Transport og lagring
FollowDownload sector report (PDF)1,531 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology
Ranking · 2025 · Morning class Large
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
- Norwegian Air Shuttle ASA−40
From 2024 to 2025: the operating margin fell from 140.8% to −45.0% and the equity ratio fell from 43.9% to 37.3%.
- Helthjem Netthandel AS−34
From 2024 to 2025: went from a profit to a loss before tax and revenue fell by 22%.
- Norwegian Air AS+32
From 2024 to 2025: the operating margin rose from −34.2% to 19.2% and went from a loss to a profit before tax.
- Thermo-Transit Norge AS−31
From 2024 to 2025: the equity ratio fell from 22.6% to −9.5%.
Transport og lagring, Morning class Large: 87 ranked companies in fiscal year 2025.
Best in the sector: SAS Norge AS (score 88, operating margin 93.0%, equity ratio 84.0%). Pentagon Freight Services AS (score 83, operating margin 4.1%, equity ratio 40.5%). Norsea Logistics AS (score 83, operating margin 14.7%, equity ratio 46.0%).
Weakest in the sector: Go-Ahead Norge AS (score 12, operating margin −17.3%, equity ratio −323.7%). Thermo-Transit Norge AS (score 13, operating margin −1.8%, equity ratio −9.5%). Helthjem Netthandel AS (score 14, operating margin −2.7%, equity ratio 1.0%).
Worth a closer look
- The median operating margin rose from 1.6% in 2024 to 2.6% in 2025 (1.0 percentage points).
- The median equity ratio fell from 21.8% in 2024 to 21.5% in 2025 (0.3 percentage points).
- The median revenue growth fell from 6.9% in 2024 to 6.6% in 2025 (0.3 percentage points).
- The share with a loss went from 34% in 2024 to 24% 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 35% of the sector's revenue. Combined profit before tax for the 82 ranked companies: 7,833 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- Norwegian Air Shuttle Aoc ASsubsidiary of Norwegian Air Shuttle ASA 14,859 MNOK
- Posten Bring AS 14,354 MNOK
- Avinor AS 12,479 MNOK
- Vygruppen AS 7,390 MNOK
- Widerøe's Flyveselskap ASsubsidiary of Widerøe AS 7,093 MNOK
Operating revenue.
Most employees
- Posten Bring AS 10,033
- Tide Buss AS 3,859
- Connect Bus Norge AS 2,553
- Avinor AS 2,548
- Vygruppen AS 2,485
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Air Cargo Logistics AS 32.2 MNOK
- Dfds Logistics AS 28.9 MNOK
- Pentagon Transport Nordic AS 24.0 MNOK
- KUEHNE + Nagel AS 19.6 MNOK
- Wilhelmsen Ships Service AS 19.2 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
- SAS Norge AS 93.0%
- Clarksons Norway AS 28.8%
- Norwegian Air AS 19.2%
- Avinor AS 18.7%
- Norsea Logistics AS 14.7%
Operating result divided by operating revenue.
Largest profit
- Avinor AS 1,660 MNOK
- SAS Norge AS 1,194 MNOK
- Norwegian Air AS 1,028 MNOK
- Norwegian Air Shuttle ASA 743 MNOK
- Posten Bring AS 680 MNOK
Profit before tax.
Largest loss
- Norse Atlantic Airways AS −718 MNOK
- Postnord AS −400 MNOK
- Tide Buss AS −187 MNOK
- Nobina AS −130 MNOK
- Go-Ahead Norge AS −120 MNOK
Profit before tax, the largest negative.
Most solid
- Dfds Logistics AS 97.8%
- SAS Norge AS 84.0%
- Sos Veihjelp AS 75.5%
- VY Tog ASsubsidiary of Vygruppen AS 67.1%
- DHL GLOBAL FORWARDING (NORWAY) AS 62.1%
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
- Dsv Road AS +181.8%
- Pentagon Transport Nordic AS +129.3%
- Norwegian Air AS +92.4%
- Pentagon Freight Services AS +58.1%
- Asco Norge AS +42.1%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
- Ccb AS −35.7%
- Integra Leasing AS −30.0%
- Helthjem Netthandel AS −21.6%
- Unibuss ASsubsidiary of Sporveien AS −12.6%
- SAS Ground Handling Norway AS −9.4%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- Norwegian Air AS +32.8 points
- Dsv Road AS +28.7 points
- SJ Norge AS +25.2 points
- Redgo Norway AS +24.3 points
- Chc Helikopter Service AS +21.8 points
Change in index points from the year before.
Biggest fallers
- Norwegian Air Shuttle ASA −39.8 points
- Helthjem Netthandel AS −33.7 points
- Thermo-Transit Norge AS −30.5 points
- Helthjem Distribusjon Vest AS −28.4 points
- Gunnar Knutsen AS −22.1 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.
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).
- Redgo Norway AS profitability 20 → 88, solidity 72 → 88
- Norwegian Air AS profitability 13 → 80, solidity 87 → 85
- Norwegian Air Shuttle ASA profitability 78 → 15, solidity 88 → 75
- Thermo-Transit Norge AS profitability 23 → 16, solidity 53 → 0
- Toten Transport AS profitability 64 → 14, solidity 49 → 38
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
Summary · fiscal year 2025 · Morning class Large
The sector's median operating margin is 2.6%. 3 of 87 companies have negative equity. The median equity ratio is 21.5%.
All figures are for fiscal year 2025. Ranked: 87 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: 5 subsidiaries (13,921 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 3% of the total.
Climbers and fallers · Morning class Large
Change in rank from 2024 to 2025, for 78 companies ranked in both years.
Climbers
- 44Norwegian Air ASfrom rank 60 to 1666
- 38Dsv Road ASfrom rank 53 to 1567
- 31SJ Norge ASfrom rank 69 to 3855
- 26Redgo Norway ASfrom rank 30 to 481
- 24Chc Helikopter Service ASfrom rank 63 to 3954
Fallers
- 61Norwegian Air Shuttle ASAfrom rank 10 to 7134
- 40Helthjem Distribusjon Vest ASfrom rank 43 to 8320
- 40Helthjem Netthandel ASfrom rank 45 to 8514
- 38Thermo-Transit Norge ASfrom rank 48 to 8613
- 34Toten Transport ASfrom rank 46 to 8026
Awards · 2025 · Morning class Large
Needs attention · 2025 · Morning class Large
44 companies show at least one warning sign. Showing the 15 most important.
- criticalNorse Atlantic Airways ASNegative equity · Current ratio below 1 (0.46) · Loss before tax
- criticalThermo-Transit Norge ASNegative equity · Current ratio below 1 (0.71) · Loss before tax
- criticalGo-Ahead Norge ASNegative equity · Current ratio below 1 (0.39) · Loss before tax
- watchTide Buss ASVery low equity ratio (8.1%) · Current ratio below 1 (1.00) · Loss before tax
- watchMENZIES AVIATION (OSLO) ASVery low equity ratio (1.0%) · Current ratio below 1 (0.79) · Loss before tax
- watchVY Buss ASCurrent ratio below 1 (0.57) · Loss before tax
- watchKUEHNE + Nagel ASVery low equity ratio (3.1%) · Current ratio below 1 (0.97)
- watchOnepark ASVery low equity ratio (9.1%) · Current ratio below 1 (0.70)
- watchNobina ASCurrent ratio below 1 (0.84) · Loss before tax
- watchBoreal Buss ASCurrent ratio below 1 (0.68) · Loss before tax
- watchCargonet ASCurrent ratio below 1 (0.81) · Loss before tax
- watchApcoa Norway ASVery low equity ratio (6.6%) · Current ratio below 1 (0.88)
- watchHelthjem Distribusjon Vest ASVery low equity ratio (7.8%) · Loss before tax
- watchHelthjem Netthandel ASVery low equity ratio (1.0%) · Loss before tax
- watchCollicare Logistics ASVery low equity ratio (7.6%) · Current ratio below 1 (0.42)
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 |
|---|---|---|---|
| SAS Norge AS | 93.0% | 84.0% | 1,283 MNOK |
| Pentagon Freight Services AS | 4.1% | 40.5% | 658 MNOK |
| Norsea Logistics AS | 14.7% | 46.0% | 1,438 MNOK |
| Redgo Norway AS | 7.7% | 44.6% | 665 MNOK |
| DHL GLOBAL FORWARDING (NORWAY) AS | 3.4% | 62.1% | 1,190 MNOK |
| Bring Cargo AS | 6.7% | 53.1% | 1,323 MNOK |
| DHL EXPRESS (NORWAY) AS | 5.2% | 40.7% | 1,585 MNOK |
| B.H. Ramberg AS | 4.7% | 42.5% | 666 MNOK |
| Ccb Mongstad AS | 11.5% | 28.4% | 526 MNOK |
| Flytoget AS | 3.6% | 45.7% | 1,068 MNOK |
| Airlift AS | 4.1% | 39.1% | 506 MNOK |
| VY Tog AS | 0.9% | 67.1% | 1,270 MNOK |
| Aimo Park Norway AS | 4.2% | 30.1% | 899 MNOK |
| Avinor Flysikring AS | 12.0% | 21.5% | 2,666 MNOK |
| Dsv Road AS | 8.1% | 18.0% | 4,299 MNOK |
| Norwegian Air AS | 19.2% | 41.7% | 4,958 MNOK |
| Sos Veihjelp AS | 1.1% | 75.5% | 511 MNOK |
| Jas Worldwide Norway AS | 1.5% | 61.0% | 1,561 MNOK |
| Pentagon Transport Nordic AS | 5.0% | 18.0% | 769 MNOK |
| Clarksons Norway AS | 28.8% | 35.5% | 901 MNOK |
| LKAB Norge AS | 12.9% | 36.3% | 1,088 MNOK |
| Sr Group AS | 3.5% | 22.9% | 781 MNOK |
| Dfds Logistics AS | 8.9% | 97.8% | 955 MNOK |
| Avinor AS | 18.7% | 32.5% | 12,479 MNOK |
| Veøy AS | 2.8% | 42.0% | 805 MNOK |
| Bring Intermodal AS | 2.2% | 40.6% | 924 MNOK |
| Ccb AS | 5.5% | 31.1% | 1,099 MNOK |
| Posten Bring Bildrift AS | 3.7% | 13.9% | 1,567 MNOK |
| Wilhelmsen Global Business Services AS | −11.8% | 56.0% | 560 MNOK |
| Trønder Taxi AS | 2.0% | 30.6% | 984 MNOK |
| Axess Logistics AS | 3.2% | 32.5% | 962 MNOK |
| Nor-Log AS | 3.3% | 23.6% | 2,119 MNOK |
| DSV AIR & Sea AS | 3.7% | 20.8% | 2,038 MNOK |
| Asco Norge AS | 2.3% | 22.0% | 1,187 MNOK |
| Wilhelmsen Ships Service AS | 6.4% | 24.2% | 3,080 MNOK |
| Nortransport AS | 1.5% | 32.8% | 571 MNOK |
| Marinetrans AS | 8.5% | 0.6% | 526 MNOK |
| SJ Norge AS | 3.8% | 13.2% | 1,984 MNOK |
| Chc Helikopter Service AS | 1.8% | 26.4% | 2,518 MNOK |
| Sporveien AS | 8.5% | 39.2% | 2,113 MNOK |
| Gunnar Knutsen AS | 12.0% | 16.5% | 510 MNOK |
| Kingsrød Transport AS | 0.7% | 29.8% | 676 MNOK |
| Taxisentralen i Bergen AS | −0.3% | 37.7% | 739 MNOK |
| UPS Norway AS | 6.7% | 16.2% | 754 MNOK |
| Widerøe's Flyveselskap AS | 4.1% | 18.1% | 7,093 MNOK |
| Widerøe Ground Handling AS | 2.0% | 21.3% | 1,524 MNOK |
| Vygruppen AS | 4.3% | 29.1% | 7,390 MNOK |
| FREJA TRANSPORT & Logistics AS | 4.8% | 16.9% | 931 MNOK |
| Aviator Airport Alliance AS | 9.2% | 9.4% | 526 MNOK |
| Taxi 03650 AS | 0.5% | 21.2% | 546 MNOK |
| Boreal Travel AS | 1.5% | 15.8% | 675 MNOK |
| Air Cargo Logistics AS | 1.7% | 5.8% | 1,418 MNOK |
| KUEHNE + Nagel AS | 2.8% | 3.1% | 4,025 MNOK |
| Bring Warehousing AS | 0.9% | 29.1% | 546 MNOK |
| Bristow Norway AS | 2.6% | 11.3% | 2,865 MNOK |
| Onepark AS | 2.1% | 9.1% | 2,027 MNOK |
| Bring Cargo International Norge AS | 3.0% | 17.0% | 532 MNOK |
| Posten Bring AS | 4.8% | 19.0% | 14,354 MNOK |
| Integra Leasing AS | −3.1% | 41.4% | 546 MNOK |
| Sporveien Trikken AS | 1.4% | 16.8% | 1,410 MNOK |
| Collicare Distribution AS | 1.3% | 6.4% | 1,116 MNOK |
| Foodora Norway AS | 0.2% | 12.5% | 1,097 MNOK |
| Connect Bus Norge AS | −3.1% | 26.7% | 2,639 MNOK |
| Unibuss AS | 3.8% | 20.0% | 1,696 MNOK |
| VY Buss AS | 3.2% | 15.5% | 6,919 MNOK |
| Tide Horisont AS | 1.1% | 10.4% | 811 MNOK |
| Collicare Logistics AS | 3.4% | 7.6% | 690 MNOK |
| Bring Home Delivery Norge AS | −1.6% | 12.0% | 672 MNOK |
| Postnord AS | −7.2% | 31.6% | 4,874 MNOK |
| Norwegian Air Shuttle Aoc AS | 2.0% | 7.8% | 14,859 MNOK |
| Norwegian Air Shuttle ASA | −45.0% | 37.3% | 872 MNOK |
| Cargonet AS | −4.0% | 28.3% | 1,370 MNOK |
| SAS Ground Handling Norway AS | −3.1% | 22.3% | 1,125 MNOK |
| Stödig Crewing II AS | 0.1% | 0.1% | 606 MNOK |
| Sporveien T-Banen AS | 0.4% | 12.8% | 2,590 MNOK |
| Oslo Taxi AS | −0.9% | 12.1% | 576 MNOK |
| Apcoa Norway AS | 0.7% | 6.6% | 1,334 MNOK |
| MENZIES AVIATION (OSLO) AS | −0.8% | 1.0% | 604 MNOK |
| Boreal Buss AS | −3.4% | 11.6% | 1,456 MNOK |
| Toten Transport AS | −2.9% | 17.2% | 519 MNOK |
| Nobina AS | −8.4% | 17.2% | 1,638 MNOK |
| Tide Buss AS | −2.8% | 8.1% | 3,724 MNOK |
| Helthjem Distribusjon Vest AS | −1.8% | 7.8% | 780 MNOK |
| Norse Atlantic Airways AS | −10.2% | −30.3% | 4,613 MNOK |
| Helthjem Netthandel AS | −2.7% | 1.0% | 768 MNOK |
| Thermo-Transit Norge AS | −1.8% | −9.5% | 1,738 MNOK |
| Go-Ahead Norge AS | −17.3% | −323.7% | 643 MNOK |
Holding and investment companies · 2025
70 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: 35 have at least 10 MNOK in assets and are listed.
| Rank | Company | Score | Equity ratio | Return on assets | Current ratio | Total assets |
|---|---|---|---|---|---|---|
| 1 | Mccallister Holding AS | 89 | 99.7% | 39.6% | 328.05 | 15 MNOK |
| 2 | Ian Invest AS | 88 | 99.6% | 60.8% | 216.66 | 10 MNOK |
| 3 | A. Mollestad Invest AS | 83 | 99.0% | 51.7% | 75.09 | 13 MNOK |
| 4 | Brødrene Haugen Holding AS | 79 | 99.8% | 86.2% | 0.69 | 16 MNOK |
| 5 | FE Invest AS | 78 | 96.7% | 30.3% | 29.52 | 16 MNOK |
| 6 | R-P Invest AS | 75 | 99.9% | 9.5% | 886.64 | 45 MNOK |
| 7 | Nik Haugrønning Holding AS | 69 | 77.2% | 138.0% | 34.67 | 30 MNOK |
| 8 | Alone Holding AS | 66 | 100.0% | 6.6% | – | 22 MNOK |
| 9 | Nava-Holding AS | 66 | 94.2% | 18.1% | 13.90 | 35 MNOK |
| 10 | WILH. Wilhelmsen Holding ASA | 64 | 88.7% | 31.8% | 3.32 | 14,179 MNOK |
| 11 | Buskerud Anleggstransport Holding AS | 61 | 99.6% | 3.9% | 113.38 | 22 MNOK |
| 12 | Ham Holding AS | 60 | 95.0% | 11.3% | 11.59 | 15 MNOK |
| 13 | Bjørn Ramberg Invest AS | 60 | 95.8% | 11.5% | 5.80 | 173 MNOK |
| 14 | Hågensen Holding Alta AS | 56 | 91.7% | 16.9% | 2.17 | 23 MNOK |
| 15 | Fausko Invest AS | 51 | 92.9% | 5.7% | 14.38 | 135 MNOK |
| 16 | Geir Røstad Holding AS | 50 | 99.6% | 1.8% | 10.41 | 33 MNOK |
| 17 | Collicare Holding AS | 50 | 53.1% | 28.8% | 9.23 | 289 MNOK |
| 18 | Ccb Holding AS | 50 | 80.4% | 21.9% | 1.43 | 273 MNOK |
| 19 | Tirilltoppen Holding AS | 48 | 81.4% | 9.9% | 9.21 | 12 MNOK |
| 20 | White Invest AS | 48 | 42.8% | 85.7% | 1.42 | 50 MNOK |
Show all 35
| Rank | Company | Score | Total assets |
|---|---|---|---|
| 21 | Wergeland-Holding AS | 44 | 906 MNOK |
| 22 | Get Invest AS | 43 | 48 MNOK |
| 23 | Isabel Invest AS | 43 | 13 MNOK |
| 24 | Seafront Holding AS | 43 | 71 MNOK |
| 25 | Frank Steensen Holding AS | 40 | 10 MNOK |
| 26 | Misje Ship Holding AS | 38 | 442 MNOK |
| 27 | Høyskel Holding AS | 36 | 66 MNOK |
| 28 | Knutsen Nyk LNG Holding AS | 33 | 3,543 MNOK |
| 29 | Fritz Karl Pedersen Holding AS | 32 | 78 MNOK |
| 30 | Kokkersvold Holding AS | 32 | 20 MNOK |
| 31 | Toso Invest AS | 29 | 12 MNOK |
| 32 | Utne Holding AS | 26 | 44 MNOK |
| 33 | Reiseliv Holding AS | 18 | 969 MNOK |
| 34 | Nas Eire Invest AS | 5 | 76 MNOK |
| 35 | Srg Invest AS | 2 | 10 MNOK |
Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology
In our articles
- Finance earns 58.3% on operations; the typical Norwegian industry makes 5.7%No. 18 of 22 on median operating margin
Scenario analysis: the sector's weakest year
The sector's weakest year was 2025, with a median operating margin of 3.8%.
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 | – | – |
| 2022 | 3.9% | 17.0% |
| 2023 | 4.2% | 31.5% |
| 2024 | 3.9% | 31.1% |
| 2025 · weakest year | 3.8% | 30.3% |
| 2026 | 4.1% | 20.3% |
In 2025, 733 ranked companies did better than the sector, 378 about the same and 420 weaker.
Held up best in 2025
- 1Normeat Trading ASequity ratio 92.5%98.5%
- 2Carolus ASequity ratio 63.6%97.5%
- 3Xenon Shipping ASequity ratio 80.2%93.4%
- 4SAS Norge ASequity ratio 84.0%93.0%
- 5Marine Consultor ASequity ratio 79.0%89.9%
- 6Wilhelmsen New Energy ASequity ratio 90.9%89.1%
- 7Husvik Hugin ASequity ratio 56.8%88.0%
- 8Ulstrup Jansen Eiendom ASequity ratio 27.2%85.4%
- 9P. A. Naess ASequity ratio 46.0%84.1%
- 10Vesterålen Distribusjon ASequity ratio 88.9%81.7%
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.
Export price of crude oil (kr per fat)
Export price of crude oil fell 17.6% in 2025; the sector's median operating margin fell 0.1 percentage points.
| 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 | – | 3.9% | 4.2% | 3.9% | 3.8% | 4.1% |
Source: SSB (08799, CC BY 4.0). Source · fetched 3 November 2026
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the sector's median operating margin fell 0.1 percentage points.
| 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 | – | 3.9% | 4.2% | 3.9% | 3.8% | 4.1% |
Source: SSB (14710, CC BY 4.0). Source · fetched 3 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.1 percentage points.
| 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 | – | 3.9% | 4.2% | 3.9% | 3.8% | 4.1% |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026
When export price of crude oil fell in 2025, 720 of 1,483 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.
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
- Balder Bulk AS 915644686 Bankruptcy · 2 November 2026 · 321 MNOK (2025)
- Nordisk Taxiselskap AS 934199529 Bankruptcy · 2 November 2026 · 1 MNOK (2025)
- ALPHA TRANSPORT & Import AS 917482772 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
- Egstad Transport AS 815523962 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
- Liberty Shipping AS 989039350 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- Saga Aviation AS 923801790 Voluntary liquidation · 31 October 2026 · 7 MNOK (2025)
- Syla Bil AS 918602216 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
- Ad-Frakt AS 996557677 Voluntary liquidation · 30 October 2026 · 1 MNOK (2025)
Industry codes (NACE)
| Code | Description |
|---|---|
| 49* | Hele hovedgruppe 49 |
| 49.110 | Passasjertransport med jernbane |
| 49.120 | Passasjertransport med sporvei |
| 49.200 | Godstransport med jernbane |
| 49.310 | Passasjertransport med rutebil |
| 49.320 | Passasjertransport utenom rutetabell |
| 49.330 | Passasjertransport på forespørsel utført av fører med kjøretøy |
| 49.340 | Passasjertransport med kabelbaner og skiheiser |
| 49.390 | Annen landtransport med passasjerer ikke nevnt annet sted |
| 49.410 | Godstransport på vei |
| 49.420 | Flyttetransport |
| 51* | Hele hovedgruppe 51 |
| 51.100 | Lufttransport med passasjerer |
| 51.210 | Lufttransport med gods |
| 51.220 | Romfart |
| 52* | Hele hovedgruppe 52 |
| 52.100 | Lagring |
| 52.211 | Drift av gods- og transportsentraler |
| 52.212 | Drift av parkeringsplasser og parkeringshus |
| 52.219 | Tjenester tilknyttet landtransport ikke nevnt annet sted |
| 52.220 | Andre tjenester tilknyttet sjøtransport |
| 52.230 | Andre tjenester tilknyttet lufttransport |
| 52.240 | Lasting og lossing |
| 52.250 | Logistikktjenester |
| 52.260 | Andre støttetjenester for transport |
| 52.311 | Formidlingstjenester tilknyttet godstransport via skip |
| 52.312 | Formidlingstjenester tilknyttet godstransport via jernbane, luftfartøy eller på vei |
| 52.320 | Formidlingstjenester tilknyttet passasjertransport |
| 53* | Hele hovedgruppe 53 |
| 53.100 | Landsdekkende posttjenester |
| 53.200 | Andre post- og budtjenester |
| 53.300 | Formidlingstjenester tilknyttet post- og budtjenester |