Sector

Kultur og fritid

1,306 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	Aurora Music AS	Leader	88	+11
2	Fitness Group Nordic AS	Leader	82	+12
3	Arktisk Filharmoni AS	Leader	82	+19
4	Museene i Sør-Trøndelag AS	Leader	79	+8
5	Vendcomatic AS	Leader	76	+1
6	Tryvannwyller AS	Leader	74	+2
7	Teater Innlandet AS	Leader	70	+39
8	Auditorium AS	Leader	70	+5
9	Hålogaland Teater AS	Leader	69	+15
10	Hove West AS	Steward	69	+8
11	Telemark og Vestfold Regionteater AS	Steward	65	−1
12	Vålerenga Fotball AS	Steward	65	+12
13	AS NORDLAND TEATER	Steward	65	−3
14	Rogaland Teater AS	Steward	64	+3
15	Uno-X Mobility Cycling AS	Steward	64	−4
16	Npro AS	Leader	61	+26
17	Lucky Bowl Norge AS	Sprinter	61	−10
18	Eventyrlie AS	Leader	61	+2
19	Museum Nord Næringsdrift AS	Steward	61	−16
20	Viking Fotball AS	Leader	61	−2
21	Tons of Rock Festival AS	Sprinter	61	−10
22	Museum Stavanger AS	Leader	61	+8
23	Skigeilo AS	Sprinter	60	+11
24	Feel24 AS	Sprinter	60	−9
25	Fresh Fitness AS	Leader	60	+5
26	Link Bingo AS	Leader	60	+1
27	Oslo Konserthus AS	Leader	60	−7
28	3T Trening AS	Sprinter	59	+5
29	Appetite for Production AS	Sprinter	58	+3
30	Kongsberg Skisenter AS	Leader	58	−9
31	Postkodelotteriet AS	Steward	58	+4
32	Drammen Scener AS	Leader	57	+12
33	Til Fotball AS	Steward	57	−27
34	Leos Lekeland Norge AS	Leader	56	−5
35	Operaen i Kristiansund AS	Steward	56	+17
36	Hafjell AS	Leader	56	+33
37	Trøndelag Teater AS	Steward	55	−12
38	Kvitfjell Alpinanlegg AS	Sprinter	55	+39
39	Dansens Hus AS	Steward	54	−10
40	LL DET NORSKE TEATRET	Leader	54	+12
41	Bergen Live AS	Sprinter	53	+21
42	Folketeateret Oslo AS	Steward	53	+11
43	Anno Museum AS	Leader	52	+23
44	HAFJELL - Kvitfjell Alpin AS	Steward	52	+2
45	Nationaltheatret AS	Leader	52	+32
46	Stall Gullik AS	Sprinter	52	−10
47	Actic Norge AS	Sprinter	52	+41
48	Sky Fitness Trening AS	Sprinter	52	+2
49	Museene Arven AS	Steward	51	−7
50	Blålyng AS	Steward	51	+4

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

Oslo Nye Teater AS
From 2024 to 2025: the operating margin fell from 11.3% to −32.5% and the equity ratio fell from 29.1% to −23.1%.
−55
Actic Norge AS
From 2024 to 2025: the operating margin rose from −6.7% to 38.4% and went from a loss to a profit before tax.
+41
Teater Innlandet AS
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −5.2% to 7.8%.
+39
FK Haugesund AS
From 2024 to 2025: went from a loss to a profit before tax and the equity ratio rose from −2.7% to 29.7%.
+36

Summary analysis

Kultur og fritid, Morning class Medium: 97 ranked companies in fiscal year 2025.

Best in the sector: Aurora Music AS (score 88, operating margin 32.9%, equity ratio 66.8%). Fitness Group Nordic AS (score 82, operating margin 18.1%, equity ratio 60.5%). Arktisk Filharmoni AS (score 82, operating margin 6.8%, equity ratio 67.2%).

Weakest in the sector: Palmesus AS (score 5, operating margin −46.5%, equity ratio −1.3%). Oslo Nye Teater AS (score 5, operating margin −32.5%, equity ratio −23.1%). Lillehammer Olympiapark AS (score 18, operating margin 0.9%, equity ratio 1.4%).

Worth a closer look

The median operating margin rose from 3.9% in 2024 to 4.0% in 2025 (0.2 percentage points).
The median equity ratio rose from 28.8% in 2024 to 29.7% in 2025 (0.9 percentage points).
The median revenue growth fell from 6.9% in 2024 to 5.8% in 2025 (1.1 percentage points).
The share with a loss went from 32% in 2024 to 21% 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 15% of the sector's revenue. Combined profit before tax for the 96 ranked companies: 817 MNOK.

Size

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

Highest revenue

O Kristoffersen Bingodrift AS 464 MNOK
Nationaltheatret AS 396 MNOK
AS DEN NATIONALE SCENE 384 MNOK
Fitness Group Nordic AS 343 MNOK
Creative Technology Norway AS 317 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Tons of Rock Festival AS 26.3 MNOK
Viking Fotball AS 15.7 MNOK
Fitness Group Nordic AS 15.6 MNOK
Fkp Scorpio Norge AS 14.3 MNOK
Palmesus AS 13.2 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

Actic Norge AS 38.4%
Aurora Music AS 32.9%
Feel24 AS 32.0%
Scenekvelder AS 30.3%
Tryvannwyller AS 29.0%

Operating result divided by operating revenue.

Largest profit

Feel24 AS 62 MNOK
Tons of Rock Festival AS 59 MNOK
Fresh Fitness AS 57 MNOK
Fitness Group Nordic AS 55 MNOK
Scenekvelder AS 48 MNOK

Profit before tax.

Largest loss

Nye Hjorten Teater AS −84 MNOK
Palmesus AS −38 MNOK
Oslo Nye Teater AS −29 MNOK
Blålyng AS −24 MNOK
Creative Technology Norway AS −18 MNOK

Profit before tax, the largest negative.

Most solid

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

Nye Hjorten Teater AS +965.9%
Feel24 Østlandet AS +362.0%
Kvitfjell Alpinanlegg AS +348.4%
Hafjell AS +302.4%
3T Trening AS +229.3%

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

Largest revenue decline

Oslo Nye Teater AS −43.9%
Sosolo Collective AS −41.7%
Stall Gullik AS −39.3%
KRON & Mynt AS −29.5%
Egil Hesland AS −26.0%

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

Biggest climbers

Actic Norge AS +40.7 points
Teater Innlandet AS +38.8 points
FK Haugesund AS +35.9 points
Hafjell AS +32.5 points
Nationaltheatret AS +31.9 points

Change in index points from the year before.

Biggest fallers

Oslo Nye Teater AS −54.7 points
Til Fotball AS −27.1 points
Scenekvelder AS −25.1 points
Holmenkollen Skifestival AS −17.6 points
Bergen Vitensenter AS −16.3 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.

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

Oslo Nye Teater AS profitability 81 → 4, solidity 49 → 0
Actic Norge AS profitability 8 → 99, solidity 12 → 17
Teater Innlandet AS profitability 10 → 75, solidity 45 → 71
Scenekvelder AS profitability 96 → 97, solidity 73 → 3
Hafjell AS profitability 7 → 75, solidity 58 → 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 2024 (profitability / solidity)
Actic Norge AS	Cheetah	99	17	8 / 12
Scenekvelder AS	Cheetah	97	3	96 / 73
Feel24 AS	Cheetah	97	25	98 / 46
Feel24 Nordland AS	Cheetah	96	4	91 / 6
Aurora Music AS	Lion	95	95	80 / 78
Abel Health AS	Cheetah	93	6	97 / 4
Tromsø Arctic Reindeer AS	Cheetah	92	31	–
Tryvannwyller AS	Lion	87	98	86 / 91
Tons of Rock Festival AS	Cheetah	86	36	84 / 40
Fitness Group Nordic AS	Lion	86	87	80 / 71
Eventyrlie AS	Lion	85	53	91 / 16
Sky Fitness Trening AS	Cheetah	85	9	83 / 11
3T Trening AS	Cheetah	84	30	92 / 19
Havferd AS	Cheetah	83	47	52 / 24
Auditorium AS	Lion	82	58	70 / 62
Skigeilo AS	Cheetah	81	44	47 / 39
Fresh Fitness AS	Lion	76	57	78 / 55
Teater Innlandet AS	Lion	75	71	10 / 45
Hafjell AS	Lion	75	54	7 / 58
Hålogaland Teater AS	Lion	73	70	60 / 68
O Kristoffersen Bingodrift AS	Cheetah	72	34	–
Sorrisniva AS	Cheetah	72	22	79 / 13
Appetite for Production AS	Cheetah	71	28	–
Impulse Treningssenter AS	Cheetah	71	18	69 / 15
Museene i Sør-Trøndelag AS	Lion	71	99	59 / 94
Arktisk Filharmoni AS	Lion	70	96	52 / 80
Museum Stavanger AS	Lion	70	60	52 / 42
Kvitfjell Alpinanlegg AS	Cheetah	70	43	–
KRON & Mynt AS	Cheetah	68	7	72 / 5
Stall Gullik AS	Cheetah	68	41	80 / 25
Kongsberg Skisenter AS	Lion	67	50	75 / 43
Viking Fotball AS	Lion	64	72	70 / 63
Oslo Konserthus AS	Lion	64	76	62 / 74
Lund Gruppen Arrangement AS	Cheetah	64	19	76 / 21
Tusenfryd AS	Cheetah	63	21	66 / 20
LL DET NORSKE TEATRET	Lion	61	69	55 / 38
Vendcomatic AS	Lion	61	94	61 / 92
Npro AS	Lion	61	67	–
Lunds Tivoli AS	Cheetah	61	42	72 / 33
Hovden Alpinsenter AS	Cheetah	61	20	65 / 17
Anno Museum AS	Lion	61	56	14 / 51
Lucky Bowl Norge AS	Cheetah	60	49	74 / 41
Nationaltheatret AS	Lion	60	55	16 / 14
Karnov Group Norway AS	Cheetah	59	0	–
Bergen Live AS	Cheetah	59	26	34 / 23
Fkp Scorpio Norge AS	Cheetah	58	16	32 / 0
Hunderfossen Familiepark AS	Cheetah	56	32	62 / 34
Drammen Scener AS	Lion	55	74	21 / 66
Link Bingo AS	Lion	53	77	64 / 54
Leos Lekeland Norge AS	Lion	52	91	74 / 85

The sector in numbers

Summary · fiscal year 2025 · Morning class Medium

The sector's median operating margin is 4.0%. 6 of 97 companies have negative equity. The median equity ratio is 29.7%.

Companies with accounts97

Total revenue12,596 MNOK

Median operating margin4.0%

Median equity ratio29.7%

Share with a loss21%

Share with negative equity6%

All figures are for fiscal year 2025. Ranked: 97 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 Medium

Change in rank from 2024 to 2025, for 83 companies ranked in both years.

Climbers

71Teater Innlandet ASfrom rank 78 to 770
49Hafjell ASfrom rank 85 to 3656
43Actic Norge ASfrom rank 90 to 4752
42Nationaltheatret ASfrom rank 87 to 4552
36Anno Museum ASfrom rank 79 to 4352

Fallers

64Oslo Nye Teater ASfrom rank 32 to 965
49Scenekvelder ASfrom rank 7 to 5650
43Holmenkollen Skifestival ASfrom rank 25 to 6845
31Til Fotball ASfrom rank 2 to 3357
31Bergen Vitensenter ASfrom rank 52 to 8332

Awards · 2025 · Morning class Medium

Most profitableActic Norge AS38.4%

Fastest growthNye Hjorten Teater AS965.9%

Strongest balance sheetBlålyng AS83.4%

Largest revenueO Kristoffersen Bingodrift AS464 MNOK

Highest revenue per employeeTons of Rock Festival AS26.3 MNOK

Needs attention · 2025 · Morning class Medium

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

criticalOslo Nye Teater ASNegative equity · Current ratio below 1 (0.52) · Loss before tax
criticalPalmesus ASNegative equity · Current ratio below 1 (0.50) · Loss before tax
criticalInspiria Science Center ASNegative equity · Current ratio below 1 (0.25) · Loss before tax
criticalFeel24 Østlandet ASNegative equity · Current ratio below 1 (0.34) · Loss before tax
criticalKarnov Group Norway ASNegative equity · Current ratio below 1 (0.49)
criticalWorkman Norway ASNegative equity · Current ratio below 1 (0.56)
watchLillehammer Olympiapark ASVery low equity ratio (1.4%) · Current ratio below 1 (0.67) · Loss before tax
watchBØ Sommarland ASVery low equity ratio (7.3%) · Current ratio below 1 (0.08) · Loss before tax
watchCreative Technology Norway ASCurrent ratio below 1 (0.36) · Loss before tax
watchEgil Hesland ASCurrent ratio below 1 (0.47) · Loss before tax
watchNye Hjorten Teater ASCurrent ratio below 1 (0.35) · Loss before tax
watchKonsertsystemer Llb ASCurrent ratio below 1 (0.56) · Loss before tax
watchActic Norge ASVery low equity ratio (9.5%) · Current ratio below 1 (0.90)
watchStavanger Oilers ASVery low equity ratio (3.2%) · Loss before tax
watchFeel24 Nordland ASVery low equity ratio (1.3%) · Current ratio below 1 (0.39)

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.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Aurora Music AS	32.9%	66.8%	77 MNOK
Fitness Group Nordic AS	18.1%	60.5%	343 MNOK
Arktisk Filharmoni AS	6.8%	67.2%	135 MNOK
Museene i Sør-Trøndelag AS	10.4%	76.4%	302 MNOK
Vendcomatic AS	6.3%	64.9%	60 MNOK
Tryvannwyller AS	29.0%	75.2%	131 MNOK
Teater Innlandet AS	7.8%	46.8%	61 MNOK
Auditorium AS	16.3%	35.0%	138 MNOK
Hålogaland Teater AS	11.0%	46.4%	111 MNOK
Hove West AS	3.2%	47.6%	145 MNOK
Telemark og Vestfold Regionteater AS	4.0%	49.6%	56 MNOK
Vålerenga Fotball AS	−29.2%	62.1%	100 MNOK
AS NORDLAND TEATER	4.0%	60.7%	57 MNOK
Rogaland Teater AS	2.4%	63.7%	142 MNOK
Uno-X Mobility Cycling AS	1.5%	58.8%	307 MNOK
Npro AS	6.5%	40.8%	64 MNOK
Lucky Bowl Norge AS	7.9%	30.1%	232 MNOK
Eventyrlie AS	12.3%	33.4%	70 MNOK
Museum Nord Næringsdrift AS	1.0%	58.7%	88 MNOK
Viking Fotball AS	8.8%	46.8%	267 MNOK
Tons of Rock Festival AS	17.9%	21.4%	316 MNOK
Museum Stavanger AS	9.9%	37.2%	114 MNOK
Skigeilo AS	15.5%	26.9%	149 MNOK
Feel24 AS	32.0%	17.0%	186 MNOK
Fresh Fitness AS	22.2%	34.9%	317 MNOK
Link Bingo AS	1.0%	49.4%	60 MNOK
Oslo Konserthus AS	13.7%	48.5%	86 MNOK
3T Trening AS	18.0%	19.5%	222 MNOK
Appetite for Production AS	5.6%	18.6%	66 MNOK
Kongsberg Skisenter AS	18.9%	30.2%	55 MNOK
Postkodelotteriet AS	3.3%	50.3%	126 MNOK
Drammen Scener AS	5.0%	47.2%	64 MNOK
Til Fotball AS	−59.6%	58.9%	76 MNOK
Leos Lekeland Norge AS	4.1%	62.3%	134 MNOK
Operaen i Kristiansund AS	1.7%	37.6%	51 MNOK
Hafjell AS	22.8%	34.2%	203 MNOK
Trøndelag Teater AS	1.7%	57.2%	157 MNOK
Kvitfjell Alpinanlegg AS	16.8%	26.1%	113 MNOK
Dansens Hus AS	−0.5%	55.5%	71 MNOK
LL DET NORSKE TEATRET	5.7%	46.1%	313 MNOK
Bergen Live AS	3.7%	17.1%	295 MNOK
Folketeateret Oslo AS	2.0%	30.8%	51 MNOK
Anno Museum AS	9.5%	34.6%	170 MNOK
HAFJELL - Kvitfjell Alpin AS	−1.3%	40.8%	58 MNOK
Nationaltheatret AS	4.3%	34.4%	396 MNOK
Stall Gullik AS	12.4%	22.5%	59 MNOK
Actic Norge AS	38.4%	9.5%	109 MNOK
Sky Fitness Trening AS	16.3%	1.9%	70 MNOK
Museene Arven AS	0.2%	61.7%	81 MNOK
Blålyng AS	−46.1%	83.4%	54 MNOK
Tromsø Arctic Reindeer AS	24.0%	19.5%	114 MNOK
Sorrisniva AS	6.5%	14.8%	74 MNOK
Spilleriet AS	0.9%	53.1%	90 MNOK
Astrup Fearnley Museet AS	−0.8%	39.3%	71 MNOK
Rogaland Fritidspark AS	4.0%	45.7%	93 MNOK
Scenekvelder AS	30.3%	0.1%	148 MNOK
Abel Health AS	17.0%	1.4%	74 MNOK
Feel24 Nordland AS	27.7%	1.3%	94 MNOK
Havferd AS	13.1%	29.7%	95 MNOK
Spectre Alliance AS	2.0%	9.0%	114 MNOK
Fkp Scorpio Norge AS	2.8%	9.2%	271 MNOK
Lunds Tivoli AS	7.5%	23.5%	118 MNOK
Norefjell Skisenter AS	6.9%	27.7%	116 MNOK
Lund Gruppen Arrangement AS	5.4%	10.1%	115 MNOK
O Kristoffersen Bingodrift AS	4.2%	20.8%	464 MNOK
Hunderfossen Familiepark AS	12.1%	20.6%	98 MNOK
Carte Blanche AS	−2.6%	29.3%	54 MNOK
Holmenkollen Skifestival AS	−4.6%	47.2%	58 MNOK
Rudskogen Motorsenter AS	5.7%	40.7%	92 MNOK
AS DEN NATIONALE SCENE	−2.7%	19.3%	384 MNOK
Impulse Treningssenter AS	8.3%	9.9%	73 MNOK
FK Haugesund AS	−27.8%	29.7%	79 MNOK
AS REGIONTEATRET I MØRE OG ROMSDAL	0.1%	36.6%	70 MNOK
Tusenfryd AS	14.9%	13.3%	249 MNOK
Karnov Group Norway AS	9.8%	−50.1%	64 MNOK
Ålesund Fotball AS	1.2%	22.2%	70 MNOK
Hovden Alpinsenter AS	20.0%	12.1%	51 MNOK
KRON & Mynt AS	3.1%	1.8%	89 MNOK
Talent Norge AS	−4.2%	4.9%	132 MNOK
Konsertsystemer Llb AS	3.1%	21.8%	147 MNOK
Egil Hesland AS	−15.1%	73.4%	201 MNOK
Feel24 Østlandet AS	2.9%	−37.9%	56 MNOK
Bergen Vitensenter AS	−4.5%	20.7%	58 MNOK
Øyafestivalen AS	−4.5%	18.0%	122 MNOK
Bingo Sør AS	−3.0%	21.3%	85 MNOK
Teater Vestland AS	−3.9%	22.2%	53 MNOK
Creative Technology Norway AS	−6.0%	39.5%	317 MNOK
Workman Norway AS	0.8%	−12.4%	57 MNOK
Nye Hjorten Teater AS	−54.7%	16.8%	153 MNOK
BØ Sommarland AS	2.2%	7.3%	62 MNOK
3T Produkter AS	−16.0%	2.9%	58 MNOK
Sosolo Collective AS	−1.3%	2.3%	56 MNOK
Inspiria Science Center AS	0.0%	−86.9%	77 MNOK
Stavanger Oilers AS	−11.0%	3.2%	105 MNOK
Lillehammer Olympiapark AS	0.9%	1.4%	98 MNOK
Oslo Nye Teater AS	−32.5%	−23.1%	92 MNOK
Palmesus AS	−46.5%	−1.3%	79 MNOK

Holding and investment companies · 2025

35 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: 15 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	Jenny Skavlan Holding AS	89	99.0%	74.8%	96.83	23 MNOK
2	Aadne Holding AS	87	99.5%	17.2%	112.96	13 MNOK
3	Rmnl Holding AS	83	99.6%	10.7%	196.20	18 MNOK
4	Gallerhåjen Investering AS	81	97.8%	82.8%	43.90	103 MNOK
5	N. Munkhaugen Holding AS	64	93.9%	16.8%	94.23	62 MNOK
6	Øverli Holding AS	63	97.8%	10.3%	45.27	106 MNOK
7	Hugos Holding AS	60	94.8%	45.1%	1.05	21 MNOK
8	Øyehaug Holding AS	43	96.2%	3.8%	6.85	11 MNOK
9	Steinar Skjervik Holding AS	39	91.9%	9.5%	2.42	80 MNOK
10	P & M Holding AS	36	42.1%	13.4%	1.42	35 MNOK
11	Steinar Skjervik Investering AS	34	54.2%	10.7%	1.91	186 MNOK
12	Micam Holding AS	33	85.6%	9.2%	6.15	168 MNOK
13	AB Invest A/S	17	5.6%	6.1%	3.52	5,672 MNOK
14	Buskerud og Vestfold Trav Holding AS	16	91.9%	0.0%	0.61	11 MNOK
15	Moments Climbing Holding 2 AS	6	33.9%	2.2%	0.60	12 MNOK

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

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Scenario analysis: the sector's weakest year

The sector's weakest year was 2026, with a median operating margin of −5.4%.

Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2020	–	–
2021	–	–
2022	8.7%	21.6%
2023	3.7%	31.9%
2024	3.7%	32.5%
2025	4.6%	33.0%
2026 · weakest year	−5.4%	11.1%

In 2026, 2 ranked companies did better than the sector, 0 about the same and 2 weaker.

Held up best in 2026

1Nye Bjorli Skisenter ASequity ratio 9.8%9.4%
2Norsk Tivolidrift ASequity ratio 12.4%3.3%

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.

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 0.9 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	–	8.7%	3.7%	3.7%	4.6%	−5.4%

Source: SSB (14710, CC BY 4.0). Source · fetched 5 November 2026

Policy rate (prosent)

Latest value: 4.50 (2026-10)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 0.9 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	–	8.7%	3.7%	3.7%	4.6%	−5.4%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 5 November 2026

When policy rate fell in 2025, 666 of 1,276 ranked companies kept their operating margin at or above the year before. Among the largest: Sats Norway AS (20.8% → 23.3%), Sporty Norge AS (14.3% → 24.0%), Kristiansand Dyrepark AS (13.5% → 15.5%), Mova AS (3.8% → 9.5%), O Kristoffersen Bingodrift AS (2.9% → 4.2%).

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: 40,440; +1.0% from 2023
Persons employed: 36,372; +0.9% 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

55 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −27.6% against the four quarters before (76). That is about 1.4 per 1,000 enterprises.

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

BOBILTUREN.NO AS 927443252 Voluntary liquidation · 4 November 2026
Hummelfjell Drift AS 929955285 Bankruptcy · 4 November 2026
J. Bjorheim AS 933372324 Forced dissolution · 4 November 2026
Sakk AS 913690125 Voluntary liquidation · 4 November 2026
MM Live Art AS 934058453 Bankruptcy · 3 November 2026
Bare Kjuus AS 922693005 Voluntary liquidation · 2 November 2026
Anticoach AS 923413812 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Bergtattfestivalen AS 923887318 Forced dissolution · 31 October 2026 · 7 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
90*	Hele hovedgruppe 90
90.111	Skapende kunstnerisk virksomhet innenfor litteratur
90.112	Skapende kunstnerisk virksomhet innenfor komposisjon av musikk
90.120	Skapende kunstnerisk virksomhet innenfor visuell kunst
90.130	Annen kunstnerisk virksomhet
90.201	Utøvende kunstnerisk virksomhet og underholdningsvirksomhet innenfor musikk
90.202	Utøvende kunstnerisk virksomhet og underholdningsvirksomhet innenfor scenekunst
90.209	Annen utøvende kunstnerisk virksomhet og underholdningsvirksomhet ikke nevnt annet sted
90.310	Drift av lokaler tilknyttet kunstnerisk virksomhet og underholdningsvirksomhet
90.390	Andre tjenester tilknyttet kunstnerisk virksomhet og underholdningsvirksomhet
91*	Hele hovedgruppe 91
91.111	Drift av folkebiblioteker
91.120	Drift av arkiver
91.211	Drift av kunst- og kunstindustrimuseer
91.212	Drift av kulturhistoriske museer
91.213	Drift av naturhistoriske, teknologiske og vitenskapshistoriske museer
91.220	Drift av historiske steder og monumenter
91.300	Konservering, restaurering og andre tjenester tilknyttet kulturarv
91.410	Drift av botaniske og zoologiske hager
92*	Hele hovedgruppe 92
92.000	Lotteri- og gamblingvirksomhet
93*	Hele hovedgruppe 93
93.110	Drift av idrettsanlegg
93.120	Aktiviteter i idrettslag og -klubber
93.130	Treningssentervirksomhet
93.190	Sportsaktiviteter ikke nevnt annet sted
93.210	Drift av fornøyelses- og temaparker
93.291	Opplevelsesaktiviteter
93.292	Fritidsvirksomhet ellers