Lede AS
ASActiveOrg 979422679Floodeløkka 1, 3915 PorsgrunnDistribution of electricity· NACE 3514Est. 1997 · 28 years old430 employeeshttps://www.lede.no
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Overview
Lede AS is a Norwegian AS based in Porsgrunn, operating in the Distribution of electricity sector. Incorporated in 1997, the company has 430 employees and reported revenue of NOK 2.3bn in its latest annual filing.
Revenue 2025
2.3B NOK
+6% vs 2024
EBITDA margin
37.5 %
+21% vs 2024
Net profit 2025
0.3B NOK
+75% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
40.0 %
AverageAround the average of companies in the same industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
0.9×
WeakAmong the 40% lowest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
3.0 %
StrongAmong the 30% highest rated companies in the industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 2.3B NOK | +6% |
| EBITDA | 0.9B NOK | +21% |
| Net profit | 0.3B NOK | +75% |
| Total assets | 9.4B NOK | +6% |
| Equity | 3.8B NOK | +8% |
| Employees | 430 | — |
Company information
Legal name
LEDE AS
Org number
979422679
Legal form
Aksjeselskap
NACE code
3514 · Distribution of electricity
Founded
21 November 1997 · 28 years
Share capital
NOK 637,490,000
Employees
430 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Contact
Address
Floodeløkka 1, 3915 Porsgrunn
Phone
+47 35 51 89 90
Email
firmapost@skagerakenergi.no
Website
https://www.lede.no
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Financial development
In its most recent annual report (2025), Lede AS reported revenue of NOK 2.3bn, an increase of 6% 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 287.0m, and the EBITDA margin stood at 37.5%.
At the end of 2025, equity financed 40% of the balance sheet, and current assets covered short-term debt 0.9 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 2,271,894 | 2,150,910 | 1,822,473 | 2,549,930 | 1,935,805 |
| Staff expenses | -0 | -0 | -0 | -0 | -0 |
| EBITDA | 853,061 | 703,322 | 763,459 | 599,615 | 552,603 |
| Depreciation & amort. | -280,974 | -255,555 | -236,046 | -0 | -232,510 |
| EBIT | 572,087 | 447,768 | 527,413 | 599,615 | 320,094 |
| Net financials | -203,333 | -236,648 | -196,868 | -99,714 | -51,818 |
| Profit before tax | 368,754 | 211,119 | 330,546 | 499,901 | 268,276 |
| Tax | 81,800 | 46,716 | 72,978 | 110,192 | 59,204 |
| Net profit | 286,954 | 164,404 | 257,568 | 389,709 | 209,072 |
Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 9,415,191 | 8,858,157 | 7,897,786 | 7,033,882 | 6,224,172 |
| Equity | 3,763,887 | 3,476,933 | 2,836,729 | 2,384,161 | 1,994,452 |
| Long-term debt | 4,742,784 | 4,705,602 | 4,410,403 | 3,947,038 | 3,399,095 |
| Short-term debt | 908,520 | 675,621 | 650,653 | 702,683 | 754,509 |
| Total debt | 5,651,304 | 5,381,224 | 5,061,057 | 4,649,721 | 4,153,604 |
Financial ratios
5-year trendEBITDA margin
37.5 %
20212025
Equity ratio
40.0 %
AverageAround the average of companies in the same industry
20212025
Return on equity
7.6 %
StrongAmong the 40% highest rated companies in the industry
20212025
Net profit margin
12.6 %
StrongAmong the 40% highest rated companies in the industry
20212025
Asset turnover
0.24×
StrongAmong the 30% highest rated companies in the industry
20212025
Debt / equity
1.50×
AverageAround the average of companies in the same 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 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 ratioWeak
Among the 40% 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 40% 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 ratioVery weak
Among the 20% 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 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 capitalWeak
Among the 40% 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 ratioVery strong
Among the 20% highest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioAverage
Around the average of companies in the same industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioAverage
Around the average of companies in the same industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityAverage
Around the average of companies in the same 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 40% highest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtStrong
Among the 30% highest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageStrong
Among the 30% 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 30% highest 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 capitalAverage
Around the average of companies in the same industry
Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.
One-year change in equityStrong
Among the 30% highest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtAverage
Around the average of companies in the same 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 (9) | ||
EG Deputy Member | Deputy Member | 2021 |
TR Chief Executive Officer | Chief Executive Officer | 2026 |
LP Deputy Member | Deputy Member | 2021 |
KN Deputy Member | Deputy Member | 2021 |
SB Deputy Member | Deputy Member | 2022 |
VJ Deputy Member | Deputy Member | 2021 |
GA Deputy Member | Deputy Member | 2022 |
AK Deputy Member | Deputy Member | 2022 |
MM Deputy Member | Deputy Member | 2024 |
Former (6)
HV Deputy Member | Deputy Member | 2021 – 2021 |
HF Chief Executive Officer | Chief Executive Officer | 2025 – 2026 |
RH Deputy Member | Deputy Member | 2023 – 2024 |
AC Deputy Member | Deputy Member | 2021 – 2022 |
ØA Chief Executive Officer | Chief Executive Officer | 2017 – 2025 |
TB Deputy Member | Deputy Member | 2021 – 2022 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (10) | ||
RF Board of Directors | Board of Directors | 2025 |
ØD Chairman | Chairman | 2021 |
SE Board of Directors | Board of Directors | 2021 |
TP Board of Directors | Board of Directors | 2022 |
TB Board of Directors | Board of Directors | 2022 |
AC Board of Directors | Board of Directors | 2022 |
TB Board of Directors | Board of Directors | 2021 |
VK Board of Directors | Board of Directors | 2022 |
MN Board of Directors | Board of Directors | 2025 |
HA Board of Directors | Board of Directors | 2023 |
Former (8)
TC Board of Directors | Board of Directors | 2023 – 2025 |
CR Board of Directors | Board of Directors | 2021 – 2022 |
RH Board of Directors | Board of Directors | 2021 – 2023 |
TK Board of Directors | Board of Directors | 2021 – 2022 |
BM Board of Directors | Board of Directors | 2021 – 2021 |
TS Board of Directors | Board of Directors | 2021 – 2023 |
FW Deputy Chairman | Deputy Chairman | 2021 – 2022 |
SL Board of Directors | Board of Directors | 2021 – 2022 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 100% | 100% | 2020 |
Related companies
Company hierarchy
Skagerak Energi As
Lede AS Board network connections
Board members of Lede AS also hold positions in 93 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Øivind Askvik | Chief Executive Officer | 12 companiesMany roles |
| Tom Rune Bjørtuft | Chief Executive Officer | 10 companiesMany roles |
| Tom-Erling Svendsen | Board of Directors | 10 companiesMany roles |
| Henrik Furuvold Landsverk | Chief Executive Officer | 9 companiesMany roles |
| Thomas Berdiin Kristiansen Storås | Deputy Member | 8 companiesMany roles |
| Trond Ballestad | Board of Directors | 6 companiesMany roles |
| Finn Werner Bekken | Deputy Chairman | 6 companiesMany roles |
| Henning Villanger | Deputy Member | 5 companies |
| Øystein Disch Olsrød | Chairman | 4 companies |
| Runa Haave Andersson | Deputy Member | 3 companies |
| Christine Riis | Board of Directors | 3 companies |
| Barbro Malmgren | Board of Directors | 3 companies |
| Mads Norberg | Board of Directors | 3 companies |
| Vivian Kirkeng Vennerød | Board of Directors | 2 companies |
| Hanne Alette Hillestad | Board of Directors | 2 companies |
| Eivind Gramme | Deputy Member | 1 company |
| Laila Pettersen | Deputy Member | 1 company |
| Gro Anita Heddeslid | Deputy Member | 1 company |
| Anne Karin Bakka Hagen | Deputy Member | 1 company |
| Trygve Christiansen Flood | Board of Directors | 1 company |
| Tone Kristine Gundersen Lindgreen | Board of Directors | 1 company |
| Trine Pande-Rolfsen | Board of Directors | 1 company |
Frequently asked questions
What is the Org number of Lede AS?
Lede AS is registered with Brønnøysundsregistrene under Org 979422679.
What is the revenue of Lede AS?
Lede AS reported revenue of NOK 2.3bn in 2025.
How many employees does Lede AS have?
Lede AS employs 430 people as of the latest annual report.
Who is the CEO of Lede AS?
Tom Rune Bjørtuft is the CEO of Lede AS, in role since 2026.
Who is the chairman of Lede AS?
Øystein Disch Olsrød chairs the board of Lede AS, in role since 2021.
Where is Lede AS headquartered?
Lede AS's registered address is Floodeløkka 1.