4 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 | Certas Ringveien AS | 70 | −14 |
| 2 | Certas Trondheimsveien AS | 50 | −29 |
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
- Certas Trondheimsveien AS−29
No large changes in the key figures from 2025 to 2026.
- Certas Ringveien AS−14
No large changes in the key figures from 2025 to 2026.
Top lists in the sector · 2026 · Morning class Micro
Combined profit before tax for the 2 ranked companies: 2 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- Certas Ringveien AS 2 MNOK
- Certas Trondheimsveien AS 1 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
- Certas Ringveien AS 72.4%
- Certas Trondheimsveien AS 49.6%
Operating result divided by operating revenue.
Largest profit
- Certas Ringveien AS 2 MNOK
- Certas Trondheimsveien AS 1 MNOK
Profit before tax.
Largest loss
No company meets the requirement this year.
Profit before tax, the largest negative.
Most solid
- Certas Trondheimsveien AS 92.3%
- Certas Ringveien AS 90.4%
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
- Certas Trondheimsveien AS −28.6 points
- Certas Ringveien AS −13.7 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 61.0%. 0 of 4 companies have negative equity. The median equity ratio is 91.4%.
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
- 185Certas Trondheimsveien ASfrom rank 187 to 250
- 101Certas Ringveien ASfrom rank 102 to 170
Fallers
None.
Awards · 2026 · Morning class Micro
Needs attention · 2026 · Morning class Micro
No company has negative equity, a loss or weak liquidity.
Sector map · 2026 · Morning class Micro
Too few ranked companies to draw the map.
In our articles
- Property and finance earn the margins, but not the securityNo. 1 of 22 on median operating margin
- Boards of water, mining and shipping firms are oldest; IT and construction youngestNo. 7 of 22 on median board age
Scenario analysis: the sector's weakest year
The sector's weakest year was 2022, with a median operating margin of 29.3%.
Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2018 | – | – |
| 2019 | – | – |
| 2020 | – | – |
| 2021 | – | – |
| 2022 · weakest year | 29.3% | 10.0% |
| 2023 | 44.1% | 26.7% |
| 2024 | 44.9% | 26.4% |
| 2025 | 45.9% | 27.3% |
| 2026 | 61.3% | 87.8% |
In 2022, 24 ranked companies did better than the sector, 19 about the same and 19 weaker.
Held up best in 2022
- 1HJ Eiendom ASequity ratio 40.8%97.2%
- 2Viken Boligeiendom ASequity ratio 10.0%94.0%
- 3Gjønnesjordet 10 ASequity ratio 0.5%88.9%
- 4Rambolt Eiendom ASequity ratio 74.1%81.8%
- 5Herock ASequity ratio 89.0%79.7%
- 6Huitfeldts Gate 15 ASequity ratio 6.3%77.3%
- 7Gullregnbukta ASequity ratio 4.9%71.5%
- 8Haakon Knudstad ASequity ratio 71.6%70.8%
- 9Inventec ASequity ratio 56.2%70.1%
- 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
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.
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 1.1 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 | – | 29.3% | 44.1% | 44.9% | 45.9% | 61.3% |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 4 November 2026
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the sector's median operating margin rose 1.1 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 | – | 29.3% | 44.1% | 44.9% | 45.9% | 61.3% |
Source: SSB (08651, CC BY 4.0). Source · fetched 4 November 2026
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 1.1 percentage points.
| 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 | – | 29.3% | 44.1% | 44.9% | 45.9% | 61.3% |
Source: SSB (14710, CC BY 4.0). Source · fetched 4 November 2026
When policy rate fell in 2025, 3,885 of 7,017 ranked companies kept their operating margin at or above the year before. Among the largest: OBOS Block Watne AS (−7.7% → 1.3%), DNB Eiendom AS (−1.5% → 2.9%), Ferncliff Tih AS (−717.9% → 99.2%), Ferncliff Holding AS (78.3% → 99.8%), OBOS Nye Hjem AS (−0.8% → −0.7%).
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
- 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.
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
- Kiso Bolig AS 931041347 Voluntary liquidation · 3 November 2026
- Mehs Eiendom AS 935794773 Voluntary liquidation · 3 November 2026
- Qbe2hus AS 918898646 Voluntary liquidation · 3 November 2026
- Quist Eiendom AS 998059240 Voluntary liquidation · 3 November 2026 · 0 MNOK (2025)
- Eides AS 912127338 Voluntary liquidation · 2 November 2026 · 0 MNOK (2025)
- Nye Rør Bergen AS 933907716 Bankruptcy · 2 November 2026 · 6 MNOK (2025)
- Tih Holding AS 991907025 Voluntary liquidation · 2 November 2026 · 0 MNOK (2025)
- Bash Eiendom AS 928846342 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
Industry codes (NACE)
| Code | Description |
|---|---|
| 68* | Hele hovedgruppe 68 |
| 68.110 | Kjøp og salg av egen fast eiendom |
| 68.120 | Utvikling og salg av byggeprosjekter |
| 68.200 | Utleie av egen eller leid fast eiendom |
| 68.310 | Eiendomsmegling og andre formidlingstjenester for eiendom |
| 68.320 | Eiendomsforvaltning på oppdrag |