MIDGARD VIND AS
Score · fiscal year 2025
51of 100
How to read this: the company is ahead of 50 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 88 of 176 · What are Morning company classes?
Place in the whole sector: 418 of 876 · Kraft og energi
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 7 and solidity 95 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
MIDGARD VIND AS is at the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 176 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −56.0% (median 13.4%) and equity ratio 91.0% (median 37.6%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 50 MNOK | 23 MNOK |
| Operating margin | −56.0% | 13.4% |
| Profit margin | −65.5% | 15.0% |
| Return on assets | −8.3% | 6.0% |
| Equity ratio | 91.0% | 37.6% |
| Debt-to-equity | 0.10 | 1.56 |
| Current ratio | 5.43 | 1.30 |
| Revenue growth | −8.4% | 10.6% |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 51, MIDGARD VIND AS does better than 50% of companies in the Morning class Small in the same sector (176 companies) in 2025.
Score 2023–2025
- MIDGARD VIND AS
- Median: companies in the Morning class Small in the same sector
MIDGARD VIND AS has a score of 51 for 2025, rank 418 of 876 in the sector.
Strongest: Solidity: percentile 95 against peers, equity ratio 91.0% against a median of 37.6%. Liquidity: percentile 88 against peers, current ratio 5.43 against a median of 1.30.
Weakest: Profitability: percentile 7 against peers, operating margin −56.0% against a median of 13.4%. Growth: percentile 26 against peers, revenue growth −8.4% against a median of 10.6%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −65.5% (median 15.0%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −56.0% (median 13.4%).
- What lies behind weak profitability, and will it last?
- 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
MIDGARD VIND AS had an operating margin of −56.0% and an equity ratio of 91.0% in 2025, and ranks 418 of 876 in Kraft og energi.
From 2024 to 2025: the operating margin fell from −33.5% to −56.0%.
MIDGARD VIND AS did weaker than the sector in 2025, the sector's weakest year.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 26 MEUR.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 26 MEUR |
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
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −65.5% (median 15.0%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −56.0% (median 13.4%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 15.7% 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.
Data quality
- watch Reports in a currency other than NOK
Scenario analysis: the sector's weakest year
The operating margin was −56.0% in 2025 (sector median 15.8%), and the equity ratio 91.0%. The company had a loss before tax that year. In the other years the operating margin averaged −21.6%.
The sector's weakest year was 2025, with a median operating margin of 15.8%. Based on the 5 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 7 | weight 30% |
|---|---|---|
| Solidity | 95 | weight 25% |
| Liquidity | 88 | weight 15% |
| Growth | 26 | weight 15% |
| Consistency | 53 | weight 15% |
Durability: 59 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is MIDGARD VIND AS?
The operating margin was −56.0% in 2025, against a median of 13.4% among companies in the Morning class Small in the same sector. Return on assets was −8.3%. The company made a loss before tax.
How solid is MIDGARD VIND AS?
The equity ratio was 91.0% in 2025 (median 37.6%). Debt-to-equity was 0.10 (median 1.56).
What is the liquidity of MIDGARD VIND AS like?
The current ratio was 5.43 in 2025 (median 1.30).
How does MIDGARD VIND AS compare in Kraft og energi?
MIDGARD VIND AS ranks 418 of 876 in Kraft og energi for 2025. Among companies in the Morning class Small it is number 88 of 176. Revenue changed by −8.4% from the year before.
From the Central Coordinating Register
- Org. no.
- 921894066
- Legal form
- AS
- Sector
- Kraft og energi (35.122)
- Morning company class
- Small
- Employees
- 0–4 (not registered)
- Founded
- 15 October 2018 8 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Klæbuveien 118, 7031 TRONDHEIM
- Municipality
- Trondheim rank 3 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
- Christian Vogt
- Board member
- Idunn Gangaune Finnanger
- Board member
- Magnus Often Sveen
- Board member
- Felix Corradini
- Board member
- Julia Anna Kufner
- Deputy member
- Marit Riiber
- Deputy member
- Michael Gewalt
- 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 | 68 | 57 | 51 | |
| Rank | 136 | 291 | 418 | |
| Operating margin | −9.7% | −33.5% | −56.0% | |
| Return on assets | 2.9% | −2.5% | −8.3% | |
| Equity ratio | 86.2% | 90.9% | 91.0% | |
| Current ratio | 3.39 | 7.83 | 5.43 | |
| Revenue growth | – | −16.5% | −8.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (EUR). Revenue in NOK is converted from EUR at the mean rate for the accounting period 1 January 2025–31 December 2025: 11.7177 (norges_bank). Balance-sheet amounts use the rate on the balance-sheet date. Ratios and growth are computed in EUR. Exchange rates at Norges Bank
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 5.5 MEUR | 4.6 MEUR | 4.2 MEUR |
| Operating profit | −0.5 MEUR | −1.5 MEUR | −2.4 MEUR |
| Profit before tax | 0.9 MEUR | −0.8 MEUR | −2.8 MEUR |
| Net profit | 0.6 MEUR | −0.3 MEUR | −1.6 MEUR |
| Financial expenses | – | – | 0.4 MEUR |
| Total assets | 32.9 MEUR | 30.5 MEUR | 28.6 MEUR |
| Current assets | 11.5 MEUR | 9.8 MEUR | 8.3 MEUR |
| Equity | 28.3 MEUR | 27.7 MEUR | 26.0 MEUR |
| Retained earnings | 26.0 MEUR | 25.4 MEUR | 23.7 MEUR |
| Total liabilities | 4.5 MEUR | 2.8 MEUR | 2.6 MEUR |
| Current liabilities | 3.4 MEUR | 1.3 MEUR | 1.5 MEUR |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 7077064.
Further
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