Sector

Construction

292 companies ranked against comparable companies in four Morning company classes. Fiscal year 2022. Source: Brønnøysund Register Centre. Methodology

Morning company class

Morning company classes are our own division by revenue, not an official standard: Micro NOK 1m–10 MNOK, Small 10 MNOK–50 MNOK, Medium 50 MNOK–500 MNOK, Large from 500 MNOK. Companies are ranked only against others in the same class, and every figure below is for the class you have chosen. What are Morning company classes?

Ranking · 2022 · Morning class Medium

Morning class Medium · 2022
#	Company	Profile	Score	Change
1	Renovar AS	Leader	90	–
2	Hallingdal Hytteservice AS	Leader	86	–
3	Vegmerking Vest AS	Leader	85	–
4	Oslo Epoxybelegg AS	Leader	82	–
5	Vikeså Golv AS	Leader	73	–
6	Silsand Maskin AS	Leader	72	–
7	Tellefsen AS	Leader	69	–
8	Hak Entreprenør AS	Leader	69	–
9	Alt Heis AS	Sprinter	57	–
10	Madonu Bygg og Anlegg AS	Steward	54	–
11	B&D Nor AS	Sprinter	52	–
12	Balkongentreprenøren AS	Steward	49	–
13	Brekken Anlegg AS	Sprinter	43	–
14	Røynstrand Entreprenør AS	Sprinter	41	–
15	Sunnfjord Industripartner AS	Sprinter	39	–
16	Byggia AS	Builder	36	–
17	Workman AS	Builder	36	–
18	RS Gulv AS	Builder	35	–
19	Anlegg og Entreprenørservice Aoes AS	Sprinter	33	–
20	Fronta AS	Steward	33	–
21	O NØRSTEBØ & Sønn AS	Builder	24	–
22	A PEDERSEN & Sønn Lastebiltransport AS	Builder	12	–
23	AS BETONG	Builder	11	–
24	Alf Brekken og Sønner AS	Builder	3	–

Download as CSV (opens in Excel)

The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode

Biggest moves · Morning class Medium

Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.

Top lists in the sector · 2022 · Morning class Medium

The five largest companies account for 17% of the sector's revenue. Combined profit before tax for the 24 ranked companies: −14 MNOK.

Highest revenue

Røynstrand Entreprenør AS 214 MNOK
Hak Entreprenør AS 191 MNOK
Fronta AS 139 MNOK
Byggia AS 125 MNOK
Anlegg og Entreprenørservice Aoes AS 123 MNOK

Operating revenue.

Highest operating margin

Brekken Anlegg AS 30.8%
Oslo Epoxybelegg AS 14.2%
Hallingdal Hytteservice AS 10.1%
Renovar AS 10.0%
Alt Heis AS 9.1%

Operating result divided by operating revenue.

Largest profit

Oslo Epoxybelegg AS 16 MNOK
Brekken Anlegg AS 16 MNOK
Hak Entreprenør AS 13 MNOK
Hallingdal Hytteservice AS 10 MNOK
Renovar AS 7 MNOK

Profit before tax.

Largest loss

Fronta AS −43 MNOK
Alf Brekken og Sønner AS −41 MNOK
AS BETONG −22 MNOK
Byggia AS −8 MNOK
O NØRSTEBØ & Sønn AS −7 MNOK

Profit before tax, the largest negative.

Most solid

Vegmerking Vest AS 61.4%
Hallingdal Hytteservice AS 54.0%
Renovar AS 34.5%
Fronta AS 30.6%
Silsand Maskin AS 30.1%

Equity ratio: equity divided by total assets.

Fastest growth

No company meets the requirement this year.

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

No company meets the requirement this year.

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

Requires an index for two financial years.

Change in index points from the year before.

Biggest fallers

Requires an index for two financial years.

Change in index points from the year before.

Most employees

Madonu Bygg og Anlegg AS 145
AS BETONG 119
Anlegg og Entreprenørservice Aoes AS 115
Oslo Epoxybelegg AS 100
A PEDERSEN & Sønn Lastebiltransport AS 92

Employees according to the Central Coordinating Register.

Highest revenue per employee

B&D Nor AS 24.3 MNOK
RS Gulv AS 8.8 MNOK
Røynstrand Entreprenør AS 3.2 MNOK
Hak Entreprenør AS 3.2 MNOK
Balkongentreprenøren AS 3.0 MNOK

Only companies with at least 5 employees.

The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.

Quadrant analysis

Positions in the sector · 2022 · Morning class Medium

Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.

Bubble size shows relative revenue, not exact figures.

Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity

Show the positions as a list

Company	Profile	Profitability	Solidity	In 2021 (profitability / solidity)
Brekken Anlegg AS	Cheetah	100	9	–
Oslo Epoxybelegg AS	Lion	93	77	–
Renovar AS	Lion	91	91	–
Alt Heis AS	Cheetah	83	45	–
Vikeså Golv AS	Lion	80	64	–
Sunnfjord Industripartner AS	Cheetah	74	18	–
Hak Entreprenør AS	Lion	72	54	–
Vegmerking Vest AS	Lion	67	100	–
Hallingdal Hytteservice AS	Lion	63	95	–
B&D Nor AS	Cheetah	59	23	–
Tellefsen AS	Lion	57	73	–
Silsand Maskin AS	Lion	54	82	–
Anlegg og Entreprenørservice Aoes AS	Cheetah	52	13	–
Røynstrand Entreprenør AS	Cheetah	50	41	–
Balkongentreprenøren AS	Elephant	46	59	–
Madonu Bygg og Anlegg AS	Elephant	37	68	–
RS Gulv AS	Beaver	30	32	–
Workman AS	Beaver	26	36	–
A PEDERSEN & Sønn Lastebiltransport AS	Beaver	20	0	–
Fronta AS	Elephant	15	86	–
Byggia AS	Beaver	15	50	–
O NØRSTEBØ & Sønn AS	Beaver	11	27	–
AS BETONG	Beaver	2	4	–
Alf Brekken og Sønner AS	Beaver	2	0	–

The sector in numbers

Summary · fiscal year 2022 · Morning class Medium

The sector's median operating margin is 5.1%. 11 of 84 companies have negative equity. The median equity ratio is 16.9%.

Companies with accounts84

Total revenue9,942 MNOK

Median operating margin5.1%

Median equity ratio16.9%

Share with a loss36%

Share with negative equity13%

All figures are for fiscal year 2022. Ranked: 24 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

Growth is not included in the index: it needs the previous year's accounts.

Climbers and fallers · Morning class Medium

Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.

Awards · 2022 · Morning class Medium

Most profitableBrekken Anlegg AS30.8%

Strongest balance sheetVegmerking Vest AS61.4%

Largest revenueRøynstrand Entreprenør AS214 MNOK

Highest revenue per employeeB&D Nor AS24.3 MNOK

Needs attention · 2022 · Morning class Medium

46 companies show at least one warning sign. Showing the 15 most important.

criticalSTRAND & Stubø Entreprenør ASNegative equity · Current ratio below 1 (0.41) · Loss before tax
criticalB-G Entreprenør ASNegative equity · Current ratio below 1 (0.50) · Loss before tax
criticalInnherred Entreprenør ASNegative equity · Current ratio below 1 (0.81) · Loss before tax
criticalEide Entreprenør ASNegative equity · Current ratio below 1 (0.79) · Loss before tax
criticalJan Opgård ASNegative equity · Current ratio below 1 (0.86) · Loss before tax
criticalTavegg ASNegative equity · Current ratio below 1 (0.67) · Loss before tax
criticalAlf Brekken og Sønner ASNegative equity · Current ratio below 1 (0.60) · Loss before tax
criticalB&G Betongentreprenør ASNegative equity · Current ratio below 1 (0.70) · Loss before tax
criticalA PEDERSEN & Sønn Lastebiltransport ASNegative equity · Current ratio below 1 (0.88) · Loss before tax
criticalSRS MASKIN & Landbruk ASNegative equity · Current ratio below 1 (0.28) · Loss before tax
criticalRalias ASNegative equity
watchLeigland Bygg ASVery low equity ratio (0.6%) · Current ratio below 1 (0.73) · Loss before tax
watchMynd Entreprenør ASVery low equity ratio (8.4%) · Current ratio below 1 (0.90)
watchJK Entreprenørservice ASVery low equity ratio (4.0%) · Loss before tax
watchB&G Vest ASVery low equity ratio (2.2%) · Loss before tax

Sector map · 2022 · Morning class Medium

Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Renovar AS	10.0%	34.5%	72 MNOK
Hallingdal Hytteservice AS	10.1%	54.0%	120 MNOK
Vegmerking Vest AS	5.9%	61.4%	96 MNOK
Oslo Epoxybelegg AS	14.2%	28.8%	112 MNOK
Vikeså Golv AS	7.6%	21.5%	84 MNOK
Silsand Maskin AS	6.6%	30.1%	75 MNOK
Tellefsen AS	6.0%	28.7%	58 MNOK
Hak Entreprenør AS	7.4%	19.1%	191 MNOK
Alt Heis AS	9.1%	15.0%	63 MNOK
Madonu Bygg og Anlegg AS	1.4%	25.8%	82 MNOK
B&D Nor AS	5.2%	10.8%	121 MNOK
Balkongentreprenøren AS	3.5%	19.8%	95 MNOK
Brekken Anlegg AS	30.8%	6.3%	52 MNOK
Røynstrand Entreprenør AS	2.5%	13.6%	214 MNOK
Sunnfjord Industripartner AS	7.9%	8.8%	122 MNOK
Byggia AS	−4.6%	18.8%	125 MNOK
Workman AS	0.5%	13.3%	83 MNOK
RS Gulv AS	1.1%	12.3%	70 MNOK
Anlegg og Entreprenørservice Aoes AS	4.9%	8.7%	123 MNOK
Fronta AS	−15.5%	30.6%	139 MNOK
O NØRSTEBØ & Sønn AS	−12.0%	11.6%	53 MNOK
A PEDERSEN & Sønn Lastebiltransport AS	−3.5%	−10.4%	68 MNOK
AS BETONG	−24.8%	3.8%	90 MNOK
Alf Brekken og Sønner AS	−49.8%	−362.0%	84 MNOK

Holding and investment companies · 2022

24 companies in the sector are holding or investment companies. They are kept out of the ranking above, since revenue, margins and growth say little about a company that lives from ownership. They are ranked on their own here: 7 have at least 10 MNOK in assets and are listed.

Holding and investment companies
Rank	Company	Score	Equity ratio	Return on assets	Current ratio	Total assets
1	Mission Alliance Holding AS	100	99.9%	50.7%	364.01	60 MNOK
2	Emma Holding AS	80	99.7%	32.2%	23.78	42 MNOK
3	Brøderud Holding AS	57	99.1%	25.3%	72.32	26 MNOK
4	Veve Holding AS	43	80.4%	28.5%	1.17	15 MNOK
5	Runestad Holding AS	33	99.6%	0.2%	1.18	168 MNOK
6	Bratseth Holding AS	20	77.7%	22.2%	0.18	49 MNOK
7	Stå på Holding AS	17	24.7%	1.5%	1.22	30 MNOK

Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology

Scenario analysis: the sector's weakest year

The sector's weakest year was 2021, with a median operating margin of 1.8%.

Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2017	–	–
2018	–	–
2019	–	–
2020	–	–
2021 · weakest year	1.8%	35.9%
2022	2.4%	14.0%
2023	4.4%	33.1%
2024	4.1%	33.2%
2025	4.0%	32.8%
2026	7.8%	28.8%

In 2021, 1 ranked companies did better than the sector, 0 about the same and 0 weaker.

Held up best in 2021

1Områdesikring ASequity ratio 35.9%1.8%

Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology

Drivers in the sector

Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.

Construction cost index for dwellings (indeks (2015 = 100))

Latest value: 160.3 (2026M09)

Construction cost index for dwellings rose 4.3% in 2025; the sector's median operating margin fell 0.1 percentage points.

Construction cost index for dwellings per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Construction cost index for dwellings, annual average	124.2	135.1	141.1	146.4	152.7	158.4 (so far)
Change from the year before	+8.7%	+8.8%	+4.4%	+3.7%	+4.3%	+3.7%
Sector's median operating margin	1.8%	2.4%	4.4%	4.1%	4.0%	7.8%

Source: SSB (08651, CC BY 4.0). Source · fetched 2 November 2026

Policy rate (prosent)

Latest value: 4.50 (2026-10)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.1 percentage points.

Policy rate per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Policy rate, annual average	0.08	1.32	3.54	4.50	4.30	4.17 (so far)
Change from the year before	−0.28 percentage points	+1.24 percentage points	+2.22 percentage points	+0.96 percentage points	−0.20 percentage points	−0.12 percentage points
Sector's median operating margin	1.8%	2.4%	4.4%	4.1%	4.0%	7.8%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 2 November 2026

When policy rate fell in 2025, 9,355 of 19,356 ranked companies kept their operating margin at or above the year before. Among the largest: Veidekke Entreprenør AS (2.9% → 3.5%), Skanska Norge AS (2.4% → 2.7%), Hent AS (5.7% → 5.9%), Nye Veier AS (−12.2% → −5.5%), NCC Norge AS (−3.8% → 0.6%).

We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.

The sector in Norway (SSB)

The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.

Enterprises, employment and turnover · 2024

Enterprises: 59,444; −1.1% from 2023
Persons employed: 267,499; −2.7% from 2023
Turnover: NOK 757.6 bn; +0.0% from 2023
Gross operating margin: 6.8%; Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

854 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −11.3% against the four quarters before (963). That is about 14.4 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 1.7%
Share of persons employed: 14.7%
Share of turnover: 18.6%

SSB publishes this for groups of industries only. The figures are for the group “Bygge- og anleggsvirksomhet”.

Production index · Bygge- og anleggsvirksomhet

96.8 index, 2021 = 100, seasonally adjusted · 2026M09
−0.9% against 2025M09.

Monthly, 2023M09 to 2026M09.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 13430. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.

Latest bankruptcies and liquidations

Berkon AS 816349982 Voluntary liquidation · 31 October 2026 · 6 MNOK (2025)
Borgmur AS 915230881 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
Bredbånd og Kabeltv AS 981002431 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Byggmester Tom Ariansen AS 989177699 Voluntary liquidation · 31 October 2026
Byggutvikling og Eiendom AS 919598255 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Cels AS 930079537 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Christiansen Bygg AS 997330463 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
CRAS - Elektro AS 921087551 Voluntary liquidation · 31 October 2026 · 3 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
41*	Oppføring av bygninger (hele hovedgruppen)
41.000	Oppføring av bygninger
42*	Anleggsvirksomhet (hele hovedgruppen)
42.110	Bygging av veier og motorveier
42.120	Bygging av jernbaner og undergrunnsbaner
42.130	Bygging av broer og tunneler
42.210	Bygging av vann- og kloakkanlegg
42.221	Bygging av anlegg for elektrisitet og telekommunikasjon til sjøs
42.222	Bygging av anlegg for elektrisitet og telekommunikasjon på land
42.910	Bygging av havne- og damanlegg
42.990	Bygging av andre anlegg ikke nevnt annet sted
43*	Spesialisert bygge- og anleggsvirksomhet (hele hovedgruppen)
43.110	Riving av bygninger og andre byggverk
43.120	Grunnarbeid
43.130	Prøveboring
43.210	Elektrisk installasjonsarbeid
43.221	Rørleggerarbeid
43.222	Kuldeanlegg-, varmepumpearbeid og installasjon av peiser
43.223	Ventilasjonsarbeid
43.230	Installasjon av isoleringsmateriale
43.240	Annet installasjonsarbeid
43.310	Stukkatørarbeid og pussing
43.320	Snekkerarbeid
43.330	Gulvlegging og tapetsering
43.340	Maler- og glassarbeid
43.350	Annen ferdiggjøring av bygninger
43.410	Takarbeid
43.420	Annen spesialisert byggevirksomhet i forbindelse med oppføring av bygninger
43.500	Spesialisert byggevirksomhet i forbindelse med anleggsarbeid
43.600	Formidlingstjenester innenfor spesialisert bygge- og anleggsvirksomhet
43.910	Murerarbeid
43.990	Annen spesialisert bygge- og anleggsvirksomhet ikke nevnt annet sted