6 companies ranked against comparable companies in four Morning company classes. Fiscal year 2026. Source: Brønnøysund Register Centre. Methodology
Ranking · 2026 · Morning class Large
Too few companies in this class (2, at least 10 needed) for a ranking of its own. They are compared with the whole sector.
| # | Company | Score | Change |
|---|---|---|---|
| 1 | CERMAQ NORWAY SALMON AS | 36 | −29 |
| 2 | CERMAQ NORWAY ASsubsidiary of CERMAQ GROUP AS | 35 | −15 |
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
- CERMAQ NORWAY SALMON AS−29
From 2025 to 2026: the equity ratio fell from 72.7% to 14.0% and the operating margin rose from 5.1% to 17.4%.
- CERMAQ NORWAY AS−15
From 2025 to 2026: the equity ratio rose from 27.4% to 34.2%.
Top lists in the sector · 2026 · Morning class Large
Combined profit before tax for the 2 ranked companies: 1,947 MNOK.
Highest revenue
- CERMAQ NORWAY SALMON AS 7,695 MNOK
- CERMAQ NORWAY ASsubsidiary of CERMAQ GROUP AS 6,702 MNOK
Operating revenue.
Highest operating margin
- CERMAQ NORWAY SALMON AS 17.4%
- CERMAQ NORWAY ASsubsidiary of CERMAQ GROUP AS 12.3%
Operating result divided by operating revenue.
Largest profit
- CERMAQ NORWAY SALMON AS 1,180 MNOK
- CERMAQ NORWAY ASsubsidiary of CERMAQ GROUP AS 767 MNOK
Profit before tax.
Largest loss
No company meets the requirement this year.
Profit before tax, the largest negative.
Most solid
- CERMAQ NORWAY ASsubsidiary of CERMAQ GROUP AS 34.2%
- CERMAQ NORWAY SALMON AS 14.0%
Equity ratio: equity divided by total assets.
Fastest growth
- CERMAQ NORWAY ASsubsidiary of CERMAQ GROUP AS +4.0%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
- CERMAQ NORWAY SALMON AS −6.4%
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
- CERMAQ NORWAY SALMON AS −28.9 points
- CERMAQ NORWAY ASsubsidiary of CERMAQ GROUP AS −15.5 points
Change in index points from the year before.
Most employees
- CERMAQ NORWAY ASsubsidiary of CERMAQ GROUP AS 1,254
- CERMAQ NORWAY SALMON AS 17
Employees according to the Central Coordinating Register.
Highest revenue per employee
- CERMAQ NORWAY SALMON AS 452.6 MNOK
- CERMAQ NORWAY ASsubsidiary of CERMAQ GROUP AS 5.3 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 · 2026 · 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.
Too few ranked companies to draw the map.
Summary · fiscal year 2026 · Morning class Large
The sector's median operating margin is 14.8%. 0 of 2 companies have negative equity. The median equity ratio is 24.1%.
All figures are for fiscal year 2026. Ranked: 2 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 2025 to 2026, for 2 companies ranked in both years.
Climbers
- 57CERMAQ NORWAY ASfrom rank 59 to 235
- 18CERMAQ NORWAY SALMON ASfrom rank 19 to 136
Fallers
None.
Awards · 2026 · Morning class Large
Needs attention · 2026 · Morning class Large
2 companies show at least one warning sign. Showing the 2 most important.
- watchCERMAQ NORWAY SALMON ASCurrent ratio below 1 (0.85)
- watchCERMAQ NORWAY ASCurrent ratio below 1 (0.63)
Sector map · 2026 · Morning class Large
Too few ranked companies to draw the map.
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 |