in 2025.
Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Figures last fetched 30 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 52 | 51 | 55 | |
| Rank | 2,341 | 2,679 | 2,358 | |
| Operating margin | 5.7% | 4.9% | 5.0% | |
| Return on assets | 36.9% | 23.2% | 35.3% | |
| Equity ratio | 5.7% | 3.5% | 4.4% | |
| Current ratio | 0.99 | 1.01 | 1.03 | |
| Revenue growth | – | 9.1% | 7.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 4.9 MNOK | 5.3 MNOK | 5.7 MNOK |
| Operating profit | 0.3 MNOK | 0.3 MNOK | 0.3 MNOK |
| Profit before tax | 0.3 MNOK | 0.3 MNOK | 0.3 MNOK |
| Tax expense | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Net profit | 0.2 MNOK | 0.2 MNOK | 0.3 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 0.8 MNOK | 1.3 MNOK | 1.0 MNOK |
| Current assets | 0.8 MNOK | 1.2 MNOK | 1.0 MNOK |
| Equity | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Retained earnings | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total liabilities | 0.8 MNOK | 1.2 MNOK | 1.0 MNOK |
| Current liabilities | 0.8 MNOK | 1.2 MNOK | 1.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 7005802.
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