olivLaw · European equity research
Arribatec Group ASA ARR.OL
Norway · Euronext Oslo Børs · ISIN NO0013682948 · Vertical: Listed companies from Norway
Arribatec Group ASA is a global provider of digital business solutions, listed on the Oslo Stock Exchange, combining consulting, cloud services and enterprise architecture and process management software. In 2025 the company recovered from a restructuring period, with revenue growth and a positive profit after tax.
At the close of 04 Nov 2026, Arribatec Group ASA (ARR.OL) stock was 4.92 NOK (+1.65% on the day), with market capitalisation 239.5 m NOK, P/E 4.9 on diluted EPS of 1.01 NOK over the last 12 months, beta 0.36, 52-week range 4.84–9.90 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)
- 36.4
- weak (30–45)
- Bollinger (20, 2)
- 4.82 – 5.71
- in the lower half of the band · %B 0.12 · band width 16.9%
- SMA 50 / 200
- 5.42 / 6.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.11
- 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 | −6.1% | +0.4% | −6.5 pp | — |
| 3 months | −16.3% | −3.3% | −13.1 pp | — |
| 6 months | −35.8% | +4.0% | −39.7 pp | — |
| Year to date | −38.3% | +8.1% | −46.4 pp | — |
| 1 year | −36.2% | +10.7% | −46.9 pp | −5.3% |
| 3 years | −56.1% | +50.1% | −106.2 pp | +19.1% |
| 5 years | −86.2% | +43.6% | −129.8 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 1-quarter history (min 7.9, median 7.9, max 7.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 573.0 m | 500.4 m | 578.8 m |
| Revenue YoY | unavailable | −12.7% | +15.7% |
| Net income | -23.1 m | -82.7 m | 54.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.33 | -1.19 | 1.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -4.0% | -16.5% | 9.3% |
| Free cash flow | 31.0 m | 14.9 m | 16.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 73.8 m NOK
- Financial debt
- 0 NOK
- Net debt
- -73.8 m NOK
- Equity
- 300.8 m NOK
- Total assets
- 465.7 m NOK
- Debt / equity
- 0.00x
- Current ratio
- 1.44x
- ROE
- 22.1%
- ROA
- 11.9%
- FCF margin
- 2.8%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 573.0 m | 500.4 m | 578.8 m | esef· 21 Oct 2026verified |
| Gross profit | 440.3 m | 368.1 m | 430.3 m | esef· 21 Oct 2026verified |
| Operating income | -23.8 m | -59.2 m | 32.0 m | esef· 21 Oct 2026verified |
| Interest expense | 9.4 m | 6.9 m | 3.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | -30.1 m | -91.3 m | 61.3 m | esef· 21 Oct 2026verified |
| Income tax | -7.0 m | -7.9 m | 7.5 m | esef· 21 Oct 2026verified |
| Net income | -23.1 m | -82.7 m | 54.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.33 | -1.19 | 1.01 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 39.4 m | 23.1 m | 73.8 m | esef· 21 Oct 2026verified |
| Inventories | 1.5 m | 7.8 m | 3.8 m | esef· 21 Oct 2026verified |
| Current assets | 169.3 m | 143.5 m | 210.4 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 6.4 m | 4.9 m | 3.7 m | esef· 21 Oct 2026verified |
| Goodwill | 206.5 m | 184.3 m | 178.5 m | esef· 21 Oct 2026verified |
| Total assets | 501.5 m | 442.3 m | 465.7 m | esef· 21 Oct 2026verified |
| Long-term debt | 12.9 m | 7.4 m | 0 | esef· 21 Oct 2026verified |
| Current liabilities | 189.0 m | 212.4 m | 145.7 m | esef· 21 Oct 2026verified |
| Total liabilities | 239.1 m | 253.1 m | 165.0 m | esef· 21 Oct 2026verified |
| Equity | 262.5 m | 189.2 m | 300.8 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 69.9 m | 69.5 m | 48.7 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 33.7 m | 16.4 m | 16.3 m | esef· 21 Oct 2026verified |
| Capex | 2.7 m | 1.6 m | 0 | esef· 21 Oct 2026verified |
| Free cash flow | 31.0 m ≈ | 14.9 m ≈ | 16.3 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -22.3 m | -16.8 m | 23.3 m | esef· 21 Oct 2026verified |
| Financing cash flow | -11.5 m | -15.7 m | 13.6 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 239.5 m NOK
Key indicators
Coverage and freshness
Score by group
52% · 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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.0% | 77 (vs peers) | 20% |
| Net margin · Quality | 9.3% | 74 (vs peers) | 12% |
| FCF conversion · Quality | 30.2% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.7x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.4x | 54 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 4.9x | 89 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.8% | 85 (on a fixed band) | 16% |
| 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 sheet81/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation88/100 · 2/3 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
ARRIBATEC GROUP ASA (ARR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 578.8 m NOK in 2025; YoY growth 15.7%; net margin 9.3%; ROE 22.1%.
The estimated value range is 8.69–20.08 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 14.05 NOK, the price of 4.92 NOK leaves a potential of 185.6% (value / price − 1) and a margin of safety of 65.0% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.0%
- Net margin: 9.3%
- Interest coverage: 9.7x
- P/E (TTM): 4.9x
- FCF yield: 6.8%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 30.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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 | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 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 | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / 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 | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for ARR.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 | 3.53 Total return -28% · Per year -28% | 6.22 Total return 26% · Per year 26% | 9.33 Total return 90% · Per year 90% |
| 3 years | 4.19 Total return -15% · Per year -5% | 8.22 Total return 67% · Per year 19% | 13.43 Total return 173% · Per year 40% |
| 5 years | 4.97 Total return 1% · Per year 0% | 10.88 Total return 121% · Per year 17% | 19.34 Total return 293% · Per year 31% |
- Exit P/E± 2.06
- Net margin± 1.44
- Annual revenue growth± 1.07
- Annual dilution± 0.12
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
Arribatec Group ASA is a global provider of digital business solutions, listed on the Oslo Stock Exchange, combining consulting, cloud services and enterprise architecture and process management software. In 2025 the company recovered from a restructuring period, with revenue growth and a positive profit after tax 1.
SWOT
Strengths
- The company has a solid balance sheet, with high equity and no interest-bearing debt at the end of 2025 1.
- Recurring revenue forms an important share of total revenue, which adds stability 1.
- Its cloud offer hosted in Norway addresses compliance and sovereignty requirements that other providers may find harder to meet 1.
Weaknesses
Opportunities
- Growing demand for cloud and digital transformation services in public and private sectors could expand the company's segments 1.
- Expansion in Continental Europe and the UK could strengthen regional growth 1.
- If the improvement trend of the second half of 2025 continues, morale and productivity could rise 1.
Risks
- Adapting to technological changehigh
Results could be negatively affected if the group cannot adapt, expand or develop its services in response to technology changes and customer demand 1.
- Talent retentionhigh
The company must attract and keep consultants to deliver its services, and losing staff could affect execution 1.
- Organisational stabilitymedium
The 2025 restructuring temporarily affected employee sentiment, and full recovery has not yet been reached 1.
- Client and consulting demand exposuremedium
Dependence on consulting contracts and client demand can make revenue volatile if clients cut IT spending 1.
- Data compliance and security riskmedium
The company commits to protecting client and employee data, and a security failure could affect trust and reputation 1.
Investment thesis
What would need to be true (bull case)
- If the recovery seen in the second half of 2025 holds, the company could turn the restructuring into a solid base for growth 1.
- The balance sheet structure, with high equity and no bank debt at year end, gives financial flexibility 1.
- A locally hosted cloud offer could become an advantage for clients with strict data sovereignty requirements 1.
What would break the thesis
- If employee satisfaction stays below the industry level, the risk of staff turnover could increase 1.
- If technology change outpaces the adaptation of services, the company could lose relevance for some clients 1.
- Profitability turned positive in 2025 after a loss the year before, and a return to losses could reduce investor confidence 1.
What to watch
- Development of employee satisfaction score against the industry benchmark2026
- Development of recurring revenue relative to consulting revenue2026
- Average FTE count and any further restructuringnext annual report
- Operating cash flow development after working capital changesnext annual report
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
Arribatec is positioned as a global provider of digital business solutions, headquartered in Oslo and listed on the Oslo Stock Exchange 1. Its consultants aim to streamline complex companies, processes and systems, combining people, processes and systems to make them as efficient as possible 1. The company is divided into three business segments 1.
Segments
Enterprise Architecture and Business Process Management (EA&BPM)
This segment provides software and services that support robust corporate governance and help organisations operate more efficiently and effectively in both public and private sectors 1.
Cloud services
The segment delivers flexible and secure cloud services, including consulting, outsourcing and end-to-end cloud services, built on Microsoft solutions and on its own public cloud hosted in Norwegian data centres 1.
Business Services (BizS)
This segment delivers transformation projects around ERP, FP&A, CPM, research management and apprentice management, from requirements definition to deployment and ongoing support 1.
Market context
The market for digital consulting and cloud services is characterised, according to the annual report, by rapid technological change, frequent product introductions and increasingly sophisticated customer requirements 1. Revenue is split geographically between Norway, Continental Europe, the UK and America 1.
Trends
- Demand for cloud and data sovereigntytailwind
Customers needing compliance and local control of data may prefer a cloud hosted in Norway, which could support the company's cloud segment 1.
- Rapid technological changemixed
The fast pace of technology change and evolving industry standards requires the company to continuously adapt its services, which involves effort and cost 1.
- Recovery after restructuringtailwind
Restructuring in the first half of 2025 temporarily affected employee sentiment, while the second half showed a clear improvement trend 1.
- Pressure on talent retentionheadwind
The company depends on attracting and retaining talent to deliver to clients, and losing staff could affect its delivery capacity 1.
Competitive position
The annual report in the sources received does not give a detailed list of competitors, but it stresses that the market for the services offered is marked by technological competition and shifting customer requirements 1. The company differentiates through locally hosted cloud solutions and by combining consulting with its own software 1.
- Cloud and consulting providers in the Microsoft ecosystem
The company builds its cloud offers on Microsoft solutions, but direct competition within that ecosystem is not detailed in the source received 1.
- IT consultancies in Norway and Europe
Consultancies serving the same regional markets are not named in the source received, and their competition is mentioned only in general terms 1.
- ERP and CPM software vendors
Competition in ERP, FP&A and CPM implementation projects is not detailed in the source received 1.
- Enterprise architecture and BPM software vendors
Competitors in the EA&BPM segment are not named in the source received, though their products may be alternatives for customers 1.
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 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Arribatec Group 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.