Sector

Construction

20,428 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	GJELSTEN HOLDING AS	Leader	93	+5
2	HELGELAND INVEST ASsubsidiary of GJELSTEN HOLDING AS	Leader	92	−1
3	BLUE TERN OPERATIONS AS	Leader	86	+4
4	TOTAL UTESERVICE AS	Leader	85	+2
5	ANLEGG ØST ENTREPRENØR AS	Leader	82	+5
6	GRANITOR ELECTRO AS	Leader	79	+39
7	ASKIM ENTREPRENØR AS	Leader	77	−9
8	SARTOR & DRANGE AS	Leader	75	+8
9	RANDEM & HÜBERT AS	Leader	75	+7
10	AF ELKRAFT AS	Leader	75	+4
11	JOHS J SYLTERN AS	Leader	74	−14
12	FYLLINGEN MASKIN AS	Leader	73	+24
13	GRUDE BYGG AS	Leader	73	−5
14	NETT-TJENESTER AS	Leader	72	+8
15	N P BYGG AS	Leader	70	+5
16	BOLD TERN AS	Leader	70	+9
17	TT ANLEGG ASsubsidiary of TERRENGTRANSPORT HOLDING AS	Leader	70	−6
18	CHRISTIE NORDANG AS	Leader	70	+29
19	BRAVE TERN AS	Leader	68	+12
20	BMO ENTREPRENØR ASsubsidiary of ENDÚR ASA	Leader	68	−5
21	ENTREPRENØR HARALD NILSEN ASsubsidiary of HARALD NILSEN HOLDING AS	Leader	68	−3
22	BRØDRENE ULVESETH AS	Steward	68	+7
23	TVERÅS HOLDING AS	Steward	66	–
24	TVERÅS MASKIN & TRANSPORT AS	Steward	66	+7
25	CONSTO ANLEGG ØST AS	Sprinter	66	+7
26	FRED. OLSEN WINDCARRIER OPERATIONS AS	Leader	66	−1
27	NORDASFALT AS	Leader	65	+3
28	REPSTAD ANLEGG AS	Sprinter	65	−6
29	STENSETH & RS ENTREPRENØR AS	Leader	65	−4
30	PARK & ANLEGG AS	Leader	65	+29
31	MASIV BYGG AS	Steward	64	+15
32	OVE SKÅR AS	Leader	64	−2
33	ØMF ASKER RINGERIKE AS	Leader	62	+19
34	KRAFTMONTASJE ASsubsidiary of KRAFTMONTASJE HOLDING AS	Leader	62	+15
35	SERVICEALLIANSEN AS	Steward	62	+28
36	JM NORGE AS	Steward	62	+9
37	ALGECO NORWAY AS	Leader	61	−4
38	ÅSEN & ØVRELID AS	Leader	61	−4
39	SVALINN AS	Steward	60	+37
40	CRANE NORWAY VEST AS	Sprinter	60	+3
41	BRYN BYGGKLIMA AS	Steward	60	−25
42	AF GRUPPEN ASA	Sprinter	60	+18
43	AERON ASsubsidiary of AF OFFSHORE AS	Sprinter	59	−1
44	ECONOR AS	Leader	59	0
45	ENTREPRENØRSERVICE ASsubsidiary of SKANSKA NORGE AS	Leader	59	−8
46	HÅNDVERKSKOMPANIET AS	Leader	59	+7
47	NORDISK FJELLSIKRING AS	Steward	58	−5
48	PRESIS VEGDRIFT AS	Sprinter	58	−7
49	HITACHI ENERGY NORWAY AS	Steward	58	−7
50	TOTAL BETONG AS	Leader	58	−4

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

FABER BYGG AS
From 2024 to 2025: revenue grew by 51% and the equity ratio fell from 36.8% to 20.9%.
−30
CHRISTIE NORDANG AS
From 2024 to 2025: the equity ratio rose from 15.0% to 28.2% and revenue grew by 15%.
+29
PARK & ANLEGG AS
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −2.7% to 4.2%.
+29
STS-ISONOR AS
From 2024 to 2025: revenue grew by 30% and the operating margin rose from 0.5% to 5.9%.
+26

Summary analysis

Bygg og anlegg, Morning class Large: 154 ranked companies in fiscal year 2025.

Best in the sector: GJELSTEN HOLDING AS (score 93, operating margin 89.1%, equity ratio 79.6%). HELGELAND INVEST AS (score 92, operating margin 99.6%, equity ratio 98.3%). BLUE TERN OPERATIONS AS (score 86, operating margin 14.0%, equity ratio 80.7%).

Weakest in the sector: ELTEL NETWORKS AS (score 12, operating margin −4.4%, equity ratio 11.1%). RUTA ENTREPRENØR AS (score 13, operating margin −5.7%, equity ratio 9.2%). SEAWAY ALFA LIFT AS (score 16, operating margin 4.7%, equity ratio 6.1%).

Worth a closer look

The median operating margin rose from 4.0% in 2024 to 4.1% in 2025 (0.1 percentage points).
The median equity ratio rose from 23.7% in 2024 to 23.9% in 2025 (0.2 percentage points).
The median revenue growth fell from 6.9% in 2024 to 5.2% in 2025 (1.7 percentage points).
The share with a loss went from 17% in 2024 to 14% 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 24% of the sector's revenue. Combined profit before tax for the 150 ranked companies: 14,900 MNOK.

Highest revenue

VEIDEKKE ENTREPRENØR ASsubsidiary of Veidekke ASA 16,186 MNOK
SKANSKA NORGE AS 15,215 MNOK
AF GRUPPEN NORGE ASsubsidiary of AF GRUPPEN ASA 10,113 MNOK
HENT AS 9,407 MNOK
NYE VEIER AS 8,961 MNOK

Operating revenue.

Highest operating margin

HELGELAND INVEST ASsubsidiary of GJELSTEN HOLDING AS 99.6%
AF GRUPPEN ASA 95.8%
GJELSTEN HOLDING AS 89.1%
BOLD TERN AS 59.1%
BRAVE TERN AS 44.6%

Operating result divided by operating revenue.

Largest profit

HELGELAND INVEST ASsubsidiary of GJELSTEN HOLDING AS 1,739 MNOK
SKANSKA NORGE AS 1,481 MNOK
GJELSTEN HOLDING AS 1,222 MNOK
AF GRUPPEN NORGE ASsubsidiary of AF GRUPPEN ASA 1,047 MNOK
VEIDEKKE ENTREPRENØR ASsubsidiary of Veidekke ASA 922 MNOK

Profit before tax.

Largest loss

NYE VEIER AS −312 MNOK
VARME & BAD AS −171 MNOK
SEAWAY ALFA LIFT AS −164 MNOK
NETTPARTNER AS −135 MNOK
INFRANORD NORGE AS −114 MNOK

Profit before tax, the largest negative.

Most solid

HELGELAND INVEST ASsubsidiary of GJELSTEN HOLDING AS 98.3%
BLUE TERN OPERATIONS AS 80.7%
GJELSTEN HOLDING AS 79.6%
BOLD TERN AS 72.6%
FRED. OLSEN WINDCARRIER OPERATIONS AS 61.0%

Equity ratio: equity divided by total assets.

Fastest growth

HELGELAND INVEST ASsubsidiary of GJELSTEN HOLDING AS +1,912.4%
AF GRUPPEN ASA +572.1%
NSE FAGSTILLAS AS +179.9%
VELOX ELECTRO NORDICS AS +148.6%
BETONMAST OSLO AS +142.4%

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

Largest revenue decline

DESIGNER GROUP NORWAY AS −72.5%
FRED. OLSEN WINDCARRIER OPERATIONS AS −46.0%
ECONOR AS −40.6%
CTS NORDICS AS −30.6%
BACKE STOR-OSLO ASsubsidiary of BACKE ENTREPRENØR AS −29.1%

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

Biggest climbers

PARK & ANLEGG AS +29.0 points
CHRISTIE NORDANG AS +28.8 points
STS-ISONOR AS +25.7 points
DESIGNER GROUP NORWAY AS +24.7 points
CAVERION NORGE AS +19.7 points

Change in index points from the year before.

Biggest fallers

FABER BYGG AS −30.5 points
BRYN BYGGKLIMA AS −24.6 points
ROMARHEIM ENTREPRENØR AS −22.5 points
SØBSTAD AS −21.1 points
RUTA ENTREPRENØR AS −20.9 points

Change in index points from the year before.

Most employees

BRAVIDA NORGE AS 3,375
VEIDEKKE ENTREPRENØR ASsubsidiary of Veidekke ASA 2,925
SKANSKA NORGE AS 2,918
GK NORGE ASsubsidiary of GK GRUPPEN AS 1,845
CAVERION NORGE AS 1,821

Employees according to the Central Coordinating Register.

Highest revenue per employee

GJELSTEN HOLDING AS 200.1 MNOK
NYE VEIER AS 47.2 MNOK
PHOENIX ME (NORWAY) AS 23.1 MNOK
VEDAL ENTREPRENØR AS 18.6 MNOK
CTS NORDICS AS 17.3 MNOK

Only companies with at least 5 employees.

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).

DESIGNER GROUP NORWAY AS profitability 11 → 96, solidity 0 → 19
CAVERION NORGE AS profitability 5 → 80, solidity 17 → 15
FRED. OLSEN WINDCARRIER OPERATIONS AS profitability 85 → 53, solidity 43 → 97
FABER BYGG AS profitability 78 → 53, solidity 89 → 39
STS-ISONOR AS profitability 20 → 71, solidity 30 → 53

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)
HELGELAND INVEST AS	Lion	100	100	–
GJELSTEN HOLDING AS	Lion	98	99	77 / 100
TOTAL UTESERVICE AS	Lion	97	91	–
BLUE TERN OPERATIONS AS	Lion	97	99	93 / 93
DESIGNER GROUP NORWAY AS	Cheetah	96	19	11 / 0
HÅNDVERKSKOMPANIET AS	Lion	95	54	61 / 60
BOLD TERN AS	Lion	95	98	–
NSE FAGSTILLAS AS	Cheetah	94	2	–
AF GRUPPEN ASA	Cheetah	93	47	–
PRESIS VEGDRIFT AS	Cheetah	93	30	96 / 34
ASKIM ENTREPRENØR AS	Lion	91	77	94 / 86
OVE SKÅR AS	Lion	89	66	73 / 57
GRUDE BYGG AS	Lion	89	61	88 / 67
RANDEM & HÜBERT AS	Lion	88	87	83 / 64
BMO ENTREPRENØR AS	Lion	88	71	96 / 79
NSE INDUSTRIER AS	Cheetah	87	5	77 / 4
CRANE NORWAY VEST AS	Cheetah	87	44	92 / 29
JOHS J SYLTERN AS	Lion	87	96	81 / 99
TOTAL BETONG AS	Lion	86	55	75 / 71
CONSOLVO AS	Cheetah	86	48	75 / 35
REPSTAD ANLEGG AS	Cheetah	85	36	80 / 63
STENSETH & RS ENTREPRENØR AS	Lion	85	50	86 / 65
MARTHINSEN & DUVHOLT AS	Cheetah	84	29	86 / 66
POB ENTREPRENØR AS	Cheetah	84	34	89 / 19
BACKE ROMERIKE AS	Cheetah	84	38	70 / 34
ONECO ELEKTRO AS	Cheetah	83	36	33 / 41
PHOENIX ME (NORWAY) AS	Cheetah	83	13	–
ALGECO NORWAY AS	Lion	82	97	92 / 99
BRAVE TERN AS	Lion	82	95	–
GRANDE ENTREPRENØR AS	Cheetah	81	34	36 / 32
ENERGIMA AS	Cheetah	80	17	82 / 14
CAVERION NORGE AS	Cheetah	80	15	5 / 17
AERON AS	Cheetah	79	42	80 / 42
CONSTO ANLEGG ØST AS	Cheetah	78	44	73 / 37
STRØM GUNDERSEN AS	Cheetah	78	37	81 / 46
ANLEGG ØST ENTREPRENØR AS	Lion	77	82	70 / 77
ENTREPRENØRSERVICE AS	Lion	75	81	63 / 86
SYLJUÅSEN AS	Cheetah	75	27	80 / 15
ÅSANE BYGGMESTERFORRETNING AS	Cheetah	74	15	82 / 13
ENTREPRENØR HARALD NILSEN AS	Lion	74	72	74 / 78
VASSBAKK & STOL AS	Cheetah	73	43	68 / 50
SARTOR & DRANGE AS	Lion	73	79	74 / 82
ÅSEN & ØVRELID AS	Lion	72	91	96 / 68
STS-ISONOR AS	Lion	71	53	20 / 30
ROMARHEIM ENTREPRENØR AS	Cheetah	70	21	76 / 54
N P BYGG AS	Lion	70	69	69 / 49
SEAWAY 7 MANAGEMENT AS	Cheetah	70	22	76 / 0
FYLLINGEN MASKIN AS	Lion	70	84	–
ELIQUO PMI AS	Cheetah	68	14	52 / 24
BETONMAST TRØNDELAG AS	Cheetah	67	2	15 / 3

The sector in numbers

Summary · fiscal year 2025 · Morning class Large

The sector's median operating margin is 4.1%. 1 of 155 companies have negative equity. The median equity ratio is 23.9%.

Companies with accounts155

Total revenue248,527 MNOK

Median operating margin4.1%

Median equity ratio23.9%

Share with a loss14%

Share with negative equity1%

All figures are for fiscal year 2025. Ranked: 154 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: 3 subsidiaries (4,736 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

6 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 4% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2024 to 2025, for 131 companies ranked in both years.

Climbers

86CHRISTIE NORDANG ASfrom rank 104 to 1870
84PARK & ANLEGG ASfrom rank 114 to 3065
73STS-ISONOR ASfrom rank 128 to 5557
61ØMF ASKER RINGERIKE ASfrom rank 94 to 3362
54ONECO ELEKTRO ASfrom rank 108 to 5457

Fallers

78FABER BYGG ASfrom rank 10 to 8848
66METROSTAV NORGE ASfrom rank 44 to 11041
63RECOVER ASfrom rank 28 to 9147
63FIRESAFE ASfrom rank 60 to 12335
61ROMARHEIM ENTREPRENØR ASfrom rank 18 to 7950

Awards · 2025 · Morning class Large

Most profitableHELGELAND INVEST AS99.6%

Fastest growthHELGELAND INVEST AS1,912.4%

Strongest balance sheetHELGELAND INVEST AS98.3%

Largest revenueVEIDEKKE ENTREPRENØR AS16,186 MNOK

Highest revenue per employeeGJELSTEN HOLDING AS200.1 MNOK

Needs attention · 2025 · Morning class Large

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

criticalINFRANORD NORGE ASNegative equity · Loss before tax
watchSEAWAY ALFA LIFT ASVery low equity ratio (6.1%) · Current ratio below 1 (0.14) · Loss before tax
watchCTS NORDICS ASVery low equity ratio (3.0%) · Current ratio below 1 (0.93)
watchRUTA ENTREPRENØR ASVery low equity ratio (9.2%) · Loss before tax
watchTRAFTEC ASCurrent ratio below 1 (0.82) · Loss before tax
watchNETTPARTNER ASCurrent ratio below 1 (0.82) · Loss before tax
watchOTERA INFRA ASCurrent ratio below 1 (0.84) · Loss before tax
watchNYE VEIER ASLoss before tax
watchNCC NORGE ASLoss before tax
watchCONSTO ASCurrent ratio below 1 (0.47)
watchSOTRA LINK ASVery low equity ratio (7.3%)
watchVASSBAKK & STOL ASCurrent ratio below 1 (0.61)
watchIMPLENIA NORGE ASCurrent ratio below 1 (0.71)
watchBANESERVICE ASCurrent ratio below 1 (1.00)
watchPEAB BYGG ASLoss before tax

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
GJELSTEN HOLDING AS	89.1%	79.6%	1,401 MNOK
HELGELAND INVEST AS	99.6%	98.3%	1,733 MNOK
BLUE TERN OPERATIONS AS	14.0%	80.7%	721 MNOK
TOTAL UTESERVICE AS	15.4%	44.8%	540 MNOK
ANLEGG ØST ENTREPRENØR AS	7.7%	35.4%	2,004 MNOK
GRANITOR ELECTRO AS	4.4%	41.8%	627 MNOK
ASKIM ENTREPRENØR AS	10.4%	33.2%	513 MNOK
SARTOR & DRANGE AS	9.0%	34.0%	983 MNOK
RANDEM & HÜBERT AS	8.3%	37.9%	560 MNOK
AF ELKRAFT AS	4.2%	48.9%	773 MNOK
JOHS J SYLTERN AS	12.7%	58.5%	735 MNOK
FYLLINGEN MASKIN AS	5.9%	35.7%	585 MNOK
GRUDE BYGG AS	8.1%	26.9%	631 MNOK
NETT-TJENESTER AS	5.3%	29.7%	527 MNOK
N P BYGG AS	4.7%	29.8%	1,524 MNOK
BOLD TERN AS	59.1%	72.6%	616 MNOK
TT ANLEGG AS	8.0%	47.3%	836 MNOK
CHRISTIE NORDANG AS	4.8%	28.2%	985 MNOK
BRAVE TERN AS	44.6%	57.6%	599 MNOK
BMO ENTREPRENØR AS	10.1%	30.4%	809 MNOK
ENTREPRENØR HARALD NILSEN AS	5.4%	30.5%	740 MNOK
BRØDRENE ULVESETH AS	2.3%	49.5%	832 MNOK
TVERÅS HOLDING AS	3.6%	35.6%	609 MNOK
TVERÅS MASKIN & TRANSPORT AS	5.3%	29.6%	607 MNOK
CONSTO ANLEGG ØST AS	6.9%	22.1%	700 MNOK
FRED. OLSEN WINDCARRIER OPERATIONS AS	2.7%	61.0%	1,871 MNOK
NORDASFALT AS	5.4%	29.7%	672 MNOK
REPSTAD ANLEGG AS	10.7%	20.7%	1,073 MNOK
STENSETH & RS ENTREPRENØR AS	9.4%	24.0%	507 MNOK
PARK & ANLEGG AS	4.2%	33.8%	1,176 MNOK
MASIV BYGG AS	3.5%	32.4%	644 MNOK
OVE SKÅR AS	9.0%	29.1%	750 MNOK
ØMF ASKER RINGERIKE AS	3.3%	26.8%	969 MNOK
KRAFTMONTASJE AS	4.4%	30.4%	635 MNOK
SERVICEALLIANSEN AS	−0.3%	41.7%	618 MNOK
JM NORGE AS	5.8%	35.7%	2,123 MNOK
ALGECO NORWAY AS	16.2%	60.9%	1,003 MNOK
ÅSEN & ØVRELID AS	6.1%	44.6%	556 MNOK
SVALINN AS	2.8%	25.3%	616 MNOK
CRANE NORWAY VEST AS	10.8%	22.1%	1,077 MNOK
BRYN BYGGKLIMA AS	2.3%	55.7%	734 MNOK
AF GRUPPEN ASA	95.8%	23.1%	914 MNOK
AERON AS	7.1%	21.3%	782 MNOK
ECONOR AS	3.8%	37.2%	729 MNOK
ENTREPRENØRSERVICE AS	8.7%	35.1%	997 MNOK
HÅNDVERKSKOMPANIET AS	13.6%	25.0%	509 MNOK
NORDISK FJELLSIKRING AS	0.6%	36.0%	565 MNOK
PRESIS VEGDRIFT AS	12.2%	20.0%	2,516 MNOK
HITACHI ENERGY NORWAY AS	2.4%	31.4%	2,184 MNOK
TOTAL BETONG AS	8.1%	25.1%	1,865 MNOK
STANGELAND MASKIN AS	6.2%	28.6%	1,928 MNOK
ALENTO AS	4.6%	26.7%	752 MNOK
ØMF ROMERIKE KONGSVINGER AS	2.9%	22.8%	954 MNOK
ONECO ELEKTRO AS	7.2%	20.5%	1,961 MNOK
STS-ISONOR AS	5.9%	24.7%	1,000 MNOK
JI BYGG AS	3.9%	29.9%	1,101 MNOK
URBAN REUSE NORWAY AS	6.7%	22.5%	1,075 MNOK
ONECO INFRA AS	5.1%	20.1%	850 MNOK
CONSOLVO AS	8.8%	23.3%	850 MNOK
MESTA AS	2.9%	35.3%	6,248 MNOK
STRØM GUNDERSEN AS	5.5%	20.7%	825 MNOK
SEBY AS	3.3%	19.6%	773 MNOK
GRANDE ENTREPRENØR AS	6.6%	20.2%	591 MNOK
HAB CONSTRUCTION AS	3.8%	23.8%	1,126 MNOK
BRG ENTREPRENØR AS	6.3%	18.0%	1,204 MNOK
BRAVIDA NORGE AS	4.9%	24.5%	5,746 MNOK
BACKE ROMERIKE AS	7.5%	20.8%	766 MNOK
NORDIC CRANE AS	3.6%	25.9%	758 MNOK
SEAWAY 7 MANAGEMENT AS	5.1%	16.3%	3,382 MNOK
ELIQUO PMI AS	5.0%	12.1%	1,125 MNOK
SPENNARMERING AS	4.3%	32.7%	676 MNOK
SKANSKA NORGE AS	2.7%	32.0%	15,215 MNOK
NSE FAGSTILLAS AS	11.5%	6.0%	630 MNOK
HERSLETH ENTREPRENØR AS	3.5%	21.0%	609 MNOK
TRANSTEMA NORGE AS	−4.4%	43.7%	678 MNOK
SYLJUÅSEN AS	5.8%	19.1%	823 MNOK
VASSBAKK & STOL AS	6.4%	22.0%	3,162 MNOK
MARTHINSEN & DUVHOLT AS	8.5%	19.4%	1,691 MNOK
ROMARHEIM ENTREPRENØR AS	7.1%	15.4%	894 MNOK
MUR I SØR AS	10.6%	14.2%	720 MNOK
PHOENIX ME (NORWAY) AS	12.9%	12.0%	625 MNOK
RISA AS	3.1%	26.3%	1,944 MNOK
PEAB ANLEGG AS	0.6%	44.9%	1,383 MNOK
VEIDEKKE ENTREPRENØR AS	3.5%	23.5%	16,186 MNOK
AF GRUPPEN NORGE AS	5.1%	19.9%	10,113 MNOK
NSE INDUSTRIER AS	7.9%	6.2%	763 MNOK
LAJE AS	2.6%	34.9%	652 MNOK
FABER BYGG AS	4.1%	20.9%	891 MNOK
SVEVIA NORGE AS	0.6%	36.1%	943 MNOK
POB ENTREPRENØR AS	6.9%	20.2%	935 MNOK
RECOVER AS	1.0%	34.2%	1,852 MNOK
HENT AS	5.9%	20.1%	9,407 MNOK
JÆRENTREPRENØR AS	1.2%	32.3%	540 MNOK
NRC NORGE AS	−0.7%	30.7%	1,564 MNOK
ÅSANE BYGGMESTERFORRETNING AS	7.8%	12.7%	639 MNOK
INFRATEK NORGE AS	5.4%	27.7%	950 MNOK
LEONHARD NILSEN & SØNNER AS	2.0%	32.3%	2,078 MNOK
IMPLENIA NORGE AS	4.0%	40.3%	2,945 MNOK
DESIGNER GROUP NORWAY AS	11.8%	15.1%	3,760 MNOK
LEIF GRIMSRUD AS	6.4%	25.0%	767 MNOK
BICO BYGG OG INNREDNING AS	2.7%	24.7%	694 MNOK
BANESERVICE AS	4.1%	26.2%	2,087 MNOK
ENERGIMA AS	8.5%	14.2%	821 MNOK
BETONMAST BUSKERUD-VESTFOLD AS	5.1%	6.1%	818 MNOK
Arne Olav Lund A/S	1.9%	21.0%	616 MNOK
TRYSILBYGG AS	2.9%	28.0%	639 MNOK
LAB ENTREPRENØR AS	3.2%	17.3%	1,322 MNOK
SITE SERVICE AS	−0.9%	39.2%	547 MNOK
VEDAL ENTREPRENØR AS	3.3%	18.9%	2,550 MNOK
METROSTAV NORGE AS	2.1%	17.9%	1,727 MNOK
NCC NORGE AS	0.6%	21.9%	4,625 MNOK
SOLID ENTREPRENØR AS	2.0%	26.9%	878 MNOK
GK NORGE AS	1.7%	19.1%	4,803 MNOK
CAVERION NORGE AS	9.0%	12.7%	3,809 MNOK
SOTRA LINK AS	1.3%	7.3%	3,712 MNOK
HELGESEN TEKNISKE BYGG AS	4.0%	9.6%	817 MNOK
STØ ENTREPRENØR AS	2.1%	20.9%	901 MNOK
KONE AKSJESELSKAP	5.5%	9.7%	913 MNOK
SELTOR AS	0.9%	18.5%	949 MNOK
BETONMAST ROMERIKE AS	1.0%	10.0%	509 MNOK
GEO FUNDAMENTERING & BERGBORING AS	−1.4%	27.5%	577 MNOK
VARME & BAD AS	−6.8%	27.2%	1,563 MNOK
FIRESAFE AS	2.6%	21.1%	997 MNOK
GL PROSJEKTSERVICE AS	1.7%	23.4%	655 MNOK
BETONMAST OSLO AS	−1.7%	3.9%	786 MNOK
BACKE STOR-OSLO AS	0.5%	22.7%	716 MNOK
BETONMAST TRØNDELAG AS	5.9%	6.0%	563 MNOK
CONSTO ANLEGG NORD AS	3.7%	6.1%	606 MNOK
VELOX ELECTRO NORDICS AS	0.3%	6.6%	1,069 MNOK
NETEL AS	−0.2%	8.1%	947 MNOK
NYE VEIER AS	−5.5%	20.3%	8,961 MNOK
ASSEMBLIN AS	5.0%	15.0%	1,653 MNOK
HÆHRE ENTREPRENØR AS	−0.1%	20.0%	4,958 MNOK
AF DECOM AS	3.2%	10.0%	689 MNOK
BUNDEBYGG AS	−6.9%	25.3%	700 MNOK
VELDE ASFALT AS	−3.1%	25.1%	883 MNOK
BACKE ROGALAND AS	2.7%	18.7%	1,230 MNOK
CONTUR AS	−1.2%	15.1%	1,922 MNOK
FUNDAMENTERING AS	2.7%	6.4%	522 MNOK
CONSTO AS	−1.7%	29.8%	4,284 MNOK
INFRANORD NORGE AS	−8.3%	−3.6%	1,128 MNOK
PEAB BYGG AS	−0.7%	24.1%	1,988 MNOK
NETTPARTNER AS	−17.0%	33.8%	761 MNOK
SØBSTAD AS	−1.2%	20.0%	533 MNOK
OCAB AS	1.1%	12.9%	1,623 MNOK
ISACHSEN ANLEGG AS	−4.8%	15.1%	1,347 MNOK
KELLER GEOTEKNIKK AS	−3.0%	11.1%	575 MNOK
OTERA INFRA AS	−0.8%	16.6%	614 MNOK
TRAFTEC AS	−1.1%	10.7%	1,120 MNOK
ONECO NETWORKS AS	−0.8%	15.2%	1,441 MNOK
CTS NORDICS AS	2.5%	3.0%	4,201 MNOK
SEAWAY ALFA LIFT AS	4.7%	6.1%	1,737 MNOK
RUTA ENTREPRENØR AS	−5.7%	9.2%	1,803 MNOK
ELTEL NETWORKS AS	−4.4%	11.1%	1,172 MNOK

Scenario analysis: the sector's weakest year

The sector's weakest year was 2021, with a median operating margin of 1.8%.

Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2017	–	–
2018	–	–
2019	–	–
2020	–	–
2021 · weakest year	1.8%	35.9%
2022	2.4%	14.0%
2023	4.4%	33.2%
2024	4.1%	33.3%
2025	4.0%	32.9%
2026	7.8%	28.8%

In 2021, 1 ranked companies did better than the sector, 0 about the same and 0 weaker.

Held up best in 2021

1OMRÅDESIKRING ASequity ratio 35.9%1.8%

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.

Construction cost index for dwellings (indeks (2015 = 100))

Latest value: 160.3 (2026M09)

Construction cost index for dwellings rose 4.3% in 2025; the sector's median operating margin fell 0.1 percentage points.

Construction cost index for dwellings per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Construction cost index for dwellings, annual average	124.2	135.1	141.1	146.4	152.7	158.4 (so far)
Change from the year before	+8.7%	+8.8%	+4.4%	+3.7%	+4.3%	+3.7%
Sector's median operating margin	1.8%	2.4%	4.4%	4.1%	4.0%	7.8%

Source: SSB (08651, CC BY 4.0). Source · fetched 1 November 2026

Policy rate (prosent)

Latest value: 4.30 (2026-09)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 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	4.14 (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	−0.16 percentage points
Sector's median operating margin	1.8%	2.4%	4.4%	4.1%	4.0%	7.8%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 1 November 2026

When policy rate fell in 2025, 9,387 of 19,433 ranked companies kept their operating margin at or above the year before. Among the largest: VEIDEKKE ENTREPRENØR AS (2.9% → 3.5%), SKANSKA NORGE AS (2.4% → 2.7%), HENT AS (5.7% → 5.9%), NYE VEIER AS (−12.2% → −5.5%), NCC NORGE AS (−3.8% → 0.6%).

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: 59,444; −1.1% from 2023
Persons employed: 267,499; −2.7% from 2023
Turnover: NOK 757.6 bn; +0.0% from 2023
Gross operating margin: 6.8%; Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

854 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −11.3% against the four quarters before (963). That is about 14.4 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 1.7%
Share of persons employed: 14.7%
Share of turnover: 18.6%

SSB publishes this for groups of industries only. The figures are for the group “Bygge- og anleggsvirksomhet”.

Production index · Bygge- og anleggsvirksomhet

96.8 index, 2021 = 100, seasonally adjusted · 2026M09
−0.9% against 2025M09.

Monthly, 2023M09 to 2026M09.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 13430. 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

BERKON AS 816349982 Voluntary liquidation · 31 October 2026 · 6 MNOK (2025)
BORGMUR AS 915230881 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
BREDBÅND OG KABELTV AS 981002431 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
BYGGMESTER TOM ARIANSEN AS 989177699 Voluntary liquidation · 31 October 2026
BYGGUTVIKLING OG EIENDOM AS 919598255 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
CELS AS 930079537 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
CHRISTIANSEN BYGG AS 997330463 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
CRAS - ELEKTRO AS 921087551 Voluntary liquidation · 31 October 2026 · 3 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
41*	Oppføring av bygninger (hele hovedgruppen)
41.000	Oppføring av bygninger
42*	Anleggsvirksomhet (hele hovedgruppen)
42.110	Bygging av veier og motorveier
42.120	Bygging av jernbaner og undergrunnsbaner
42.130	Bygging av broer og tunneler
42.210	Bygging av vann- og kloakkanlegg
42.221	Bygging av anlegg for elektrisitet og telekommunikasjon til sjøs
42.222	Bygging av anlegg for elektrisitet og telekommunikasjon på land
42.910	Bygging av havne- og damanlegg
42.990	Bygging av andre anlegg ikke nevnt annet sted
43*	Spesialisert bygge- og anleggsvirksomhet (hele hovedgruppen)
43.110	Riving av bygninger og andre byggverk
43.120	Grunnarbeid
43.130	Prøveboring
43.210	Elektrisk installasjonsarbeid
43.221	Rørleggerarbeid
43.222	Kuldeanlegg-, varmepumpearbeid og installasjon av peiser
43.223	Ventilasjonsarbeid
43.230	Installasjon av isoleringsmateriale
43.240	Annet installasjonsarbeid
43.310	Stukkatørarbeid og pussing
43.320	Snekkerarbeid
43.330	Gulvlegging og tapetsering
43.340	Maler- og glassarbeid
43.350	Annen ferdiggjøring av bygninger
43.410	Takarbeid
43.420	Annen spesialisert byggevirksomhet i forbindelse med oppføring av bygninger
43.500	Spesialisert byggevirksomhet i forbindelse med anleggsarbeid
43.600	Formidlingstjenester innenfor spesialisert bygge- og anleggsvirksomhet
43.910	Murerarbeid
43.990	Annen spesialisert bygge- og anleggsvirksomhet ikke nevnt annet sted