E3 Eiendomsutvikling 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
Key facts
Is the company run well?
Five key figures against companies in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Returns · return on assets −0.3% Weaker than the industry Industry: 7.8%
- Solidity · equity ratio 95.9% Better than the industry Industry: 27.9%
- Liquidity · current ratio 125.27 Better than the industry Industry: 1.36
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2025
Not enough data: Revenue not reported
Based on the annual accounts for 2025
How it has gone · 2023–2025
The equity ratio fell from 98.5% in 2023 to 95.9% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | – | – |
| Operating profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 15.2 MNOK | 15.5 MNOK | 15.6 MNOK |
| Equity | 15.0 MNOK | 15.0 MNOK | 15.0 MNOK |
| Total liabilities | 0.2 MNOK | 0.5 MNOK | 0.6 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 928129403
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Purpose
- Investere i fast eiendom eller selskaper som eier fast eiendom, og alt som dermed står i forbindelse.
- Employees
- 0–4 (not registered)
- Founded
- 15 October 2021 5 years in operation
- Share capital
- 0.04 MNOK
- Business address
- Henrik Ibsens gate 48, 0255 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Audit
- Audit opted out from 13 November 2021
- Latest accounts filed
- 2025
- VAT registered
- No
- Former names
- Fbb Prosjekt 18 AS until 2023
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
Worth a closer look
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin – (median 23.2%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
See interest rates, prices and exchange rates for the sector
Data quality
- watch Revenue not reported
- watch No revenue but large assets
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 15.0%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating margin | – | 46.3% |
| Profit margin | – | 23.2% |
| Return on assets | −0.3% | 7.8% |
| Equity ratio | 95.9% | 27.9% |
| Debt-to-equity | 0.04 | 2.15 |
| Current ratio | 125.27 | 1.36 |
| Revenue growth | – | 3.5% |
The median and “ahead of” refer to companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
Score over time
Score over time needs at least two fiscal years with a score. It will appear when next year's figures are fetched or history is imported.
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
– | 42 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 | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
– | −10.9% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
0.0% | 48.9% | |
| 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. |
– | 1.8 | |
| 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. |
– | 4.9% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
80.6% | 86.6% | |
Net working capital (current assets less bank deposits less current liabilities): 15.5 MNOK.
The median and the bar refer to companies 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.
Returns, debt against earnings and quality
The accounts for 2025 lack the figures needed.
The industry or the company: what drove the result?
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 E3 Eiendomsutvikling AS. The figures stand side by side; we claim no cause.
House prices (existing homes) (indeks (2015 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| House prices (existing homes), annual average | 134.5 | 141.6 | 140.8 | 144.6 | 152.5 | 158.7 (so far) |
| Change from the year before | +10.5% | +5.2% | −0.5% | +2.7% | +5.5% | +4.1% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
| 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 | – | – | – | – | – | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Construction cost index for dwellings (indeks (2015 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.7 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.9% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (08651, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
| 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 | – | – | – | – | – | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: real estate (indeks)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: real estate, annual average | 91.7 | 94.3 | 96.8 | 103.2 | 108.5 | 111.3 (so far) |
| Change from the year before | +5.2% | +2.9% | +2.6% | +6.5% | +5.2% | +2.6% |
| The company's operating margin | – | – | – | – | – | – |
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
E3 Eiendomsutvikling AS had an equity ratio of 95.9% in 2025. The company is not ranked: revenue not reported.
No large changes in the key figures from 2024 to 2025.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 6 MNOK
The mean of the 1 methods below (P/E, EV/EBIT and P/B with listed multiples and a size adjustment), rounded to two significant figures. It is a calculation, not a bid or a valuation. Fewer than three methods gave a figure, so the mean is weaker than it looks.
That is about 2,133 NOK per share, on 3,000 shares in the shareholder register.
One method gives a figure: 6 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | not meaningful |
| EV/EBIT | 19.2 | not meaningful |
| P/B | 0.7 | 6 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 (68.2): R.E.I.T..
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
Figures you will not find in any register
We calculated these figures ourselves from the accounts and registers we have read. The company has not reported them and the Brønnøysund Register Centre does not publish them. They are indications and are not part of the index. How we calculate
- Equity paid out or paid in
- Equity moved as the result implied in 2025.
Calculated as retained earnings at the start of the year + net result − retained earnings at the end of the year. What remains is dividends and group contributions, plus transfers to other items and corrections of earlier years. It is not a dividend figure. - Owners and leadership aged 60 or older
- No sign of a near generation change in the ages.
- The chair is under 60.
- 1 of 3 on the board are 60 or older.
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
Questions and answers
How profitable is E3 Eiendomsutvikling AS?
The operating margin was – in 2025, against a median of 46.3% among companies in the same sector. Return on assets was −0.3%. The company made a loss before tax.
How solid is E3 Eiendomsutvikling AS?
The equity ratio was 95.9% in 2025 (median 27.9%). Debt-to-equity was 0.04 (median 2.15).
What is the liquidity of E3 Eiendomsutvikling AS like?
The current ratio was 125.27 in 2025 (median 1.36).
Group structure · 2025
47 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 Fredensborg Bolig AS.
Group accounts. Fredensborg Bolig AS for 2025: index 31 of 100, number 68 of 80 groups. See the group accounts
The group in figures
- Sectors
- Eiendom (47 companies) 47 of 47 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
- 43 in all. Oslo 43 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 1 company: Elvely Utvikling AS
- Loss
- 21 companies: Lørenskog Hageby Utvikling AS, Bekkefaret Bolig AS, B4 Jessheim AS, Fla40a AS, Svr177 AS, Elvely Utvikling AS …
- Changed 2024–2025
- 9 companies joined the group, among them: Nedre Rommen Utvikling AS, Fbb Prosjekt 38 AS, Fbb Prosjekt 37 AS, Npd Target AS, Laksevågneset 18 AS, Npd Holding AS. 11 companies left, among them: Vøyenenga Utvikling AS, Vøyenenga Næringsutvikling AS, V14 Holding AS, Basseløkka Oppgang D AS, Basseløkka Brl Hjemmel AS, Lørenskog Hageby Brl 4 Hjemmel 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.
-
Fredensborg Bolig AS
- E3 Eiendomsutvikling AS you are here
- Lørenskog Hageby Utvikling AS
- Vollebekk Stasjon Utbyggingsselskap AS
- Frostaveien Utvikling AS
- Bjørnemyrveien 15 AS
- Fbb Entreprenør AS
- Gilhus Bruk AS
- Kroerveien 7 Utvikling AS
- Henrik Bulls Veg 42 AS
- Fla40a AS
- Svr177 AS
- Elvely Utvikling AS
- Homble Eiendom AS
- Askerlia Utvikling AS
- and 17 more companies
The tree shows up to 4 levels below the top. Large groups have more companies than shown.
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.
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
- 66.7%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Fredensborg Bolig AS (67%)
Ultimate owner: Fredensborg Bolig AS
- Fredensborg Bolig AS · 66.7%
- Elvely Holding AS · 33.3%
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 9 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | – | – | |
| Rank | – | – | – | |
| Operating margin | – | – | – | |
| Return on assets | −0.1% | 0.0% | −0.3% | |
| Equity ratio | 98.5% | 96.7% | 95.9% | |
| Current ratio | 66.60 | – | 125.27 | |
| Revenue growth | – | – | – |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | – | – |
| Operating profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Profit before tax | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Financial expenses | – | 0.0 MNOK | – |
| Total assets | 15.2 MNOK | 15.5 MNOK | 15.6 MNOK |
| Current assets | 15.2 MNOK | 15.5 MNOK | 15.6 MNOK |
| Equity | 15.0 MNOK | 15.0 MNOK | 15.0 MNOK |
| Retained earnings | 0.0 MNOK | 0.0 MNOK | −0.1 MNOK |
| Total liabilities | 0.2 MNOK | 0.5 MNOK | 0.6 MNOK |
| Current liabilities | 0.2 MNOK | – | 0.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6940178.