What Ferde As does

Ferde AS is a Norwegian regional toll company that finances and operates road, bridge, tunnel, ferry, and public-transport infrastructure projects through user-fee collection. Established in 2017 and jointly owned by the county municipalities of Vestland, Rogaland, and Agder (200 shares each), the company is headquartered in Bergen with approximately 40 employees and is one of only five such regional toll operators in Norway. Its toll collection mandate is granted under Veglova §27 and individual Stortinget-approved propositions, giving it an exclusive franchise across three counties. As of FY2025, Ferde operates 124 automated toll stations across 21 toll projects (16 in active collection, 4 pre-collection, 1 completed), with total revenues of kr 5,097 million, passage revenues of kr 4,799 million, and approximately 306 million annual passages.

The company's core technology stack combines ANPR camera-based vehicle recognition, electronic AutoPASS transponder interoperability (national payment network), and a centralized image database operated by Statens Vegvesen for quality control and invoicing. Ferde manages exemption programs for mobility-impaired drivers, scheduled buses, and agricultural vehicles, and routes foreign-vehicle billing through a partnership with Park Trade AS (EPASS24.com). It finances its project pipeline primarily through the Nordic bond market (all bonds listed on Oslo Børs) supplemented by long-term institutional loans, including a NOK 4 billion facility from Nordic Investment Bank for Rogfast. The company carries an AA+ issuer rating from Scope Ratings, AAA-rated bond tranches backed by Rogaland and Stavanger guarantees, and a S&P Global Dark Green classification on its Green Finance Framework. Operational certifications include ISO 9001, ISO 14001, ISO 27001, Miljøfyrtårn (since 2016), and Norwegian Transparency Act compliance.

Revenue is generated transactionally through per-passage tolls that vary by vehicle weight class (Takstgruppe 1: light vehicles ≤3,500 kg; Takstgruppe 2: heavy vehicles >3,500 kg), AutoPASS agreement status, time-of-day (peak/off-peak/rush), and zero-emission status. Zero-emission heavy vehicles are fully exempt; light zero-emission vehicles receive roughly 50% discounts. Pricing is KPI-indexed annually. Customers are end-user drivers, while core institutional relationships — Statens Vegvesen, Q-Free (technology), NIB and DNB Carnegie (financing), the three owner counties (guarantors) — underpin operations. AI is deployed only in a customer-service response-assistant feature on ferde.no, with no broader AI-native capabilities disclosed.

Name

Ferde As

Legal name

Ferde AS

Website

https://ferde.no

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Ferde AS is a Norwegian regional toll company, jointly owned by the county municipalities of Vestland, Rogaland, and Agder, that finances and operates automated toll collection across 124 stations and 21 infrastructure projects in Southern and Western Norway, including the E39 Rogfast undersea tunnel.

Ownership category

akta.pro rank

Product category

Toll Road Infrastructure Financing

NAICS

Regulation and Administration of Transportation Programs (92612)

SIC

Transportation Services (4700)

akta.pro primary industry

Toll Payment & Toll Account Management (ETC, Toll Tags, Toll Invoicing) (TLABAMAC)

akta.pro secondary industries

Managed Services & Operations Outsourcing for Tolling/RUC Programs (TLAJABAL), Back-Office Toll Transaction Processing, Billing & Customer Account Management (TLAJABAC), Electronic Toll Collection (ETC) & Transponder/Tag Systems (RFID/DSRC) (TLAJABAA), Toll Violation Management, Collections & Dispute Resolution (TLAJABAG)

Keywords

• Toll road financing
• Transportation infrastructure
• Toll collection services
• Public infrastructure funding
• Road financing projects

Headquarters

HQ city

Bergen

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Others

Revenue model

1. Toll Collection (Passeringsinntekter): Core revenue from collecting tolls at automated toll stations and ferry crossings. Ferde's total revenues in 2025 were kr 5,097 million, with passeringsinntekter (passage revenues) of kr 4,799 million, up from kr 4,430 million in 2024. Operating costs were kr 300 million. Revenues are generated from light vehicles (Takstgruppe 1, vehicles up to 3,500 kg) and heavy vehicles (Takstgruppe 2, vehicles over 3,500 kg), with differentiated rates for zero-emission vehicles, AutoPASS agreement holders, and peak/off-peak times.
2. Bond Issuance and Capital Markets Financing: Ferdes primary financing source is the bond market. In November 2025, Ferde successfully issued a NOK 1 billion bond with 3-year maturity, coupon 3m Nibor + 0.303% p.a. Bond is expected to receive AAA rating from Scope Ratings, guaranteed by Rogaland County Municipality and the City of Stavanger (both AAA Stable). Ferde also has an agreement with Nordic Investment Bank (NIB) for a loan of up to NOK 4 billion for Rogfast financing. All company bonds are listed on Oslo Børs.
3. Exemption and Administrative Fees: Revenue from processing toll passages for vehicles without AutoPASS agreements. Foreign vehicles without agreements are billed through Park Trade AS (EPASS24.com), which handles the collection on behalf of Ferde. Invoices include additional fees for foreign vehicles to cover the cost of retrieving owner information from foreign vehicle registries.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Ferde AS operates as a regional toll collection and infrastructure financing company for three Norwegian county municipalities (Vestland, Rogaland, and Agder). It manages 21 toll projects and 124 automated toll stations, financing the construction of roads, bridges, tunnels, ferries, cycling infrastructure, and public transport through user-paid tolls. The system uses ANPR cameras and the national AutoPASS electronic payment system, with exemptions available for mobility-impaired drivers, public buses, and agricultural vehicles.

Product overview

Ferde AS operates as a regional toll collection company managing 21 toll projects across three owner counties (Vestland, Rogaland, and Agder) with 124 toll stations. The core offering is the toll collection and infrastructure financing system, which combines automatic camera-based toll collection (integrated with the national AutoPASS electronic payment system), invoice processing for non-account holders, and exemption management. The portfolio spans multiple project types: city packages (Bypakke Bergen, Bymiljøpakken Nord-Jæren, Bypakke Haugesund, Førdepakken, Nordhordlandspakken, Kvinnheradpakken, Bømlopakken, Kvammapakken, Askøypakken), stretch-based projects (E39 Rogfast, E39 Svegatjørn–Rådal, E39 Kristiansand vest–Lyngdal vest, E18 Tvedestrand–Arendal, E18 Tvedestrand–Dørdal, Rv. 13 Ryfast, Rv.7/Rv.13 Hardangerbrua, E134 Røldal–Seljestad, E16 Arna–Stanghelle, Rv. 555 Sotrasambandet), and the Samferdselspakke for Kristiansandsregionen which combines both approaches. Supporting services include exemption processing, invoice and payment management, and the public website with self-service tools and an AI-powered customer inquiry assistant. The largest project is Rogfast (E39) with NOK 1.73 billion in disbursements in 2025, and the total traffic across all projects reached approximately 306 million passages in 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Toll Collection and Infrastructure Financing Ferde operates and finances toll collection infrastructure across 21 toll projects in Vestland, Rogaland, and Agder counties, managing 124 toll stations. The system uses automatic camera-based toll collection with AutoPASS transponder integration, with revenue financing road, bridge, tunnel, and ferry infrastructure projects.
• Rogfast (E39) The largest financing project in Ferde's portfolio in 2025 with NOK 1.73 billion in disbursements. Rogfast is a subsea tunnel under Boknafjorden on E39, financed in part by a NOK 4 billion Nordic Investment Bank (NIB) loan agreement.
• Bypakke Bergen A city package with urban growth agreement co-financing projects in Miljøløftet in Bergen, including Bybanen (light rail) expansion, public transit, cycle paths, sidewalks, and environmental streets.
• Bymiljøpakken (Nord-Jæren) A city package covering North-Jæren region in Rogaland, financing Bussveien (bus rapid transit), Sykkelstamveien cycling route, dedicated truck lanes, E39 four-lane expansion, and cyclist/pedestrian/public transit measures.
• E39 Svegatjørn–Rådal A stretch-based toll project on E39 between Svegatjørn in Bjørnafjorden municipality and Rådal in Bergen municipality, completing a modern transport link as part of Ferjefri E39.
• E18 Tvedestrand–Arendal A stretch-based project constructing a new four-lane E18 motorway between Tvedestrand and Arendal, improving traffic flow and safety.
• E39 Kristiansand vest–Lyngdal vest A stretch-based project on E39 building a new four-lane highway between Kristiansand west and Lyngdal west to improve transport efficiency and safety, particularly for heavy vehicles.
• Samferdselspakke for Kristiansandsregionen A combined city and stretch-based package financing E18/E39 Gartnerløkka–Kolsdalen construction in Kristiansand, plus public transit, cyclist, and pedestrian measures.
• Rv. 13 Ryfast A stretch-based project providing a road connection between Ryfylke and North-Jæren through the subsea Ryfylketunnelen and Hundvågtunnelen between Strand and Stavanger.
• Rv.7/Rv.13 Hardangerbrua A suspension bridge crossing the Eidfjord on Rv.7/Rv.13 between Bu and Brimnes, replacing the former Bruravik–Brimnes ferry crossing.
• Askøypakken A road package financing improvements and facilities for drivers, pedestrians, cyclists, and public transit on Askøy, connecting Askøy to Bergen.
• Førdepakken A city package on national, county, and municipal roads in Førde (Sunnfjord municipality) financing new road links that enable concentrated land use and better conditions for pedestrians and cyclists.
• Nordhordlandspakken A road package financing improvements to road safety, accessibility, and public transit options in the Nordhordland region (Alver, Austrheim, Fedje, Masfjorden, and Modalen municipalities).
• Kvinnheradpakken A road package on county roads with parallel toll collection on ferries in Kvinnherad, financing road improvements and accessibility for pedestrians and cyclists.
• Bømlopakken A road package on county roads financing 18 sub-projects on county roads in Bømlo municipality, with parallel collection at the Spissøy toll station on land and on the Langevåg–Buavåg ferry.
• Bypakke Haugesund og fastlands-Karmøy A city package on national and county roads financing road improvements for better traffic safety, accessibility, and public transit options in Haugesund and on mainland Karmøy, succeeding Haugalandspakken.
• Kvammapakken A road package on county roads financing nine sub-projects on Fv.49, Fv.576, and Fv.79 in Kvam herad to ensure safety and good accessibility for various road users.
• E134 Røldal–Seljestad A stretch-based project on E134 for a new 12.4 km tunnel providing a winter-safe road connection between Eastern and Western Norway, with Vestland County Municipality guaranteeing loans of up to NOK 1,242 million.
• E16 Arna–Stanghelle A joint road and rail project (with Bane NOR) for new E16 and railway between Arna and Stanghelle in Vestland, providing safer and faster transport in one of Norway's most avalanche-prone road areas.
• E18 Tvedestrand–Dørdal A stretch-based project for a new 54 km four-lane motorway between Tvedestrand in Agder and Dørdal in Vestfold og Telemark, with tolls at five automatic toll stations in both directions and 15-year collection period per station.
• Rv. 555 Sotrasambandet A stretch-based project on Rv.555 as a public-private partnership (OPS) with Sotra Link AS, providing a new four-lane motorway between Sotra and Bergen including a new Sotra Bridge. Ferde AS is responsible for toll collection.
• Toll Exemption Management Ferde manages exemption programs for mobility-impaired drivers with valid parking permits (HC-kort), buses operating on licensed routes, and agricultural vehicles (tractors) where a toll station splits a farm property. Exemptions require a valid AutoPASS agreement linked to the exemption holder's account.
• Invoice and Payment Processing Ferde processes and issues invoices for toll passages made without a valid AutoPASS agreement. Vehicles without a transponder are photographed and billed to the registered owner via data from the Norwegian Vehicle Register (Motorvognregisteret) managed by Statens vegvesen. Foreign vehicles without agreements are billed through Park Trade AS / EPASS24.com.
• Ferde.no Website and Self-Service Portal

Quantifiable outcome

• Total revenues of kr 5,097 million in 2025 (up from kr 4,661 million in 2024), with passage revenues of kr 4,799 million.
• +7 more outcomes

Named customers1 record

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and major.

• Q-FreecoreTechnology or Integration · 10 July 2026Ferde has entered into a contract with Q-Free for the replacement of collection equipment in six toll stations in Førde and Bømlo. The project includes delivery, installation, and commissioning of new equipment, as well as demolition of existing facilities and necessary construction upgrades. As the main supplier, Q-Free will also own, operate, maintain, and support the infrastructure throughout the contract period. The agreement strengthens the long-standing cooperation between Ferde and Q-Free, which has delivered and maintained toll systems in Norway for several decades.
• Park Trade AS (EPASS24.com)coreChannel Partner/ Reseller/ DistributorPark Trade AS handles toll collection for foreign-registered vehicles on behalf of Ferde through the EPASS24.com platform. This partner manages billing for all foreign vehicles passing through Ferde's toll stations without an AutoPASS agreement, including identification of vehicle owners and sending invoices.
• Statens Vegvesen (Norwegian Public Roads Administration)coreTechnology or IntegrationStatens Vegvesen operates the central image database (AutoPASS sentralsystem and operatørsystem) that stores vehicle registration images used for toll collection. Ferde uses images from this database for quality control of passages. Statens Vegvesen also provides vehicle environmental property data from the Miljøregisteret and owner information from the Motorvognregisteret. The Rogfast project is under Statens Vegvesen as the project owner.
• AutoPASS System (Consortium of Norwegian Toll Operators)coreTechnology or IntegrationFerde participates in the AutoPASS system — a national electronic toll payment system used across all Norwegian toll stations. AutoPASS agreements are issued by approved issuer companies (brikkeutstedere) and the transponders/brikker work at all Norwegian toll stations regardless of which company operates them.
• S&P Global (Second Party Opinion)majorStrategic or Co-development PartnerS&P Global provided a Second Party Opinion on Ferde's Green Finance Framework 2025, assigning a Dark Green classification — the highest available. This assessment enables Ferde to issue green bonds and access the sustainable finance market.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Others

• EPASS24 / Park Trade AS: Park Trade AS operates EPASS24.com and handles toll billing for foreign-registered vehicles on behalf of Ferde. They are a channel partner/distributor in Ferde's collection ecosystem, addressing the foreign vehicle segment that lacks AutoPASS agreements.
• Atlantia (Mundys): Atlantia/Mundys is a global infrastructure operator with major toll road concessions across Italy, Brazil, France, and Spain. Comparable to Ferde at a much larger scale, they share the model of long-duration toll-based infrastructure financing with regulatory-protected revenue streams.
• Q-Free ASA: Q-Free is the primary toll technology vendor supplying Norwegian toll operators including Ferde. They own, operate, and maintain toll collection equipment at Ferde's stations under long-term contracts. Q-Free is a publicly traded Norwegian company providing ITS (Intelligent Transport Systems) solutions globally.
• Statens Vegvesen: Statens Vegvesen (Norwegian Public Roads Administration) operates the central AutoPASS system and image database that all Norwegian toll companies, including Ferde, depend on. They are both a regulator and critical infrastructure partner for Ferde's operations, and also own Rogfast as the project owner.

Emerging players

• Sotra Link AS: Sotra Link is the public-private partnership concessionaire building the new Rv.555 Sotrasambandet, for which Ferde will collect tolls starting Q4 2027. They represent the emerging PPP model in Norwegian toll road delivery, contrasting with Ferde's traditional municipal financing approach.

Direct peers

• Bompengeselskapet Nord AS: Bompengeselskapet Nord operates in Northern Norway (Nordland, Troms og Finnmark), providing toll collection and infrastructure financing. Direct regional peer to Ferde with the same business model of municipal ownership, AutoPASS integration, and bond-based financing of regional road infrastructure projects.
• Vegfinans AS: Vegfinans is a regional toll company operating in Eastern Norway (Innlandet, Buskerud, Vestfold og Telemark). Direct peer to Ferde with similar toll collection operations, AutoPASS integration, and municipal ownership structure (counties as owners). Comparable portfolio of city packages and stretch-based projects.
• Fjellinjen AS: Fjellinjen is the largest Norwegian regional toll company operating in the Oslo region (Østfold, Akershus, Oslo). Like Ferde, it operates automated toll stations, integrates with AutoPASS, and finances road infrastructure via toll collection. Both are municipal-owned toll operators with similar revenue models and bond-based financing structures.

Broad incumbents

• Transurban Group: Transurban is a global toll road operator and infrastructure company managing urban motorway networks in Australia, North America, and Europe. While much larger and geographically diversified, it represents the broad incumbent model of consolidated, professionally-managed toll road operations comparable to Ferde's regional scope.

Regional players

• Nye Veier AS: Nye Veier is a state-owned Norwegian road construction company that serves as the contracting authority for several Ferde toll projects (E18 Tvedestrand-Arendal, E39 Kristiansand-Lyngdal, E18 Tvedestrand-Dørdal). They build the roads that Ferde then finances through toll collection, making them a key counterparty in the project delivery chain.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ferde

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ferde As