Sector

Vann, avløp og renovasjon

166 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	Noah Solutions ASsubsidiary of Noah AS	Leader	85	−1
2	Nordren AS	Leader	78	+12
3	Hellik Teigen AS	Leader	72	−2
4	Revac AS	Sprinter	67	−9
5	Metallco Oppland ASsubsidiary of Metallco AS	Sprinter	57	−7
6	Norva24 Vest AS	Leader	53	−3
7	Stena Recycling AS	Steward	53	+4
8	Ragn Sells AS	Steward	50	−8
9	Sar AS	Sprinter	48	+5
10	Metallco AS	Sprinter	48	+4
11	Bir AS	Sprinter	45	−14
12	Zirq Cables AS	Steward	41	−6
13	Lindum AS	Steward	40	−9
14	Franzefoss Gjenvinning AS	Steward	38	+3
15	Infinitum AS	Builder	37	+9
16	AF Offshore Decom AS	Builder	34	+13
17	Norsk Gjenvinning AS	Builder	30	0
18	Norsk Gjenvinning Metall ASsubsidiary of NG Nordic AS	Builder	22	+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

Bir AS
No large changes in the key figures from 2024 to 2025.
−14
Norsk Gjenvinning Metall AS
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −3.0% to −0.2%.
+13
AF Offshore Decom AS
From 2024 to 2025: the operating margin rose from −48.4% to −28.6% and revenue grew by 38%.
+13
Nordren AS
From 2024 to 2025: the equity ratio rose from 41.9% to 51.9%.
+12

Summary analysis

Vann, avløp og renovasjon, Morning class Large: 18 ranked companies in fiscal year 2025.

Best in the sector: Noah Solutions AS (score 85, operating margin 17.3%, equity ratio 73.3%). Nordren AS (score 78, operating margin 12.9%, equity ratio 51.9%). Hellik Teigen AS (score 72, operating margin 7.3%, equity ratio 76.0%).

Weakest in the sector: Norsk Gjenvinning Metall AS (score 22, operating margin −0.2%, equity ratio 5.7%). Norsk Gjenvinning AS (score 30, operating margin 3.3%, equity ratio 0.5%). AF Offshore Decom AS (score 34, operating margin −28.6%, equity ratio 22.6%).

Worth a closer look

The median operating margin fell from 4.5% in 2024 to 3.4% in 2025 (1.1 percentage points).
The median equity ratio fell from 31.4% in 2024 to 28.4% in 2025 (3.0 percentage points).
The median revenue growth fell from 10.5% in 2024 to 4.8% in 2025 (5.7 percentage points).
The share with a loss went from 11% in 2024 to 28% 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 57% of the sector's revenue. Combined profit before tax for the 17 ranked companies: 985 MNOK.

Size

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

Highest revenue

Infinitum AS 4,592 MNOK
Norsk Gjenvinning AS 3,404 MNOK
Metallco AS 2,513 MNOK
Ragn Sells AS 2,365 MNOK
Stena Recycling AS 2,327 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Metallco AS 50.3 MNOK
Infinitum AS 45.5 MNOK
Hellik Teigen AS 22.0 MNOK
Metallco Oppland ASsubsidiary of Metallco AS 20.5 MNOK
Bir AS 16.6 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

Noah Solutions ASsubsidiary of Noah AS 17.3%
Revac AS 14.3%
Nordren AS 12.9%
Norva24 Vest AS 11.8%
Bir AS 10.9%

Operating result divided by operating revenue.

Largest profit

Metallco AS 208 MNOK
Noah Solutions ASsubsidiary of Noah AS 189 MNOK
Hellik Teigen AS 187 MNOK
Revac AS 105 MNOK
Norsk Gjenvinning Metall ASsubsidiary of NG Group AS 100 MNOK

Profit before tax.

Largest loss

AF Offshore Decom AS −200 MNOK
Ragn Sells AS −18 MNOK
Franzefoss Gjenvinning AS −13 MNOK
Zirq Cables AS −6 MNOK
Lindum AS −4 MNOK

Profit before tax, the largest negative.

Most solid

Hellik Teigen AS 76.0%
Noah Solutions ASsubsidiary of Noah AS 73.3%
Ragn Sells AS 55.9%
Stena Recycling AS 52.4%
Nordren AS 51.9%

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

AF Offshore Decom AS +37.7%
Sar AS +29.0%
Revac AS +21.2%
Metallco Oppland ASsubsidiary of Metallco AS +15.0%
Noah Solutions ASsubsidiary of Noah AS +11.2%

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

Largest revenue decline

Zirq Cables AS −20.4%
Bir AS −4.6%
Hellik Teigen AS −3.7%
Norsk Gjenvinning Metall ASsubsidiary of NG Group AS −0.3%

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

Biggest climbers

AF Offshore Decom AS +13.2 points
Norsk Gjenvinning Metall ASsubsidiary of NG Group AS +12.8 points
Nordren AS +12.3 points
Infinitum AS +9.0 points
Sar AS +5.4 points

Change in index points from the year before.

Biggest fallers

Bir AS −14.6 points
Revac AS −9.4 points
Lindum AS −8.5 points
Ragn Sells AS −8.2 points
Metallco Oppland ASsubsidiary of Metallco AS −6.7 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).

Norsk Gjenvinning Metall AS profitability 6 → 41, solidity 9 → 12
Revac AS profitability 85 → 88, solidity 76 → 41
Zirq Cables AS profitability 38 → 26, solidity 33 → 65
Franzefoss Gjenvinning AS profitability 26 → 6, solidity 51 → 53
Norva24 Vest AS profitability 82 → 71, solidity 45 → 59

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)
Noah Solutions AS	Lion	94	94	100 / 94
Revac AS	Cheetah	88	41	85 / 76
Sar AS	Cheetah	82	6	71 / 0
Nordren AS	Lion	82	76	76 / 70
Metallco AS	Cheetah	79	18	71 / 15
Norva24 Vest AS	Lion	71	59	82 / 45
Metallco Oppland AS	Cheetah	62	47	74 / 58
Hellik Teigen AS	Lion	59	100	65 / 100
Bir AS	Cheetah	56	24	53 / 21
Norsk Gjenvinning AS	Beaver	47	0	44 / 3
Stena Recycling AS	Elephant	41	82	41 / 82
Norsk Gjenvinning Metall AS	Beaver	41	12	6 / 9
Zirq Cables AS	Elephant	26	65	38 / 33
Infinitum AS	Beaver	26	35	12 / 39
Ragn Sells AS	Elephant	24	88	35 / 88
Lindum AS	Elephant	15	71	21 / 64
Franzefoss Gjenvinning AS	Elephant	6	53	26 / 51
AF Offshore Decom AS	Beaver	0	29	0 / 27

The sector in numbers

Summary · fiscal year 2025 · Morning class Large

The sector's median operating margin is 3.4%. 0 of 18 companies have negative equity. The median equity ratio is 28.4%.

Companies with accounts18

Total revenue26,536 MNOK

Median operating margin3.4%

Median equity ratio28.4%

Share with a loss28%

Share with negative equity0%

All figures are for fiscal year 2025. Ranked: 18 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: 1 subsidiaries (677 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

Climbers and fallers · Morning class Large

Change in rank from 2024 to 2025, for 18 companies ranked in both years.

Climbers

4Sar ASfrom rank 13 to 948
3Stena Recycling ASfrom rank 10 to 753
2Nordren ASfrom rank 4 to 278
2Norva24 Vest ASfrom rank 8 to 653
2Metallco ASfrom rank 12 to 1048

Fallers

5Bir ASfrom rank 6 to 1145
4Lindum ASfrom rank 9 to 1340
2Revac ASfrom rank 2 to 467
2Norsk Gjenvinning ASfrom rank 15 to 1730
1Ragn Sells ASfrom rank 7 to 850

Awards · 2025 · Morning class Large

Most profitableNoah Solutions AS17.3%

Fastest growthAF Offshore Decom AS37.7%

Strongest balance sheetHellik Teigen AS76.0%

Largest revenueInfinitum AS4,592 MNOK

Highest revenue per employeeMetallco AS50.3 MNOK

Needs attention · 2025 · Morning class Large

13 companies show at least one warning sign. Showing the 13 most important.

watchNorsk Gjenvinning ASVery low equity ratio (0.5%) · Current ratio below 1 (0.68)
watchRagn Sells ASCurrent ratio below 1 (0.94) · Loss before tax
watchSar ASVery low equity ratio (1.1%) · Current ratio below 1 (0.68)
watchNorsk Gjenvinning Metall ASVery low equity ratio (5.7%) · Current ratio below 1 (0.48)
watchInfinitum ASCurrent ratio below 1 (0.69)
watchMetallco ASCurrent ratio below 1 (0.84)
watchStena Recycling ASCurrent ratio below 1 (0.83)
watchFranzefoss Gjenvinning ASLoss before tax
watchAF Offshore Decom ASLoss before tax
watchZirq Cables ASLoss before tax
watchMetallco Oppland ASCurrent ratio below 1 (0.95)
watchLindum ASLoss before tax
watchNorva24 Vest ASCurrent ratio below 1 (0.67)

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
Noah Solutions AS	17.3%	73.3%	919 MNOK
Nordren AS	12.9%	51.9%	641 MNOK
Hellik Teigen AS	7.3%	76.0%	1,388 MNOK
Revac AS	14.3%	25.3%	728 MNOK
Metallco Oppland AS	3.4%	28.4%	677 MNOK
Norva24 Vest AS	11.8%	28.9%	562 MNOK
Stena Recycling AS	3.1%	52.4%	2,327 MNOK
Ragn Sells AS	1.2%	55.9%	2,365 MNOK
Sar AS	8.8%	1.1%	1,525 MNOK
Metallco AS	5.2%	15.2%	2,513 MNOK
Bir AS	10.9%	15.8%	897 MNOK
Zirq Cables AS	0.1%	32.4%	680 MNOK
Lindum AS	−0.4%	36.9%	671 MNOK
Franzefoss Gjenvinning AS	−0.5%	28.5%	1,265 MNOK
Infinitum AS	0.3%	24.3%	4,592 MNOK
AF Offshore Decom AS	−28.6%	22.6%	704 MNOK
Norsk Gjenvinning AS	3.3%	0.5%	3,404 MNOK
Norsk Gjenvinning Metall AS	−0.2%	5.7%	1,354 MNOK

Holding and investment companies · 2025

7 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: 3 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	Forus Energigjenvinning Holding AS	60	99.9%	0.2%	166.33	110 MNOK
2	Myrland Holding AS	50	99.1%	7.3%	110.40	20 MNOK
3	Victor Holding AS	40	91.8%	8.2%	1.03	60 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. 13 of 22 on median operating margin

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 1.1%.

Based on the 4 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2022 · weakest year	1.1%	14.8%
2023	4.9%	38.2%
2024	5.1%	35.4%
2025	5.5%	32.2%

In 2022, 2 ranked companies did better than the sector, 0 about the same and 1 weaker.

Held up best in 2022

1TW Zero Loop ASequity ratio 14.8%5.1%
2NG Nordic Norway ASequity ratio 71.1%1.1%

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.

Wholesale power price (øre per kWh)

Latest value: 86.7 (2026K2)

Wholesale power price rose 9.4% in 2025; the sector's median operating margin rose 0.4 percentage points.

Wholesale power price per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Wholesale power price, annual average	64.2	141.7	72.0	49.4	54.0	96.5 (so far)
Change from the year before	+466.7%	+120.8%	−49.2%	−31.4%	+9.4%	+78.4%
Sector's median operating margin	–	1.1%	4.9%	5.1%	5.5%	–

Source: SSB (09363, CC BY 4.0). Source · fetched 3 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 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	–	1.1%	4.9%	5.1%	5.5%	–

Source: SSB (14710, CC BY 4.0). Source · fetched 3 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	–	1.1%	4.9%	5.1%	5.5%	–

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026

When policy rate fell in 2025, 75 of 165 ranked companies kept their operating margin at or above the year before. Among the largest: Infinitum AS (0.3% → 0.3%), Norsk Gjenvinning AS (3.3% → 3.3%), Sar AS (6.0% → 8.8%), Norsk Gjenvinning Metall AS (−3.0% → −0.2%), Bir AS (10.2% → 10.9%).

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: 1,403; +2.0% from 2023
Persons employed: 11,139; +4.9% from 2023
Turnover: NOK 50.5 bn; +7.8% from 2023
Gross operating margin: 8.4%; Gross operating surplus divided by turnover

All enterprises, sole proprietorships included. SSB withholds some figures for confidentiality. The figure then shows the latest year with every value, and the year is given beside it.

Bankruptcies in the industry

7 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change 0.0% against the four quarters before (7). That is about 5.0 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 3.8%
Share of persons employed: 20.7%
Share of turnover: 17.4%

SSB publishes this for groups of industries only. The figures are for the group “Vannforsyning, avløp og renovasjon”.

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

Vakumentreprenøren AS 995810425 Voluntary liquidation · 29 October 2026
Klean Kode AS 937921268 Bankruptcy · 22 October 2026
Midt Miljøavfall AS 914844428 Voluntary liquidation · 10 October 2026 · 0 MNOK (2025)
Øksnevik AS 924771895 Voluntary liquidation · 29 September 2026
ALVER UTVIKLING & Utleie AS 932115387 Voluntary liquidation · 18 September 2026 · 0 MNOK (2025)
Kjetil Jegleim AS 892644012 Voluntary liquidation · 18 September 2026 · 0 MNOK (2025)
Helgerud Deponi AS 832729132 Voluntary liquidation · 17 September 2026
Retur Plast AS 919899441 Forced dissolution · 15 September 2026 · 0 MNOK (2023)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
36*	Hele hovedgruppe 36
36.000	Uttak fra kilde, rensing og distribusjon av vann
37*	Hele hovedgruppe 37
37.000	Oppsamling og behandling av avløpsvann
38*	Hele hovedgruppe 38
38.110	Innsamling av ikke-farlig avfall
38.120	Innsamling av farlig avfall
38.210	Materialgjenvinning
38.220	Energigjenvinning
38.230	Annen gjenvinning av avfall
38.320	Drift av deponi og permanent lagring av avfall
38.330	Annen avfallshåndtering uten gjenvinning
39*	Hele hovedgruppe 39
39.000	Miljøutbedring, opprydding og lignende aktivitet