For the second year running, operating losses reached NOK 32.2m

Saint-Gobain Distribution Norway AS, an Oslo-based company in building materials distribution, reported revenue of NOK 204m for FY2025, up 16.3% on FY2024. The result moved the other way. The operating loss widened to NOK 32.2m from NOK 12.0m, and the operating margin fell to -15.8% from -6.8%. The net result was NOK -319m, against a net profit of NOK 296m the year before, which leaves the net margin at -156.5%. These are individual statements in NOK.

A net loss larger than revenue, next to an operating loss of only NOK 32.2m, means most of the damage sits below the operating line. I would not read it as a change in how the business earns money. The accounts do not say what the items below the operating line are. The balance sheet is strong, with an equity ratio of 97.2% on total assets of NOK 7.6bn. Peers had a median net margin of 3.4%. Sales grew, the core still lost money, and the largest swing happened somewhere else.