Refresh Holding AS
ASActiveOrg 999502571Madserud Allé 42, 0274 OsloDevelopment of building projects· NACE 6812Est. 2012 · 13 years old0 employees
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Overview
Refresh Holding AS is a Norwegian AS based in Oslo, operating in the Development of building projects sector. Incorporated in 2012, the company has 0 employees and reported revenue of NOK 5.0m in its latest annual filing.
Revenue 2025
5M NOK
−70% vs 2024
EBITDA margin
92.1 %
−70% vs 2024
Net profit 2025
5.3M NOK
-65% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
99.6 %
Very strongAmong the 10% highest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
404.8×
Very strongAmong the 10% highest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
2.4 %
AverageAround the average of companies in the same industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 5M NOK | -70% |
| EBITDA | 4.6M NOK | -70% |
| Net profit | 5.3M NOK | -65% |
| Total assets | 219.4M NOK | +20% |
| Equity | 218.6M NOK | +19% |
| Employees | 0 | — |
Company information
Legal name
REFRESH HOLDING AS
Org number
999502571
Legal form
Aksjeselskap
NACE code
Founded
21 December 2012 · 13 years
Share capital
NOK 60,000
Employees
0 (FTE)
VAT registered
No
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Daglig leder alene. Styrets leder alene.
Company purpose
Investere i verdipapirer, eie og utvikle fast eiendom, samt dertilhørende virksomhet.
(no translation available)
Address
Madserud Allé 42, 0274 Oslo
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Financial development
In its most recent annual report (2025), Refresh Holding AS reported revenue of NOK 5.0m, a decrease of 70% 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 5.3m, and the EBITDA margin stood at 92.1%.
At the end of 2025, equity financed 99.6% of the balance sheet, and current assets covered short-term debt 404.8 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 4,975 | 16,433 | 1,569 | 0 | 0 |
| Staff expenses | -0 | -25 | -0 | -0 | -0 |
| EBITDA | 4,581 | 15,319 | 1,169 | -385 | -45 |
| Depreciation & amort. | -5 | -5 | -0 | -0 | -0 |
| EBIT | 4,576 | 15,314 | 1,169 | -385 | -45 |
| Net financials | 1,598 | 277 | 609 | 65,501 | 7,910 |
| Profit before tax | 6,174 | 15,591 | 1,778 | 65,116 | 7,865 |
| Tax | 831 | 123 | 248 | 26 | -0 |
| Net profit | 5,343 | 15,469 | 1,530 | 65,091 | 7,865 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 219,428 | 183,121 | 78,952 | 82,098 | 27,222 |
| Equity | 218,592 | 182,943 | 78,583 | 82,053 | 27,212 |
| Long-term debt | 0 | 5 | 0 | 0 | 0 |
| Short-term debt | 481 | 172 | 369 | 45 | 9 |
| Total debt | 836 | 177 | 369 | 45 | 9 |
Financial ratios
5-year trendEBITDA margin
92.1 %
20212025
Equity ratio
99.6 %
Very strongAmong the 10% highest rated companies in the industry
20212025
Return on equity
2.4 %
AverageAround the average of companies in the same industry
20212025
Net profit margin
107.4 %
Very strongAmong the 10% highest rated companies in the industry
20212025
Asset turnover
0.02×
AverageAround the average of companies in the same industry
20212025
Debt / equity
0.00×
Very strongAmong the 10% highest rated companies in the industry
20212025
Sector performance
26 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginWeak
Among the 30% 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 strong
Among the 10% 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 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)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 10% 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 ratioVery strong
Among the 10% 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 ratioVery strong
Among the 10% 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 ratioVery strong
Among the 10% 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 capitalVery strong
Among the 20% highest 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 ratioAverage
Around the average of companies in the same industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioVery strong
Among the 10% 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 10% 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 strong
Among the 10% 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 10% highest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest rate on debtVery strong
Among the 10% highest rated companies in the 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.
Interest coverageNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
The ability to pay the interest on the company's debt out of its earnings.
Efficiency & development
Asset turnoverAverage
Around the average of companies in the same industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Equity to contributed capitalVery strong
Among the 10% 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 20% highest 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 10% 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 (1) | ||
MW Chief Executive Officer | Chief Executive Officer | 2024 |
Former (2)
PC Deputy Member | Deputy Member | 2013 – 2024 |
HA Chief Executive Officer | Chief Executive Officer | 2013 – 2024 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (5) | ||
MW Board of Directors | Board of Directors | 2013 |
HW Board of Directors | Board of Directors | 2024 |
WW Board of Directors | Board of Directors | 2024 |
KV Board of Directors | Board of Directors | 2024 |
HA Chairman | Chairman | 2013 |
Shareholders
Active legal ownersNo shareholder data available.
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Related companies
Company hierarchy
Refresh Holding AS (this company)
Feminvest AsBoard network connections
Board members of Refresh Holding AS also hold positions in 35 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Peer Christensen | Deputy Member | 17 companiesMany roles |
| Håvard Anton Nustad | Chief Executive Officer | 9 companiesMany roles |
| Håkon Willumsen Nustad | Board of Directors | 6 companiesMany roles |
| Marianne Willumsen Nustad | Chief Executive Officer | 3 companies |
Frequently asked questions
What is the Org number of Refresh Holding AS?
Refresh Holding AS is registered with Brønnøysundsregistrene under Org 999502571.
What is the revenue of Refresh Holding AS?
Refresh Holding AS reported revenue of NOK 5.0m in 2025.
Who is the CEO of Refresh Holding AS?
Marianne Willumsen Nustad is the CEO of Refresh Holding AS, in role since 2024.
Who is the chairman of Refresh Holding AS?
Håvard Anton Nustad chairs the board of Refresh Holding AS, in role since 2013.
Where is Refresh Holding AS headquartered?
Refresh Holding AS's registered address is Madserud Allé 42.