Sector

1,595 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology

Ranking · 2023 · Morning class Large

Morning class Large · 2023
#CompanyProfileScoreChangeFive years
1 Norsea Logistics AS Leader 91 –
2 DHL EXPRESS (NORWAY) AS Leader 86 –
3 Bring Cargo AS Leader 85 –
4 Jas Worldwide Norway AS Leader 84 –
5 LKAB Norge AS Leader 80 –
6 B.H. Ramberg AS Leader 79 –
7 Wilhelmsen Ships Service AS Leader 77 –
8 Taxisentralen i Bergen AS Leader 77 –
9 Posten Bring Bildrift AS Leader 76 –
10 Clarksons Norway AS Leader 75 –
11 Dfds Logistics AS Leader 73 –
12 Thermo-Transit Norge AS Leader 71 –
13 Flytoget AS Leader 70 –
14 Ccb AS Leader 70 –
15 Trønder Taxi AS Leader 69 –
16 Veøy AS Leader 69 –
17 VY Tog ASsubsidiary of Vygruppen AS Steward 69 –
18 Axess Logistics AS Leader 68 –
19 Bring Intermodal AS Steward 68 –
20 Asco Norge AS Steward 67 –
21 UPS Norway AS Leader 65 –
22 DHL GLOBAL FORWARDING (NORWAY) AS Steward 64 –
23 Connect Bus Norge AS Steward 62 –
24 Sr Group AS Sprinter 61 –
25 Nortransport AS Leader 61 –
26 Kingsrød Transport AS Steward 60 –
27 Norwegian Air AS Leader 59 –
28 Nor-Log AS Leader 57 –
29 Viking Redningstjeneste AS Sprinter 57 –
30 Avinor AS Leader 54 –
31 Apcoa Norway AS Sprinter 54 –
32 Sporveien AS Steward 52 –
33 DSV AIR & Sea AS Sprinter 51 –
34 Fearnleys A/S Sprinter 50 –
35 Posten Bring AS Sprinter 48 –
36 Onepark AS Sprinter 48 –
37 Widerøe Ground Handling AS Builder 47 –
38 Vygruppen AS Leader 46 –
39 Toten Transport AS Sprinter 45 –
40 Bristow Norway AS Sprinter 44 –
41 Air Cargo Logistics AS Sprinter 44 –
42 Redgo Norway AS Steward 44 –
43 Norwegian Air Shuttle ASA Steward 43 –
44 Nordicgsa AS Sprinter 42 –
45 Avinor Flysikring ASsubsidiary of Avinor AS Builder 42 –
46 Dsv Road AS Builder 39 –
47 Inchcape Shipping Services AS Sprinter 39 –
48 Postnord AS Steward 38 –
49 VY Buss ASsubsidiary of Vygruppen AS Sprinter 37 –
50 Tide Buss AS Steward 37 –

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

  • Nor Lines Norway AS

    From 2022 to 2023: went from a profit to a loss before tax and the equity ratio fell from 21.3% to 8.5%.

    −24

Top lists in the sector · 2023 · Morning class Large

The five largest companies account for 39% of the sector's revenue. Combined profit before tax for the 65 ranked companies: 2,031 MNOK.

Size

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

Highest revenue

  1. Posten Bring AS 13,987 MNOK
  2. Norwegian Air Shuttle Aoc ASsubsidiary of Norwegian Air Shuttle ASA 13,833 MNOK
  3. Avinor AS 10,290 MNOK
  4. Vygruppen AS 6,778 MNOK
  5. Widerøe's Flyveselskap ASsubsidiary of Widerøe AS 5,433 MNOK

Operating revenue.

Most employees

  1. Posten Bring AS 10,033
  2. Tide Buss AS 3,859
  3. Connect Bus Norge AS 2,553
  4. Avinor AS 2,548
  5. Vygruppen AS 2,485

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. Viking Redningstjeneste AS 28.9 MNOK
  2. Air Cargo Logistics AS 26.6 MNOK
  3. Inchcape Shipping Services AS 23.5 MNOK
  4. Collicare Logistics AS 23.5 MNOK
  5. Dfds Logistics AS 22.8 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

  1. Clarksons Norway AS 36.2%
  2. Norwegian Air AS 31.2%
  3. Fearnleys A/S 21.6%
  4. Wilhelmsen Ships Service AS 11.8%
  5. LKAB Norge AS 11.1%

Operating result divided by operating revenue.

Largest profit

  1. Norwegian Air AS 1,333 MNOK
  2. Wilhelmsen Ships Service AS 566 MNOK
  3. Norwegian Air Shuttle Aoc ASsubsidiary of Norwegian Air Shuttle ASA 377 MNOK
  4. Clarksons Norway AS 338 MNOK
  5. Avinor AS 299 MNOK

Profit before tax.

Largest loss

  1. Norse Atlantic Airways AS −760 MNOK
  2. Unibuss ASsubsidiary of Sporveien AS −544 MNOK
  3. Norwegian Air Shuttle ASA −400 MNOK
  4. Tide Buss AS −184 MNOK
  5. Sporveien AS −167 MNOK

Profit before tax, the largest negative.

Most solid

  1. Dfds Logistics AS 96.6%
  2. VY Tog ASsubsidiary of Vygruppen AS 60.7%
  3. Jas Worldwide Norway AS 59.8%
  4. Norsea Logistics AS 59.7%
  5. Bring Cargo AS 52.3%

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

No company meets the requirement this year.

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

Largest revenue decline

  1. Nor Lines Norway AS −8.9%

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

Biggest climbers

Requires an index for two financial years.

Change in index points from the year before.

Biggest fallers

  1. Nor Lines Norway AS −24.1 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 · 2023 · 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.

Posten Bring AS: 57 / 46Norwegian Air Shuttle Aoc AS: 46 / 7Avinor AS: 68 / 64Vygruppen AS: 51 / 55VY Buss AS: 50 / 40WIDERØE'S Flyveselskap AS: 27 / 35Postnord AS: 13 / 59Norwegian Air AS: 88 / 70KUEHNE + Nagel AS: 43 / 10Tide Buss AS: 10 / 53Wilhelmsen Ships Service AS: 85 / 77Norse Atlantic Airways AS: 2 / 0Bristow Norway AS: 69 / 29Connect Bus Norge AS: 46 / 73Sporveien T-Banen AS: 7 / 25Avinor Flysikring AS: 44 / 26Nor-Log AS: 59 / 52DSV AIR & Sea AS: 79 / 20Unibuss AS: 2 / 0SJ Norge AS: 27 / 4Sporveien AS: 34 / 79Dsv Road AS: 24 / 34Collicare Logistics AS: 41 / 11DHL EXPRESS (NORWAY) AS: 88 / 88Widerøe Ground Handling AS: 37 / 44Thermo-Transit Norge AS: 60 / 71Onepark AS: 87 / 19Apcoa Norway AS: 68 / 49Sporveien Trikken AS: 15 / 37Cargonet AS: 7 / 38Boreal Buss AS: 28 / 43Jas Worldwide Norway AS: 59 / 97Bring Cargo AS: 80 / 94Air Cargo Logistics AS: 62 / 14VY Tog AS: 49 / 98Norsea Logistics AS: 90 / 95SAS Ground Handling Norway AS: 6 / 32LKAB Norge AS: 74 / 76Flytoget AS: 73 / 91DHL GLOBAL FORWARDING (NORWAY) AS: 15 / 89Bring Intermodal AS: 48 / 67Foodora Norway AS: 29 / 8Go-Ahead Norge AS: 4 / 0Clarksons Norway AS: 99 / 74Trønder Taxi AS: 76 / 61Ccb AS: 85 / 62Axess Logistics AS: 73 / 68Norwegian Air Shuttle ASA: 11 / 85Viking Redningstjeneste AS: 93 / 31Dfds Logistics AS: 57 / 100Asco Norge AS: 19 / 92Veøy AS: 72 / 86Helthjem Netthandel AS: 26 / 5Nor Lines Norway AS: 10 / 16Sr Group AS: 71 / 47Taxisentralen i Bergen AS: 71 / 83Kingsrød Transport AS: 47 / 65Boreal Travel AS: 28 / 22B.H. Ramberg AS: 81 / 82Inchcape Shipping Services AS: 53 / 13Tide Bane AS: 31 / 17UPS Norway AS: 89 / 50Toten Transport AS: 74 / 28Nordicgsa AS: 82 / 2Bring Cargo International Norge AS: 20 / 41Fearnleys A/S: 99 / 23Nortransport AS: 54 / 58Posten Bring Bildrift AS: 61 / 80Redgo Norway AS: 18 / 5600252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers
Posten Bring AS: 57 / 46Norwegian Air Shuttle Aoc AS: 46 / 7Avinor AS: 68 / 64Vygruppen AS: 51 / 55VY Buss AS: 50 / 40WIDERØE'S Flyveselskap AS: 27 / 35Postnord AS: 13 / 59Norwegian Air AS: 88 / 70KUEHNE + Nagel AS: 43 / 10Tide Buss AS: 10 / 53Wilhelmsen Ships Service AS: 85 / 77Norse Atlantic Airways AS: 2 / 0Bristow Norway AS: 69 / 29Connect Bus Norge AS: 46 / 73Sporveien T-Banen AS: 7 / 25Avinor Flysikring AS: 44 / 26Nor-Log AS: 59 / 52DSV AIR & Sea AS: 79 / 20Unibuss AS: 2 / 0SJ Norge AS: 27 / 4Sporveien AS: 34 / 79Dsv Road AS: 24 / 34Collicare Logistics AS: 41 / 11DHL EXPRESS (NORWAY) AS: 88 / 88Widerøe Ground Handling AS: 37 / 44Thermo-Transit Norge AS: 60 / 71Onepark AS: 87 / 19Apcoa Norway AS: 68 / 49Sporveien Trikken AS: 15 / 37Cargonet AS: 7 / 38Boreal Buss AS: 28 / 43Jas Worldwide Norway AS: 59 / 97Bring Cargo AS: 80 / 94Air Cargo Logistics AS: 62 / 14VY Tog AS: 49 / 98Norsea Logistics AS: 90 / 95SAS Ground Handling Norway AS: 6 / 32LKAB Norge AS: 74 / 76Flytoget AS: 73 / 91DHL GLOBAL FORWARDING (NORWAY) AS: 15 / 89Bring Intermodal AS: 48 / 67Foodora Norway AS: 29 / 8Go-Ahead Norge AS: 4 / 0Clarksons Norway AS: 99 / 74Trønder Taxi AS: 76 / 61Ccb AS: 85 / 62Axess Logistics AS: 73 / 68Norwegian Air Shuttle ASA: 11 / 85Viking Redningstjeneste AS: 93 / 31Dfds Logistics AS: 57 / 100Asco Norge AS: 19 / 92Veøy AS: 72 / 86Helthjem Netthandel AS: 26 / 5Nor Lines Norway AS: 10 / 16Sr Group AS: 71 / 47Taxisentralen i Bergen AS: 71 / 83Kingsrød Transport AS: 47 / 65Boreal Travel AS: 28 / 22B.H. Ramberg AS: 81 / 82Inchcape Shipping Services AS: 53 / 13Tide Bane AS: 31 / 17UPS Norway AS: 89 / 50Toten Transport AS: 74 / 28Nordicgsa AS: 82 / 2Bring Cargo International Norge AS: 20 / 41Fearnleys A/S: 99 / 23Nortransport AS: 54 / 58Posten Bring Bildrift AS: 61 / 80Redgo Norway AS: 18 / 5600252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 1 companies that moved most stood in 2022 (small ring).

  • 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
CompanyProfileProfitabilitySolidityIn 2022 (profitability / solidity)
Clarksons Norway ASLion9974–
Fearnleys A/SCheetah9923–
Viking Redningstjeneste ASCheetah9331–
Norsea Logistics ASLion9095–
UPS Norway ASLion8950–
DHL EXPRESS (NORWAY) ASLion8888–
Norwegian Air ASLion8870–
Onepark ASCheetah8719–
Wilhelmsen Ships Service ASLion8577–
Ccb ASLion8562–
Nordicgsa ASCheetah822–
B.H. Ramberg ASLion8182–
Bring Cargo ASLion8094–
DSV AIR & Sea ASCheetah7920–
Trønder Taxi ASLion7661–
Toten Transport ASCheetah7428–
LKAB Norge ASLion7476–
Flytoget ASLion7391–
Axess Logistics ASLion7368–
Veøy ASLion7286–
Taxisentralen i Bergen ASLion7183–
Sr Group ASCheetah7147–
Bristow Norway ASCheetah6929–
Apcoa Norway ASCheetah6849–
Avinor ASLion6864–
Air Cargo Logistics ASCheetah6214–
Posten Bring Bildrift ASLion6180–
Thermo-Transit Norge ASLion6071–
Jas Worldwide Norway ASLion5997–
Nor-Log ASLion5952–
Posten Bring ASCheetah5746–
Dfds Logistics ASLion57100–
Nortransport ASLion5458–
Inchcape Shipping Services ASCheetah5313–
Vygruppen ASLion5155–
VY Buss ASCheetah5040–
VY Tog ASElephant4998–
Bring Intermodal ASElephant4867–
Kingsrød Transport ASElephant4765–
Connect Bus Norge ASElephant4673–
Norwegian Air Shuttle Aoc ASBeaver467–
Avinor Flysikring ASBeaver4426–
KUEHNE + Nagel ASBeaver4310–
Collicare Logistics ASBeaver4111–
Widerøe Ground Handling ASBeaver3744–
Sporveien ASElephant3479–
Tide Bane ASBeaver3117–
Foodora Norway ASBeaver298–
Boreal Buss ASBeaver2843–
Boreal Travel ASBeaver2822–
The sector in numbers

Summary · fiscal year 2023 · Morning class Large

The sector's median operating margin is 1.1%. 3 of 69 companies have negative equity. The median equity ratio is 20.0%.

Companies with accounts69
Total revenue130,367 MNOK
Median operating margin1.1%
Median equity ratio20.0%
Share with a loss39%
Share with negative equity4%

All figures are for fiscal year 2023. Ranked: 69 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: 4 subsidiaries (10,515 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

  • 1 company reports in another currency. Its revenue is converted at the mean rate for the accounting period and makes up 2% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2022 to 2023, for 1 companies ranked in both years.

Climbers

None.

Fallers

  1. 58Nor Lines Norway ASfrom rank 1 to 5926

Awards · 2023 · Morning class Large

Most profitableClarksons Norway AS36.2%
Fastest growthNor Lines Norway AS−8.9%
Strongest balance sheetDfds Logistics AS96.6%
Largest revenuePosten Bring AS13,987 MNOK
Highest revenue per employeeViking Redningstjeneste AS28.9 MNOK

Needs attention · 2023 · Morning class Large

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

Sector map · 2023 · 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.

−10%−5%0%5%10%0%10%20%30%40%50%Operating margin (profitability) →Equity ratio (solidity) →Posten Bring AS: operating margin 1.6%, equity ratio 19.1%, rank 35Norwegian Air Shuttle Aoc AS: operating margin 1.3%, equity ratio 4.0%, rank 54Avinor AS: operating margin 11.0%, equity ratio 28.5%, rank 30Vygruppen AS: operating margin 2.2%, equity ratio 24.7%, rank 38VY Buss AS: operating margin 1.9%, equity ratio 17.7%, rank 49WIDERØE'S Flyveselskap AS: operating margin −1.9%, equity ratio 15.8%, rank 62Postnord AS: operating margin −2.3%, equity ratio 26.5%, rank 48Norwegian Air AS: operating margin 31.2%, equity ratio 31.5%, rank 27KUEHNE + Nagel AS: operating margin 0.5%, equity ratio 5.5%, rank 52Tide Buss AS: operating margin −2.9%, equity ratio 21.1%, rank 50Wilhelmsen Ships Service AS: operating margin 11.8%, equity ratio 36.1%, rank 7Norse Atlantic Airways AS: operating margin −32.1%, equity ratio −38.4%, rank 68Bristow Norway AS: operating margin 2.0%, equity ratio 13.6%, rank 40Connect Bus Norge AS: operating margin 0.0%, equity ratio 34.1%, rank 23Sporveien T-Banen AS: operating margin −3.6%, equity ratio 12.3%, rank 65Avinor Flysikring AS: operating margin 0.8%, equity ratio 12.4%, rank 45Nor-Log AS: operating margin 1.4%, equity ratio 20.3%, rank 28DSV AIR & Sea AS: operating margin 3.0%, equity ratio 11.6%, rank 33Unibuss AS: operating margin −27.0%, equity ratio −4.3%, rank 67SJ Norge AS: operating margin −0.1%, equity ratio 0.3%, rank 53Sporveien AS: operating margin 0.6%, equity ratio 36.3%, rank 32Dsv Road AS: operating margin −0.6%, equity ratio 14.6%, rank 46Collicare Logistics AS: operating margin 0.4%, equity ratio 5.6%, rank 61DHL EXPRESS (NORWAY) AS: operating margin 5.8%, equity ratio 40.1%, rank 2Widerøe Ground Handling AS: operating margin 0.4%, equity ratio 18.8%, rank 37Thermo-Transit Norge AS: operating margin 1.5%, equity ratio 31.9%, rank 12Onepark AS: operating margin 4.3%, equity ratio 10.4%, rank 36Apcoa Norway AS: operating margin 2.4%, equity ratio 20.0%, rank 31Sporveien Trikken AS: operating margin −1.8%, equity ratio 16.4%, rank 57Cargonet AS: operating margin −9.8%, equity ratio 16.5%, rank 66Boreal Buss AS: operating margin −1.0%, equity ratio 18.5%, rank 58Jas Worldwide Norway AS: operating margin 0.3%, equity ratio 59.8%, rank 4Bring Cargo AS: operating margin 4.9%, equity ratio 52.3%, rank 3Air Cargo Logistics AS: operating margin 1.5%, equity ratio 6.7%, rank 41VY Tog AS: operating margin 1.0%, equity ratio 60.7%, rank 17Norsea Logistics AS: operating margin 9.7%, equity ratio 59.7%, rank 1SAS Ground Handling Norway AS: operating margin −6.0%, equity ratio 14.6%, rank 55LKAB Norge AS: operating margin 11.1%, equity ratio 35.2%, rank 5Flytoget AS: operating margin 6.5%, equity ratio 43.6%, rank 13DHL GLOBAL FORWARDING (NORWAY) AS: operating margin −1.9%, equity ratio 42.1%, rank 22Bring Intermodal AS: operating margin 0.8%, equity ratio 29.1%, rank 19Foodora Norway AS: operating margin −0.2%, equity ratio 4.2%, rank 60Go-Ahead Norge AS: operating margin −4.0%, equity ratio −194.5%, rank 69Clarksons Norway AS: operating margin 36.2%, equity ratio 35.1%, rank 10Trønder Taxi AS: operating margin 2.5%, equity ratio 27.2%, rank 15Ccb AS: operating margin 4.9%, equity ratio 27.5%, rank 14Axess Logistics AS: operating margin 3.0%, equity ratio 31.5%, rank 18Norwegian Air Shuttle ASA: operating margin −147.4%, equity ratio 39.3%, rank 43Viking Redningstjeneste AS: operating margin 8.2%, equity ratio 13.9%, rank 29Dfds Logistics AS: operating margin 4.8%, equity ratio 96.6%, rank 11Asco Norge AS: operating margin −1.1%, equity ratio 52.3%, rank 20Veøy AS: operating margin 4.3%, equity ratio 39.9%, rank 16Helthjem Netthandel AS: operating margin −0.3%, equity ratio 3.2%, rank 64Nor Lines Norway AS: operating margin −2.4%, equity ratio 8.5%, rank 59Sr Group AS: operating margin 2.5%, equity ratio 19.5%, rank 24Taxisentralen i Bergen AS: operating margin 1.9%, equity ratio 38.1%, rank 8Kingsrød Transport AS: operating margin 0.9%, equity ratio 28.5%, rank 26Boreal Travel AS: operating margin −0.7%, equity ratio 11.7%, rank 63B.H. Ramberg AS: operating margin 3.6%, equity ratio 37.6%, rank 6Inchcape Shipping Services AS: operating margin 0.9%, equity ratio 6.3%, rank 47Tide Bane AS: operating margin 0.0%, equity ratio 9.4%, rank 51UPS Norway AS: operating margin 5.3%, equity ratio 20.1%, rank 21Toten Transport AS: operating margin 1.1%, equity ratio 13.4%, rank 39Nordicgsa AS: operating margin 2.8%, equity ratio 0.1%, rank 44Bring Cargo International Norge AS: operating margin −1.3%, equity ratio 17.7%, rank 56Fearnleys A/S: operating margin 21.6%, equity ratio 12.2%, rank 34Nortransport AS: operating margin 1.4%, equity ratio 26.0%, rank 25Posten Bring Bildrift AS: operating margin 1.6%, equity ratio 36.6%, rank 9Redgo Norway AS: operating margin −1.4%, equity ratio 25.1%, rank 42
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
Norsea Logistics AS9.7%59.7%1,118 MNOK
DHL EXPRESS (NORWAY) AS5.8%40.1%1,423 MNOK
Bring Cargo AS4.9%52.3%1,198 MNOK
Jas Worldwide Norway AS0.3%59.8%1,228 MNOK
LKAB Norge AS11.1%35.2%1,025 MNOK
B.H. Ramberg AS3.6%37.6%592 MNOK
Wilhelmsen Ships Service AS11.8%36.1%3,025 MNOK
Taxisentralen i Bergen AS1.9%38.1%646 MNOK
Posten Bring Bildrift AS1.6%36.6%506 MNOK
Clarksons Norway AS36.2%35.1%879 MNOK
Dfds Logistics AS4.8%96.6%751 MNOK
Thermo-Transit Norge AS1.5%31.9%1,348 MNOK
Flytoget AS6.5%43.6%992 MNOK
Ccb AS4.9%27.5%865 MNOK
Trønder Taxi AS2.5%27.2%878 MNOK
Veøy AS4.3%39.9%688 MNOK
VY Tog AS1.0%60.7%1,137 MNOK
Axess Logistics AS3.0%31.5%843 MNOK
Bring Intermodal AS0.8%29.1%907 MNOK
Asco Norge AS−1.1%52.3%690 MNOK
UPS Norway AS5.3%20.1%579 MNOK
DHL GLOBAL FORWARDING (NORWAY) AS−1.9%42.1%970 MNOK
Connect Bus Norge AS0.0%34.1%2,429 MNOK
Sr Group AS2.5%19.5%667 MNOK
Nortransport AS1.4%26.0%532 MNOK
Kingsrød Transport AS0.9%28.5%633 MNOK
Norwegian Air AS31.2%31.5%4,426 MNOK
Nor-Log AS1.4%20.3%2,088 MNOK
Viking Redningstjeneste AS8.2%13.9%781 MNOK
Avinor AS11.0%28.5%10,290 MNOK
Apcoa Norway AS2.4%20.0%1,305 MNOK
Sporveien AS0.6%36.3%1,864 MNOK
DSV AIR & Sea AS3.0%11.6%1,897 MNOK
Fearnleys A/S21.6%12.2%540 MNOK
Posten Bring AS1.6%19.1%13,987 MNOK
Onepark AS4.3%10.4%1,344 MNOK
Widerøe Ground Handling AS0.4%18.8%1,369 MNOK
Vygruppen AS2.2%24.7%6,778 MNOK
Toten Transport AS1.1%13.4%559 MNOK
Bristow Norway AS2.0%13.6%2,543 MNOK
Air Cargo Logistics AS1.5%6.7%1,168 MNOK
Redgo Norway AS−1.4%25.1%503 MNOK
Norwegian Air Shuttle ASA−147.4%39.3%822 MNOK
Nordicgsa AS2.8%0.1%553 MNOK
Avinor Flysikring AS0.8%12.4%2,214 MNOK
Dsv Road AS−0.6%14.6%1,569 MNOK
Inchcape Shipping Services AS0.9%6.3%588 MNOK
Postnord AS−2.3%26.5%4,906 MNOK
VY Buss AS1.9%17.7%5,896 MNOK
Tide Buss AS−2.9%21.1%3,467 MNOK
Tide Bane AS0.0%9.4%581 MNOK
KUEHNE + Nagel AS0.5%5.5%3,691 MNOK
SJ Norge AS−0.1%0.3%1,880 MNOK
Norwegian Air Shuttle Aoc AS1.3%4.0%13,833 MNOK
SAS Ground Handling Norway AS−6.0%14.6%1,091 MNOK
Bring Cargo International Norge AS−1.3%17.7%543 MNOK
Sporveien Trikken AS−1.8%16.4%1,288 MNOK
Boreal Buss AS−1.0%18.5%1,268 MNOK
Nor Lines Norway AS−2.4%8.5%671 MNOK
Foodora Norway AS−0.2%4.2%903 MNOK
Collicare Logistics AS0.4%5.6%1,551 MNOK
Widerøe's Flyveselskap AS−1.9%15.8%5,433 MNOK
Boreal Travel AS−0.7%11.7%608 MNOK
Helthjem Netthandel AS−0.3%3.2%676 MNOK
Sporveien T-Banen AS−3.6%12.3%2,228 MNOK
Cargonet AS−9.8%16.5%1,268 MNOK
Unibuss AS−27.0%−4.3%1,883 MNOK
Norse Atlantic Airways AS−32.1%−38.4%2,582 MNOK
Go-Ahead Norge AS−4.0%−194.5%900 MNOK

Holding and investment companies · 2023

67 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: 24 have at least 10 MNOK in assets and are listed.

Holding and investment companies
RankCompanyScore Equity ratioReturn on assetsCurrent ratioTotal assets
1Nava-Holding AS83 99.4%30.4% 105.9724 MNOK
2Alone Holding AS76 87.7%83.2% 18.2726 MNOK
3A. Mollestad Invest AS71 99.5%13.4% 147.7611 MNOK
4Bjørn Ramberg Invest AS69 99.9%9.5% 146.32145 MNOK
5WILH. Wilhelmsen Holding ASA69 87.8%27.1% 2.788,918 MNOK
6Høyskel Holding AS65 89.0%19.6% 1.9563 MNOK
7Ccb Holding AS64 84.0%35.6% 1.48258 MNOK
8Fausko Invest AS64 99.2%7.6% 563.65110 MNOK
9Buskerud Anleggstransport Holding AS63 100.0%1.2% 756.5220 MNOK
10Ham Holding AS63 95.4%15.3% 13.7813 MNOK
11Tirilltoppen Holding AS59 80.8%18.3% 123.5613 MNOK
12R-P Invest AS58 99.9%−4.6% 1,174.2142 MNOK
13Get Invest AS52 85.9%15.7% 1.6134 MNOK
14Fritz Karl Pedersen Holding AS50 59.4%22.8% 2.3573 MNOK
15White Invest AS50 46.4%74.8% 1.4119 MNOK
16Wergeland-Holding AS43 91.1%4.0% 1.18578 MNOK
17Fjord Base Holding AS38 51.7%19.1% 0.71200 MNOK
18Nik Haugrønning Holding AS30 61.3%2.0% 25.7031 MNOK
19Toso Invest AS29 41.1%16.4% 0.2013 MNOK
20Knutsen Nyk LNG Holding AS26 75.3%3.2% 1.153,671 MNOK
Show all 24
RankCompanyScoreTotal assets
21Hågensen Holding Alta AS2320 MNOK
22Misje Ship Holding AS22145 MNOK
23Utne Holding AS2143 MNOK
24Borgersrud Holding AS1538 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

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 3.0%.

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

Fiscal yearMedian operating marginMedian equity ratio
2019––
2020––
2021––
2022 · weakest year3.0%17.0%
20234.1%30.7%
20243.8%30.5%
20253.8%29.8%
20264.1%20.3%

In 2022, 20 ranked companies did better than the sector, 7 about the same and 12 weaker.

Held up best in 2022

  1. 1Mcs Oasen ASequity ratio 40.9%57.4%
  2. 2Friberg Bilberging ASequity ratio 90.8%44.0%
  3. 3H.J MAURITZEN & Sønn Lastebilutleie ASequity ratio 44.6%42.7%
  4. 4Ama Andersen ASequity ratio 43.4%39.4%
  5. 5Falkon Transport ASequity ratio 56.6%32.3%
  6. 6Kolsrud Services ASequity ratio 46.6%27.0%
  7. 7Grønn Leveranse ASequity ratio 46.2%25.6%
  8. 8Hts Mosjøen ASequity ratio 72.3%19.2%
  9. 9Busstransport ASequity ratio 16.4%18.4%
  10. 10Tromsø Budbil Sentral ASequity ratio 23.6%17.6%

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: transport and storage (49–53, incl. shipping) (indeks (2021 = 100))

Turnover index: transport and storage (49–53, incl. shipping) per year and the sector's median operating margin
Measure20222023202420252026
Turnover index: transport and storage (49–53, incl. shipping), annual average–––––
Change from the year before–––––
Sector's median operating margin3.0%4.1%3.8%3.8%4.1%

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

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 fell 0.0 percentage points.

Export price of crude oil per year and the sector's median operating margin
Measure202120222023202420252026
Export price of crude oil, annual average609979877859708881 (so far)
Change from the year before+61.1%+60.8%−10.5%−2.0%−17.6%+24.5%
Sector's median operating margin–3.0%4.1%3.8%3.8%4.1%

Source: SSB (08799, CC BY 4.0). Source · fetched 4 November 2026

Consumer price index (indeks (2025 = 100))

Latest value: 104.0 (2026M09)

Consumer price index rose 3.0% in 2025; the sector's median operating margin fell 0.0 percentage points.

Consumer price index per year and the sector's median operating margin
Measure202120222023202420252026
Consumer price index, annual average84.389.294.197.0100.0102.9 (so far)
Change from the year before+3.5%+5.8%+5.5%+3.2%+3.0%+2.9%
Sector's median operating margin–3.0%4.1%3.8%3.8%4.1%

Source: SSB (14710, CC BY 4.0). 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 fell 0.0 percentage points.

Policy rate per year and the sector's median operating margin
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.17 (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–3.0%4.1%3.8%3.8%4.1%

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

When export price of crude oil fell in 2025, 783 of 1,609 ranked companies kept their operating margin at or above the year before. Among the largest: Norwegian Air Shuttle Aoc AS (0.8% → 2.0%), Posten Bring AS (−0.1% → 4.8%), Avinor AS (9.1% → 18.7%), VY Buss AS (2.2% → 3.2%), Norwegian Air AS (−34.2% → 19.2%).

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
20,701
−0.1% from 2023
Persons employed
128,218
+0.2% from 2023
Turnover
NOK 335.7 bn
+7.9% from 2023
Gross operating margin
7.7%
Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

175 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −3.3% against the four quarters before (181). That is about 8.5 per 1,000 enterprises.

482024K4402025K1512025K2422025K3332025K4442026K1692026K2292026K3

Foreign-controlled enterprises · 2024

Share of enterprises
2.3%
Share of persons employed
19.9%
Share of turnover
24.5%

SSB publishes this for groups of industries only. The figures are for the group “Transport og lagring”.

Turnover index · Transport og lagring

139.7 index, 2021 = 100, seasonally adjusted · 2026M08
+4.3% 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

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
49*Hele hovedgruppe 49
49.110Passasjertransport med jernbane
49.120Passasjertransport med sporvei
49.200Godstransport med jernbane
49.310Passasjertransport med rutebil
49.320Passasjertransport utenom rutetabell
49.330Passasjertransport på forespørsel utført av fører med kjøretøy
49.340Passasjertransport med kabelbaner og skiheiser
49.390Annen landtransport med passasjerer ikke nevnt annet sted
49.410Godstransport på vei
49.420Flyttetransport
51*Hele hovedgruppe 51
51.100Lufttransport med passasjerer
51.210Lufttransport med gods
51.220Romfart
52*Hele hovedgruppe 52
52.100Lagring
52.211Drift av gods- og transportsentraler
52.212Drift av parkeringsplasser og parkeringshus
52.219Tjenester tilknyttet landtransport ikke nevnt annet sted
52.220Andre tjenester tilknyttet sjøtransport
52.230Andre tjenester tilknyttet lufttransport
52.240Lasting og lossing
52.250Logistikktjenester
52.260Andre støttetjenester for transport
52.311Formidlingstjenester tilknyttet godstransport via skip
52.312Formidlingstjenester tilknyttet godstransport via jernbane, luftfartøy eller på vei
52.320Formidlingstjenester tilknyttet passasjertransport
53*Hele hovedgruppe 53
53.100Landsdekkende posttjenester
53.200Andre post- og budtjenester
53.300Formidlingstjenester tilknyttet post- og budtjenester