Learnio 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
40of 100
How to read this: the company is ahead of 30 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 3,374 of 4,817 · What are Morning company classes?
Place in the whole sector: 5,205 of 7,315 · Informasjon og kommunikasjon
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 2 and resilience 46 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Learnio AS is 11 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 4,811 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −221.2% (median 6.6%) and equity ratio 71.8% (median 39.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 3 MNOK | 3 MNOK |
| Operating margin | −221.2% | 6.6% |
| Profit margin | −284.7% | 6.8% |
| Return on assets | −212.4% | 13.1% |
| Equity ratio | 71.8% | 39.5% |
| Debt-to-equity | 0.39 | 1.07 |
| Current ratio | 0.14 | 1.54 |
| Revenue growth | 67.9% | 6.5% |
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 40, Learnio AS does better than 30% of companies in the Morning class Micro in the same sector (4,817 companies) in 2025.
Score 2023–2025
- Learnio AS
- Median: companies in the Morning class Micro in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
3 days | 46 days | |
| Inventory and other current assets, days Current assets other than receivables and bank deposits, that is inventory and short-term investments, in days of revenue. |
0 days | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
−28.4% | −9.3% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
77.6% | 56.5% | |
| Debt and interest burden | |||
| Interest coverage (times) Operating result divided by all financial costs. Below 1: operations do not cover the cost of the debt. |
−3.4 | 9.0 | |
| Financial costs as a share of debt All financial costs (interest, currency losses and other) divided by all debt, interest-free debt included. Not an interest rate. |
219.9% | 0.8% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 0.3% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Net working capital (current assets less bank deposits less current liabilities): −0.8 MNOK.
Of the financial costs of 1.9 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of the group with a lower figure: higher is not always better, long receivable days tie up capital, for example. These figures do not count in the score.
Learnio AS has a score of 40 for 2025, rank 5,205 of 7,315 in the sector.
Strongest: Growth: percentile 91 against peers, revenue growth 67.9% against a median of 6.5%. Solidity: percentile 76 against peers, equity ratio 71.8% against a median of 39.5%.
Weakest: Profitability: percentile 2 against peers, operating margin −221.2% against a median of 6.6%. Liquidity: percentile 2 against peers, current ratio 0.14 against a median of 1.54.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 7.2 times current assets. Based on: current ratio 0.14 (median 1.54).
- The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say? Based on: interest coverage (times) −3.4 (median 9.0); financial costs as a share of debt 219.9% (median 0.8%).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −284.7% (median 6.8%).
- What lies behind weak profitability, 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
The industry or the company: what drove the result?
In 2025 the operating margin of Learnio AS rose by 600.3 percentage points. Comparable companies rose by a median 0.1 points. So the company did 600.2 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Learnio AS moved the same way as comparable companies 1 times. About 0% 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 | −821.5% | 6.5% | +22,047.0 percentage points | +0.5 percentage points | +22,046.6 percentage points |
| 2025 | −221.2% | 6.6% | +600.3 percentage points | +0.1 percentage points | +600.2 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 Learnio 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 Learnio AS rose 600.3 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 | – | – | −22,868.5% | −821.5% | −221.2% | – |
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 Learnio AS rose 600.3 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 | – | – | −22,868.5% | −821.5% | −221.2% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Learnio AS rose 600.3 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 | – | – | −22,868.5% | −821.5% | −221.2% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Learnio AS rose 600.3 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 | – | – | −22,868.5% | −821.5% | −221.2% | – |
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 Learnio AS rose 600.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | −22,868.5% | −821.5% | −221.2% | – |
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 Learnio AS rose 600.3 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 | – | – | −22,868.5% | −821.5% | −221.2% | – |
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
Learnio AS had an operating margin of −221.2% and an equity ratio of 71.8% in 2025, and ranks 5,205 of 7,315 in Informasjon og kommunikasjon.
From 2024 to 2025: the operating margin rose from −821.5% to −221.2% and the equity ratio rose from 8.6% to 71.8%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 5 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | not meaningful |
| EV/EBIT | 14.9 | not meaningful |
| P/B | 3.6 | 5 MNOK |
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
- critical
Consider strengthening liquidity: current liabilities are 7.2 times current assets.
Based on: Current ratio 0.14 (median 1.54).
- critical
The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say?
Based on: Interest coverage (times) −3.4 (median 9.0); Financial costs as a share of debt 219.9% (median 0.8%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −284.7% (median 6.8%).
- 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 −221.2% (median 6.6%).
- 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 67.9% (median 6.5%); Current ratio 0.14 (median 1.54).
- watch
Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed?
Based on: Net working capital to revenue −28.4% (median −9.3%); Current ratio 0.14 (median 1.54).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 219.9% 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 Extreme margin: check 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 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 | 2 | weight 40% |
|---|---|---|
| Solidity | 76 | weight 20% |
| Liquidity | 2 | weight 5% |
| Growth | 91 | weight 25% |
| Consistency | 7 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 35 (average over 2 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Learnio AS?
The operating margin was −221.2% in 2025, against a median of 6.6% among companies in the Morning class Micro in the same sector. Return on assets was −212.4%. The company made a loss before tax.
How solid is Learnio AS?
The equity ratio was 71.8% in 2025 (median 39.5%). Debt-to-equity was 0.39 (median 1.07).
What is the liquidity of Learnio AS like?
The current ratio was 0.14 in 2025 (median 1.54). Current assets did not cover current liabilities.
How does Learnio AS compare in Informasjon og kommunikasjon?
Learnio AS ranks 5,205 of 7,315 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Micro it is number 3,374 of 4,817. Revenue changed by 67.9% 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.
Each bubble is a company: this company and its closest competitors in the same line of business and size, the same ones the competitor analysis uses. Placement is 0–100 against the whole sector and Morning company class: further right is more robust, higher up is more profitable. Bubble size is revenue. The light bubble and arrow show where the company stood the year before. Pick a profile to see fewer at a time.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Brocon Gruppen AS |  Elephant |
3 MNOK | −26.6% | 43 |
| Tekst og Kode AS · same municipality |  Lion |
3 MNOK | 64.3% | 78 |
| Kodetid AS |  Cheetah |
3 MNOK | 58.5% | 57 |
| Tredim AS | Cheetah |
3 MNOK | 74.3% | 62 |
| Learnio AS (this company) |  Beaver |
3 MNOK | −221.2% | 40 |
| Berg Nettsystemer AS | Beaver |
3 MNOK | −0.4% | 34 |
| Creopark AS | Lion |
3 MNOK | 20.1% | 61 |
| Snowbox Consulting AS | Lion |
3 MNOK | 43.5% | 78 |
| Agenso AS | Lion |
3 MNOK | 64.2% | 82 |
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
5 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 Acini Holding AS. Persons are not shown by name.
Acini 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 (4 companies), Undervisning (1 company) 5 of 5 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Negative equity
- 1 company: Inspiro Academy AS
- Loss
- 5 companies: Learnio AS, Inspiro Academy AS, Acini Capital AS, Learnio Social Enterprise AS, Acini Holding AS
- Changed 2024–2025
- 1 company joined the group: Learnio Social Enterprise AS. 1 company left: Core 20 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.
-
Acini Holding AS
-
Learnio AS you are here
- Acini Capital AS
- Learnio Social Enterprise 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.
- 924722215
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 6 February 2020 6 years in operation
- Share capital
- 10.24 MNOK
- Business address
- Vardeveien 3, 1363 HØVIK (BÆRUM)
- Municipality
- Bærum rank 1 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
Loading roles …
Source: Central Coordinating Register, fetched 4 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 63.0%
- Split
- companies 100% · private persons 0% · foreign 37%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Acini Holding AS (63%)
Ultimate owner: private person
The owner: the majority owner Acini Holding AS (holds 63%) 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.
- Acini Holding AS · 63.0%
- Core 20 Consulting INC (USA) · 37.0%
The company is new in the shareholder register in 2025.
Majority owner of: Inspiro Academy AS (100%)
Holds shares in: Inspiro Academy AS (100%)
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 9 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | 30 | 40 | |
| Rank | – | 5,916 | 5,205 | |
| Operating margin | −22,868.5% | −821.5% | −221.2% | |
| Return on assets | −316.1% | −209.0% | −212.4% | |
| Equity ratio | 94.2% | 8.6% | 71.8% | |
| Current ratio | 4.04 | 0.30 | 0.14 | |
| Revenue growth | – | 1,293.4% | 67.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.1 MNOK | 1.8 MNOK | 3.0 MNOK |
| Operating profit | −29.3 MNOK | −14.7 MNOK | −6.6 MNOK |
| Profit before tax | −45.3 MNOK | −14.7 MNOK | −8.5 MNOK |
| Tax expense | – | – | 0.0 MNOK |
| Net profit | −45.3 MNOK | −14.7 MNOK | −8.5 MNOK |
| Financial expenses | 16.1 MNOK | 0.1 MNOK | 1.9 MNOK |
| Total assets | 9.2 MNOK | 7.0 MNOK | 3.1 MNOK |
| Current assets | 2.1 MNOK | 1.9 MNOK | 0.1 MNOK |
| Equity | 8.7 MNOK | 0.6 MNOK | 2.2 MNOK |
| Retained earnings | −45.3 MNOK | −14.7 MNOK | −23.2 MNOK |
| Total liabilities | 0.5 MNOK | 6.4 MNOK | 0.9 MNOK |
| Current liabilities | 0.5 MNOK | 6.4 MNOK | 0.9 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 7163635.
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