Sector

Eiendom

6,988 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. 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 · 2024 · Morning class Large

Morning class Large · 2024
#	Company	Profile	Score	Change
1	Havfonn AS	Leader	79	+34
2	Eiendomsmegler 1 Midt-Norge AS	Leader	69	+6
3	OBOS Eiendomsforvaltning AS	Leader	68	+9
4	Thon Hotellbygg AS	Leader	63	−12
5	Leangen Bolig AS	Builder	56	+34
6	Eiendomsmegler Krogsveen AS	Sprinter	56	−12
7	Thongård AS	Leader	54	−19
8	Ote Eiendom AS	Sprinter	47	−11
9	Mustad Eiendom AS	Sprinter	39	+10
10	Cbre Gws Norway AS	Builder	38	+9
11	OBOS Nye Hjem AS	Steward	38	−14
12	DNB Eiendom AS	Steward	34	−3
13	OBOS Block Watne AS	Builder	31	−6
14	Kleivveien Utbygging AS	Builder	28	+8

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 Large

Thongård AS
From 2023 to 2024: the equity ratio fell from 78.5% to 66.9% and revenue grew by 10%.
−19
OBOS Nye Hjem AS
From 2023 to 2024: the operating margin rose from −4.0% to −0.8%.
−14
Thon Hotellbygg AS
From 2023 to 2024: the operating margin rose from 53.3% to 77.2%.
−12
Eiendomsmegler Krogsveen AS
From 2023 to 2024: the operating margin rose from 0.8% to 8.1% and the equity ratio fell from 42.3% to 29.0%.
−12

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 55% of the sector's revenue. Combined profit before tax for the 14 ranked companies: 2,308 MNOK.

Highest revenue

OBOS Block Watne AS 1,901 MNOK
DNB Eiendom AS 1,531 MNOK
OBOS Nye Hjem AS 1,457 MNOK
Ote Eiendom AS 1,247 MNOK
Thongård AS 930 MNOK

Operating revenue.

Highest operating margin

Havfonn AS 92.2%
Thon Hotellbygg AS 77.2%
Ote Eiendom AS 50.8%
Mustad Eiendom AS 42.6%
Thongård AS 34.8%

Operating result divided by operating revenue.

Largest profit

Thon Hotellbygg AS 553 MNOK
Ote Eiendom AS 543 MNOK
Havfonn AS 517 MNOK
Thongård AS 342 MNOK
OBOS Eiendomsforvaltning AS 225 MNOK

Profit before tax.

Largest loss

OBOS Block Watne AS −320 MNOK
DNB Eiendom AS −19 MNOK

Profit before tax, the largest negative.

Most solid

Thon Hotellbygg AS 73.7%
Havfonn AS 71.4%
Thongård AS 66.9%
Eiendomsmegler 1 Midt-Norge AS 60.7%
OBOS Eiendomsforvaltning AS 43.8%

Equity ratio: equity divided by total assets.

Fastest growth

Havfonn AS +3,386.0%
Cbre Gws Norway AS +85.3%
Eiendomsmegler Krogsveen AS +24.1%
Mustad Eiendom AS +18.3%
Eiendomsmegler 1 Midt-Norge AS +16.5%

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

Largest revenue decline

Kleivveien Utbygging AS −23.9%

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

Biggest climbers

Mustad Eiendom AS +9.2 points
OBOS Eiendomsforvaltning AS +9.1 points
Kleivveien Utbygging AS +7.5 points

Change in index points from the year before.

Biggest fallers

Thongård AS −19.2 points
OBOS Nye Hjem AS −14.2 points
Eiendomsmegler Krogsveen AS −12.0 points
Thon Hotellbygg AS −11.8 points
Ote Eiendom AS −10.8 points

Change in index points from the year before.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Thongård AS 116.2 MNOK
Havfonn AS 101.5 MNOK
Leangen Bolig AS 45.9 MNOK
OBOS Block Watne AS 21.8 MNOK
Ote Eiendom AS 15.6 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 · 2024 · 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 2023 (small ring).

Eiendomsmegler Krogsveen AS profitability 42 → 58, solidity 85 → 38
Thongård AS profitability 65 → 50, solidity 100 → 85
Ote Eiendom AS profitability 92 → 77, solidity 54 → 46
OBOS Nye Hjem AS profitability 23 → 19, solidity 77 → 62
DNB Eiendom AS profitability 4 → 4, solidity 69 → 54

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 2023 (profitability / solidity)
Havfonn AS	Lion	96	92	–
OBOS Eiendomsforvaltning AS	Lion	81	69	81 / 62
Thon Hotellbygg AS	Lion	77	100	81 / 92
Ote Eiendom AS	Cheetah	77	46	92 / 54
Eiendomsmegler 1 Midt-Norge AS	Lion	62	77	–
Mustad Eiendom AS	Cheetah	62	8	54 / 8
Eiendomsmegler Krogsveen AS	Cheetah	58	38	42 / 85
Thongård AS	Lion	50	85	65 / 100
Leangen Bolig AS	Beaver	46	23	–
Kleivveien Utbygging AS	Beaver	46	0	38 / 0
Cbre Gws Norway AS	Beaver	19	15	–
OBOS Nye Hjem AS	Elephant	19	62	23 / 77
DNB Eiendom AS	Elephant	4	54	4 / 69
OBOS Block Watne AS	Beaver	4	31	4 / 46

The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 11.3%. 0 of 14 companies have negative equity. The median equity ratio is 32.8%.

Companies with accounts14

Total revenue12,874 MNOK

Median operating margin11.3%

Median equity ratio32.8%

Share with a loss14%

Share with negative equity0%

All figures are for fiscal year 2024. Ranked: 14 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 2023 to 2024, for 10 companies ranked in both years.

Climbers

4Mustad Eiendom ASfrom rank 13 to 939
2OBOS Eiendomsforvaltning ASfrom rank 5 to 368

Fallers

5Thongård ASfrom rank 2 to 754
3Thon Hotellbygg ASfrom rank 1 to 463
3Eiendomsmegler Krogsveen ASfrom rank 3 to 656
3OBOS Nye Hjem ASfrom rank 8 to 1138
2Ote Eiendom ASfrom rank 6 to 847

Awards · 2024 · Morning class Large

Most profitableHavfonn AS92.2%

Fastest growthLeangen Bolig AS28,880.8%

Strongest balance sheetThon Hotellbygg AS73.7%

Largest revenueOBOS Block Watne AS1,901 MNOK

Highest revenue per employeeThongård AS116.2 MNOK

Needs attention · 2024 · Morning class Large

11 companies show at least one warning sign. Showing the 11 most important.

watchMustad Eiendom ASVery low equity ratio (6.7%) · Current ratio below 1 (0.47)
watchOBOS Block Watne ASLoss before tax
watchDNB Eiendom ASLoss before tax
watchOBOS Nye Hjem ASCurrent ratio below 1 (0.76)
watchOte Eiendom ASCurrent ratio below 1 (0.11)
watchThongård ASCurrent ratio below 1 (0.54)
watchOBOS Eiendomsforvaltning ASCurrent ratio below 1 (0.85)
watchThon Hotellbygg ASCurrent ratio below 1 (0.22)
watchHavfonn ASCurrent ratio below 1 (0.48)
watchCbre Gws Norway ASVery low equity ratio (8.9%)
watchKleivveien Utbygging ASVery low equity ratio (0.3%)

Sector map · 2024 · 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
Havfonn AS	92.2%	71.4%	609 MNOK
Eiendomsmegler 1 Midt-Norge AS	11.3%	60.7%	553 MNOK
OBOS Eiendomsforvaltning AS	26.6%	43.8%	826 MNOK
Thon Hotellbygg AS	77.2%	73.7%	742 MNOK
Leangen Bolig AS	11.4%	19.1%	505 MNOK
Eiendomsmegler Krogsveen AS	8.1%	29.0%	706 MNOK
Thongård AS	34.8%	66.9%	930 MNOK
Ote Eiendom AS	50.8%	29.5%	1,247 MNOK
Mustad Eiendom AS	42.6%	6.7%	701 MNOK
Cbre Gws Norway AS	1.1%	8.9%	592 MNOK
OBOS Nye Hjem AS	−0.8%	39.2%	1,457 MNOK
DNB Eiendom AS	−1.5%	36.0%	1,531 MNOK
OBOS Block Watne AS	−7.7%	23.8%	1,901 MNOK
Kleivveien Utbygging AS	9.1%	0.3%	573 MNOK

Holding and investment companies · 2024

2,257 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: 974 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	Terje Kjeldsen Holding AS	99	100.0%	114.0%	–	11 MNOK
2	Ancas Invest AS	97	100.0%	103.9%	–	12 MNOK
3	Boppus Invest AS	97	100.0%	52.3%	16,164.19	30 MNOK
4	Corrente Holding AS	95	100.0%	39.0%	–	23 MNOK
5	Barrock Invest AS	95	99.9%	79.6%	717.69	18 MNOK
6	Mda Holding AS	94	100.0%	34.2%	5,615.88	16 MNOK
7	Mno Holding AS	94	99.9%	60.9%	–	33 MNOK
8	Hwa Holding AS	93	100.0%	30.8%	–	15 MNOK
9	Kwa Holding AS	92	100.0%	27.0%	–	23 MNOK
10	Superson Invest AS	92	100.0%	25.3%	1,637.71	11 MNOK
11	Nacapa Invest AS	91	100.0%	25.1%	–	18 MNOK
12	Hallgeir Haga Invest AS	91	99.7%	49.5%	249.80	15 MNOK
13	Trondheim Kontorutvikling Holding AS	91	99.8%	57.1%	118.31	21 MNOK
14	Borneskjeret Holding AS	91	99.7%	43.9%	381.36	38 MNOK
15	KL Holding AS	91	99.8%	40.6%	199.38	11 MNOK
16	Tore Stai Holding AS	91	99.9%	26.9%	942.96	12 MNOK
17	Arnold Holding AS	90	99.5%	56.5%	210.44	12 MNOK
18	Tor-Erik Johnsen Invest AS	90	100.0%	20.9%	2,494.57	17 MNOK
19	CG Holding AS	90	100.0%	19.1%	5,341.62	19 MNOK
20	ANDERS O. Wang Holding AS	89	99.6%	78.4%	102.25	25 MNOK

Show all 100

Rank	Company	Score	Total assets
21	Aqp Holding AS	89	168 MNOK
22	Svejk Invest AS	89	14 MNOK
23	Strøm Sivertsen Holding AS	89	16 MNOK
24	Rønning Indrelid Holding AS	89	126 MNOK
25	AR Kapital AS	89	38 MNOK
26	Alpen Holding AS	89	79 MNOK
27	Nedre Lobben Holding AS	88	19 MNOK
28	Breverud Holding AS	88	22 MNOK
29	Zimmer Holding AS	88	15 MNOK
30	Ivar Weider Moen Holding AS	88	36 MNOK
31	Skarpen Invest AS	88	14 MNOK
32	Oliven Holding AS	88	15 MNOK
33	Jem Holding AS	88	49 MNOK
34	Gry Ansgar Invest AS	87	19 MNOK
35	Gex Capital AS	87	15 MNOK
36	Gom Invest AS	87	14 MNOK
37	Kramer Holding AS	87	14 MNOK
38	Chapel Hill Invest AS	86	43 MNOK
39	Bhl Holding AS	86	17 MNOK
40	Emerald Invest AS	86	96 MNOK
41	Kma Invest AS	86	39 MNOK
42	DS Invest 2024 AS	86	134 MNOK
43	O.S Holding AS	85	12 MNOK
44	Espen Strøm Holding AS	85	22 MNOK
45	Aksel Valen Holding AS	85	93 MNOK
46	Jobsen Invest AS	85	38 MNOK
47	Superknut Invest AS	85	11 MNOK
48	Gjerdalen Invest AS	85	12 MNOK
49	Evensen Maritime Invest AS	84	42 MNOK
50	Jabetza Invest AS	84	23 MNOK
51	Milliways Invest AS	84	11 MNOK
52	Jusoje Invest AS	84	17 MNOK
53	Goo Invest AS	84	13 MNOK
54	Bur Holding AS	84	115 MNOK
55	Vjuv Invest AS	84	11 MNOK
56	Birkeland Invest AS	84	12 MNOK
57	Elstad Invest AS	84	11 MNOK
58	Kcuv Invest AS	83	11 MNOK
59	Mikkmatt Invest AS	83	34 MNOK
60	Kveil Invest AS	83	30 MNOK
61	27 Capital AS	83	11 MNOK
62	Lonø Holding AS	83	334 MNOK
63	Longvagruppen Holding AS	83	93 MNOK
64	Tikea Invest AS	83	13 MNOK
65	Jkt Birkeland Invest AS	82	357 MNOK
66	Titt Inn Holding AS	82	28 MNOK
67	Ultor Invest AS	82	11 MNOK
68	Bøffel Holding AS	82	69 MNOK
69	Rognag Holding AS	82	13 MNOK
70	Anderich Invest AS	82	30 MNOK
71	Cah Invest AS	82	11 MNOK
72	Eianor Invest AS	82	13 MNOK
73	AE Bulk Co-Invest AS	82	41 MNOK
74	Angur Invest AS	81	56 MNOK
75	F600 Invest AS	81	40 MNOK
76	Ibj Invest AS	81	12 MNOK
77	Belsvik Holding AS	81	86 MNOK
78	Nina Ryen Holding AS	81	30 MNOK
79	Komet Invest AS	81	12 MNOK
80	Wolden Holding AS	81	13 MNOK
81	Steve Holding AS	80	11 MNOK
82	Khk Holding AS	80	18 MNOK
83	MU Investering AS	80	22 MNOK
84	Wico Invest AS	80	24 MNOK
85	Erik Lund Invest AS	80	60 MNOK
86	Oxaal Holding AS	80	59 MNOK
87	AJ Stangeland Holding AS	80	534 MNOK
88	Dag Invest AS	80	21 MNOK
89	Sanna Fjeldvær Holding AS	79	38 MNOK
90	Petrus Holding AS	79	72 MNOK
91	Habbestad Holding AS	79	18 MNOK
92	Kjærevik Holding AS	79	18 MNOK
93	Sniptind Invest AS	78	428 MNOK
94	G1 Holding AS	78	23 MNOK
95	Hein Holding AS	77	122 MNOK
96	Stavne og Stjern Holding AS	77	18 MNOK
97	Urskjell Invest AS	77	12 MNOK
98	Igesund Invest AS	77	19 MNOK
99	Ose Holding AS	77	14 MNOK
100	Idab Invest AS	76	18 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 2022, with a median operating margin of 31.0%.

Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2018	–	–
2019	–	–
2020	–	–
2021	–	–
2022 · weakest year	31.0%	10.0%
2023	44.6%	26.7%
2024	45.5%	26.4%
2025	46.6%	27.3%
2026	58.6%	40.2%

In 2022, 24 ranked companies did better than the sector, 19 about the same and 18 weaker.

Held up best in 2022

1HJ Eiendom ASequity ratio 40.8%97.2%
2Viken Boligeiendom ASequity ratio 10.0%94.0%
3Gjønnesjordet 10 ASequity ratio 0.5%88.9%
4Rambolt Eiendom ASequity ratio 74.1%81.8%
5Herock ASequity ratio 89.0%79.7%
6Huitfeldts Gate 15 ASequity ratio 6.3%77.3%
7Gullregnbukta ASequity ratio 4.9%71.5%
8Haakon Knudstad ASequity ratio 71.6%70.8%
9Inventec ASequity ratio 56.2%70.1%
10Marinella Eiendom ASequity ratio 44.8%70.1%

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.

Policy rate (prosent)

Latest value: 4.50 (2026-10)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 1.1 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	–	31.0%	44.6%	45.5%	46.6%	58.6%

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

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 rose 1.1 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	–	31.0%	44.6%	45.5%	46.6%	58.6%

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

Consumer price index (indeks (2025 = 100))

Latest value: 104.0 (2026M09)

Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 1.1 percentage points.

Consumer price index per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Consumer price index, annual average	84.3	89.2	94.1	97.0	100.0	102.9 (so far)
Change from the year before	+3.5%	+5.8%	+5.5%	+3.2%	+3.0%	+2.9%
Sector's median operating margin	–	31.0%	44.6%	45.5%	46.6%	58.6%

Source: SSB (14710, CC BY 4.0). Source · fetched 2 November 2026

When policy rate fell in 2025, 3,829 of 6,922 ranked companies kept their operating margin at or above the year before. Among the largest: OBOS Block Watne AS (−7.7% → 1.3%), DNB Eiendom AS (−1.5% → 2.9%), Ferncliff Tih AS (−717.9% → 99.2%), Ferncliff Holding AS (78.3% → 99.8%), OBOS Nye Hjem AS (−0.8% → −0.7%).

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: 60,965; +4.0% from 2023
Persons employed: 31,172; −0.2% from 2023
Turnover: NOK 240.4 bn; +8.0% from 2023
Gross operating margin: 50.2%; Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

217 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −8.8% against the four quarters before (238). That is about 3.6 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 2.5%
Share of persons employed: 6.0%
Share of turnover: 8.6%

SSB publishes this for groups of industries only. The figures are for the group “Omsetning og drift av fast eiendom”.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085. 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

Bash Eiendom AS 928846342 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
Brande Eiendom AS 925893811 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
Brande Holding AS 928469220 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Bygnes Bt1 S10 AS 936304664 Voluntary liquidation · 31 October 2026
Cecilie Løvøs Veg 2 AS 813648962 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Datterselskapet AS 988944041 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Eiby AS 827032522 Voluntary liquidation · 31 October 2026
Eidettoppen Eiendom AS 928086127 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
68*	Hele hovedgruppe 68
68.110	Kjøp og salg av egen fast eiendom
68.120	Utvikling og salg av byggeprosjekter
68.200	Utleie av egen eller leid fast eiendom
68.310	Eiendomsmegling og andre formidlingstjenester for eiendom
68.320	Eiendomsforvaltning på oppdrag