Construction
FollowDownload sector report (PDF)8 companies ranked against comparable companies in four Morning company classes. Fiscal year 2026. Source: Brønnøysund Register Centre. Methodology
Ranking · 2026 · Morning class Large
Too few companies in this class (1, at least 10 needed) for a ranking of its own. They are compared with the whole sector.
| # | Company | Score | Change |
|---|---|---|---|
| 1 | Hitachi Energy Norway AS | 50 | −8 |
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
- Hitachi Energy Norway AS−8
From 2025 to 2026: revenue grew by 45% and the operating margin rose from 2.4% to 5.7%.
Top lists in the sector · 2026 · Morning class Large
Combined profit before tax for the 1 ranked companies: 240 MNOK.
Highest revenue
- Hitachi Energy Norway AS 3,176 MNOK
Operating revenue.
Highest operating margin
Operating result divided by operating revenue.
Largest profit
- Hitachi Energy Norway AS 240 MNOK
Profit before tax.
Largest loss
No company meets the requirement this year.
Profit before tax, the largest negative.
Most solid
- Hitachi Energy Norway AS 29.9%
Equity ratio: equity divided by total assets.
Fastest growth
- Hitachi Energy Norway AS +45.4%
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
- Hitachi Energy Norway AS −7.8 points
Change in index points from the year before.
Most employees
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Hitachi Energy Norway AS 7.5 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.
Positions in the sector · 2026 · 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.
Too few ranked companies to draw the map.
Summary · fiscal year 2026 · Morning class Large
The sector's median operating margin is 5.7%. 0 of 1 companies have negative equity. The median equity ratio is 29.9%.
All figures are for fiscal year 2026. Ranked: 1 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
Climbers and fallers · Morning class Large
Change in rank from 2025 to 2026, for 1 companies ranked in both years.
Climbers
- 48Hitachi Energy Norway ASfrom rank 49 to 150
Fallers
None.
Awards · 2026 · Morning class Large
Needs attention · 2026 · Morning class Large
No company has negative equity, a loss or weak liquidity.
Sector map · 2026 · Morning class Large
Too few ranked companies to draw the map.
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))
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% | 2.4% | 4.4% | 4.1% | 4.0% | 7.8% |
Source: SSB (08651, CC BY 4.0). Source · fetched 1 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 | 4.14 (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 | −0.16 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 1 November 2026
When policy rate fell in 2025, 9,355 of 19,355 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)
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 |