Sector

Overnatting og servering

3,224 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	Hotelldrift CL the Hub AS	Leader	76	+9
2	Scandic Hotels AS	Leader	71	+4
3	4Service Landanlegg AS	Sprinter	70	+16
4	Ess Support Services AS	Steward	69	0
5	Compass Group Norge AS	Leader	69	+1
6	King Food AS	Leader	52	+8
7	Peppes Pizza AS	Sprinter	52	−26
8	Olivia AS	Leader	49	+21
9	Strawberry Services AS	Builder	48	−2
10	Zero Five AS	Steward	48	−2
11	Oslo Plaza Hotel AS	Sprinter	46	+6
12	Radisson Hotels Norway AS	Builder	43	+13
13	Cares Workplace Services AS	Steward	38	−13
14	Amka Restaurants AS	Sprinter	34	+8
15	Thon Hotels AS	Builder	18	−13
16	Select Service Partner AS	Builder	15	−13

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

Peppes Pizza AS
From 2023 to 2024: the equity ratio fell from 43.3% to 15.6%.
−26
Olivia AS
From 2023 to 2024: the operating margin rose from −0.9% to 4.2%.
+21
4Service Landanlegg AS
From 2023 to 2024: revenue grew by 26%.
+16
Select Service Partner AS
From 2023 to 2024: went from a profit to a loss before tax and the operating margin fell from 4.1% to 0.3%.
−13

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 65% of the sector's revenue. Combined profit before tax for the 16 ranked companies: 1,217 MNOK.

Size

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

Highest revenue

Scandic Hotels AS 6,193 MNOK
Radisson Hotels Norway AS 2,406 MNOK
Compass Group Norge AS 2,102 MNOK
Select Service Partner AS 2,066 MNOK
King Food AS 1,648 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

King Food AS 58.9 MNOK
Thon Hotels AS 3.7 MNOK
Strawberry Services AS 2.1 MNOK
Oslo Plaza Hotel AS 1.8 MNOK
4Service Landanlegg AS 1.7 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

Operating result divided by operating revenue.

Largest profit

Scandic Hotels AS 468 MNOK
4Service Landanlegg AS 149 MNOK
Oslo Plaza Hotel AS 119 MNOK
Compass Group Norge AS 109 MNOK
King Food AS 99 MNOK

Profit before tax.

Largest loss

Thon Hotels AS −19 MNOK
Select Service Partner AS −11 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

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

Largest revenue decline

Zero Five AS −19.9%
Cares Workplace Services AS −3.4%

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

Biggest climbers

Olivia AS +21.5 points
4Service Landanlegg AS +16.2 points
Radisson Hotels Norway AS +13.0 points
Hotelldrift CL the Hub AS +9.1 points
King Food AS +8.3 points

Change in index points from the year before.

Biggest fallers

Peppes Pizza AS −26.5 points
Select Service Partner AS −13.1 points
Cares Workplace Services AS −12.5 points
Zero Five AS −1.8 points
Strawberry Services AS −1.5 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 · 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).

Olivia AS profitability 0 → 50, solidity 38 → 60
Strawberry Services AS profitability 85 → 37, solidity 15 → 33
Peppes Pizza AS profitability 65 → 73, solidity 85 → 40
Select Service Partner AS profitability 46 → 7, solidity 8 → 7
Zero Five AS profitability 50 → 27, solidity 62 → 87

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)
Hotelldrift CL the Hub AS	Lion	93	80	92 / 69
4Service Landanlegg AS	Cheetah	93	27	100 / 0
Scandic Hotels AS	Lion	80	93	69 / 92
Oslo Plaza Hotel AS	Cheetah	80	0	–
King Food AS	Lion	73	67	65 / 54
Peppes Pizza AS	Cheetah	73	40	65 / 85
Amka Restaurants AS	Cheetah	57	13	–
Compass Group Norge AS	Lion	50	73	46 / 77
Olivia AS	Lion	50	60	0 / 38
Ess Support Services AS	Elephant	43	100	12 / 100
Strawberry Services AS	Beaver	37	33	85 / 15
Zero Five AS	Elephant	27	87	50 / 62
Radisson Hotels Norway AS	Beaver	23	47	12 / 23
Cares Workplace Services AS	Elephant	13	53	35 / 46
Select Service Partner AS	Beaver	7	7	46 / 8
Thon Hotels AS	Beaver	0	20	–

The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 3.7%. 0 of 17 companies have negative equity. The median equity ratio is 22.6%.

Companies with accounts17

Total revenue22,305 MNOK

Median operating margin3.7%

Median equity ratio22.6%

Share with a loss12%

Share with negative equity0%

All figures are for fiscal year 2024. Ranked: 16 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 13 companies ranked in both years.

Climbers

5Olivia ASfrom rank 13 to 849
4King Food ASfrom rank 10 to 652
3Hotelldrift CL the Hub ASfrom rank 4 to 176
3Scandic Hotels ASfrom rank 5 to 271
34Service Landanlegg ASfrom rank 6 to 370

Fallers

6Peppes Pizza ASfrom rank 1 to 752
6Cares Workplace Services ASfrom rank 7 to 1338
4Select Service Partner ASfrom rank 12 to 1615
2Ess Support Services ASfrom rank 2 to 469
2Compass Group Norge ASfrom rank 3 to 569

Awards · 2024 · Morning class Large

Most profitableOslo Plaza Hotel AS27.8%

Fastest growth4Service Landanlegg AS26.3%

Strongest balance sheetEss Support Services AS57.5%

Largest revenueScandic Hotels AS6,193 MNOK

Highest revenue per employeeKing Food AS58.9 MNOK

Needs attention · 2024 · Morning class Large

9 companies show at least one warning sign. Showing the 9 most important.

watchSelect Service Partner ASVery low equity ratio (6.7%) · Current ratio below 1 (0.55) · Loss before tax
watchThon Hotels ASCurrent ratio below 1 (0.30) · Loss before tax
watchOslo Plaza Hotel ASVery low equity ratio (1.9%) · Current ratio below 1 (0.67)
watchRadisson Hotels Norway ASCurrent ratio below 1 (0.68)
watchKing Food ASCurrent ratio below 1 (0.46)
watchZero Five ASCurrent ratio below 1 (0.99)
watchOlivia ASCurrent ratio below 1 (0.70)
watchStrawberry Services ASCurrent ratio below 1 (0.99)
watchAmka Restaurants ASCurrent ratio below 1 (0.66)

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
Hotelldrift CL the Hub AS	13.3%	32.3%	633 MNOK
Scandic Hotels AS	6.6%	52.0%	6,193 MNOK
4Service Landanlegg AS	13.7%	11.9%	1,039 MNOK
Ess Support Services AS	3.0%	57.5%	675 MNOK
Compass Group Norge AS	4.9%	31.6%	2,102 MNOK
King Food AS	6.2%	27.6%	1,648 MNOK
Peppes Pizza AS	6.7%	15.6%	525 MNOK
Olivia AS	4.2%	26.1%	701 MNOK
Strawberry Services AS	3.2%	12.9%	634 MNOK
Zero Five AS	2.1%	38.6%	726 MNOK
Oslo Plaza Hotel AS	27.8%	1.9%	500 MNOK
Radisson Hotels Norway AS	2.5%	19.5%	2,406 MNOK
Cares Workplace Services AS	1.8%	25.6%	691 MNOK
Amka Restaurants AS	3.1%	10.1%	512 MNOK
Thon Hotels AS	−2.8%	11.7%	512 MNOK
Select Service Partner AS	0.3%	6.7%	2,066 MNOK

Holding and investment companies · 2024

89 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: 27 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	Cws Holding AS	95	99.9%	48.0%	144.76	12 MNOK
2	Søraas Invest AS	83	99.4%	25.1%	233.90	13 MNOK
3	Food Folk Norge Holdings AS	82	99.6%	34.3%	4.69	580 MNOK
4	Samir Sharma Holding AS	80	95.8%	29.8%	60.80	72 MNOK
5	Ghebremeskel Holding AS	74	80.1%	56.5%	4.94	10 MNOK
6	Hankø Invest AS	61	68.5%	30.5%	2.09	57 MNOK
7	Danora Holding AS	60	84.0%	20.1%	3.71	76 MNOK
8	Svadla Holding AS	60	97.2%	5.6%	29.33	11 MNOK
9	Anjo Eiendom Holding AS	58	99.8%	−2.9%	158.58	16 MNOK
10	PB Norge Holding AS	57	72.1%	28.6%	1.25	491 MNOK
11	Fleischer's Invest AS	56	87.8%	10.4%	4.18	38 MNOK
12	K & F Holding AS	56	72.1%	12.7%	48.65	12 MNOK
13	Food Folk Group Holdings AS	55	85.7%	16.5%	1.85	4,495 MNOK
14	Maca Holding AS	48	57.5%	19.8%	4.66	13 MNOK
15	Holtebu Holding AS	47	66.9%	22.4%	1.12	15 MNOK
16	Laaven Holding AS	47	23.1%	64.6%	1.00	11 MNOK
17	Pizza Holding AS	46	99.7%	0.0%	2.05	40 MNOK
18	Fylkesnes Invest AS	45	88.8%	6.1%	0.22	57 MNOK
19	Ksha Holding AS	42	67.4%	13.8%	1.01	11 MNOK
20	4Service Holding AS	36	42.0%	3.7%	95.86	380 MNOK

Show all 27

Rank	Company	Score	Total assets
21	Thon Holding AS	36	13,395 MNOK
22	Culinary Holding AS	33	17 MNOK
23	Emr Invest AS	30	13 MNOK
24	Underground Golf Holding AS	24	31 MNOK
25	Oslofjord Holding AS	22	1,859 MNOK
26	Havariet Holding AS	12	21 MNOK
27	Holding Partner AS	5	11 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

Property and finance earn the margins, but not the securityNo. 19 of 22 on median operating margin
Boards of water, mining and shipping firms are oldest; IT and construction youngestNo. 20 of 22 on median board age

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 1.2%.

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
2017	–	–
2019	–	–
2020	–	–
2021	–	–
2022 · weakest year	1.2%	10.0%
2023	3.0%	17.8%
2024	3.4%	17.9%
2025	3.7%	19.0%
2026	11.3%	34.6%

In 2022, 21 ranked companies did better than the sector, 7 about the same and 28 weaker.

Held up best in 2022

1Mattis Mat ASequity ratio 80.2%40.8%
2Sandvika Sushi ASequity ratio 61.5%34.0%
3Asian Wok ASequity ratio 70.4%30.5%
4GREEK & Grill ASequity ratio 11.9%27.4%
5Vågå Hotel ASequity ratio 22.9%21.4%
6Mai Sushi ASequity ratio 8.1%18.8%
7Martins ASequity ratio 79.0%10.7%
8Makalaus ASequity ratio 61.2%10.6%
9Cesar Bar og Cafe ASequity ratio 71.6%10.0%
10Queens Pub ASequity ratio 50.5%9.6%

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.

Turnover index: accommodation and food service (indeks (2021 = 100))

Turnover index: accommodation and food service per year and the sector's median operating margin
Measure	2022	2023	2024	2025	2026
Turnover index: accommodation and food service, annual average	–	–	–	–	–
Change from the year before	–	–	–	–	–
Sector's median operating margin	1.2%	3.0%	3.4%	3.7%	11.3%

Source: SSB (13863, CC BY 4.0). Source

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 0.4 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	–	1.2%	3.0%	3.4%	3.7%	11.3%

Source: SSB (14710, CC BY 4.0). Source · fetched 4 November 2026

EUR/NOK (kr)

Latest value: 10.59 (2026-10)

EUR/NOK rose 0.8% in 2025; the sector's median operating margin rose 0.4 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	–	1.2%	3.0%	3.4%	3.7%	11.3%

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 4 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 0.4 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	–	1.2%	3.0%	3.4%	3.7%	11.3%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 4 November 2026

When policy rate fell in 2025, 1,627 of 3,181 ranked companies kept their operating margin at or above the year before. Among the largest: Scandic Hotels AS (6.6% → 8.4%), Radisson Hotels Norway AS (2.5% → 2.5%), Select Service Partner AS (0.3% → 3.8%), King Food AS (6.2% → 8.5%), Strawberry Services AS (3.2% → 17.4%).

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: 13,724; +1.2% from 2023
Persons employed: 118,290; +0.6% from 2023
Turnover: NOK 131.9 bn; +6.1% from 2023
Gross operating margin: 7.1%; Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

399 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −5.0% against the four quarters before (420). That is about 29.1 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 1.7%
Share of persons employed: 13.9%
Share of turnover: 18.2%

SSB publishes this for groups of industries only. The figures are for the group “Overnattings- og serveringsvirksomhet”.

Turnover index · Overnattings- og serveringsvirksomhet

171.6 index, 2021 = 100, seasonally adjusted · 2026M08
+5.0% against 2025M08.

Monthly, 2023M08 to 2026M08.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 13863. 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

Frodig Seter AS 935120098 Voluntary liquidation · 3 November 2026 · 0 MNOK (2025)
Ryfylke Mat AS 999331599 Voluntary liquidation · 3 November 2026 · 0 MNOK (2025)
SK'S GRILL & Pizza AS 932001667 Bankruptcy · 3 November 2026 · 0 MNOK (2025)
Bambi AS 929168763 Bankruptcy · 2 November 2026 · 2 MNOK (2025)
Bærja Kafe AS 925244600 Bankruptcy · 2 November 2026 · 2 MNOK (2025)
C.J Eriksen AS 924480408 Bankruptcy · 2 November 2026 · 3 MNOK (2025)
Otta Steakhouse AS 924480475 Bankruptcy · 2 November 2026 · 3 MNOK (2025)
Pia Kafe og Spiseri AS 933964450 Voluntary liquidation · 2 November 2026 · 2 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
55*	Hele hovedgruppe 55
55.100	Drift av hoteller
55.200	Drift av vandrerhjem og ferieleiligheter
55.300	Drift av campingplasser
55.400	Formidlingstjenester tilknyttet overnattingsvirksomhet
55.900	Annen overnattingsvirksomhet
56*	Hele hovedgruppe 56
56.110	Drift av restauranter
56.120	Drift av mobile serveringssteder
56.210	Catering for arrangementer
56.220	Kantinedrift og annen cateringvirksomhet
56.300	Drift av barer
56.400	Formidlingstjenester tilknyttet serveringsvirksomhet