Ring 2 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
41of 100
How to read this: the company is ahead of 33 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 2,180 of 3,270 · What are Morning company classes?
Place in the whole sector: 3,759 of 5,554 · Teknisk tjenesteyting og forskning
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 48 and resilience 36 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Ring 2 AS is 10 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 3,269 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 4.2% (median 5.5%) and equity ratio 19.5% (median 41.9%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 9 MNOK | 3 MNOK |
| Operating margin | 4.2% | 5.5% |
| Profit margin | 4.2% | 5.2% |
| Return on assets | 10.7% | 10.8% |
| Equity ratio | 19.5% | 41.9% |
| Debt-to-equity | 4.13 | 1.09 |
| Current ratio | 1.23 | 1.68 |
| Revenue growth | −9.8% | 6.0% |
| Revenue per employee | 1.81 MNOK | 0.85 MNOK |
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 41, Ring 2 AS does better than 33% of companies in the Morning class Micro in the same sector (3,270 companies) in 2025.
Score 2023–2025
- Ring 2 AS
- Median: companies in the Morning class Micro in the same sector
Ring 2 AS has a score of 41 for 2025, rank 3,759 of 5,554 in the sector.
Strongest: Consistency: percentile 59 against peers.
Weakest: Solidity: percentile 24 against peers, equity ratio 19.5% against a median of 41.9%. Liquidity: percentile 32 against peers, current ratio 1.23 against a median of 1.68.
Worth a closer look
- What lies behind weak solidity, and will it last?
- What lies behind weak liquidity, and will it last?
- The change in operating margin in 2025 was 0.7 percentage points weaker than for comparable companies: the company −0.2, the industry +0.5 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 Ring 2 AS fell by 0.2 percentage points. Comparable companies rose by a median 0.5 points. So the company did 0.7 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Ring 2 AS moved the same way as comparable companies 0 times. About 18% 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 | 4.4% | 4.9% | +3.3 percentage points | −0.5 percentage points | +3.8 percentage points |
| 2025 | 4.2% | 5.5% | −0.2 percentage points | +0.5 percentage points | −0.7 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 Ring 2 AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Ring 2 AS fell 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | 1.1% | 4.4% | 4.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Ring 2 AS fell 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | 1.1% | 4.4% | 4.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Ring 2 AS fell 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | 1.1% | 4.4% | 4.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Ring 2 AS fell 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | 1.1% | 4.4% | 4.2% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Ring 2 AS fell 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | 1.1% | 4.4% | 4.2% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Ring 2 AS fell 0.2 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 | – | – | 1.1% | 4.4% | 4.2% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Ring 2 AS fell 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | 1.1% | 4.4% | 4.2% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Ring 2 AS fell 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | 1.1% | 4.4% | 4.2% | – |
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
Ring 2 AS had an operating margin of 4.2% and an equity ratio of 19.5% in 2025, and ranks 3,759 of 5,554 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the equity ratio fell from 27.2% to 19.5%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 2 MNOK and 5 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | 3 MNOK |
| EV/EBIT | 17.4 | 5 MNOK |
| P/B | 4.1 | 2 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 6 MNOK |
| Enterprise value after the size adjustment | 4 MNOK |
| Less net debt (rough figure) | −2 MNOK |
| Equity value | 5 MNOK |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt. Net debt is −46% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
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 (73): Business & Consumer 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
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.0% 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 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of −0.2%. 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 | 48 | weight 40% |
|---|---|---|
| Solidity | 24 | weight 20% |
| Liquidity | 32 | weight 5% |
| Growth | 38 | weight 25% |
| Consistency | 59 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 42 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Ring 2 AS?
The operating margin was 4.2% in 2025, against a median of 5.5% among companies in the Morning class Micro in the same sector. Return on assets was 10.7%.
How solid is Ring 2 AS?
The equity ratio was 19.5% in 2025 (median 41.9%). Debt-to-equity was 4.13 (median 1.09).
What is the liquidity of Ring 2 AS like?
The current ratio was 1.23 in 2025 (median 1.68).
How does Ring 2 AS compare in Teknisk tjenesteyting og forskning?
Ring 2 AS ranks 3,759 of 5,554 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Micro it is number 2,180 of 3,270. Revenue changed by −9.8% from the year before.
From the Central Coordinating Register
- Org. no.
- 928293815
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (73.110)
- Morning company class
- Micro
- Employees
- 5 registered 10 September 2026
- Founded
- 5 November 2021 5 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Ivan Bjørndals gate 9, 0472 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- 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 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 4
- Largest owner
- 30.0% · top three 90.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Måken AS · 30.0%
- Halvorsens AS · 30.0%
- Sure Folk AS · 30.0%
- Ring 2 AS · 10.0%
The company is new in the shareholder register in 2025.
Holds shares in: Ring 2 AS (10%), Momentum Media AS (3%)
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 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 39 | 46 | 41 | |
| Rank | 3,580 | 3,227 | 3,759 | |
| Operating margin | 1.1% | 4.4% | 4.2% | |
| Return on assets | 7.4% | 18.6% | 10.7% | |
| Equity ratio | 29.1% | 27.2% | 19.5% | |
| Current ratio | 1.40 | 1.35 | 1.23 | |
| Revenue growth | – | −34.9% | −9.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 15.5 MNOK | 10.1 MNOK | 9.1 MNOK |
| Operating profit | 0.2 MNOK | 0.4 MNOK | 0.4 MNOK |
| Profit before tax | 0.2 MNOK | 0.4 MNOK | 0.4 MNOK |
| Tax expense | 0.0 MNOK | 0.1 MNOK | 0.1 MNOK |
| Net profit | 0.1 MNOK | 0.3 MNOK | 0.3 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 2.2 MNOK | 2.4 MNOK | 3.6 MNOK |
| Current assets | 2.2 MNOK | 2.3 MNOK | 3.5 MNOK |
| Equity | 0.6 MNOK | 0.6 MNOK | 0.7 MNOK |
| Retained earnings | 0.6 MNOK | 0.6 MNOK | 0.6 MNOK |
| Total liabilities | 1.6 MNOK | 1.7 MNOK | 2.9 MNOK |
| Current liabilities | 1.6 MNOK | 1.7 MNOK | 2.9 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6746486.
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