Sector

Kultur og fritid

953 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 Small

Morning class Small · 2025
#	Company	Profile	Score	Change
1	Jonas Kinge Bergland AS	Leader	90	+18
2	Sala Music AS	Leader	89	+27
3	Yes Treningssenter AS	Leader	84	0
4	Team Ingebrigtsen AS	Leader	83	+21
5	Stairs Music AS	Leader	83	−1
6	In the Park AS	Leader	82	+26
7	Kragerø Golf AS	Leader	82	+7
8	Skuespiller- og Danseralliansen AS	Leader	81	+34
9	Whale2sea AS	Leader	81	+8
10	Arne Brimi AS	Leader	80	+5
11	Atlungstad Golf AS	Leader	80	+8
12	Lindland Gård AS	Leader	79	−8
13	SPORT & Grønt AS	Leader	79	+10
14	Cirkus Agora AS	Leader	78	−4
15	Kunsthall Trondheim AS	Leader	78	+28
16	Sørfonden Slipp AS	Leader	77	−6
17	Sarpsborg Bowlingsenter AS	Leader	77	+9
18	Ryfylke Dampskibsselskab AS	Leader	76	+1
19	Solli Bowling Oslo AS	Leader	76	+1
20	Lerkendal Stadion AS	Leader	75	+12
21	Rush Trondheim AS	Leader	75	+10
22	Klatreverket AS	Leader	74	+15
23	Alan Walker AS	Leader	73	−17
24	Boombay AS	Leader	73	+42
25	Rush Stavanger Forus AS	Leader	73	+8
26	Træn AS	Leader	72	+3
27	Mefjord Brygge AS	Leader	72	−3
28	Lia Trening AS	Leader	71	+4
29	Løkka Lyd AS	Leader	71	−8
30	Experience Production AS	Leader	71	+8
31	Vitensenteret i Sogn og Fjordane AS	Leader	71	−2
32	Stangehallen Riksanlegg AS	Leader	70	−2
33	The Grapevine AS	Leader	70	+25
34	Rush Bergen Syd AS	Leader	70	−1
35	XT Oslo AS	Leader	70	0
36	Brenneriveien Jazzhus AS	Leader	70	+13
37	JOY & CO AS	Leader	70	+24
38	Melahuset AS	Steward	69	−8
39	Rush Oslo 1 AS	Leader	69	+6
40	Nasjonalparkgården AS	Leader	68	+10
41	Chat Noir AS	Leader	68	+19
42	Metro Sandefjord AS	Leader	67	−10
43	Jhk AS	Sprinter	67	+7
44	OI! Trøndersk Mat og Drikke AS	Steward	67	+8
45	Tårnet Kulturarena AS	Leader	67	+2
46	Feel24 Vesterålen AS	Leader	67	−5
47	STRANDGATA 22. AS	Leader	67	+5
48	Kilstraumen Brygge AS	Leader	67	+1
49	Telemark Toto AS	Steward	66	+3
50	Audiolight AS	Steward	66	+7

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 Small

Røa Badeland og Velvære AS
From 2024 to 2025: the operating margin fell from 8.7% to −89.2% and the equity ratio fell from 3.4% to −168.4%.
−44
P&P Installasjoner AS
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 10.0% to −6.8%.
−43
Spenst Førde AS
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −1.1% to 10.2%.
+40
Dirty Old Town Aktiesælskab AS
From 2024 to 2025: the equity ratio fell from −46.0% to −278.3% and went from a profit to a loss before tax.
−37

Summary analysis

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 Small

The five largest companies account for 4% of the sector's revenue. Combined profit before tax for the 249 ranked companies: 328 MNOK.

Size

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

Highest revenue

Det Vestnorske Teateret AS 48 MNOK
Beaivvas Sami Nasunalateahter AS 48 MNOK
Øvrevoll Galopp AS 48 MNOK
Tou Scene AS 48 MNOK
Oslo Kru AS 47 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Better Moments AS 4.6 MNOK
Dirty Old Town Aktiesælskab AS 3.5 MNOK
Casino Bingo AS 3.4 MNOK
Cirkus Agora AS 3.3 MNOK
Norway Adventures AS 3.2 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

In the Park AS 92.0%
Jonas Kinge Bergland AS 87.6%
Axels Tivoli Park AS 71.3%
Jhk AS 57.1%
Team Ingebrigtsen AS 46.2%

Operating result divided by operating revenue.

Largest profit

In the Park AS 29 MNOK
Alan Walker AS 24 MNOK
Kygo AS 21 MNOK
Axels Tivoli Park AS 18 MNOK
Sentrum Scene AS 17 MNOK

Profit before tax.

Largest loss

Snø Oslo AS −31 MNOK
Røa Badeland og Velvære AS −23 MNOK
Nesfjellet Alpin AS −21 MNOK
Stein på Stein 1905 AS −16 MNOK
Activeon AS −15 MNOK

Profit before tax, the largest negative.

Most solid

Hellbillies AS 98.9%
Sprett Trampolinepark Askim AS 92.8%
Jonas Kinge Bergland AS 90.5%
Sørfonden Slipp AS 89.7%
Alan Walker AS 89.3%

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

Sala Music AS +208.0%
Feel24 Vesterålen AS +54.8%
Forus Trav AS +54.0%
Whale2sea AS +52.2%
SPORT & Grønt AS +51.6%

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

Largest revenue decline

Aquarama Service AS −54.2%
Alan Walker AS −35.3%
Mega Fun AS −28.4%
Truestory AS −27.5%
Teknobingo Stathelle AS −27.3%

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

Biggest climbers

Spenst Førde AS +40.3 points
Skuespiller- og Danseralliansen AS +34.8 points
Friendly Trening AS +32.8 points
Ole Bull Scene AS +30.8 points
Oslo Kru AS +30.4 points

Change in index points from the year before.

Biggest fallers

Røa Badeland og Velvære AS −43.9 points
P&P Installasjoner AS −42.8 points
Dirty Old Town Aktiesælskab AS −36.8 points
Glød Explorer AS −36.0 points
Tromsø Outdoor AS −35.4 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 Small

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).

Galleri Brandstrup AS profitability 78 → 11, solidity 22 → 56
Skuespiller- og Danseralliansen AS profitability 15 → 86, solidity 73 → 89
Spenst Førde AS profitability 21 → 79, solidity 0 → 41
Dirty Old Town Aktiesælskab AS profitability 75 → 6, solidity 0 → 0
Røa Badeland og Velvære AS profitability 68 → 1, solidity 13 → 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

Company	Profile	Profitability	Solidity	In 2024 (profitability / solidity)
Axels Tivoli Park AS	Cheetah	99	38	98 / 37
Yes Treningssenter AS	Lion	98	87	98 / 82
Team Ingebrigtsen AS	Lion	98	82	–
3T Byåsen AS	Cheetah	97	22	94 / 15
In the Park AS	Lion	97	68	–
Solli Bowling Oslo AS	Lion	96	85	96 / 83
Jhk AS	Cheetah	96	43	98 / 43
Bowling 1 Drammen AS	Cheetah	95	16	95 / 17
Cirkus Agora AS	Lion	95	93	98 / 73
Feel24 Vesterålen AS	Lion	94	60	87 / 75
Sentrum Scene AS	Cheetah	94	9	88 / 9
Paradox Oslo AS	Lion	94	71	90 / 90
Rush Bærum AS	Cheetah	93	32	87 / 26
Rush Drammen AS	Lion	93	53	76 / 66
Jonas Kinge Bergland AS	Lion	93	99	–
Altus Pulsus AS	Cheetah	92	36	88 / 18
Oslo Reptilpark AS	Cheetah	92	21	96 / 36
Energihuset Treningssenter AS	Cheetah	92	12	81 / 21
Myrens Nittedal AS	Cheetah	90	39	88 / 37
Rush Trondheim AS	Lion	90	75	88 / 65
Sala Music AS	Lion	90	94	48 / 87
Oslo Aktivitetssenter AS	Cheetah	89	8	88 / 7
Megazone Oslo AS	Cheetah	89	44	90 / 38
Whale2sea AS	Lion	88	73	77 / 56
SPORT & Grønt AS	Lion	88	67	88 / 57
Oslo Maraton AS	Cheetah	88	40	89 / 57
Rush Oslo 1 AS	Lion	88	78	92 / 51
Klatreverket AS	Lion	87	81	85 / 63
Lindland Gård AS	Lion	87	97	86 / 90
Fjordevents AS	Lion	87	62	92 / 19
Spenst Moss AS	Cheetah	86	25	82 / 46
Metro Sandefjord AS	Lion	86	88	94 / 89
Stairs Music AS	Lion	86	92	91 / 87
Brenneriveien Jazzhus AS	Lion	86	69	66 / 63
Skuespiller- og Danseralliansen AS	Lion	86	89	15 / 73
LEVEL. AS	Lion	84	58	82 / 51
Ryfylke Dampskibsselskab AS	Lion	83	79	75 / 69
Alan Walker AS	Lion	83	98	–
Kunsthall Trondheim AS	Lion	83	94	–
Avancia Sport Center Skedsmo AS	Cheetah	82	17	88 / 30
Tårnet Kulturarena AS	Lion	82	83	85 / 71
Rush Bergen Syd AS	Lion	81	82	84 / 70
Rush Stavanger Forus AS	Lion	80	81	81 / 69
Stolt Trening AS	Lion	80	63	86 / 78
3T Solsiden AS	Cheetah	79	14	72 / 12
Ole Bull Scene AS	Cheetah	79	35	55 / 0
Spenst Førde AS	Cheetah	79	41	21 / 0
Casino Bingo AS	Cheetah	79	31	81 / 21
Teknobingo Stathelle AS	Cheetah	78	19	79 / 14
2Entertain Norge AS	Cheetah	78	46	77 / 39

The sector in numbers

Summary · fiscal year 2025 · Morning class Small

The sector's median operating margin is 5.7%. 35 of 251 companies have negative equity. The median equity ratio is 27.5%.

Companies with accounts251

Total revenue5,617 MNOK

Median operating margin5.7%

Median equity ratio27.5%

Share with a loss24%

Share with negative equity14%

All figures are for fiscal year 2025. Ranked: 251 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 Small

Change in rank from 2024 to 2025, for 217 companies ranked in both years.

Climbers

133Skuespiller- og Danseralliansen ASfrom rank 141 to 881
132Spenst Førde ASfrom rank 236 to 10455
126Friendly Trening ASfrom rank 211 to 8559
119Ole Bull Scene ASfrom rank 209 to 9057
109JOY & CO ASfrom rank 146 to 3770

Fallers

180P&P Installasjoner ASfrom rank 21 to 20132
154Høyt Under Taket Tønsberg ASfrom rank 43 to 19734
154WL Event ASfrom rank 49 to 20332
148Glød Explorer ASfrom rank 68 to 21627
146ÅSANE BOWLING & Eventsenter ASfrom rank 18 to 16442

Awards · 2025 · Morning class Small

Most profitableIn the Park AS92.0%

Fastest growthIn the Park AS1,464.8%

Strongest balance sheetHellbillies AS98.9%

Largest revenueDet Vestnorske Teateret AS48 MNOK

Highest revenue per employeeBetter Moments AS4.6 MNOK

Needs attention · 2025 · Morning class Small

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

criticalNordmørsmusea ASNegative equity · Current ratio below 1 (0.54) · Loss before tax
criticalMax Spill ASNegative equity · Current ratio below 1 (0.35) · Loss before tax
criticalVassfjellet Vinterpark ASNegative equity · Current ratio below 1 (0.08) · Loss before tax
criticalFunplays Norway ASNegative equity · Current ratio below 1 (0.12) · Loss before tax
criticalNesfjellet Alpin ASNegative equity · Current ratio below 1 (0.39) · Loss before tax
criticalSnø Oslo ASNegative equity · Current ratio below 1 (0.66) · Loss before tax
criticalRøa Badeland og Velvære ASNegative equity · Current ratio below 1 (0.25) · Loss before tax
criticalArena Midt-Norge ASNegative equity · Current ratio below 1 (0.43) · Loss before tax
criticalGneis Lilleaker ASNegative equity · Current ratio below 1 (0.44) · Loss before tax
criticalGrip Leangen ASNegative equity · Current ratio below 1 (0.14) · Loss before tax
criticalDirty Old Town Aktiesælskab ASNegative equity · Current ratio below 1 (0.23) · Loss before tax
criticalLofothallen ASNegative equity · Current ratio below 1 (0.44) · Loss before tax
criticalGeilolia ASNegative equity · Current ratio below 1 (0.98) · Loss before tax
criticalSalt Scene ASNegative equity · Current ratio below 1 (0.94) · Loss before tax
criticalPlayground Forus ASNegative equity · Current ratio below 1 (0.40) · Loss before tax

Sector map · 2025 · Morning class Small

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
Jonas Kinge Bergland AS	87.6%	90.5%	13 MNOK
Sala Music AS	27.5%	77.3%	31 MNOK
Yes Treningssenter AS	38.2%	65.3%	18 MNOK
Team Ingebrigtsen AS	46.2%	62.7%	10 MNOK
Stairs Music AS	42.1%	74.8%	26 MNOK
In the Park AS	92.0%	46.4%	31 MNOK
Kragerø Golf AS	15.5%	88.9%	24 MNOK
Skuespiller- og Danseralliansen AS	19.1%	71.0%	38 MNOK
Whale2sea AS	23.6%	52.1%	33 MNOK
Arne Brimi AS	15.0%	75.3%	17 MNOK
Atlungstad Golf AS	15.1%	81.3%	29 MNOK
Lindland Gård AS	31.4%	83.4%	11 MNOK
SPORT & Grønt AS	15.8%	45.1%	31 MNOK
Cirkus Agora AS	24.8%	76.6%	27 MNOK
Kunsthall Trondheim AS	13.4%	79.0%	10 MNOK
Sørfonden Slipp AS	17.7%	89.7%	12 MNOK
Sarpsborg Bowlingsenter AS	13.5%	75.6%	18 MNOK
Ryfylke Dampskibsselskab AS	14.5%	57.8%	16 MNOK
Solli Bowling Oslo AS	29.4%	64.5%	15 MNOK
Lerkendal Stadion AS	44.5%	45.0%	36 MNOK
Rush Trondheim AS	35.5%	54.5%	17 MNOK
Klatreverket AS	29.1%	61.9%	46 MNOK
Alan Walker AS	27.1%	89.3%	33 MNOK
Boombay AS	7.1%	63.8%	12 MNOK
Rush Stavanger Forus AS	17.6%	61.7%	20 MNOK
Træn AS	9.7%	62.7%	10 MNOK
Mefjord Brygge AS	6.8%	71.2%	34 MNOK
Lia Trening AS	10.0%	48.6%	11 MNOK
Løkka Lyd AS	6.2%	64.8%	15 MNOK
Experience Production AS	10.5%	74.2%	18 MNOK
Vitensenteret i Sogn og Fjordane AS	5.5%	73.9%	23 MNOK
Stangehallen Riksanlegg AS	4.6%	64.8%	18 MNOK
The Grapevine AS	10.3%	37.1%	12 MNOK
Rush Bergen Syd AS	16.5%	62.1%	20 MNOK
XT Oslo AS	9.7%	79.4%	25 MNOK
Brenneriveien Jazzhus AS	13.6%	47.6%	35 MNOK
JOY & CO AS	5.7%	43.4%	19 MNOK
Melahuset AS	0.5%	80.5%	17 MNOK
Rush Oslo 1 AS	24.2%	57.4%	17 MNOK
Nasjonalparkgården AS	6.0%	59.9%	15 MNOK
Chat Noir AS	10.3%	40.4%	33 MNOK
Metro Sandefjord AS	16.3%	70.6%	17 MNOK
Jhk AS	57.1%	23.7%	18 MNOK
OI! Trøndersk Mat og Drikke AS	3.7%	73.1%	24 MNOK
Tårnet Kulturarena AS	15.2%	63.1%	21 MNOK
Feel24 Vesterålen AS	37.6%	40.6%	26 MNOK
STRANDGATA 22. AS	9.1%	64.0%	11 MNOK
Kilstraumen Brygge AS	7.0%	46.0%	23 MNOK
Telemark Toto AS	4.2%	77.7%	13 MNOK
Audiolight AS	4.0%	63.5%	20 MNOK
LEVEL. AS	13.8%	38.7%	33 MNOK
Sagastad Drift AS	15.6%	23.0%	13 MNOK
Hellbillies AS	10.4%	98.9%	11 MNOK
ÁRRAN JULEVSÁME GUOVDÁSJ AS	16.5%	50.3%	21 MNOK
Rush Drammen AS	25.8%	33.9%	21 MNOK
Norway Adventures AS	10.8%	44.0%	19 MNOK
BRAGETEATRET - Regionteater for Buskerud AS	4.5%	60.1%	34 MNOK
Bald and Beautiful Productions AS	7.7%	47.1%	18 MNOK
Mjøsmuseet AS	6.8%	49.7%	29 MNOK
Stolt Trening AS	15.1%	43.9%	17 MNOK
FULL RULLE GOLF & Bowling AS	13.3%	30.2%	11 MNOK
Oslo Maraton AS	35.4%	21.2%	38 MNOK
Hønefoss Arena AS	21.8%	34.9%	11 MNOK
Opplev Tropisk AS	2.9%	56.6%	19 MNOK
Høyt og Lavt Klatreparker AS	5.5%	58.5%	13 MNOK
Espern AS	8.7%	47.8%	25 MNOK
Boost Trening AS	3.8%	61.3%	20 MNOK
2Entertain Norge AS	11.9%	27.6%	41 MNOK
Paradox Oslo AS	25.3%	48.9%	25 MNOK
Pstereo AS	2.6%	63.8%	30 MNOK
Rosendal Hamn AS	1.5%	89.0%	15 MNOK
Grottebadet AS	14.5%	42.8%	24 MNOK
Frisk3 Mosjøen AS	9.4%	39.4%	22 MNOK
Thalia AS	14.7%	26.9%	21 MNOK
Østfold Teater AS	5.9%	55.4%	29 MNOK
Myrens Nittedal AS	24.3%	20.6%	17 MNOK
Sprett Trampolinepark Askim AS	1.2%	92.8%	10 MNOK
Randsfjordmuseet AS	−0.4%	44.9%	22 MNOK
Jorekstad AS	12.0%	21.8%	30 MNOK
Nord-Troms Museum As/Davvi-Romssa Musea Os/Pohjais-Tromssan Museumi AS	0.2%	73.2%	10 MNOK
Kygo AS	25.3%	56.2%	24 MNOK
Altus Pulsus AS	20.3%	17.6%	27 MNOK
Halden Treningssenter AS	13.5%	33.8%	31 MNOK
Bjørneparken AS	−0.2%	70.1%	43 MNOK
Friendly Trening AS	6.1%	31.9%	16 MNOK
Better Moments AS	8.4%	28.6%	23 MNOK
Sense AS	1.7%	53.4%	15 MNOK
Aktiv og Ung AS	2.3%	33.7%	31 MNOK
Beaivvas Sami Nasunalateahter AS	4.9%	53.4%	48 MNOK
Ole Bull Scene AS	15.8%	17.2%	44 MNOK
3T Ranheim AS	9.9%	40.0%	12 MNOK
3T Byåsen AS	40.3%	8.1%	26 MNOK
Trollaktiv Drift AS	2.5%	66.1%	23 MNOK
Klippen Lydsystemer AS	6.4%	54.6%	17 MNOK
Vitensenter Nordland AS	0.6%	69.2%	20 MNOK
Galleri F 15 AS	−7.2%	82.8%	30 MNOK
Birken AS	7.6%	25.3%	46 MNOK
3T Melhus AS	13.1%	19.8%	10 MNOK
Axels Tivoli Park AS	71.3%	19.2%	24 MNOK
Fjordevents AS	17.5%	41.8%	22 MNOK
Sosolo AS	15.0%	34.4%	17 MNOK
Momarken Toto AS	9.6%	29.0%	13 MNOK
Hilux AS	7.5%	43.3%	22 MNOK
Spenst Førde AS	10.2%	21.6%	15 MNOK
Megazone Oslo AS	18.7%	24.6%	17 MNOK
Åkrafjorden Oppleving AS	8.1%	13.4%	15 MNOK
Grenland Friteater AS	−0.8%	44.0%	20 MNOK
Sami Siida AS	6.8%	2.2%	12 MNOK
Sentrum Scene AS	37.9%	0.9%	41 MNOK
Haugalandmuseet AS	−1.5%	43.9%	27 MNOK
Gudbrandsdalsmusea AS	4.2%	40.1%	16 MNOK
Eventi AS	3.7%	37.2%	34 MNOK
Det Vestnorske Teateret AS	10.3%	9.3%	48 MNOK
Harstad Kulturhus AS	0.6%	49.2%	26 MNOK
Lilleputthammer Lekeland AS	−5.9%	79.5%	17 MNOK
Wrightegaarden Langesund AS	0.2%	48.9%	33 MNOK
Casino Bingo AS	8.5%	15.2%	24 MNOK
Rush Bærum AS	24.9%	15.6%	25 MNOK
Totonor Eiendom AS	2.7%	48.5%	12 MNOK
Narvik Kulturhus AS	2.5%	38.5%	12 MNOK
Golf Management AS	8.1%	29.2%	27 MNOK
Oslo Reptilpark AS	23.3%	8.1%	12 MNOK
Haugesund Teater AS	−4.2%	45.0%	31 MNOK
Newslab AS	3.9%	37.1%	29 MNOK
Rush Hamar AS	0.1%	57.7%	10 MNOK
Vestkanten Opplevelser AS	−2.7%	44.6%	27 MNOK
Sjøbua Marina AS	6.9%	15.0%	13 MNOK
Bowling 1 Drammen AS	29.2%	3.8%	16 MNOK
Tromsø Villmarkssenter AS	7.6%	21.1%	47 MNOK
Avancia Sport Center Skedsmo AS	14.4%	4.8%	19 MNOK
Energihuset Treningssenter AS	21.6%	1.6%	18 MNOK
Lucky Bowl Group AS	6.6%	41.4%	14 MNOK
BERGEN KLATRESENTER - Fana AS	10.3%	17.7%	11 MNOK
Spenst Moss AS	15.7%	9.8%	15 MNOK
G MANAGEMENT & Productions AS	1.9%	44.0%	30 MNOK
Biri Trav AS	7.6%	19.8%	19 MNOK
Forus Trav AS	5.2%	15.8%	26 MNOK
Xxlofoten AS	9.4%	19.5%	41 MNOK
Svømmehallen Scene AS	1.8%	27.5%	14 MNOK
Norsk Tivolidrift AS	2.3%	18.3%	20 MNOK
Vega Scene AS	−0.5%	30.1%	44 MNOK
Lofoten Golfdrift AS	3.4%	29.1%	28 MNOK
Luger Norway AS	8.0%	8.0%	19 MNOK
Granvin Kulturhus AS	8.0%	16.6%	10 MNOK
3T Eiendom AS	8.1%	11.2%	12 MNOK
Grip Sluppen AS	7.1%	22.0%	18 MNOK
Teknobingo Stathelle AS	7.4%	6.6%	24 MNOK
Studio Nor AS	10.1%	8.5%	10 MNOK
Oslo Aktivitetssenter AS	21.7%	0.5%	26 MNOK
Jobbsprek Drift AS	7.0%	16.6%	43 MNOK
Opplevelsessenteret Østfoldbadet AS	9.0%	14.9%	47 MNOK
Bonseye AS	3.4%	29.8%	13 MNOK
Activeon AS	−60.0%	11.7%	20 MNOK
3T Solsiden AS	10.7%	2.2%	23 MNOK
Countryfestivalen AS	10.9%	6.6%	21 MNOK
Langevåg Bygdatun AS	−4.1%	52.7%	12 MNOK
3T Stjørdal AS	7.9%	10.2%	13 MNOK
Viva Bavaria AS	0.5%	17.3%	22 MNOK
Driv Trening AS	7.9%	1.4%	23 MNOK
Sprek Fritid Larvik AS	5.0%	18.3%	24 MNOK
Sprilt AS	1.1%	14.3%	20 MNOK
Mega Fun AS	−17.1%	73.4%	10 MNOK
Gautefall Skisenter AS	−2.8%	55.2%	35 MNOK
ÅSANE BOWLING & Eventsenter AS	8.4%	1.1%	11 MNOK
Skur 53 AS	6.5%	7.0%	41 MNOK
Pes Jessheim AS	12.3%	9.1%	20 MNOK
Bergen BY Expert AS	3.0%	9.1%	14 MNOK
Gjersjøen Golfbane AS	−0.6%	26.3%	12 MNOK
Sterk Helse og Trening Hasle AS	3.7%	−24.0%	17 MNOK
Oslo Klatresenter AS	1.2%	40.8%	41 MNOK
Volda Campus Arena AS	34.5%	−0.3%	10 MNOK
Rondaståk AS	5.4%	−28.1%	12 MNOK
Valdresmusea AS	0.3%	38.3%	26 MNOK
Borre Golfbane AS	16.4%	9.2%	10 MNOK
Jumpyard Snø AS	5.2%	−5.0%	26 MNOK
Fønix CC Stadion AS	−3.0%	45.5%	17 MNOK
Drammen Kulturhus AS	−0.6%	29.8%	11 MNOK
Ado Arena Drift AS	0.3%	17.8%	40 MNOK
Skyland Trampolinepark AS	8.8%	3.3%	11 MNOK
Oslo Kru AS	2.3%	0.1%	47 MNOK
Tigerstadsteatret AS	−1.2%	6.5%	12 MNOK
Uvdal Skisenter AS	4.1%	35.2%	14 MNOK
Blomsterkraft AS	4.8%	−110.7%	29 MNOK
Gjøvik Olympiske Anlegg AS	−1.9%	52.6%	23 MNOK
Bjerke Travbane AS	0.2%	35.7%	40 MNOK
Sørlandets Travpark AS	3.8%	14.9%	23 MNOK
Valdres Alpinsenter AS	7.0%	23.9%	17 MNOK
Moov AS	1.4%	−20.6%	12 MNOK
Aquarama Service AS	17.3%	0.4%	12 MNOK
Studio Jobbsprek ØP AS	−6.6%	14.1%	18 MNOK
Artistfellesskapet AS	0.2%	2.0%	45 MNOK
Etg AS	2.7%	1.9%	18 MNOK
Idrettssenteret AS	1.7%	1.2%	17 MNOK
Atlungstad Brenneri AS	−2.6%	24.2%	16 MNOK
Galleri Brandstrup AS	−4.8%	37.4%	11 MNOK
BERGEN TRENING & Helse AS	9.1%	−36.3%	19 MNOK
Høyt Under Taket Tønsberg AS	−0.4%	31.7%	11 MNOK
Bybadet AS	0.0%	17.0%	19 MNOK
Hov Gård AS	2.0%	4.8%	18 MNOK
Braatthallen AS	6.4%	2.8%	17 MNOK
P&P Installasjoner AS	−6.8%	29.3%	13 MNOK
Parkteatret Scene AS	1.3%	11.7%	20 MNOK
WL Event AS	0.1%	21.3%	13 MNOK
Drammen Skisenter AS	12.3%	15.9%	21 MNOK
Kok Oslo AS	0.1%	−8.3%	31 MNOK
Fiskepiren AS	2.4%	1.1%	32 MNOK
Nagelhus Schia Productions AS	0.6%	−1.4%	16 MNOK
Norsk Tindesenter AS	−3.7%	37.9%	13 MNOK
ÅS Fysioterapi og Treningssenter AS	1.7%	−1.2%	21 MNOK
Voss Active AS	−0.8%	8.7%	29 MNOK
Deadline Event AS	1.4%	−8.7%	14 MNOK
Christian Radich Drift AS	0.0%	1.1%	13 MNOK
Kilden Bowling AS	0.0%	−29.8%	14 MNOK
Tou Scene AS	2.1%	−2.4%	48 MNOK
Stein på Stein 1905 AS	−36.9%	33.3%	41 MNOK
Glød Explorer AS	−1.7%	15.6%	14 MNOK
Rosenborg Sport AS	−0.3%	5.9%	34 MNOK
World of Walker Continental AS	4.7%	−82.7%	27 MNOK
Arena Treningssenter AS	−1.2%	10.5%	15 MNOK
Terminalen Byscene AS	−9.0%	4.6%	25 MNOK
Tromsø Outdoor AS	−5.8%	12.2%	17 MNOK
Åsane Arena AS	0.0%	0.5%	31 MNOK
Byscenen Drift AS	−3.3%	1.8%	15 MNOK
Momentium Live AS	−15.2%	1.4%	46 MNOK
Sølvane Gard AS	−9.7%	−30.8%	11 MNOK
Strandafjellet Skisenter AS	7.1%	1.8%	22 MNOK
Øvrevoll Galopp AS	−0.2%	−0.1%	48 MNOK
Puls Langhus AS	−5.9%	−20.9%	13 MNOK
Nordmørsmusea AS	−2.5%	−10.6%	41 MNOK
Tromsø Alpinpark AS	−1.1%	7.6%	14 MNOK
Voss Resort Fjellheisar AS	−9.1%	1.6%	43 MNOK
Rush Haugesund AS	−8.5%	13.1%	10 MNOK
Snø Oslo AS	−99.2%	−11.8%	31 MNOK
Playground Forus AS	−20.6%	−104.0%	14 MNOK
Nesfjellet Alpin AS	−43.1%	−13.5%	34 MNOK
Gneis Lilleaker AS	−13.7%	−140.8%	22 MNOK
Verket Scener AS	−2.8%	−117.8%	11 MNOK
Jarlsberg Arena AS	−15.1%	14.0%	21 MNOK
BB Norway AS	−5.1%	7.8%	34 MNOK
Geilolia AS	−6.4%	−31.8%	15 MNOK
Lofothallen AS	−2.2%	−41.5%	16 MNOK
Salt Scene AS	−43.7%	−5.9%	15 MNOK
Arena Midt-Norge AS	2.3%	−83.4%	24 MNOK
Batteri AS	−0.9%	−121.8%	11 MNOK
Grip Leangen AS	−19.7%	−321.2%	21 MNOK
Vassfjellet Vinterpark AS	−2.9%	−23.4%	38 MNOK
Dirty Old Town Aktiesælskab AS	−5.8%	−278.3%	18 MNOK
Truestory AS	−25.7%	−472.5%	11 MNOK
Røa Badeland og Velvære AS	−89.2%	−168.4%	26 MNOK
Funplays Norway AS	−16.0%	−19.0%	36 MNOK
Max Spill AS	−36.7%	−260.9%	39 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	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))

Latest value: 104.0 (2026M09)

Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 0.8 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%	3.9%	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 0.8 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%	3.9%	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)

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