Ren AS
Score · fiscal year 2025
49of 100
How to read this: the company is ahead of 46 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 296 of 547 · What are Morning company classes?
Place in the whole sector: 2,163 of 4,004 · Teknisk tjenesteyting og forskning
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 40 and solidity 69 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Ren AS is 1 points below the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 547 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 2.7% (median 5.5%) and equity ratio 46.2% (median 32.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 112 MNOK | 96 MNOK |
| Operating margin | 2.7% | 5.5% |
| Profit margin | 3.5% | 5.5% |
| Return on assets | 11.2% | 12.5% |
| Equity ratio | 46.2% | 32.4% |
| Debt-to-equity | 1.16 | 1.98 |
| Current ratio | 0.78 | 1.34 |
| Revenue growth | 14.6% | 9.9% |
| Revenue per employee | 2.39 MNOK | 2.99 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 49, Ren AS does better than 46% of companies in the Morning class Medium in the same sector (547 companies) in 2025.
Score 2023–2025
- Ren AS
- Median: companies in the Morning class Medium in the same sector
Ren AS has a score of 49 for 2025, rank 2,163 of 4,004 in the sector.
Strongest: Solidity: percentile 69 against peers, equity ratio 46.2% against a median of 32.4%. Consistency: percentile 64 against peers.
Weakest: Liquidity: percentile 7 against peers, current ratio 0.78 against a median of 1.34.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.3 times current assets. Based on: current ratio 0.78 (median 1.34).
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 Ren AS rose by 0.5 percentage points. Comparable companies rose by a median 0.3 points. So the company did 0.2 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Ren AS moved the same way as comparable companies 1 times. About 40% 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 | 2.2% | 5.2% | −0.3 percentage points | +0.1 percentage points | −0.4 percentage points |
| 2025 | 2.7% | 5.5% | +0.5 percentage points | +0.3 percentage points | +0.2 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 Ren 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 Ren AS rose 0.5 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 | – | – | 2.5% | 2.2% | 2.7% | – |
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 Ren AS rose 0.5 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 | – | – | 2.5% | 2.2% | 2.7% | – |
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 Ren AS rose 0.5 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 | – | – | 2.5% | 2.2% | 2.7% | – |
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 Ren AS rose 0.5 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 | – | – | 2.5% | 2.2% | 2.7% | – |
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 Ren AS rose 0.5 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 | – | – | 2.5% | 2.2% | 2.7% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Ren AS rose 0.5 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 | – | – | 2.5% | 2.2% | 2.7% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Ren AS rose 0.5 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 | – | – | 2.5% | 2.2% | 2.7% | – |
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 Ren AS rose 0.5 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 | – | – | 2.5% | 2.2% | 2.7% | – |
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
Ren AS had an operating margin of 2.7% and an equity ratio of 46.2% in 2025, and ranks 2,163 of 4,004 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: revenue grew by 15% and the equity ratio fell from 53.0% to 46.2%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 19 MNOK and 51 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 19 MNOK |
| EV/EBIT | 15.9 | 25 MNOK |
| P/B | 3.2 | 51 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
Consider strengthening liquidity: current liabilities are 1.3 times current assets.
Based on: Current ratio 0.78 (median 1.34).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 10.4% 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 | 40 | weight 30% |
|---|---|---|
| Solidity | 69 | weight 25% |
| Liquidity | 7 | weight 15% |
| Growth | 59 | weight 15% |
| Consistency | 64 | 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 Ren AS?
The operating margin was 2.7% in 2025, against a median of 5.5% among companies in the Morning class Medium in the same sector. Return on assets was 11.2%.
How solid is Ren AS?
The equity ratio was 46.2% in 2025 (median 32.4%). Debt-to-equity was 1.16 (median 1.98).
What is the liquidity of Ren AS like?
The current ratio was 0.78 in 2025 (median 1.34). Current assets did not cover current liabilities.
How does Ren AS compare in Teknisk tjenesteyting og forskning?
Ren AS ranks 2,163 of 4,004 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Medium it is number 296 of 547. Revenue changed by 14.6% from the year before.
Group accounts · 2025
37 of 100
Rank 26 of 34 groups in the Morning class Medium in Teknisk tjenesteyting og forskning. Groups are ranked only against other groups in the same sector and class, never against single companies.
- Operating revenue, group
- 135 MNOK
- Operating profit, group
- 3 MNOK
- Profit before tax, group
- 4 MNOK
- Total assets, group
- 158 MNOK
- Equity, group
- 45 MNOK
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | 2.6% | 2.7% |
| Return on assets | 3.3% | 11.2% |
| Equity ratio | 28.2% | 46.2% |
| Current ratio | 1.15 | 0.78 |
| Revenue growth | 6.6% | 14.6% |
Group index in earlier years: 2023: 38 (33 of 49), 2024: 30 (33 of 41).
Same formulas and weights as the company index. Group and company are never added together, and the group accounts are not part of sector averages or company rankings.
Source: Brønnøysund Register Centre, group accounts 2025 (open data, NLOD 2.0).
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
8 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 Ren AS.
Group accounts. Ren AS for 2025: index 37 of 100, number 26 of 34 groups.
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.
- 979986211
- Legal form
- AS · part of a group
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Medium
- Employees
- 47 registered 10 October 2026
- Founded
- 19 May 1998 28 years in operation
- Share capital
- 0.64 MNOK
- Business address
- Fantoftvegen 2, 5072 BERGEN
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.ren.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
- 49
- Largest owner
- 19.3% · top three 42.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 6%
- Elvia AS · 19.3%
- Glitre Nett AS · 16.8%
- BKK AS · 5.8%
- Linja AS · 5.1%
- Noranett AS · 5.1%
- Arva AS · 4.4%
- Lede AS · 3.3%
- FORNYBAR NORGE · 2.8%
- Tensio TS AS · 2.8%
- Helgeland Kraft AS · 2.6%
Change 2007–2025:
49% of the shares changed owner (18 new and 33 departed owners).
New owners (companies): Bømlo Kraftnett AS, Dalane Energi AS, Fagne AS, Fjellnett AS, Helgeland Kraft AS
Departed (companies): AS EIDEFOSS, Bodø Energi AS, Dalane Energi IKS, Eidsiva Nett AS, Elverum Nett AS
Majority owner of: Ren Sjøkabelberedskap AS (100%), Rasjonell Beredskap AS (100%), Ren Gis-Beredskap AS (100%), Ren Transformatorberedskap AS (100%), Rasjonell Elektrisk Nettvirksomhet AS (100%), Ren IP AS (100%), Groft AS (100%)
The portfolio: 3 of the companies it owns shares in have accounts with us, 3 of them as majority owner. The average index is 42. 0 have negative equity and 1 made a loss in the latest year.
Holds shares in: Ren Sjøkabelberedskap AS (100%), Ren Gis-Beredskap AS (100%), Ren Transformatorberedskap AS (100%), Rasjonell Elektrisk Nettvirksomhet AS (100%), Ren IP AS (100%), Groft AS (100%), Rasjonell Beredskap AS (100%)
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 2 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 51 | 50 | 49 | |
| Rank | 1,856 | 2,003 | 2,163 | |
| Operating margin | 2.5% | 2.2% | 2.7% | |
| Return on assets | 10.9% | 11.0% | 11.2% | |
| Equity ratio | 52.3% | 53.0% | 46.2% | |
| Current ratio | 0.90 | 0.73 | 0.78 | |
| Revenue growth | – | 9.9% | 14.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 89.1 MNOK | 97.9 MNOK | 112.2 MNOK |
| Operating profit | 2.2 MNOK | 2.1 MNOK | 3.0 MNOK |
| Profit before tax | 3.7 MNOK | 1.9 MNOK | 4.0 MNOK |
| Tax expense | 1.0 MNOK | 1.0 MNOK | 1.2 MNOK |
| Net profit | 2.7 MNOK | 0.9 MNOK | 2.7 MNOK |
| Financial expenses | 2.3 MNOK | 4.2 MNOK | 3.9 MNOK |
| Total assets | 54.9 MNOK | 55.9 MNOK | 70.1 MNOK |
| Current assets | 23.5 MNOK | 19.2 MNOK | 29.2 MNOK |
| Equity | 28.7 MNOK | 29.6 MNOK | 32.4 MNOK |
| Retained earnings | 16.8 MNOK | 17.7 MNOK | 20.5 MNOK |
| Total liabilities | 26.2 MNOK | 26.2 MNOK | 37.7 MNOK |
| Current liabilities | 26.2 MNOK | 26.2 MNOK | 37.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 2 November 2026, accounts id 7104813.
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