Sector

Industri

2,930 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. 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 · 2025 · Morning class Medium

Morning class Medium · 2025
#	Company	Profile	Score	Change
1	Nortek AS	Leader	92	+6
2	Eltorque AS	Leader	87	+24
3	Sero AS	Leader	86	+3
4	Rheinmetall Nordic AS	Leader	85	−2
5	Sigmund Espeland AS	Leader	85	+5
6	Stokke Industri AS	Leader	85	+2
7	Megalink AS	Leader	84	+7
8	Alutec AS	Leader	84	+8
9	Foss Fiber Optics AS	Leader	84	+7
10	Nordic Pharma Inc AS	Leader	84	+5
11	Robot Aviation AS	Leader	84	+41
12	Normilk AS	Leader	84	+6
13	Dnh A/S Den Norske Høyttalerfabrikk A/Ssubsidiary of Speaker Holding AS	Leader	84	+18
14	Salsus AS	Leader	83	+22
15	Schottel Nordic AS	Leader	83	+1
16	Inter-Sun AS	Leader	83	+5
17	AS HAMATEC	Leader	83	−8
18	Gunnebo Anja Industrier AS	Leader	83	−1
19	Vossabia AS	Leader	82	−2
20	Kongsberg Emballasje AS	Leader	82	0
21	Byberg AS	Leader	82	+6
22	Holmen Betong AS	Leader	82	+5
23	Avempro AS	Leader	81	+5
24	Lande Mek Verksted AS	Leader	81	+1
25	Pascal Drift AS	Leader	81	−1
26	Normeka AS	Leader	81	+3
27	Frem Kompetanse AS	Leader	80	−4
28	Aarsland Møbelfabrikk AS	Leader	80	+11
29	Kaffebakeriet AS	Leader	80	+11
30	Inkeria AS	Leader	80	+9
31	SOLBERG & Hansen ASsubsidiary of JOH. Johannson Kaffe AS	Leader	80	+1
32	E.C. Dahls Bryggeri AS	Leader	80	+25
33	Maritim Motor AS	Leader	79	−2
34	Bjertnæs Sag AS	Leader	79	+3
35	Telemark Kildevann AS	Leader	79	+9
36	Aven Holmestrand AS	Leader	79	+4
37	Onepole AS	Leader	79	+41
38	Grøvik Verk AS	Leader	79	−1
39	Algea AS	Leader	79	−7
40	Harlem Kjøtt AS	Leader	79	+17
41	Miras Solutions AS	Leader	79	+19
42	Albert Fjeld AS	Leader	79	+21
43	Oceaneering Rotator AS	Leader	79	+10
44	Interfil AS	Leader	79	0
45	Profesjonell Mekanikk AS	Leader	78	+21
46	Østo Ortopedisenter AS	Leader	78	−2
47	Svindland AS	Leader	77	+2
48	Fremo AS	Leader	77	+4
49	Nittedal Torvindustri AS	Leader	77	+9
50	Freudenberg Flow Technologies AS	Leader	77	−2

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

Kristiansund Mekaniske AS
From 2024 to 2025: the operating margin fell from 19.3% to −20.4% and went from a profit to a loss before tax.
−60
Spilka Composites AS
From 2024 to 2025: the operating margin fell from 8.9% to −15.6% and went from a profit to a loss before tax.
−59
Smed T Kristiansen AS
From 2024 to 2025: the operating margin fell from 8.9% to −18.6% and went from a profit to a loss before tax.
−59
Hamran Snekkerverksted AS
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −6.0% to 9.8%.
+49

Summary analysis

Industri, Morning class Large: 313 ranked companies in fiscal year 2025.

Best in the sector: Radionor Communications AS (score 92, operating margin 82.0%, equity ratio 72.6%). Air Products AS (score 91, operating margin 27.3%, equity ratio 70.2%). Pharmaq AS (score 90, operating margin 66.9%, equity ratio 89.6%).

Weakest in the sector: Jøtul AS (score 3, operating margin −18.1%, equity ratio −6.0%). Spenncon AS (score 10, operating margin −10.2%, equity ratio 12.1%). Brav AS (score 13, operating margin −12.5%, equity ratio 1.6%).

Worth a closer look

The median operating margin rose from 5.8% in 2024 to 6.2% in 2025 (0.4 percentage points).
The median equity ratio rose from 33.1% in 2024 to 33.2% in 2025 (0.1 percentage points).
The median revenue growth rose from 6.1% in 2024 to 7.2% in 2025 (1.1 percentage points).
The share with a loss went from 16% in 2024 to 17% 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 Medium

The five largest companies account for 1% of the sector's revenue. Combined profit before tax for the 1,114 ranked companies: 26,199 MNOK.

Size

The largest by revenue and employees, and who earns the most per employee.

Highest revenue

Trox Auranor AS 494 MNOK
Asker Contract Manufacturing AS 492 MNOK
Salatmestern ASsubsidiary of Salatmestern Holding AS 489 MNOK
Båtbygg AS 487 MNOK
Nortek AS 485 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Stokke Industri AS 65.9 MNOK
Dokk Husøy AS 40.1 MNOK
Feiring Asfalt AS 21.1 MNOK
Recube AS 20.6 MNOK
Namdal Kornsilo og Mølle AS 20.3 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

A/S FORMA 97.8%
Speira Bidco II AS 95.5%
Stokke Industri AS 92.2%
Bauta Group AS 74.3%
Kongsberg Næringseiendom AS 63.5%

Operating result divided by operating revenue.

Largest profit

Orkla ASA 9,264 MNOK
Norsk Hydro ASA 6,083 MNOK
Orkla Foods AS 1,733 MNOK
Heidelberg Materials Norway AS 548 MNOK
Hansen Protection AS 437 MNOK

Profit before tax.

Largest loss

Nel ASA −744 MNOK
1X Technologies AS −658 MNOK
Vianode AS −455 MNOK
Enrx Holding AS −306 MNOK
Hydrogenpro ASA −182 MNOK

Profit before tax, the largest negative.

Most solid

Stokke Industri AS 96.4%
Nel ASA 95.1%
COOP Norge Industri AS 91.9%
Berg Lipidtech AS 91.1%
Ole Ringdal AS 90.4%

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

1X Technologies AS +2,026.3%
Recube AS +1,421.6%
Docktech AS +566.1%
Robot Aviation AS +559.0%
Orkla Food Ingredients ASsubsidiary of Orkla ASA +502.2%

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

Largest revenue decline

Storesund Marine Services AS −73.1%
G.T Nordics AS −70.1%
Orkla ASA −67.5%
Kristiansund Mekaniske AS −62.0%
Shawcor Norway AS −61.6%

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

Biggest climbers

Hamran Snekkerverksted AS +48.9 points
Uniprotect AS +46.6 points
West Piping AS +44.8 points
Oma Baatbyggeri AS +43.9 points
Per's Kjøkken AS +40.8 points

Change in index points from the year before.

Biggest fallers

Kristiansund Mekaniske AS −59.7 points
Smed T Kristiansen AS −59.5 points
Spilka Composites AS −59.4 points
GROVFJORD MEK. VERKSTED 2.0 AS −47.7 points
Norse Cutting AS −46.7 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.

Quadrant analysis

Positions in the sector · 2025 · 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.

The chart and list show the 400 largest companies by revenue, of 1,127 in the class. Everyone is in the ranking. Full ranking

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2024 (small ring).

Euromaint Rail AS profitability 7 → 80, solidity 10 → 46
AM Nutrition AS profitability 72 → 7, solidity 39 → 16
Aak Energy AS profitability 35 → 6, solidity 69 → 5
Fora Form AS profitability 20 → 87, solidity 25 → 18
Motus Technology AS profitability 11 → 72, solidity 7 → 26

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 2024 (profitability / solidity)
Åkeberg Skoglunn Pølsemakeri AS	Beaver	27	8	57 / 5
Stamas Solutions AS	Beaver	27	12	55 / 18
Aalesund Protective Wear AS	Elephant	27	87	32 / 94
Stene Stål Produkter AS	Elephant	27	79	21 / 88
Kjeldsberg Kaffebrenneri AS	Elephant	26	59	37 / 86
Backstube AS	Beaver	26	13	74 / 10
Nordan Rubicon AS	Beaver	25	15	17 / 14
Arcus-Gruppen AS	Elephant	25	99	25 / 100
Hey DI AS	Elephant	25	69	16 / 64
Ccb Subsea AS	Beaver	25	36	76 / 33
Hagen AS	Elephant	24	83	23 / 82
KINGSPAN WATER & Energy AS	Beaver	24	22	13 / 15
Aass Bryggeri AS	Elephant	23	53	19 / 58
Verdalskalk AS	Elephant	23	90	46 / 91
Elementpartner AS	Beaver	23	4	38 / 4
Ringalm AS	Elephant	23	64	25 / 70
Gårdsand AS	Elephant	23	60	17 / 58
Berry Norway Containers AS	Elephant	22	87	71 / 86
AK Mekaniske AS	Beaver	22	38	43 / 36
Slettvoll Møbler AS	Elephant	22	79	28 / 91
Schibsted Trykk Oslo AS	Elephant	21	69	13 / 20
Eidskog Stangeskovene AS	Elephant	21	97	19 / 98
Gmc Yard AS	Beaver	21	18	52 / 17
Frydenbø Forward AS	Elephant	20	65	55 / 61
Westcon Resources Florø AS	Elephant	20	71	18 / 78
Meråker Kjøtt AS	Elephant	20	70	55 / 66
Smith Byggesystemer AS	Beaver	20	13	6 / 13
Alvdal Skurlag AS	Elephant	19	63	8 / 64
Huntonit AS	Beaver	19	26	38 / 38
Hernis Scan Systems AS	Elephant	19	98	71 / 98
Metallco Aluminium AS	Beaver	18	22	29 / 17
Elpro Electro AS	Beaver	18	48	53 / 49
Veolia Pet Norge AS	Beaver	18	0	21 / 0
Splitkon AS	Beaver	18	43	12 / 25
Namdal Kornsilo og Mølle AS	Elephant	18	90	29 / 88
Bussbygg AS	Elephant	18	56	36 / 56
Konsmo Fabrikker AS	Beaver	18	30	32 / 40
Uptime International AS	Beaver	17	6	21 / 0
Nelson Garden Productions AS	Elephant	17	57	7 / 76
Speira Recycling Services Norway AS	Elephant	17	89	23 / 93
Moelven Industrier ASA	Beaver	17	25	19 / 30
Konecranes AS	Beaver	16	22	23 / 31
Fluctus AS	Beaver	16	33	20 / 28
Storvik AS	Elephant	16	73	42 / 66
Brødrene Midthaug AS	Beaver	16	46	14 / 61
Hellefoss Book Paper AS	Beaver	16	43	40 / 35
Kverneland AS	Beaver	15	14	11 / 13
Norrøna Retail AS	Beaver	15	42	24 / 50
Begna Bruk AS	Elephant	14	67	26 / 90
G3 Gran Tre AS	Beaver	14	41	11 / 35

The sector in numbers

Summary · fiscal year 2025 · Morning class Medium

The sector's median operating margin is 4.7%. 30 of 1,130 companies have negative equity. The median equity ratio is 39.3%.

Companies with accounts1,130

Total revenue186,685 MNOK

Median operating margin4.7%

Median equity ratio39.3%

Share with a loss24%

Share with negative equity3%

All figures are for fiscal year 2025. Ranked: 1,127 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: 6 subsidiaries (789 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

3 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 0% of the total.

Climbers and fallers · Morning class Medium

Change in rank from 2024 to 2025, for 1,035 companies ranked in both years.

Climbers

821Uniprotect ASfrom rank 1,013 to 19268
820Oma Baatbyggeri ASfrom rank 963 to 14371
806Per's Kjøkken ASfrom rank 933 to 12771
801Hamran Snekkerverksted ASfrom rank 1,058 to 25765
749West Piping ASfrom rank 1,034 to 28564

Fallers

1,005Smed T Kristiansen ASfrom rank 50 to 1,05520
1,005Kristiansund Mekaniske ASfrom rank 55 to 1,06019
936Spilka Composites ASfrom rank 178 to 1,1149
889GROVFJORD MEK. VERKSTED 2.0 ASfrom rank 66 to 95530
876Cnc Produkter ASfrom rank 117 to 99326

Awards · 2025 · Morning class Medium

Most profitableA/S FORMA97.8%

Fastest growthVianode AS97,911.2%

Strongest balance sheetStokke Industri AS96.4%

Largest revenueTrox Auranor AS494 MNOK

Highest revenue per employeeStokke Industri AS65.9 MNOK

Needs attention · 2025 · Morning class Medium

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

critical1X Technologies ASNegative equity · Current ratio below 1 (0.13) · Loss before tax
criticalHofseth Biocare ASANegative equity · Current ratio below 1 (0.53) · Loss before tax
criticalPasser Products ASNegative equity · Current ratio below 1 (0.68) · Loss before tax
criticalMadshus ASNegative equity · Current ratio below 1 (0.87) · Loss before tax
criticalRingsaker Vegg- og Takelementer ASNegative equity · Current ratio below 1 (0.76) · Loss before tax
criticalCavotec Micro-Control ASNegative equity · Current ratio below 1 (0.97) · Loss before tax
criticalPeak Marine Tech ASNegative equity · Current ratio below 1 (0.65) · Loss before tax
criticalEng Fugl ASNegative equity · Current ratio below 1 (0.30) · Loss before tax
criticalAkva Group Land Based Sømna ASNegative equity · Current ratio below 1 (0.54) · Loss before tax
criticalStålteknikk ASNegative equity · Current ratio below 1 (0.85) · Loss before tax
criticalDocktech ASNegative equity · Current ratio below 1 (0.76) · Loss before tax
criticalEdelgard ASNegative equity · Current ratio below 1 (0.91) · Loss before tax
criticalDap Solution ASNegative equity · Current ratio below 1 (0.95) · Loss before tax
criticalNortech ASNegative equity · Current ratio below 1 (0.86) · Loss before tax
criticalAkershus Reklame Team ASNegative equity · Current ratio below 1 (0.45) · Loss before tax

Sector map · 2025 · 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.

The map shows the 400 largest companies by revenue, of 1,127 ranked. Everyone is in the ranking.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Trox Auranor AS	13.1%	75.1%	494 MNOK
Asker Contract Manufacturing AS	8.2%	88.2%	492 MNOK
Salatmestern AS	3.3%	24.3%	489 MNOK
Båtbygg AS	4.6%	44.3%	487 MNOK
Nortek AS	25.9%	82.5%	485 MNOK
Sørlandschips AS	9.0%	7.4%	484 MNOK
Normilk AS	10.6%	82.9%	483 MNOK
Optimar AS	−9.9%	17.1%	478 MNOK
PSW POWER & Automation AS	−13.9%	17.5%	477 MNOK
Aass Bryggeri AS	0.5%	41.2%	477 MNOK
Moelven Mjøsbruket A.S.	7.4%	58.6%	477 MNOK
Natre Vinduer AS	−21.8%	20.6%	473 MNOK
Imenco AS	1.5%	36.7%	467 MNOK
Ringalm AS	0.4%	47.3%	465 MNOK
Aksell AS	3.0%	34.7%	461 MNOK
Rørosmeieriet AS	15.7%	31.7%	461 MNOK
Hycast AS	7.2%	63.2%	457 MNOK
Elcor AS	2.8%	30.0%	456 MNOK
Ulmatec Handling Systems AS	4.2%	32.9%	455 MNOK
Isiflo AS	9.2%	65.2%	454 MNOK
Vistin Pharma AS	21.6%	54.7%	452 MNOK
NØSTED & AS	6.3%	56.2%	450 MNOK
Defa AS	2.7%	45.8%	448 MNOK
Slaktehuset Eidsmo Dullum AS	2.7%	51.3%	448 MNOK
Medistim ASA	34.1%	39.3%	443 MNOK
Maskinpakking AS	6.7%	40.5%	441 MNOK
Nordic Steel AS	8.2%	26.3%	438 MNOK
Scanox AS	17.0%	57.0%	437 MNOK
Gjøco AS	2.5%	42.6%	435 MNOK
Vitux AS	3.6%	29.6%	434 MNOK
Stanges Gårdsprodukter AS	6.1%	30.1%	434 MNOK
Framtre Industri AS	−10.4%	22.3%	434 MNOK
HÅ Kylling AS	2.2%	31.1%	433 MNOK
Rheinmetall Nordic AS	18.5%	74.9%	433 MNOK
Inission Norge AS	10.9%	57.9%	432 MNOK
Moelven van Severen AS	−6.1%	34.0%	430 MNOK
Uptime International AS	−2.0%	9.4%	430 MNOK
Jæren Traktorsenter AS	2.8%	23.2%	427 MNOK
O Kavli AS	15.5%	33.8%	426 MNOK
Kongsberg Norcontrol AS	26.7%	37.6%	424 MNOK
Moelven Langmoen AS	4.4%	58.4%	421 MNOK
Postnord Strålfors AS	7.0%	34.2%	418 MNOK
Nordic Door AS	2.5%	41.5%	416 MNOK
Semco Maritime AS	6.1%	73.8%	414 MNOK
Storvik AS	−2.0%	53.9%	414 MNOK
Sandnes Garn AS	17.4%	18.6%	413 MNOK
Tinde Hytter AS	−8.8%	44.0%	413 MNOK
Millba AS	4.2%	16.4%	411 MNOK
Mørenot Fishery AS	3.9%	51.2%	409 MNOK
Westend Bakeri AS	8.0%	50.2%	409 MNOK
T & G Elektro AS	6.1%	43.0%	409 MNOK
Ottobock Care Norge AS	16.4%	45.9%	407 MNOK
Acel AS	7.8%	40.3%	407 MNOK
Norilia AS	3.9%	37.9%	407 MNOK
Sandvik Coromant AS	5.1%	71.8%	406 MNOK
Everzinc Norway AS	0.8%	48.1%	406 MNOK
Umoe Mandal AS	7.7%	26.7%	404 MNOK
Aclima AS	9.1%	44.2%	401 MNOK
Andersen Mek Verksted AS	0.4%	39.2%	398 MNOK
Stokke Industri AS	92.2%	96.4%	395 MNOK
Norsk Dyremat AS	4.6%	19.9%	395 MNOK
Bauta Maritime AS	8.3%	24.8%	394 MNOK
Ipoa AS	2.0%	40.4%	394 MNOK
Stange Jernstøperi AS	5.5%	41.7%	393 MNOK
Wonderland AS	3.6%	6.2%	390 MNOK
Tratec Solutions AS	−3.0%	21.6%	389 MNOK
Devold of Norway AS	0.2%	11.7%	389 MNOK
KD Norway AS	3.5%	15.8%	387 MNOK
Oceaneering Rotator AS	21.9%	67.1%	386 MNOK
Swisslog AS	3.4%	12.8%	385 MNOK
Veidekke Prefab AS	−8.7%	25.6%	385 MNOK
DB Equipment AS	−7.5%	63.0%	385 MNOK
Ikm Elektro AS	7.2%	32.3%	384 MNOK
Alf Strøm-Larsen AS	7.8%	56.8%	381 MNOK
Voss Production AS	10.8%	−38.6%	380 MNOK
Sletta Verft AS	2.6%	47.3%	379 MNOK
Østmøllene AS	2.5%	40.0%	379 MNOK
Dokka Fasteners AS	1.9%	47.1%	374 MNOK
Vestdavit AS	12.2%	34.8%	373 MNOK
Bergans Fritid AS	−10.8%	22.5%	373 MNOK
Hansen Protection AS	3.5%	85.6%	373 MNOK
Teccon AS	14.0%	55.4%	372 MNOK
Ortopediteknikk AS	7.3%	54.1%	371 MNOK
H-Fasader AS	−7.5%	15.6%	371 MNOK
Ferskvarehuset AS	−9.9%	56.2%	371 MNOK
Polynt Composites Norway AS	3.8%	38.8%	370 MNOK
Nobi AS	8.1%	64.6%	370 MNOK
Vestfoldmøllene AS	3.3%	41.3%	367 MNOK
Csub AS	1.0%	60.0%	366 MNOK
Eidskog Stangeskovene AS	−0.1%	78.5%	363 MNOK
Randaberg Industries AS	5.6%	28.3%	362 MNOK
Hepro AS	7.4%	29.3%	362 MNOK
Satema AS	5.7%	26.5%	362 MNOK
Moelven Numedal AS	2.4%	76.1%	362 MNOK
A/S Røra Fabrikker	−4.9%	45.5%	362 MNOK
Agilera Pharma AS	−18.1%	10.0%	353 MNOK
Løvold AS	8.0%	25.7%	352 MNOK
Hey DI AS	0.6%	51.0%	352 MNOK
WENNSTROM SOLUTIONS & Service AS	3.1%	36.4%	351 MNOK
Grans Bryggeri AS	5.7%	57.9%	351 MNOK
Ims Technologies AS	16.3%	50.4%	350 MNOK
Fiskerstrand Verft AS	1.9%	26.2%	349 MNOK
Flatsetsund Engineering AS	28.3%	41.2%	346 MNOK
Argus Remote Systems AS	19.5%	32.9%	345 MNOK
Moelven Modus AS	−12.7%	36.2%	344 MNOK
Agility AS	6.9%	32.9%	344 MNOK
Moelven Trysil AS	4.9%	73.5%	343 MNOK
Huntonit AS	−1.7%	26.2%	342 MNOK
Lyssand-Frekhaug AS	6.5%	79.9%	342 MNOK
Forcit Norway AS	−4.8%	11.4%	341 MNOK
Oma Baatbyggeri AS	14.0%	37.3%	341 MNOK
Høiax AS	6.2%	75.9%	336 MNOK
Egenes Brannteknikk AS	2.6%	41.0%	336 MNOK
Begna Bruk AS	−4.1%	49.6%	335 MNOK
Maritime Montering Norway AS	0.9%	26.5%	334 MNOK
Libra-Plast AS	8.7%	45.1%	333 MNOK
Bartec AS	9.8%	43.4%	332 MNOK
Formotion Norway AS	4.6%	42.4%	332 MNOK
Tata Steel Norway Byggsystemer AS	1.0%	77.7%	332 MNOK
Strai Kjøkken AS	7.0%	52.7%	332 MNOK
Nordic Pharma Inc AS	19.2%	71.9%	328 MNOK
Pals AS	1.8%	64.9%	327 MNOK
Höganäs Borgestad AS	6.4%	26.4%	327 MNOK
SANDNES & Jærbetong AS	3.9%	56.9%	325 MNOK
1X Technologies AS	−200.2%	−27.2%	324 MNOK
Åkeberg Skoglunn Pølsemakeri AS	0.4%	11.5%	322 MNOK
Avery Dennison Ntp AS	6.3%	59.3%	322 MNOK
Loe Rørprodukter AS	11.7%	69.7%	320 MNOK
Stenqvist AS	3.0%	59.1%	319 MNOK
G3 Fåvang Sag AS	6.1%	50.0%	319 MNOK
Backstube AS	1.6%	16.0%	317 MNOK
Marine Aluminium AS	12.4%	23.3%	316 MNOK
Berry Norway Containers AS	−1.7%	65.8%	316 MNOK
Optimera Byggsystemer AS	−6.4%	31.6%	316 MNOK
Moelven Østerdalsbruket AS	3.0%	71.3%	315 MNOK
Imtas Prosjekt AS	5.1%	39.6%	312 MNOK
Mediehuset Andvord AS	5.2%	42.9%	309 MNOK
Westcontrol Berget AS	7.7%	31.6%	307 MNOK
Kjeldsberg Kaffebrenneri AS	1.3%	44.4%	306 MNOK
Ccb Subsea AS	0.9%	32.3%	303 MNOK
Sophies Minde Ortopedi AS	1.4%	70.4%	301 MNOK
Metallco Aluminium AS	−1.6%	23.9%	298 MNOK
Gmc Yard AS	−0.3%	20.5%	298 MNOK
Splitkon AS	−0.3%	35.9%	296 MNOK
Bandak AS	14.6%	46.6%	296 MNOK
Topro Industri AS	−16.0%	15.7%	295 MNOK
Tronrud Engineering AS	2.9%	58.6%	295 MNOK
Jens Eide AS	3.6%	49.5%	295 MNOK
Haaland Industri AS	6.0%	24.0%	295 MNOK
Ribe Betong AS	3.9%	37.5%	295 MNOK
Umoe Advanced Composites AS	5.4%	68.3%	294 MNOK
Algea AS	14.5%	82.9%	293 MNOK
Brødrene Ringstad AS	2.8%	29.0%	293 MNOK
Nordic Bulk AS	−4.0%	12.7%	293 MNOK
Moen Verft AS	3.7%	26.5%	292 MNOK
Mondelez Norge Production AS	4.3%	58.0%	292 MNOK
Hellefoss Book Paper AS	−6.8%	35.6%	292 MNOK
Elotec AS	4.1%	52.4%	289 MNOK
Pierre Robert Group AS	−4.4%	46.8%	289 MNOK
Covent AS	11.5%	48.4%	288 MNOK
Teamtec AS	4.2%	61.8%	288 MNOK
Vestre Produksjon AS	8.7%	14.6%	288 MNOK
Ptg Frionordica AS	1.8%	13.3%	287 MNOK
Janusfabrikken AS	−8.5%	14.4%	287 MNOK
Fpe Sontum AS	7.4%	44.8%	285 MNOK
Inter-Sun AS	40.0%	66.8%	285 MNOK
Jaro AS	7.7%	40.8%	284 MNOK
Norrøna Retail AS	−3.6%	35.2%	284 MNOK
Frydenbø Forward AS	−0.5%	48.2%	283 MNOK
Brimer AS	9.5%	21.1%	283 MNOK
Plasman AS	5.5%	84.5%	282 MNOK
Uldal AS	1.7%	29.6%	282 MNOK
I P Huse AS	10.7%	88.1%	282 MNOK
Oppdal Spekemat AS	5.8%	45.3%	281 MNOK
Steni AS	6.5%	34.2%	281 MNOK
Neo Monitors AS	21.3%	38.9%	281 MNOK
Gunnebo Anja Industrier AS	16.8%	77.6%	280 MNOK
SAFEROAD B. Berntsen AS	23.5%	10.7%	278 MNOK
Ålgård Offset AS	4.7%	33.1%	278 MNOK
Got Safe Yards AS	2.2%	12.9%	278 MNOK
Proserv Norge AS	−6.0%	46.3%	277 MNOK
Lonevåg Beslagfabrikk AS	8.6%	84.2%	277 MNOK
Hunter Douglas Norge AS	11.2%	42.8%	276 MNOK
W B Samson AS	8.6%	14.9%	276 MNOK
Tronrud Engineering Moss AS	8.2%	56.5%	276 MNOK
Motus Technology AS	8.8%	26.1%	275 MNOK
Loyds Industri AS	5.9%	24.3%	274 MNOK
Hermes Marine Services AS	4.1%	82.4%	273 MNOK
Alna AS	3.1%	36.0%	273 MNOK
Alier AS	12.3%	40.3%	273 MNOK
Konsmo Fabrikker AS	−1.5%	28.7%	273 MNOK
Pcs Construction Norway AS	5.9%	21.8%	271 MNOK
Ulstein Elektro Installasjon AS	2.0%	12.5%	271 MNOK
Kuraas AS	3.7%	28.8%	270 MNOK
Baker Hansen AS	13.5%	73.7%	269 MNOK
Bakehuset Nord-Norge AS	1.4%	25.0%	268 MNOK
Mandals AS	9.8%	79.2%	268 MNOK
Fiskå Mølle Flisa AS	3.4%	24.1%	267 MNOK
Industrikran Norge AS	7.8%	56.0%	266 MNOK
Gmc Hvac AS	1.7%	20.1%	266 MNOK
Ekornes Beds AS	9.8%	31.0%	266 MNOK
Aven Holmestrand AS	12.0%	71.1%	266 MNOK
Elpro Electro AS	−1.0%	38.1%	266 MNOK
Avempro AS	11.0%	58.1%	265 MNOK
Namdal Kornsilo og Mølle AS	−1.0%	70.3%	264 MNOK
Vianode AS	−158.5%	52.3%	264 MNOK
Moelven Limtre AS	−16.6%	25.1%	262 MNOK
Bako AS	10.9%	19.3%	262 MNOK
Einar Øgrey Farsund AS	7.7%	34.8%	260 MNOK
Skjæveland Gruppen AS	−5.5%	23.8%	260 MNOK
Hofseth Biocare ASA	−39.5%	−1.4%	260 MNOK
Verdalskalk AS	0.9%	69.0%	257 MNOK
Matpartner AS	4.6%	64.1%	257 MNOK
Danelec Norway AS	31.2%	8.7%	256 MNOK
Dwellop AS	11.9%	71.8%	256 MNOK
MO Industripark AS	24.8%	40.6%	256 MNOK
Lett-Tak Systemer AS	−4.1%	56.4%	256 MNOK
A/S Nesseplast	11.9%	63.2%	255 MNOK
Pretre AS	−8.5%	65.1%	255 MNOK
Fjøssystemer Midt Norge AS	10.6%	25.9%	254 MNOK
Brødrene Midthaug AS	−1.9%	37.2%	253 MNOK
Salthammer Båtbyggeri AS	9.3%	16.7%	252 MNOK
Kverneland AS	−8.1%	16.6%	250 MNOK
Measurement Solutions Norway AS	27.0%	50.1%	250 MNOK
Optimarin AS	7.1%	52.7%	249 MNOK
Kis Nord AS	19.6%	10.3%	249 MNOK
VÓNIN Refa AS	6.2%	46.2%	249 MNOK
Sørlandskjøtt AS	7.2%	36.6%	248 MNOK
Radøygruppen AS	2.0%	38.7%	248 MNOK
Bakeverket AS	1.4%	66.1%	247 MNOK
Tp-Products AS	14.6%	41.6%	247 MNOK
G3 Gran Tre AS	−3.2%	34.2%	246 MNOK
Hernis Scan Systems AS	−3.6%	83.0%	245 MNOK
AK Mekaniske AS	0.2%	32.8%	245 MNOK
TESS SUBSEA & Engineering AS	9.9%	16.5%	245 MNOK
Harstad Mek Verksted AS	6.8%	40.8%	243 MNOK
Simona Stadpipe AS	1.9%	32.5%	243 MNOK
Konecranes AS	−1.8%	23.7%	243 MNOK
Tysse Mekaniske Verksted AS	8.9%	64.8%	243 MNOK
Norfolier Greentec AS	7.1%	17.8%	242 MNOK
Steertec Raufoss AS	4.2%	28.0%	241 MNOK
DELTA-P, Pumpe og Kompressor Systemer AS	13.7%	34.9%	241 MNOK
Fjøssystemer Vest AS	12.1%	34.2%	240 MNOK
Scanpole AS	3.1%	36.5%	240 MNOK
Foss Fiber Optics AS	17.0%	64.0%	239 MNOK
Nordan Gruppen AS	21.3%	86.0%	239 MNOK
Speira Recycling Services Norway AS	−4.0%	68.3%	239 MNOK
Egersund Herøy AS	7.0%	32.4%	239 MNOK
Vestkorn Milling AS	−18.2%	13.6%	239 MNOK
H. Henriksen AS	14.6%	54.7%	239 MNOK
Norbit Kabelpartner AS	11.2%	4.4%	239 MNOK
Skarpnes AS	14.5%	36.9%	239 MNOK
Stene Stål Produkter AS	1.2%	58.2%	239 MNOK
Ikm Karsten Moholt AS	−8.2%	32.7%	238 MNOK
Nammo AS	−39.9%	31.8%	238 MNOK
Proteket AS	9.7%	39.4%	237 MNOK
Maritime Construction Solutions AS	24.2%	44.1%	237 MNOK
Vms Trondheim AS	11.0%	62.7%	237 MNOK
Dimo AS	12.7%	37.5%	236 MNOK
Carboline Norge AS	−8.0%	68.2%	236 MNOK
Fluctus AS	−1.1%	30.5%	236 MNOK
Quipd AS	5.9%	36.7%	235 MNOK
Curida AS	−12.5%	12.0%	235 MNOK
Bussbygg AS	−1.1%	43.0%	234 MNOK
Alvdal Skurlag AS	−0.7%	47.0%	233 MNOK
Ole Ringdal AS	4.6%	90.4%	233 MNOK
Dale of Norway AS	7.2%	48.7%	232 MNOK
H - Vinduet Fjerdingstad AS	4.5%	34.6%	232 MNOK
Norwater AS	14.0%	24.7%	232 MNOK
Veolia Pet Norge AS	−1.4%	−9.2%	232 MNOK
ENDÚR Sjøsterk AS	13.2%	19.2%	232 MNOK
Sirevåg Mekaniske AS	11.7%	25.0%	232 MNOK
Baggerød AS	5.6%	43.8%	231 MNOK
Firenor AS	7.9%	36.0%	230 MNOK
Hmr Hydeq AS	6.6%	64.3%	230 MNOK
RYGENE-SMITH & Thommesen AS	30.1%	71.0%	229 MNOK
ENDÚR Maritime AS	2.2%	47.5%	229 MNOK
Leiv Vidar AS	−3.9%	22.0%	229 MNOK
Zinus AS	4.2%	26.3%	229 MNOK
Polyform AS	14.1%	49.4%	229 MNOK
Norvigroup Norsk Dun AS	4.9%	29.1%	228 MNOK
Nærbakst Øst AS	2.2%	9.9%	228 MNOK
Schibsted Trykk Oslo AS	0.2%	50.7%	228 MNOK
Clampon AS	11.9%	69.4%	228 MNOK
Recube AS	−2.4%	81.2%	227 MNOK
Arcus-Gruppen AS	−4.2%	86.0%	226 MNOK
Fjøssystemer AS	9.6%	45.4%	226 MNOK
Maxeta AS	10.8%	38.7%	226 MNOK
Systemblokk AS	2.6%	51.5%	225 MNOK
Mjørud AS	4.1%	24.5%	224 MNOK
Depro AS	6.8%	33.3%	224 MNOK
Euromaint Rail AS	10.5%	37.1%	224 MNOK
Nordan Rubicon AS	0.8%	17.8%	224 MNOK
AM Nutrition AS	−9.9%	18.8%	224 MNOK
Westcon Helgeland AS	16.5%	29.0%	223 MNOK
Bluegreen Fusion AS	8.3%	12.4%	223 MNOK
Profilteam AS	11.5%	38.5%	223 MNOK
Holzweiler Items AS	−7.6%	−19.2%	223 MNOK
Infraplast AS	2.7%	22.5%	222 MNOK
Noratel AS	14.0%	60.6%	222 MNOK
Auto-Maskin AS	24.7%	9.1%	221 MNOK
HG Teknikk AS	2.1%	15.5%	221 MNOK
The Switch Marine Drives Norway AS	5.2%	20.2%	220 MNOK
Moelven Industrier ASA	−34.1%	25.5%	220 MNOK
Vegsund Slip AS	11.2%	47.7%	220 MNOK
Elementpartner AS	0.3%	5.2%	219 MNOK
Interfil AS	10.8%	71.0%	219 MNOK
Noha Norway AS	8.4%	30.2%	218 MNOK
Smith Byggesystemer AS	−0.4%	16.3%	218 MNOK
Passer Products AS	−6.1%	−6.3%	218 MNOK
Fiskå Mølle Råde AS	3.0%	61.8%	217 MNOK
Itab Industrier AS	2.9%	44.4%	217 MNOK
I O S Tubular Management AS	13.4%	42.8%	217 MNOK
Brynsløkken AS	3.0%	31.8%	215 MNOK
Mjøsgrønt AS	4.5%	40.4%	215 MNOK
Rindalslist AS	5.9%	54.4%	215 MNOK
KINGSPAN WATER & Energy AS	1.0%	24.0%	215 MNOK
Gmv AS	17.0%	31.6%	215 MNOK
Gårdsand AS	0.7%	45.3%	214 MNOK
Odda Plast AS	2.6%	17.5%	212 MNOK
Aak Energy AS	−5.8%	8.8%	211 MNOK
Sero AS	25.5%	74.7%	211 MNOK
Norgesplaster AS	5.8%	21.0%	211 MNOK
Palla Pharma Norway AS	11.1%	37.5%	211 MNOK
Slettvoll Møbler AS	−1.4%	58.4%	211 MNOK
Nomek AS	10.9%	42.6%	211 MNOK
SOLBERG & Hansen AS	10.4%	67.8%	210 MNOK
Thermo King Norge AS	5.3%	28.1%	210 MNOK
Åkrene Mek Verksted AS	2.1%	67.5%	208 MNOK
Fosstech AS	7.0%	48.9%	208 MNOK
Nen-Produkter AS	5.3%	18.9%	208 MNOK
Norpri AS	5.6%	10.8%	208 MNOK
Stamas Solutions AS	1.9%	15.3%	206 MNOK
H Mydland AS	4.6%	30.4%	206 MNOK
Norsk Spennbetong AS	7.7%	52.3%	205 MNOK
Notech AS	19.1%	26.7%	205 MNOK
Norgesvinduet Svenningdal AS	3.5%	54.6%	205 MNOK
Sole AS	9.8%	36.5%	204 MNOK
Årdal Maskinering AS	14.9%	64.5%	204 MNOK
Monark AS	4.7%	28.9%	204 MNOK
Madshus AS	−26.2%	−7.3%	203 MNOK
Promek AS	9.8%	48.8%	203 MNOK
Kumera Marine AS	10.6%	33.5%	203 MNOK
Westcon Resources Florø AS	−0.8%	52.0%	203 MNOK
Poweron AS	13.6%	32.6%	203 MNOK
Egersund Trål AS	11.7%	65.2%	202 MNOK
Nofi Tromsø AS	−4.6%	21.4%	202 MNOK
Frydenbø Elmarin AS	7.7%	40.5%	201 MNOK
Røros Metall AS	1.8%	66.9%	201 MNOK
Fora Form AS	12.8%	20.8%	201 MNOK
Dokk Husøy AS	16.6%	6.8%	200 MNOK
Alimak Group Norway AS	3.0%	24.6%	199 MNOK
Instefjord Services AS	11.8%	11.8%	199 MNOK
Tratec Norcon AS	7.7%	20.6%	199 MNOK
Karmøy Winch AS	3.7%	32.3%	198 MNOK
Brubakken AS	2.9%	76.2%	198 MNOK
Nelson Garden Productions AS	−1.9%	43.6%	197 MNOK
Kamstål AS	4.9%	2.1%	197 MNOK
Maskon AS	31.8%	65.3%	197 MNOK
Aalesund Protective Wear AS	1.4%	65.9%	196 MNOK
Mjøs Metallvarefabrikk AS	10.0%	45.3%	196 MNOK
Norxe AS	2.7%	62.3%	195 MNOK
HÅ Element AS	4.6%	31.2%	195 MNOK
Taga Foods AS	4.2%	17.6%	194 MNOK
Norgesvinduet Bjørlo AS	−4.6%	65.1%	193 MNOK
Bømlo Skipsservice AS	−8.0%	14.1%	193 MNOK
Røros Slakteri AS	−1.7%	21.5%	192 MNOK
Rapp Bomek AS	6.1%	47.9%	192 MNOK
Mettler-Toledo Cargoscan AS	24.2%	47.0%	192 MNOK
Goman Kjelstad AS	9.2%	32.4%	192 MNOK
Tomra Butikksystemer AS	5.6%	33.1%	191 MNOK
Robot Aviation AS	25.1%	51.0%	191 MNOK
Bjertnæs Sag AS	11.1%	61.3%	191 MNOK
Toma Mat AS	−3.8%	2.8%	190 MNOK
Los Marine AS	3.0%	−1.2%	190 MNOK
KOLOS LIFTING & Inspection AS	11.9%	36.2%	190 MNOK
Feiring Asfalt AS	9.9%	7.1%	190 MNOK
Horns Slakteri AS	1.2%	42.7%	189 MNOK
Igland Garasjen AS	−6.0%	57.7%	188 MNOK
Maritime Partner AS	−7.7%	0.8%	187 MNOK
Moelven Granvin Bruk AS	7.8%	49.8%	186 MNOK
Tromsø Mekaniske AS	7.5%	24.8%	186 MNOK
Fjellstrand AS	9.0%	66.5%	186 MNOK
Nyborg AS	4.7%	56.6%	186 MNOK
Meråker Kjøtt AS	−0.4%	51.8%	186 MNOK
Petpack Drikker AS	11.9%	60.2%	184 MNOK
Faun Pharma AS	3.0%	64.4%	184 MNOK
Rørvik Marina AS	10.3%	35.9%	183 MNOK
Stadyard AS	4.8%	57.1%	183 MNOK
Ulmatec Skipsservice AS	7.5%	33.9%	182 MNOK
Oswo AS	9.9%	38.6%	182 MNOK
Drevelin Ortopedi AS	12.3%	60.7%	181 MNOK
Hagen AS	0.6%	62.8%	181 MNOK
Mcs Elektrotavler AS	3.6%	29.1%	181 MNOK
Grønvold Maskinservice AS	4.7%	36.2%	181 MNOK
Shawcor Norway AS	−38.1%	52.0%	181 MNOK
Eltorque AS	29.2%	69.7%	180 MNOK
Gummiservice Produksjon AS	−4.5%	0.9%	180 MNOK
Sørskår Mekaniske Verksted AS	9.6%	47.6%	179 MNOK
Gorines AS	−4.1%	22.3%	179 MNOK

Holding and investment companies · 2025

167 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: 95 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	Solsiden Holding AS	94	99.8%	35.9%	316.74	22 MNOK
2	Bøe Invest AS	92	99.5%	45.2%	146.03	20 MNOK
3	Polly Invest AS	87	99.6%	19.3%	176.09	29 MNOK
4	Zenith Holding AS	83	99.6%	16.0%	257.43	14 MNOK
5	Bratsberg Brygge Invest AS	82	99.8%	15.0%	234.75	62 MNOK
6	Arnestad Holding AS	80	99.3%	15.3%	133.27	11 MNOK
7	Skare Holding AS	78	93.9%	59.4%	8.01	24 MNOK
8	Naustet Invest AS	76	99.5%	11.5%	109.47	14 MNOK
9	Rådhusgaten 30 Holding AS	76	98.2%	13.8%	893.01	20 MNOK
10	Kongsberg Technology Invest AS	74	95.0%	23.8%	7.75	24 MNOK
11	Havnen Holding AS	74	99.2%	10.3%	108.96	54 MNOK
12	Rauma Holding AS	71	85.7%	49.9%	5.26	62 MNOK
13	A. Idsøe Holding AS	70	97.8%	11.6%	33.86	102 MNOK
14	Prima Brands Holding AS	69	95.7%	15.0%	8.91	664 MNOK
15	Kvarts Holding AS	68	91.7%	19.4%	7.65	17 MNOK
16	VN Link Holding AS	68	94.4%	14.9%	14.31	18 MNOK
17	Curida Holding AS	67	97.0%	9.5%	15.88	227 MNOK
18	Framo Holding AS	66	81.9%	18.6%	74.10	18 MNOK
19	Bjørnsen Holding AS	66	82.5%	26.2%	4.14	10 MNOK
20	Oswo Invest AS	66	84.3%	33.8%	2.11	50 MNOK

Show all 95

Rank	Company	Score	Total assets
21	Bia Investering AS	66	27 MNOK
22	Tuja Invest AS	65	17 MNOK
23	G Kristiansen Holding AS	65	22 MNOK
24	Sirø Invest AS	64	82 MNOK
25	Tredal Holding AS	62	31 MNOK
26	Foodmark Polen Holding AS	62	59 MNOK
27	Storemyra Holding AS	61	18 MNOK
28	Orkel Holding AS	61	133 MNOK
29	Hovtun Invest AS	61	81 MNOK
30	Speaker Holding AS	60	90 MNOK
31	Jordanes Investments Holding AS	60	2,902 MNOK
32	K. Invest AS	59	101 MNOK
33	Gudbrandsdalens Uldvarefabrik Holding AS	59	19 MNOK
34	Rac Invest AS	58	100 MNOK
35	Bør Holding AS	57	80 MNOK
36	Arven Holding AS	57	13 MNOK
37	Flokk Holding IV AS	56	4,382 MNOK
38	Egenes Holding AS	55	19 MNOK
39	Dam's Holding AS	54	13 MNOK
40	Elpro Holding AS	54	38 MNOK
41	Rooster Holding AS	52	52 MNOK
42	Mola Holding AS	52	20 MNOK
43	Skoppum Holding AS	51	14 MNOK
44	Flexit Future Holding AS	51	154 MNOK
45	Sperre Compressors Holding AS	50	4,757 MNOK
46	Bringo Holding AS	50	53 MNOK
47	Skarpnes Holding AS	50	165 MNOK
48	Hydal Invest AS	49	26 MNOK
49	Brunvoll Holding AS	49	1,202 MNOK
50	Depro Holding AS	49	84 MNOK
51	Norwest Holding AS	49	13 MNOK
52	Nyretappen Invest AS	48	21 MNOK
53	Nymo Steinly Invest AS	48	32 MNOK
54	ABB Holding AS	47	2,250 MNOK
55	Kasseriet Holding AS	47	115 MNOK
56	Grandevegen Invest AS	47	56 MNOK
57	Hytrans Holding AS	46	31 MNOK
58	Hunter Douglas Holding Norge AS	46	293 MNOK
59	Piiin Holding AS	44	228 MNOK
60	ÅE Invest AS	44	12 MNOK
61	Glassolsen Holding AS	44	16 MNOK
62	Industrikran Holding AS	44	138 MNOK
63	Stryvo Invest AS	44	34 MNOK
64	Tandberg Invest AS	43	22 MNOK
65	Ovun Holding AS	43	77 MNOK
66	Holzweiler Holding AS	42	289 MNOK
67	Tsi Invest AS	42	21 MNOK
68	Kavli Holding AS	40	1,285 MNOK
69	Ikm Instrument Rental Invest AS	40	118 MNOK
70	Odda Mek Holding AS	38	20 MNOK
71	Haukand Holding AS	35	14 MNOK
72	Baggerød Holding AS	33	136 MNOK
73	Bekken Invest AS	33	1,840 MNOK
74	Wellconnection Evpe Group Holding AS	33	18 MNOK
75	Gmc Holding AS	33	150 MNOK
76	Jordanes Investments AS	33	10,251 MNOK
77	Lilaas Holding AS	33	40 MNOK
78	Bns Invest AS	32	140 MNOK
79	Øglænd Group Holding AS	31	767 MNOK
80	Orkla Health Holding AS	30	10,349 MNOK
81	Ekornes QM Holding AS	30	6,435 MNOK
82	Skåren Invest AS	30	32 MNOK
83	Falsens Gate Holding AS	29	24 MNOK
84	Kværnø Invest AS	28	10 MNOK
85	Frisk Bris Holding AS	27	36 MNOK
86	Simen Emberland Holding AS	26	38 MNOK
87	SALVESEN & Thams Invest AS	22	1,708 MNOK
88	Oleana Holding AS	21	11 MNOK
89	Ulveseth Eiendom Holding AS	21	564 MNOK
90	Haugsland Holding AS	20	96 MNOK
91	Tangen Investering AS	17	21 MNOK
92	Oldroyd Holding AS	15	93 MNOK
93	Kringsjå Investering AS	13	17 MNOK
94	O.J. NÆSSET & Sønn Holding AS	12	15 MNOK
95	Salatmestern Holding AS	12	353 MNOK

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. 15 of 22 on median operating margin

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 0.0%.

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	–	–
2022 · weakest year	0.0%	21.9%
2023	4.5%	37.2%
2024	4.7%	37.4%
2025	4.6%	39.0%
2026	7.5%	42.9%

In 2022, 8 ranked companies did better than the sector, 4 about the same and 11 weaker.

Held up best in 2022

1Btec ASequity ratio 4.2%19.1%
2Promet ASequity ratio 60.3%15.7%
3R. Stahl Tranberg ASequity ratio 48.1%7.2%
4Wingtech ASequity ratio 60.8%4.5%
5Assa Abloy Global Solutions Norway ASequity ratio 9.5%4.1%
6Steelwork ASequity ratio 26.8%3.8%
7BLOMSØ BAKERI & Konditori ASequity ratio 24.2%3.2%
8Nor Bakeri ASequity ratio 46.9%2.5%

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.

EUR/NOK (kr)

Latest value: 10.59 (2026-10)

EUR/NOK rose 0.8% in 2025; the sector's median operating margin fell 0.1 percentage points.

EUR/NOK per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
EUR/NOK, annual average	10.16	10.10	11.42	11.62	11.72	11.04 (so far)
Change from the year before	−5.2%	−0.6%	+13.1%	+1.8%	+0.8%	−5.8%
Sector's median operating margin	–	0.0%	4.5%	4.7%	4.6%	7.5%

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 3 November 2026

Wholesale power price (øre per kWh)

Latest value: 86.7 (2026K2)

Wholesale power price rose 9.4% in 2025; the sector's median operating margin fell 0.1 percentage points.

Wholesale power price per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Wholesale power price, annual average	64.2	141.7	72.0	49.4	54.0	96.5 (so far)
Change from the year before	+466.7%	+120.8%	−49.2%	−31.4%	+9.4%	+78.4%
Sector's median operating margin	–	0.0%	4.5%	4.7%	4.6%	7.5%

Source: SSB (09363, CC BY 4.0). Source · fetched 3 November 2026

USD/NOK (kr)

Latest value: 9.46 (2026-10)

USD/NOK fell 3.3% in 2025; the sector's median operating margin fell 0.1 percentage points.

USD/NOK per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
USD/NOK, annual average	8.59	9.61	10.56	10.75	10.39	9.54 (so far)
Change from the year before	−8.8%	+11.9%	+9.9%	+1.7%	−3.3%	−8.2%
Sector's median operating margin	–	0.0%	4.5%	4.7%	4.6%	7.5%

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 3 November 2026

When USD/NOK fell in 2025, 1,461 of 2,883 ranked companies kept their operating margin at or above the year before. Among the largest: KONGSBERG DEFENCE & Aerospace AS (14.2% → 15.6%), Yara Norge AS (6.1% → 9.5%), Technipfmc Norge AS (4.1% → 8.6%), Nexans Norway AS (−4.3% → 2.3%), Aibel AS (4.6% → 6.8%).

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: 18,259; −0.3% from 2023

All enterprises, sole proprietorships included. SSB withholds some figures for confidentiality. The figure then shows the latest year with every value, and the year is given beside it.

Bankruptcies in the industry

138 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −11.5% against the four quarters before (156). That is about 7.6 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 3.6%
Share of persons employed: 27.2%
Share of turnover: –

SSB publishes this for groups of industries only. The figures are for the group “Industri”. A dash means SSB withholds the figure.

Production index · Industri

107.4 index, 2021 = 100, seasonally adjusted · 2026M08
+0.2% against 2025M08.

Monthly, 2023M08 to 2026M08.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 07095. 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

Dockside Motorservice AS 937668864 Voluntary liquidation · 3 November 2026
H.H. Tretjenester AS 988074020 Voluntary liquidation · 3 November 2026
VK Skredderservice AS 913168089 Forced dissolution · 3 November 2026 · 0 MNOK (2023)
Arvid Thoresen Båtkalesjer AS 985204357 Voluntary liquidation · 31 October 2026 · 4 MNOK (2025)
Blair Rammeverksted AS 938082154 Voluntary liquidation · 31 October 2026
Bryggeservice Sør AS 981873440 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Fosen Skogtjenester AS 998660009 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
Hanohra Holding AS 989140604 Voluntary liquidation · 31 October 2026

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
10*	Hele hovedgruppe 10
10.110	Bearbeiding og konservering av kjøtt unntatt fjørfekjøtt
10.120	Bearbeiding og konservering av fjørfekjøtt
10.130	Produksjon av kjøtt- og fjørfevarer
10.310	Bearbeiding og konservering av poteter
10.320	Produksjon av juice av frukt og grønnsaker
10.390	Bearbeiding og konservering av frukt og grønnsaker ellers
10.410	Produksjon av oljer og fettstoffer
10.420	Produksjon av margarin og lignende spiselige fettstoffer
10.510	Produksjon av meierivarer
10.520	Produksjon av iskrem og andre spiselige isprodukter
10.610	Produksjon av kornvarer
10.620	Produksjon av stivelse og stivelsesprodukter
10.710	Produksjon av brød og ferske konditorvarer
10.720	Produksjon av kavringer, kjeks og konserverte konditorvarer
10.820	Produksjon av kakao, sjokolade og sukkervarer
10.830	Bearbeiding av te og kaffe
10.840	Produksjon av smakstilsettingsstoffer og krydderier
10.850	Produksjon av ferdigmat
10.860	Produksjon av homogeniserte matprodukter og diettmat
10.890	Produksjon av næringsmidler ikke nevnt annet sted
10.911	Produksjon av fôrvarer for husdyr i landbruk
10.912	Produksjon av fôrvarer for akvakultur
10.920	Produksjon av fôrvarer til kjæledyr
11*	Hele hovedgruppe 11
11.010	Destillering, rektifisering og blanding av sprit
11.020	Produksjon av vin
11.030	Produksjon av sider og andre gjærede fruktdrikker
11.040	Produksjon av andre ikke-destillerte gjærede drikkevarer
11.050	Produksjon av øl
11.060	Produksjon av malt
11.070	Produksjon av leskedrikker og flaskevann
12*	Hele hovedgruppe 12
12.000	Produksjon av tobakksvarer
13*	Hele hovedgruppe 13
13.100	Bearbeiding og spinning av tekstilfibre
13.200	Veving av tekstiler
13.300	Etterbehandling av tekstiler
13.910	Produksjon av trikotasjestoffer og heklede stoffer
13.920	Produksjon av husholdningstekstiler og innredningsvarer i stoff klare til bruk
13.930	Produksjon av gulvtepper, -matter og -ryer
13.940	Produksjon av tauverk, rep, hyssing og nett
13.950	Produksjon av ikke-vevde tekstiler og tekstilvarer
13.960	Produksjon av tekstiler til teknisk og industriell bruk
13.990	Produksjon av tekstiler ikke nevnt annet sted
14*	Hele hovedgruppe 14
14.100	Produksjon av klær av trikotasje og heklede klær
14.210	Produksjon av yttertøy
14.220	Produksjon av undertøy
14.230	Produksjon av arbeidstøy
14.240	Produksjon av klær av lær og pelsvarer
14.290	Produksjon av klær og tilbehør ikke nevnt annet sted
15*	Hele hovedgruppe 15
15.110	Beredning og farging av lær og pelsskinn
15.120	Produksjon av reiseeffekter og salmakerartikler
15.200	Produksjon av skotøy
16*	Hele hovedgruppe 16
16.110	Saging og høvling av tre
16.120	Bearbeiding og etterbehandling av tre
16.210	Produksjon av finerplater og andre bygnings- og møbelplater av tre
16.220	Produksjon av sammensatte parkettstaver
16.230	Produksjon av andre bygningsartikler
16.240	Produksjon av treemballasje
16.250	Produksjon av dører og vinduer i tre
16.260	Produksjon av fast brensel av vegetabilsk biomasse
16.270	Etterbehandling av treprodukter
16.280	Produksjon av andre trevarer og varer av kork, strå og flettematerialer
17*	Hele hovedgruppe 17
17.110	Produksjon av papirmasse
17.120	Produksjon av papir og papp
17.210	Produksjon av bølgepapp, papp og emballasje av papir og papp
17.220	Produksjon av husholdnings-, sanitær- og toalettartikler
17.230	Produksjon av kontorartikler av papir
17.240	Produksjon av tapet
17.250	Produksjon av varer av papir og papp ellers
18*	Hele hovedgruppe 18
18.110	Trykking av aviser
18.120	Trykking ellers
18.130	Ferdiggjøring før trykking og publisering
18.140	Bokbinding og tilknyttede tjenester
18.200	Reproduksjon av innspilte opptak
19*	Hele hovedgruppe 19
19.100	Produksjon av kullprodukter
20*	Hele hovedgruppe 20
20.110	Produksjon av industrigasser
20.120	Produksjon av fargestoffer og pigmenter
20.130	Produksjon av andre uorganiske kjemiske råvarer
20.140	Produksjon av andre organiske kjemiske råvarer
20.150	Produksjon av gjødsel og nitrogenforbindelser
20.160	Produksjon av basisplast
20.200	Produksjon av plantevern-, skadedyr- og desinfeksjonsmidler og andre landbrukskjemiske produkter
20.300	Produksjon av maling, lakk og lignende ytterbelegg, trykkfarger og tetningsmidler
20.410	Produksjon av såpe og vaske-, rense- og poleringsmidler
20.420	Produksjon av parfyme og toalettartikler
20.510	Produksjon av flytende biobrensel
20.590	Produksjon av andre kjemiske produkter ikke nevnt annet sted
20.600	Produksjon av kunstfibre
21*	Hele hovedgruppe 21
21.100	Produksjon av farmasøytiske råvarer
21.200	Produksjon av farmasøytiske preparater
22*	Hele hovedgruppe 22
22.110	Produksjon av gummidekk og slanger til gummidekk, og regummiering og mønsterskjæring av gummidekk
22.120	Produksjon av gummiprodukter ellers
22.210	Produksjon av plater, film, rør og profiler av plast
22.220	Produksjon av plastemballasje
22.230	Produksjon av dører og vinduer av plast
22.240	Produksjon av byggevarer av plast
22.250	Bearbeiding og etterbehandling av plastprodukter
22.260	Produksjon av plastprodukter ellers
23*	Hele hovedgruppe 23
23.110	Produksjon av planglass
23.120	Bearbeiding av planglass
23.130	Produksjon av emballasje og husholdningsartikler av glass og krystall
23.140	Produksjon av glassfibre
23.150	Produksjon av teknisk glass og andre glassvarer
23.200	Produksjon av ildfaste produkter
23.320	Produksjon av murstein, teglstein og andre byggevarer av brent leire
23.410	Produksjon av keramiske husholdningsartikler og dekorasjonsgjenstander
23.420	Produksjon av sanitærutstyr av keramisk materiale
23.430	Produksjon av isolatorer og isoleringsdeler av keramisk materiale
23.440	Produksjon av andre keramiske produkter for teknisk bruk
23.450	Produksjon av andre keramiske produkter
23.510	Produksjon av sement
23.520	Produksjon av kalk og gips
23.610	Produksjon av betongprodukter for bygge- og anleggsvirksomhet
23.620	Produksjon av gipsprodukter for bygge- og anleggsvirksomhet
23.630	Produksjon av ferdigblandet betong
23.640	Produksjon av mørtel
23.650	Produksjon av fibersement
23.660	Produksjon av betong-, sement- og gipsprodukter ellers
23.700	Hogging og bearbeiding av monument- og bygningsstein
23.990	Produksjon av andre ikke-metalliske mineralprodukter ikke nevnt annet sted
24*	Hele hovedgruppe 24
24.100	Produksjon av jern og stål, samt ferrolegeringer
24.200	Produksjon av rør, rørdeler og andre hule konstruksjoner av stål
24.320	Kaldvalsing av bånd
24.330	Kaldvalsing og pressing av profilerte plater og profiler
24.410	Produksjon av edelmetaller
24.420	Produksjon av aluminium
24.430	Produksjon av bly, sink og tinn
24.440	Produksjon av kobber
24.450	Produksjon av ikke-jernholdige metaller ellers
24.510	Støping av jern
24.520	Støping av stål
24.530	Støping av lettmetaller
24.540	Støping av andre ikke-jernholdige metaller
25*	Hele hovedgruppe 25
25.110	Produksjon av metallkonstruksjoner og deler
25.120	Produksjon av dører og vinduer av metall
25.210	Produksjon av radiatorer til sentralvarmeanlegg og dampgeneratorer og -kjeler
25.220	Produksjon av andre tanker, cisterner og beholdere av metall
25.300	Produksjon av våpen og ammunisjon
25.400	Smiing, stansing og valsing av metall, og pulvermetallurgi
25.510	Overflatebehandling av metaller
25.520	Varmebehandling av metaller
25.530	Bearbeiding av metaller
25.610	Produksjon av kjøkkenredskaper
25.620	Produksjon av låser og beslag
25.630	Produksjon av håndverktøy
25.910	Produksjon av stålfat og lignende beholdere av jern og stål
25.930	Produksjon av varer av metalltråd, kjetting og fjærer
25.940	Produksjon av bolter og skruer
25.990	Produksjon av andre metallvarer ikke nevnt annet sted
26*	Hele hovedgruppe 26
26.110	Produksjon av elektroniske komponenter
26.120	Produksjon av kretskort
26.200	Produksjon av datamaskiner og tilleggsutstyr
26.300	Produksjon av kommunikasjonsutstyr
26.400	Produksjon av elektronikk til husholdningsbruk
26.510	Produksjon av måle-, kontroll- og navigasjonsinstrumenter
26.520	Produksjon av klokker og ur
26.600	Produksjon av strålingsutstyr, elektromedisinsk og elektroterapeutisk utstyr
26.700	Produksjon av optiske instrumenter, magnetiske og optiske media og fotografisk utstyr
27*	Hele hovedgruppe 27
27.110	Produksjon av elektromotorer, generatorer og transformatorer
27.120	Produksjon av elektriske fordelings- og kontrolltavler og paneler
27.200	Produksjon av batterier og akkumulatorer
27.310	Produksjon av optiske fiberkabler
27.320	Produksjon av andre elektroniske og elektriske ledninger og kabler
27.330	Produksjon av ledningsmateriell
27.400	Produksjon av belysningsutstyr
27.510	Produksjon av elektriske husholdningsmaskiner og -apparater
27.520	Produksjon av ikke-elektriske husholdningsmaskiner og -apparater
27.900	Produksjon av annet elektrisk utstyr
28*	Hele hovedgruppe 28
28.110	Produksjon av motorer og turbiner, unntatt motorer til luftfartøy og motorvogner
28.120	Produksjon av komponenter til hydraulisk og pneumatisk utstyr
28.130	Produksjon av pumper og kompressorer ellers
28.140	Produksjon av kraner og ventiler ellers
28.150	Produksjon av lagre, gir, tannhjulsutvekslinger og andre innretninger for kraftoverføring
28.210	Produksjon av ovner og permanente varmeapparater til bruk i husholdninger
28.220	Produksjon av løfte- og håndteringsutstyr
28.240	Produksjon av motordrevet håndverktøy
28.250	Produksjon av kjøle- og ventilasjonsanlegg, unntatt til husholdningsbruk
28.290	Produksjon av maskiner og utstyr til generell bruk ikke nevnt annet sted
28.300	Produksjon av jordbruks- og skogbruksmaskiner
28.410	Produksjon av maskiner og maskinverktøy til metallbearbeiding
28.420	Produksjon av maskinverktøy ellers
28.910	Produksjon av maskiner og utstyr til metallurgisk industri
28.920	Produksjon av maskiner og utstyr til bergverksdrift og bygge- og anleggsvirksomhet
28.930	Produksjon av maskiner og utstyr til nærings-, nytelsesmiddel-, drikke- og tobakksindustri
28.940	Produksjon av maskiner og utstyr til tekstil-, konfeksjons- og lærvareindustri
28.950	Produksjon av maskiner og utstyr til papir- og pappvareindustri
28.960	Produksjon av maskiner og utstyr til plast- og gummiindustri
28.990	Produksjon av andre spesialmaskiner ikke nevnt annet sted
29*	Hele hovedgruppe 29
29.100	Produksjon av motorvogner
29.200	Produksjon av karosserier og tilhengere
29.310	Produksjon av elektrisk og elektronisk utstyr til motorvogner
29.320	Produksjon av andre deler og annet utstyr til motorvogner
30*	Hele hovedgruppe 30
30.110	Bygging av sivile skip og flytende materiell
30.120	Bygging av fritidsbåter
30.130	Bygging av militære skip og fartøy
30.200	Produksjon av lokomotiver og annet rullende materiell til jernbane og sporvei
30.310	Produksjon av sivile luft- og romfartøy og tilhørende utstyr
30.320	Produksjon av militære luft- og romfartøy og tilhørende utstyr
30.400	Produksjon av militære stridskjøretøy
30.910	Produksjon av motorsykler
30.920	Produksjon av sykler, rullestoler, elektriske mobilitetsscootere og lignende fremkomstmidler
30.990	Produksjon av andre transportmidler ikke nevnt annet sted
31*	Hele hovedgruppe 31
31.000	Produksjon av møbler
32*	Hele hovedgruppe 32
32.110	Preging av mynter
32.120	Produksjon av smykker og lignende artikler
32.130	Produksjon av bijouteri og lignende artikler
32.200	Produksjon av musikkinstrumenter
32.300	Produksjon av sportsartikler
32.400	Produksjon av spill og leker
32.500	Produksjon av medisinske og tanntekniske instrumenter og utstyr
32.910	Produksjon av koster og børster
32.990	Annen industriproduksjon ikke nevnt annet sted
33*	Hele hovedgruppe 33
33.110	Reparasjon og vedlikehold av bearbeidede metallprodukter
33.120	Reparasjon og vedlikehold av maskiner
33.130	Reparasjon og vedlikehold av elektronisk og optisk utstyr
33.140	Reparasjon og vedlikehold av elektrisk utstyr
33.150	Reparasjon og vedlikehold av sivile skip og båter
33.160	Reparasjon og vedlikehold av sivile luft- og romfartøy
33.170	Reparasjon og vedlikehold av andre sivile transportmidler
33.180	Reparasjon og vedlikehold av militære stridskjøretøy, skip, båter, luft- og romfartøy
33.190	Reparasjon og vedlikehold av annet utstyr
33.200	Installasjon av industrimaskiner og -utstyr