Sector

Vann, avløp og renovasjon

258 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. 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 · 2023 · Morning class Large

Morning class Large · 2023
#	Company	Profile	Score	Change
1	Hellik Teigen AS	Leader	88	–
2	Noah Solutions ASsubsidiary of Noah AS	Leader	86	–
3	Revac AS	Leader	82	–
4	Nordren AS	Leader	70	–
5	Stena Recycling AS	Steward	66	–
6	Zirq Cables AS	Leader	64	–
7	Metallco Stene AS	Leader	60	–
8	Ragn Sells AS	Steward	60	–
9	Veas Selvkost AS	Sprinter	54	–
10	Franzefoss Gjenvinning AS	Sprinter	47	–
11	Lindum AS	Steward	46	–
12	Infinitum AS	Builder	39	–
13	Metallco AS	Sprinter	36	–
14	Bir AS	Builder	34	–
15	AF Offshore Decom AS	Builder	21	–
16	Norsk Gjenvinning Metall ASsubsidiary of NG Nordic AS	Builder	20	–
17	Norsk Gjenvinning AS	Builder	20	–
18	Sar AS	Builder	3	–

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

Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.

Top lists in the sector · 2023 · Morning class Large

The five largest companies account for 56% of the sector's revenue. Combined profit before tax for the 18 ranked companies: 1,097 MNOK.

Size

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

Highest revenue

Infinitum AS 4,227 MNOK
Norsk Gjenvinning AS 2,758 MNOK
Metallco AS 2,291 MNOK
Stena Recycling AS 2,146 MNOK
Ragn Sells AS 2,049 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Metallco AS 45.8 MNOK
Infinitum AS 41.8 MNOK
Metallco Stene AS 28.3 MNOK
Hellik Teigen AS 22.6 MNOK
Zirq Cables AS 13.6 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 27.4%
Veas Selvkost AS 17.2%
Nordren AS 14.6%
Revac AS 11.2%
Hellik Teigen AS 7.5%

Operating result divided by operating revenue.

Largest profit

Noah Solutions ASsubsidiary of Noah AS 216 MNOK
Metallco AS 189 MNOK
Hellik Teigen AS 157 MNOK
Infinitum AS 139 MNOK
Ragn Sells AS 108 MNOK

Profit before tax.

Largest loss

AF Offshore Decom AS −129 MNOK
Sar AS −53 MNOK
Lindum AS −5 MNOK

Profit before tax, the largest negative.

Most solid

Hellik Teigen AS 70.1%
Noah Solutions ASsubsidiary of Noah AS 61.4%
Stena Recycling AS 57.4%
Ragn Sells AS 55.7%
Revac AS 52.9%

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

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

No company meets the requirement this year.

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

Requires an index for two financial years.

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.

Bubble size shows relative revenue, not exact figures.

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 2022 (profitability / solidity)
Noah Solutions AS	Lion	100	94	–
Revac AS	Lion	88	76	–
Nordren AS	Lion	82	64	–
Metallco AS	Cheetah	74	9	–
Hellik Teigen AS	Lion	65	100	–
Franzefoss Gjenvinning AS	Cheetah	65	39	–
Metallco Stene AS	Lion	62	70	–
Veas Selvkost AS	Cheetah	62	45	–
Zirq Cables AS	Lion	59	58	–
Stena Recycling AS	Elephant	47	88	–
Bir AS	Beaver	44	3	–
Infinitum AS	Beaver	44	33	–
Ragn Sells AS	Elephant	41	82	–
Norsk Gjenvinning AS	Beaver	29	21	–
Norsk Gjenvinning Metall AS	Beaver	21	15	–
Lindum AS	Elephant	12	51	–
Sar AS	Beaver	6	0	–
AF Offshore Decom AS	Beaver	0	27	–

The sector in numbers

Summary · fiscal year 2023 · Morning class Large

The sector's median operating margin is 5.1%. 1 of 18 companies have negative equity. The median equity ratio is 38.0%.

Companies with accounts18

Total revenue23,900 MNOK

Median operating margin5.1%

Median equity ratio38.0%

Share with a loss17%

Share with negative equity6%

All figures are for fiscal year 2023. Ranked: 18 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

Growth is not included in the index: it needs the previous year's accounts.

Climbers and fallers · Morning class Large

Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.

Awards · 2023 · Morning class Large

Most profitableNoah Solutions AS27.4%

Strongest balance sheetHellik Teigen AS70.1%

Largest revenueInfinitum AS4,227 MNOK

Highest revenue per employeeMetallco AS45.8 MNOK

Needs attention · 2023 · Morning class Large

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

criticalSar ASNegative equity · Current ratio below 1 (0.56) · Loss before tax
watchInfinitum ASCurrent ratio below 1 (0.81)
watchNorsk Gjenvinning ASCurrent ratio below 1 (0.48)
watchMetallco ASCurrent ratio below 1 (0.80)
watchRagn Sells ASCurrent ratio below 1 (1.00)
watchNorsk Gjenvinning Metall ASCurrent ratio below 1 (0.69)
watchFranzefoss Gjenvinning ASCurrent ratio below 1 (0.84)
watchAF Offshore Decom ASLoss before tax
watchLindum ASLoss before tax

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.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Hellik Teigen AS	7.5%	70.1%	1,424 MNOK
Noah Solutions AS	27.4%	61.4%	738 MNOK
Revac AS	11.2%	52.9%	508 MNOK
Nordren AS	14.6%	44.1%	543 MNOK
Stena Recycling AS	4.9%	57.4%	2,146 MNOK
Zirq Cables AS	3.6%	42.5%	706 MNOK
Metallco Stene AS	5.4%	46.1%	537 MNOK
Ragn Sells AS	3.8%	55.7%	2,049 MNOK
Veas Selvkost AS	17.2%	37.0%	512 MNOK
Franzefoss Gjenvinning AS	6.4%	29.0%	1,218 MNOK
Lindum AS	−1.0%	39.0%	588 MNOK
Infinitum AS	2.9%	24.0%	4,227 MNOK
Metallco AS	5.7%	14.3%	2,291 MNOK
Bir AS	6.7%	11.7%	699 MNOK
AF Offshore Decom AS	−20.2%	18.0%	668 MNOK
Norsk Gjenvinning Metall AS	0.5%	15.3%	1,352 MNOK
Norsk Gjenvinning AS	2.2%	16.0%	2,758 MNOK
Sar AS	−1.4%	−68.6%	937 MNOK

Holding and investment companies · 2023

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: 4 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%	103.29	110 MNOK
2	Myrland Holding AS	53	99.0%	5.4%	30.53	25 MNOK
3	Norva24 Holding AS	47	42.7%	16.1%	1.70	2,883 MNOK
4	Victor Holding AS	40	93.5%	5.6%	0.92	58 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

Water, sewerage and waste: profitability, risk and outlook
Property and finance earn the margins, but not the securityNo. 13 of 22 on median operating margin
Boards of water, mining and shipping firms are oldest; IT and construction youngestNo. 1 of 22 on median board age

All articles

Scenario analysis: the sector's weakest year

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

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	5.2%	39.1%
2024	5.3%	39.2%
2025	5.7%	37.0%

In 2022, 3 ranked companies did better than the sector, 0 about the same and 2 weaker.

Held up best in 2022

1TW Zero Loop ASequity ratio 14.8%5.1%
2Follo Truckutleie A/Sequity ratio 53.2%1.7%
3NG 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 0.5 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%	5.2%	5.3%	5.7%	–

Source: SSB (09363, 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 rose 0.5 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%	5.2%	5.3%	5.7%	–

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 rose 0.5 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%	5.2%	5.3%	5.7%	–

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

When policy rate fell in 2025, 124 of 265 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