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Annual report 2026

Our financial year ran from 1 October 2025 to 30 September 2026. Every figure on this page has a numbered source at the bottom, and the raw tables are free to download.

Report PDF, 2.4 MB Raw tables (CSV)
01

The year in figures

FY 2025/26, against FY 2024/25 where a comparison exists.

$4.2M

Revenue, up 12% from $3.75 million. Operating margin held at 14%.
Source: audited accounts, FY 2025/261

14

Projects closed, with a median length of 11 weeks.
Source: Halden project ledger2
People on payroll at year end
23
Payroll, 30 Sep 20263
Revenue from returning clients
71%
Audited accounts1
Hours logged on client work
31.8k
Time ledger4
Travel emissions per person
0.9t
Travel ledger, CO2e5
02

Where the work came from

Public transport passed health as our largest sector for the first time.

Fig. 1
Public transport is now our largest sector
  1. Public transport38%
  2. Health26%
  3. Energy and water22%
  4. Foundations14%
Share of revenue, FY 2025/26. Source: audited accounts1
Fig. 2
Engineering took over half of all hours
  1. Engineering56%
  2. Wayfinding31%
  3. Reports13%
31,840 hours. Source: time ledger4
Revenue by sectorUSD thousands, FY 2024/25 and FY 2025/26
SectorClients2024/252025/26Change
Public transport31,0101,596+58%
Health21,2401,092-12%
Energy and water3880924+5%
Foundations2620588-5%
Total103,7504,200+12%
03

People

Rotterdam grew from 4 to 11 people in four years.

Fig. 3
Rotterdam nearly tripled; Oslo grew by a third
20222026 Oslo 9Rotterdam 4 12 Oslo11 Rotterdam
People on payroll on 30 September. Source: payroll3
Design
9 people
Engineering
8 people
Research
3 people
Operations
3 people
Median tenure
4.5 years
Pay ratio
2.6 to 1, top to median

We publish the pay ratio every year. It rose from 2.4 because two partners took on Rotterdam's lease.6

04

Travel footprint

Trains between the studios, one flight per project for site visits.

0.9t

Tonnes of CO2e per person from booked travel, down from 1.6 in FY 2021/22.
Source: travel ledger with published rail and air factors5
Fig. 4
Down every year since the overnight-train rule
2.01.00 1.60.9 21/2222/2323/2424/2525/26
Tonnes CO2e per person per year. Source: travel ledger5
05

What we got wrong

Two projects ran over. One estimate was off by a third.

  1. P-030 shipped three weeks late

    The spectrometer's firmware changed twice during testing. We now freeze the device API before design starts, and we said so in the contract.

    +3 weeks

  2. P-032 needed 34% more engineering hours

    We underestimated how much historic grid data needed cleaning. We absorbed the cost and added a data audit to every Data quote.

    +34% hours

  3. A wrong figure in last year's report

    We printed 214 Northline stops. The right figure is 212. The corrected PDF is online and the change is noted on page 2.7

    Corrected
06

Sources

Raw tables for figures 1 to 4 are in the CSV download.

  1. 1Studio Halden AS, annual accounts for FY 2025/26, audited by Solberg & Aune Revisjon AS, signed 21 October 2026. Back
  2. 2Halden project ledger, 14 engagements closed between 1 October 2025 and 30 September 2026. Length counts weeks from signed contract to hand-over. Back
  3. 3Payroll records, Oslo and Rotterdam, headcount on 30 September each year. Freelancers are not included. Back
  4. 4Halden time ledger, 31,840 hours logged against client projects. Internal work and leave are excluded. Back
  5. 5Travel ledger, all booked rail and air trips, converted with the national conversion factors published for each year of travel. Back
  6. 6Pay ratio: highest total pay to median total pay, all employees, 30 September 2026. Back
  7. 7Correction notice, Annual report 2025, page 2, published 12 November 2025. Back
Period
1 Oct 2025 to 30 Sep 2026
Published
4 Nov 2026
Questions
Write to Pieter Vos

Part of the Design Systems Library