Sector

Vann, avløp og renovasjon

205 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. 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 · 2024 · Morning class Large

Morning class Large · 2024
#	Company	Profile	Score	Change
1	Noah Solutions ASsubsidiary of Noah AS	Leader	86	−1
2	Revac AS	Leader	76	−5
3	Hellik Teigen AS	Leader	74	−14
4	Nordren AS	Leader	66	−4
5	Metallco Oppland ASsubsidiary of Metallco AS	Leader	64	+6
6	Bir AS	Sprinter	59	+25
7	Ragn Sells AS	Steward	58	−3
8	Norva24 Vest AS	Sprinter	56	−7
9	Lindum AS	Steward	49	+2
10	Stena Recycling AS	Steward	49	−18
11	Zirq Cables AS	Builder	47	−18
12	Metallco AS	Sprinter	44	+8
13	Sar AS	Sprinter	43	+40
14	Franzefoss Gjenvinning AS	Steward	35	−14
15	Norsk Gjenvinning AS	Builder	30	+9
16	Infinitum AS	Builder	28	−13
17	AF Offshore Decom AS	Builder	21	0
18	Norsk Gjenvinning Metall ASsubsidiary of NG Nordic AS	Builder	9	−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

Sar AS
From 2023 to 2024: went from a loss to a profit before tax and the equity ratio rose from −68.6% to −43.0%.
+40
Bir AS
From 2023 to 2024: revenue grew by 35% and the operating margin rose from 6.7% to 10.2%.
+25
Zirq Cables AS
From 2023 to 2024: the equity ratio fell from 42.5% to 22.8% and revenue grew by 21%.
−18
Stena Recycling AS
From 2023 to 2024: the equity ratio fell from 57.4% to 47.1%.
−18

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 58% of the sector's revenue. Combined profit before tax for the 17 ranked companies: 845 MNOK.

Size

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

Highest revenue

Infinitum AS 4,368 MNOK
Norsk Gjenvinning AS 3,258 MNOK
Metallco AS 2,496 MNOK
Ragn Sells AS 2,316 MNOK
Stena Recycling AS 2,279 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Metallco AS 49.9 MNOK
Infinitum AS 43.2 MNOK
Hellik Teigen AS 22.9 MNOK
Metallco Oppland ASsubsidiary of Metallco AS 17.9 MNOK
Bir AS 17.4 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 29.0%
Norva24 Vest AS 14.3%
Nordren AS 12.0%
Revac AS 10.7%
Bir AS 10.2%

Operating result divided by operating revenue.

Largest profit

Noah Solutions ASsubsidiary of Noah AS 258 MNOK
Metallco AS 224 MNOK
Hellik Teigen AS 176 MNOK
Nordren AS 73 MNOK
Norva24 Vest AS 72 MNOK

Profit before tax.

Largest loss

AF Offshore Decom AS −253 MNOK
Norsk Gjenvinning Metall ASsubsidiary of NG Group AS −65 MNOK

Profit before tax, the largest negative.

Most solid

Hellik Teigen AS 73.8%
Noah Solutions ASsubsidiary of Noah AS 70.0%
Ragn Sells AS 52.9%
Stena Recycling AS 47.1%
Revac AS 43.1%

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

Bir AS +34.6%
Sar AS +26.2%
Metallco Oppland ASsubsidiary of Metallco AS +23.4%
Zirq Cables AS +21.0%
Revac AS +18.4%

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

Largest revenue decline

AF Offshore Decom AS −23.4%
Franzefoss Gjenvinning AS −2.5%

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

Biggest climbers

Sar AS +39.3 points
Bir AS +24.8 points
Norsk Gjenvinning AS +8.5 points
Metallco AS +7.8 points
Lindum AS +2.3 points

Change in index points from the year before.

Biggest fallers

Stena Recycling AS −18.7 points
Zirq Cables AS −18.1 points
Franzefoss Gjenvinning AS −14.4 points
Hellik Teigen AS −13.6 points
Norsk Gjenvinning Metall ASsubsidiary of NG Group AS −12.6 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 · 2024 · 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 2023 (small ring).

Sar AS profitability 6 → 71, solidity 0 → 0
Franzefoss Gjenvinning AS profitability 66 → 26, solidity 42 → 51
Infinitum AS profitability 47 → 12, solidity 35 → 39
Zirq Cables AS profitability 59 → 38, solidity 61 → 33
Norsk Gjenvinning AS profitability 31 → 44, solidity 22 → 3

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 2023 (profitability / solidity)
Noah Solutions AS	Lion	100	94	100 / 94
Revac AS	Lion	85	76	88 / 74
Norva24 Vest AS	Cheetah	82	45	–
Nordren AS	Lion	76	70	81 / 68
Metallco Oppland AS	Lion	74	58	–
Metallco AS	Cheetah	71	15	72 / 10
Sar AS	Cheetah	71	0	6 / 0
Hellik Teigen AS	Lion	65	100	66 / 100
Bir AS	Cheetah	53	21	44 / 3
Norsk Gjenvinning AS	Beaver	44	3	31 / 22
Stena Recycling AS	Elephant	41	82	50 / 87
Zirq Cables AS	Beaver	38	33	59 / 61
Ragn Sells AS	Elephant	35	88	44 / 81
Franzefoss Gjenvinning AS	Elephant	26	51	66 / 42
Lindum AS	Elephant	21	64	12 / 55
Infinitum AS	Beaver	12	39	47 / 35
Norsk Gjenvinning Metall AS	Beaver	6	9	22 / 16
AF Offshore Decom AS	Beaver	0	27	0 / 29

The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 4.5%. 1 of 18 companies have negative equity. The median equity ratio is 31.4%.

Companies with accounts18

Total revenue25,404 MNOK

Median operating margin4.5%

Median equity ratio31.4%

Share with a loss11%

Share with negative equity6%

All figures are for fiscal year 2024. 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 (589 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 2023 to 2024, for 16 companies ranked in both years.

Climbers

7Bir ASfrom rank 13 to 659
4Sar ASfrom rank 17 to 1343
1Noah Solutions ASfrom rank 2 to 186
1Revac ASfrom rank 3 to 276
1Lindum ASfrom rank 10 to 949

Fallers

5Stena Recycling ASfrom rank 5 to 1049
5Zirq Cables ASfrom rank 6 to 1147
5Franzefoss Gjenvinning ASfrom rank 9 to 1435
5Infinitum ASfrom rank 11 to 1628
4Norsk Gjenvinning Metall ASfrom rank 14 to 189

Awards · 2024 · Morning class Large

Most profitableNoah Solutions AS29.0%

Fastest growthBir AS34.6%

Strongest balance sheetHellik Teigen AS73.8%

Largest revenueInfinitum AS4,368 MNOK

Highest revenue per employeeMetallco AS49.9 MNOK

Needs attention · 2024 · Morning class Large

11 companies show at least one warning sign. Showing the 11 most important.

criticalSar ASNegative equity · Current ratio below 1 (0.75)
watchNorsk Gjenvinning Metall ASVery low equity ratio (9.9%) · Current ratio below 1 (0.71) · Loss before tax
watchNorsk Gjenvinning ASVery low equity ratio (0.7%) · Current ratio below 1 (0.53)
watchInfinitum ASCurrent ratio below 1 (0.76)
watchMetallco ASCurrent ratio below 1 (0.87)
watchRagn Sells ASCurrent ratio below 1 (0.96)
watchStena Recycling ASCurrent ratio below 1 (0.78)
watchFranzefoss Gjenvinning ASCurrent ratio below 1 (0.84)
watchMetallco Oppland ASCurrent ratio below 1 (0.98)
watchNorva24 Vest ASCurrent ratio below 1 (0.89)
watchAF Offshore Decom ASLoss before tax

Sector map · 2024 · 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	29.0%	70.0%	826 MNOK
Revac AS	10.7%	43.1%	601 MNOK
Hellik Teigen AS	7.9%	73.8%	1,441 MNOK
Nordren AS	12.0%	41.9%	589 MNOK
Metallco Oppland AS	5.1%	33.4%	589 MNOK
Bir AS	10.2%	16.3%	940 MNOK
Ragn Sells AS	4.0%	52.9%	2,316 MNOK
Norva24 Vest AS	14.3%	30.6%	526 MNOK
Lindum AS	2.7%	37.5%	671 MNOK
Stena Recycling AS	3.7%	47.1%	2,279 MNOK
Zirq Cables AS	3.1%	22.8%	853 MNOK
Metallco AS	5.6%	12.9%	2,496 MNOK
Sar AS	6.0%	−43.0%	1,182 MNOK
Franzefoss Gjenvinning AS	2.2%	32.2%	1,187 MNOK
Norsk Gjenvinning AS	3.3%	0.7%	3,258 MNOK
Infinitum AS	0.3%	25.8%	4,368 MNOK
AF Offshore Decom AS	−48.4%	20.7%	512 MNOK
Norsk Gjenvinning Metall AS	−3.0%	9.9%	1,358 MNOK

Holding and investment companies · 2024

5 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%	108.10	110 MNOK
2	Norva24 Holding AS	50	40.4%	13.1%	2.57	3,280 MNOK
3	Victor Holding AS	40	91.6%	11.4%	1.04	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	5.0%	38.7%
2024	5.1%	37.5%
2025	5.2%	35.8%

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 0.1 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%	5.0%	5.1%	5.2%	–

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 0.1 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%	5.0%	5.1%	5.2%	–

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 0.1 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	–	1.1%	5.0%	5.1%	5.2%	–

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

When policy rate fell in 2025, 91 of 200 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