Hallingdal Trepellets AS
Score · fiscal year 2025
49of 100
How to read this: the company is ahead of 45 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 731 of 1,320 · What are Morning company classes?
Place in the whole sector: 2,431 of 4,464 · Industri
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 10 and solidity 98 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Hallingdal Trepellets AS is 2 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 −5.2% (median 4.9%) and equity ratio 82.6% (median 39.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 81 MNOK | 116 MNOK |
| Operating margin | −5.2% | 4.9% |
| Profit margin | −5.5% | 4.8% |
| Return on assets | −8.1% | 10.4% |
| Equity ratio | 82.6% | 39.3% |
| Debt-to-equity | 0.21 | 1.50 |
| Current ratio | 3.22 | 1.55 |
| Revenue growth | −20.6% | 7.0% |
| Revenue per employee | 9.05 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 49, Hallingdal Trepellets AS does better than 45% of companies in the Morning class Medium in the same sector (1,320 companies) in 2025.
Score 2023–2025
- Hallingdal Trepellets AS
- Median: companies in the Morning class Medium in the same sector
Hallingdal Trepellets AS has a score of 49 for 2025, rank 2,431 of 4,464 in the sector.
Strongest: Solidity: percentile 98 against peers, equity ratio 82.6% against a median of 39.3%. Liquidity: percentile 91 against peers, current ratio 3.22 against a median of 1.55.
Weakest: Growth: percentile 6 against peers, revenue growth −20.6% against a median of 7.0%. Profitability: percentile 10 against peers, operating margin −5.2% against a median of 4.9%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −5.5% (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 −5.2% (median 4.9%).
- What lies behind weak growth, and will it last?
- What lies behind weak profitability, 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 Hallingdal Trepellets AS fell by 8.1 percentage points. Comparable companies fell by a median 0.5 points. So the company did 7.6 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Hallingdal Trepellets AS moved the same way as comparable companies 1 times. About 2% 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% | 5.4% | −17.8 percentage points | +0.1 percentage points | −17.9 percentage points |
| 2025 | −5.2% | 4.9% | −8.1 percentage points | −0.5 percentage points | −7.6 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 Hallingdal Trepellets 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 Hallingdal Trepellets AS fell 8.1 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 | – | – | 20.7% | 2.9% | −5.2% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Hallingdal Trepellets AS fell 8.1 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 | – | – | 20.7% | 2.9% | −5.2% | – |
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 Hallingdal Trepellets AS fell 8.1 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 | – | – | 20.7% | 2.9% | −5.2% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Hallingdal Trepellets AS fell 8.1 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 | – | – | 20.7% | 2.9% | −5.2% | – |
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 Hallingdal Trepellets AS fell 8.1 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 | – | – | 20.7% | 2.9% | −5.2% | – |
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
Hallingdal Trepellets AS had an operating margin of −5.2% and an equity ratio of 82.6% in 2025, and ranks 2,431 of 4,464 in Industri.
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 2.9% to −5.2%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 75 MNOK and 81 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | 79 MNOK |
| EV/EBIT | 18.6 | 81 MNOK |
| P/B | 3.0 | 75 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 46% for an unlisted company: 20% for lack of marketability and 32% for size (a small-company premium of 3% 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 −5.5% (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 −5.2% (median 4.9%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
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 | 10 | weight 30% |
|---|---|---|
| Solidity | 98 | weight 25% |
| Liquidity | 91 | weight 15% |
| Growth | 6 | weight 15% |
| Consistency | 44 | weight 15% |
Durability: 61 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Hallingdal Trepellets AS?
The operating margin was −5.2% in 2025, against a median of 4.9% among companies in the Morning class Medium in the same sector. Return on assets was −8.1%. The company made a loss before tax.
How solid is Hallingdal Trepellets AS?
The equity ratio was 82.6% in 2025 (median 39.3%). Debt-to-equity was 0.21 (median 1.50).
What is the liquidity of Hallingdal Trepellets AS like?
The current ratio was 3.22 in 2025 (median 1.55).
How does Hallingdal Trepellets AS compare in Industri?
Hallingdal Trepellets AS ranks 2,431 of 4,464 in Industri for 2025. Among companies in the Morning class Medium it is number 731 of 1,320. Revenue changed by −20.6% from the year before.
Public contracts
- Contracts awarded since 2024
- 1
- Total awarded value since 2024
- 1.2 MNOK
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 26 August 2025 | Anskaffelser i Akershus, Buskerud og Østfold KO | Rammeavtale for biofyringsolje, flis og trepellets til fyringsanlegg | 1.2 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 27 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.
- 987120088
- Legal form
- AS
- Sector
- Industri (16.110)
- Morning company class
- Medium
- Employees
- 9 registered 10 October 2026
- Founded
- 8 July 2004 22 years in operation
- Share capital
- 65.00 MNOK
- Business address
- Kleivi Næringspark 27, 3570 ÅL
- Municipality
- Ål rank 2 of 33 in KOSTRA group 5
- Latest accounts filed
- 2025
- Website
- www.htp.as
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
- 3
- Largest owner
- 42.6%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 0%
- Skogindustri Holding AS · 42.6%
- Vidju Holding AS · 30.8%
- Ustekveikja Energi Holding AS · 26.6%
Change 2007–2025:
100% of the shares changed owner (3 new and 5 departed owners).
New owners (companies): Skogindustri Holding AS, Ustekveikja Energi Holding AS, Vidju Holding AS
Departed (companies): Føie AS, Hallingdal Renovasjon IKS, Miljøvarme Vseb AS, Ustekveikja Energi AS, Viken Skog SA
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 6 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 79 | 56 | 49 | |
| Rank | 381 | 1,695 | 2,431 | |
| Operating margin | 20.7% | 2.9% | −5.2% | |
| Return on assets | 29.3% | 4.8% | −8.1% | |
| Equity ratio | 57.0% | 69.9% | 82.6% | |
| Current ratio | 2.11 | 2.29 | 3.22 | |
| Revenue growth | – | −11.9% | −20.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 116.5 MNOK | 102.6 MNOK | 81.5 MNOK |
| Operating profit | 24.1 MNOK | 3.0 MNOK | −4.2 MNOK |
| Profit before tax | 24.2 MNOK | 3.2 MNOK | −4.5 MNOK |
| Tax expense | 2.8 MNOK | 0.6 MNOK | 0.0 MNOK |
| Net profit | 21.4 MNOK | 2.6 MNOK | −4.5 MNOK |
| Financial expenses | 0.3 MNOK | 0.3 MNOK | – |
| Total assets | 83.7 MNOK | 72.0 MNOK | 55.5 MNOK |
| Current assets | 64.4 MNOK | 49.6 MNOK | 31.0 MNOK |
| Equity | 47.7 MNOK | 50.3 MNOK | 45.9 MNOK |
| Retained earnings | 26.0 MNOK | 17.9 MNOK | 13.5 MNOK |
| Total liabilities | 36.0 MNOK | 21.6 MNOK | 9.6 MNOK |
| Current liabilities | 30.6 MNOK | 21.6 MNOK | 9.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 6896748.
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