Cash at Exsitec fell to NOK 4.3m in 2025

Exsitec AS, an Oslo-based company, reported revenue of NOK 152m for 2025, down 6.6% from NOK 162m. Operating profit still rose to NOK 17.9m from NOK 3.2m, so the operating margin widened to 11.8% from 2.0%. Net profit increased to NOK 12.2m from NOK 4.1m. Equity grew to NOK 51.3m, which lifted the equity ratio to 41.1% from 29.8%. Cash moved the other way and fell to NOK 4.3m from NOK 5.7m.

The accounts do not say whether the gain came from lower costs or from a one-off item, so I would not treat the new margin as a settled level. Against 8 industry peers, the operating margin sits 2.1 pp above the median of 9.7%, while the net margin is only 0.3 pp above the peer median. Ownership has changed hands and the company has a new chief executive and a new board chair, so I would not assume the old cost base carries over. A margin that rose while sales shrank is a result worth confirming in the next set of accounts.