Trust Two AS
Score · fiscal year 2025
67of 100
How to read this: the company is ahead of 85 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 65 of 417 · What are Morning company classes?
Place in the whole sector: 156 of 1,006 · Sjøfart
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 72 and solidity 91 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Trust Two AS is 18 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 49 among 417 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 22.7% (median 22.4%) and equity ratio 82.2% (median 42.6%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 170 MNOK | 125 MNOK |
| Operating margin | 22.7% | 22.4% |
| Profit margin | 23.8% | 13.3% |
| Return on assets | 32.6% | 9.5% |
| Equity ratio | 82.2% | 42.6% |
| Debt-to-equity | 0.22 | 1.31 |
| Current ratio | 1.71 | 1.51 |
| Revenue growth | −12.6% | 1.7% |
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 67, Trust Two AS does better than 85% of companies in the Morning class Medium in the same sector (417 companies) in 2025.
Score 2023–2025
- Trust Two AS
- Median: companies in the Morning class Medium in the same sector
Trust Two AS has a score of 67 for 2025, rank 156 of 1,006 in the sector.
Strongest: Solidity: percentile 91 against peers, equity ratio 82.2% against a median of 42.6%. Profitability: percentile 72 against peers, operating margin 22.7% against a median of 22.4%.
Weakest: Growth: percentile 23 against peers, revenue growth −12.6% against a median of 1.7%.
Worth a closer look
- What lies behind weak growth, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
What the numbers say
Trust Two AS had an operating margin of 22.7% and an equity ratio of 82.2% in 2025, and ranks 156 of 1,006 in Sjøfart.
From 2024 to 2025: the operating margin fell from 42.2% to 22.7% and the equity ratio rose from 36.0% to 82.2%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 10 MUSD and 39 MUSD.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 39 MUSD |
| EV/EBIT | 8.0 | 30 MUSD |
| P/B | 1.0 | 10 MUSD |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. 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 0.0% 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
- watch Reports in a currency other than NOK
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 6.1%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 72 | weight 30% |
|---|---|---|
| Solidity | 91 | weight 25% |
| Liquidity | 56 | weight 15% |
| Growth | 23 | weight 15% |
| Consistency | 71 | weight 15% |
Durability: 60 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Trust Two AS?
The operating margin was 22.7% in 2025, against a median of 22.4% among companies in the Morning class Medium in the same sector. Return on assets was 32.6%.
How solid is Trust Two AS?
The equity ratio was 82.2% in 2025 (median 42.6%). Debt-to-equity was 0.22 (median 1.31).
What is the liquidity of Trust Two AS like?
The current ratio was 1.71 in 2025 (median 1.51).
How does Trust Two AS compare in Sjøfart?
Trust Two AS ranks 156 of 1,006 in Sjøfart for 2025. Among companies in the Morning class Medium it is number 65 of 417. Revenue changed by −12.6% from the year before.
From the Central Coordinating Register
- Org. no.
- 920062032
- Legal form
- AS
- Sector
- Sjøfart (50.201)
- Morning company class
- Medium
- Employees
- 0–4 (not registered)
- Founded
- 6 December 2017 8 years in operation
- Share capital
- 0.50 MNOK
- Business address
- Tveiteråsvegen 12, 5232 PARADIS (BERGEN)
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- 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
- Chair of the board
- Karl Lødrup Kvalheim
- Board member
- Henning Brynjulfsen Kvalheim
- Auditor
- Deloitte AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
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 26 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 54 | 59 | 67 | |
| Rank | 364 | 296 | 156 | |
| Operating margin | 53.1% | 42.2% | 22.7% | |
| Return on assets | 39.7% | 49.3% | 32.6% | |
| Equity ratio | 27.8% | 36.0% | 82.2% | |
| Current ratio | 0.73 | 0.88 | 1.71 | |
| Revenue growth | – | 20.7% | −12.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (USD). Revenue in NOK is converted from USD at the mean rate for the accounting period 1 January 2025–31 December 2025: 10.3912 (norges_bank). Balance-sheet amounts use the rate on the balance-sheet date. Ratios and growth are computed in USD. Exchange rates at Norges Bank
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 15.5 MUSD | 18.7 MUSD | 16.3 MUSD |
| Operating profit | 8.2 MUSD | 7.9 MUSD | 3.7 MUSD |
| Profit before tax | 8.4 MUSD | 8.0 MUSD | 3.9 MUSD |
| Net profit | 8.4 MUSD | 8.0 MUSD | 3.9 MUSD |
| Financial expenses | 0.0 MUSD | 0.1 MUSD | 0.0 MUSD |
| Total assets | 21.2 MUSD | 16.4 MUSD | 11.9 MUSD |
| Current assets | 11.2 MUSD | 8.1 MUSD | 3.6 MUSD |
| Equity | 5.9 MUSD | 5.9 MUSD | 9.8 MUSD |
| Retained earnings | 2.6 MUSD | 2.6 MUSD | 6.5 MUSD |
| Total liabilities | 15.3 MUSD | 10.5 MUSD | 2.1 MUSD |
| Current liabilities | 15.3 MUSD | 9.2 MUSD | 2.1 MUSD |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 6982632.
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