Nammo AS
ASActiveOrg 979984731Enggata 37, 2830 RaufossManufacture of weapons and ammunition· NACE 2530Est. 1998 · 28 years old56 employeeshttps://www.nammo.com
Loading company…
Overview
Nammo AS is a Norwegian AS based in Raufoss, operating in the Manufacture of weapons and ammunition sector. Incorporated in 1998, the company has 56 employees and reported revenue of NOK 237.6m in its latest annual filing.
Revenue 2025
0.2B NOK
+12% vs 2024
EBITDA margin
−37.2 %
−22% vs 2024
Net profit 2025
0.2B NOK
-58% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
31.8 %
WeakAmong the 40% lowest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
2.0×
AverageAround the average of companies in the same industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
4.2 %
AverageAround the average of companies in the same industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 0.2B NOK | +12% |
| EBITDA | -0.1B NOK | -22% |
| Net profit | 0.2B NOK | -58% |
| Total assets | 5B NOK | +25% |
| Equity | 1.6B NOK | +72% |
| Employees | 56 | — |
Company information
Legal name
NAMMO AS
Org number
979984731
Legal form
Aksjeselskap
NACE code
Founded
10 July 1998 · 28 years
Share capital
—
Employees
56 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Styrets leder alene.
Company purpose
Drive utvikling, produksjon og markedsføring av ammunisjonsprodukter samt opprettelse, deltagelse i og samarbeide med andre selskaper og virksomheter med lignende formål.
(no translation available)
Contact
Address
Enggata 37, 2830 Raufoss
Website
https://www.nammo.com
Risika for professionals
Risika provides regulated workflow tools for finance, procurement and compliance teams that need monitoring, alerts and an API.
Financial development
In its most recent annual report (2025), Nammo AS reported revenue of NOK 237.6m, an increase 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 210.5m, and the EBITDA margin stood at -37.2%.
At the end of 2025, equity financed 31.8% of the balance sheet, and current assets covered short-term debt 2 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 237,563 | 211,833 | 169,932 | 138,633 | 114,426 |
| Staff expenses | -120,635 | -103,158 | -100,145 | -87,107 | -76,386 |
| EBITDA | -88,484 | -72,237 | -36,145 | -47,662 | -38,527 |
| Depreciation & amort. | -6,268 | -6,242 | -4,362 | -1,849 | -1,181 |
| EBIT | -94,752 | -78,479 | -40,507 | -49,511 | -39,708 |
| Net financials | 348,966 | 656,909 | 430,387 | 326,026 | 431,770 |
| Profit before tax | 254,214 | 578,430 | 389,880 | 276,515 | 392,062 |
| Tax | 43,673 | 74,302 | 49,727 | 53,190 | 36,657 |
| Net profit | 210,541 | 504,128 | 340,153 | 223,325 | 355,405 |
Get a credit rating – not just the numbers
Financial statements show the past. Risika gives you a score and a recommended credit limit, so you know what the numbers mean for your risk.
Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 4,959,426 | 3,965,906 | 4,576,404 | 2,332,237 | 2,239,293 |
| Equity | 1,576,077 | 917,137 | 709,111 | 673,553 | 704,127 |
| Long-term debt | 1,818,902 | 2,445,775 | 2,396,166 | 1,274,706 | 1,235,530 |
| Short-term debt | 1,564,447 | 602,994 | 1,471,127 | 383,978 | 299,636 |
| Total debt | 3,383,349 | 3,048,769 | 3,867,293 | 1,658,684 | 1,535,166 |
Financial ratios
5-year trendEBITDA margin
-37.2 %
20212025
Equity ratio
31.8 %
WeakAmong the 40% lowest rated companies in the industry
20212025
Return on equity
13.4 %
AverageAround the average of companies in the same industry
20212025
Net profit margin
88.6 %
Very strongAmong the 10% highest rated companies in the industry
20212025
Asset turnover
0.05×
WeakAmong the 30% lowest rated companies in the industry
20212025
Debt / equity
2.15×
WeakAmong the 30% lowest 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 marginVery strong
Among the 20% highest 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 marginVery weak
Among the 20% 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 strong
Among the 10% 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)Average
Around the average of companies in the same industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Average
Around the average of companies in the same industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Average
Around the average of companies in the same 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 40% 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 ratioAverage
Around the average of companies in the same 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 ratioStrong
Among the 30% highest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityWeak
Among the 40% lowest 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 ratioVery weak
Among the 10% lowest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioWeak
Among the 40% lowest 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 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 equityWeak
Among the 30% lowest rated companies in the industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityWeak
Among the 30% lowest rated companies in the industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtAverage
Around the average of companies in the same industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtWeak
Among the 40% lowest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageWeak
Among the 40% 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 marginAverage
Around the average of companies in the same 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.
Equity to contributed capitalStrong
Among the 40% 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 strong
Among the 10% highest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtWeak
Among the 40% 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 (2) | ||
OS Deputy Member | Deputy Member | 2023 |
MB Chief Executive Officer | Chief Executive Officer | 2015 |
Former (3)
CE Deputy Member | Deputy Member | 2021 – 2023 |
VS Deputy Member | Deputy Member | 2023 – 2024 |
TS Deputy Member | Deputy Member | 2023 – 2024 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (8) | ||
PH Chairman | Chairman | 2026 |
DS Board of Directors | Board of Directors | 2026 |
PJ Board of Directors | Board of Directors | 2025 |
JM Board of Directors | Board of Directors | 2025 |
EK Board of Directors | Board of Directors | 2026 |
MS Board of Directors | Board of Directors | 2021 |
NP Board of Directors | Board of Directors | 2024 |
GS Board of Directors | Board of Directors | 2025 |
Former (7)
JS Board of Directors | Board of Directors | 2021 – 2026 |
VP Board of Directors | Board of Directors | 2021 – 2025 |
EH Deputy Chairman | Deputy Chairman | 2025 – 2026 |
CB Board of Directors | Board of Directors | 2021 – 2025 |
SS Board of Directors | Board of Directors | 2021 – 2024 |
MJ Board of Directors | Board of Directors | 2025 – 2025 |
PM Board of Directors | Board of Directors | 2021 – 2025 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
Patria Industries Oy | Company | 50% | 50% | 2025 |
Den Norske Stat | Company | 50% | 50% | 2020 |
Patria Industries Oy | Company | 50% | 50% | 2020 |
One in three Danish companies experiences fraud
Sound familiar? See how to strengthen your defences and catch suspicious changes in ownership and management in time.
Related companies
Company hierarchy
Patria Industries Oy50%Den Norske Stat50%
Nammo AS (this company)Nammo Raufoss As100% ownedVaager Innovasjon As9.9147% ownedKomm-In As7.764% ownedNordic Additive Manufacturing As12.5146% ownedNammo Nad As100% ownedBoard network connections
Board members of Nammo AS also hold positions in 82 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Gyrid Skalleberg Ingerø | Board of Directors | 37 companiesMany roles |
| Jan Steffen Skogseth | Board of Directors | 23 companiesMany roles |
| Dag Schjerven | Board of Directors | 6 companiesMany roles |
| Cathrine Bjaarstad | Board of Directors | 5 companies |
| Ole Stastad | Deputy Member | 4 companies |
| Tore Sørum | Deputy Member | 4 companies |
| Eivind Kallevik | Board of Directors | 2 companies |
| Morten Brandtzæg | Chief Executive Officer | 1 company |
Frequently asked questions
What is the Org number of Nammo AS?
Nammo AS is registered with Brønnøysundsregistrene under Org 979984731.
What is the revenue of Nammo AS?
Nammo AS reported revenue of NOK 237.6m in 2025.
How many employees does Nammo AS have?
Nammo AS employs 56 people as of the latest annual report.
Who is the CEO of Nammo AS?
Morten Brandtzæg is the CEO of Nammo AS, in role since 2015.
Who is the chairman of Nammo AS?
Panu Henrik Routila chairs the board of Nammo AS, in role since 2026.
Where is Nammo AS headquartered?
Nammo AS's registered address is Enggata 37.