olivLaw · European equity research
Aqua Bio Technology ASA ABTEC.OL
Norway · Euronext Oslo Børs · ISIN NO0013735894 · Vertical: Listed companies from Norway
Aqua Bio Technology ASA is a Norwegian technology company that develops and produces ingredients for skin care products and owns the Jetcarrier group, active in logistics. In 2025 the company sold several subsidiaries and posted a positive net result, although equity remained negative, which makes the going-concern question central.
At the close of 05 Nov 2026, Aqua Bio Technology ASA (ABTEC.OL) stock was 4.44 NOK (−5.53% on the day), with market capitalisation 11.2 m NOK, P/E 0.1 on diluted EPS of 38.60 NOK over the last 12 months, beta 1.44, 52-week range 4.00–29.95 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.5
- weak (30–45)
- Bollinger (20, 2)
- 4.36 – 4.95
- in the lower half of the band · %B 0.14 · band width 12.7%
- SMA 50 / 200
- 4.80 / 5.99
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.06
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.9% | +0.4% | −6.3 pp | — |
| 3 months | −5.9% | −3.3% | −2.7 pp | — |
| 6 months | −12.6% | +4.0% | −16.6 pp | — |
| Year to date | −80.6% | +8.1% | −88.7 pp | — |
| 1 year | −81.5% | +10.7% | −92.2 pp | −4.5% |
| 3 years | −97.3% | +50.1% | −147.4 pp | +18.4% |
| 5 years | −99.3% | +43.6% | −142.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 0.6, median 123.9, max 247.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 18.4 m | 10.5 m | 1.3 m |
| Revenue YoY | unavailable | −43.0% | −87.2% |
| Net income | -21.0 m | -363.4 m | 97.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.69 | -267.00 | 38.60 |
| Diluted EPS YoY | unavailable | −38,795.7% | unavailable |
| net % | -114.2% | -3,461.8% | 7,297.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.7 m NOK
- Financial debt
- 108.8 m NOK
- Net debt
- 106.1 m NOK
- Equity
- -489.1 k NOK
- Total assets
- 130.0 m NOK
- Debt / equity
- unavailable
- Current ratio
- 0.03x
- ROE
- unavailable
- ROA
- 64.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 18.4 m | 10.5 m | 1.3 m | esef· 21 Oct 2026verified |
| Operating income | -15.8 m | -85.7 m | -11.7 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 3.7 m | 4.1 m | 957.2 k | esef· 21 Oct 2026verified |
| EBITDA | -12.1 m ≈ | -81.7 m ≈ | -10.7 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 5.2 m | 12.0 m | 12.2 m | esef· 21 Oct 2026verified |
| Pre-tax income | -20.8 m | -120.9 m | -24.6 m | esef· 21 Oct 2026verified |
| Income tax | 178.6 k | -201.7 k | 0 | esef· 21 Oct 2026verified |
| Net income | -21.0 m | -363.4 m | 97.7 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.69 | -267.00 | 38.60 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.8 m | 6.0 m | 2.7 m | esef· 21 Oct 2026verified |
| Receivables | 18.2 m | 7.3 m | 622.5 k | esef· 21 Oct 2026verified |
| Inventories | 23.9 m | 5.5 m | 0 | esef· 21 Oct 2026verified |
| Current assets | 48.8 m | 19.2 m | 3.3 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 5.1 m | 531.7 k | 38.6 k | esef· 21 Oct 2026verified |
| Goodwill | 123.5 m | 0 | 0 | esef· 21 Oct 2026verified |
| Total assets | 237.7 m | 175.4 m | 130.0 m | esef· 21 Oct 2026verified |
| Short-term debt | 22.8 m | 102.7 m | 108.8 m | esef· 21 Oct 2026verified |
| Long-term debt | 9.3 m | 47.7 m | 0 | esef· 21 Oct 2026verified |
| Current liabilities | 119.5 m | 193.3 m | 129.6 m | esef· 21 Oct 2026verified |
| Total liabilities | 152.0 m | 283.2 m | 130.5 m | esef· 21 Oct 2026verified |
| Equity | 85.8 m | -107.8 m | -489.1 k | esef· 21 Oct 2026verified |
| Shares outstanding at year end | — | 1.4 m | 2.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 11.2 m NOK
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7,297.7% | 100 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.0x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.0x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 0.1x | 100 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AQUA BIO TECHNOLOGY ASA (ABTEC.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.3 m NOK in 2025; YoY growth -87.2%; net margin 7,297.7%.
The estimated value range is 403.55–1,228.68 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 779.37 NOK, the price of 4.44 NOK leaves a potential of 17,453.4% (value / price − 1) and a margin of safety of 99.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7,297.7%
- P/E (TTM): 0.1x
- The price is below the estimated value range
What contradicts it
- Interest coverage: -1.0x
- Current ratio: 0.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 80.8 bn | 20.6 | 7.9% | 21.4% | +42.5% | +38% / +61% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +9% / +70% |
| ELK.OLElkem Asa | 19.0 bn | 38.9 | 1.9% | 2.7% | −15.7% | +8% / +71% |
| ATEA.OLAtea Asa | 18.7 bn | 21.7 | 19.7% | 2.3% | +8.1% | +13% / +38% |
| AKSO.OLAker Solutions Asa | 17.9 bn | 7.0 | 22.5% | 4.1% | +19.2% | +21% / −10% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 24.9 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +30% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.4 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 62.0 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.8 | 34.9% | 16.8% | +12.4% | −12% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −17% / −9% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.3 bn | 10.3 | 30.1% | 16.1% | +32.3% | −54% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 227.8 m | 4.6 | 22.1% | 9.3% | +15.7% | −35% / −56% |
| DELIA.OLDellia Group Asa | 72.9 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.2 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −41% |
1- and 3-year price returns: for ABTEC.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.37 Total return -47% · Per year -47% | 4.22 Total return -5% · Per year -5% | 6.38 Total return 44% · Per year 44% |
| 3 years | 1.88 Total return -58% · Per year -25% | 3.81 Total return -14% · Per year -5% | 6.38 Total return 44% · Per year 13% |
| 5 years | 1.50 Total return -66% · Per year -20% | 3.44 Total return -23% · Per year -5% | 6.38 Total return 44% · Per year 8% |
- Exit P/E± 0.95
- Net margin± 0.67
- Annual revenue growth± 0.60
- Annual dilution± 0.06
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Aqua Bio Technology ASA is a Norwegian technology company that develops and produces ingredients for skin care products and owns the Jetcarrier group, active in logistics. In 2025 the company sold several subsidiaries and posted a positive net result, although equity remained negative, which makes the going-concern question central 1.
SWOT
Strengths
- The company holds a significant investment in Jetcarrier measured at fair value, which provides an asset base for the period ahead 1.
- The positive 2025 net result was generated by the gain on disposal of subsidiaries, showing an ability to monetise assets 1.
- The shareholder base is dominated by Norwegian owners and the company maintains ongoing dialogue with major shareholders, offering some stability in governance 1.
Weaknesses
- Equity is negative at the end of 2025, pointing to a fragile financial structure 1.
- Sales revenue fell sharply from the prior year and the core activity remains loss-making at the operating level 1.
- Departures from governance recommendations, including the lack of a remuneration committee, limit independent oversight 1.
Opportunities
- Unlocking the Jetcarrier investment could generate additional revenue if the logistics group expands its activity 1.
- Focusing on skin care ingredients after the subsidiary disposals could reduce complexity and allow more targeted projects 1.
- Lower personnel and administrative costs could improve the operating result in coming periods 1.
Threats
- Short-term interest-bearing debt could require refinancing or new capital on difficult terms 1.
- The value of the Jetcarrier investment may fluctuate and could affect the balance sheet if its valuation declines 1.
- Uncertainty about going-concern, addressed in note 32, could weigh on the confidence of investors and creditors 1.
Risks
- Going concernhigh
The report is prepared on a going-concern basis, and negative equity together with short-term debt raises questions about the company's ability to meet its obligations 1.
- Refinancing of debthigh
Short-term interest-bearing debt is well above current assets, which could force refinancing on costly terms 1.
- Valuation of the Jetcarrier investmentmedium
The investment measured at fair value could be adjusted, and impairment-related losses have already been recorded in the past 1.
- Governance and independencemedium
The board includes an employee of the Jetcarrier group and has no remuneration committee, which could affect the independence of decisions 1.
- Reliance on asset saleslow
The positive 2025 result rests on subsidiary disposals that are not recurring, so future results could be weaker 1.
Investment thesis
What would need to be true (bull case)
- If Jetcarrier expands its activity, the existing investment could generate substantial value for the company 1.
- Cost reductions and a focus on the remaining activities could lead to a smaller operating loss in coming periods 1.
- The 2025 disposals could show management's ability to turn assets into liquidity 1.
What would break the thesis
- Negative equity and short-term maturing debt could create funding problems if market conditions deteriorate 1.
- Sales revenue is very small, so the core activity could remain unprofitable 1.
- The 2025 positive result came from one-off gains rather than operations, so it could not be treated as a durable indicator 1.
What to watch
- Confirmation of the going-concern assumption and the plan to refinance short-term debt2026
- Development of sales revenue after the subsidiary disposalsQ1 2027
- Fair value assessment of the Jetcarrier investmentnext 10-K
- Decisions at the general meeting on board composition and a remuneration committee2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The loss from continuing operations narrowed, but the company reported a positive net result in 2025 thanks to the gain on disposal of subsidiaries, while the operating result remained negative 1. The financial position is fragile: short-term interest-bearing debt is far larger than current assets, and the report refers to note 32 for the going-concern assessment 1.
The governance structure is unusual for a listed company: the nomination committee has three members, and the company discloses several departures from governance recommendations, including the absence of a remuneration committee and the fact that one board member is a senior employee of the Jetcarrier group 1.
Segments
Ingredients and skin care
The company's original business develops and produces ingredients for skin care and cosmetics; in 2025 several subsidiaries in this area, such as Cosmed Beauty AS and Cover Brands AS, were sold 1.
Jetcarrier (logistics)
The Jetcarrier group offers transport and logistics solutions for Norwegian and international trading companies, and the company presents it as part of its current portfolio 1.
Market context
With very small sales revenue, performance depends more on asset disposals and the evolution of the Jetcarrier investment than on demand in the cosmetics market, which could make future results highly sensitive to one-off transactions 1.
Trends
- Restructuring through subsidiary disposalsmixed
In 2025 the company sold several cosmetics subsidiaries and deconsolidated their losses, which produced a substantial gain but reduced the operating base 1.
- Dependence on Jetcarriermixed
The Jetcarrier investment makes up most of the asset base, so its value directly influences the balance sheet 1.
- Pressure from short-term debtheadwind
Short-term interest-bearing debt is far above current assets, which could make refinancing or new equity necessary 1.
- Lower operating coststailwind
Personnel and administrative costs fell in 2025 compared with 2024, which could support a smaller operating loss if the trend continues 1.
Competitive position
The annual report does not explicitly name competitors; other companies in the cosmetic ingredients sector and in trade logistics are referred to only generally, without names in the source provided 1.
The company operates in a competitive environment on both business lines, and its position depends on its ability to unlock value from the Jetcarrier investment and to maintain ingredient projects with better margins 1.
- Cosmetic ingredient suppliers
Companies in the skin care ingredients field, not named in the source; relevant through the same business area.
- Trade logistics operators
Freight and logistics firms that compete with the Jetcarrier group in the Norwegian and international markets.
- Cosmetics distributors
Distribution companies in skin care and cosmetics, an activity the company reduced by selling subsidiaries.
- Premium cosmetics producers
Players that buy or develop their own ingredients and so compete indirectly for the same contracts.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202421 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Aqua Bio Technology ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.