Erh AS
ASActiveOrg 987646977Ruseløkkveien 14, 0251 OsloEconomic activity was not specified by tax authority· NACE 0000Est. 2004 · 21 years old0 employeeshttps://www.emergy.com
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Overview
Erh AS is a Norwegian AS based in Oslo, operating in the Economic activity was not specified by tax authority sector. Incorporated in 2004, the company has 0 employees and reported revenue of NOK 1.6m in its latest annual filing.
Revenue 2025
0B NOK
−63% vs 2024
EBITDA margin
1,788.8 %
−59% vs 2024
Net profit 2025
-0.1B NOK
+71% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
-668.5 %
Very weakAmong the 10% lowest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
10.8×
StrongAmong the 40% highest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
-15.2 %
Very weakAmong the 20% lowest rated companies in the industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 0B NOK | -63% |
| EBITDA | 0B NOK | -59% |
| Net profit | -0.1B NOK | +71% |
| Total assets | 0.5B NOK | -12% |
| Equity | -3.6B NOK | -2% |
| Employees | 0 | — |
Company information
Legal name
ERH AS
Org number
987646977
Legal form
Aksjeselskap
NACE code
Founded
9 December 2004 · 21 years
Share capital
NOK 3,421,923
Employees
0 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
To styremedlemmer i fellesskap. Daglig leder og ett styremedlem i fellesskap.
Company purpose
Utvikling av fornybar energiproduksjon, herunder eierskap i selskaper innen fornybar energi eller virksomhetsområder i tilknytning til dette. Selskapet skal også kunne delta i import/ eksport av varer og tjenester innen fornybar energi, herunder investere i selskaper med teknologi og kompetanse innen fornybar energi eller tilknyttede virksomhetsområder.
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Contact
Address
Ruseløkkveien 14, 0251 Oslo
Website
https://www.emergy.com
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Financial development
In its most recent annual report (2025), Erh AS reported revenue of NOK 1.6m, a decrease of 63% 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 81.2m, and the EBITDA margin stood at 1,788.8%.
At the end of 2025, current assets covered short-term debt 10.8 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 1,550 | 4,194 | 1,060 | 10,140 | 22,604 |
| Staff expenses | -0 | -0 | -0 | -0 | -0 |
| EBITDA | 27,726 | 68,188 | 922,571 | -97,041 | -128,175 |
| Depreciation & amort. | -30,391 | -70,591 | -923,584 | -73 | -1,273 |
| EBIT | -2,665 | -2,403 | -1,013 | -97,114 | -129,448 |
| Net financials | -78,514 | -275,940 | -1,510,912 | -250,921 | -1,135,374 |
| Profit before tax | -81,179 | -278,343 | -1,511,925 | -348,035 | -1,264,822 |
| Tax | -0 | -0 | -0 | -0 | -0 |
| Net profit | -81,179 | -278,343 | -1,511,925 | -348,035 | -1,264,822 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 532,934 | 603,328 | 640,184 | 539,680 | 713,544 |
| Equity | -3,562,783 | -3,481,604 | -3,203,261 | -1,691,336 | -1,343,301 |
| Long-term debt | 4,094,751 | 4,083,057 | 3,842,415 | 2,230,260 | 0 |
| Short-term debt | 966 | 1,875 | 1,030 | 756 | 2,056,845 |
| Total debt | 4,095,717 | 4,084,932 | 3,843,445 | 2,231,016 | 2,056,845 |
Financial ratios
5-year trendEBITDA margin
>999 %
20212025
Equity ratio
-668.5 %
Very weakAmong the 10% lowest rated companies in the industry
20212025
Return on equity
—
20212025
Net profit margin
<−999 %
Very weakAmong the 10% lowest rated companies in the industry
20212025
Asset turnover
0.00×
Very strongAmong the 20% highest rated companies in the industry
20212025
Debt / equity
—
20212025
Sector performance
21 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginVery weak
Among the 20% 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 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 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 assets (ROA)Very weak
Among the 20% lowest rated companies in the industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Basic earning power (BEP)Average
Around the average of companies in the same industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioVery strong
Among the 20% 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.
Return on equity (ROE)Not rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on net assets (RONA)Not rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
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.
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 weak
Among the 10% lowest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Current assets to equityNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
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.
Debt & solvency
Solidity ratioVery weak
Among the 10% 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 ratioVery weak
Among the 10% lowest rated companies in the industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Income to debtWeak
Among the 40% lowest 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 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 debtWeak
Among the 40% lowest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginVery weak
Among the 20% 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.
Debt to equityNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Efficiency & development
Asset turnoverVery strong
Among the 20% highest rated companies in the industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Equity to contributed capitalVery weak
Among the 10% lowest 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 debtAverage
Around the average of companies in the same 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.
One-year change in equityNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
The size of this year's increase or decrease in the company's equity.
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 |
|---|
Former (2)
JG Chief Executive Officer | Chief Executive Officer | 2011 – 2021 |
EL Chief Executive Officer | Chief Executive Officer | 2021 – 2022 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (2) | ||
LJ Board of Directors | Board of Directors | 2022 |
TJ Chairman | Chairman | 2024 |
Former (8)
SS Board of Directors | Board of Directors | 2022 – 2022 |
UE Chairman | Chairman | 2022 – 2024 |
CL Board of Directors | Board of Directors | 2021 – 2021 |
SS Chairman | Chairman | 2021 – 2021 |
KM Board of Directors | Board of Directors | 2021 – 2021 |
AM Chairman | Chairman | 2021 – 2022 |
EJ Board of Directors | Board of Directors | 2021 – 2021 |
DF Board of Directors | Board of Directors | 2021 – 2021 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 26.44% | 26.44% | 2024 | |
| Company | 10.18% | 10.18% | 2020 | |
| Company | 8.33% | 8.33% | 2020 | |
| Company | 6.09% | 6.09% | 2025 | |
| Company | 4.82% | 4.82% | 2023 | |
| Company | 4.69% | 4.69% | 2025 | |
| Company | 4.38% | 4.38% | 2024 | |
| Company | 3.02% | 3.02% | 2023 | |
| Company | 2.98% | 2.98% | 2020 | |
| Company | 2.43% | 2.43% | 2020 | |
| Individual | 2.41% | 2.41% | 2023 | |
| Company | 2.18% | 2.18% | 2022 | |
| Individual | 2.08% | 2.08% | 2021 | |
| Company | 1.83% | 1.83% | 2022 | |
| Company | 1.79% | 1.79% | 2020 | |
| Company | 1.59% | 1.59% | 2024 | |
| Individual | 1.26% | 1.26% | 2020 | |
| Individual | 0.05% | 0.05% | 2023 | |
| Company | 4.09% | 4.09% | 2020 | |
Sma Mineral B.V. | Company | 4.69% | 4.69% | 2022 |
Ayed Mosa A Al Shamrani | Company | 6.09% | 6.09% | 2021 |
Sma Mineral B.V | Company | 4.69% | 4.69% | 2020 |
Ayed Mosa A Al Shamrani | Company | 6.09% | 6.09% | 2020 |
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Company hierarchy
Ayed Mosa A Al Shamrani6.0932%Lani Invest As10.1773%Aker Capital As8.3281%Meteva As26.4429%Veda As4.82%Sma Mineral B.V.4.69%Dukat As4.38%Borgestad Asa2.98%Linne Invest As2.18%Daimyo As1.79%Arctic Securities As1.59%Sma Mineral B.V4.69%
Erh AS (this company)Board network connections
Board members of Erh AS also hold positions in 118 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Sverre Stavseth | Board of Directors | 35 companiesMany roles |
| Svein Sivertsen | Chairman | 26 companiesMany roles |
| Thorstein Jenssen | Chairman | 17 companiesMany roles |
| Kristian Monsen Røkke | Board of Directors | 15 companiesMany roles |
| Caroline Lund | Board of Directors | 7 companiesMany roles |
| Joar Gudmund Viken | Chief Executive Officer | 6 companiesMany roles |
| Lars Joakim Fagerbakk | Board of Directors | 4 companies |
| Ulf Einar Juvel | Chairman | 4 companies |
| Dag Fasmer Wittusen | Board of Directors | 3 companies |
| Elise Julia Anna Beatrice Fahlen | Board of Directors | 1 company |
Frequently asked questions
What is the Org number of Erh AS?
Erh AS is registered with Brønnøysundsregistrene under Org 987646977.
What is the revenue of Erh AS?
Erh AS reported revenue of NOK 1.6m in 2025.
Who is the chairman of Erh AS?
Thorstein Jenssen chairs the board of Erh AS, in role since 2024.
Where is Erh AS headquartered?
Erh AS's registered address is Ruseløkkveien 14.