Certnor AS
Score · fiscal year 2025
63of 100
How to read this: the company is ahead of 78 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 125 of 553 · What are Morning company classes?
Place in the whole sector: 1,010 of 4,183 · Teknisk tjenesteyting og forskning
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 62 and solidity 67 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Certnor AS is 13 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 553 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 6.1% (median 5.6%) and equity ratio 45.0% (median 32.7%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 50 MNOK | 95 MNOK |
| Operating margin | 6.1% | 5.6% |
| Profit margin | 6.6% | 5.6% |
| Return on assets | 22.4% | 12.6% |
| Equity ratio | 45.0% | 32.7% |
| Debt-to-equity | 1.22 | 1.97 |
| Current ratio | 1.56 | 1.35 |
| Revenue growth | 5.5% | 9.9% |
| Revenue per employee | 5.00 MNOK | 3.01 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 63, Certnor AS does better than 78% of companies in the Morning class Medium in the same sector (553 companies) in 2025.
Score 2023–2025
- Certnor AS
- Median: companies in the Morning class Medium in the same sector
Certnor AS has a score of 63 for 2025, rank 1,010 of 4,183 in the sector.
Strongest: Consistency: percentile 79 against peers. Solidity: percentile 67 against peers, equity ratio 45.0% against a median of 32.7%.
Weakest: Growth: percentile 40 against peers, revenue growth 5.5% against a median of 9.9%.
Worth a closer look
- What lies behind weak growth, and will it last?
- The change in operating margin in 2025 was 3.0 percentage points weaker than for comparable companies: the company −2.2, the industry +0.8 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 Certnor AS fell by 2.2 percentage points. Comparable companies rose by a median 0.8 points. So the company did 3.0 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Certnor AS moved the same way as comparable companies 0 times. About 14% 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 | 8.3% | 4.8% | +3.8 percentage points | −0.5 percentage points | +4.3 percentage points |
| 2025 | 6.1% | 5.6% | −2.2 percentage points | +0.8 percentage points | −3.0 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 Certnor 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 Certnor AS fell 2.2 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 | – | – | 4.5% | 8.3% | 6.1% | – |
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 Certnor AS fell 2.2 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 | – | – | 4.5% | 8.3% | 6.1% | – |
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 Certnor AS fell 2.2 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 | – | – | 4.5% | 8.3% | 6.1% | – |
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 Certnor AS fell 2.2 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 | – | – | 4.5% | 8.3% | 6.1% | – |
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 Certnor AS fell 2.2 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 | – | – | 4.5% | 8.3% | 6.1% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Certnor AS fell 2.2 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 | – | – | 4.5% | 8.3% | 6.1% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Certnor AS fell 2.2 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 | – | – | 4.5% | 8.3% | 6.1% | – |
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 Certnor AS fell 2.2 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 | – | – | 4.5% | 8.3% | 6.1% | – |
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
Certnor AS had an operating margin of 6.1% and an equity ratio of 45.0% in 2025, and ranks 1,010 of 4,183 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the equity ratio rose from 30.2% to 45.0% and the operating margin fell from 8.3% to 6.1%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 11 MNOK and 26 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 26 MNOK |
| EV/EBIT | 15.9 | 26 MNOK |
| P/B | 3.2 | 11 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 51% for an unlisted company: 20% for lack of marketability and 38% for size (a small-company premium of 4% 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
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 0.1% 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 | 62 | weight 30% |
|---|---|---|
| Solidity | 67 | weight 25% |
| Liquidity | 64 | weight 15% |
| Growth | 40 | weight 15% |
| Consistency | 79 | weight 15% |
Durability: 50 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Certnor AS?
The operating margin was 6.1% in 2025, against a median of 5.6% among companies in the Morning class Medium in the same sector. Return on assets was 22.4%.
How solid is Certnor AS?
The equity ratio was 45.0% in 2025 (median 32.7%). Debt-to-equity was 1.22 (median 1.97).
What is the liquidity of Certnor AS like?
The current ratio was 1.56 in 2025 (median 1.35).
How does Certnor AS compare in Teknisk tjenesteyting og forskning?
Certnor AS ranks 1,010 of 4,183 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Medium it is number 125 of 553. Revenue changed by 5.5% from the year before.
From the Central Coordinating Register
- Org. no.
- 928487709
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (74.990)
- Morning company class
- Medium
- Employees
- 10 registered 10 July 2026
- Founded
- 9 November 2021 4 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Sandakerveien 138, 0484 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
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Group chain
- Ultimate owner: STIFTELSEN MILJØFYRTÅRN
- STIFTELSEN MILJØFYRTÅRN · 100.0%
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.
Figures last fetched 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 22 | 64 | 63 | |
| Rank | 3,475 | 910 | 1,010 | |
| Operating margin | 4.5% | 8.3% | 6.1% | |
| Return on assets | 21.7% | 36.0% | 22.4% | |
| Equity ratio | −22.8% | 30.2% | 45.0% | |
| Current ratio | 0.75 | 1.40 | 1.56 | |
| Revenue growth | – | 46.0% | 5.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 32.5 MNOK | 47.4 MNOK | 50.0 MNOK |
| Operating profit | 1.5 MNOK | 3.9 MNOK | 3.0 MNOK |
| Profit before tax | 1.3 MNOK | 4.0 MNOK | 3.3 MNOK |
| Tax expense | – | – | – |
| Net profit | 1.3 MNOK | 4.0 MNOK | 3.3 MNOK |
| Financial expenses | 0.1 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 6.8 MNOK | 11.2 MNOK | 14.8 MNOK |
| Current assets | 6.2 MNOK | 10.9 MNOK | 12.7 MNOK |
| Equity | −1.5 MNOK | 3.4 MNOK | 6.7 MNOK |
| Retained earnings | −1.6 MNOK | 2.4 MNOK | 5.7 MNOK |
| Total liabilities | 8.3 MNOK | 7.8 MNOK | 8.2 MNOK |
| Current liabilities | 8.3 MNOK | 7.8 MNOK | 8.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6821072.
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