Req 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
42of 100
How to read this: the company is ahead of 30 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 224 of 320 · What are Morning company classes?
Place in the whole sector: 917 of 1,323 · Finans og forsikring
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 30 and resilience 34 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Req AS is 8 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 50 among 320 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 6.8% (median 48.6%) and equity ratio 50.4% (median 69.6%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 37 MNOK | 20 MNOK |
| Operating margin | 6.8% | 48.6% |
| Profit margin | 7.3% | 39.6% |
| Return on assets | 14.9% | 17.2% |
| Equity ratio | 50.4% | 69.6% |
| Debt-to-equity | 0.98 | 0.44 |
| Current ratio | 2.02 | 2.57 |
| Revenue growth | 42.2% | 13.7% |
| Revenue per employee | 2.66 MNOK | 2.22 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 42, Req AS does better than 30% of companies in the Morning class Small in the same sector (320 companies) in 2025.
Score 2023–2025
- Req AS
- Median: companies in the Morning class Small 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. |
22 days | 50 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. |
103 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. |
11.2% | 7.9% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
26.4% | 29.6% | |
| 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. |
111.2 | 45.7 | |
| 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. |
0.2% | 1.9% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
5.2% | 7.9% | |
Net working capital (current assets less bank deposits less current liabilities): 4.2 MNOK.
Of the financial costs of 0.0 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Small 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.
Req AS has a score of 42 for 2025, rank 917 of 1,323 in the sector.
Strongest: Growth: percentile 73 against peers, revenue growth 42.2% against a median of 13.7%.
Weakest: Consistency: percentile 22 against peers. Profitability: percentile 30 against peers, operating margin 6.8% against a median of 48.6%.
Worth a closer look
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin 6.8% (median 48.6%).
- What lies behind weak consistency, and will it last?
- What lies behind weak profitability, and will it last?
- The change in operating margin in 2025 was 2.1 percentage points weaker than for comparable companies: the company +12.1, the industry +14.3 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 Req AS rose by 12.1 percentage points. Comparable companies rose by a median 14.3 points. So the company did 2.1 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Req AS moved the same way as comparable companies 2 times. About 57% 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 | −5.3% | 34.3% | −0.4 percentage points | −38.1 percentage points | +37.7 percentage points |
| 2025 | 6.8% | 48.6% | +12.1 percentage points | +14.3 percentage points | −2.1 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 Req AS. The figures stand side by side; we claim no cause.
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Req AS rose 12.1 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 | – | – | −5.0% | −5.3% | 6.8% | – |
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 Req AS rose 12.1 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 | – | – | −5.0% | −5.3% | 6.8% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: financial services (indeks)
Wage index: financial services rose 4.6% in 2025; the operating margin of Req AS rose 12.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: financial services, annual average | 87.1 | 90.4 | 94.2 | 98.9 | 103.5 | 107.3 (so far) |
| Change from the year before | +2.9% | +3.8% | +4.1% | +5.0% | +4.6% | +3.7% |
| The company's operating margin | – | – | −5.0% | −5.3% | 6.8% | – |
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
Req AS had an operating margin of 6.8% and an equity ratio of 50.4% in 2025, and ranks 917 of 1,323 in Finans og forsikring.
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −5.3% to 6.8%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 10 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 12.6 | 1 MNOK |
| EV/EBIT | – | not used in the sector |
| P/B | 1.7 | 10 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 (66.3): Investments & Asset Management.
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
- 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 6.8% (median 48.6%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.2% 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 −13.5%. 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 | 30 | weight 40% |
|---|---|---|
| Solidity | 37 | weight 20% |
| Liquidity | 44 | weight 5% |
| Growth | 73 | weight 25% |
| Consistency | 22 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 30 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Req AS?
The operating margin was 6.8% in 2025, against a median of 48.6% among companies in the Morning class Small in the same sector. Return on assets was 14.9%.
How solid is Req AS?
The equity ratio was 50.4% in 2025 (median 69.6%). Debt-to-equity was 0.98 (median 0.44).
What is the liquidity of Req AS like?
The current ratio was 2.02 in 2025 (median 2.57).
How does Req AS compare in Finans og forsikring?
Req AS ranks 917 of 1,323 in Finans og forsikring for 2025. Among companies in the Morning class Small it is number 224 of 320. Revenue changed by 42.2% 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 |
|---|---|---|---|---|
| Argentum Alternative Investments AS |  Cheetah |
40 MNOK | 51.3% | 54 |
| Storebrand Real Estate AS |  Elephant |
40 MNOK | 32.2% | 45 |
| Validé AS | Elephant |
39 MNOK | 0.6% | 35 |
| Hadean Ventures AS · same municipality |  Lion |
38 MNOK | 26.0% | 52 |
| Icon Capital AS · same municipality | Cheetah |
38 MNOK | 25.3% | 36 |
| Req AS (this company) |  Beaver |
37 MNOK | 6.8% | 42 |
| Elgar Kapitalforvaltning AS | Cheetah |
34 MNOK | 81.1% | 61 |
| Fondsforvaltning AS | Beaver |
34 MNOK | 11.7% | 41 |
| Branden Forvaltning AS | Beaver |
34 MNOK | 0.2% | 23 |
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
9 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 Req Holding AS.
Req 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
- Finans og forsikring (2 companies), Eiendom (1 company) 3 of 9 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 14 in all. Oslo 14 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 1 company: BR Vekst AS
- Changed 2024–2025
- 3 companies joined the group. 5 companies left, among them: Req Real Estate Fund II AS, Fornebuveien Boligutvikling AS, Req Infraheim 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.
-
Req Holding AS
- Req AS you are here
- Org. no. 832975702
- Org. no. 834390132
- Org. no. 927062836
- Org. no. 935833264
- Org. no. 935856191
- Org. no. 935856221
- BR Vekst 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.
- 926931490
- Legal form
- AS
- Sector
- Finans og forsikring (66.300)
- Morning company class
- Small
- Employees
- 14 registered 10 September 2026
- Founded
- 1 March 2021 5 years in operation
- Share capital
- 0.25 MNOK
- Business address
- Sommerrogata 17, 0255 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- LEI
- 636700VSYOB4JZZKS784 renews 2 December 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
- Parent not reported
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 5 (one owner holds more than half)
- Largest owner
- 95.6% · top three 97.8%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Req Holding AS (96%)
Ultimate owner: Req Holding AS
- Req Holding AS · 95.6%
- Flinder Invest AS · 1.1%
- Ghb Invest AS · 1.1%
- Duus Invest AS · 1.1%
- Hea Holding AS · 1.1%
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 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 20 | 28 | 42 | |
| Rank | 1,020 | 1,053 | 917 | |
| Operating margin | −5.0% | −5.3% | 6.8% | |
| Return on assets | −5.9% | −9.9% | 14.9% | |
| Equity ratio | 75.5% | 50.0% | 50.4% | |
| Current ratio | 3.51 | 1.91 | 2.02 | |
| Revenue growth | – | 187.9% | 42.2% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 9.1 MNOK | 26.2 MNOK | 37.3 MNOK |
| Operating profit | −0.5 MNOK | −1.4 MNOK | 2.5 MNOK |
| Profit before tax | −0.3 MNOK | −1.2 MNOK | 2.7 MNOK |
| Tax expense | −0.1 MNOK | 0.8 MNOK | 0.0 MNOK |
| Net profit | −0.3 MNOK | −2.0 MNOK | 2.7 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 5.3 MNOK | 12.1 MNOK | 18.4 MNOK |
| Current assets | 4.6 MNOK | 11.5 MNOK | 17.4 MNOK |
| Equity | 4.0 MNOK | 6.0 MNOK | 9.3 MNOK |
| Retained earnings | – | −1.2 MNOK | 1.5 MNOK |
| Total liabilities | 1.3 MNOK | 6.0 MNOK | 9.1 MNOK |
| Current liabilities | 1.3 MNOK | 6.0 MNOK | 8.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6632809.
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