Kultur og fritid
FollowDownload sector report (PDF)953 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology
Ranking · 2025 · Morning class Micro
The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode
Biggest moves · Morning class Micro
- Solberg Social Media AS−61
From 2024 to 2025: the operating margin fell from 32.5% to −65.9% and went from a profit to a loss before tax.
- WRITERS & Models AS+54
From 2024 to 2025: the operating margin rose from 6.3% to 44.8% and the equity ratio rose from 6.6% to 71.4%.
- Heime med Hund AS+54
From 2024 to 2025: the operating margin rose from −6.3% to 61.9% and revenue grew by 215%.
- Atletico Trening AS−51
From 2024 to 2025: the equity ratio fell from 65.5% to −12.2% and the operating margin fell from 5.2% to −19.3%.
Kultur og fritid, Morning class Medium: 80 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 82, 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 5, operating margin −46.5%, equity ratio −1.3%). Oslo Nye Teater AS (score 5, operating margin −32.5%, equity ratio −23.1%). Stavanger Oilers AS (score 18, operating margin −11.0%, equity ratio 3.2%).
Worth a closer look
- The median operating margin rose from 3.8% in 2024 to 4.0% in 2025 (0.2 percentage points).
- The median equity ratio rose from 29.1% in 2024 to 33.8% in 2025 (4.7 percentage points).
- The median revenue growth fell from 6.9% in 2024 to 5.0% in 2025 (1.9 percentage points).
- The share with a loss went from 34% in 2024 to 24% 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 Micro
The five largest companies account for 2% of the sector's revenue. Combined profit before tax for the 615 ranked companies: 132 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- Lykkespill AS 10 MNOK
- Vikinghallen AS 10 MNOK
- Svalbard Husky AS 10 MNOK
- Real Trening AS 10 MNOK
- Real Entertainment AS 10 MNOK
Operating revenue.
Most employees
- Eventcrew AS 132
- Jsg Event AS 98
- Høyt Under Taket AS 76
- Rypetoppen Adventurepark Meråker AS 60
- Spygames AS 57
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Lykkespill AS 2.0 MNOK
- Sky Fitness AS 1.7 MNOK
- Panta Rei Danseteater AS 1.7 MNOK
- FUSA LYD & Lys AS 1.4 MNOK
- Emobility AS 1.2 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
- Karianne Amlie AS 94.6%
- M. Eggan AS 91.0%
- G. Greve Creations AS 77.9%
- Tor Endresen AS 75.7%
- Steinar Krokstad AS 75.1%
Operating result divided by operating revenue.
Largest profit
- M. Eggan AS 14 MNOK
- Sky Fitness AS 10 MNOK
- Momentium Festivals AS 8 MNOK
- Heartmakermusic AS 7 MNOK
- Setra AS 7 MNOK
Profit before tax.
Largest loss
- Landsvik Eigedom AS −6 MNOK
- Trondheim Event AS −6 MNOK
- Høyt Under Taket AS −6 MNOK
- Sj4 Treningssenter AS −5 MNOK
- Norges Cykleforbunds Kompetansesenter AS −5 MNOK
Profit before tax, the largest negative.
Most solid
- Fana Arena AS 99.9%
- Madam Pysj AS 99.3%
- Superday Group AS 98.8%
- Gamle Mårøy AS 97.3%
- Nils Johan Semb AS 97.3%
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
- Lady Lazarus AS −86.0%
- 8360 Produksjoner AS −76.1%
- Lucky7 AS −59.4%
- Tjuvholmen Arena Event AS −56.9%
- Reinhartsen Media AS −54.7%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- Heime med Hund AS +53.8 points
- WRITERS & Models AS +53.6 points
- ANDERSEN & Valla AS +48.5 points
- Strynefjellet Sommerski AS +47.2 points
- Hemsingfestivalen AS +43.9 points
Change in index points from the year before.
Biggest fallers
- Solberg Social Media AS −60.4 points
- Atletico Trening AS −50.8 points
- Julianne Nygård AS −46.5 points
- Sarpsborgfestivalen AS −44.9 points
- Tor Endresen AS −44.3 points
Change in index points from the year before.
The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.
Positions in the sector · 2025 · Morning class Micro
Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.
The chart and list show the 400 largest companies by revenue, of 614 in the class. Everyone is in the ranking. Full ranking
Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2024 (small ring).
- Mayhem AS profitability 10 → 12, solidity 90 → 0
- Heime med Hund AS profitability 20 → 98, solidity 25 → 71
- Tor Endresen AS profitability 100 → 98, solidity 100 → 11
- Partnerkontoret AS profitability 6 → 92, solidity 0 → 0
- Strynefjellet Sommerski AS profitability 4 → 89, solidity 0 → 0
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
Summary · fiscal year 2025 · Morning class Micro
The sector's median operating margin is 4.4%. 270 of 1,176 companies have negative equity. The median equity ratio is 35.7%.
All figures are for fiscal year 2025. Ranked: 614 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
Climbers and fallers · Morning class Micro
Change in rank from 2024 to 2025, for 552 companies ranked in both years.
Climbers
- 530Heime med Hund ASfrom rank 567 to 3777
- 511WRITERS & Models ASfrom rank 524 to 1383
- 442Mer Treningssenter Fosen ASfrom rank 553 to 11166
- 441Mockingbird Music ASfrom rank 565 to 12465
- 438Liholm ASfrom rank 487 to 4975
Fallers
- 520Solberg Social Media ASfrom rank 77 to 59712
- 466Atletico Trening ASfrom rank 114 to 58017
- 435Pellek ASfrom rank 67 to 50230
- 397Julianne Nygård ASfrom rank 197 to 59413
- 394Sarpsborgfestivalen ASfrom rank 193 to 58715
Awards · 2025 · Morning class Micro
Needs attention · 2025 · Morning class Micro
685 companies show at least one warning sign. Showing the 15 most important.
- criticalReal Trening ASNegative equity · Current ratio below 1 (0.83) · Loss before tax
- criticalSportsparken Vegsund ASNegative equity · Current ratio below 1 (0.08) · Loss before tax
- criticalMablisfest ASNegative equity · Current ratio below 1 (0.88) · Loss before tax
- criticalTjuvholmen Arena Event ASNegative equity · Current ratio below 1 (0.19) · Loss before tax
- criticalSørlandet Klatresenter ASNegative equity · Current ratio below 1 (0.83) · Loss before tax
- criticalMayhem ASNegative equity · Current ratio below 1 (0.59) · Loss before tax
- criticalKvääniteatteri ASNegative equity · Current ratio below 1 (0.33) · Loss before tax
- criticalSarpsborgfestivalen ASNegative equity · Current ratio below 1 (0.85) · Loss before tax
- criticalNarvik VM 2029 ASNegative equity · Current ratio below 1 (0.93) · Loss before tax
- criticalTromsø Klatresenter ASNegative equity · Current ratio below 1 (0.61) · Loss before tax
- criticalRAW TRENING & Behandling ASNegative equity · Current ratio below 1 (0.71) · Loss before tax
- critical4Seasons Weddings ASNegative equity · Current ratio below 1 (0.70) · Loss before tax
- criticalÅlsheia Skisenter ASNegative equity · Current ratio below 1 (0.41) · Loss before tax
- criticalHalva Priset ASNegative equity · Current ratio below 1 (−5.49) · Loss before tax
- criticalPersonlige Opplevelser ASNegative equity · Current ratio below 1 (0.64) · Loss before tax
Sector map · 2025 · Morning class Micro
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.
The map shows the 400 largest companies by revenue, of 614 ranked. Everyone is in the ranking.
Show the map's figures as a table
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.
| 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
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% | 31.4% |
| 2024 | 3.9% | 32.2% |
| 2025 | 4.7% | 33.3% |
| 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))
Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 0.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| Sector's median operating margin | – | 11.5% | 3.6% | 3.9% | 4.7% | −5.4% |
Source: SSB (14710, CC BY 4.0). Source · fetched 3 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 0.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| Sector's median operating margin | – | 11.5% | 3.6% | 3.9% | 4.7% | −5.4% |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026
When policy rate fell in 2025, 494 of 937 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)
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 |