Underhaug AS
Score · fiscal year 2025
32of 100
How to read this: the company is ahead of 18 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 1,083 of 1,320 · What are Morning company classes?
Place in the whole sector: 3,641 of 4,464 · Industri
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 6 and solidity 37 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Underhaug AS is 19 points below the median for companies in the Morning class Medium in the same sector in 2025.
Median score 51 among 1,320 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin −13.5% (median 4.9%) and equity ratio 32.6% (median 39.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 53 MNOK | 116 MNOK |
| Operating margin | −13.5% | 4.9% |
| Profit margin | −17.3% | 4.8% |
| Return on assets | −10.8% | 10.4% |
| Equity ratio | 32.6% | 39.3% |
| Debt-to-equity | 2.07 | 1.50 |
| Current ratio | 1.59 | 1.55 |
| Revenue growth | 7.2% | 7.0% |
| Revenue per employee | 1.72 MNOK | 2.92 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 32, Underhaug AS does better than 18% of companies in the Morning class Medium in the same sector (1,320 companies) in 2025.
Score 2023–2025
- Underhaug AS
- Median: companies in the Morning class Medium in the same sector
Underhaug AS has a score of 32 for 2025, rank 3,641 of 4,464 in the sector.
Strongest: Liquidity: percentile 52 against peers, current ratio 1.59 against a median of 1.55.
Weakest: Profitability: percentile 6 against peers, operating margin −13.5% against a median of 4.9%. Solidity: percentile 37 against peers, equity ratio 32.6% against a median of 39.3%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −17.3% (median 4.8%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −13.5% (median 4.9%).
- What lies behind weak profitability, and will it last?
- What lies behind weak solidity, 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 Underhaug AS fell by 13.8 percentage points. Comparable companies rose by a median 0.6 points. So the company did 14.4 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Underhaug 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 | 0.3% | 4.3% | −6.5 percentage points | −0.9 percentage points | −5.6 percentage points |
| 2025 | −13.5% | 4.9% | −13.8 percentage points | +0.6 percentage points | −14.4 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 Underhaug AS. The figures stand side by side; we claim no cause.
Producer prices in manufacturing (indeks (2021 = 100))
Producer prices in manufacturing rose 2.9% in 2025; the operating margin of Underhaug AS fell 13.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Producer prices in manufacturing, annual average | 100.0 | 124.7 | 129.5 | 134.4 | 138.3 | 146.0 (so far) |
| Change from the year before | +10.7% | +24.7% | +3.9% | +3.7% | +2.9% | +5.6% |
| The company's operating margin | – | – | 6.8% | 0.3% | −13.5% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Underhaug AS fell 13.8 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 | – | – | 6.8% | 0.3% | −13.5% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wholesale power price (øre per kWh)
Wholesale power price rose 9.4% in 2025; the operating margin of Underhaug AS fell 13.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wholesale power price, annual average | 64.2 | 141.7 | 72.0 | 49.4 | 54.0 | 96.5 (so far) |
| Change from the year before | +466.7% | +120.8% | −49.2% | −31.4% | +9.4% | +78.4% |
| The company's operating margin | – | – | 6.8% | 0.3% | −13.5% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Underhaug AS fell 13.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | 6.8% | 0.3% | −13.5% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: fabricated metal products (indeks)
Wage index: fabricated metal products rose 5.8% in 2025; the operating margin of Underhaug AS fell 13.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: fabricated metal products, annual average | 88.0 | 91.5 | 96.9 | 102.1 | 108.0 | 112.8 (so far) |
| Change from the year before | +3.1% | +3.9% | +6.0% | +5.4% | +5.8% | +4.5% |
| The company's operating margin | – | – | 6.8% | 0.3% | −13.5% | – |
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
Underhaug AS had an operating margin of −13.5% and an equity ratio of 32.6% in 2025, and ranks 3,641 of 4,464 in Industri.
From 2024 to 2025: the operating margin fell from 0.3% to −13.5%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 32 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | not meaningful |
| EV/EBIT | 18.6 | not meaningful |
| P/B | 3.0 | 32 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
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −17.3% (median 4.8%).
- 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 −13.5% (median 4.9%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 4.7% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 0.2%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 6 | weight 30% |
|---|---|---|
| Solidity | 37 | weight 25% |
| Liquidity | 52 | weight 15% |
| Growth | 51 | weight 15% |
| Consistency | 38 | weight 15% |
Durability: 34 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Underhaug AS?
The operating margin was −13.5% in 2025, against a median of 4.9% among companies in the Morning class Medium in the same sector. Return on assets was −10.8%. The company made a loss before tax.
How solid is Underhaug AS?
The equity ratio was 32.6% in 2025 (median 39.3%). Debt-to-equity was 2.07 (median 1.50).
What is the liquidity of Underhaug AS like?
The current ratio was 1.59 in 2025 (median 1.55).
How does Underhaug AS compare in Industri?
Underhaug AS ranks 3,641 of 4,464 in Industri for 2025. Among companies in the Morning class Medium it is number 1,083 of 1,320. Revenue changed by 7.2% 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
81 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.
Private persons own 100% of the shares in BR Industrier AS. Persons are not shown by name.
BR Industrier AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
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.
- 972420026
- Legal form
- AS · part of a group
- Sector
- Industri (28.300)
- Morning company class
- Medium
- Employees
- 31 registered 10 September 2026
- Founded
- 2 January 1995 31 years in operation
- Share capital
- 1.47 MNOK
- Business address
- Torlandsvegen 3, 4365 NÆRBØ (HÅ)
- Municipality
- Hå rank 10–35 of 38 in KOSTRA group 7
- 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 31 October 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%
- Owned from the same municipality
- 0%
- Group chain
-
Owned by: Bri Agri AS (100%)
Ultimate owner: private person
The owner: the majority owner Bri Agri AS (holds 100%) 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.
- Bri Agri AS · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 2 departed owners). The majority owner changed.
New owners (companies): Bri Agri AS
Departed (companies): BR Industrier AS, Stemmen 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.
Figures last fetched 4 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 37 | 32 | 32 | |
| Rank | 2,996 | 3,610 | 3,641 | |
| Operating margin | 6.8% | 0.3% | −13.5% | |
| Return on assets | 9.7% | 0.7% | −10.8% | |
| Equity ratio | 15.9% | 28.8% | 32.6% | |
| Current ratio | 1.57 | 1.65 | 1.59 | |
| Revenue growth | – | −15.3% | 7.2% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 58.6 MNOK | 49.7 MNOK | 53.2 MNOK |
| Operating profit | 4.0 MNOK | 0.2 MNOK | −7.2 MNOK |
| Profit before tax | 2.0 MNOK | −1.9 MNOK | −9.2 MNOK |
| Tax expense | 0.4 MNOK | −0.4 MNOK | −2.0 MNOK |
| Net profit | 1.5 MNOK | −1.5 MNOK | −7.2 MNOK |
| Financial expenses | 3.3 MNOK | 2.3 MNOK | 2.1 MNOK |
| Total assets | 54.2 MNOK | 55.7 MNOK | 65.7 MNOK |
| Current assets | 40.6 MNOK | 42.7 MNOK | 43.4 MNOK |
| Equity | 8.6 MNOK | 16.0 MNOK | 21.4 MNOK |
| Retained earnings | – | 7.4 MNOK | 12.8 MNOK |
| Total liabilities | 45.5 MNOK | 39.7 MNOK | 44.3 MNOK |
| Current liabilities | 25.9 MNOK | 25.9 MNOK | 27.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 4 November 2026, accounts id 7219662.
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