Mad AS
ASActiveOrg 979263236Pilestredet 27, 0164 OsloArchitectural activities· NACE 7111Est. 1997 · 29 years old1-4 employeeshttps://www.mad.no
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Overview
Mad AS is a Norwegian AS based in Oslo, operating in the Architectural activities sector. Incorporated in 1997, the company reported revenue of NOK 14.8m in its latest annual filing.
Revenue 2025
14.8M NOK
−12% vs 2024
EBITDA margin
18.6 %
+452% vs 2024
Net profit 2025
2.5M NOK
+678% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
73.2 %
StrongAmong the 40% highest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
2.6×
StrongAmong the 40% highest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
25.0 %
StrongAmong the 30% highest rated companies in the industry
20212025
EBITDA — year on year
NOK thousandsKey figures
Annual report 2025| Revenue | 14.8M NOK | -12% |
| EBITDA | 2.7M NOK | +452% |
| Net profit | 2.5M NOK | +678% |
| Total assets | 10.2M NOK | -62% |
| Equity | 7.4M NOK | -71% |
| Employees | — | — |
Company information
Legal name
MAD AS
Org number
979263236
Legal form
Aksjeselskap
NACE code
7111 · Architectural activities
Founded
16 September 1997 · 29 years
Share capital
NOK 170,000
Employees
1-4
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Contact
Address
Pilestredet 27, 0164 Oslo
Website
https://www.mad.no
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Financial development
In its most recent annual report (2025), Mad AS reported revenue of NOK 14.8m, a decrease of 12% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net profit of NOK 2.5m, and the EBITDA margin stood at 18.6%.
At the end of 2025, equity financed 73.2% of the balance sheet, and current assets covered short-term debt 2.6 times.
Financials
Revenue
NOK millionsEBITDA
NOK thousandsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 14,751 | 16,813 | 16,820 | 14,052 | 10,125 |
| Staff expenses | -7,286 | -7,645 | -8,941 | -5,288 | -3,973 |
| EBITDA | 2,748 | -781 | -345 | -527 | 494 |
| Depreciation & amort. | -12 | -12 | -14 | -17 | -5 |
| EBIT | 2,736 | -793 | -359 | -545 | 489 |
| Net financials | 525 | 350 | 1,875 | 12,951 | 3,290 |
| Profit before tax | 3,261 | -443 | 1,516 | 12,406 | 3,779 |
| Tax | 725 | -4 | 1 | 3 | 125 |
| Net profit | 2,536 | -439 | 1,516 | 12,403 | 3,653 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 10,153 | 26,926 | 15,983 | 24,140 | 17,692 |
| Equity | 7,431 | 25,308 | 13,486 | 11,292 | 15,217 |
| Long-term debt | 5 | 0 | 4 | 4 | 1 |
| Short-term debt | 2,718 | 1,619 | 2,492 | 12,844 | 2,474 |
| Total debt | 2,722 | 1,619 | 2,497 | 12,848 | 2,475 |
Financial ratios
5-year trendEBITDA margin
18.6 %
20212025
Equity ratio
73.2 %
StrongAmong the 40% highest rated companies in the industry
20212025
Return on equity
34.1 %
StrongAmong the 40% highest rated companies in the industry
20212025
Net profit margin
17.2 %
StrongAmong the 40% highest rated companies in the industry
20212025
Asset turnover
1.45×
StrongAmong the 40% highest rated companies in the industry
20212025
Debt / equity
0.37×
StrongAmong the 40% highest rated companies in the industry
20212025
Sector performance
27 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginWeak
Among the 40% lowest rated companies in the 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 marginStrong
Among the 40% highest 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 marginStrong
Among the 40% highest 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)Strong
Among the 40% highest 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)Strong
Among the 30% highest 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)Strong
Among the 40% highest 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)Strong
Among the 30% highest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioStrong
Among the 30% highest 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 ratioStrong
Among the 40% highest 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 ratioStrong
Among the 40% highest 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 ratioAverage
Around the average of companies in the same industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityStrong
Among the 30% 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 capitalAverage
Around the average of companies in the same 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 ratioStrong
Among the 40% highest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioStrong
Among the 40% 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 ratioStrong
Among the 40% 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 equityStrong
Among the 40% 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 equityAverage
Around the average of companies in the same industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtStrong
Among the 30% highest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtVery strong
Among the 20% highest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageVery strong
Among the 10% highest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtAverage
Around the average of companies in the same industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginStrong
Among the 40% highest 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 turnoverStrong
Among the 40% highest rated companies in the industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Equity to contributed capitalVery strong
Among the 20% 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 equityVery weak
Among the 10% 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 weak
Among the 20% lowest rated companies in the industry
The size of this year's increase or decrease in the company's debt.
Inventory turnoverNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
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.
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 (3) | ||
MA Deputy Member | Deputy Member | 2024 |
KW Deputy Member | Deputy Member | 2023 |
AR Chief Executive Officer | Chief Executive Officer | 2025 |
Former (4)
VA Deputy Member | Deputy Member | 2023 – 2024 |
KK Deputy Member | Deputy Member | 2019 – 2023 |
NR Chief Executive Officer | Chief Executive Officer | 1997 – 2025 |
TN Deputy Member | Deputy Member | 2019 – 2023 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (4) | ||
IB Board of Directors | Board of Directors | 2024 |
NR Chairman | Chairman | 2025 |
AE Board of Directors | Board of Directors | 2023 |
SB Board of Directors | Board of Directors | 2026 |
Former (10)
TE Board of Directors | Board of Directors | 2019 – 2023 |
KW Board of Directors | Board of Directors | 2019 – 2023 |
VA Board of Directors | Board of Directors | 2019 – 2023 |
MA Board of Directors | Board of Directors | 2023 – 2024 |
IK Chairman | Chairman | 2019 – 2023 |
ES Board of Directors | Board of Directors | 2023 – 2025 |
MO Chairman | Chairman | 2023 – 2025 |
AV Board of Directors | Board of Directors | 2019 – 2023 |
KK Board of Directors | Board of Directors | 2019 – 2025 |
AT Board of Directors | Board of Directors | 2023 – 2026 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 20.8% | 20.8% | 2024 | |
| Company | 20.8% | 20.8% | 2024 | |
| Company | 13.68% | 13.68% | 2024 | |
| Company | 10% | 10% | 2024 | |
| Individual | 7.12% | 7.12% | 2024 | |
| Company | 2.72% | 2.72% | 2025 | |
| Company | 2.08% | 2.08% | 2024 | |
| Individual | 1.96% | 1.96% | 2024 | |
| Company | 1.79% | 1.79% | 2024 | |
| Company | 1.76% | 1.76% | 2024 | |
| Individual | 1.65% | 1.65% | 2024 | |
| Individual | 1.65% | 1.65% | 2024 | |
| Individual | 1.42% | 1.42% | 2024 | |
| Individual | 1.41% | 1.41% | 2024 | |
| Individual | 1.35% | 1.35% | 2024 | |
| Individual | 1.35% | 1.35% | 2024 | |
| Individual | 1.2% | 1.2% | 2024 | |
| Company | 0.91% | 0.91% | 2024 | |
| Individual | 0.71% | 0.71% | 2024 | |
| Individual | 0.15% | 0.15% | 2024 | |
| Individual | 0.15% | 0.15% | 2024 | |
| Individual | 0.06% | 0.06% | 2024 | |
| Company | 2.06% | 2.06% | 2024 | |
| Individual | 2.33% | 2.33% | 2020 | |
| Individual | 2.53% | 2.53% | 2021 | |
| Individual | 10.08% | 10.08% | 2020 | |
| Company | 1.08% | 1.08% | 2020 |
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Company hierarchy
Starhouse As10%Sojuz Invest As13.6794%Space Invest As20.7971%Supernova Invest As20.7971%Mad As2.72%Mmm Invest As2.08%Torkel Njå As1.79%Nok Et As1.76%Kohee As0.91%Glanfield As2.06%Metastudio As1.08%
Mad AS (this company)Board network connections
Board members of Mad AS also hold positions in 124 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Nicolai Riise | Chief Executive Officer | 25 companiesMany roles |
| Anja Therese Rafteseth Solevågseide | Board of Directors | 20 companiesMany roles |
| Amalie Victoria Dreyer | Board of Directors | 17 companiesMany roles |
| Karoline Kolstad Heen | Deputy Member | 12 companiesMany roles |
| Espen Starheim | Board of Directors | 9 companiesMany roles |
| Mads Olav Bruun Høy | Chairman | 6 companiesMany roles |
| Magnus Asker Pettersen | Deputy Member | 5 companies |
| Sofia Bjørck | Board of Directors | 5 companies |
| Arne Reisegg Myklestad | Chief Executive Officer | 4 companies |
| Torkel Njå | Deputy Member | 4 companies |
| Ingvild Bodsberg Stræte | Board of Directors | 3 companies |
| Irlinn Kristin Tystad | Chairman | 3 companies |
| Kurt Kristoffer Singstad | Board of Directors | 3 companies |
| Andrea Elisabeth Gillow Kloster | Board of Directors | 3 companies |
| Kirsten Welschemeyer Merrigan | Deputy Member | 2 companies |
| Victoria Abelsen | Deputy Member | 1 company |
| Trond Elverum | Board of Directors | 1 company |
| Kirsten Welschemeyer | Board of Directors | 1 company |
Frequently asked questions
What is the Org number of Mad AS?
Mad AS is registered with Brønnøysundsregistrene under Org 979263236.
What is the revenue of Mad AS?
Mad AS reported revenue of NOK 14.8m in 2025.
Who is the CEO of Mad AS?
Arne Reisegg Myklestad is the CEO of Mad AS, in role since 2025.
Who is the chairman of Mad AS?
Nicolai Riise chairs the board of Mad AS, in role since 2025.
Where is Mad AS headquartered?
Mad AS's registered address is Pilestredet 27.