Torghatten AS
ASActiveOrg 916819927Brattørkaia 17B, 7010 TrondheimSea and coastal passenger water transport· NACE 5010Est. 1921 · 104 years old155 employeeshttps://www.torghatten.no
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Overview
Torghatten AS is a Norwegian AS based in Trondheim, operating in the Sea and coastal passenger water transport sector. Incorporated in 1921, the company has 155 employees and reported revenue of NOK 149.2m in its latest annual filing.
Revenue 2025
0.1B NOK
−4% vs 2024
EBITDA margin
−32.3 %
−4358% vs 2024
Net profit 2025
-0.1B NOK
-545% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
96.3 %
Very strongAmong the 20% highest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
1.0×
WeakAmong the 30% lowest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
-1.3 %
WeakAmong the 40% lowest rated companies in the industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 0.1B NOK | -4% |
| EBITDA | -0B NOK | -4358% |
| Net profit | -0.1B NOK | -545% |
| Total assets | 7.2B NOK | -3% |
| Equity | 6.9B NOK | -1% |
| Employees | 155 | — |
Company information
Legal name
TORGHATTEN AS
Org number
916819927
Legal form
Aksjeselskap
NACE code
Founded
8 November 1921 · 104 years
Share capital
NOK 237,751,262
Employees
155 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Styrets leder alene.
Company purpose
Selskapets virksomhet er knyttet til rederi- og transportvirksomhet, handels- og industrivirksomhet, inklusiv eiendomsforvaltning samt beslektede aktiviteter, herunder investering i aksjer og andre eierandeler i andre selskaper og foretak, samt all annen virksomhet som hermed står i forbindelse.
(no translation available)
Contact
Address
Brattørkaia 17B, 7010 Trondheim
Website
https://www.torghatten.no
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Financial development
In its most recent annual report (2025), Torghatten AS reported revenue of NOK 149.2m, a decrease of 4% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net loss of NOK 90.0m, and the EBITDA margin stood at -32.3%.
At the end of 2025, equity financed 96.3% of the balance sheet, and current assets covered short-term debt 1 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 149,203 | 154,817 | 38,494 | 13,683 | 30,296 |
| Staff expenses | -93,413 | -65,441 | -49,272 | -36,584 | -47,423 |
| EBITDA | -48,187 | -1,081 | -76,446 | -46,796 | -68,970 |
| Depreciation & amort. | -16,890 | -14,103 | -8,647 | -1,145 | -3,570 |
| EBIT | -65,077 | -15,184 | -85,093 | -47,941 | -72,540 |
| Net financials | -41,779 | 27,240 | 210,244 | 965,212 | 857,621 |
| Profit before tax | -106,856 | 12,057 | 125,151 | 917,272 | 785,081 |
| Tax | -16,883 | -8,185 | 4,350 | -4,773 | -6,232 |
| Net profit | -89,973 | 20,241 | 120,801 | 922,045 | 791,313 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 7,174,490 | 7,364,634 | 7,469,841 | 7,249,488 | 9,327,302 |
| Equity | 6,907,253 | 6,981,169 | 6,989,095 | 6,867,015 | 8,630,656 |
| Long-term debt | 213,023 | 230,789 | 274,071 | 273,789 | 474,390 |
| Short-term debt | 52,222 | 149,718 | 204,338 | 106,682 | 220,057 |
| Total debt | 265,245 | 380,506 | 478,409 | 380,471 | 694,447 |
Financial ratios
5-year trendEBITDA margin
-32.3 %
20212025
Equity ratio
96.3 %
Very strongAmong the 20% highest rated companies in the industry
20212025
Return on equity
-1.3 %
WeakAmong the 30% lowest rated companies in the industry
20212025
Net profit margin
-60.3 %
Very weakAmong the 10% lowest rated companies in the industry
20212025
Asset turnover
0.02×
WeakAmong the 30% lowest rated companies in the industry
20212025
Debt / equity
0.04×
Very strongAmong the 10% highest rated companies in the industry
20212025
Sector performance
28 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginAverage
Around the average of companies in the same industry
The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.
Operating marginVery weak
Among the 10% lowest rated companies in the industry
EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.
Net profit marginVery weak
Among the 10% lowest rated companies in the industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Weak
Among the 30% lowest rated companies in the industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Weak
Among the 40% lowest rated companies in the industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Weak
Among the 30% lowest rated companies in the industry
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
Basic earning power (BEP)Weak
Among the 40% lowest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioWeak
Among the 30% lowest rated companies in the industry
Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.
Liquidity
Current ratioWeak
Among the 30% lowest rated companies in the industry
Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.
Quick ratioWeak
Among the 30% lowest rated companies in the industry
Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.
Cash ratioWeak
Among the 40% lowest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityVery strong
Among the 10% highest rated companies in the industry
Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.
Fixed assets to long-term capitalWeak
Among the 30% lowest rated companies in the industry
Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.
Cash conversion ratioWeak
Among the 30% lowest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioVery strong
Among the 20% highest rated companies in the industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioVery strong
Among the 10% highest rated companies in the industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityVery strong
Among the 10% highest rated companies in the industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityVery strong
Among the 20% highest rated companies in the industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtVery weak
Among the 20% lowest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtVery weak
Among the 20% lowest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageWeak
Among the 30% lowest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtVery weak
Among the 10% lowest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginWeak
Among the 30% lowest rated companies in the industry
The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.
Efficiency & development
Asset turnoverWeak
Among the 30% lowest rated companies in the industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Inventory turnoverWeak
Among the 30% lowest rated companies in the industry
Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.
Equity to contributed capitalStrong
Among the 30% highest rated companies in the industry
Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.
One-year change in equityWeak
Among the 40% lowest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtVery strong
Among the 20% highest rated companies in the industry
The size of this year's increase or decrease in the company's debt.
Annual reports & filings
- Annual report 2025Filed via Brønnøysundsregistrene · Period 2025-01-01 – 2025-12-31
- Annual report 2024Filed via Brønnøysundsregistrene · Period 2024-01-01 – 2024-12-31
- Annual report 2023Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-12-31
- Annual report 2022Filed via Brønnøysundsregistrene · Period 2022-01-01 – 2022-12-31
- Annual report 2021Filed via Brønnøysundsregistrene · Period 2021-01-01 – 2021-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (1) | ||
KH Chief Executive Officer | Chief Executive Officer | 2025 |
Former (3)
JV Chief Executive Officer | Chief Executive Officer | 2023 – 2025 |
RG Chief Executive Officer | Chief Executive Officer | 2019 – 2021 |
SA Chief Executive Officer | Chief Executive Officer | 2025 – 2025 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (5) | ||
CS Board of Directors | Board of Directors | 2025 |
GR Board of Directors | Board of Directors | 2023 |
SR Board of Directors | Board of Directors | 2022 |
SA Board of Directors | Board of Directors | 2025 |
CG Chairman | Chairman | 2023 |
Former (9)
JV Board of Directors | Board of Directors | 2023 – 2025 |
HA Board of Directors | Board of Directors | 2022 – 2025 |
PE Board of Directors | Board of Directors | 2021 – 2022 |
RG Board of Directors | Board of Directors | 2022 – 2023 |
SM Board of Directors | Board of Directors | 2021 – 2023 |
SA Board of Directors | Board of Directors | 2021 – 2022 |
JR Board of Directors | Board of Directors | 2021 – 2022 |
BK Board of Directors | Board of Directors | 2021 – 2022 |
DM Chairman | Chairman | 2021 – 2023 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 100% | 100% | 2022 | |
Heidenreich Enterprise Lp | Company | 2.65% | 2.65% | 2020 |
| Company | 12.47% | 12.47% | 2020 | |
| Company | 13.25% | 13.25% | 2020 | |
| Company | 1.44% | 1.44% | 2020 | |
| Company | 12.14% | 12.14% | 2020 | |
| Company | 5.94% | 5.94% | 2020 | |
| Company | 3.44% | 3.44% | 2020 | |
| Company | 1.02% | 1.02% | 2020 | |
Merrill Lynch, Pierce, Fenner & Sm | Company | 2.69% | 2.69% | 2020 |
| Company | 94.06% | 94.06% | 2021 | |
| Company | 1.74% | 1.74% | 2020 | |
| Company | 4.63% | 4.63% | 2020 | |
| Company | 1.18% | 1.18% | 2020 | |
| Company | 2.6% | 2.6% | 2020 | |
| Company | 1.64% | 1.64% | 2020 |
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Company hierarchy
Nfi Parent As100%
Nfi Borrower As100%
Heidenreich Enterprise Lp2.65%Hifo Invest As12.47%Saturn Invest As13.25%Stenshagen Invest As1.44%Christiania Skibs As12.14%Torghatten As5.94%Uno Invest As3.44%Brønnøy Kommune1.02%Merrill Lynch, Pierce, Fenner & Sm2.69%Hati Bidco As94.06%Torghatten Aqua As1.74%Etui Invest As1.18%Jac Moe As2.6%Amble Investment As1.64%
Torghatten AS (this company)Zeabuz AS22.5089% ownedTorghatten Midt As100% ownedHorn Gass AS15% ownedTorghatten Sør AS100% ownedTorghatten Nord As100% ownedT-Finans AS100% ownedVega Skjærgårdspark AS11.4943% ownedBoard network connections
Board members of Torghatten AS also hold positions in 190 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Roger Granheim | Chief Executive Officer | 38 companiesMany roles |
| Grete Rekkebo Brovoll | Board of Directors | 28 companiesMany roles |
| Jan Volsdal | Chief Executive Officer | 27 companiesMany roles |
| Dag Mejdell | Chairman | 27 companiesMany roles |
| Brynjar Kristian Forbergskog | Board of Directors | 19 companiesMany roles |
| Stein Andre Herigstad-Olsen | Chief Executive Officer | 10 companiesMany roles |
| Kjetil Håbjørg | Chief Executive Officer | 8 companiesMany roles |
| Siri Margrethe Kalvig | Board of Directors | 8 companiesMany roles |
| Svein Robert Willumsen | Board of Directors | 6 companiesMany roles |
| Carsten Grøne Jensen | Chairman | 6 companiesMany roles |
| Hans Anders Stenseth | Board of Directors | 5 companies |
| Sølvi-Helen Antonsen | Board of Directors | 5 companies |
| Per Einar Fjellstad | Board of Directors | 1 company |
| Charlotte Sofia Viktoria Sundblad | Board of Directors | 1 company |
| Johan Ragnar Nordbäck | Board of Directors | 1 company |
Frequently asked questions
What is the Org number of Torghatten AS?
Torghatten AS is registered with Brønnøysundsregistrene under Org 916819927.
What is the revenue of Torghatten AS?
Torghatten AS reported revenue of NOK 149.2m in 2025.
How many employees does Torghatten AS have?
Torghatten AS employs 155 people as of the latest annual report.
Who is the CEO of Torghatten AS?
Kjetil Håbjørg is the CEO of Torghatten AS, in role since 2025.
Who is the chairman of Torghatten AS?
Carsten Grøne Jensen chairs the board of Torghatten AS, in role since 2023.
Where is Torghatten AS headquartered?
Torghatten AS's registered address is Brattørkaia 17B.