Mepex 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
25of 100
How to read this: the company is ahead of 9 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 1,490 of 1,642 · What are Morning company classes?
Place in the whole sector: 4,947 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 9 and resilience 43 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Mepex AS is 26 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,642 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −9.8% (median 5.6%) and equity ratio 37.9% (median 33.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 42 MNOK | 19 MNOK |
| Operating margin | −9.8% | 5.6% |
| Profit margin | −9.5% | 5.7% |
| Return on assets | −35.8% | 14.0% |
| Equity ratio | 37.9% | 33.1% |
| Debt-to-equity | 1.64 | 1.77 |
| Current ratio | 1.34 | 1.43 |
| Revenue growth | −0.1% | 8.6% |
| Revenue per employee | 1.44 MNOK | 1.72 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 25, Mepex AS does better than 9% of companies in the Morning class Small in the same sector (1,642 companies) in 2025.
Score 2023–2025
- Mepex AS
- Median: companies in the Morning class Small in the same sector
Mepex AS has a score of 25 for 2025, rank 4,947 of 5,554 in the sector.
Strongest: Solidity: percentile 54 against peers, equity ratio 37.9% against a median of 33.1%.
Weakest: Profitability: percentile 9 against peers, operating margin −9.8% against a median of 5.6%. Consistency: percentile 20 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 −9.5% (median 5.7%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −9.8% (median 5.6%).
- 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 Mepex AS fell by 6.8 percentage points. Comparable companies rose by a median 0.7 points. So the company did 7.5 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Mepex AS moved the same way as comparable companies 1 times. About 7% 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 | −2.9% | 4.9% | −8.7 percentage points | −0.5 percentage points | −8.2 percentage points |
| 2025 | −9.8% | 5.6% | −6.8 percentage points | +0.7 percentage points | −7.5 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 Mepex 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 Mepex AS fell 6.8 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 | – | – | 5.8% | −2.9% | −9.8% | – |
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 Mepex AS fell 6.8 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 | – | – | 5.8% | −2.9% | −9.8% | – |
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 Mepex AS fell 6.8 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 | – | – | 5.8% | −2.9% | −9.8% | – |
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 Mepex AS fell 6.8 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 | – | – | 5.8% | −2.9% | −9.8% | – |
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 Mepex AS fell 6.8 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 | – | – | 5.8% | −2.9% | −9.8% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Mepex AS fell 6.8 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 | – | – | 5.8% | −2.9% | −9.8% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Mepex AS fell 6.8 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 | – | – | 5.8% | −2.9% | −9.8% | – |
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 Mepex AS fell 6.8 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 | – | – | 5.8% | −2.9% | −9.8% | – |
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
Mepex AS had an operating margin of −9.8% and an equity ratio of 37.9% in 2025, and ranks 4,947 of 5,554 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin fell from −2.9% to −9.8% and the equity ratio fell from 53.6% to 37.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 6 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | not meaningful |
| EV/EBIT | 14.3 | not meaningful |
| P/B | 2.3 | 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 (71.1): Engineering/Construction.
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 company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −9.5% (median 5.7%).
- 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 −9.8% (median 5.6%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.0% 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 | 9 | weight 40% |
|---|---|---|
| Solidity | 54 | weight 20% |
| Liquidity | 43 | weight 5% |
| Growth | 25 | weight 25% |
| Consistency | 20 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 40 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Mepex AS?
The operating margin was −9.8% in 2025, against a median of 5.6% among companies in the Morning class Small in the same sector. Return on assets was −35.8%. The company made a loss before tax.
How solid is Mepex AS?
The equity ratio was 37.9% in 2025 (median 33.1%). Debt-to-equity was 1.64 (median 1.77).
What is the liquidity of Mepex AS like?
The current ratio was 1.34 in 2025 (median 1.43).
How does Mepex AS compare in Teknisk tjenesteyting og forskning?
Mepex AS ranks 4,947 of 5,554 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Small it is number 1,490 of 1,642. Revenue changed by −0.1% from the year before.
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
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.
Group structure · 2025
90 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 AF Gruppen ASA.
Group accounts. AF Gruppen ASA for 2025: index 55 of 100, number 54 of 126 groups. See the group accounts
The group in figures
- Sectors
- Bygg og anlegg (60 companies), Vann, avløp og renovasjon (1 company), Teknisk tjenesteyting og forskning (3 companies), Industri (2 companies), Informasjon og kommunikasjon (2 companies), Forretningsmessig tjenesteyting (2 companies) and 2 more 74 of 90 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
- 5,045 in all. Oslo 2,460, Bergen 644, Asker 496, Lier 301, Drammen 173, Trondheim 158 and 14 more municipalities Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 3 companies: Oslo Prosjektbygg AS, Mivent AS, Tkc Prosjekt AS
- Loss
- 16 companies: AF Offshore Decom AS, Eiqon AS, Oslo Prosjektbygg AS, Mepex AS, AF Håndverk AS, Hardangerfjord Eiendom AS …
- Changed 2024–2025
- 2 companies joined the group: AF Elkraft AS, Brødrene Myhre AS. 8 companies left, among them: Sandbrogaten 11 AS, Hjortevegen AS, Fagerblom Næring Eiendom 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.
-
AF Gruppen ASA
-
AF Gruppen Holding AS
- Jr Anlegg AS
- Målselv Maskin & Transport AS
- Org. no. 921327668
-
Org. no. 922853584
- Kilen Brygge 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.
Public contracts
- Contracts awarded since 2024
- 1
- Total awarded value since 2024
- value not stated
- 1 contracts without a stated value are not in the total.
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 2 April 2024 | Renovasjon i Grenland IKS | Avfallsfaglige konsulenttjenester | value not stated |
| 1 September 2021 | Innherred Renovasjon IKS | Plukkanalyse av avfall | value not stated |
| 19 March 2021 | Romerike Avfallsforedling IKS | Rammeavtale plukkanalyser | 5.0 MNOK |
| 14 August 2020 | Oslo kommune v/ Renovasjonsetaten | Kjøp av konsulenttjenester for gjennomføring av avfallsanalyser | 11.0 MNOK |
| 13 December 2017 | Trondheim kommune | Sesam Ressurs AS, prosjektering sorteringsanlegg | 10.0 MNOK |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Source: Doffin (DFØ), fetched 28 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 968975250
- Legal form
- AS · part of a group
- Sector
- Teknisk tjenesteyting og forskning (71.121)
- Morning company class
- Small
- Employees
- 29 registered 10 August 2026
- Founded
- 1 February 1994 32 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Torvveien 5, 1383 ASKER
- Municipality
- Asker rank 2 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- mepex.no
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 31 October 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 19 (one owner holds more than half)
- Largest owner
- 60.0% · top three 78.4%
- Split
- companies 60% · private persons 40% · foreign 0%
- Owned from the same municipality
- 10%
- Owners over 60
- 40% of the shares held by persons (median age 44)
- Group chain
-
Owned by: AF Energi og Miljø AS (60%)
Ultimate owner: AF Gruppen ASA
The owner: the majority owner AF Energi og Miljø AS (holds 60%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- AF Energi og Miljø AS · 60.0%
- 18 private persons · 40.0%
Change 2007–2025:
87% of the shares changed owner (17 new and 3 departed owners). The majority owner changed.
New owners (companies): AF Energi og Miljø AS
Departed (companies): Tollbugata Drammen 8 AS
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 4 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 62 | 34 | 25 | |
| Rank | 1,655 | 4,226 | 4,947 | |
| Operating margin | 5.8% | −2.9% | −9.8% | |
| Return on assets | 17.3% | −6.2% | −35.8% | |
| Equity ratio | 51.1% | 53.6% | 37.9% | |
| Current ratio | 1.85 | 1.82 | 1.34 | |
| Revenue growth | – | −13.2% | −0.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 48.1 MNOK | 41.7 MNOK | 41.7 MNOK |
| Operating profit | 2.8 MNOK | −1.2 MNOK | −4.1 MNOK |
| Profit before tax | 2.9 MNOK | −1.0 MNOK | −4.0 MNOK |
| Tax expense | 0.6 MNOK | −0.2 MNOK | 0.2 MNOK |
| Net profit | 2.3 MNOK | −0.8 MNOK | −4.2 MNOK |
| Financial expenses | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Total assets | 17.4 MNOK | 15.3 MNOK | 10.9 MNOK |
| Current assets | 15.8 MNOK | 13.0 MNOK | 9.1 MNOK |
| Equity | 8.9 MNOK | 8.2 MNOK | 4.1 MNOK |
| Retained earnings | 5.0 MNOK | 4.1 MNOK | −0.1 MNOK |
| Total liabilities | 8.5 MNOK | 7.1 MNOK | 6.8 MNOK |
| Current liabilities | 8.5 MNOK | 7.1 MNOK | 6.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 4 November 2026, accounts id 7127525.
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