NoA Bidco reports flat Q3 revenue, strong margin growth in 2025

NoA Bidco AS released its Q3 2025 interim financial statements, reporting total net revenues of NOK 359 million, consistent with Q3 2024. Despite flat revenues, the pro-forma adjusted EBITDA margin increased from 13.9% in Q3 2024 to 16.1% in Q3 2025, reaching NOK 58 million.

Operational cash flow for Q3 2025 was negative NOK 17.8 million, compared to positive NOK 27.0 million in Q3 2024, primarily due to high client prepayments. The group completed a NOK 50 million tap issue under its senior secured bond, bringing the total outstanding amount to NOK 900 million. NoA Bidco continues to focus on increasing sales pipeline, cost control, and optimizing working capital.

As of September 30, 2025, total assets stood at NOK 3,080 million, with total equity at NOK 1,191 million, resulting in an equity ratio of 38.7%. The group also continued to pursue organic growth and evaluate M&A opportunities within growth segments.