Oslo Stock Exchange Announcements
Listed Loans and Bonds
Here you will find an updated overview of all loans and bonds issued by Fjellinjen and listed on the Euronext Oslo Stock Exchange (Nordic Alternative Bond Market), including ISIN, maturity, and status. The list is always up to date with official information from the exchange:
Credit Rating
Fjellinjen is credit-rated by Standard & Poor’s (S&P). Regular assessments of the group are conducted, and any changes are communicated to the financial market.
Since 2018, Fjellinjen has held an AA rating with S&P. The rationale behind this rating is that the company has predictable revenues, a moderate level of debt, and stable framework conditions for financing infrastructure projects in the Oslo region
- Download: Standard and Poor Rating 2025 (PDF)
Green Financing
Sustainability (NOR)
Annual reports (NOR)
Here you will find all of Fjellinjen's annual reports from its inception in 1990 to the present day.
- Årsrapport 2024
- Årsrapport 2023
- Årsrapport 2022
- Årsrapport 2021
- Årsrapport 2020
- Årsrapport 2019
- Årsrapport 2018
- Årsrapport 2017
- Årsrapport 2016
- Årsrapport 2015
- Årsrapport 2014
- Årsrapport 2013
- Årsrapport 2012
- Årsrapport 2011
- Årsrapport 2010
- Årsrapport 2009
- Årsrapport 2008
- Årsrapport 2007
- Årsrapport 2006
- Årsrapport 2005
- Årsrapport 2004
- Årsrapport 2003
- Årsrapport 2002
- Årsrapport 2001
- Årsrapport 2000
- Årsrapport 1999
- Årsrapport 1998
- Årsrapport 1997
- Årsrapport 1996
- Årsrapport 1995
- Årsrapport 1994
- Årsrapport 1993
- Årsrapport 1992
- Årsrapport 1991
- Årsrapport 1990
Interim Reports (NOR)
- 2025: Download (PDF): Halvårsrapport 2025 (PDF)
- 2024: Download (PDF): Halvårsrapport - 1 halvår 2024
- 2023: Download (PDF): Halvårsrapport - 1 halvår 2023
Executive Remuneration Report (NOR)
Guidelines and reports on the remuneration of executive management in Fjellinjen.
- Download Guidelines: Retningslinjer for lederlønn i Fjellinjen (PDF)
- Download Report: Lederlønnsrapport 2024 (PDF)
Governance (NOR)
The numbers tell our story—and why we exist.
Fjellinjen is owned by the Oslo municipality (60%) and Akershus county (40%).
Our public mandate is to collect and manage toll revenues to finance politically approved transportation projects throughout Oslo and Akershus. The toll funds are allocated to Oslo Package 3, a political agreement and investment plan that serves as the overarching framework for developing a modern, environmentally friendly, and accessible transport system for Greater Oslo—including public transit, pedestrian and cycling infrastructure.
For us, figures represent more than accounting—they are also visible results in the urban environment. Each car passing through our toll stations, and every Norwegian krone collected, is reflected in new investments in public transit, such as city trams and the underground Fornebu line. Toll revenues contribute to improved mobility, safer streets for walking and cycling, and lower fares for public transport throughout the Oslo metropolitan area.
For more than 30 years, broad local political consensus on toll funding has enabled a flexible transport system—where many contribute and everyone benefits.
Every toll passage is a financial transaction. On average, over 32 million toll passages are registered at our stations each month. With annual revenues of approximately NOK 5 billion, Fjellinjen ranks among Norway’s 250 largest companies by turnover.
Fjellinjen ensures stable financing through certificate and bond loans listed on the Nordic ABM/Oslo Børs, and can pre-finance projects when required before toll revenues are received.
Mandated by the Norwegian Parliament, Fjellinjen holds both the right to collect tolls and the obligation to secure financing for approved projects under Oslo Package 3.
How Fjellinjen works with financing:
- The company manages over one million daily transactions. For Fjellinjen, it is critically important that all transactions are registered, correctly priced, invoiced, and paid.
- Fjellinjen uses the certificate and bond markets to provide interim financing for projects. This allows cash flow into Oslo Package 3 to be tailored to project needs and progress.
- We publish information and reports in accordance with the requirements for a company with listed debt instruments.
- We uphold strict requirements for uptime, value chain monitoring, and accurate identification and pricing of passages—any errors or downtime may result in substantial losses.
- Fjellinjen disburses large sums in single transactions for major projects under Oslo Package 3, requiring high levels of security, fraud prevention measures, and systematic follow-up.
- Fjellinjen is extensively regulated, subject to sector regulations, stock exchange rules, regulations for publicly owned companies, and directives from the Ministry of Transport.
