Sector

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2,090 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology

Ranking · 2023 · Morning class Large

Morning class Large · 2023
#CompanyProfileScoreChangeFive years
1 Anticimex A/S Leader 90 –
2 Grieg Shipping II AS Leader 89 –
3 Semco Maritime Drift AS Leader 88 –
4 Coor Cleaning Catering and Property AS Leader 83 –
5 Kiwi Minidrift AS Leader 80 –
6 Food Folk Norge AS Sprinter 71 –
7 Insider Facility Solutions AS Steward 70 –
8 Securitas Technology AS Leader 69 –
9 Ramirent AS Leader 67 –
10 Ventor Energi Norge AS Leader 67 –
11 ISS Facility Services AS Leader 65 +11
12 Agaia AS Leader 64 –
13 Dedicare AS Sprinter 64 –
14 Autoplan AS Sprinter 61 –
15 Pedagogisk Vikarsentral AS Steward 60 –
16 Manpower AS Steward 60 –
17 Dovre Solutions AS Steward 60 –
18 REMA 1000 AS Sprinter 59 –
19 Utleiecompagniet AS Leader 59 –
20 EP Engros AS Steward 57 –
21 Coor Service Management AS Steward 54 –
22 Intrum AS Steward 54 –
23 4Service Eir Renhold AS Sprinter 53 –
24 Renta AS Steward 53 –
25 European Cruise Service AS Sprinter 53 –
26 Haugesund Skips og Offshore Service AS Sprinter 53 +4
27 Norske Tog AS Leader 51 –
28 Wex Europe Services AS Steward 49 +4
29 Ving Norge AS Sprinter 48 –
30 Vend Marketplaces AS Sprinter 48 –
31 First Rent A Car Norway AS Sprinter 47 –
32 Avarn Security ASsubsidiary of Avarn Security Group AS Steward 46 –
33 Vaktmesterkompaniet AS Steward 45 –
34 Securitas AS Builder 42 –
35 Ayvens Norge AS Sprinter 41 –
36 Mde Stavanger AS Sprinter 40 –
37 Seadrill Norway Crew AS Sprinter 39 −11
38 Verisure AS Sprinter 39 –
39 Nes Fircroft Norge AS Builder 38 –
40 Reitan Convenience Norway AS Steward 38 –
41 Kredinor AS Steward 38 –
42 Avarn Security Aviation AS Sprinter 37 –
43 Polygon AS Steward 37 –
44 Drivalia Lease Norge AS Sprinter 36 –
45 Adecco Norge AS Steward 35 –
46 Adecco Solutions AS Steward 34 –
47 Jobzone Norge AS Builder 33 –
48 Mst Grand Banks Shipping AS Sprinter 33 –
49 Kjøpmannshuset Norge AS Builder 33 –
50 3 Step IT AS Builder 31 –

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

Top lists in the sector · 2023 · Morning class Large

The five largest companies account for 26% of the sector's revenue. Combined profit before tax for the 57 ranked companies: 5,177 MNOK.

Size

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

Highest revenue

  1. ISS Facility Services AS 5,740 MNOK
  2. Ayvens Norge AS 4,481 MNOK
  3. REMA 1000 Norge AS 4,442 MNOK
  4. Ving Norge AS 4,056 MNOK
  5. Norwegian Crew Services AS 3,456 MNOK

Operating revenue.

Most employees

  1. ISS Facility Services AS 7,243
  2. Manpower AS 5,551
  3. Adecco Norge AS 5,358
  4. 4Service Eir Renhold AS 3,888
  5. Jobzone Norge AS 3,663

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. Wex Europe Services AS 122.2 MNOK
  2. Ework Group Norway AS 79.5 MNOK
  3. Ving Norge AS 78.0 MNOK
  4. Norwegian Crew Services AS 76.8 MNOK
  5. Tui Norge AS 36.7 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

  1. REMA 1000 AS 99.7%
  2. Mst Grand Banks Shipping AS 56.9%
  3. Kiwi Minidrift AS 42.6%
  4. Food Folk Norge AS 35.5%
  5. Vend Marketplaces AS 34.0%

Operating result divided by operating revenue.

Largest profit

  1. REMA 1000 AS 2,049 MNOK
  2. Vend Marketplaces AS 1,186 MNOK
  3. ISS Facility Services AS 488 MNOK
  4. Ayvens Norge AS 437 MNOK
  5. Kiwi Minidrift AS 344 MNOK

Profit before tax.

Largest loss

  1. Kredinor AS −527 MNOK
  2. REMA 1000 Norge AS −204 MNOK
  3. Reitan Convenience Norway AS −188 MNOK
  4. Mst Grand Banks Shipping AS −132 MNOK
  5. Cramo AS −105 MNOK

Profit before tax, the largest negative.

Most solid

  1. Grieg Shipping II AS 72.9%
  2. Insider Facility Solutions AS 48.5%
  3. Semco Maritime Drift AS 46.2%
  4. Coor Cleaning Catering and Property AS 44.3%
  5. Anticimex A/S 39.7%

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

  1. Haugesund Skips og Offshore Service AS +35.9%
  2. ISS Facility Services AS +7.3%

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

Largest revenue decline

  1. Seadrill Norway Crew AS −51.5%
  2. Wex Europe Services AS −14.5%

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

Biggest climbers

  1. ISS Facility Services AS +10.1 points
  2. Wex Europe Services AS +4.6 points

Change in index points from the year before.

Biggest fallers

  1. Seadrill Norway Crew AS −10.5 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 · 2023 · 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.

ISS Facility Services AS: 77 / 53Ayvens Norge AS: 68 / 33REMA 1000 Norge AS: 46 / 30Ving Norge AS: 58 / 35Norwegian Crew Services AS: 29 / 1Vend Marketplaces AS: 96 / 15Tui Norge AS: 6 / 10Autoplan AS: 57 / 46Avarn Security AS: 42 / 87Coor Service Management AS: 26 / 84REMA 1000 AS: 96 / 42Manpower AS: 16 / 91Ework Group Norway AS: 57 / 4Securitas AS: 49 / 39Adecco Norge AS: 7 / 55Wex Europe Services AS: 28 / 60EP Engros AS: 20 / 73Nes Advantage AS: 36 / 6Norske Tog AS: 59 / 69Grieg Shipping II AS: 69 / 100Verisure AS: 74 / 34Service Eir Renhold AS: 83 / 28Ramirent AS: 61 / 89European Cruise Service AS: 73 / 37Utleiecompagniet AS: 79 / 59Renta AS: 39 / 783 Step IT AS: 43 / 14Insider Facility Solutions AS: 37 / 98Vaktmesterkompaniet AS: 11 / 68Nes Fircroft Norge AS: 46 / 24First Rent A Car Norway AS: 66 / 50Mde Stavanger AS: 51 / 32Intrum AS: 4 / 86Personalhuset Staffing Group AS: 27 / 26Cramo AS: 14 / 21Agaia AS: 77 / 66Avarn Security Aviation AS: 64 / 8Jobzone Norge AS: 40 / 17Dedicare AS: 87 / 41Reitan Convenience Norway AS: 1 / 75Securitas Technology AS: 56 / 71Kiwi Minidrift AS: 97 / 82Kredinor AS: 10 / 77Polygon AS: 16 / 64Seadrill Norway Crew AS: 71 / 23Drivalia Lease Norge AS: 61 / 19Dovre Solutions AS: 32 / 80Ventor Energi Norge AS: 66 / 57Coor Cleaning Catering and Property AS: 62 / 95Food Folk Norge AS: 88 / 44Anticimex A/S: 81 / 93Mst Grand Banks Shipping AS: 80 / 0Haugesund Skips og Offshore Service AS: 79 / 12Semco Maritime Drift AS: 75 / 96Pedagogisk Vikarsentral AS: 39 / 62Kjøpmannshuset Norge AS: 12 / 48Adecco Solutions AS: 4 / 5100252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers
ISS Facility Services AS: 77 / 53Ayvens Norge AS: 68 / 33REMA 1000 Norge AS: 46 / 30Ving Norge AS: 58 / 35Norwegian Crew Services AS: 29 / 1Vend Marketplaces AS: 96 / 15Tui Norge AS: 6 / 10Autoplan AS: 57 / 46Avarn Security AS: 42 / 87Coor Service Management AS: 26 / 84REMA 1000 AS: 96 / 42Manpower AS: 16 / 91Ework Group Norway AS: 57 / 4Securitas AS: 49 / 39Adecco Norge AS: 7 / 55Wex Europe Services AS: 28 / 60EP Engros AS: 20 / 73Nes Advantage AS: 36 / 6Norske Tog AS: 59 / 69Grieg Shipping II AS: 69 / 100Verisure AS: 74 / 34Service Eir Renhold AS: 83 / 28Ramirent AS: 61 / 89European Cruise Service AS: 73 / 37Utleiecompagniet AS: 79 / 59Renta AS: 39 / 783 Step IT AS: 43 / 14Insider Facility Solutions AS: 37 / 98Vaktmesterkompaniet AS: 11 / 68Nes Fircroft Norge AS: 46 / 24First Rent A Car Norway AS: 66 / 50Mde Stavanger AS: 51 / 32Intrum AS: 4 / 86Personalhuset Staffing Group AS: 27 / 26Cramo AS: 14 / 21Agaia AS: 77 / 66Avarn Security Aviation AS: 64 / 8Jobzone Norge AS: 40 / 17Dedicare AS: 87 / 41Reitan Convenience Norway AS: 1 / 75Securitas Technology AS: 56 / 71Kiwi Minidrift AS: 97 / 82Kredinor AS: 10 / 77Polygon AS: 16 / 64Seadrill Norway Crew AS: 71 / 23Drivalia Lease Norge AS: 61 / 19Dovre Solutions AS: 32 / 80Ventor Energi Norge AS: 66 / 57Coor Cleaning Catering and Property AS: 62 / 95Food Folk Norge AS: 88 / 44Anticimex A/S: 81 / 93Mst Grand Banks Shipping AS: 80 / 0Haugesund Skips og Offshore Service AS: 79 / 12Semco Maritime Drift AS: 75 / 96Pedagogisk Vikarsentral AS: 39 / 62Kjøpmannshuset Norge AS: 12 / 48Adecco Solutions AS: 4 / 5100252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 3 companies that moved most stood in 2022 (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 2022 (profitability / solidity)
Kiwi Minidrift ASLion9782–
REMA 1000 ASCheetah9642–
Vend Marketplaces ASCheetah9615–
Food Folk Norge ASCheetah8844–
Dedicare ASCheetah8741–
4Service Eir Renhold ASCheetah8328–
Anticimex A/SLion8193–
Mst Grand Banks Shipping ASCheetah800–
Haugesund Skips og Offshore Service ASCheetah7912–
Utleiecompagniet ASLion7959–
ISS Facility Services ASLion775361 / 44
Agaia ASLion7766–
Semco Maritime Drift ASLion7596–
Verisure ASCheetah743–
European Cruise Service ASCheetah7337–
Seadrill Norway Crew ASCheetah712370 / 28
Grieg Shipping II ASLion69100–
Ayvens Norge ASCheetah6833–
Ventor Energi Norge ASLion6657–
First Rent A Car Norway ASCheetah6650–
Avarn Security Aviation ASCheetah648–
Coor Cleaning Catering and Property ASLion6295–
Drivalia Lease Norge ASCheetah6119–
Ramirent ASLion6189–
Norske Tog ASLion5969–
Ving Norge ASCheetah5835–
Autoplan ASCheetah5746–
Ework Group Norway ASCheetah574–
Securitas Technology ASLion5671–
Mde Stavanger ASCheetah5132–
Securitas ASBeaver4939–
REMA 1000 Norge ASBeaver4630–
Nes Fircroft Norge ASBeaver4624–
3 Step IT ASBeaver4314–
Avarn Security ASElephant4287–
Jobzone Norge ASBeaver4017–
Pedagogisk Vikarsentral ASElephant3962–
Renta ASElephant3978–
Insider Facility Solutions ASElephant3798–
Nes Advantage ASBeaver366–
Dovre Solutions ASElephant3280–
Norwegian Crew Services ASBeaver291–
Wex Europe Services ASElephant286035 / 47
Personalhuset Staffing Group ASBeaver2726–
Coor Service Management ASElephant2684–
EP Engros ASElephant2073–
Manpower ASElephant1691–
Polygon ASElephant1664–
Cramo ASBeaver1421–
Kjøpmannshuset Norge ASBeaver1248–
The sector in numbers

Summary · fiscal year 2023 · Morning class Large

The sector's median operating margin is 3.0%. 1 of 58 companies have negative equity. The median equity ratio is 19.5%.

Companies with accounts58
Total revenue83,741 MNOK
Median operating margin3.0%
Median equity ratio19.5%
Share with a loss26%
Share with negative equity2%

All figures are for fiscal year 2023. Ranked: 57 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

  • 2 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 2% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2022 to 2023, for 3 companies ranked in both years.

Climbers

None.

Fallers

  1. 35Seadrill Norway Crew ASfrom rank 2 to 3739
  2. 25Wex Europe Services ASfrom rank 3 to 2849
  3. 10ISS Facility Services ASfrom rank 1 to 1165

Awards · 2023 · Morning class Large

Most profitableREMA 1000 AS99.7%
Strongest balance sheetGrieg Shipping II AS72.9%
Largest revenueISS Facility Services AS5,740 MNOK
Highest revenue per employeeWex Europe Services AS122.2 MNOK

Needs attention · 2023 · Morning class Large

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

Sector map · 2023 · 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.

−10%0%10%20%30%0%10%20%30%40%Operating margin (profitability) →Equity ratio (solidity) →ISS Facility Services AS: operating margin 6.0%, equity ratio 20.5%, rank 11Ayvens Norge AS: operating margin 20.4%, equity ratio 11.0%, rank 35REMA 1000 Norge AS: operating margin 6.9%, equity ratio 10.2%, rank 52Ving Norge AS: operating margin 2.1%, equity ratio 12.1%, rank 29Norwegian Crew Services AS: operating margin 1.2%, equity ratio 0.2%, rank 56Vend Marketplaces AS: operating margin 34.0%, equity ratio 6.6%, rank 30Tui Norge AS: operating margin −2.3%, equity ratio 6.4%, rank 57Autoplan AS: operating margin 4.0%, equity ratio 18.8%, rank 14Avarn Security AS: operating margin 2.5%, equity ratio 36.8%, rank 32Coor Service Management AS: operating margin 0.7%, equity ratio 30.8%, rank 21REMA 1000 AS: operating margin 99.7%, equity ratio 15.0%, rank 18Manpower AS: operating margin −0.3%, equity ratio 39.2%, rank 16Ework Group Norway AS: operating margin 2.0%, equity ratio 1.8%, rank 51Securitas AS: operating margin 2.0%, equity ratio 12.7%, rank 34Adecco Norge AS: operating margin −4.8%, equity ratio 20.9%, rank 45Wex Europe Services AS: operating margin 0.5%, equity ratio 22.9%, rank 28EP Engros AS: operating margin 0.2%, equity ratio 26.6%, rank 20Nes Advantage AS: operating margin 1.2%, equity ratio 5.5%, rank 53Norske Tog AS: operating margin 27.7%, equity ratio 25.9%, rank 27Grieg Shipping II AS: operating margin 19.9%, equity ratio 72.9%, rank 2Verisure AS: operating margin 14.9%, equity ratio 0.2%, rank 384Service Eir Renhold AS: operating margin 9.4%, equity ratio 10.2%, rank 23Ramirent AS: operating margin 8.5%, equity ratio 37.0%, rank 9European Cruise Service AS: operating margin 3.0%, equity ratio 12.6%, rank 25Utleiecompagniet AS: operating margin 15.6%, equity ratio 22.6%, rank 19Renta AS: operating margin 3.5%, equity ratio 27.7%, rank 243 Step IT AS: operating margin 1.3%, equity ratio 6.6%, rank 50Insider Facility Solutions AS: operating margin 1.6%, equity ratio 48.5%, rank 7Vaktmesterkompaniet AS: operating margin −0.9%, equity ratio 24.9%, rank 33Nes Fircroft Norge AS: operating margin 0.3%, equity ratio 9.1%, rank 39First Rent A Car Norway AS: operating margin 9.3%, equity ratio 19.5%, rank 31Mde Stavanger AS: operating margin 1.8%, equity ratio 11.0%, rank 36Intrum AS: operating margin −7.9%, equity ratio 31.6%, rank 22Personalhuset Staffing Group AS: operating margin −0.8%, equity ratio 9.4%, rank 55Cramo AS: operating margin 0.0%, equity ratio 8.7%, rank 54Agaia AS: operating margin 6.1%, equity ratio 24.7%, rank 12Avarn Security Aviation AS: operating margin 3.0%, equity ratio 5.9%, rank 42Jobzone Norge AS: operating margin 1.3%, equity ratio 8.0%, rank 47Dedicare AS: operating margin 9.9%, equity ratio 14.8%, rank 13Reitan Convenience Norway AS: operating margin −21.8%, equity ratio 27.3%, rank 40Securitas Technology AS: operating margin 3.4%, equity ratio 26.6%, rank 8Kiwi Minidrift AS: operating margin 42.6%, equity ratio 30.7%, rank 5Kredinor AS: operating margin −37.8%, equity ratio 27.3%, rank 41Polygon AS: operating margin 0.1%, equity ratio 24.2%, rank 43Seadrill Norway Crew AS: operating margin 4.9%, equity ratio 9.0%, rank 37Drivalia Lease Norge AS: operating margin 15.5%, equity ratio 8.4%, rank 44Dovre Solutions AS: operating margin 1.2%, equity ratio 28.0%, rank 17Ventor Energi Norge AS: operating margin 3.7%, equity ratio 21.7%, rank 10Coor Cleaning Catering and Property AS: operating margin 4.1%, equity ratio 44.3%, rank 4Food Folk Norge AS: operating margin 35.5%, equity ratio 17.6%, rank 6Anticimex A/S: operating margin 13.3%, equity ratio 39.7%, rank 1Mst Grand Banks Shipping AS: operating margin 56.9%, equity ratio −2.1%, rank 48Haugesund Skips og Offshore Service AS: operating margin 6.1%, equity ratio 6.6%, rank 26Semco Maritime Drift AS: operating margin 5.9%, equity ratio 46.2%, rank 3Pedagogisk Vikarsentral AS: operating margin 1.4%, equity ratio 23.6%, rank 15Kjøpmannshuset Norge AS: operating margin −1.9%, equity ratio 19.5%, rank 49Adecco Solutions AS: operating margin −6.5%, equity ratio 20.4%, rank 46
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
Anticimex A/S13.3%39.7%573 MNOK
Grieg Shipping II AS19.9%72.9%1,386 MNOK
Semco Maritime Drift AS5.9%46.2%543 MNOK
Coor Cleaning Catering and Property AS4.1%44.3%620 MNOK
Kiwi Minidrift AS42.6%30.7%744 MNOK
Food Folk Norge AS35.5%17.6%599 MNOK
Insider Facility Solutions AS1.6%48.5%1,035 MNOK
Securitas Technology AS3.4%26.6%776 MNOK
Ramirent AS8.5%37.0%1,315 MNOK
Ventor Energi Norge AS3.7%21.7%623 MNOK
ISS Facility Services AS6.0%20.5%5,740 MNOK
Agaia AS6.1%24.7%832 MNOK
Dedicare AS9.9%14.8%802 MNOK
Autoplan AS4.0%18.8%2,244 MNOK
Pedagogisk Vikarsentral AS1.4%23.6%525 MNOK
Manpower AS−0.3%39.2%1,924 MNOK
Dovre Solutions AS1.2%28.0%629 MNOK
REMA 1000 AS99.7%15.0%2,032 MNOK
Utleiecompagniet AS15.6%22.6%1,132 MNOK
EP Engros AS0.2%26.6%1,570 MNOK
Coor Service Management AS0.7%30.8%2,134 MNOK
Intrum AS−7.9%31.6%883 MNOK
4Service Eir Renhold AS9.4%10.2%1,316 MNOK
Renta AS3.5%27.7%1,052 MNOK
European Cruise Service AS3.0%12.6%1,268 MNOK
Haugesund Skips og Offshore Service AS6.1%6.6%554 MNOK
Norske Tog AS27.7%25.9%1,447 MNOK
Wex Europe Services AS0.5%22.9%1,711 MNOK
Ving Norge AS2.1%12.1%4,056 MNOK
Vend Marketplaces AS34.0%6.6%3,387 MNOK
First Rent A Car Norway AS9.3%19.5%897 MNOK
Avarn Security AS2.5%36.8%2,222 MNOK
Vaktmesterkompaniet AS−0.9%24.9%985 MNOK
Securitas AS2.0%12.7%1,900 MNOK
Ayvens Norge AS20.4%11.0%4,481 MNOK
Mde Stavanger AS1.8%11.0%887 MNOK
Seadrill Norway Crew AS4.9%9.0%681 MNOK
Verisure AS14.9%0.2%1,366 MNOK
Nes Fircroft Norge AS0.3%9.1%948 MNOK
Reitan Convenience Norway AS−21.8%27.3%783 MNOK
Kredinor AS−37.8%27.3%728 MNOK
Avarn Security Aviation AS3.0%5.9%828 MNOK
Polygon AS0.1%24.2%710 MNOK
Drivalia Lease Norge AS15.5%8.4%656 MNOK
Adecco Norge AS−4.8%20.9%1,747 MNOK
Adecco Solutions AS−6.5%20.4%505 MNOK
Jobzone Norge AS1.3%8.0%822 MNOK
Mst Grand Banks Shipping AS56.9%−2.1%563 MNOK
Kjøpmannshuset Norge AS−1.9%19.5%522 MNOK
3 Step IT AS1.3%6.6%1,042 MNOK
Ework Group Norway AS2.0%1.8%1,908 MNOK
REMA 1000 Norge AS6.9%10.2%4,442 MNOK
Nes Advantage AS1.2%5.5%1,467 MNOK
Cramo AS0.0%8.7%867 MNOK
Personalhuset Staffing Group AS−0.8%9.4%874 MNOK
Norwegian Crew Services AS1.2%0.2%3,456 MNOK
Tui Norge AS−2.3%6.4%2,461 MNOK

Holding and investment companies · 2023

130 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: 42 have at least 10 MNOK in assets and are listed.

Holding and investment companies
RankCompanyScore Equity ratioReturn on assetsCurrent ratioTotal assets
1Tee Invest AS97 99.8%77.8% 527.1113 MNOK
2Sterud Holding AS91 99.9%24.1% 701.1566 MNOK
3LJ IP Holding AS82 99.9%13.0% 438.6010 MNOK
4Sinclair Holding AS79 99.8%16.7% 359.1835 MNOK
5Naboen Holding AS78 99.1%31.9% 30.9861 MNOK
6Andvari Investment Research AS77 98.8%36.1% 54.63235 MNOK
7Ahw Holding AS70 99.7%8.8% 278.3063 MNOK
8Khv Holding AS69 99.6%9.1% 176.7529 MNOK
9Z&E Holding AS67 97.2%20.8% 31.0217 MNOK
10NP Bodø Holding AS67 98.4%17.7% 54.7120 MNOK
11Løå Invest AS67 98.9%12.8% 62.0215 MNOK
12Anders Haga Holding AS65 100.0%3.6% –10 MNOK
13Voco Invest AS58 99.1%3.4% 123.2621 MNOK
14Park Holding AS56 79.8%47.6% 3.9531 MNOK
15Trulavi Invest AS55 87.3%25.3% 6.0422 MNOK
16Fecadu Invest AS55 99.8%−1.0% 313.1931 MNOK
17Vestland Invest AS53 89.9%17.7% 10.20344 MNOK
18Brødrene Kverneland Invest AS52 98.0%6.7% 22.3867 MNOK
19Kolle Holding AS52 88.2%19.6% 8.3758 MNOK
20Eckhoff Invest AS52 99.0%4.4% 14.1316 MNOK
Show all 42
RankCompanyScoreTotal assets
21Traa Holding AS5112 MNOK
22Almehagen Holding AS5023 MNOK
23Hetu Holding AS4731 MNOK
24Egner Holding AS4653 MNOK
25Knas Holding AS4414 MNOK
26S.Holding AS4411 MNOK
27Habberstad Holding AS4311 MNOK
28Malelu Holding AS4312 MNOK
29Tøn Holding AS4212 MNOK
30Peaas Invest AS4190 MNOK
31Grøjbdle Invest AS4126 MNOK
32Pap Stavanger Holding AS4116 MNOK
33Trallfa Capital AS40249 MNOK
34Premium Travel Holding AS3023 MNOK
35Roy Andersen Holding AS3018 MNOK
36Betongforbedring Holding AS27112 MNOK
37Kai Canari Holding AS25329 MNOK
38Amundsen Holding Bodø AS2322 MNOK
39Nes Fircroft Holdings Norway AS161,216 MNOK
40Olympic Wind Holding AS15414 MNOK
41Kgt Holding AS1528 MNOK
42Klaveness Marine Holding AS73,005 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

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2026, with a median operating margin of −3.2%.

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

Fiscal yearMedian operating marginMedian equity ratio
2017––
2019––
2020––
20210.4%−57.3%
20224.6%18.9%
20234.1%24.5%
20243.8%24.2%
20254.3%24.4%
2026 · weakest year−3.2%33.1%

In 2026, 3 ranked companies did better than the sector, 0 about the same and 3 weaker.

Held up best in 2026

  1. 1Wings Travel Management ASequity ratio 33.4%21.7%
  2. 2Releasy ASequity ratio 3.0%6.1%
  3. 3Specsavers Norway ASequity ratio 32.7%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.

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 0.4 percentage points.

Consumer price index per year and the sector's median operating margin
Measure202120222023202420252026
Consumer price index, annual average84.389.294.197.0100.0102.9 (so far)
Change from the year before+3.5%+5.8%+5.5%+3.2%+3.0%+2.9%
Sector's median operating margin0.4%4.6%4.1%3.8%4.3%−3.2%

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 0.4 percentage points.

Policy rate per year and the sector's median operating margin
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.17 (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 margin0.4%4.6%4.1%3.8%4.3%−3.2%

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

When policy rate fell in 2025, 1,072 of 2,135 ranked companies kept their operating margin at or above the year before. Among the largest: Ving Norge AS (2.1% → 2.9%), Tui Norge AS (−0.9% → 0.4%), Nes Advantage AS (1.3% → 1.7%), Norwegian Crew Services AS (0.9% → 1.6%), Securitas AS (4.0% → 5.0%).

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
24,037
+0.8% from 2023
Persons employed
135,093
−2.5% from 2023
Turnover
NOK 263.7 bn
+6.7% from 2023
Gross operating margin
15.3%
Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

194 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change +3.2% against the four quarters before (188). That is about 8.1 per 1,000 enterprises.

462024K4422025K1562025K2442025K3442025K4532026K1572026K2402026K3

Foreign-controlled enterprises · 2024

Share of enterprises
2.6%
Share of persons employed
36.2%
Share of turnover
36.9%

SSB publishes this for groups of industries only. The figures are for the group “Forretningsmessig tjenesteyting”.

Turnover index · Forretningsmessig tjenesteyting

145.4 index, 2021 = 100, seasonally adjusted · 2026M08
+2.3% against 2025M08.

Monthly, 2023M08 to 2026M08.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 13863. 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
77*Hele hovedgruppe 77
77.110Utleie og leasing av biler og andre lette motorvogner
77.120Utleie og leasing av lastebiler
77.210Utleie og leasing av sports- og fritidsutstyr
77.220Utleie og leasing av andre husholdningsvarer og varer til personlig bruk
77.310Utleie og leasing av landbruksmaskiner og -utstyr
77.320Utleie og leasing av bygge- og anleggsmaskiner og -utstyr
77.330Utleie og leasing av kontor- og datamaskiner
77.340Utleie og leasing av sjøtransportmateriell
77.350Utleie og leasing av lufttransportmateriell
77.390Utleie og leasing av andre maskiner og annet utstyr og materiell ikke nevnt annet sted
77.400Leasing av immateriell eiendom og lignende produkter, unntatt opphavsrettsbeskyttede verker
77.510Formidlingstjenester tilknyttet utleie og leasing av biler, campingbiler og tilhengere
77.520Formidlingstjenester tilknyttet utleie og leasing av andre materielle varer og immateriell eiendom og lignende produkter
78*Hele hovedgruppe 78
78.100Rekruttering og formidling av arbeidskraft
78.200Utleie av arbeidskraft og andre personaladministrative tjenester
79*Hele hovedgruppe 79
79.110Reisebyråvirksomhet
79.121Aktiviteter utført av utflukts- og eventarrangører
79.122Reisearrangørvirksomhet ellers
79.901Aktiviteter utført av turistkontorer og destinasjonsselskaper
79.902Guide- og reiseledervirksomhet
80*Hele hovedgruppe 80
80.010Etterforskningstjenester og private vakttjenester
80.090Vakttjenester ikke nevnt annet sted
81*Hele hovedgruppe 81
81.100Kombinerte tjenester tilknyttet eiendomsdrift
81.210Rengjøring av bygninger
81.220Utvendig rengjøring av bygninger og industriell rengjøring
81.230Annen rengjøringsvirksomhet og snømåking
81.300Beplantning av hager og parkanlegg
82*Hele hovedgruppe 82
82.100Kontortjenester
82.200Telefonvakttjenester og telefonsalg
82.300Kongress-, messe- og utstillingsvirksomhet
82.400Formidlingstjenester tilknyttet forretningsmessig tjenesteyting ikke nevnt annet sted
82.910Inkasso- og kredittopplysningsvirksomhet
82.920Pakkevirksomhet
82.990Annen forretningsmessig tjenesteyting ikke nevnt annet sted