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 Large

Too few companies in this class (8, at least 10 needed) for a ranking of its own. They are compared with the whole sector.

Morning class Large · 2025
#	Company	Profile	Score	Change
1	Sats Vest AS	Leader	72	+1
2	Sporty Norge AS	Leader	66	−10
3	Skistar Norge AS	Leader	66	−2
4	Mova AS	Leader	63	+13
5	Sats Norway AS	Leader	59	+8
6	Norsk Tipping AS	Sprinter	52	0
7	Kristiansand Dyrepark AS	Sprinter	51	+5
8	DEN NORSKE OPERA & Ballett AS	Builder	32	−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 Large

Sats Norway AS
From 2024 to 2025: the operating margin rose from 20.8% to 23.3% and the equity ratio rose from 35.3% to 41.1%.
+8
DEN NORSKE OPERA & Ballett AS
From 2024 to 2025: the equity ratio rose from −54.3% to −22.3% and the operating margin fell from 2.1% to −1.6%.
−7
Skistar Norge AS
From 2024 to 2025: the equity ratio rose from 54.7% to 73.3%.
−2
Norsk Tipping AS
No large changes in the key figures from 2024 to 2025.
0

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 Large

The five largest companies account for 98% of the sector's revenue. Combined profit before tax for the 8 ranked companies: 8,715 MNOK.

Size

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

Highest revenue

Norsk Tipping AS 57,581 MNOK
Sats Norway AS 1,617 MNOK
Skistar Norge AS 1,591 MNOK
DEN NORSKE OPERA & Ballett AS 977 MNOK
Sporty Norge AS 569 MNOK

Operating revenue.

Most employees

Sats Norway AS 3,850
Sats Vest AS 1,705
Sporty Norge AS 1,430
Mova AS 1,419
DEN NORSKE OPERA & Ballett AS 776

Employees according to the Central Coordinating Register.

Highest revenue per employee

Norsk Tipping AS 124.4 MNOK
Skistar Norge AS 3.6 MNOK
DEN NORSKE OPERA & Ballett AS 1.3 MNOK
Kristiansand Dyrepark AS 0.8 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

Sats Vest AS 31.5%
Sporty Norge AS 24.0%
Sats Norway AS 23.3%
Skistar Norge AS 17.8%
Kristiansand Dyrepark AS 15.5%

Operating result divided by operating revenue.

Largest profit

Norsk Tipping AS 7,692 MNOK
Sats Norway AS 306 MNOK
Skistar Norge AS 291 MNOK
Sats Vest AS 166 MNOK
Sporty Norge AS 140 MNOK

Profit before tax.

Largest loss

No company meets the requirement this year.

Profit before tax, the largest negative.

Most solid

Skistar Norge AS 73.3%
Sats Vest AS 52.6%
Mova AS 49.8%
Sats Norway AS 41.1%
Sporty Norge AS 41.0%

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

Sporty Norge AS +44.1%
Mova AS +23.7%
Kristiansand Dyrepark AS +13.9%
Sats Norway AS +10.5%
Sats Vest AS +10.5%

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

Sats Norway AS +7.3 points
Norsk Tipping AS +0.1 points

Change in index points from the year before.

Biggest fallers

DEN NORSKE OPERA & Ballett AS −6.8 points
Skistar Norge AS −1.9 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 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. Dashed lines show where the 4 companies that moved most stood in 2024 (small ring).

DEN NORSKE OPERA & Ballett AS profitability 47 → 27, solidity 0 → 0
Skistar Norge AS profitability 75 → 76, solidity 69 → 85
Sats Norway AS profitability 71 → 73, solidity 48 → 54
Norsk Tipping AS profitability 87 → 85, solidity 15 → 14

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)
Norsk Tipping AS	Cheetah	85	14	87 / 15
Sporty Norge AS	Lion	84	53	–
Sats Vest AS	Lion	78	66	–
Skistar Norge AS	Lion	76	85	75 / 69
Kristiansand Dyrepark AS	Cheetah	74	31	–
Sats Norway AS	Lion	73	54	71 / 48
Mova AS	Lion	63	64	–
DEN NORSKE OPERA & Ballett AS	Beaver	27	0	47 / 0

The sector in numbers

Summary · fiscal year 2025 · Morning class Large

The sector's median operating margin is 16.7%. 1 of 8 companies have negative equity. The median equity ratio is 41.1%.

Companies with accounts8

Total revenue63,919 MNOK

Median operating margin16.7%

Median equity ratio41.1%

Share with a loss0%

Share with negative equity12%

All figures are for fiscal year 2025. Ranked: 8 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 Large

Change in rank from 2024 to 2025, for 4 companies ranked in both years.

Climbers

None.

Fallers

4Norsk Tipping ASfrom rank 2 to 652
3DEN NORSKE OPERA & Ballett ASfrom rank 5 to 832
2Skistar Norge ASfrom rank 1 to 366
2Sats Norway ASfrom rank 3 to 559

Awards · 2025 · Morning class Large

Most profitableSats Vest AS31.5%

Fastest growthSporty Norge AS44.1%

Strongest balance sheetSkistar Norge AS73.3%

Largest revenueNorsk Tipping AS57,581 MNOK

Highest revenue per employeeNorsk Tipping AS124.4 MNOK

Needs attention · 2025 · Morning class Large

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

criticalDEN NORSKE OPERA & Ballett ASNegative equity
watchNorsk Tipping ASVery low equity ratio (4.5%)
watchSats Norway ASCurrent ratio below 1 (0.92)
watchSkistar Norge ASCurrent ratio below 1 (0.54)
watchKristiansand Dyrepark ASCurrent ratio below 1 (0.35)

Sector map · 2025 · 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
Sats Vest AS	31.5%	52.6%	538 MNOK
Sporty Norge AS	24.0%	41.0%	569 MNOK
Skistar Norge AS	17.8%	73.3%	1,591 MNOK
Mova AS	9.5%	49.8%	516 MNOK
Sats Norway AS	23.3%	41.1%	1,617 MNOK
Norsk Tipping AS	12.9%	4.5%	57,581 MNOK
Kristiansand Dyrepark AS	15.5%	18.8%	530 MNOK
DEN NORSKE OPERA & Ballett AS	−1.6%	−22.3%	977 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