Why LINJA AS now keeps far more of each krone it sells

LINJA AS, a Norwegian company based in Gurskøy, grew revenue 21.1% to NOK 2.0bn in FY2025. Operating profit rose 84.0% to NOK 758m, so the operating margin widened to 38.3% from 25.2%. Operating profit therefore grew faster than sales. Net profit climbed to NOK 458m from NOK 178m. Equity rose to NOK 2.7bn, and the equity ratio improved to 35.4% from 32.0%. The year was clearly better than the one before, and the gain came mostly from what the company kept of each sale.

Profit that outruns sales usually means much of the cost base does not grow with volume. The accounts do not show how much of LINJA's costs are fixed, so I would not call this a lasting step change. The effect also works in reverse if revenue slips. Cash ended the year at NOK 222m, slightly below NOK 228m, despite a net profit of NOK 458m. I would watch the cash line. A profit that has not yet turned into cash is still only a promise.