18 companies ranked against comparable companies in four Morning company classes. Fiscal year 2022. Source: Brønnøysund Register Centre. Methodology
Ranking · 2022 · Morning class Medium
Too few companies in this class (5, at least 10 needed) for a ranking of its own. They are compared with the whole sector.
| # | Company | Score | Change |
|---|---|---|---|
| 1 | BERLE FISK AS | 64 | – |
| 2 | SKJÅNESBRUKET AS | 54 | – |
| 3 | LYDER FISK AS | 52 | – |
| 4 | BABORD SEAFOOD AS | 34 | – |
| 5 | VESTERÅLEN HAVBRUK PRODUKSJONSLAG AS | 5 | – |
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
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 · 2022 · Morning class Medium
Combined profit before tax for the 5 ranked companies: −59 MNOK.
Highest revenue
- BABORD SEAFOOD AS 394 MNOK
- SKJÅNESBRUKET AS 283 MNOK
- LYDER FISK AS 253 MNOK
- VESTERÅLEN HAVBRUK PRODUKSJONSLAG AS 134 MNOK
- BERLE FISK AS 72 MNOK
Operating revenue.
Highest operating margin
- SKJÅNESBRUKET AS 1.1%
- BERLE FISK AS 0.3%
- LYDER FISK AS −1.3%
- BABORD SEAFOOD AS −7.9%
- VESTERÅLEN HAVBRUK PRODUKSJONSLAG AS −12.8%
Operating result divided by operating revenue.
Largest profit
- SKJÅNESBRUKET AS 3 MNOK
Profit before tax.
Largest loss
- BABORD SEAFOOD AS −37 MNOK
- VESTERÅLEN HAVBRUK PRODUKSJONSLAG AS −19 MNOK
- LYDER FISK AS −6 MNOK
- BERLE FISK AS 0 MNOK
Profit before tax, the largest negative.
Most solid
- BERLE FISK AS 51.3%
- BABORD SEAFOOD AS 26.1%
- LYDER FISK AS 17.0%
- SKJÅNESBRUKET AS 8.4%
- VESTERÅLEN HAVBRUK PRODUKSJONSLAG AS −27.5%
Equity ratio: equity divided by total assets.
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.
Most employees
Employees according to the Central Coordinating Register.
Highest revenue per employee
- BABORD SEAFOOD AS 30.3 MNOK
- LYDER FISK AS 14.9 MNOK
- SKJÅNESBRUKET AS 11.3 MNOK
- VESTERÅLEN HAVBRUK PRODUKSJONSLAG AS 7.5 MNOK
Only companies with at least 5 employees.
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 · 2022 · 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.
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 |
|---|---|---|---|
| SKJÅNESBRUKET AS | Cheetah | 62 | 25 |
| BERLE FISK AS | Lion | 53 | 86 |
| LYDER FISK AS | Beaver | 47 | 39 |
| BABORD SEAFOOD AS | Beaver | 18 | 46 |
| VESTERÅLEN HAVBRUK PRODUKSJONSLAG AS | Beaver | 9 | 0 |
Summary · fiscal year 2022 · Morning class Medium
The sector's median operating margin is −1.3%. 1 of 5 companies have negative equity. The median equity ratio is 17.0%.
All figures are for fiscal year 2022. 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 Medium
Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.
Awards · 2022 · Morning class Medium
Needs attention · 2022 · Morning class Medium
5 companies show at least one warning sign. Showing the 5 most important.
- criticalVESTERÅLEN HAVBRUK PRODUKSJONSLAG ASNegative equity · Current ratio below 1 (0.22) · Loss before tax
- watchBABORD SEAFOOD ASCurrent ratio below 1 (0.69) · Loss before tax
- watchLYDER FISK ASCurrent ratio below 1 (0.75) · Loss before tax
- watchBERLE FISK ASCurrent ratio below 1 (0.37) · Loss before tax
- watchSKJÅNESBRUKET ASVery low equity ratio (8.4%)
Sector map · 2022 · 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 |
|---|---|---|---|
| BERLE FISK AS | 0.3% | 51.3% | 72 MNOK |
| SKJÅNESBRUKET AS | 1.1% | 8.4% | 283 MNOK |
| LYDER FISK AS | −1.3% | 17.0% | 253 MNOK |
| BABORD SEAFOOD AS | −7.9% | 26.1% | 394 MNOK |
| VESTERÅLEN HAVBRUK PRODUKSJONSLAG AS | −12.8% | −27.5% | 134 MNOK |
Scenario analysis: the sector's weakest year
The sector's weakest year was 2022, with a median operating margin of −0.5%.
Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2017 | – | – |
| 2018 | – | – |
| 2019 | – | – |
| 2020 | – | – |
| 2021 | – | – |
| 2022 · weakest year | −0.5% | 21.6% |
| 2023 | 12.3% | 33.8% |
| 2024 | 8.7% | 33.3% |
| 2025 | 12.4% | 34.0% |
| 2026 | 13.8% | 67.6% |
In 2022, 5 ranked companies did better than the sector, 4 about the same and 9 weaker.
Held up best in 2022
- 1ØYTIND ASequity ratio 92.5%53.2%
- 2BR. OLAFSEN KYSTFISKE ASequity ratio 35.9%44.9%
- 3L. FISKHOLMEN ASequity ratio 54.2%20.2%
- 4NORDKYN EIENDOM ASequity ratio 14.7%11.1%
- 5SKJÅNESBRUKET ASequity ratio 8.4%1.1%
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.
Export price of fresh salmon (kr per kg)
Export price of fresh salmon fell 13.4% in 2025; the sector's median operating margin rose 3.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Export price of fresh salmon, annual average | 59.2 | 80.8 | 95.2 | 94.4 | 81.8 | 78.8 (so far) |
| Change from the year before | +3.0% | +36.3% | +17.9% | −0.8% | −13.4% | −3.6% |
| Sector's median operating margin | – | −0.5% | 12.3% | 8.7% | 12.4% | 13.8% |
Source: SSB (03024, CC BY 4.0). Source · fetched 1 November 2026
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the sector's median operating margin rose 3.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| Sector's median operating margin | – | −0.5% | 12.3% | 8.7% | 12.4% | 13.8% |
Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 1 November 2026
When export price of fresh salmon fell in 2025, 1,280 of 2,142 ranked companies kept their operating margin at or above the year before. Among the largest: VIKENCO AS (6.3% → 7.0%), BRØDRENE SPERRE AS (4.6% → 5.1%), NORDLAKS OPPDRETT AS (6.7% → 7.2%), LERØY VEST SJØ AS (−6.3% → −4.9%), SINKABERG DRIFT AS (10.0% → 11.3%).
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
- 416
- −1.2% from 2023
- Persons employed · 2023
- 12,035
- Turnover · 2023
- NOK 108.6 bn
- Gross operating margin · 2023
- 5.7%
- Gross operating surplus divided by turnover
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. The table has no figures for 03.
Bankruptcies in the industry
27 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −28.9% against the four quarters before (38).
Foreign-controlled enterprises · 2024
- Share of enterprises
- 2.7%
- Share of persons employed
- 10.6%
- Share of turnover
- 20.6%
SSB publishes this for groups of industries only. The figures are for the group “Nærings-, drikkevare- og tobakksindustri”.
Export price · Fersk oppalen laks
76.0 NOK per kg · 2026U43
−2.8% against 2025U43.
Weekly, 2024U43 to 2026U43.
Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 03024. 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
- HERMANN EXPORT AS 985025274 Voluntary liquidation · 31 October 2026
- SHELLFISH NORWAY AS 916743912 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- VIKAFISK AS 980824926 Voluntary liquidation · 30 October 2026 · 19 MNOK (2025)
- TEIS AS 824852472 Voluntary liquidation · 29 October 2026 · 1 MNOK (2025)
- KVALSUND FISK AS 999042767 Voluntary liquidation · 28 October 2026 · 0 MNOK (2025)
- NORDVIK FISKEOPPDRETT AS 983459730 Voluntary liquidation · 28 October 2026
- ANTONSEN KYSTFISKE AS 921559283 Voluntary liquidation · 23 October 2026 · 0 MNOK (2025)
- S.J. INVEST AS 989199668 Voluntary liquidation · 21 October 2026
Industry codes (NACE)
| Code | Description |
|---|---|
| 03* | Hele hovedgruppe 03 |
| 03.110 | Fiske og fangst i sjø |
| 03.120 | Fiske og fangst i ferskvann |
| 03.211 | Produksjon av fisk, bløtdyr, krepsdyr og pigghuder i sjø og brakkvann |
| 03.212 | Produksjon av yngel og settefisk i sjø og brakkvann |
| 03.221 | Produksjon av fisk, bløtdyr, krepsdyr og andre dyr som lever i ferskvann |
| 03.222 | Produksjon av yngel og settefisk i ferskvann |
| 03.300 | Tjenester tilknyttet fiske, fangst og akvakultur |
| 10.201 | Produksjon av saltfisk, tørrfisk og klippfisk |
| 10.202 | Slakting av fisk, skalldyr og bløtdyr |
| 10.203 | Frysing og videre bearbeiding av fisk, skalldyr og bløtdyr |