Construction
FollowDownload sector report (PDF)20,335 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology
Ranking · 2025 · Morning class Large
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 Large
- Faber Bygg AS−30
From 2024 to 2025: revenue grew by 51% and the equity ratio fell from 36.8% to 20.9%.
- Christie Nordang AS+28
From 2024 to 2025: the equity ratio rose from 15.0% to 28.2% and revenue grew by 15%.
- PARK & Anlegg AS+28
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −2.7% to 4.2%.
- Sts-Isonor AS+26
From 2024 to 2025: revenue grew by 30% and the operating margin rose from 0.5% to 5.9%.
Bygg og anlegg, Morning class Large: 153 ranked companies in fiscal year 2025.
Best in the sector: Gjelsten Holding AS (score 93, operating margin 89.1%, equity ratio 79.6%). Helgeland Invest AS (score 92, operating margin 99.6%, equity ratio 98.3%). Blue Tern Operations AS (score 86, operating margin 14.0%, equity ratio 80.7%).
Weakest in the sector: Eltel Networks AS (score 11, operating margin −4.4%, equity ratio 11.1%). Seaway Alfa Lift AS (score 16, operating margin 4.7%, equity ratio 6.1%). Cts Nordics AS (score 17, operating margin 2.5%, equity ratio 3.0%).
Worth a closer look
- The median operating margin was about unchanged: 4.1% in 2024 and 4.1% in 2025.
- The median equity ratio rose from 23.8% in 2024 to 24.0% in 2025 (0.1 percentage points).
- The median revenue growth fell from 6.8% in 2024 to 5.3% in 2025 (1.6 percentage points).
- The share with a loss went from 17% in 2024 to 14% in 2025.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
Top lists in the sector · 2025 · Morning class Large
The five largest companies account for 24% of the sector's revenue. Combined profit before tax for the 149 ranked companies: 15,008 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- Veidekke Entreprenør ASsubsidiary of Veidekke ASA 16,186 MNOK
- Skanska Norge AS 15,215 MNOK
- AF Gruppen Norge ASsubsidiary of AF Gruppen ASA 10,113 MNOK
- Hent AS 9,407 MNOK
- Nye Veier AS 8,961 MNOK
Operating revenue.
Most employees
- Bravida Norge AS 3,375
- Veidekke Entreprenør ASsubsidiary of Veidekke ASA 2,925
- Skanska Norge AS 2,918
- GK Norge ASsubsidiary of GK Gruppen AS 1,845
- Caverion Norge AS 1,821
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Gjelsten Holding AS 200.1 MNOK
- Nye Veier AS 47.2 MNOK
- PHOENIX ME (NORWAY) AS 23.1 MNOK
- Vedal Entreprenør AS 18.6 MNOK
- Cts Nordics AS 17.3 MNOK
Only companies with at least 5 employees.
Profit and balance
Who earns the most, who loses the most, and who has the strongest balance sheet.
Highest operating margin
- Helgeland Invest ASsubsidiary of Gjelsten Holding AS 99.6%
- AF Gruppen ASA 95.8%
- Gjelsten Holding AS 89.1%
- Bold Tern AS 59.1%
- Brave Tern AS 44.6%
Operating result divided by operating revenue.
Largest profit
- Helgeland Invest ASsubsidiary of Gjelsten Holding AS 1,739 MNOK
- Skanska Norge AS 1,481 MNOK
- Gjelsten Holding AS 1,222 MNOK
- AF Gruppen Norge ASsubsidiary of AF Gruppen ASA 1,047 MNOK
- Veidekke Entreprenør ASsubsidiary of Veidekke ASA 922 MNOK
Profit before tax.
Largest loss
- Nye Veier AS −312 MNOK
- VARME & Bad AS −171 MNOK
- Seaway Alfa Lift AS −164 MNOK
- Nettpartner AS −135 MNOK
- Infranord Norge AS −114 MNOK
Profit before tax, the largest negative.
Most solid
- Helgeland Invest ASsubsidiary of Gjelsten Holding AS 98.3%
- Blue Tern Operations AS 80.7%
- Gjelsten Holding AS 79.6%
- Bold Tern AS 72.6%
- FRED. Olsen Windcarrier Operations AS 61.0%
Equity ratio: equity divided by total assets.
Growth and movement
Who grows and falls the most in revenue, and who has climbed or fallen the most on the index since the year before.
Fastest growth
- Helgeland Invest ASsubsidiary of Gjelsten Holding AS +1,912.4%
- AF Gruppen ASA +572.1%
- Nse Fagstillas AS +179.9%
- Velox Electro Nordics AS +148.6%
- Betonmast Oslo AS +142.4%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
- Designer Group Norway AS −72.5%
- FRED. Olsen Windcarrier Operations AS −46.0%
- Econor AS −40.6%
- Cts Nordics AS −30.6%
- Backe Stor-Oslo ASsubsidiary of Backe Entreprenør AS −29.1%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- Christie Nordang AS +28.8 points
- PARK & Anlegg AS +28.8 points
- Sts-Isonor AS +25.5 points
- Designer Group Norway AS +24.4 points
- Caverion Norge AS +19.6 points
Change in index points from the year before.
Biggest fallers
- Faber Bygg AS −30.7 points
- Bryn Byggklima AS −24.8 points
- Romarheim Entreprenør AS −22.7 points
- Søbstad AS −21.3 points
- Recover AS −19.8 points
Change in index points from the year before.
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.
Positions in the sector · 2025 · Morning class Large
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. Dashed lines show where the 5 companies that moved most stood in 2024 (small ring).
- Designer Group Norway AS profitability 11 → 96, solidity 0 → 18
- Caverion Norge AS profitability 5 → 80, solidity 17 → 14
- FRED. Olsen Windcarrier Operations AS profitability 85 → 53, solidity 42 → 97
- Faber Bygg AS profitability 78 → 52, solidity 89 → 39
- Sts-Isonor AS profitability 20 → 71, solidity 30 → 52
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
Summary · fiscal year 2025 · Morning class Large
The sector's median operating margin is 4.1%. 1 of 155 companies have negative equity. The median equity ratio is 24.0%.
All figures are for fiscal year 2025. Ranked: 153 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
The total counts each group once: 3 subsidiaries (4,736 MNOK in revenue) are left out of totals and size lists because their parent in the sector has at least as much revenue, so their sales can run through the parent. They are ranked as usual. Methodology
- 6 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 4% of the total.
Climbers and fallers · Morning class Large
Change in rank from 2024 to 2025, for 130 companies ranked in both years.
Climbers
- 86Christie Nordang ASfrom rank 104 to 1869
- 84PARK & Anlegg ASfrom rank 113 to 2964
- 72Sts-Isonor ASfrom rank 127 to 5557
- 61Ømf Asker Ringerike ASfrom rank 94 to 3362
- 54Oneco Elektro ASfrom rank 108 to 5457
Fallers
- 78Faber Bygg ASfrom rank 10 to 8848
- 66Metrostav Norge ASfrom rank 44 to 11040
- 63Recover ASfrom rank 28 to 9147
- 63Firesafe ASfrom rank 60 to 12335
- 61Romarheim Entreprenør ASfrom rank 18 to 7950
Awards · 2025 · Morning class Large
Needs attention · 2025 · Morning class Large
51 companies show at least one warning sign. Showing the 15 most important.
- criticalInfranord Norge ASNegative equity · Loss before tax
- watchSeaway Alfa Lift ASVery low equity ratio (6.1%) · Current ratio below 1 (0.14) · Loss before tax
- watchCts Nordics ASVery low equity ratio (3.0%) · Current ratio below 1 (0.93)
- watchRuta Entreprenør ASVery low equity ratio (9.2%) · Loss before tax
- watchTraftec ASCurrent ratio below 1 (0.82) · Loss before tax
- watchNettpartner ASCurrent ratio below 1 (0.82) · Loss before tax
- watchOtera Infra ASCurrent ratio below 1 (0.84) · Loss before tax
- watchNye Veier ASLoss before tax
- watchNCC Norge ASLoss before tax
- watchConsto ASCurrent ratio below 1 (0.47)
- watchSotra Link ASVery low equity ratio (7.3%)
- watchVASSBAKK & Stol ASCurrent ratio below 1 (0.61)
- watchImplenia Norge ASCurrent ratio below 1 (0.71)
- watchBaneservice ASCurrent ratio below 1 (1.00)
- watchPeab Bygg ASLoss before tax
Sector map · 2025 · Morning class Large
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 |
|---|---|---|---|
| Gjelsten Holding AS | 89.1% | 79.6% | 1,401 MNOK |
| Helgeland Invest AS | 99.6% | 98.3% | 1,733 MNOK |
| Blue Tern Operations AS | 14.0% | 80.7% | 721 MNOK |
| Total Uteservice AS | 15.4% | 44.8% | 540 MNOK |
| Anlegg Øst Entreprenør AS | 7.7% | 35.4% | 2,004 MNOK |
| Granitor Electro AS | 4.4% | 41.8% | 627 MNOK |
| Askim Entreprenør AS | 10.4% | 33.2% | 513 MNOK |
| SARTOR & Drange AS | 9.0% | 34.0% | 983 MNOK |
| RANDEM & Hübert AS | 8.3% | 37.9% | 560 MNOK |
| AF Elkraft AS | 4.2% | 48.9% | 773 MNOK |
| Johs J Syltern AS | 12.7% | 58.5% | 735 MNOK |
| Fyllingen Maskin AS | 5.9% | 35.7% | 585 MNOK |
| Grude Bygg AS | 8.1% | 26.9% | 631 MNOK |
| Nett-Tjenester AS | 5.3% | 29.7% | 527 MNOK |
| N P Bygg AS | 4.7% | 29.8% | 1,524 MNOK |
| Bold Tern AS | 59.1% | 72.6% | 616 MNOK |
| TT Anlegg AS | 8.0% | 47.3% | 836 MNOK |
| Christie Nordang AS | 4.8% | 28.2% | 985 MNOK |
| Brave Tern AS | 44.6% | 57.6% | 599 MNOK |
| Bmo Entreprenør AS | 10.1% | 30.4% | 809 MNOK |
| Entreprenør Harald Nilsen AS | 5.4% | 30.5% | 740 MNOK |
| Brødrene Ulveseth AS | 2.3% | 49.5% | 832 MNOK |
| Tverås Holding AS | 3.6% | 35.6% | 609 MNOK |
| TVERÅS MASKIN & Transport AS | 5.3% | 29.6% | 607 MNOK |
| FRED. Olsen Windcarrier Operations AS | 2.7% | 61.0% | 1,871 MNOK |
| Consto Anlegg Øst AS | 6.9% | 22.1% | 700 MNOK |
| Nordasfalt AS | 5.4% | 29.7% | 672 MNOK |
| Repstad Anlegg AS | 10.7% | 20.7% | 1,073 MNOK |
| PARK & Anlegg AS | 4.2% | 33.8% | 1,176 MNOK |
| STENSETH & RS Entreprenør AS | 9.4% | 24.0% | 507 MNOK |
| Masiv Bygg AS | 3.5% | 32.4% | 644 MNOK |
| Ove Skår AS | 9.0% | 29.1% | 750 MNOK |
| Ømf Asker Ringerike AS | 3.3% | 26.8% | 969 MNOK |
| Kraftmontasje AS | 4.4% | 30.4% | 635 MNOK |
| Servicealliansen AS | −0.3% | 41.7% | 618 MNOK |
| JM Norge AS | 5.8% | 35.7% | 2,123 MNOK |
| Algeco Norway AS | 16.2% | 60.9% | 1,003 MNOK |
| ÅSEN & Øvrelid AS | 6.1% | 44.6% | 556 MNOK |
| Svalinn AS | 2.8% | 25.3% | 616 MNOK |
| Crane Norway Vest AS | 10.8% | 22.1% | 1,077 MNOK |
| Bryn Byggklima AS | 2.3% | 55.7% | 734 MNOK |
| AF Gruppen ASA | 95.8% | 23.1% | 914 MNOK |
| Aeron AS | 7.1% | 21.3% | 782 MNOK |
| Econor AS | 3.8% | 37.2% | 729 MNOK |
| Entreprenørservice AS | 8.7% | 35.1% | 997 MNOK |
| Håndverkskompaniet AS | 13.6% | 25.0% | 509 MNOK |
| Nordisk Fjellsikring AS | 0.6% | 36.0% | 565 MNOK |
| Presis Vegdrift AS | 12.2% | 20.0% | 2,516 MNOK |
| Hitachi Energy Norway AS | 2.4% | 31.4% | 2,184 MNOK |
| Total Betong AS | 8.1% | 25.1% | 1,865 MNOK |
| Stangeland Maskin AS | 6.2% | 28.6% | 1,928 MNOK |
| Alento AS | 4.6% | 26.7% | 752 MNOK |
| Ømf Romerike Kongsvinger AS | 2.9% | 22.8% | 954 MNOK |
| Oneco Elektro AS | 7.2% | 20.5% | 1,961 MNOK |
| Sts-Isonor AS | 5.9% | 24.7% | 1,000 MNOK |
| JI Bygg AS | 3.9% | 29.9% | 1,101 MNOK |
| Oneco Infra AS | 5.1% | 20.1% | 850 MNOK |
| Urban Reuse Norway AS | 6.7% | 22.5% | 1,075 MNOK |
| Consolvo AS | 8.8% | 23.3% | 850 MNOK |
| Mesta AS | 2.9% | 35.3% | 6,248 MNOK |
| Strøm Gundersen AS | 5.5% | 20.7% | 825 MNOK |
| Seby AS | 3.3% | 19.6% | 773 MNOK |
| Hab Construction AS | 3.8% | 23.8% | 1,126 MNOK |
| Grande Entreprenør AS | 6.6% | 20.2% | 591 MNOK |
| Brg Entreprenør AS | 6.3% | 18.0% | 1,204 MNOK |
| Bravida Norge AS | 4.9% | 24.5% | 5,746 MNOK |
| Backe Romerike AS | 7.5% | 20.8% | 766 MNOK |
| Nordic Crane AS | 3.6% | 25.9% | 758 MNOK |
| Seaway 7 Management AS | 5.1% | 16.3% | 3,382 MNOK |
| Eliquo Pmi AS | 5.0% | 12.1% | 1,125 MNOK |
| Spennarmering AS | 4.3% | 32.7% | 676 MNOK |
| Skanska Norge AS | 2.7% | 32.0% | 15,215 MNOK |
| Nse Fagstillas AS | 11.5% | 6.0% | 630 MNOK |
| Hersleth Entreprenør AS | 3.5% | 21.0% | 609 MNOK |
| Transtema Norge AS | −4.4% | 43.7% | 678 MNOK |
| Syljuåsen AS | 5.8% | 19.1% | 823 MNOK |
| VASSBAKK & Stol AS | 6.4% | 22.0% | 3,162 MNOK |
| MARTHINSEN & Duvholt AS | 8.5% | 19.4% | 1,691 MNOK |
| Romarheim Entreprenør AS | 7.1% | 15.4% | 894 MNOK |
| Risa AS | 3.1% | 26.3% | 1,944 MNOK |
| PHOENIX ME (NORWAY) AS | 12.9% | 12.0% | 625 MNOK |
| Mur i Sør AS | 10.6% | 14.2% | 720 MNOK |
| Peab Anlegg AS | 0.6% | 44.9% | 1,383 MNOK |
| Veidekke Entreprenør AS | 3.5% | 23.5% | 16,186 MNOK |
| Nse Industrier AS | 7.9% | 6.2% | 763 MNOK |
| Laje AS | 2.6% | 34.9% | 652 MNOK |
| AF Gruppen Norge AS | 5.1% | 19.9% | 10,113 MNOK |
| Faber Bygg AS | 4.1% | 20.9% | 891 MNOK |
| Svevia Norge AS | 0.6% | 36.1% | 943 MNOK |
| Pob Entreprenør AS | 6.9% | 20.2% | 935 MNOK |
| Recover AS | 1.0% | 34.2% | 1,852 MNOK |
| Hent AS | 5.9% | 20.1% | 9,407 MNOK |
| Jærentreprenør AS | 1.2% | 32.3% | 540 MNOK |
| Nrc Norge AS | −0.7% | 30.7% | 1,564 MNOK |
| Infratek Norge AS | 5.4% | 27.7% | 950 MNOK |
| LEONHARD NILSEN & Sønner AS | 2.0% | 32.3% | 2,078 MNOK |
| Åsane Byggmesterforretning AS | 7.8% | 12.7% | 639 MNOK |
| Implenia Norge AS | 4.0% | 40.3% | 2,945 MNOK |
| Designer Group Norway AS | 11.8% | 15.1% | 3,760 MNOK |
| Leif Grimsrud AS | 6.4% | 25.0% | 767 MNOK |
| Bico Bygg og Innredning AS | 2.7% | 24.7% | 694 MNOK |
| Baneservice AS | 4.1% | 26.2% | 2,087 MNOK |
| Betonmast Buskerud-Vestfold AS | 5.1% | 6.1% | 818 MNOK |
| Energima AS | 8.5% | 14.2% | 821 MNOK |
| Arne Olav Lund A/S | 1.9% | 21.0% | 616 MNOK |
| Trysilbygg AS | 2.9% | 28.0% | 639 MNOK |
| Lab Entreprenør AS | 3.2% | 17.3% | 1,322 MNOK |
| Site Service AS | −0.9% | 39.2% | 547 MNOK |
| Vedal Entreprenør AS | 3.3% | 18.9% | 2,550 MNOK |
| Metrostav Norge AS | 2.1% | 17.9% | 1,727 MNOK |
| NCC Norge AS | 0.6% | 21.9% | 4,625 MNOK |
| Solid Entreprenør AS | 2.0% | 26.9% | 878 MNOK |
| GK Norge AS | 1.7% | 19.1% | 4,803 MNOK |
| Caverion Norge AS | 9.0% | 12.7% | 3,809 MNOK |
| Sotra Link AS | 1.3% | 7.3% | 3,712 MNOK |
| Helgesen Tekniske Bygg AS | 4.0% | 9.6% | 817 MNOK |
| Stø Entreprenør AS | 2.1% | 20.9% | 901 MNOK |
| KONE AKSJESELSKAP | 5.5% | 9.7% | 913 MNOK |
| Seltor AS | 0.9% | 18.5% | 949 MNOK |
| Betonmast Romerike AS | 1.0% | 10.0% | 509 MNOK |
| GEO FUNDAMENTERING & Bergboring AS | −1.4% | 27.5% | 577 MNOK |
| VARME & Bad AS | −6.8% | 27.2% | 1,563 MNOK |
| Firesafe AS | 2.6% | 21.1% | 997 MNOK |
| GL Prosjektservice AS | 1.7% | 23.4% | 655 MNOK |
| Betonmast Oslo AS | −1.7% | 3.9% | 786 MNOK |
| Backe Stor-Oslo AS | 0.5% | 22.7% | 716 MNOK |
| Betonmast Trøndelag AS | 5.9% | 6.0% | 563 MNOK |
| Consto Anlegg Nord AS | 3.7% | 6.1% | 606 MNOK |
| Netel AS | −0.2% | 8.1% | 947 MNOK |
| Velox Electro Nordics AS | 0.3% | 6.6% | 1,069 MNOK |
| Nye Veier AS | −5.5% | 20.3% | 8,961 MNOK |
| Assemblin AS | 5.0% | 15.0% | 1,653 MNOK |
| Bundebygg AS | −6.9% | 25.3% | 700 MNOK |
| Hæhre Entreprenør AS | −0.1% | 20.0% | 4,958 MNOK |
| AF Decom AS | 3.2% | 10.0% | 689 MNOK |
| Velde Asfalt AS | −3.1% | 25.1% | 883 MNOK |
| Backe Rogaland AS | 2.7% | 18.7% | 1,230 MNOK |
| Contur AS | −1.2% | 15.1% | 1,922 MNOK |
| Fundamentering AS | 2.7% | 6.4% | 522 MNOK |
| Consto AS | −1.7% | 29.8% | 4,284 MNOK |
| Infranord Norge AS | −8.3% | −3.6% | 1,128 MNOK |
| Peab Bygg AS | −0.7% | 24.1% | 1,988 MNOK |
| Nettpartner AS | −17.0% | 33.8% | 761 MNOK |
| Søbstad AS | −1.2% | 20.0% | 533 MNOK |
| Ocab AS | 1.1% | 12.9% | 1,623 MNOK |
| Isachsen Anlegg AS | −4.8% | 15.1% | 1,347 MNOK |
| Keller Geoteknikk AS | −3.0% | 11.1% | 575 MNOK |
| Otera Infra AS | −0.8% | 16.6% | 614 MNOK |
| Traftec AS | −1.1% | 10.7% | 1,120 MNOK |
| Oneco Networks AS | −0.8% | 15.2% | 1,441 MNOK |
| Cts Nordics AS | 2.5% | 3.0% | 4,201 MNOK |
| Seaway Alfa Lift AS | 4.7% | 6.1% | 1,737 MNOK |
| Eltel Networks AS | −4.4% | 11.1% | 1,172 MNOK |
Holding and investment companies · 2025
2,020 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: 717 have at least 10 MNOK in assets and are listed.
| Rank | Company | Score | Equity ratio | Return on assets | Current ratio | Total assets |
|---|---|---|---|---|---|---|
| 1 | Kartevoll Invest AS | 99 | 100.0% | 84.8% | 1,672.01 | 12 MNOK |
| 2 | FV Invest AS | 96 | 99.9% | 61.1% | 670.28 | 33 MNOK |
| 3 | Acsea Invest AS | 95 | 99.9% | 59.3% | 364.94 | 15 MNOK |
| 4 | Osli Invest AS | 95 | 99.9% | 53.7% | 707.33 | 11 MNOK |
| 5 | Vikøren Holding AS | 95 | 100.0% | 47.4% | 1,076.92 | 15 MNOK |
| 6 | RK Invest AS | 94 | 99.7% | 56.3% | 522.56 | 66 MNOK |
| 7 | F. Solem Holding AS | 94 | 99.8% | 57.7% | 321.07 | 12 MNOK |
| 8 | SI - Holding AS | 94 | 99.8% | 55.5% | 222.24 | 99 MNOK |
| 9 | Oil Holding AS | 93 | 99.9% | 40.8% | 398.63 | 12 MNOK |
| 10 | DN Gruppen Holding AS | 92 | 99.5% | 74.3% | 115.37 | 25 MNOK |
| 11 | F Sørli Holding AS | 91 | 99.9% | 98.4% | 9.77 | 189 MNOK |
| 12 | Glajo Holding AS | 90 | 99.8% | 34.3% | 283.49 | 10 MNOK |
| 13 | Helle Holding AS | 90 | 99.8% | 34.1% | 232.39 | 22 MNOK |
| 14 | Noha Holding AS | 90 | 99.2% | 87.4% | 79.29 | 20 MNOK |
| 15 | Lasse Axelsson Holding AS | 90 | 99.8% | 32.9% | 294.51 | 10 MNOK |
| 16 | Cla Holding AS | 90 | 99.2% | 83.0% | 67.57 | 32 MNOK |
| 17 | K.S.K Holding Bygg AS | 90 | 99.7% | 37.0% | 144.50 | 20 MNOK |
| 18 | Bakkeby Holding AS | 89 | 99.6% | 36.3% | 207.40 | 13 MNOK |
| 19 | Haa Havet Holding AS | 89 | 99.5% | 40.7% | 202.69 | 23 MNOK |
| 20 | Astrakom Holding AS | 89 | 99.5% | 36.0% | 206.69 | 23 MNOK |
Show all 100
Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology
In our articles
- Finance earns 58.3% on operations; the typical Norwegian industry makes 5.7%No. 17 of 22 on median operating margin
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 | 2.5% | 14.2% |
| 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))
Construction cost index for dwellings rose 4.3% in 2025; the sector's median operating margin fell 0.1 percentage points.
| 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% | 2.5% | 4.4% | 4.1% | 4.0% | 7.8% |
Source: SSB (08651, CC BY 4.0). Source · fetched 3 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.1 percentage points.
| 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% | 2.5% | 4.4% | 4.1% | 4.0% | 7.8% |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026
When policy rate fell in 2025, 9,358 of 19,352 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
- Bygg Spesialisten AS 998753422 Forced dissolution · 3 November 2026 · 0 MNOK (2024)
- Gravogfix AS 926948091 Bankruptcy · 3 November 2026 · 2 MNOK (2025)
- Grønn Kraft Maskin AS 915280579 Forced dissolution · 3 November 2026 · 19 MNOK (2025)
- Haaheim VVS AS 921182775 Bankruptcy · 3 November 2026 · 1 MNOK (2024)
- La-Lu AS 829470632 Bankruptcy · 3 November 2026 · 2 MNOK (2025)
- Montasje i Sør AS 929318242 Bankruptcy · 3 November 2026 · 0 MNOK (2025)
- Scanfinans AS 816524202 Voluntary liquidation · 3 November 2026
- Bølgen-Eiendom AS 919008415 Voluntary liquidation · 2 November 2026 · 4 MNOK (2025)
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 |