VARDE NORGE AS

Operating

Å investere i og eie aksjer, finansielle instrumenter og andre formuesobjekter, samt annen virksomhet som står i naturlig forbindelse med dette.

Investere i og eie noterte aksjer, finansielle instrumenter og andre formuesobjekter, samt annen virksomhet som står naturlig i forbindelse med dette.

Organization

CEO: TH
Torbjørn Hole Frønningen1974
Chairman of the board: TH
Torbjørn Hole Frønningen1974
Years since formation: 6 years; since Aug 4, 2020
Type: Limited company
VAT registered: No
Number of employees: 0

Ownership

Number of shares and share classes: 259,303; 2 share classes
Total number of shareholders: 51; 49 companies, 2 persons

Financials

Annual total result 2025: 142,669,436; NOK
Total equity 2025: 669,043,889; NOK

Last update: Oct 6, 2026

Management

Management / administration

Name	Role	Shares
TH Torbjørn Hole Frønningen 1974	Managing Director/CEO	-

Board

Name	Role	Shares
TH Torbjørn Hole Frønningen 1974	Chairman	-
PD Petter Dragesund 1964	Board Member	-
RO Roy Oddvar Myklebust 1969	Board Member	-

Others

Name	Role	Shares
U UNIC REVISJON AS	Auditor	-

Top 10 individual shareholders

Name	Role	Shares
HF Hole Frønningen Torbjørn 1974	-	11.81 % indirectly
SK Sandhaug Ketil 1966	-	7.91 % indirectly
WW William Wallace Peter 1963	-	4.89 % indirectly
LA Lie Aslak 1973	-	4.55 % indirectly
EI Edvardsen Inge 1970	-	3.18 % indirectly
AC August Christensen Truls 1966	-	3.13 % indirectly
OL Ovesen Lie Camilla 1976	-	3.03 % indirectly
GH Gunnar Hjellegjerde Nils 1966	-	2.65 % indirectly
FA Fjeld Anders 1975	-	2.42 % indirectly
NT Nikolai Tønnevold Ugland Knut 1986	-	2.29 % indirectly

Last update: Apr 13, 2023

Ownership

Company shareholders

Name	Share class	Total number of shares	Share
F FRØNNINGEN AS	Class B shares	30,634	11.81 %
E EM HOLDING AS	Class B shares	23,597	9.1 %
B BLOMMENHOLM INDUSTRIER AS	Class B shares	21,164	8.16 %
A ASCALI AS	Class B shares	19,643	7.58 %
A AGIL CAPITAL AS	Class B shares	17,415	6.72 %
B BRAVEHEART CAPITAL AS	Class B shares	12,680	4.89 %
B BAKKEJORD INVEST AS	Class B shares	8,254	3.18 %
H HYDALEN AS	Class B shares	8,121	3.13 %
J JOHS. HANSEN & CO AS	Class B shares	7,831	3.02 %
N NGH INVEST AS	Class B shares	6,875	2.65 %
A ACCA AS	Class B shares	6,470	2.5 %
M MUSTANG HOLDING AS	Class B shares	6,417	2.47 %
F FJANSE HOLDING AS	Class B shares	6,269	2.42 %
P PAUL KROHN HOLDING AS	Class B shares	5,931	2.29 %
U UGLAND KAPITAL AS	Class B shares	5,931	2.29 %
G GEG INVEST AS	Class B shares	5,659	2.18 %
V VISENTO AS	Class B shares	4,409	1.7 %
D DRAGESUND INVEST AS	Class B shares	3,723	1.44 %
H HSA INVEST AS	Class B shares	3,574	1.38 %
I INRO HOLDING AS	Class B shares	3,339	1.29 %
T TIND HOLDING AS	Class B shares	3,339	1.29 %
N NMT INVEST AS	Class B shares	3,226	1.24 %
F FRØNNINGEN AS	A-shares	3,000	1.16 %
N NYLENDE AS	Class B shares	2,970	1.15 %
S STENS AS	Class B shares	2,969	1.14 %
S SOLKNAUSEN INVEST AS	Class B shares	2,965	1.14 %
M MADRA INVEST AS	Class B shares	2,885	1.11 %
T TOM STIANSEN AS	Class B shares	2,680	1.03 %
V VEØY INVEST AS	Class B shares	2,606	1.01 %
T TIGAREN AS	Class B shares	2,356	0.91 %
E EM HOLDING AS	A-shares	2,000	0.77 %
Q QUAN AS	Class B shares	1,925	0.74 %
RE Renolen Engen Karsten 1973	Class B shares	1,716	0.66 %
S STERNA HOLDING AS	Class B shares	1,639	0.63 %
V VÆRHARDT AS	Class B shares	1,570	0.61 %
C COMPASS CAPITAL AS	Class B shares	1,514	0.58 %
E EVESTOR AS	Class B shares	1,375	0.53 %
M MCE HOLDING AS	Class B shares	1,352	0.52 %
C CORONA MARITIME AS	Class B shares	1,269	0.49 %
A AS ANAKONDA	Class B shares	1,267	0.49 %
V VARDE NORGE AS	Class B shares	1,199	0.46 %
N NY ENERGI AS	Class B shares	878	0.34 %
S SJETNEEGGEN INVEST AS	Class B shares	830	0.32 %
S SOZ INVEST AS	Class B shares	730	0.28 %
P PAP INVEST AS	Class B shares	679	0.26 %
E ESQ CAPITAL PARTNERS AS	Class B shares	599	0.23 %
J JPJ CAPITAL AS	Class B shares	476	0.18 %
HM Hjemdal Mari 1961	Class B shares	450	0.17 %
F FELICE INVEST AS	Class B shares	336	0.13 %
J JAKTKOLLEN HOLDING AS	Class B shares	329	0.13 %
M MHIS AS	Class B shares	238	0.09 %

Shares owned by the VARDE NORGE AS

Name	Share class	Total number of shares	Share
E ELMERA GROUP ASA	Ordinary shares	2,485,000	2.17 %
L LEA BANK ASA Closed	NO0010167331	1,470,000	1.54 %
A AQUALIS ASA	Ordinary shares	1,800,000	1.35 %
P PARETO BANK ASA	Ordinary shares	545,082	0.71 %
K KID ASA	Ordinary shares	260,000	0.64 %
V VARDE NORGE AS	Class B shares	1,199	0.46 %
L LUMI EDUCATION GROUP AS	NO0010927288	250,000	0.43 %
S SELVAAG BOLIG ASA	Ordinary shares	383,395	0.41 %
I INSTABANK ASA	Ordinary shares	1,350,000	0.3 %
T TGS ASA	Ordinary shares	375,000	0.19 %
W WILH. WILHELMSEN HOLDING ASA	Ordinary shares	82,000	0.19 %
D DOF GROUP ASA	Ordinary shares	330,000	0.13 %
A ABG SUNDAL COLLIER HOLDING ASA	Ordinary shares	700,000	0.13 %
P PROSAFE SE	Ordinary shares	387,500	0.11 %
O OLAV THON EIENDOM AS	Ordinary shares	100,000	0.1 %
S STOREBRAND ASA	Ordinary shares	420,000	0.1 %
S SENTIA ASA	Ordinary shares	100,000	0.1 %
S SPAREBANK 1 SMN	Ordinary shares	133,000	0.09 %
E ELKEM ASA	Ordinary shares	540,000	0.08 %
S SPAREBANK 1 SØR-NORGE ASA	Ordinary shares	235,000	0.06 %
D DNB BANK ASA	Ordinary shares	45,000	< 0.01 %

Last update: Sep 25, 2026

Financials

in NOK

Summary

Year	2025	2024	2023	2022
Total operating income	0	0	0	0
Annual Total Result	142,669,436	56,330,535	46,831,635	-2,251,651
Total assets	683,699,221	454,539,106	324,095,989	207,707,979
Total liabilities	14,655,331	12,841,221	19,425,277	0
Total equity	669,043,889	441,697,886	304,670,711	207,707,979

P&L

Year	2025	2024	2023	2022
Total operating income	0	0	0	0
Total operating costs	2,773,937	2,095,546	1,404,654	940,226
Operating result	-2,773,937	-2,095,546	-1,404,654	-940,226
Financial income/costs	146,258,660	58,563,576	48,236,288	-1,311,425
Profit before tax	143,484,724	56,468,029	46,831,635	-2,251,651
Total tax & extraordinary income/cost	815,288	137,494	0	0
Annual Total Result	142,669,436	56,330,535	46,831,635	-2,251,651

Balance overview

Year	2025	2024	2023	2022
Total fixed assets	0	0	0	0
Total current assets	683,699,221	454,539,106	324,095,989	207,707,979
Total assets	683,699,221	454,539,106	324,095,989	207,707,979
Short term debt	14,655,331	12,841,221	19,425,277	0
Long term debt	0	0	0	0
Total liabilities	14,655,331	12,841,221	19,425,277	0
Contributed capital	424,783,031	319,344,165	236,544,411	176,565,642
Retained earnings	244,260,858	122,353,721	68,126,300	31,142,336
Total equity	669,043,889	441,697,886	304,670,711	207,707,979
Total equity and liabilities	683,699,221	454,539,106	324,095,989	207,707,979

Classification

21st company classification

BETA

Small company

Type of organization

Limited company

Standard industrial classification

VARDE NORGE AS925 413 860

VARDE NORGE AS

Organization

Ownership

Financials

Management

Management / administration

Board

Others

Top 10 individual shareholders

Ownership

Company shareholders

Shares owned by the VARDE NORGE AS

Financials

Summary

P&L

Balance overview

Classification