Owners of Devoteam see equity fall to NOK 25.3m from NOK 55.0m

DEVOTEAM AS, an Oslo company in the same industry as IT consultancies such as Abacus IT and Knowit, ended FY2025 with a net loss of NOK 29.8m, after a net profit of NOK 2.2m a year earlier. Revenue barely moved: NOK 192m, down 0.5%. The net margin of -15.5% sits 24.6 pp below the median of 8 comparable companies (9.1%). Operating profit stayed positive at NOK 5.8m, so most of the loss arises below the operating line, not in the day-to-day business.

A gap like this usually comes from weaker prices, higher costs per unit, a less profitable mix of work, or an investment phase the peers have already finished. The accounts do not say which applies here. The balance sheet shows the cost: equity fell to NOK 25.3m from NOK 55.0m, and the equity ratio to 33.8% from 47.5%. Cash ended at NOK 24.7m. The operating margin of 3.0% is also below the peer median of 12.2%. I would watch what sits between operating profit and the bottom line, because that is where this year was decided.