Sector

Kultur og fritid

978 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. 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 · 2023 · Morning class Large

Too few companies in this class (5, at least 10 needed) for a ranking of its own. They are compared with the whole sector.

Morning class Large · 2023
#	Company	Profile	Score	Change
1	Skistar Norge AS	Leader	61	–
2	Norsk Tipping AS	Sprinter	50	–
3	O Kristoffersen Bingodrift AS	Sprinter	45	–
4	Sats Norway AS	Sprinter	43	–
5	DEN NORSKE OPERA & Ballett AS	Builder	20	–

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 Large

Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.

Top lists in the sector · 2023 · Morning class Large

Combined profit before tax for the 5 ranked companies: 7,469 MNOK.

Size

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

Highest revenue

Norsk Tipping AS 49,395 MNOK
Sats Norway AS 1,371 MNOK
Skistar Norge AS 1,299 MNOK
DEN NORSKE OPERA & Ballett AS 892 MNOK
O Kristoffersen Bingodrift AS 535 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Norsk Tipping AS 106.7 MNOK
O Kristoffersen Bingodrift AS 7.8 MNOK
Skistar Norge AS 3.0 MNOK
DEN NORSKE OPERA & Ballett AS 1.1 MNOK
Sats Norway AS 0.4 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

Operating result divided by operating revenue.

Largest profit

Norsk Tipping AS 7,087 MNOK
Skistar Norge AS 194 MNOK
Sats Norway AS 185 MNOK
O Kristoffersen Bingodrift AS 21 MNOK

Profit before tax.

Largest loss

DEN NORSKE OPERA & Ballett AS −17 MNOK

Profit before tax, the largest negative.

Most solid

Skistar Norge AS 49.6%
Sats Norway AS 33.0%
O Kristoffersen Bingodrift AS 17.3%
Norsk Tipping AS 6.5%
DEN NORSKE OPERA & Ballett AS −87.4%

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

Requires an index for two financial years.

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.

Bubble size shows relative revenue, not exact figures.

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 2022 (profitability / solidity)
Norsk Tipping AS	Cheetah	87	17	–
Skistar Norge AS	Lion	74	64	–
Sats Norway AS	Cheetah	70	45	–
O Kristoffersen Bingodrift AS	Cheetah	67	30	–
DEN NORSKE OPERA & Ballett AS	Beaver	24	0	–

The sector in numbers

Summary · fiscal year 2023 · Morning class Large

The sector's median operating margin is 13.9%. 1 of 5 companies have negative equity. The median equity ratio is 17.3%.

Companies with accounts5

Total revenue53,492 MNOK

Median operating margin13.9%

Median equity ratio17.3%

Share with a loss20%

Share with negative equity20%

All figures are for fiscal year 2023. Ranked: 5 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

Growth is not included in the index: it needs the previous year's accounts.

Climbers and fallers · Morning class Large

Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.

Awards · 2023 · Morning class Large

Most profitableSats Norway AS18.5%

Strongest balance sheetSkistar Norge AS49.6%

Largest revenueNorsk Tipping AS49,395 MNOK

Highest revenue per employeeNorsk Tipping AS106.7 MNOK

Needs attention · 2023 · Morning class Large

5 companies show at least one warning sign. Showing the 5 most important.

criticalDEN NORSKE OPERA & Ballett ASNegative equity · Loss before tax
watchNorsk Tipping ASVery low equity ratio (6.5%)
watchSats Norway ASCurrent ratio below 1 (0.46)
watchSkistar Norge ASCurrent ratio below 1 (0.71)
watchO Kristoffersen Bingodrift ASCurrent ratio below 1 (0.68)

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.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Skistar Norge AS	15.3%	49.6%	1,299 MNOK
Norsk Tipping AS	13.9%	6.5%	49,395 MNOK
O Kristoffersen Bingodrift AS	3.2%	17.3%	535 MNOK
Sats Norway AS	18.5%	33.0%	1,371 MNOK
DEN NORSKE OPERA & Ballett AS	−3.5%	−87.4%	892 MNOK

Holding and investment companies · 2023

36 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: 10 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	N. Munkhaugen Holding AS	82	99.0%	38.5%	79.54	62 MNOK
2	Mifi Invest AS	71	98.3%	94.1%	2.32	11 MNOK
3	Aadne Holding AS	60	86.0%	35.0%	5.81	12 MNOK
4	Rmnl Holding AS	58	99.1%	0.6%	93.23	17 MNOK
5	Hugos Holding AS	53	100.0%	0.0%	37.17	12 MNOK
6	Micam Holding AS	49	81.7%	18.3%	4.79	146 MNOK
7	Steinar Skjervik Holding AS	38	86.7%	2.1%	0.93	74 MNOK
8	Gallerhåjen Investering AS	33	61.2%	1.2%	206.77	26 MNOK
9	Steinar Skjervik Investering AS	33	63.0%	6.2%	2.62	163 MNOK
10	P & M Holding AS	22	37.3%	9.7%	0.43	35 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	11.5%	40.4%
2023	3.6%	32.7%
2024	3.7%	32.2%
2025	4.7%	32.9%
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 1.0 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	–	11.5%	3.6%	3.7%	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 1.0 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	–	11.5%	3.6%	3.7%	4.7%	−5.4%

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

When policy rate fell in 2025, 530 of 999 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