Sector

Kultur og fritid

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

Morning company class

Morning company classes are our own division by revenue, not an official standard: Micro NOK 1m–10 MNOK, Small 10 MNOK–50 MNOK, Medium 50 MNOK–500 MNOK, Large from 500 MNOK. Companies are ranked only against others in the same class, and every figure below is for the class you have chosen. What are Morning company classes?

Ranking · 2025 · Morning class Medium

Morning class Medium · 2025
#	Company	Profile	Score	Change
1	Aurora Music AS	Leader	88	+12
2	Arktisk Filharmoni AS	Leader	81	+19
3	Museene i Sør-Trøndelag AS	Leader	79	+7
4	Tryvannwyller AS	Leader	73	+1
5	Teater Innlandet AS	Leader	69	+40
6	Auditorium AS	Leader	69	+4
7	Hålogaland Teater AS	Leader	69	+15
8	Hove West AS	Steward	68	+8
9	Rogaland Teater AS	Steward	65	+4
10	Vålerenga Fotball AS	Steward	65	+12
11	AS NORDLAND TEATER	Steward	64	−3
12	Uno-X Mobility Cycling AS	Steward	64	−4
13	Museum Nord Næringsdrift AS	Steward	62	−15
14	Viking Fotball AS	Leader	61	−2
15	Museum Stavanger AS	Leader	61	+9
16	Npro AS	Leader	61	+24
17	Tons of Rock Festival AS	Sprinter	60	−11
18	Lucky Bowl Norge AS	Sprinter	60	−11
19	Feel24 AS	Sprinter	60	−9
20	Skigeilo AS	Sprinter	59	+11
21	Fresh Fitness AS	Leader	59	+4
22	Oslo Konserthus AS	Leader	59	−8
23	Eventyrlie AS	Sprinter	59	0
24	3T Trening AS	Sprinter	59	+5
25	Drammen Scener AS	Leader	57	+13
26	Postkodelotteriet AS	Steward	57	+4
27	Kongsberg Skisenter AS	Sprinter	56	−11
28	Trøndelag Teater AS	Steward	56	−10
29	Leos Lekeland Norge AS	Leader	56	−5
30	Dansens Hus AS	Steward	55	−9
31	LL DET NORSKE TEATRET	Leader	54	+14
32	Folketeateret Oslo AS	Builder	53	+9
33	Bergen Live AS	Sprinter	52	+19
34	Museene Arven AS	Steward	52	−4
35	HAFJELL - Kvitfjell Alpin AS	Steward	51	−1
36	Anno Museum AS	Leader	51	+24
37	Nationaltheatret AS	Leader	51	+32
38	Sky Fitness Trening AS	Sprinter	51	+1
39	Actic Norge AS	Sprinter	51	+41
40	Astrup Fearnley Museet AS	Steward	50	+6
41	Spilleriet AS	Steward	50	−12
42	Tromsø Arctic Reindeer AS	Sprinter	50	–
43	Sorrisniva AS	Sprinter	49	−6
44	Abel Health AS	Sprinter	49	−8
45	Feel24 Nordland AS	Sprinter	49	−5
46	Spectre Alliance AS	Sprinter	47	+16
47	Havferd AS	Sprinter	46	+7
48	Lunds Tivoli AS	Sprinter	45	−9
49	Carte Blanche AS	Builder	44	+7
50	O Kristoffersen Bingodrift AS	Sprinter	44	+1

Download as CSV (opens in Excel)

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 Medium

Oslo Nye Teater AS
From 2024 to 2025: the operating margin fell from 11.3% to −32.5% and the equity ratio fell from 29.1% to −23.1%.
−56
Actic Norge AS
From 2024 to 2025: the operating margin rose from −6.7% to 38.4% and went from a loss to a profit before tax.
+41
Teater Innlandet AS
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −5.2% to 7.8%.
+40
Nationaltheatret AS
From 2024 to 2025: went from a loss to a profit before tax and the equity ratio rose from 10.8% to 34.4%.
+32

Summary analysis

Kultur og fritid, Morning class Medium: 71 ranked companies in fiscal year 2025.

Best in the sector: Aurora Music AS (score 88, operating margin 32.9%, equity ratio 66.8%). Arktisk Filharmoni AS (score 81, operating margin 6.8%, equity ratio 67.2%). Museene i Sør-Trøndelag AS (score 79, operating margin 10.4%, equity ratio 76.4%).

Weakest in the sector: Palmesus AS (score 4, operating margin −46.5%, equity ratio −1.3%). Oslo Nye Teater AS (score 5, operating margin −32.5%, equity ratio −23.1%). Lillehammer Olympiapark AS (score 17, operating margin 0.9%, equity ratio 1.4%).

Worth a closer look

The median operating margin fell from 4.3% in 2024 to 4.2% in 2025 (0.1 percentage points).
The median equity ratio rose from 28.7% in 2024 to 33.4% in 2025 (4.7 percentage points).
The median revenue growth fell from 7.3% in 2024 to 5.2% in 2025 (2.1 percentage points).
The share with a loss went from 32% in 2024 to 21% 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 Medium

The five largest companies account for 19% of the sector's revenue. Combined profit before tax for the 70 ranked companies: 608 MNOK.

Size

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

Highest revenue

O Kristoffersen Bingodrift AS 464 MNOK
Nationaltheatret AS 396 MNOK
AS DEN NATIONALE SCENE 384 MNOK
Creative Technology Norway AS 317 MNOK
Fresh Fitness AS 317 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Tons of Rock Festival AS 26.3 MNOK
Viking Fotball AS 15.7 MNOK
Palmesus AS 13.2 MNOK
Eventyrlie AS 11.6 MNOK
Uno-X Mobility Cycling AS 8.5 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

Actic Norge AS 38.4%
Aurora Music AS 32.9%
Feel24 AS 32.0%
Tryvannwyller AS 29.0%
Feel24 Nordland AS 27.7%

Operating result divided by operating revenue.

Largest profit

Feel24 AS 62 MNOK
Tons of Rock Festival AS 59 MNOK
Fresh Fitness AS 57 MNOK
Auditorium AS 47 MNOK
Actic Norge AS 42 MNOK

Profit before tax.

Largest loss

Nye Hjorten Teater AS −84 MNOK
Palmesus AS −38 MNOK
Oslo Nye Teater AS −29 MNOK
Creative Technology Norway AS −18 MNOK
Egil Hesland AS −16 MNOK

Profit before tax, the largest negative.

Most solid

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

Nye Hjorten Teater AS +965.9%
3T Trening AS +229.3%
AS DEN NATIONALE SCENE +76.5%
Bergen Live AS +57.1%
Hove West AS +53.9%

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

Largest revenue decline

Oslo Nye Teater AS −43.9%
Sosolo Collective AS −41.7%
Egil Hesland AS −26.0%
Palmesus AS −18.7%
Spilleriet AS −14.5%

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

Biggest climbers

Actic Norge AS +40.8 points
Teater Innlandet AS +40.2 points
Nationaltheatret AS +32.2 points
Anno Museum AS +24.4 points
Arktisk Filharmoni AS +19.8 points

Change in index points from the year before.

Biggest fallers

Oslo Nye Teater AS −56.0 points
Holmenkollen Skifestival AS −17.5 points
Bergen Vitensenter AS −16.6 points
Museum Nord Næringsdrift AS −14.1 points
Øyafestivalen AS −13.6 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 · 2025 · Morning class Medium

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.

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

Actic Norge AS profitability 4 → 99, solidity 12 → 14
Oslo Nye Teater AS profitability 81 → 3, solidity 50 → 0
Teater Innlandet AS profitability 6 → 73, solidity 44 → 69
Nationaltheatret AS profitability 11 → 59, solidity 15 → 50
Anno Museum AS profitability 10 → 60, solidity 52 → 52

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

Company	Profile	Profitability	Solidity	In 2024 (profitability / solidity)
Actic Norge AS	Cheetah	99	14	4 / 12
Feel24 AS	Cheetah	96	23	98 / 46
Feel24 Nordland AS	Cheetah	96	2	92 / 5
Aurora Music AS	Lion	94	94	80 / 77
Abel Health AS	Cheetah	92	5	97 / 4
Tromsø Arctic Reindeer AS	Cheetah	91	30	–
Tryvannwyller AS	Lion	86	99	87 / 93
Tons of Rock Festival AS	Cheetah	85	34	85 / 39
Eventyrlie AS	Cheetah	84	49	92 / 18
Sky Fitness Trening AS	Cheetah	83	7	83 / 11
3T Trening AS	Cheetah	83	28	94 / 21
Havferd AS	Cheetah	81	43	51 / 27
Auditorium AS	Lion	81	55	70 / 62
Skigeilo AS	Cheetah	80	40	46 / 37
Fresh Fitness AS	Lion	76	53	78 / 55
Teater Innlandet AS	Lion	73	69	6 / 44
Hålogaland Teater AS	Lion	73	68	61 / 69
O Kristoffersen Bingodrift AS	Cheetah	71	33	–
Museene i Sør-Trøndelag AS	Lion	70	100	59 / 96
Sorrisniva AS	Cheetah	70	20	79 / 14
Impulse Treningssenter AS	Cheetah	70	15	70 / 17
Museum Stavanger AS	Lion	69	58	51 / 42
Arktisk Filharmoni AS	Lion	68	96	51 / 78
Kongsberg Skisenter AS	Cheetah	67	46	75 / 43
Oslo Konserthus AS	Lion	64	77	61 / 74
Viking Fotball AS	Lion	63	71	68 / 63
Tusenfryd AS	Cheetah	62	18	66 / 23
Hovden Alpinsenter AS	Cheetah	62	17	65 / 20
Anno Museum AS	Lion	60	52	10 / 52
LL DET NORSKE TEATRET	Lion	60	66	55 / 36
Npro AS	Lion	60	65	–
Lunds Tivoli AS	Cheetah	60	39	71 / 33
Lucky Bowl Norge AS	Cheetah	60	44	75 / 40
Nationaltheatret AS	Lion	59	50	11 / 15
Bergen Live AS	Cheetah	58	24	32 / 25
Drammen Scener AS	Lion	55	74	18 / 66
Spectre Alliance AS	Cheetah	52	12	20 / 31
Leos Lekeland Norge AS	Lion	51	91	75 / 85
Vålerenga Fotball AS	Elephant	49	90	43 / 91
AS NORDLAND TEATER	Elephant	47	87	39 / 80
Rudskogen Motorsenter AS	Elephant	44	62	46 / 61
Hove West AS	Elephant	43	75	37 / 71
Uno-X Mobility Cycling AS	Elephant	42	85	39 / 94
Postkodelotteriet AS	Elephant	42	78	46 / 75
Konsertsystemer Llb AS	Beaver	40	36	30 / 30
Trøndelag Teater AS	Elephant	39	82	70 / 81
Rogaland Teater AS	Elephant	38	93	34 / 84
Folketeateret Oslo AS	Beaver	35	47	–
Museum Nord Næringsdrift AS	Elephant	32	84	58 / 87
Spilleriet AS	Elephant	29	80	48 / 68

The sector in numbers

Summary · fiscal year 2025 · Morning class Medium

The sector's median operating margin is 4.2%. 3 of 71 companies have negative equity. The median equity ratio is 33.4%.

Companies with accounts71

Total revenue9,947 MNOK

Median operating margin4.2%

Median equity ratio33.4%

Share with a loss21%

Share with negative equity4%

All figures are for fiscal year 2025. Ranked: 71 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 Medium

Change in rank from 2024 to 2025, for 64 companies ranked in both years.

Climbers

57Teater Innlandet ASfrom rank 62 to 569
31Actic Norge ASfrom rank 70 to 3951
30Nationaltheatret ASfrom rank 67 to 3751
27Hålogaland Teater ASfrom rank 34 to 769
27Anno Museum ASfrom rank 63 to 3651

Fallers

46Oslo Nye Teater ASfrom rank 24 to 705
30Holmenkollen Skifestival ASfrom rank 21 to 5144
22Spilleriet ASfrom rank 19 to 4150
19Bergen Vitensenter ASfrom rank 42 to 6131
16Abel Health ASfrom rank 28 to 4449

Awards · 2025 · Morning class Medium

Most profitableActic Norge AS38.4%

Fastest growthNye Hjorten Teater AS965.9%

Strongest balance sheetMuseene i Sør-Trøndelag AS76.4%

Largest revenueO Kristoffersen Bingodrift AS464 MNOK

Highest revenue per employeeTons of Rock Festival AS26.3 MNOK

Needs attention · 2025 · Morning class Medium

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

criticalOslo Nye Teater ASNegative equity · Current ratio below 1 (0.52) · Loss before tax
criticalPalmesus ASNegative equity · Current ratio below 1 (0.50) · Loss before tax
criticalInspiria Science Center ASNegative equity · Current ratio below 1 (0.25) · Loss before tax
watchLillehammer Olympiapark ASVery low equity ratio (1.4%) · Current ratio below 1 (0.67) · Loss before tax
watchCreative Technology Norway ASCurrent ratio below 1 (0.36) · Loss before tax
watchEgil Hesland ASCurrent ratio below 1 (0.47) · Loss before tax
watchNye Hjorten Teater ASCurrent ratio below 1 (0.35) · Loss before tax
watchKonsertsystemer Llb ASCurrent ratio below 1 (0.56) · Loss before tax
watchActic Norge ASVery low equity ratio (9.5%) · Current ratio below 1 (0.90)
watchFeel24 Nordland ASVery low equity ratio (1.3%) · Current ratio below 1 (0.39)
watchAbel Health ASVery low equity ratio (1.4%) · Current ratio below 1 (0.98)
watchImpulse Treningssenter ASVery low equity ratio (9.9%) · Current ratio below 1 (0.48)
watch3T Produkter ASVery low equity ratio (2.9%) · Current ratio below 1 (0.75)
watchSosolo Collective ASVery low equity ratio (2.3%) · Loss before tax
watchTeater Vestland ASCurrent ratio below 1 (0.18) · Loss before tax

Sector map · 2025 · Morning class Medium

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.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Aurora Music AS	32.9%	66.8%	77 MNOK
Arktisk Filharmoni AS	6.8%	67.2%	135 MNOK
Museene i Sør-Trøndelag AS	10.4%	76.4%	302 MNOK
Tryvannwyller AS	29.0%	75.2%	131 MNOK
Teater Innlandet AS	7.8%	46.8%	61 MNOK
Auditorium AS	16.3%	35.0%	138 MNOK
Hålogaland Teater AS	11.0%	46.4%	111 MNOK
Hove West AS	3.2%	47.6%	145 MNOK
Rogaland Teater AS	2.4%	63.7%	142 MNOK
Vålerenga Fotball AS	−29.2%	62.1%	100 MNOK
AS NORDLAND TEATER	4.0%	60.7%	57 MNOK
Uno-X Mobility Cycling AS	1.5%	58.8%	307 MNOK
Museum Nord Næringsdrift AS	1.0%	58.7%	88 MNOK
Viking Fotball AS	8.8%	46.8%	267 MNOK
Museum Stavanger AS	9.9%	37.2%	114 MNOK
Npro AS	6.5%	40.8%	64 MNOK
Tons of Rock Festival AS	17.9%	21.4%	316 MNOK
Lucky Bowl Norge AS	7.9%	30.1%	232 MNOK
Feel24 AS	32.0%	17.0%	186 MNOK
Skigeilo AS	15.5%	26.9%	149 MNOK
Fresh Fitness AS	22.2%	34.9%	317 MNOK
Oslo Konserthus AS	13.7%	48.5%	86 MNOK
Eventyrlie AS	12.3%	33.4%	70 MNOK
3T Trening AS	18.0%	19.5%	222 MNOK
Drammen Scener AS	5.0%	47.2%	64 MNOK
Postkodelotteriet AS	3.3%	50.3%	126 MNOK
Kongsberg Skisenter AS	18.9%	30.2%	55 MNOK
Trøndelag Teater AS	1.7%	57.2%	157 MNOK
Leos Lekeland Norge AS	4.1%	62.3%	134 MNOK
Dansens Hus AS	−0.5%	55.5%	71 MNOK
LL DET NORSKE TEATRET	5.7%	46.1%	313 MNOK
Folketeateret Oslo AS	2.0%	30.8%	51 MNOK
Bergen Live AS	3.7%	17.1%	295 MNOK
Museene Arven AS	0.2%	61.7%	81 MNOK
HAFJELL - Kvitfjell Alpin AS	−1.3%	40.8%	58 MNOK
Anno Museum AS	9.5%	34.6%	170 MNOK
Nationaltheatret AS	4.3%	34.4%	396 MNOK
Sky Fitness Trening AS	16.3%	1.9%	70 MNOK
Actic Norge AS	38.4%	9.5%	109 MNOK
Astrup Fearnley Museet AS	−0.8%	39.3%	71 MNOK
Spilleriet AS	0.9%	53.1%	90 MNOK
Tromsø Arctic Reindeer AS	24.0%	19.5%	114 MNOK
Sorrisniva AS	6.5%	14.8%	74 MNOK
Abel Health AS	17.0%	1.4%	74 MNOK
Feel24 Nordland AS	27.7%	1.3%	94 MNOK
Spectre Alliance AS	2.0%	9.0%	114 MNOK
Havferd AS	13.1%	29.7%	95 MNOK
Lunds Tivoli AS	7.5%	23.5%	118 MNOK
Carte Blanche AS	−2.6%	29.3%	54 MNOK
O Kristoffersen Bingodrift AS	4.2%	20.8%	464 MNOK
Holmenkollen Skifestival AS	−4.6%	47.2%	58 MNOK
Rudskogen Motorsenter AS	5.7%	40.7%	92 MNOK
AS DEN NATIONALE SCENE	−2.7%	19.3%	384 MNOK
AS REGIONTEATRET I MØRE OG ROMSDAL	0.1%	36.6%	70 MNOK
Impulse Treningssenter AS	8.3%	9.9%	73 MNOK
Tusenfryd AS	14.9%	13.3%	249 MNOK
Hovden Alpinsenter AS	20.0%	12.1%	51 MNOK
Talent Norge AS	−4.2%	4.9%	132 MNOK
Konsertsystemer Llb AS	3.1%	21.8%	147 MNOK
Egil Hesland AS	−15.1%	73.4%	201 MNOK
Bergen Vitensenter AS	−4.5%	20.7%	58 MNOK
Øyafestivalen AS	−4.5%	18.0%	122 MNOK
Teater Vestland AS	−3.9%	22.2%	53 MNOK
Creative Technology Norway AS	−6.0%	39.5%	317 MNOK
Nye Hjorten Teater AS	−54.7%	16.8%	153 MNOK
3T Produkter AS	−16.0%	2.9%	58 MNOK
Sosolo Collective AS	−1.3%	2.3%	56 MNOK
Inspiria Science Center AS	0.0%	−86.9%	77 MNOK
Lillehammer Olympiapark AS	0.9%	1.4%	98 MNOK
Oslo Nye Teater AS	−32.5%	−23.1%	92 MNOK
Palmesus AS	−46.5%	−1.3%	79 MNOK

Holding and investment companies · 2025

34 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: 14 have at least 10 MNOK in assets and are listed.

Holding and investment companies
Rank	Company	Score	Equity ratio	Return on assets	Current ratio	Total assets
1	Jenny Skavlan Holding AS	88	99.0%	74.8%	96.83	23 MNOK
2	Aadne Holding AS	86	99.5%	17.2%	112.96	13 MNOK
3	Rmnl Holding AS	82	99.6%	10.7%	196.20	18 MNOK
4	Gallerhåjen Investering AS	80	97.8%	82.8%	43.90	103 MNOK
5	N. Munkhaugen Holding AS	62	93.9%	16.8%	94.23	62 MNOK
6	Øverli Holding AS	60	97.8%	10.3%	45.27	106 MNOK
7	Hugos Holding AS	58	94.8%	45.1%	1.05	21 MNOK
8	Øyehaug Holding AS	42	96.2%	3.8%	6.85	11 MNOK
9	Steinar Skjervik Holding AS	35	91.9%	9.5%	2.42	80 MNOK
10	P & M Holding AS	32	42.1%	13.4%	1.42	35 MNOK
11	Steinar Skjervik Investering AS	31	54.2%	10.7%	1.91	186 MNOK
12	Micam Holding AS	28	85.6%	9.2%	6.15	168 MNOK
13	Buskerud og Vestfold Trav Holding AS	14	91.9%	0.0%	0.61	11 MNOK
14	Moments Climbing Holding 2 AS	3	33.9%	2.2%	0.60	12 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

Finance earns 58.3% on operations; the typical Norwegian industry makes 5.7%No. 14 of 22 on median operating margin

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2026, with a median operating margin of −5.4%.

Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2020	–	–
2021	–	–
2022	12.6%	56.4%
2023	3.8%	31.4%
2024	4.1%	32.4%
2025	4.7%	33.8%
2026 · weakest year	−5.4%	11.1%

In 2026, 2 ranked companies did better than the sector, 0 about the same and 2 weaker.

Held up best in 2026

1Nye Bjorli Skisenter ASequity ratio 9.8%9.4%
2Norsk Tivolidrift ASequity ratio 12.4%3.3%

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 0.6 percentage points.

Consumer price index per year and the sector's median operating margin
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	–	12.6%	3.8%	4.1%	4.7%	−5.4%

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 0.6 percentage points.

Policy rate per year and the sector's median operating margin
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	–	12.6%	3.8%	4.1%	4.7%	−5.4%

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

When policy rate fell in 2025, 449 of 862 ranked companies kept their operating margin at or above the year before. Among the largest: Sats Norway AS (20.8% → 23.3%), Sporty Norge AS (14.3% → 24.0%), Kristiansand Dyrepark AS (13.5% → 15.5%), Mova AS (3.8% → 9.5%), O Kristoffersen Bingodrift AS (2.9% → 4.2%).

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: 40,440; +1.0% from 2023
Persons employed: 36,372; +0.9% from 2023

All enterprises, sole proprietorships included. SSB withholds some figures for confidentiality. The figure then shows the latest year with every value, and the year is given beside it.

Bankruptcies in the industry

55 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −27.6% against the four quarters before (76). That is about 1.4 per 1,000 enterprises.

Source: Statistics Norway (SSB), table 12910, table 10790. 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

Bare Kjuus AS 922693005 Voluntary liquidation · 2 November 2026
Anticoach AS 923413812 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Bergtattfestivalen AS 923887318 Forced dissolution · 31 October 2026 · 7 MNOK (2025)
Dream Factory Nordic AS 838998852 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Fuglum AS 917995028 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Gudmoren AS 936064175 Voluntary liquidation · 31 October 2026
Løpeglede AS 921833407 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Løpeglede Holding AS 931708791 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
90*	Hele hovedgruppe 90
90.111	Skapende kunstnerisk virksomhet innenfor litteratur
90.112	Skapende kunstnerisk virksomhet innenfor komposisjon av musikk
90.120	Skapende kunstnerisk virksomhet innenfor visuell kunst
90.130	Annen kunstnerisk virksomhet
90.201	Utøvende kunstnerisk virksomhet og underholdningsvirksomhet innenfor musikk
90.202	Utøvende kunstnerisk virksomhet og underholdningsvirksomhet innenfor scenekunst
90.209	Annen utøvende kunstnerisk virksomhet og underholdningsvirksomhet ikke nevnt annet sted
90.310	Drift av lokaler tilknyttet kunstnerisk virksomhet og underholdningsvirksomhet
90.390	Andre tjenester tilknyttet kunstnerisk virksomhet og underholdningsvirksomhet
91*	Hele hovedgruppe 91
91.111	Drift av folkebiblioteker
91.120	Drift av arkiver
91.211	Drift av kunst- og kunstindustrimuseer
91.212	Drift av kulturhistoriske museer
91.213	Drift av naturhistoriske, teknologiske og vitenskapshistoriske museer
91.220	Drift av historiske steder og monumenter
91.300	Konservering, restaurering og andre tjenester tilknyttet kulturarv
91.410	Drift av botaniske og zoologiske hager
92*	Hele hovedgruppe 92
92.000	Lotteri- og gamblingvirksomhet
93*	Hele hovedgruppe 93
93.110	Drift av idrettsanlegg
93.120	Aktiviteter i idrettslag og -klubber
93.130	Treningssentervirksomhet
93.190	Sportsaktiviteter ikke nevnt annet sted
93.210	Drift av fornøyelses- og temaparker
93.291	Opplevelsesaktiviteter
93.292	Fritidsvirksomhet ellers