Two AS
Score · fiscal year 2025
61of 100
How to read this: the company is ahead of 74 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 269 of 1,022 · What are Morning company classes?
Place in the whole sector: 803 of 3,133 · Informasjon og kommunikasjon
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 10 and solidity 100 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Two AS is 11 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 50 among 1,022 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −190.6% (median 4.9%) and equity ratio 97.1% (median 34.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 23 MNOK | 23 MNOK |
| Operating margin | −190.6% | 4.9% |
| Profit margin | −182.9% | 5.0% |
| Return on assets | −10.8% | 9.2% |
| Equity ratio | 97.1% | 34.1% |
| Debt-to-equity | 0.03 | 1.67 |
| Current ratio | 25.33 | 1.32 |
| Revenue growth | 79.4% | 7.8% |
| Revenue per employee | 1.16 MNOK | 1.76 MNOK |
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 61, Two AS does better than 74% of companies in the Morning class Small in the same sector (1,022 companies) in 2025.
Score 2023–2025
- Two AS
- Median: companies in the Morning class Small in the same sector
Two AS has a score of 61 for 2025, rank 803 of 3,133 in the sector.
Strongest: Liquidity: percentile 100 against peers, current ratio 25.33 against a median of 1.32. Solidity: percentile 100 against peers, equity ratio 97.1% against a median of 34.1%.
Weakest: Profitability: percentile 10 against peers, operating margin −190.6% against a median of 4.9%. Consistency: percentile 25 against peers.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −182.9% (median 5.0%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −190.6% (median 4.9%).
- What lies behind weak profitability, and will it last?
- What lies behind weak consistency, 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 Two AS rose by 46.7 percentage points. Comparable companies rose by a median 0.5 points. So the company did 46.2 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Two AS moved the same way as comparable companies 2 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 | −237.3% | 4.4% | +43,172.2 percentage points | +0.5 percentage points | +43,171.7 percentage points |
| 2025 | −190.6% | 4.9% | +46.7 percentage points | +0.5 percentage points | +46.2 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 Two 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 Two AS rose 46.7 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 | – | – | −43,409.5% | −237.3% | −190.6% | – |
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 Two AS rose 46.7 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 | – | – | −43,409.5% | −237.3% | −190.6% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Two AS rose 46.7 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 | – | – | −43,409.5% | −237.3% | −190.6% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Two AS rose 46.7 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 | – | – | −43,409.5% | −237.3% | −190.6% | – |
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 Two AS rose 46.7 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 | – | – | −43,409.5% | −237.3% | −190.6% | – |
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 Two AS rose 46.7 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 | – | – | −43,409.5% | −237.3% | −190.6% | – |
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
Two AS had an operating margin of −190.6% and an equity ratio of 97.1% in 2025, and ranks 803 of 3,133 in Informasjon og kommunikasjon.
From 2024 to 2025: the operating margin rose from −237.3% to −190.6% and revenue grew by 79%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 467 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.7 | not meaningful |
| EV/EBIT | 14.3 | not meaningful |
| P/B | 2.6 | 467 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 39% for an unlisted company: 20% for lack of marketability and 24% for size (a small-company premium of 2% 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
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −182.9% (median 5.0%).
- 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 −190.6% (median 4.9%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 110.7% 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.
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 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 | 10 | weight 30% |
|---|---|---|
| Solidity | 100 | weight 25% |
| Liquidity | 100 | weight 15% |
| Growth | 93 | weight 15% |
| Consistency | 25 | weight 15% |
Durability: 62 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Two AS?
The operating margin was −190.6% in 2025, against a median of 4.9% among companies in the Morning class Small in the same sector. Return on assets was −10.8%. The company made a loss before tax.
How solid is Two AS?
The equity ratio was 97.1% in 2025 (median 34.1%). Debt-to-equity was 0.03 (median 1.67).
What is the liquidity of Two AS like?
The current ratio was 25.33 in 2025 (median 1.32).
How does Two AS compare in Informasjon og kommunikasjon?
Two AS ranks 803 of 3,133 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Small it is number 269 of 1,022. Revenue changed by 79.4% from the year before.
Group accounts · 2025
52 of 100
Rank 33 of 67 groups in the Morning class Medium in Informasjon og kommunikasjon. Groups are ranked only against other groups in the same sector and class, never against single companies.
- Operating revenue, group
- 76 MNOK
- Operating profit, group
- −50 MNOK
- Profit before tax, group
- −81 MNOK
- Total assets, group
- 478 MNOK
- Equity, group
- 203 MNOK
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | −65.8% | −190.6% |
| Return on assets | −8.0% | −10.8% |
| Equity ratio | 42.5% | 97.1% |
| Current ratio | 6.88 | 25.33 |
| Revenue growth | 126.1% | 79.4% |
Group index in earlier years: 2023: 47 (80 of 130), 2024: 46 (73 of 121).
Same formulas and weights as the company index. Group and company are never added together, and the group accounts are not part of sector averages or company rankings.
Source: Brønnøysund Register Centre, group accounts 2025 (open data, NLOD 2.0).
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.
No owner holds more than half of the shares in Two AS.
Group accounts. Two AS for 2025: index 52 of 100, number 33 of 67 groups.
-
Two 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.
- 925976105
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Morning company class
- Small
- Employees
- 20 registered 10 September 2026
- Founded
- 2 November 2020 6 years in operation
- Share capital
- 0.66 MNOK
- Business address
- Kongens gate 6, 0153 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- LEI
- 254900QWP7Q4WJU62X72 renews 9 March 2027
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 1 November 2026. Only names are shown.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 140
- Largest owner
- 4.9% · top three 12.0%
- Split
- companies 29% · private persons 4% · foreign 21%
- Owners over 60
- 0% of the shares held by persons (median age 33)
- SHINE CAPITAL II, L.P. (USA) · 14.7%
- Ama AS · 13.5%
- ANTLER GLOBAL FUND MASTER S. R.L. (Luxembourg) · 7.9%
- SEQUOIA CAPITAL U.S. SCOUT SEED FUN (USA) · 6.8%
- Monozuki AS · 5.7%
- Stamvaka LTD (Cyprus) · 5.7%
- Idekapital Fund 2 AS · 4.2%
- Investinor Direkte AS · 3.7%
- Alliance Venture Delta AB (Sweden) · 2.7%
- Dushman LIMITED (United Kingdom) · 2.2%
- 76 private persons · 4.5%
The company is new in the shareholder register in 2025.
Majority owner of: Two Bcommerce AS (100%), Two B2b AS (100%), Two Faktura AS (100%)
Holds shares in: Two Bcommerce AS (100%), Two AS (1%), Two B2b AS (100%), Two Faktura AS (100%)
The owners' shares do not add up to the company's total number of shares in the source.
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 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | 64 | 61 | |
| Rank | – | 651 | 803 | |
| Operating margin | −43,409.5% | −237.3% | −190.6% | |
| Return on assets | −21.8% | −5.0% | −10.8% | |
| Equity ratio | 81.6% | 95.1% | 97.1% | |
| Current ratio | 5.15 | 25.76 | 25.33 | |
| Revenue growth | – | 9,376.3% | 79.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.1 MNOK | 12.9 MNOK | 23.2 MNOK |
| Operating profit | −59.3 MNOK | −30.7 MNOK | −44.3 MNOK |
| Profit before tax | −55.2 MNOK | −8.1 MNOK | −42.5 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | – |
| Net profit | −55.2 MNOK | −8.1 MNOK | −42.5 MNOK |
| Financial expenses | 3.5 MNOK | −1.7 MNOK | 9.8 MNOK |
| Total assets | 237.5 MNOK | 196.1 MNOK | 303.6 MNOK |
| Current assets | 225.1 MNOK | 142.5 MNOK | 223.5 MNOK |
| Equity | 193.7 MNOK | 186.5 MNOK | 294.8 MNOK |
| Retained earnings | −97.7 MNOK | −104.9 MNOK | −147.5 MNOK |
| Total liabilities | 43.7 MNOK | 9.6 MNOK | 8.8 MNOK |
| Current liabilities | 43.7 MNOK | 5.5 MNOK | 8.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 7222344.
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