FJORDKJØKKEN sold more in 2025 but kept a fifth less operating profit

FJORDKJØKKEN AS, a Norwegian food business based in Varhaug, reported revenue of NOK 704m for FY2025, up 4.8% from NOK 672m. Profit moved the other way. Operating profit fell to NOK 25.0m from NOK 31.7m, and net profit dropped to NOK 17.9m from NOK 22.7m. The operating margin narrowed to 3.5% from 4.7%, a loss of 1.2 pp. The company sold NOK 32.3m more and kept less of it.

When profit falls on rising sales, costs usually grew faster than revenue: input prices that could not be passed on, or discounts given to win volume. In food supply, margins are thin and a small cost slip shows quickly. The accounts do not say which cost line moved. The balance sheet is steady, with the equity ratio at 67.2%, and the margin gap to the peer median is 1.3 pp below. A bigger business that earns less on each krone of sales has not yet shown that growth pays.