Water, sewerage and waste: profitability, risk and outlook
203 ranked companies in Water, sewerage and waste filed accounts for 2025. The median company had an operating margin of 5.2%, and 37.8% made a loss.
Morning Analytics. The text is written from the figures in the database by fixed rules. How it is calculated
The industry in figures
| Figure | Value |
|---|---|
| Ranked companies, fiscal year 2025 | 203 |
| Total revenue, ranked companies 2025 | 44,011 MNOK |
| Median operating margin 2025 | 5.2% |
| Median equity ratio 2025 | 35.8% |
| Share with a loss 2025 | 37.8% |
| Share with negative equity 2025 | 9.7% |
| Enterprises in the industry (SSB) 2024 | 1,403 (+2.0% from 2023) |
| Employed in the industry (SSB) 2024 | 11,139 (+4.9% from 2023) |
| Revenue in the industry (SSB) 2024 | 50,479 mill. kr (+7.8% from 2023) |
| Bankruptcies 2025K4–2026K3 (change from the four quarters before) | 7 (0.0%) |
| Share employed in foreign-controlled enterprises 2024 | 20.7% |
| Public contracts won in the last twelve months | 79 · 2,495 MNOK |
The industry in SSB's figures
SSB counts 1,403 (+2.0% from 2023) enterprises and 11,139 (+4.9% from 2023) employed in Water, sewerage and waste, with total revenue of 50,479 mill. kr (+7.8% from 2023).
There were 7 (0.0%) bankruptcies in the industry from 2025K4 to 2026K3.
Source: SSB 12910, 10790, 08085.
The largest companies by revenue
Infinitum AS is largest with revenue of 4,592 MNOK in 2025, ahead of Norsk Gjenvinning AS, Metallco AS.
Source: Brønnøysundregistrene, 2025. 203 compared.
Most profitable among the large (operating margin)
Among companies with at least 50 MNOK in revenue, Stord Vatn og Avløp AS has the highest operating margin, 39.8%, ahead of Heggvin Alun AS, FANA STEIN & Gjenvinning AS. The median of the group is 4.2%.
Source: Brønnøysundregistrene, 2025. 122 compared.
Fastest growth among the large (revenue growth)
Ragn-Sells Autoparts AS grew fastest among the large, at 85.8%, ahead of F F F Hage og Miljø AS, J.O. Moen AS. The median of the group is 5.2%.
Source: Brønnøysundregistrene, 2025. 122 compared.
Public contracts in the last twelve months
Companies in the industry won 79 public contracts in the last twelve months, spread over 27 companies. The largest buyers were Iris Service AS, STATSBYGG, Bir AS.
Source: Doffin (DFØ).
The outlook: macro and drivers
SSB expects GDP mainland Norway at 1.4 % in 2026. SSB expects Unemployment rate (LFS, level) at 4.6 % in 2026. SSB expects Consumer price index at 3.2 % in 2026. SSB expects Money market rate (level) at 4.5 % in 2026. Wholesale power price changed +9.4% in 2025. Consumer price index changed +3.0% in 2025.
SSB's forecasts
Statistics Norway's economic forecasts (table 12880), published 15 September 2026. Marked years are forecasts.
| 2024 | 2025 | 2026forecast | 2027forecast | 2028forecast | |
|---|---|---|---|---|---|
| GDP mainland Norway | 0.6 % | 1.7 % | 1.4 % | 2.1 % | 1.5 % |
| Unemployment rate (LFS, level) | 4.0 % | 4.5 % | 4.6 % | 4.4 % | 4.3 % |
| Consumer price index | 3.1 % | 3.1 % | 3.2 % | 2.5 % | 2.2 % |
| Money market rate (level) | 4.7 % | 4.4 % | 4.5 % | 4.6 % | 4.0 % |
| Investment mainland Norway | −1.7 % | −0.2 % | 0.5 % | 2.6 % | 2.6 % |
Source: SSB 12880, Norges Bank.
What the figures do not say
The figures are from the latest filed annual accounts and Statistics Norway's official statistics. They do not show order books, market shares or what has happened since the fiscal year, and SSB's forecasts are forecasts, not answers.