Sector

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2,032 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. Source: Brønnøysund Register Centre. Methodology

Ranking · 2024 · Morning class Large

Morning class Large · 2024
#CompanyProfileScoreChangeFive years
1 Zenitel Norway AS Leader 80 −11
2 HCL Technologies Norway AS Leader 78 +4
3 Dips ASsubsidiary of Kernel AS Leader 74 +35
4 Thales Norway AS Leader 73 −1
5 Bitdeer Norway AS Steward 73 +31
6 Twoday AS Leader 72 +33
7 Intility AS Leader 72 +5
8 Signicat AS Leader 71 −14
9 Bouvet Norge AS Leader 71 +6
10 Webstep AS Leader 70 +8
11 Evry Card Services AS Leader 69 −17
12 Discovery Networks Norway AS Steward 68 −14
13 Green Mountain AS Leader 68 0
14 KAHOOT! AS Leader 65 +14
15 Kongsberg Satellite Services AS Leader 65 −10
16 Banqsoft AS Leader 65 –
17 Upheads AS Leader 64 +16
18 Remarkable ASsubsidiary of Remarkable Invest AS Sprinter 63 +2
19 Space Norway Satcom AS Leader 63 −22
20 Quorum Software Norway AS Sprinter 63 +14
21 Tampnet AS Sprinter 62 +16
22 Evry Card Issuing AS Sprinter 62 +16
23 Tieto Banktech Norway AS Steward 62 +8
24 Omega 365 Norway ASsubsidiary of Omega AS Leader 62 +5
25 Mastercard Payment Services Norway AS Steward 60 −10
26 Navtor AS Sprinter 60 +5
27 Visma Flyt AS Steward 60 –
28 Bergen Fiber AS Leader 60 0
29 Opera Norway AS Sprinter 59 −4
30 Telenor ASA Steward 59 +12
31 Ifs Norge AS Steward 58 0
32 SAP Norge AS Steward 58 +1
33 Microsoft Development Center Norway AS Steward 58 −5
34 Mnemonic AS Steward 58 +2
35 TV 2 AS Steward 57 −1
36 Amedia AS Leader 57 −11
37 Stø AS Steward 57 −5
38 Viaplay Group Norway AS Leader 57 −6
39 Tripletex AS Sprinter 56 +10
40 Accenture AS Sprinter 56 +8
41 Cappelen Damm AS Leader 55 +4
42 Aftenposten AS Sprinter 55 −2
43 Cegal AS Leader 55 −16
44 Omega 365 Consulting AS Sprinter 55 +9
45 Gyldendal Norsk Forlag AS Leader 55 +4
46 Haugaland Kraft Fiber AS Leader 55 −13
47 Visma Enterprise AS Sprinter 54 0
48 Onyx Centersource AS Sprinter 54 +9
49 Poweroffice AS Sprinter 54 0
50 IBM Norge AS Steward 54 +14

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

  • Vivicta AS

    From 2023 to 2024: the operating margin fell from 0.2% to −13.5% and the equity ratio fell from 43.4% to 14.7%.

    −43
  • Pexip AS

    From 2023 to 2024: the operating margin rose from −31.2% to 9.8% and went from a loss to a profit before tax.

    +40
  • Dips AS

    From 2023 to 2024: the operating margin rose from 1.8% to 11.8% and the equity ratio rose from 31.7% to 40.3%.

    +35
  • Bitdeer Norway AS

    From 2023 to 2024: the equity ratio rose from 13.6% to 59.3% and revenue grew by 22%.

    +31

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 36% of the sector's revenue. Combined profit before tax for the 112 ranked companies: 35,959 MNOK.

Highest revenue

  1. Telenor Norge AS 25,787 MNOK
  2. Microsoft Norge AS 24,698 MNOK
  3. Telia Norge AS 14,583 MNOK
  4. Lyse Tele ASsubsidiary of Lyse AS 7,846 MNOK
  5. Norsk Rikskringkasting AS 6,678 MNOK

Operating revenue.

Highest operating margin

  1. Amedia AS 62.0%
  2. Tampnet AS 46.6%
  3. Poweroffice AS 43.3%
  4. Green Mountain AS 37.5%
  5. Space Norway Satcom AS 36.5%

Operating result divided by operating revenue.

Largest profit

  1. Telenor ASA 19,476 MNOK
  2. Telenor Norge AS 4,529 MNOK
  3. Microsoft Norge AS 1,153 MNOK
  4. Opera Norway AS 871 MNOK
  5. Adresseavisen AS 728 MNOK

Profit before tax.

Largest loss

  1. Lyse Tele ASsubsidiary of Lyse AS −1,038 MNOK
  2. Telia Norge AS −769 MNOK
  3. Cognite AS −546 MNOK
  4. Vivicta AS −473 MNOK
  5. Globalconnect AS −327 MNOK

Profit before tax, the largest negative.

Most solid

  1. Microsoft Development Center Norway AS 92.0%
  2. Signicat AS 88.5%
  3. KAHOOT! AS 85.9%
  4. Discovery Networks Norway AS 78.5%
  5. Stø AS 75.3%

Equity ratio: equity divided by total assets.

Fastest growth

  1. Tiktok Norway AS +4,867.8%
  2. Starlink Norway AS +418.1%
  3. Lyse Tele ASsubsidiary of Lyse AS +181.9%
  4. Twoday AS +97.1%
  5. Tampnet AS +89.9%

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

Largest revenue decline

  1. Tieto Norway AS −34.4%
  2. Visma Enterprise AS −28.6%
  3. Telenor Linx AS −22.2%
  4. Experis AS −16.1%
  5. Vivicta AS −12.1%

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

Biggest climbers

  1. Pexip AS +39.7 points
  2. Dips ASsubsidiary of Kernel AS +34.9 points
  3. Bitdeer Norway AS +31.3 points
  4. Story House Egmont AS +19.1 points
  5. Crayon Group AS +16.1 points

Change in index points from the year before.

Biggest fallers

  1. Vivicta AS −43.1 points
  2. Cognite AS −27.4 points
  3. Volue Technology AS −26.3 points
  4. Eidsiva Digital AS −22.3 points
  5. Space Norway Satcom AS −22.1 points

Change in index points from the year before.

Most employees

  1. Norsk Rikskringkasting AS 4,106
  2. Sopra Steria AS 3,674
  3. Telenor Norge AS 2,723
  4. Bouvet Norge AS 2,271
  5. Telia Norge AS 1,719

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. Microsoft Norge AS 95.7 MNOK
  2. Allente Norge AS 51.6 MNOK
  3. Opera Norway AS 39.6 MNOK
  4. Tiktok Norway AS 36.1 MNOK
  5. Kyndryl Services AS 34.7 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 · 2024 · 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.

Telenor Norge AS: 77 / 21Microsoft Norge AS: 37 / 5Telia Norge AS: 23 / 32Lyse Tele AS: 9 / 42Norsk Rikskringkasting AS: 11 / 61TV 2 AS: 35 / 70Sopra Steria AS: 74 / 22Remarkable AS: 60 / 48Tieto Banktech Norway AS: 28 / 94Bouvet Norge AS: 82 / 56Vivicta AS: 4 / 19Accenture AS: 73 / 34Opera Norway AS: 77 / 48Capgemini Norge AS: 31 / 36Allente Norge AS: 77 / 47Telenor Towers Norway AS: 80 / 15Advania Norge AS: 60 / 68Viken Fiber AS: 63 / 51Tieto Norway AS: 56 / 84Globalconnect AS: 14 / 46Omega 365 Consulting AS: 52 / 27Tiktok Norway AS: 35 / 0Verdens Gang AS: 22 / 76Kongsberg Satellite Services AS: 69 / 90Microsoft Datacenter Norway AS: 50 / 52Telenor Linx AS: 36 / 57Visma Software AS: 91 / 16Intility AS: 84 / 55Rikstv AS: 52 / 14Experis AS: 8 / 54SAP Norge AS: 45 / 65Tripletex AS: 96 / 4Stø AS: 40 / 96Cegal AS: 61 / 67Schibsted Media AS: 14 / 85Aftenposten AS: 77 / 30Ericsson AS: 31 / 24Cisco Systems Norway AS: 71 / 25Discovery Networks Norway AS: 42 / 97Netnordic Norway AS: 39 / 31Cappelen Damm AS: 57 / 66Falkor AS: 4 / 88Visma Software International AS: 23 / 1Mnemonic AS: 47 / 63Eidsiva Digital AS: 35 / 35Zenitel Norway AS: 91 / 80KAHOOT! AS: 68 / 98IBM Norge AS: 37 / 62Bekk Consulting AS: 86 / 10Navtor AS: 52 / 49Orange Business Digital Norway AS: 18 / 18Viaplay Group Norway AS: 61 / 78Visma Enterprise AS: 93 / 38Kyndryl Services AS: 35 / 17Conscia Norge AS: 54 / 29CGI Norge AS: 5 / 81Softwareone AS: 95 / 6Quorum Software Norway AS: 85 / 26Twoday AS: 70 / 50Cognite AS: 0 / 11Crayon Group AS: 46 / 41Space Norway Satcom AS: 87 / 83Ifs Norge AS: 37 / 64Thales Norway AS: 64 / 77Pexip AS: 69 / 33Aller Media AS: 10 / 91Webstep AS: 72 / 72Gyldendal Norsk Forlag AS: 60 / 59Computas AS: 41 / 58Kyndryl Norway AS: 19 / 87Microsoft Development Center Norway AS: 8 / 100Volue Technology AS: 15 / 45Green Mountain AS: 61 / 92Mastercard Payment Services Norway AS: 19 / 95NTE Telekom AS: 64 / 67Arm Norway AS: 45 / 20Orkla IT AS: 45 / 39Tampnet AS: 88 / 44Signicat AS: 55 / 99Poweroffice AS: 99 / 0Evry Card Issuing AS: 93 / 40Netsecurity AS: 20 / 82Entur AS: 27 / 37SCHIBSTED MEDIA PRODUCTS & Technology AS: 2 / 8Telenor Maritime AS: 46 / 10Evry Card Services AS: 82 / 73Dips AS: 72 / 74Dxc Technology Norge AS: 7 / 76Bitdeer Norway AS: 47 / 90Telenor ASA: 32 / 92Story House Egmont AS: 45 / 29Haugaland Kraft Fiber AS: 73 / 69Evidi AS: 12 / 79Unifon AS: 14 / 13Itera Norge AS: 55 / 57HCL Technologies Norway AS: 53 / 93Dagens Næringsliv AS: 55 / 38Bergen Fiber AS: 63 / 89Amedia AS: 66 / 86Starlink Norway AS: 54 / 7DN Media Group AS: 33 / 2Visma Flyt AS: 47 / 75Onyx Centersource AS: 95 / 3Banqsoft AS: 70 / 53Norkart AS: 82 / 12Geodata AS: 73 / 9Netcompany Norway AS: 5 / 43Move AS: 34 / 28Omega 365 Norway AS: 74 / 60Adresseavisen AS: 50 / 23Upheads AS: 68 / 71Universal Music AS: 44 / 1900252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers
Telenor Norge AS: 77 / 21Microsoft Norge AS: 37 / 5Telia Norge AS: 23 / 32Lyse Tele AS: 9 / 42Norsk Rikskringkasting AS: 11 / 61TV 2 AS: 35 / 70Sopra Steria AS: 74 / 22Remarkable AS: 60 / 48Tieto Banktech Norway AS: 28 / 94Bouvet Norge AS: 82 / 56Vivicta AS: 4 / 19Accenture AS: 73 / 34Opera Norway AS: 77 / 48Capgemini Norge AS: 31 / 36Allente Norge AS: 77 / 47Telenor Towers Norway AS: 80 / 15Advania Norge AS: 60 / 68Viken Fiber AS: 63 / 51Tieto Norway AS: 56 / 84Globalconnect AS: 14 / 46Omega 365 Consulting AS: 52 / 27Tiktok Norway AS: 35 / 0Verdens Gang AS: 22 / 76Kongsberg Satellite Services AS: 69 / 90Microsoft Datacenter Norway AS: 50 / 52Telenor Linx AS: 36 / 57Visma Software AS: 91 / 16Intility AS: 84 / 55Rikstv AS: 52 / 14Experis AS: 8 / 54SAP Norge AS: 45 / 65Tripletex AS: 96 / 4Stø AS: 40 / 96Cegal AS: 61 / 67Schibsted Media AS: 14 / 85Aftenposten AS: 77 / 30Ericsson AS: 31 / 24Cisco Systems Norway AS: 71 / 25Discovery Networks Norway AS: 42 / 97Netnordic Norway AS: 39 / 31Cappelen Damm AS: 57 / 66Falkor AS: 4 / 88Visma Software International AS: 23 / 1Mnemonic AS: 47 / 63Eidsiva Digital AS: 35 / 35Zenitel Norway AS: 91 / 80KAHOOT! AS: 68 / 98IBM Norge AS: 37 / 62Bekk Consulting AS: 86 / 10Navtor AS: 52 / 49Orange Business Digital Norway AS: 18 / 18Viaplay Group Norway AS: 61 / 78Visma Enterprise AS: 93 / 38Kyndryl Services AS: 35 / 17Conscia Norge AS: 54 / 29CGI Norge AS: 5 / 81Softwareone AS: 95 / 6Quorum Software Norway AS: 85 / 26Twoday AS: 70 / 50Cognite AS: 0 / 11Crayon Group AS: 46 / 41Space Norway Satcom AS: 87 / 83Ifs Norge AS: 37 / 64Thales Norway AS: 64 / 77Pexip AS: 69 / 33Aller Media AS: 10 / 91Webstep AS: 72 / 72Gyldendal Norsk Forlag AS: 60 / 59Computas AS: 41 / 58Kyndryl Norway AS: 19 / 87Microsoft Development Center Norway AS: 8 / 100Volue Technology AS: 15 / 45Green Mountain AS: 61 / 92Mastercard Payment Services Norway AS: 19 / 95NTE Telekom AS: 64 / 67Arm Norway AS: 45 / 20Orkla IT AS: 45 / 39Tampnet AS: 88 / 44Signicat AS: 55 / 99Poweroffice AS: 99 / 0Evry Card Issuing AS: 93 / 40Netsecurity AS: 20 / 82Entur AS: 27 / 37SCHIBSTED MEDIA PRODUCTS & Technology AS: 2 / 8Telenor Maritime AS: 46 / 10Evry Card Services AS: 82 / 73Dips AS: 72 / 74Dxc Technology Norge AS: 7 / 76Bitdeer Norway AS: 47 / 90Telenor ASA: 32 / 92Story House Egmont AS: 45 / 29Haugaland Kraft Fiber AS: 73 / 69Evidi AS: 12 / 79Unifon AS: 14 / 13Itera Norge AS: 55 / 57HCL Technologies Norway AS: 53 / 93Dagens Næringsliv AS: 55 / 38Bergen Fiber AS: 63 / 89Amedia AS: 66 / 86Starlink Norway AS: 54 / 7DN Media Group AS: 33 / 2Visma Flyt AS: 47 / 75Onyx Centersource AS: 95 / 3Banqsoft AS: 70 / 53Norkart AS: 82 / 12Geodata AS: 73 / 9Netcompany Norway AS: 5 / 43Move AS: 34 / 28Omega 365 Norway AS: 74 / 60Adresseavisen AS: 50 / 23Upheads AS: 68 / 71Universal Music AS: 44 / 1900252550507575100100Solidity, 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 2023 (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 2023 (profitability / solidity)
Poweroffice ASCheetah99097 / 7
Tripletex ASCheetah96497 / 1
Onyx Centersource ASCheetah953–
Softwareone ASCheetah95697 / 4
Evry Card Issuing ASCheetah934095 / 5
Visma Enterprise ASCheetah933887 / 46
Zenitel Norway ASLion918093 / 86
Visma Software ASCheetah911693 / 11
Tampnet ASCheetah8844–
Space Norway Satcom ASLion878393 / 88
Bekk Consulting ASCheetah861084 / 9
Quorum Software Norway ASCheetah852663 / 28
Intility ASLion845583 / 39
Evry Card Services ASLion827387 / 78
Norkart ASCheetah8212–
Bouvet Norge ASLion825679 / 41
Telenor Towers Norway ASCheetah801577 / 8
Allente Norge ASCheetah774772 / 91
Telenor Norge ASCheetah772175 / 15
Aftenposten ASCheetah773074 / 27
Opera Norway ASCheetah774883 / 61
Omega 365 Norway ASLion746054 / 44
Sopra Steria ASCheetah742275 / 18
Accenture ASCheetah733452 / 29
Haugaland Kraft Fiber ASLion736974 / 76
Geodata ASCheetah739–
Dips ASLion727429 / 51
Webstep ASLion727267 / 47
Cisco Systems Norway ASCheetah712572 / 20
Twoday ASLion7050–
Banqsoft ASLion7053–
Kongsberg Satellite Services ASLion699075 / 87
Pexip ASCheetah69332 / 3
Upheads ASLion6871–
KAHOOT! ASLion689847 / 97
Amedia ASLion668670 / 84
Thales Norway ASLion647764 / 68
NTE Telekom ASLion646760 / 75
Bergen Fiber ASLion638966 / 85
Viken Fiber ASLion635167 / 42
Cegal ASLion616769 / 71
Viaplay Group Norway ASLion617863 / 74
Green Mountain ASLion619273 / 89
Remarkable ASCheetah604866 / 43
Advania Norge ASLion606861 / 70
Gyldendal Norsk Forlag ASLion605947 / 45
Cappelen Damm ASLion576632 / 57
Tieto Norway ASLion568457 / 67
Signicat ASLion559962 / 98
Itera Norge ASLion555771 / 37
The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 6.1%. 1 of 112 companies have negative equity. The median equity ratio is 26.6%.

Companies with accounts112
Total revenue220,215 MNOK
Median operating margin6.1%
Median equity ratio26.6%
Share with a loss21%
Share with negative equity1%

All figures are for fiscal year 2024. Ranked: 112 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

  • 4 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 5% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2023 to 2024, for 93 companies ranked in both years.

Climbers

  1. 73Dips ASfrom rank 76 to 374
  2. 65Bitdeer Norway ASfrom rank 70 to 573
  3. 44Pexip ASfrom rank 100 to 5652
  4. 39Evry Card Issuing ASfrom rank 61 to 2262
  5. 31KAHOOT! ASfrom rank 45 to 1465

Fallers

  1. 84Vivicta ASfrom rank 26 to 11017
  2. 70Volue Technology ASfrom rank 28 to 9832
  3. 62Eidsiva Digital ASfrom rank 35 to 9733
  4. 48Allente Norge ASfrom rank 10 to 5851
  5. 42Aller Media ASfrom rank 41 to 8341

Awards · 2024 · Morning class Large

Most profitableAmedia AS62.0%
Fastest growthTiktok Norway AS4,867.8%
Strongest balance sheetMicrosoft Development Center Norway AS92.0%
Largest revenueTelenor Norge AS25,787 MNOK
Highest revenue per employeeMicrosoft Norge AS95.7 MNOK

Needs attention · 2024 · Morning class Large

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

Sector map · 2024 · 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.

−20%−10%0%10%20%30%0%20%40%60%Operating margin (profitability) →Equity ratio (solidity) →Telenor Norge AS: operating margin 19.4%, equity ratio 15.2%, rank 86Microsoft Norge AS: operating margin 4.8%, equity ratio 3.7%, rank 85Telia Norge AS: operating margin 2.4%, equity ratio 19.6%, rank 105Lyse Tele AS: operating margin −6.0%, equity ratio 23.0%, rank 84Norsk Rikskringkasting AS: operating margin −3.3%, equity ratio 31.0%, rank 100TV 2 AS: operating margin 3.0%, equity ratio 39.3%, rank 35Sopra Steria AS: operating margin 10.0%, equity ratio 15.7%, rank 54Remarkable AS: operating margin 8.7%, equity ratio 26.3%, rank 18Tieto Banktech Norway AS: operating margin 3.1%, equity ratio 69.4%, rank 23Bouvet Norge AS: operating margin 13.4%, equity ratio 28.5%, rank 9Vivicta AS: operating margin −13.5%, equity ratio 14.7%, rank 110Accenture AS: operating margin 9.6%, equity ratio 20.1%, rank 40Opera Norway AS: operating margin 9.3%, equity ratio 26.1%, rank 29Capgemini Norge AS: operating margin 1.9%, equity ratio 20.3%, rank 91Allente Norge AS: operating margin 12.4%, equity ratio 25.8%, rank 58Telenor Towers Norway AS: operating margin 27.4%, equity ratio 13.1%, rank 82Advania Norge AS: operating margin 6.9%, equity ratio 36.9%, rank 57Viken Fiber AS: operating margin 23.7%, equity ratio 26.9%, rank 74Tieto Norway AS: operating margin 9.9%, equity ratio 47.6%, rank 66Globalconnect AS: operating margin −2.7%, equity ratio 25.5%, rank 106Omega 365 Consulting AS: operating margin 3.6%, equity ratio 18.1%, rank 44Tiktok Norway AS: operating margin 6.9%, equity ratio −0.6%, rank 103Verdens Gang AS: operating margin 0.3%, equity ratio 42.5%, rank 73Kongsberg Satellite Services AS: operating margin 17.6%, equity ratio 59.9%, rank 15Microsoft Datacenter Norway AS: operating margin 13.2%, equity ratio 26.9%, rank 65Telenor Linx AS: operating margin 1.2%, equity ratio 30.1%, rank 72Visma Software AS: operating margin 26.5%, equity ratio 13.6%, rank 51Intility AS: operating margin 15.4%, equity ratio 27.8%, rank 7Rikstv AS: operating margin 4.5%, equity ratio 13.0%, rank 92Experis AS: operating margin −5.3%, equity ratio 27.3%, rank 101SAP Norge AS: operating margin 5.2%, equity ratio 35.0%, rank 32Tripletex AS: operating margin 36.2%, equity ratio 3.5%, rank 39Stø AS: operating margin 7.3%, equity ratio 75.3%, rank 37Cegal AS: operating margin 7.3%, equity ratio 35.7%, rank 43Schibsted Media AS: operating margin −7.5%, equity ratio 47.6%, rank 90Aftenposten AS: operating margin 10.4%, equity ratio 19.4%, rank 42Ericsson AS: operating margin 2.7%, equity ratio 17.2%, rank 93Cisco Systems Norway AS: operating margin 8.7%, equity ratio 17.3%, rank 71Discovery Networks Norway AS: operating margin 5.8%, equity ratio 78.5%, rank 12Netnordic Norway AS: operating margin 2.8%, equity ratio 19.5%, rank 55Cappelen Damm AS: operating margin 7.0%, equity ratio 35.0%, rank 41Falkor AS: operating margin −31.5%, equity ratio 58.8%, rank 79Visma Software International AS: operating margin −0.2%, equity ratio 1.8%, rank 104Mnemonic AS: operating margin 4.3%, equity ratio 32.0%, rank 34Eidsiva Digital AS: operating margin 5.5%, equity ratio 20.3%, rank 97Zenitel Norway AS: operating margin 26.3%, equity ratio 43.9%, rank 1KAHOOT! AS: operating margin 36.4%, equity ratio 85.9%, rank 14IBM Norge AS: operating margin 4.3%, equity ratio 31.8%, rank 50Bekk Consulting AS: operating margin 16.2%, equity ratio 10.4%, rank 63Navtor AS: operating margin 7.6%, equity ratio 26.6%, rank 26Orange Business Digital Norway AS: operating margin 0.0%, equity ratio 14.6%, rank 109Viaplay Group Norway AS: operating margin 5.4%, equity ratio 43.5%, rank 38Visma Enterprise AS: operating margin 28.5%, equity ratio 20.7%, rank 47Kyndryl Services AS: operating margin 3.3%, equity ratio 14.0%, rank 76Conscia Norge AS: operating margin 5.1%, equity ratio 18.6%, rank 78CGI Norge AS: operating margin −8.3%, equity ratio 45.0%, rank 88Softwareone AS: operating margin 30.4%, equity ratio 3.7%, rank 60Quorum Software Norway AS: operating margin 16.7%, equity ratio 17.6%, rank 20Twoday AS: operating margin 9.3%, equity ratio 26.6%, rank 6Cognite AS: operating margin −62.1%, equity ratio 10.9%, rank 111Crayon Group AS: operating margin −20.4%, equity ratio 22.9%, rank 62Space Norway Satcom AS: operating margin 36.5%, equity ratio 46.7%, rank 19Ifs Norge AS: operating margin 4.9%, equity ratio 32.8%, rank 31Thales Norway AS: operating margin 14.3%, equity ratio 43.4%, rank 4Pexip AS: operating margin 9.8%, equity ratio 19.6%, rank 56Aller Media AS: operating margin −4.4%, equity ratio 60.1%, rank 83Webstep AS: operating margin 9.6%, equity ratio 39.8%, rank 10Gyldendal Norsk Forlag AS: operating margin 9.7%, equity ratio 30.8%, rank 45Computas AS: operating margin 3.0%, equity ratio 30.5%, rank 53Kyndryl Norway AS: operating margin −0.5%, equity ratio 53.2%, rank 75Microsoft Development Center Norway AS: operating margin −25.1%, equity ratio 92.0%, rank 33Volue Technology AS: operating margin −2.3%, equity ratio 24.7%, rank 98Green Mountain AS: operating margin 37.5%, equity ratio 61.4%, rank 13Mastercard Payment Services Norway AS: operating margin −0.5%, equity ratio 71.4%, rank 25NTE Telekom AS: operating margin 19.6%, equity ratio 35.6%, rank 61Arm Norway AS: operating margin 6.5%, equity ratio 15.0%, rank 94Orkla IT AS: operating margin 3.8%, equity ratio 22.5%, rank 64Tampnet AS: operating margin 46.6%, equity ratio 24.1%, rank 21Signicat AS: operating margin 18.0%, equity ratio 88.5%, rank 8Poweroffice AS: operating margin 43.3%, equity ratio 0.7%, rank 49Evry Card Issuing AS: operating margin 27.0%, equity ratio 22.7%, rank 22Netsecurity AS: operating margin 0.6%, equity ratio 45.3%, rank 70Entur AS: operating margin 2.0%, equity ratio 20.3%, rank 77SCHIBSTED MEDIA PRODUCTS & Technology AS: operating margin −27.3%, equity ratio 7.4%, rank 112Telenor Maritime AS: operating margin 0.7%, equity ratio 10.8%, rank 96Evry Card Services AS: operating margin 15.9%, equity ratio 39.8%, rank 11Dips AS: operating margin 11.8%, equity ratio 40.3%, rank 3Dxc Technology Norge AS: operating margin −7.6%, equity ratio 41.1%, rank 69Bitdeer Norway AS: operating margin 4.1%, equity ratio 59.3%, rank 5Telenor ASA: operating margin −168.0%, equity ratio 51.6%, rank 30Story House Egmont AS: operating margin 3.4%, equity ratio 18.7%, rank 95Haugaland Kraft Fiber AS: operating margin 25.2%, equity ratio 39.1%, rank 46Evidi AS: operating margin −3.2%, equity ratio 43.5%, rank 87Unifon AS: operating margin −1.1%, equity ratio 12.9%, rank 107Itera Norge AS: operating margin 3.1%, equity ratio 28.6%, rank 59HCL Technologies Norway AS: operating margin 6.4%, equity ratio 65.1%, rank 2Dagens Næringsliv AS: operating margin 6.4%, equity ratio 20.4%, rank 80Bergen Fiber AS: operating margin 19.6%, equity ratio 59.2%, rank 28Amedia AS: operating margin 62.0%, equity ratio 51.3%, rank 36Starlink Norway AS: operating margin −7.6%, equity ratio 3.8%, rank 68DN Media Group AS: operating margin −1.6%, equity ratio 2.5%, rank 102Visma Flyt AS: operating margin 6.4%, equity ratio 40.5%, rank 27Onyx Centersource AS: operating margin 27.2%, equity ratio 2.8%, rank 48Banqsoft AS: operating margin 10.4%, equity ratio 27.1%, rank 16Norkart AS: operating margin 15.3%, equity ratio 12.0%, rank 67Geodata AS: operating margin 15.0%, equity ratio 10.3%, rank 52Netcompany Norway AS: operating margin −11.1%, equity ratio 23.1%, rank 108Move AS: operating margin 2.6%, equity ratio 18.3%, rank 89Omega 365 Norway AS: operating margin 9.9%, equity ratio 30.8%, rank 24Adresseavisen AS: operating margin 1.2%, equity ratio 16.2%, rank 81Upheads AS: operating margin 12.4%, equity ratio 39.6%, rank 17Universal Music AS: operating margin 4.2%, equity ratio 14.7%, rank 99
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
Zenitel Norway AS26.3%43.9%1,081 MNOK
HCL Technologies Norway AS6.4%65.1%613 MNOK
Dips AS11.8%40.3%689 MNOK
Thales Norway AS14.3%43.4%902 MNOK
Bitdeer Norway AS4.1%59.3%683 MNOK
Twoday AS9.3%26.6%946 MNOK
Intility AS15.4%27.8%1,521 MNOK
Signicat AS18.0%88.5%778 MNOK
Bouvet Norge AS13.4%28.5%3,788 MNOK
Webstep AS9.6%39.8%874 MNOK
Evry Card Services AS15.9%39.8%694 MNOK
Discovery Networks Norway AS5.8%78.5%1,247 MNOK
Green Mountain AS37.5%61.4%825 MNOK
KAHOOT! AS36.4%85.9%1,072 MNOK
Kongsberg Satellite Services AS17.6%59.9%1,891 MNOK
Banqsoft AS10.4%27.1%541 MNOK
Upheads AS12.4%39.6%504 MNOK
Remarkable AS8.7%26.3%4,666 MNOK
Space Norway Satcom AS36.5%46.7%906 MNOK
Quorum Software Norway AS16.7%17.6%958 MNOK
Tampnet AS46.6%24.1%800 MNOK
Evry Card Issuing AS27.0%22.7%761 MNOK
Tieto Banktech Norway AS3.1%69.4%4,429 MNOK
Omega 365 Norway AS9.9%30.8%510 MNOK
Mastercard Payment Services Norway AS−0.5%71.4%815 MNOK
Navtor AS7.6%26.6%1,050 MNOK
Visma Flyt AS6.4%40.5%551 MNOK
Bergen Fiber AS19.6%59.2%572 MNOK
Opera Norway AS9.3%26.1%3,291 MNOK
Telenor ASA−168.0%51.6%678 MNOK
Ifs Norge AS4.9%32.8%905 MNOK
SAP Norge AS5.2%35.0%1,435 MNOK
Microsoft Development Center Norway AS−25.1%92.0%829 MNOK
Mnemonic AS4.3%32.0%1,108 MNOK
TV 2 AS3.0%39.3%6,084 MNOK
Amedia AS62.0%51.3%561 MNOK
Stø AS7.3%75.3%1,382 MNOK
Viaplay Group Norway AS5.4%43.5%1,037 MNOK
Tripletex AS36.2%3.5%1,390 MNOK
Accenture AS9.6%20.1%3,295 MNOK
Cappelen Damm AS7.0%35.0%1,184 MNOK
Aftenposten AS10.4%19.4%1,347 MNOK
Cegal AS7.3%35.7%1,377 MNOK
Omega 365 Consulting AS3.6%18.1%2,078 MNOK
Gyldendal Norsk Forlag AS9.7%30.8%869 MNOK
Haugaland Kraft Fiber AS25.2%39.1%636 MNOK
Visma Enterprise AS28.5%20.7%1,033 MNOK
Onyx Centersource AS27.2%2.8%544 MNOK
Poweroffice AS43.3%0.7%770 MNOK
IBM Norge AS4.3%31.8%1,058 MNOK
Visma Software AS26.5%13.6%1,547 MNOK
Geodata AS15.0%10.3%533 MNOK
Computas AS3.0%30.5%862 MNOK
Sopra Steria AS10.0%15.7%5,907 MNOK
Netnordic Norway AS2.8%19.5%1,202 MNOK
Pexip AS9.8%19.6%896 MNOK
Advania Norge AS6.9%36.9%2,479 MNOK
Allente Norge AS12.4%25.8%2,943 MNOK
Itera Norge AS3.1%28.6%625 MNOK
Softwareone AS30.4%3.7%963 MNOK
NTE Telekom AS19.6%35.6%808 MNOK
Crayon Group AS−20.4%22.9%914 MNOK
Bekk Consulting AS16.2%10.4%1,054 MNOK
Orkla IT AS3.8%22.5%805 MNOK
Microsoft Datacenter Norway AS13.2%26.9%1,746 MNOK
Tieto Norway AS9.9%47.6%2,271 MNOK
Norkart AS15.3%12.0%541 MNOK
Starlink Norway AS−7.6%3.8%553 MNOK
Dxc Technology Norge AS−7.6%41.1%684 MNOK
Netsecurity AS0.6%45.3%751 MNOK
Cisco Systems Norway AS8.7%17.3%1,261 MNOK
Telenor Linx AS1.2%30.1%1,558 MNOK
Verdens Gang AS0.3%42.5%1,906 MNOK
Viken Fiber AS23.7%26.9%2,446 MNOK
Kyndryl Norway AS−0.5%53.2%860 MNOK
Kyndryl Services AS3.3%14.0%1,007 MNOK
Entur AS2.0%20.3%747 MNOK
Conscia Norge AS5.1%18.6%993 MNOK
Falkor AS−31.5%58.8%1,125 MNOK
Dagens Næringsliv AS6.4%20.4%574 MNOK
Adresseavisen AS1.2%16.2%507 MNOK
Telenor Towers Norway AS27.4%13.1%2,502 MNOK
Aller Media AS−4.4%60.1%890 MNOK
Lyse Tele AS−6.0%23.0%7,846 MNOK
Microsoft Norge AS4.8%3.7%24,698 MNOK
Telenor Norge AS19.4%15.2%25,787 MNOK
Evidi AS−3.2%43.5%635 MNOK
CGI Norge AS−8.3%45.0%970 MNOK
Move AS2.6%18.3%513 MNOK
Schibsted Media AS−7.5%47.6%1,355 MNOK
Capgemini Norge AS1.9%20.3%3,177 MNOK
Rikstv AS4.5%13.0%1,490 MNOK
Ericsson AS2.7%17.2%1,266 MNOK
Arm Norway AS6.5%15.0%807 MNOK
Story House Egmont AS3.4%18.7%653 MNOK
Telenor Maritime AS0.7%10.8%715 MNOK
Eidsiva Digital AS5.5%20.3%1,090 MNOK
Volue Technology AS−2.3%24.7%827 MNOK
Universal Music AS4.2%14.7%503 MNOK
Norsk Rikskringkasting AS−3.3%31.0%6,678 MNOK
Experis AS−5.3%27.3%1,474 MNOK
DN Media Group AS−1.6%2.5%551 MNOK
Tiktok Norway AS6.9%−0.6%2,056 MNOK
Visma Software International AS−0.2%1.8%1,112 MNOK
Telia Norge AS2.4%19.6%14,583 MNOK
Globalconnect AS−2.7%25.5%2,120 MNOK
Unifon AS−1.1%12.9%634 MNOK
Netcompany Norway AS−11.1%23.1%531 MNOK
Orange Business Digital Norway AS0.0%14.6%1,042 MNOK
Vivicta AS−13.5%14.7%3,429 MNOK
Cognite AS−62.1%10.9%941 MNOK
SCHIBSTED MEDIA PRODUCTS & Technology AS−27.3%7.4%716 MNOK

Holding and investment companies · 2024

175 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: 55 have at least 10 MNOK in assets and are listed.

Holding and investment companies
RankCompanyScore Equity ratioReturn on assetsCurrent ratioTotal assets
1Milenkovic IT Invest AS97 99.9%88.2% 588.9421 MNOK
2Mint Technology Holding AS90 99.7%87.3% 230.3572 MNOK
3IC Invest AS85 100.0%24.3% –25 MNOK
4Dintero Holding AS84 99.8%22.9% 334.4662 MNOK
5Sunday Invest AS81 99.1%27.5% 94.7514 MNOK
6Jensen IT Invest AS80 97.8%100.8% 18.6518 MNOK
7Ingulstad Holding AS79 99.7%19.3% 305.77114 MNOK
8Opcode Invest AS76 98.2%31.8% 32.0311 MNOK
9Stonehaven Capital AS76 99.6%18.3% 215.8219 MNOK
10Lunde IT Invest AS70 93.2%99.6% 6.2018 MNOK
11Hegre Investering AS70 97.3%26.0% 37.0928 MNOK
12Bertheussen Invest AS70 97.9%22.7% 46.84551 MNOK
13Moroni Invest AS61 96.7%17.8% 22.3924 MNOK
1462 Kapital AS60 90.9%30.5% 5.1311 MNOK
15Ehaa Invest AS59 97.9%11.7% 47.0718 MNOK
16Bakkejord Holding AS59 91.4%34.7% 1.81298 MNOK
17Indermark Invest AS58 98.3%7.8% 63.5823 MNOK
18Sveb Invest AS58 81.8%45.5% 3.8254 MNOK
19Telenor Marketplace Invest AS58 99.0%8.7% 16.55666 MNOK
20RE Megawatt Holding AS57 100.0%−0.1% 71.041,200 MNOK
Show all 55
RankCompanyScoreTotal assets
21Skynova Holding AS5753 MNOK
22Arelma Invest AS56316 MNOK
23E. Larsen Holding AS5612 MNOK
24Hansen Technologies Holdings AS55445 MNOK
25Dyar Holding AS54588 MNOK
26Las Invest AS5418 MNOK
27NORTHERN.Tech Holding AS5226 MNOK
28Geir Berset Holding AS5124 MNOK
29Braskeståva Invest AS4963 MNOK
30Hkg Holding AS48115 MNOK
31Teleplan Holding AS48836 MNOK
32Kto Invest AS4723 MNOK
33Hvi Holding AS4683 MNOK
34Ted Tektonisk Invest AS4411 MNOK
35Acini Capital AS44161 MNOK
36Proptech Group Holding AS4041 MNOK
37Sensio Holding AS39650 MNOK
38Itc Holding AS3926 MNOK
39EM Kapital AS3879 MNOK
40Vigen Invest AS3631 MNOK
41Onyx Norway Holding AS36180 MNOK
42Guard Invest AS35145 MNOK
43Norkart Holding 2 AS341,291 MNOK
44Terje Invest AS3136 MNOK
45Vizrt Group Holding AS313,808 MNOK
46Kysttele Holding AS3058 MNOK
47Unit4 Norway Holdings AS291,102 MNOK
48Tnu Holding AS26288 MNOK
49Geomatikk Holding AS25923 MNOK
50Remarkable Invest AS23744 MNOK
51Hugo Holding AS2362 MNOK
52Norse Holding AS19246 MNOK
53Mintra Holding AS16852 MNOK
54Trifid Holding AS1024 MNOK
55Hjelseth Holding AS6140 MNOK

Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology

Scenario analysis: the sector's weakest year

The sector's weakest year was 2026, with a median operating margin of 4.1%.

Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal yearMedian operating marginMedian equity ratio
2019––
2020––
2021––
20227.7%30.5%
20235.2%35.6%
20245.3%33.7%
20255.8%33.4%
2026 · weakest year4.1%39.6%

In 2026, 11 ranked companies did better than the sector, 8 about the same and 2 weaker.

Held up best in 2026

  1. 1H5p Group ASequity ratio 39.9%29.5%
  2. 2Accigo ASequity ratio 7.6%29.0%
  3. 3Ntt Data Business Solutions ASequity ratio 30.4%11.5%
  4. 4Dxc Technology Norge ASequity ratio 57.2%9.9%
  5. 5Neatframe ASequity ratio 48.7%9.7%
  6. 6Autodesk Norway Operations ASequity ratio 51.5%7.4%
  7. 7Arm Norway ASequity ratio 48.8%6.6%
  8. 8Sony Music Entertainment Norway ASequity ratio 48.0%6.0%
  9. 9Stratsys Norge ASequity ratio 33.4%5.1%
  10. 10Almanakkforlaget ASequity ratio 24.1%4.8%

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.

USD/NOK (kr)

Latest value: 9.46 (2026-10)

USD/NOK fell 3.3% in 2025; the sector's median operating margin rose 0.5 percentage points.

USD/NOK per year and the sector's median operating margin
Measure202120222023202420252026
USD/NOK, annual average8.599.6110.5610.7510.399.54 (so far)
Change from the year before−8.8%+11.9%+9.9%+1.7%−3.3%−8.2%
Sector's median operating margin–7.7%5.2%5.3%5.8%4.1%

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 2 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 0.5 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 margin–7.7%5.2%5.3%5.8%4.1%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 2 November 2026

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 0.5 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 margin–7.7%5.2%5.3%5.8%4.1%

Source: SSB (14710, CC BY 4.0). Source · fetched 2 November 2026

When USD/NOK fell in 2025, 1,029 of 1,964 ranked companies kept their operating margin at or above the year before. Among the largest: Telenor Norge AS (19.4% → 21.9%), Telia Norge AS (2.4% → 20.2%), Norsk Rikskringkasting AS (−3.3% → −1.6%), TV 2 AS (3.0% → 3.8%), Tiktok Norway AS (6.9% → 7.8%).

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
23,538
+3.5% from 2023
Persons employed
113,952
+0.6% from 2023
Turnover
NOK 424.7 bn
+10.2% from 2023
Gross operating margin
14.6%
Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

156 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −13.8% against the four quarters before (181). That is about 6.6 per 1,000 enterprises.

432024K4462025K1512025K2412025K3402025K4412026K1522026K2232026K3

Foreign-controlled enterprises · 2024

Share of enterprises
5.7%
Share of persons employed
40.1%
Share of turnover
50.3%

SSB publishes this for groups of industries only. The figures are for the group “Informasjon og kommunikasjon”.

Turnover index · Informasjon og kommunikasjon

142.3 index, 2021 = 100, seasonally adjusted · 2026M08
+0.9% 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
58*Hele hovedgruppe 58
58.110Utgivelse av bøker
58.120Utgivelse av aviser
58.130Utgivelse av blader og tidsskrifter
58.190Utgivelsesvirksomhet ellers, unntatt utgivelse av programvare
58.210Utgivelse av programvare for dataspill
58.290Utgivelse av annen programvare
59*Hele hovedgruppe 59
59.110Produksjon av film, video og fjernsynsprogrammer
59.120Etterarbeid knyttet til produksjon av film, video og fjernsynsprogrammer
59.130Distribusjon av film og video
59.140Filmfremvisning
59.200Produksjon og utgivelse av musikk- og lydopptak
60*Hele hovedgruppe 60
60.100Radiokringkasting og distribuering av musikk og andre lydmedier
60.200Fjernsynsprogramvirksomhet, kringkasting og distribuering av audiovisuelle medier
60.310Nyhetsbyråvirksomhet
60.390Annen virksomhet for distribuering av innhold
61*Hele hovedgruppe 61
61.100Kabelbasert, satellittbasert og trådløs telekommunikasjon
61.200Videresalg av telekommunikasjon og formidlingstjenester tilknyttet telekommunikasjon
61.900Telekommunikasjon ellers
62*Hele hovedgruppe 62
62.100Dataprogrammeringstjenester
62.200Konsulentvirksomhet tilknyttet informasjonsteknologi og forvaltning og drift av it-systemer
62.900Andre tjenester tilknyttet informasjonsteknologi
63*Hele hovedgruppe 63
63.100Datainfrastruktur, -behandling, -lagring og tilknyttede tjenester
63.910Drift av søkemotorer
63.920Andre informasjonstjenester