Kodeo AS
Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more
Score · fiscal year 2025
66of 100
How to read this: the company is ahead of 81 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 397 of 2,081 · What are Morning company classes?
Place in the whole sector: 761 of 4,282 · Informasjon og kommunikasjon
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 70 and resilience 78 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Kodeo AS is 16 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 2,079 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 16.9% (median 4.4%) and equity ratio 71.2% (median 38.6%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 4 MNOK | 3 MNOK |
| Operating margin | 16.9% | 4.4% |
| Profit margin | 16.9% | 4.3% |
| Return on assets | 20.5% | 9.1% |
| Equity ratio | 71.2% | 38.6% |
| Debt-to-equity | 0.41 | 1.07 |
| Current ratio | 3.47 | 1.50 |
| Revenue growth | −5.9% | 6.1% |
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 66, Kodeo AS does better than 81% of companies in the Morning class Micro in the same sector (2,081 companies) in 2025.
Score 2023–2025
- Kodeo AS
- Median: companies in the Morning class Micro in the same sector
Kodeo AS has a score of 66 for 2025, rank 761 of 4,282 in the sector.
Strongest: Consistency: percentile 82 against peers. Liquidity: percentile 80 against peers, current ratio 3.47 against a median of 1.50.
No area is clearly below its peers.
Worth a closer look
- The change in operating margin in 2025 was 1.3 percentage points better than for comparable companies: the company +1.5, the industry +0.2 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 Kodeo AS rose by 1.5 percentage points. Comparable companies rose by a median 0.2 points. So the company did 1.3 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Kodeo AS moved the same way as comparable companies 1 times. About 6% 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 | 15.4% | 4.1% | −5.4 percentage points | −0.2 percentage points | −5.2 percentage points |
| 2025 | 16.9% | 4.4% | +1.5 percentage points | +0.2 percentage points | +1.3 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 Kodeo AS. The figures stand side by side; we claim no cause.
Service prices: information and communication (indeks (2021 = 100))
Service prices: information and communication rose 4.0% in 2025; the operating margin of Kodeo AS rose 1.5 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: information and communication, annual average | 100.0 | 103.3 | 108.7 | 112.2 | 116.7 | 120.0 (so far) |
| Change from the year before | – | +3.2% | +5.3% | +3.2% | +4.0% | +2.8% |
| The company's operating margin | – | – | 20.8% | 15.4% | 16.9% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: information and communication (indeks (2021 = 100))
Turnover index: information and communication rose 4.6% in 2025; the operating margin of Kodeo AS rose 1.5 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: information and communication, annual average | 99.6 | 111.4 | 126.4 | 128.3 | 134.2 | 141.3 (so far) |
| Change from the year before | +14.7% | +11.8% | +13.5% | +1.5% | +4.6% | +5.3% |
| The company's operating margin | – | – | 20.8% | 15.4% | 16.9% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Kodeo AS rose 1.5 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 | – | – | 20.8% | 15.4% | 16.9% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Kodeo AS rose 1.5 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 | – | – | 20.8% | 15.4% | 16.9% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Kodeo AS rose 1.5 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 | – | – | 20.8% | 15.4% | 16.9% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: IT services (indeks)
Wage index: IT services rose 4.4% in 2025; the operating margin of Kodeo AS rose 1.5 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: IT services, annual average | 84.9 | 87.8 | 92.3 | 97.3 | 101.5 | 105.4 (so far) |
| Change from the year before | +4.9% | +3.5% | +5.1% | +5.4% | +4.4% | +3.8% |
| The company's operating margin | – | – | 20.8% | 15.4% | 16.9% | – |
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
Kodeo AS had an operating margin of 16.9% and an equity ratio of 71.2% in 2025, and ranks 761 of 4,282 in Informasjon og kommunikasjon.
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 6 MNOK and 9 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | 7 MNOK |
| EV/EBIT | 14.9 | 9 MNOK |
| P/B | 3.6 | 6 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 12 MNOK |
| Enterprise value after the size adjustment | 7 MNOK |
| Less net debt (rough figure) | −2 MNOK |
| Equity value | 9 MNOK |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt.
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 4% on the cost of equity gives a value 38% lower. No separate marketability discount is applied, because the premium already allows for the company being small and unlisted.
The multiples are from the listed industry that matches the NACE code (62): Computer Services.
Not financial advice. The value range is a rough model estimate from listed-company multiples, not a valuation, a price target or a price offer. The actual value may differ greatly. Read more
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
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.3% 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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 4.1%. Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 70 | weight 40% |
|---|---|---|
| Solidity | 75 | weight 20% |
| Liquidity | 80 | weight 5% |
| Growth | 42 | weight 25% |
| Consistency | 82 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 68 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Kodeo AS?
The operating margin was 16.9% in 2025, against a median of 4.4% among companies in the Morning class Micro in the same sector. Return on assets was 20.5%.
How solid is Kodeo AS?
The equity ratio was 71.2% in 2025 (median 38.6%). Debt-to-equity was 0.41 (median 1.07).
What is the liquidity of Kodeo AS like?
The current ratio was 3.47 in 2025 (median 1.50).
How does Kodeo AS compare in Informasjon og kommunikasjon?
Kodeo AS ranks 761 of 4,282 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Micro it is number 397 of 2,081. Revenue changed by −5.9% from the year before.
Competitors
The 8 closest competitors in the same line of business, placed in the same matrix as the sector page: profitability up, resilience to the right. These are the companies the competitor analysis and the strategy report compare with.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Imaker AS |  Cheetah |
4 MNOK | 30.4% | 60 |
| Subcenture AS | Cheetah |
4 MNOK | 29.1% | 48 |
| Digimaker AS |  Beaver |
4 MNOK | −14.2% | 31 |
| Kodeo AS (this company) |  Lion |
4 MNOK | 16.9% | 66 |
| Wiso AS | Beaver |
4 MNOK | 4.7% | 39 |
| Kryptosekken AS | Lion |
4 MNOK | 32.5% | 71 |
| Inpark AS | Cheetah |
4 MNOK | 8.0% | 47 |
| Qwips Service Solutions AS | Beaver |
4 MNOK | −51.8% | 27 |
| Easynetbooking AS | Cheetah |
4 MNOK | 24.8% | 64 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
4 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 EB Holding AS. Persons are not shown by name.
EB 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.
The group in figures
- Sectors
- Informasjon og kommunikasjon (2 companies) 2 of 4 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Loss
- 1 company: EB Holding 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.
-
EB Holding AS
- Kodeo AS you are here
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.
- 919890002
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 30 October 2017 9 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Storgata 9, 2815 GJØVIK
- Municipality
- Gjøvik rank 6–10 of 13 in KOSTRA group 10
- Audit
- Audit opted out from 20 November 2017
- 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 3 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 80.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: EB Holding AS (80%)
Ultimate owner: private person
The owner: the majority owner EB Holding AS (holds 80%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- EB Holding AS · 80.0%
- Pki AS · 20.0%
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.
Is this your company? Suggest changes or add information
Figures last fetched 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 74 | 63 | 66 | |
| Rank | 539 | 1,009 | 761 | |
| Operating margin | 20.8% | 15.4% | 16.9% | |
| Return on assets | 40.1% | 24.1% | 20.5% | |
| Equity ratio | 58.0% | 67.4% | 71.2% | |
| Current ratio | 2.37 | 3.07 | 3.47 | |
| Revenue growth | – | −3.9% | −5.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 4.8 MNOK | 4.6 MNOK | 4.3 MNOK |
| Operating profit | 1.0 MNOK | 0.7 MNOK | 0.7 MNOK |
| Profit before tax | 1.0 MNOK | 0.7 MNOK | 0.7 MNOK |
| Tax expense | 0.2 MNOK | 0.2 MNOK | 0.2 MNOK |
| Net profit | 0.8 MNOK | 0.5 MNOK | 0.6 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 2.5 MNOK | 2.9 MNOK | 3.6 MNOK |
| Current assets | 2.5 MNOK | 2.9 MNOK | 3.6 MNOK |
| Equity | 1.4 MNOK | 2.0 MNOK | 2.5 MNOK |
| Retained earnings | 1.4 MNOK | 1.9 MNOK | 2.5 MNOK |
| Total liabilities | 1.0 MNOK | 1.0 MNOK | 1.0 MNOK |
| Current liabilities | 1.0 MNOK | 1.0 MNOK | 1.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6778938.
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