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Sector

Eiendom

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7,245 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology

Ranking · 2025 · Morning class Large

Morning class Large · 2025
#CompanyProfileScoreChangeFive years
1 FERNCLIFF HOLDING AS Leader 92 +24
2 EIENDOMSMEGLER 1 MIDT-NORGE AS Leader 66 0
3 FERNCLIFF TIH ASsubsidiary of FERNCLIFF HOLDING AS Leader 66 +32
4 OBOS EIENDOMSFORVALTNING AS Leader 59 −7
5 THONGÅRD AS Steward 56 +4
6 EIENDOMSMEGLER 1 SØR-NORGE AS Builder 53 −7
7 THON HOTELLBYGG AS Leader 50 −11
8 EIENDOMSMEGLER NORGE AS Sprinter 49 −6
9 DNB EIENDOM AS Steward 48 +20
10 EIENDOMSMEGLER KROGSVEEN AS Sprinter 38 −13
11 CBRE GWS NORWAY AS Builder 32 −2
12 OBOS NYE HJEM AS Builder 21 −12
13 SPRO HAVN AS Builder 15 –
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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

  • DNB EIENDOM AS

    From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −1.5% to 2.9%.

    +20
  • EIENDOMSMEGLER KROGSVEEN AS

    From 2024 to 2025: the operating margin fell from 8.1% to 4.3%.

    −13
  • OBOS NYE HJEM AS

    From 2024 to 2025: went from a profit to a loss before tax and revenue fell by 11%.

    −12
  • THON HOTELLBYGG AS

    From 2024 to 2025: the operating margin fell from 77.2% to 58.6%.

    −11
Summary analysis

Eiendom, Morning class Large: 13 ranked companies in fiscal year 2025.

Best in the sector: FERNCLIFF HOLDING AS (score 92, operating margin 99.8%, equity ratio 99.3%). EIENDOMSMEGLER 1 MIDT-NORGE AS (score 66, operating margin 13.0%, equity ratio 64.0%). FERNCLIFF TIH AS (score 66, operating margin 99.2%, equity ratio 53.9%).

Weakest in the sector: SPRO HAVN AS (score 15, operating margin −0.2%, equity ratio 0.5%). OBOS NYE HJEM AS (score 21, operating margin −0.7%, equity ratio 34.8%). CBRE GWS NORWAY AS (score 32, operating margin 1.0%, equity ratio 14.4%).

Worth a closer look

  • The median operating margin fell from 11.3% in 2024 to 9.8% in 2025 (1.5 percentage points).
  • The median equity ratio fell from 39.2% in 2024 to 37.9% in 2025 (1.3 percentage points).
  • The median revenue growth fell from 10.7% in 2024 to 9.7% in 2025 (1.0 percentage points).
  • The share with a loss went from 9% in 2024 to 8% 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 53% of the sector's revenue. Combined profit before tax for the 13 ranked companies: 4,154 MNOK.

Highest revenue

  1. DNB EIENDOM AS 1,712 MNOK
  2. FERNCLIFF TIH ASsubsidiary of FERNCLIFF HOLDING AS 1,439 MNOK
  3. FERNCLIFF HOLDING AS 1,391 MNOK
  4. OBOS NYE HJEM AS 1,296 MNOK
  5. EIENDOMSMEGLER 1 SØR-NORGE AS 908 MNOK

Operating revenue.

Highest operating margin

  1. FERNCLIFF HOLDING AS 99.8%
  2. FERNCLIFF TIH ASsubsidiary of FERNCLIFF HOLDING AS 99.2%
  3. THON HOTELLBYGG AS 58.6%
  4. OBOS EIENDOMSFORVALTNING AS 27.8%
  5. THONGÅRD AS 26.3%

Operating result divided by operating revenue.

Largest profit

  1. FERNCLIFF TIH ASsubsidiary of FERNCLIFF HOLDING AS 1,451 MNOK
  2. FERNCLIFF HOLDING AS 1,389 MNOK
  3. THON HOTELLBYGG AS 440 MNOK
  4. OBOS EIENDOMSFORVALTNING AS 268 MNOK
  5. THONGÅRD AS 245 MNOK

Profit before tax.

Largest loss

  1. OBOS NYE HJEM AS −11 MNOK

Profit before tax, the largest negative.

Most solid

  1. FERNCLIFF HOLDING AS 99.3%
  2. THONGÅRD AS 88.1%
  3. THON HOTELLBYGG AS 71.2%
  4. EIENDOMSMEGLER 1 MIDT-NORGE AS 64.0%
  5. FERNCLIFF TIH ASsubsidiary of FERNCLIFF HOLDING AS 53.9%

Equity ratio: equity divided by total assets.

Fastest growth

  1. EIENDOMSMEGLER 1 SØR-NORGE AS +82.7%
  2. EIENDOMSMEGLER NORGE AS +82.3%
  3. CBRE GWS NORWAY AS +28.1%
  4. DNB EIENDOM AS +11.8%
  5. OBOS EIENDOMSFORVALTNING AS +7.6%

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

Largest revenue decline

  1. OBOS NYE HJEM AS −11.1%
  2. THONGÅRD AS −3.4%

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

Biggest climbers

  1. DNB EIENDOM AS +19.0 points
  2. THONGÅRD AS +4.0 points

Change in index points from the year before.

Biggest fallers

  1. EIENDOMSMEGLER KROGSVEEN AS −12.9 points
  2. OBOS NYE HJEM AS −12.1 points
  3. THON HOTELLBYGG AS −10.9 points
  4. OBOS EIENDOMSFORVALTNING AS −7.2 points
  5. CBRE GWS NORWAY AS −2.0 points

Change in index points from the year before.

Most employees

  1. DNB EIENDOM AS 881
  2. EIENDOMSMEGLER 1 SØR-NORGE AS 437
  3. EIENDOMSMEGLER KROGSVEEN AS 399
  4. OBOS EIENDOMSFORVALTNING AS 380
  5. CBRE GWS NORWAY AS 259

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. THONGÅRD AS 112.3 MNOK
  2. OBOS NYE HJEM AS 11.4 MNOK
  3. CBRE GWS NORWAY AS 2.9 MNOK
  4. EIENDOMSMEGLER 1 MIDT-NORGE AS 2.6 MNOK
  5. OBOS EIENDOMSFORVALTNING AS 2.3 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.

DNB EIENDOM AS: 29 / 50FERNCLIFF TIH AS: 92 / 67FERNCLIFF HOLDING AS: 100 / 100OBOS NYE HJEM AS: 8 / 33EIENDOMSMEGLER 1 SØR-NORGE AS: 46 / 42THONGÅRD AS: 38 / 92OBOS EIENDOMSFORVALTNING AS: 79 / 58SPRO HAVN AS: 4 / 0THON HOTELLBYGG AS: 62 / 83CBRE GWS NORWAY AS: 21 / 8EIENDOMSMEGLER KROGSVEEN AS: 54 / 17EIENDOMSMEGLER 1 MIDT-NORGE AS: 58 / 75EIENDOMSMEGLER NORGE AS: 58 / 2500252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers
DNB EIENDOM AS: 29 / 50FERNCLIFF TIH AS: 92 / 67FERNCLIFF HOLDING AS: 100 / 100OBOS NYE HJEM AS: 8 / 33EIENDOMSMEGLER 1 SØR-NORGE AS: 46 / 42THONGÅRD AS: 38 / 92OBOS EIENDOMSFORVALTNING AS: 79 / 58SPRO HAVN AS: 4 / 0THON HOTELLBYGG AS: 62 / 83CBRE GWS NORWAY AS: 21 / 8EIENDOMSMEGLER KROGSVEEN AS: 54 / 17EIENDOMSMEGLER 1 MIDT-NORGE AS: 58 / 75EIENDOMSMEGLER NORGE AS: 58 / 2500252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2024 (small ring).

  • 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
CompanyProfileProfitabilitySolidityIn 2024 (profitability / solidity)
FERNCLIFF HOLDING ASLion100100–
FERNCLIFF TIH ASLion9267–
OBOS EIENDOMSFORVALTNING ASLion795885 / 60
THON HOTELLBYGG ASLion628375 / 100
EIENDOMSMEGLER 1 MIDT-NORGE ASLion587560 / 70
EIENDOMSMEGLER NORGE ASCheetah5825–
EIENDOMSMEGLER KROGSVEEN ASCheetah541755 / 30
EIENDOMSMEGLER 1 SØR-NORGE ASBeaver4642–
THONGÅRD ASElephant389255 / 80
DNB EIENDOM ASElephant29500 / 40
CBRE GWS NORWAY ASBeaver21815 / 10
OBOS NYE HJEM ASBeaver83315 / 50
SPRO HAVN ASBeaver40–
The sector in numbers

Summary · fiscal year 2025 · Morning class Large

The sector's median operating margin is 9.8%. 0 of 13 companies have negative equity. The median equity ratio is 37.9%.

Companies with accounts13
Total revenue12,766 MNOK
Median operating margin9.8%
Median equity ratio37.9%
Share with a loss8%
Share with negative equity0%

All figures are for fiscal year 2025. Ranked: 13 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 Large

Change in rank from 2024 to 2025, for 8 companies ranked in both years.

Climbers

  1. 1EIENDOMSMEGLER 1 MIDT-NORGE ASfrom rank 3 to 266
  2. 1THONGÅRD ASfrom rank 6 to 556
  3. 1DNB EIENDOM ASfrom rank 10 to 948

Fallers

  1. 3THON HOTELLBYGG ASfrom rank 4 to 750
  2. 3EIENDOMSMEGLER KROGSVEEN ASfrom rank 7 to 1038
  3. 3CBRE GWS NORWAY ASfrom rank 8 to 1132
  4. 3OBOS NYE HJEM ASfrom rank 9 to 1221
  5. 2OBOS EIENDOMSFORVALTNING ASfrom rank 2 to 459

Awards · 2025 · Morning class Large

Most profitableFERNCLIFF HOLDING AS99.8%
Fastest growthFERNCLIFF TIH AS14,654.4%
Strongest balance sheetFERNCLIFF HOLDING AS99.3%
Largest revenueDNB EIENDOM AS1,712 MNOK
Highest revenue per employeeTHONGÅRD AS112.3 MNOK

Needs attention · 2025 · Morning class Large

4 companies show at least one warning sign. Showing the 4 most important.

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.

0%20%40%60%80%100%0%20%40%60%80%Operating margin (profitability) →Equity ratio (solidity) →DNB EIENDOM AS: operating margin 2.9%, equity ratio 37.9%, rank 9FERNCLIFF TIH AS: operating margin 99.2%, equity ratio 53.9%, rank 3FERNCLIFF HOLDING AS: operating margin 99.8%, equity ratio 99.3%, rank 1OBOS NYE HJEM AS: operating margin −0.7%, equity ratio 34.8%, rank 12EIENDOMSMEGLER 1 SØR-NORGE AS: operating margin 7.1%, equity ratio 35.7%, rank 6THONGÅRD AS: operating margin 26.3%, equity ratio 88.1%, rank 5OBOS EIENDOMSFORVALTNING AS: operating margin 27.8%, equity ratio 42.8%, rank 4SPRO HAVN AS: operating margin −0.2%, equity ratio 0.5%, rank 13THON HOTELLBYGG AS: operating margin 58.6%, equity ratio 71.2%, rank 7CBRE GWS NORWAY AS: operating margin 1.0%, equity ratio 14.4%, rank 11EIENDOMSMEGLER KROGSVEEN AS: operating margin 4.3%, equity ratio 27.3%, rank 10EIENDOMSMEGLER 1 MIDT-NORGE AS: operating margin 13.0%, equity ratio 64.0%, rank 2EIENDOMSMEGLER NORGE AS: operating margin 9.8%, equity ratio 32.7%, rank 8
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
FERNCLIFF HOLDING AS99.8%99.3%1,391 MNOK
EIENDOMSMEGLER 1 MIDT-NORGE AS13.0%64.0%590 MNOK
FERNCLIFF TIH AS99.2%53.9%1,439 MNOK
OBOS EIENDOMSFORVALTNING AS27.8%42.8%888 MNOK
THONGÅRD AS26.3%88.1%898 MNOK
EIENDOMSMEGLER 1 SØR-NORGE AS7.1%35.7%908 MNOK
THON HOTELLBYGG AS58.6%71.2%767 MNOK
EIENDOMSMEGLER NORGE AS9.8%32.7%534 MNOK
DNB EIENDOM AS2.9%37.9%1,712 MNOK
EIENDOMSMEGLER KROGSVEEN AS4.3%27.3%738 MNOK
CBRE GWS NORWAY AS1.0%14.4%759 MNOK
OBOS NYE HJEM AS−0.7%34.8%1,296 MNOK
SPRO HAVN AS−0.2%0.5%848 MNOK

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 31.0%.

Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal yearMedian operating marginMedian equity ratio
2018––
2019––
2020––
2021––
2022 · weakest year31.0%10.8%
202344.5%27.0%
202445.3%26.9%
202546.3%27.8%
202658.6%40.2%

In 2022, 24 ranked companies did better than the sector, 20 about the same and 17 weaker.

Held up best in 2022

  1. 1HJ EIENDOM ASequity ratio 40.8%97.2%
  2. 2VIKEN BOLIGEIENDOM ASequity ratio 10.0%94.0%
  3. 3GJØNNESJORDET 10 ASequity ratio 0.5%88.9%
  4. 4RAMBOLT EIENDOM ASequity ratio 74.1%81.8%
  5. 5HEROCK ASequity ratio 89.0%79.7%
  6. 6HUITFELDTS GATE 15 ASequity ratio 6.3%77.3%
  7. 7GULLREGNBUKTA ASequity ratio 4.9%71.5%
  8. 8HAAKON KNUDSTAD ASequity ratio 71.6%70.8%
  9. 9INVENTEC ASequity ratio 56.2%70.1%
  10. 10MARINELLA EIENDOM ASequity ratio 44.8%70.1%

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

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
60,965
+4.0% from 2023
Persons employed
31,172
−0.2% from 2023
Turnover
NOK 240.4 bn
+8.0% from 2023
Gross operating margin
50.2%
Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

217 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −8.8% against the four quarters before (238). That is about 3.6 per 1,000 enterprises.

532024K4522025K1762025K2572025K3582025K4512026K1612026K2472026K3

Foreign-controlled enterprises · 2024

Share of enterprises
2.5%
Share of persons employed
6.0%
Share of turnover
8.6%

SSB publishes this for groups of industries only. The figures are for the group “Omsetning og drift av fast eiendom”.

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

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
68*Hele hovedgruppe 68
68.110Kjøp og salg av egen fast eiendom
68.120Utvikling og salg av byggeprosjekter
68.200Utleie av egen eller leid fast eiendom
68.310Eiendomsmegling og andre formidlingstjenester for eiendom
68.320Eiendomsforvaltning på oppdrag