Construction
FollowDownload sector report (PDF)8 companies ranked against comparable companies in four Morning company classes. Fiscal year 2026. Source: Brønnøysund Register Centre. Methodology
Ranking · 2026 · Morning class Micro
Too few companies in this class (2, at least 10 needed) for a ranking of its own. They are compared with the whole sector.
| # | Company | Score | Change |
|---|---|---|---|
| 1 | Llentab AS | 51 | +9 |
| 2 | CW Lundberg Norge AS | 33 | −37 |
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 Micro
- CW Lundberg Norge AS−37
From 2025 to 2026: went from a profit to a loss before tax and the operating margin fell from 13.1% to −6.4%.
- Llentab AS+9
From 2025 to 2026: the operating margin fell from −73.9% to −82.5% and revenue grew by 35%.
Top lists in the sector · 2026 · Morning class Micro
Combined profit before tax for the 2 ranked companies: −3 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- CW Lundberg Norge AS 8 MNOK
- Llentab AS 3 MNOK
Operating revenue.
Most employees
No company meets the requirement this year.
Employees according to the Central Coordinating Register.
Highest revenue per employee
No company meets the requirement this year.
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
- CW Lundberg Norge AS −6.4%
- Llentab AS −82.5%
Operating result divided by operating revenue.
Largest profit
No company meets the requirement this year.
Profit before tax.
Largest loss
- Llentab AS −3 MNOK
- CW Lundberg Norge AS 0 MNOK
Profit before tax, the largest negative.
Most solid
- Llentab AS 80.5%
- CW Lundberg Norge AS 22.8%
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
- Llentab AS +8.5 points
Change in index points from the year before.
Biggest fallers
- CW Lundberg Norge AS −37.2 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 · 2026 · Morning class Micro
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.
Too few ranked companies to draw the map.
Summary · fiscal year 2026 · Morning class Micro
The sector's median operating margin is −44.4%. 0 of 4 companies have negative equity. The median equity ratio is 51.6%.
All figures are for fiscal year 2026. Ranked: 2 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
Climbers and fallers · Morning class Micro
Change in rank from 2025 to 2026, for 2 companies ranked in both years.
Climbers
- 8,287Llentab ASfrom rank 8,288 to 151
- 1,889CW Lundberg Norge ASfrom rank 1,891 to 233
Fallers
None.
Awards · 2026 · Morning class Micro
Needs attention · 2026 · Morning class Micro
3 companies show at least one warning sign. Showing the 3 most important.
- watchCW Lundberg Norge ASLoss before tax
- watchLlentab ASLoss before tax
- watchK/S Rør ASLoss before tax
Sector map · 2026 · Morning class Micro
Too few ranked companies to draw the map.
In our articles
- Finance earns 58.3% on operations; the typical Norwegian industry makes 5.7%No. 17 of 22 on median operating margin
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% | 33.1% |
| 2024 | 4.1% | 33.2% |
| 2025 | 4.0% | 32.8% |
| 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))
Construction cost index for dwellings rose 4.3% in 2025; the sector's median operating margin fell 0.1 percentage points.
| 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 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 | 1.8% | 2.4% | 4.4% | 4.1% | 4.0% | 7.8% |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026
When policy rate fell in 2025, 9,355 of 19,352 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
- Scanfinans AS 816524202 Voluntary liquidation · 3 November 2026
- Bølgen-Eiendom AS 919008415 Voluntary liquidation · 2 November 2026 · 4 MNOK (2025)
- K & K Vent AS 927927748 Bankruptcy · 2 November 2026 · 6 MNOK (2025)
- LD Lås og Prosjekt AS 933813185 Bankruptcy · 2 November 2026 · 2 MNOK (2025)
- Nittedal Tak og Vedlikehold AS 831427442 Bankruptcy · 2 November 2026 · 3 MNOK (2025)
- Ruta Entreprenør AS 983830196 Bankruptcy · 2 November 2026 · 1,803 MNOK (2025)
- Servicebygg AS 933932532 Bankruptcy · 2 November 2026
- Skovli VVS AS 934056930 Voluntary liquidation · 2 November 2026 · 0 MNOK (2025)
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 |