Sector

Teknisk tjenesteyting og forskning

3,595 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 Large

Morning class Large · 2025
#	Company	Profile	Score	Change
1	Inflowcontrol AS	Leader	92	+39
2	Voith Hydro AS	Leader	85	+21
3	Norges Sjømatråd AS	Leader	76	+20
4	Autostore AS	Leader	73	−6
5	Siemens Energy AS	Leader	71	+9
6	Techouse AS	Leader	70	−5
7	Dnv AS	Leader	69	+9
8	SINTEF Ocean AS	Steward	68	+8
9	Multiconsult Norge AS	Leader	68	0
10	Asplan Viak AS	Steward	68	+4
11	SINTEF Energi AS	Steward	66	−2
12	Omd AS	Steward	65	+1
13	Afry Norway Advisory AS	Sprinter	64	−2
14	Leidang Industripartner AS	Sprinter	64	+18
15	Sweco Norge AS	Leader	63	+10
16	Fugro Norway AS	Leader	63	+5
17	Norges Geotekniske Institutt AS	Leader	62	+9
18	Hrp AS	Leader	61	+10
19	Cambi Group AS	Sprinter	60	+5
20	Wpp Media Norway AS	Steward	59	+28
21	Seaonics AS	Leader	59	+12
22	GE Power Norway AS	Sprinter	59	+48
23	Rambøll Norge AS	Steward	58	−4
24	Veni Metering AS	Steward	57	+8
25	SINTEF AS	Steward	57	+10
26	Metier AS	Leader	56	−11
27	Jcdecaux Norge AS	Sprinter	56	+1
28	Norconsult Norge AS	Leader	55	+3
29	Try AS	Steward	54	+1
30	Dnv Business Assurance Norway AS	Sprinter	53	+4
31	Siemens AS	Sprinter	52	+7
32	Afry Norway AS	Steward	52	+10
33	Shearwater Geoservices Norway AS	Steward	51	+25
34	Ecohz AS	Leader	50	−4
35	Siemens Mobility AS	Builder	50	−3
36	Live Nation Norway AS	Builder	49	+29
37	Goodtech ASsubsidiary of Goodtech ASA	Sprinter	49	+8
38	AF Energi AS	Sprinter	48	−8
39	Element Logic AS	Sprinter	48	−15
40	TGS Operations AS	Steward	48	−29
41	Odfjell Engineering AS	Sprinter	47	−4
42	Head Energy Consulting AS	Sprinter	43	−1
43	Ikm Consultants AS	Sprinter	43	+3
44	Cowi AS	Sprinter	43	−5
45	Nofima AS	Steward	42	−9
46	All Things Live Norway AS	Sprinter	42	+9
47	Dentsu Norge AS	Builder	40	+5
48	PGS Geophysical ASsubsidiary of TGS ASA	Builder	40	+13
49	Abl Group Norway AS	Builder	40	−4
50	TGS ASA	Leader	39	−17

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

CGG SERVICES (NORWAY) AS
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 22.5% to 6.2%.
−38
Reach Subsea AS
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 10.0% to −1.6%.
−35
TGS Operations AS
From 2024 to 2025: the operating margin fell from 21.9% to −11.5% and went from a profit to a loss before tax.
−29
Wpp Media Norway AS
From 2024 to 2025: revenue grew by 295% and went from a loss to a profit before tax.
+28

Summary analysis

Teknisk tjenesteyting og forskning, Morning class Large: 64 ranked companies in fiscal year 2025.

Best in the sector: Inflowcontrol AS (score 92, operating margin 46.8%, equity ratio 68.0%). Voith Hydro AS (score 85, operating margin 12.5%, equity ratio 41.8%). Norges Sjømatråd AS (score 76, operating margin 6.4%, equity ratio 72.9%).

Weakest in the sector: Slb Capturi Norway AS (score 2, operating margin −95.7%, equity ratio −162.9%). Scanship AS (score 10, operating margin −45.6%, equity ratio −30.3%). Rystad Energy AS (score 14, operating margin −8.3%, equity ratio −44.6%).

Worth a closer look

The median operating margin rose from 2.9% in 2024 to 3.4% in 2025 (0.5 percentage points).
The median equity ratio fell from 25.8% in 2024 to 25.4% in 2025 (0.3 percentage points).
The median revenue growth fell from 10.9% in 2024 to 4.3% in 2025 (6.6 percentage points).
The share with a loss went from 20% in 2024 to 22% 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 Large

The five largest companies account for 33% of the sector's revenue. Combined profit before tax for the 64 ranked companies: 7,756 MNOK.

Size

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

Highest revenue

Dnv AS 13,251 MNOK
Norconsult Norge AS 6,373 MNOK
Autostore AS 5,575 MNOK
Siemens Energy AS 5,518 MNOK
Multiconsult Norge AS 5,165 MNOK

Operating revenue.

Most employees

Norconsult Norge AS 4,418
Multiconsult Norge AS 2,884
Dnv AS 2,342
Sweco Norge AS 2,256
SINTEF AS 1,509

Employees according to the Central Coordinating Register.

Highest revenue per employee

Try Schjærven Media AS 72.6 MNOK
Ecohz AS 51.7 MNOK
TGS Operations AS 51.2 MNOK
Wal Media AS 36.5 MNOK
TGS ASA 29.2 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

Inflowcontrol AS 46.8%
Element Logic AS 33.5%
Autostore AS 31.9%
GE Power Norway AS 26.6%
Fugro Norway AS 20.4%

Operating result divided by operating revenue.

Largest profit

Dnv AS 3,357 MNOK
Autostore AS 1,560 MNOK
Siemens Energy AS 770 MNOK
Norconsult Norge AS 690 MNOK
Element Logic AS 429 MNOK

Profit before tax.

Largest loss

Slb Capturi Norway AS −1,547 MNOK
Scanship AS −423 MNOK
TGS ASA −229 MNOK
Reach Subsea AS −88 MNOK
Norce Research AS −81 MNOK

Profit before tax, the largest negative.

Most solid

Dnv AS 81.1%
Norges Sjømatråd AS 72.9%
Inflowcontrol AS 68.0%
TGS Operations AS 66.7%
SINTEF Energi AS 58.7%

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

Abl Group Norway AS +3,921.1%
Wpp Media Norway AS +294.6%
Inflowcontrol AS +287.7%
All Things Live Norway AS +201.4%
Try AS +175.2%

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

Largest revenue decline

Shearwater Geoservices Norway AS −68.7%
CGG SERVICES (NORWAY) AS −34.5%
Ecohz AS −29.1%
AF Energi AS −21.4%
Slb Capturi Norway AS −13.7%

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

Biggest climbers

Wpp Media Norway AS +28.0 points
Shearwater Geoservices Norway AS +25.2 points
Norges Sjømatråd AS +20.5 points
PGS Geophysical ASsubsidiary of TGS ASA +12.4 points
Seaonics AS +11.9 points

Change in index points from the year before.

Biggest fallers

CGG SERVICES (NORWAY) AS −38.9 points
Reach Subsea AS −35.0 points
TGS Operations AS −29.3 points
Scanship AS −23.2 points
TGS ASA −17.1 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 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 2024 (small ring).

TGS Operations AS profitability 88 → 8, solidity 95 → 95
Reach Subsea AS profitability 75 → 21, solidity 65 → 35
Shearwater Geoservices Norway AS profitability 20 → 40, solidity 34 → 84
Norges Sjømatråd AS profitability 13 → 65, solidity 97 → 98
CGG SERVICES (NORWAY) AS profitability 91 → 56, solidity 37 → 6

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)
Inflowcontrol AS	Lion	100	97	–
Leidang Industripartner AS	Cheetah	95	30	–
Fugro Norway AS	Lion	95	64	95 / 47
Cambi Group AS	Cheetah	93	19	98 / 26
GE Power Norway AS	Cheetah	90	37	–
Voith Hydro AS	Lion	90	87	–
Autostore AS	Lion	90	82	99 / 84
Odfjell Engineering AS	Cheetah	87	15	90 / 13
Jcdecaux Norge AS	Cheetah	86	42	82 / 39
Siemens AS	Cheetah	85	27	75 / 31
Siemens Energy AS	Lion	85	66	77 / 52
Element Logic AS	Cheetah	84	14	94 / 18
Afry Norway Advisory AS	Cheetah	79	49	83 / 42
Hrp AS	Lion	77	61	49 / 66
Techouse AS	Lion	74	85	78 / 90
Multiconsult Norge AS	Lion	74	67	79 / 60
Goodtech AS	Cheetah	73	28	62 / 24
Sweco Norge AS	Lion	72	58	68 / 50
All Things Live Norway AS	Cheetah	70	4	–
Norconsult Norge AS	Lion	66	63	64 / 58
Dnv Business Assurance Norway AS	Cheetah	66	44	52 / 53
Norges Sjømatråd AS	Lion	65	98	13 / 97
AF Energi AS	Cheetah	65	32	71 / 35
Metier AS	Lion	61	89	67 / 87
Dnv AS	Lion	60	100	48 / 100
Norges Geotekniske Institutt AS	Lion	60	77	48 / 68
Seaonics AS	Lion	58	50	36 / 40
Ikm Consultants AS	Cheetah	58	12	50 / 6
Ecohz AS	Lion	57	54	59 / 45
CGG SERVICES (NORWAY) AS	Cheetah	56	6	91 / 37
Head Energy Consulting AS	Cheetah	56	9	55 / 5
Cowi AS	Cheetah	55	33	58 / 32
TGS ASA	Lion	54	56	62 / 76
SINTEF Energi AS	Elephant	48	93	51 / 89
Siemens Mobility AS	Beaver	47	22	77 / 19
Asplan Viak AS	Elephant	45	90	37 / 92
Rambøll Norge AS	Elephant	45	71	54 / 61
Afry Norway AS	Elephant	41	72	11 / 73
Dentsu Norge AS	Beaver	40	25	40 / 23
Shearwater Geoservices Norway AS	Elephant	40	84	20 / 34
Wpp Media Norway AS	Elephant	37	59	10 / 27
Live Nation Norway AS	Beaver	35	47	–
Try AS	Elephant	34	74	–
Omd AS	Elephant	33	80	37 / 79
SINTEF AS	Elephant	33	69	28 / 56
SINTEF Ocean AS	Elephant	30	92	26 / 94
Wal Media AS	Beaver	28	2	24 / 2
Abl Group Norway AS	Beaver	26	17	–
Publicis Communications Norway AS	Beaver	25	11	38 / 8
Try Schjærven Media AS	Beaver	22	20	21 / 21

The sector in numbers

Summary · fiscal year 2025 · Morning class Large

The sector's median operating margin is 3.4%. 3 of 64 companies have negative equity. The median equity ratio is 25.4%.

Companies with accounts64

Total revenue107,207 MNOK

Median operating margin3.4%

Median equity ratio25.4%

Share with a loss22%

Share with negative equity5%

All figures are for fiscal year 2025. Ranked: 64 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

4 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 4% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2024 to 2025, for 55 companies ranked in both years.

Climbers

33Wpp Media Norway ASfrom rank 53 to 2059
26Shearwater Geoservices Norway ASfrom rank 59 to 3351
21Norges Sjømatråd ASfrom rank 24 to 376
20Seaonics ASfrom rank 41 to 2159
17Hrp ASfrom rank 35 to 1861

Fallers

43Reach Subsea ASfrom rank 14 to 5728
42CGG SERVICES (NORWAY) ASfrom rank 17 to 5922
36TGS Operations ASfrom rank 4 to 4048
28TGS ASAfrom rank 22 to 5039
26Element Logic ASfrom rank 13 to 3948

Awards · 2025 · Morning class Large

Most profitableInflowcontrol AS46.8%

Fastest growthAbl Group Norway AS3,921.1%

Strongest balance sheetDnv AS81.1%

Largest revenueDnv AS13,251 MNOK

Highest revenue per employeeTry Schjærven Media AS72.6 MNOK

Needs attention · 2025 · Morning class Large

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

criticalSlb Capturi Norway ASNegative equity · Current ratio below 1 (0.25) · Loss before tax
criticalRystad Energy ASNegative equity · Current ratio below 1 (0.59) · Loss before tax
criticalScanship ASNegative equity · Current ratio below 1 (0.66) · Loss before tax
watchCGG SERVICES (NORWAY) ASVery low equity ratio (0.9%) · Current ratio below 1 (0.24) · Loss before tax
watchTGS ASACurrent ratio below 1 (0.67) · Loss before tax
watchElement Logic ASVery low equity ratio (8.6%) · Current ratio below 1 (0.55)
watchWal Media ASVery low equity ratio (0.1%) · Current ratio below 1 (1.00)
watchAll Things Live Norway ASVery low equity ratio (0.3%) · Current ratio below 1 (0.71)
watchAnicura ASCurrent ratio below 1 (0.48) · Loss before tax
watchPure Salmon Technology ASCurrent ratio below 1 (0.57) · Loss before tax
watchEwos Innovation ASVery low equity ratio (3.3%) · Current ratio below 1 (0.96)
watchSiemens ASCurrent ratio below 1 (0.75)
watchReach Subsea ASLoss before tax
watchPublicis Communications Norway ASVery low equity ratio (6.9%)
watchNorce Research ASLoss before tax

Sector map · 2025 · 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
Inflowcontrol AS	46.8%	68.0%	501 MNOK
Voith Hydro AS	12.5%	41.8%	594 MNOK
Norges Sjømatråd AS	6.4%	72.9%	686 MNOK
Autostore AS	31.9%	38.7%	5,575 MNOK
Siemens Energy AS	14.1%	30.9%	5,518 MNOK
Techouse AS	7.3%	41.0%	785 MNOK
Dnv AS	3.9%	81.1%	13,251 MNOK
SINTEF Ocean AS	1.2%	58.1%	880 MNOK
Multiconsult Norge AS	7.5%	31.5%	5,165 MNOK
Asplan Viak AS	2.7%	55.3%	1,938 MNOK
SINTEF Energi AS	5.4%	58.7%	802 MNOK
Omd AS	1.0%	38.7%	1,602 MNOK
Afry Norway Advisory AS	7.4%	25.2%	1,466 MNOK
Leidang Industripartner AS	14.6%	17.6%	523 MNOK
Sweco Norge AS	9.7%	28.4%	3,678 MNOK
Fugro Norway AS	20.4%	30.8%	1,272 MNOK
Norges Geotekniske Institutt AS	5.6%	36.7%	812 MNOK
Hrp AS	7.6%	29.9%	745 MNOK
Cambi Group AS	14.3%	13.2%	536 MNOK
Wpp Media Norway AS	1.1%	29.1%	2,180 MNOK
Seaonics AS	5.9%	25.7%	924 MNOK
GE Power Norway AS	26.6%	21.3%	996 MNOK
Rambøll Norge AS	2.7%	32.3%	2,247 MNOK
Veni Metering AS	0.0%	34.2%	736 MNOK
SINTEF AS	1.3%	32.0%	2,987 MNOK
Metier AS	6.0%	52.4%	822 MNOK
Jcdecaux Norge AS	10.1%	23.2%	664 MNOK
Norconsult Norge AS	8.8%	30.6%	6,373 MNOK
Try AS	1.3%	33.6%	1,002 MNOK
Dnv Business Assurance Norway AS	4.6%	23.8%	1,058 MNOK
Siemens AS	9.0%	16.5%	2,435 MNOK
Afry Norway AS	2.3%	32.3%	656 MNOK
Shearwater Geoservices Norway AS	2.4%	39.3%	603 MNOK
Ecohz AS	2.9%	27.6%	1,085 MNOK
Siemens Mobility AS	3.5%	14.9%	1,686 MNOK
Live Nation Norway AS	0.0%	24.8%	819 MNOK
Goodtech AS	6.2%	16.5%	727 MNOK
AF Energi AS	5.3%	19.9%	528 MNOK
Element Logic AS	33.5%	8.6%	1,065 MNOK
TGS Operations AS	−11.5%	66.7%	666 MNOK
Odfjell Engineering AS	9.7%	9.5%	632 MNOK
Head Energy Consulting AS	3.1%	6.2%	1,230 MNOK
Ikm Consultants AS	3.3%	8.4%	1,043 MNOK
Cowi AS	3.6%	20.0%	2,425 MNOK
Nofima AS	−5.6%	38.1%	711 MNOK
All Things Live Norway AS	3.5%	0.3%	754 MNOK
Dentsu Norge AS	0.5%	15.7%	2,734 MNOK
PGS Geophysical AS	0.1%	23.1%	3,881 MNOK
Abl Group Norway AS	−1.9%	12.7%	685 MNOK
TGS ASA	10.9%	28.1%	1,808 MNOK
Wsp Norge AS	−1.4%	26.0%	827 MNOK
Norce Research AS	−6.7%	24.5%	1,304 MNOK
Try Schjærven Media AS	0.1%	13.7%	726 MNOK
Wal Media AS	0.1%	0.1%	840 MNOK
Publicis Communications Norway AS	0.5%	6.9%	1,534 MNOK
Pure Salmon Technology AS	−2.2%	15.4%	520 MNOK
Reach Subsea AS	−1.6%	20.3%	2,328 MNOK
Mediabrands AS	−2.1%	22.9%	528 MNOK
CGG SERVICES (NORWAY) AS	6.2%	0.9%	1,587 MNOK
Ewos Innovation AS	−3.2%	3.3%	504 MNOK
Anicura AS	−5.8%	27.2%	689 MNOK
Rystad Energy AS	−8.3%	−44.6%	996 MNOK
Scanship AS	−45.6%	−30.3%	758 MNOK
Slb Capturi Norway AS	−95.7%	−162.9%	1,574 MNOK

Holding and investment companies · 2025

260 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: 76 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	CS Invest 1 AS	95	99.8%	57.9%	309.89	11 MNOK
2	Arctic Well Invest AS	84	99.8%	28.4%	126.34	18 MNOK
3	Inge Fossland Invest AS	76	99.2%	15.4%	129.41	11 MNOK
4	Sab Holding AS	76	99.9%	8.1%	477.71	23 MNOK
5	Conceptum Invest AS	74	99.9%	7.8%	266.29	18 MNOK
6	AEB HOLDING & CO AS	72	98.8%	19.9%	62.32	20 MNOK
7	Vårdal Herskedal Holding AS	72	89.0%	36.5%	3,768.04	14 MNOK
8	Karl Parmann Holding AS	72	99.0%	14.0%	76.16	131 MNOK
9	P5 Invest AS	67	99.8%	4.2%	387.88	26 MNOK
10	Tekka Holding AS	67	99.7%	7.1%	72.16	11 MNOK
11	OERE INVEST & Consulting AS	66	99.6%	6.7%	232.17	16 MNOK
12	Cosmos Invest AS	66	99.7%	6.8%	114.65	23 MNOK
13	Visomi Holding AS	66	93.8%	39.0%	4.98	29 MNOK
14	Olav Olsen Holding AS	65	97.3%	12.2%	27.35	46 MNOK
15	Dimb Invest AS	64	87.3%	42.7%	7.82	11 MNOK
16	Snf Holding AS	63	98.9%	8.3%	66.01	27 MNOK
17	SYNNES INVEST & Consulting AS	63	86.2%	50.9%	6.62	15 MNOK
18	Blå Holding AS	63	91.3%	13.2%	106.77	25 MNOK
19	Camah Invest AS	63	99.6%	4.3%	118.51	13 MNOK
20	Beat Capital AS	63	89.9%	37.0%	6.01	11 MNOK

Show all 76

Rank	Company	Score	Total assets
21	Stokka Investment Group AS	61	16 MNOK
22	Finnøy Betong Holding AS	61	48 MNOK
23	Holder Fast Invest AS	60	47 MNOK
24	Palander Holding AS	60	65 MNOK
25	ER Offshore Holding AS	59	20 MNOK
26	Melby Investments AS	58	34 MNOK
27	Ben VA Holding AS	58	16 MNOK
28	Basthe Invest AS	57	33 MNOK
29	Pem Invest AS	55	28 MNOK
30	Ibms Holding AS	55	12 MNOK
31	Diwp Holding AS	55	87 MNOK
32	Herbrandsen Invest AS	54	74 MNOK
33	Alex-Holding AS	54	224 MNOK
34	Ingel Invest AS	54	17 MNOK
35	Dynamic Precision Holding AS	53	59 MNOK
36	Cap Nord Holding AS	51	31 MNOK
37	Mood Holding AS	51	19 MNOK
38	AH Holding AS	51	49 MNOK
39	Reikvam Holding AS	51	24 MNOK
40	Core Group Holding AS	50	11 MNOK
41	Equilibrium Holding AS	50	22 MNOK
42	4Tau Holding AS	50	17 MNOK
43	Wiwa Holding AS	49	26 MNOK
44	Høvding Holding AS	48	25 MNOK
45	WE Are Live Holding AS	47	27 MNOK
46	Structor Holding AS	47	18 MNOK
47	Emdb Holding AS	47	15 MNOK
48	BREKKE & Strand Holding AS	47	40 MNOK
49	Off Grid Invest AS	46	16 MNOK
50	Wal Holding AS	45	38 MNOK
51	Intel Invest AS	44	14 MNOK
52	G. Greve Holding AS	44	51 MNOK
53	Vende Invest AS	43	15 MNOK
54	PS Dale Holding AS	41	11 MNOK
55	OP Invest AS	40	2,573 MNOK
56	Wimp Invest AS	40	11 MNOK
57	Eisa Holding AS	39	17 MNOK
58	Knudstad Holding AS	39	27 MNOK
59	Grand Cru Holding AS	38	15 MNOK
60	Freyja Invest AS	38	15 MNOK
61	S. Sunde Holding AS	38	11 MNOK
62	Hhg Holding AS	36	16 MNOK
63	Saunders Holding AS	35	19 MNOK
64	Morten Wilsgård Holding AS	33	11 MNOK
65	Devino Invest AS	29	13 MNOK
66	Silva Holding AS	29	10 MNOK
67	Montana Holding AS	29	27 MNOK
68	Janfo Invest AS	28	71 MNOK
69	Ilm Invest AS	25	28 MNOK
70	Bba Holding AS	24	34 MNOK
71	Fire Security Holding AS	20	51 MNOK
72	Ikm Acona Holding AS	17	45 MNOK
73	Tdk Invest AS	17	10 MNOK
74	Wallenius Wilhelmsen Solutions Holding AS	16	7,805 MNOK
75	Well Cleanup Holding AS	15	34 MNOK
76	Inviss Holding AS	14	25 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 2021, with a median operating margin of −0.2%.

Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2019	–	–
2020	–	–
2021 · weakest year	−0.2%	4.0%
2022	4.6%	29.6%
2023	5.5%	36.3%
2024	5.3%	36.1%
2025	5.3%	36.9%
2026	6.0%	41.3%

In 2021, 0 ranked companies did better than the sector, 1 about the same and 0 weaker.

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: architectural and engineering activities (indeks (2021 = 100))

Latest value: 156.4 (2026M09)

Turnover index: architectural and engineering activities rose 8.1% in 2025; the sector's median operating margin rose 0.1 percentage points.

Turnover index: architectural and engineering activities per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Turnover index: architectural and engineering activities, annual average	99.0	108.8	127.9	146.4	158.3	155.2 (so far)
Change from the year before	+9.8%	+9.9%	+17.5%	+14.5%	+8.1%	−1.9%
Sector's median operating margin	−0.2%	4.6%	5.5%	5.3%	5.3%	6.0%

Source: SSB (13863, CC BY 4.0). Source · fetched 5 November 2026

Turnover index: advertising and market research (indeks (2021 = 100))

Latest value: 122.3 (2026M09)

Turnover index: advertising and market research rose 3.6% in 2025; the sector's median operating margin rose 0.1 percentage points.

Turnover index: advertising and market research per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Turnover index: advertising and market research, annual average	99.4	113.5	108.3	106.9	110.7	126.1 (so far)
Change from the year before	+35.1%	+14.2%	−4.6%	−1.3%	+3.6%	+13.9%
Sector's median operating margin	−0.2%	4.6%	5.5%	5.3%	5.3%	6.0%

Source: SSB (13863, CC BY 4.0). Source · fetched 5 November 2026

Turnover index: other professional and technical activities (indeks (2021 = 100))

Latest value: 156.4 (2026M09)

Turnover index: other professional and technical activities rose 6.2% in 2025; the sector's median operating margin rose 0.1 percentage points.

Turnover index: other professional and technical activities per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Turnover index: other professional and technical activities, annual average	98.3	121.6	139.4	131.0	139.1	158.0 (so far)
Change from the year before	+29.9%	+23.7%	+14.6%	−6.0%	+6.2%	+13.6%
Sector's median operating margin	−0.2%	4.6%	5.5%	5.3%	5.3%	6.0%

Source: SSB (13863, CC BY 4.0). Source · fetched 5 November 2026

Export price of crude oil (kr per fat)

Latest value: 1,069 (2026M09)

Export price of crude oil fell 17.6% in 2025; the sector's median operating margin rose 0.1 percentage points.

Export price of crude oil per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Export price of crude oil, annual average	609	979	877	859	708	881 (so far)
Change from the year before	+61.1%	+60.8%	−10.5%	−2.0%	−17.6%	+24.5%
Sector's median operating margin	−0.2%	4.6%	5.5%	5.3%	5.3%	6.0%

Source: SSB (08799, 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 0.1 percentage points.

Policy rate per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Policy rate, annual average	0.08	1.32	3.54	4.50	4.30	4.17 (so far)
Change from the year before	−0.28 percentage points	+1.24 percentage points	+2.22 percentage points	+0.96 percentage points	−0.20 percentage points	−0.12 percentage points
Sector's median operating margin	−0.2%	4.6%	5.5%	5.3%	5.3%	6.0%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 5 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 0.1 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	−0.2%	4.6%	5.5%	5.3%	5.3%	6.0%

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

When export price of crude oil fell in 2025, 1,748 of 3,475 ranked companies kept their operating margin at or above the year before. Among the largest: Dnv AS (2.5% → 3.9%), Norconsult Norge AS (5.3% → 8.8%), Siemens Energy AS (10.9% → 14.1%), PGS Geophysical AS (−25.2% → 0.1%), Sweco Norge AS (9.2% → 9.7%).

We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.

The sector in Norway (SSB)

The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.

Enterprises, employment and turnover · 2024

Enterprises: 39,300; +1.8% from 2023
Persons employed: 104,649; +0.9% from 2023
Turnover: NOK 270.1 bn; +6.7% from 2023
Gross operating margin: 9.6%; Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

216 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −17.9% against the four quarters before (263). That is about 5.5 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 2.6%
Share of persons employed: 19.6%
Share of turnover: 25.9%

SSB publishes this for groups of industries only. The figures are for the group “Faglig, vitenskapelig og teknisk tjenesteyting”.

Turnover index · Arkitekter og tekniske konsulenter

159.3 index, 2021 = 100, seasonally adjusted · 2026M08
−2.0% 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

Aloud AS 920035965 Bankruptcy · 4 November 2026
Auromheime AS 828774492 Voluntary liquidation · 4 November 2026 · 0 MNOK (2025)
Carbonor AS 927516217 Voluntary liquidation · 4 November 2026
Crcc AS 927176955 Voluntary liquidation · 4 November 2026
Enginuity AS 929530497 Voluntary liquidation · 4 November 2026
Reder Foto AS 827910422 Voluntary liquidation · 4 November 2026 · 1 MNOK (2025)
Saga Aerospace AS 925539244 Voluntary liquidation · 4 November 2026
Solbakken Multiservice AS 912400204 Voluntary liquidation · 4 November 2026 · 0 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
71*	Hele hovedgruppe 71
71.110	Arkitektvirksomhet
71.121	Byggeteknisk konsulentvirksomhet
71.122	Geologiske undersøkelser
71.123	Utarbeidelse av kart og oppmåling
71.129	Annen teknisk konsulentvirksomhet
71.200	Teknisk prøving og analyse
72*	Hele hovedgruppe 72
72.100	Forskning og eksperimentell utvikling innenfor naturvitenskap og teknikk
72.200	Forskning og eksperimentell utvikling innenfor samfunnsvitenskap og humanistiske fag
73*	Hele hovedgruppe 73
73.110	Reklamebyråvirksomhet
73.120	Medieformidlingstjenester
73.200	Markeds- og opinionsundersøkelser
73.300	Pr og kommunikasjonstjenester
74*	Hele hovedgruppe 74
74.110	Industri-, produkt- og motedesignvirksomhet
74.120	Grafisk design og visuell kommunikasjonsdesign
74.130	Interiørdesignvirksomhet
74.140	Annen spesialisert designvirksomhet
74.200	Fotografvirksomhet
74.300	Oversettelses- og tolkevirksomhet
74.910	Patentmeglervirksomhet og markedsføringstjenester
74.990	All annen faglig, vitenskapelig og teknisk virksomhet ikke nevnt annet sted
75*	Hele hovedgruppe 75
75.000	Veterinærtjenester