Aermade AS
Score · fiscal year 2025
41of 100
How to read this: the company is ahead of 30 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 930 of 1,320 · What are Morning company classes?
Place in the whole sector: 3,114 of 4,464 · Industri
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 41 and solidity 18 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Aermade AS is 10 points below the median for companies in the Morning class Medium in the same sector in 2025.
Median score 51 among 1,320 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 3.2% (median 4.9%) and equity ratio 20.2% (median 39.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 95 MNOK | 116 MNOK |
| Operating margin | 3.2% | 4.9% |
| Profit margin | 3.2% | 4.8% |
| Return on assets | 8.5% | 10.4% |
| Equity ratio | 20.2% | 39.3% |
| Debt-to-equity | 3.94 | 1.50 |
| Current ratio | 1.20 | 1.55 |
| Revenue growth | 26.3% | 7.0% |
| Revenue per employee | 4.54 MNOK | 2.92 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 41, Aermade AS does better than 30% of companies in the Morning class Medium in the same sector (1,320 companies) in 2025.
Score 2023–2025
- Aermade AS
- Median: companies in the Morning class Medium in the same sector
Aermade AS has a score of 41 for 2025, rank 3,114 of 4,464 in the sector.
Strongest: Growth: percentile 82 against peers, revenue growth 26.3% against a median of 7.0%.
Weakest: Solidity: percentile 18 against peers, equity ratio 20.2% against a median of 39.3%. Liquidity: percentile 26 against peers, current ratio 1.20 against a median of 1.55.
Worth a closer look
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 26.3% (median 7.0%); current ratio 1.20 (median 1.55).
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 1.8 percentage points better than for comparable companies: the company +1.3, the industry −0.5 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 Aermade AS rose by 1.3 percentage points. Comparable companies fell by a median 0.5 points. So the company did 1.8 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Aermade AS moved the same way as comparable companies 0 times. About 31% 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 | 2.0% | 5.4% | −0.3 percentage points | +0.8 percentage points | −1.1 percentage points |
| 2025 | 3.2% | 4.9% | +1.3 percentage points | −0.5 percentage points | +1.8 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 Aermade AS. The figures stand side by side; we claim no cause.
Producer prices in manufacturing (indeks (2021 = 100))
Producer prices in manufacturing rose 2.9% in 2025; the operating margin of Aermade AS rose 1.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Producer prices in manufacturing, annual average | 100.0 | 124.7 | 129.5 | 134.4 | 138.3 | 146.0 (so far) |
| Change from the year before | +10.7% | +24.7% | +3.9% | +3.7% | +2.9% | +5.6% |
| The company's operating margin | – | – | 2.3% | 2.0% | 3.2% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Aermade AS rose 1.3 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 | – | – | 2.3% | 2.0% | 3.2% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wholesale power price (øre per kWh)
Wholesale power price rose 9.4% in 2025; the operating margin of Aermade AS rose 1.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wholesale power price, annual average | 64.2 | 141.7 | 72.0 | 49.4 | 54.0 | 96.5 (so far) |
| Change from the year before | +466.7% | +120.8% | −49.2% | −31.4% | +9.4% | +78.4% |
| The company's operating margin | – | – | 2.3% | 2.0% | 3.2% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Aermade AS rose 1.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | 2.3% | 2.0% | 3.2% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: fabricated metal products (indeks)
Wage index: fabricated metal products rose 5.8% in 2025; the operating margin of Aermade AS rose 1.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: fabricated metal products, annual average | 88.0 | 91.5 | 96.9 | 102.1 | 108.0 | 112.8 (so far) |
| Change from the year before | +3.1% | +3.9% | +6.0% | +5.4% | +5.8% | +4.5% |
| The company's operating margin | – | – | 2.3% | 2.0% | 3.2% | – |
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
Aermade AS had an operating margin of 3.2% and an equity ratio of 20.2% in 2025, and ranks 3,114 of 4,464 in Industri.
From 2024 to 2025: revenue grew by 26%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 11 MNOK and 15 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | 15 MNOK |
| EV/EBIT | 18.6 | missing |
| P/B | 3.0 | 11 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
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 26.3% (median 7.0%); Current ratio 1.20 (median 1.55).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.5% 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 0.2%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 41 | weight 30% |
|---|---|---|
| Solidity | 18 | weight 25% |
| Liquidity | 26 | weight 15% |
| Growth | 82 | weight 15% |
| Consistency | 50 | weight 15% |
Durability: 32 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Aermade AS?
The operating margin was 3.2% in 2025, against a median of 4.9% among companies in the Morning class Medium in the same sector. Return on assets was 8.5%.
How solid is Aermade AS?
The equity ratio was 20.2% in 2025 (median 39.3%). Debt-to-equity was 3.94 (median 1.50).
What is the liquidity of Aermade AS like?
The current ratio was 1.20 in 2025 (median 1.55).
How does Aermade AS compare in Industri?
Aermade AS ranks 3,114 of 4,464 in Industri for 2025. Among companies in the Morning class Medium it is number 930 of 1,320. Revenue changed by 26.3% from the year before.
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
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.
Group structure · 2025
90 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.
No owner holds more than half of the shares in AF Gruppen ASA.
Group accounts. AF Gruppen ASA for 2025: index 46 of 100, number 69 of 126 groups. See the group accounts
The group in figures
- Sectors
- Bygg og anlegg (60 companies), Vann, avløp og renovasjon (1 company), Teknisk tjenesteyting og forskning (2 companies), Industri (1 company), Forretningsmessig tjenesteyting (1 company), Eiendom (3 companies) and 1 more 69 of 90 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 5,045 in all. Oslo 2,460, Bergen 644, Asker 496, Lier 301, Drammen 173, Trondheim 158 and 14 more municipalities Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 3 companies: Oslo Prosjektbygg AS, Mivent AS, Tkc Prosjekt AS
- Loss
- 15 companies: AF Offshore Decom AS, Eiqon AS, Oslo Prosjektbygg AS, Mepex AS, AF Håndverk AS, Hardangerfjord Eiendom AS …
- Changed 2024–2025
- 2 companies joined the group: AF Elkraft AS, Brødrene Myhre AS. 8 companies left, among them: Sandbrogaten 11 AS, Hjortevegen AS, Fagerblom Næring Eiendom AS.
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
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AF Gruppen ASA
-
AF Offshore AS
-
Aeron AS
- Aermade AS you are here
- AF Offshore Decom AS
- AF Miljøbase Vats AS
-
-
AF Gruppen Holding AS
- Jr Anlegg AS
- Målselv Maskin & Transport AS
- Org. no. 921327668
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Org. no. 922853584
- Kilen Brygge AS
-
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.
- 826584882
- Legal form
- AS · part of a group
- Sector
- Industri (28.250)
- Morning company class
- Medium
- Employees
- 21 registered 10 September 2026
- Founded
- 29 January 2021 5 years in operation
- Share capital
- 0.51 MNOK
- Business address
- Vingårdsveien 40, 4373 EGERSUND (EIGERSUND)
- Municipality
- Eigersund rank 7–17 of 38 in KOSTRA group 7
- Latest accounts filed
- 2025
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 31 October 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 51.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 0%
- Group chain
-
Owned by: Aeron AS (51%)
Ultimate owner: AF Gruppen ASA
- Aeron AS · 51.0%
- AS METALLTEKNIKK · 49.0%
The company is new in the shareholder register in 2025.
Holds shares in: BYGGOPP, Opplæringskontor for Bygg- og Anleggsteknikk Rogaland AS (0%)
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 | 25 | 32 | 41 | |
| Rank | 3,618 | 3,579 | 3,114 | |
| Operating margin | 2.3% | 2.0% | 3.2% | |
| Return on assets | 6.6% | 4.8% | 8.5% | |
| Equity ratio | 23.9% | 15.9% | 20.2% | |
| Current ratio | 1.14 | 1.09 | 1.20 | |
| Revenue growth | – | 61.6% | 26.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 46.7 MNOK | 75.5 MNOK | 95.4 MNOK |
| Operating profit | 1.1 MNOK | 1.5 MNOK | 3.1 MNOK |
| Profit before tax | 1.0 MNOK | 1.4 MNOK | 3.0 MNOK |
| Tax expense | 0.2 MNOK | 0.3 MNOK | 0.7 MNOK |
| Net profit | 0.8 MNOK | 1.1 MNOK | 2.4 MNOK |
| Financial expenses | 0.1 MNOK | 0.2 MNOK | 0.2 MNOK |
| Total assets | 17.1 MNOK | 32.5 MNOK | 37.3 MNOK |
| Current assets | 14.8 MNOK | 29.6 MNOK | 35.7 MNOK |
| Equity | 4.1 MNOK | 5.2 MNOK | 7.6 MNOK |
| Retained earnings | −4.9 MNOK | −3.8 MNOK | −1.5 MNOK |
| Total liabilities | 13.0 MNOK | 27.3 MNOK | 29.8 MNOK |
| Current liabilities | 13.0 MNOK | 27.3 MNOK | 29.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6705272.
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