olivLaw · European equity research
North Energy ASA NORTH.OL
Norway · Euronext Oslo Børs · ISIN NO0010550056 · Vertical: Listed companies from Norway
North Energy ASA is an industrial investment company based in Oslo that owns and finances independent listed and unlisted holdings in the energy sector and in other industries where it has relevant competence. In 2025 the company held a solid cash position but a somewhat weaker balance sheet than the year before, and its activity remains dependent on the performance of its portfolio holdings.
At the close of 06 Nov 2026, North Energy ASA (NORTH.OL) stock was 2.49 NOK (+0.81% on the day), with market capitalisation 294.3 m NOK, dividend yield 5.98%, beta 0.28, 52-week range 2.25–2.84 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)
- 45.9
- neutral
- Bollinger (20, 2)
- 2.45 – 2.57
- in the lower half of the band · %B 0.34 · band width 5.1%
- SMA 50 / 200
- 2.55 / 2.52
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | −4.2% | −0.6% | −3.6 pp | — |
| 3 months | +9.7% | −4.2% | +13.9 pp | — |
| 6 months | −5.7% | +4.3% | −10.0 pp | — |
| Year to date | −0.4% | +7.5% | −7.9 pp | — |
| 1 year | −5.3% | +9.9% | −15.2 pp | −4.7% |
| 3 years | +13.2% | +49.8% | −36.7 pp | +12.7% |
| 5 years | −14.1% | +42.8% | −57.0 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 72.0 k | 90.0 k | 90.0 k |
| Revenue YoY | unavailable | +25.0% | 0.0% |
| Net income | 24.6 m | 58.1 m | -40.2 m |
| Net income YoY | unavailable | +136.0% | −169.2% |
| Diluted EPS | 0.21 | 0.50 | -0.34 |
| Diluted EPS YoY | unavailable | +138.1% | −168.0% |
| net % | 34,200.0% | 64,561.1% | -44,648.9% |
| Free cash flow | -18.8 m | -19.3 m | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 101.1 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 309.7 m NOK
- Total assets
- 401.5 m NOK
- Debt / equity
- unavailable
- Current ratio
- 2.11x
- ROE
- -11.9%
- ROA
- -10.4%
- 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 | 72.0 k | 90.0 k | 90.0 k | esef· 21 Oct 2026verified |
| Operating income | 24.0 m | 53.6 m | -46.1 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 1.5 m | 1.6 m | 1.5 m | esef· 21 Oct 2026verified |
| EBITDA | 25.4 m ≈ | 55.2 m ≈ | -44.6 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 1.7 m | 3.0 m | 3.6 m | esef· 21 Oct 2026verified |
| Pre-tax income | 24.6 m | 58.1 m | -40.1 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 130.0 k | esef· 21 Oct 2026verified |
| Net income | 24.6 m | 58.1 m | -40.2 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.21 | 0.50 | -0.34 | esef· 21 Oct 2026verified |
| Dividend per share | 0.10 | 0.10 | 0.15 | esef· 21 Oct 2026derived |
≈ 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 | 6.0 m | 102.0 m | 101.1 m | esef· 21 Oct 2026verified |
| Receivables | 3.5 m | 282.0 k | 238.0 k | esef· 21 Oct 2026verified |
| Current assets | 112.4 m | 132.7 m | 183.5 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 155.0 k | 117.0 k | 107.0 k | esef· 21 Oct 2026verified |
| Total assets | 342.3 m | 374.7 m | 401.5 m | esef· 21 Oct 2026verified |
| Current liabilities | 17.7 m | 5.2 m | 87.2 m | esef· 21 Oct 2026verified |
| Total liabilities | 21.2 m | 7.2 m | 91.7 m | esef· 21 Oct 2026verified |
| Equity | 321.1 m | 367.5 m | 309.7 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 117.3 m | 116.2 m | 118.2 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -18.8 m | -19.3 m | -21.7 m | esef· 21 Oct 2026verified |
| Capex | 17.0 k | 0 | — | esef· 08 May 2025verified |
| Free cash flow | -18.8 m ≈ | -19.3 m ≈ | — | esef· 21 Oct 2026derived |
| Investing cash flow | 30.1 m | 143.2 m | -45.7 m | esef· 21 Oct 2026verified |
| Financing cash flow | -8.4 m | -27.7 m | 66.7 m | esef· 21 Oct 2026verified |
| Dividends paid | 11.7 m | 11.7 m | 17.6 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
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 294.3 m NOK
Key indicators
Coverage and freshness
Score by group
31% · 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: 5 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -44,648.9% | 0 (vs peers) | 20% |
| 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 | -12.9x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -7.4% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 6.0% | 85 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial85/100 · 1/2 factors with a value
- Valuation· partial0/100 · 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
NORTH ENERGY ASA (NORTH.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 90.0 k NOK in 2025; YoY growth 0.0%; net margin -44,648.9%; ROE -11.9%.
The estimated value range is 1.46–1.80 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.61 NOK, the price of 2.49 NOK leaves a potential of -35.2% (value / price − 1) and a margin of safety of -54.3% (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: 5 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
- Shareholder yield (distributions): 6.0%
What contradicts it
- Net margin: -44,648.9%
- Interest coverage: -12.9x
- FCF yield: -7.4%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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 | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| 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% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| NORTH.OLNorth Energy Asa | 294.3 m | — | -11.9% | -44,648.9% | 0.0% | −3% / +16% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for NORTH.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
North Energy ASA is an industrial investment company based in Oslo that owns and finances independent listed and unlisted holdings in the energy sector and in other industries where it has relevant competence. In 2025 the company held a solid cash position but a somewhat weaker balance sheet than the year before, and its activity remains dependent on the performance of its portfolio holdings 1.
SWOT
Strengths
- The company reports a solid balance sheet with limited liabilities and a cash position that supports its investment activity.
- Diversification across industrial and financial holdings and an active ownership strategy offer flexibility.
- The main holding Reach Subsea has a low-carbon subsea service solution that supports the company's positioning in the energy transition.
Weaknesses
- The company is very small in headcount, so reliance on a few key people is a vulnerability.
- Cash income depends largely on dividends and interest from investments rather than on an operating business of its own.
- The credit facility is only partly used and is secured by listed financial assets, adding sensitivity to market movements.
Opportunities
- If demand for energy keeps growing, investment in conventional and renewable sources could become more attractive.
- Expansion into other industries could reduce the portfolio's dependence on oil price developments.
- Energy security measures could accelerate long-term investment in energy infrastructure.
Threats
- Financial market volatility and possible corrections could affect the value of holdings and the company's capital.
- Lower oil prices and geopolitical tensions could reduce the value of companies in which North Energy is invested.
- The transition away from fossil fuels could create stranded assets or loss of market share for some holdings.
Risks
- Market riskhigh
The value of listed and unlisted holdings depends on market sentiment and economic conditions, which could directly affect the company's capital.
- Liquidity riskmedium
The company relies on equity as its primary funding source, and changes in the financial position of key investments could affect liquidity over the longer term.
- Interest rate riskmedium
Use of the DNB credit facility exposes the company to interest rate changes, which could affect its financial position and the value of its investments.
- Climate transition riskmedium
The move away from fossil fuels could affect some holdings through higher capital costs or regulatory requirements they fail to meet.
- Currency risklow
Investments in securities denominated in foreign currencies and borrowings in EUR and USD expose the company to exchange rate fluctuations.
Investment thesis
What would need to be true (bull case)
- If the industrial and financial portfolio holds its value, the solid balance sheet and cash position could support dividends and new investments.
- If global energy demand keeps rising, holdings in both traditional and renewable energy could benefit from a supportive backdrop.
- If the Reach Remote solution expands, Reach Subsea could strengthen the company's position in the energy transition.
What would break the thesis
- If financial markets enter a correction, the value of the holdings could fall and reduce the company's capital.
- If oil prices stay low or volatile, companies in the portfolio could report weaker results.
- If the energy transition accelerates quickly, some holdings could lose market share or face stranded assets.
What to watch
- Utilisation of the DNB credit facility and available liquidity2026
- Approval of the proposed 2025 dividend by the General Meeting2026
- Outcome of the human rights due diligence assessment, due by 30 June 20262026
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
North Energy ASA's mandate is to directly or indirectly own, manage and provide financing for activities within the energy industry and other industries where it has relevant competence. The company is an industrial holding company with a portfolio of independent investments, organised in two segments: Industrial holdings and Financial Investments 1. According to the annual report for 2025, the company had three employees at year-end and its office is in Oslo 1.
The company states its strategy is to become a successful and respected investment company through solid fundamental analysis and a focus on long-term value creation. It describes itself as an industrial investment company based on active ownership, with a growing portfolio 1.
The dividend policy used since the accounting year 2022 aims to distribute an annual dividend approximating 3% of year-end Net Asset Value. For 2025 the Board intends to propose a dividend of NOK 0.13 per share, subject to approval at the General Meeting 1.
Segments
Industrial holdings
The industrial holdings segment includes operating investments such as Reach Subsea, the company's main industrial holding, which launched the Reach Remote solution designed to sharply reduce the carbon footprint of subsea services. The annual report also cites the investment in Wind Catching Systems as part of its diversification 1.
Financial Investments
The financial investments segment comprises listed and unlisted holdings, some denominated in foreign currencies. The company's cash income mainly comes from dividend and interest income on its investments, and these holdings also serve as collateral for its credit facility 1.
Market context
The company operates in the market for industrial and financial investments, where portfolio values depend on market conditions and investor sentiment. The annual report identifies as major 2025 risks the US tariff war, geopolitical instability, persistent inflation in developed markets and a fall in oil prices, which particularly affected companies in which North Energy is invested 1.
The 2026 global outlook is described as cautiously optimistic, but the conflict involving Iran and its effects on the Strait of Hormuz have added a new layer of risk. The company notes that if energy security actions accelerate, investment in both conventional and renewable energy could increase over the longer term 1.
Trends
- Energy transitionmixed
The company says the policy agenda is gradually shifting toward renewable energy, and over time energy could become less carbon intensive. However, the road to decarbonisation looks long and complex, and many green-technology companies have faced profitability and financing difficulties 1.
- Rising energy demandtailwind
As living standards rise globally, the company expects energy demand to keep growing, which could support investment in both traditional and lower-carbon energy sources 1.
- Financial market volatilityheadwind
Market volatility and possible corrections could disrupt economic stability. High public debt and instability in emerging markets are further concerns raised by management 1.
- Energy security and regulationmixed
Energy security measures and human rights due diligence requirements under the Transparency Act could create both opportunities and compliance costs for the company's holdings 1.
Competitive position
The annual report does not describe direct competitors or a detailed competitive landscape. The company presents itself as an active industrial investor competing to identify new investments at attractive prices, and its strategy depends on disciplined selection of projects 1.
The company states its investment philosophy centres on identifying new opportunities at attractive prices and broadening the portfolio across industries. Competition for such opportunities is not detailed in the analysed source 1.
- No named competitors in the source
The annual report analysed does not name direct competitors, so no competitor names are presented.
- Other active energy holding companies
The source does not specifically identify other energy-sector investors, so no further claims are made.
- Green technology investors
The report describes general difficulties faced by green-technology companies without naming specific entities.
- Subsea service providers
Reach Subsea operates in subsea services, but the source does not name other providers in this field.
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 / North Energy 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.