Transport og lagring
FollowDownload sector report (PDF)1,189 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. Source: Brønnøysund Register Centre. Methodology
Ranking · 2024 · Morning class Large
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
- Unibuss AS+47
From 2023 to 2024: the operating margin rose from −27.0% to 4.8% and the equity ratio rose from −4.3% to 18.0%.
- Widerøe's Flyveselskap AS+36
From 2023 to 2024: went from a loss to a profit before tax and the operating margin rose from −1.9% to 5.2%.
- Wilhelmsen Ships Service AS−32
From 2023 to 2024: the equity ratio fell from 36.1% to 7.4% and the operating margin fell from 11.8% to 5.2%.
- Helthjem Netthandel AS+31
From 2023 to 2024: went from a loss to a profit before tax and revenue grew by 45%.
Top lists in the sector · 2024 · Morning class Large
The five largest companies account for 38% of the sector's revenue. Combined profit before tax for the 66 ranked companies: 1,082 MNOK.
Highest revenue
- Norwegian Air Shuttle Aoc ASsubsidiary of Norwegian Air Shuttle ASA 14,864 MNOK
- Posten Bring AS 14,034 MNOK
- Avinor AS 10,877 MNOK
- Vygruppen AS 7,200 MNOK
- Widerøe's Flyveselskap ASsubsidiary of Widerøe AS 6,498 MNOK
Operating revenue.
Highest operating margin
- Norwegian Air Shuttle ASA 140.8%
- Clarksons Norway AS 33.2%
- LKAB Norge AS 10.8%
- Norsea Logistics AS 9.8%
- Avinor AS 9.1%
Operating result divided by operating revenue.
Largest profit
- Norwegian Air Shuttle ASA 1,663 MNOK
- Wilhelmsen Ships Service AS 418 MNOK
- Clarksons Norway AS 391 MNOK
- Widerøe's Flyveselskap ASsubsidiary of Widerøe AS 266 MNOK
- Avinor AS 216 MNOK
Profit before tax.
Largest loss
- Norse Atlantic Airways AS −746 MNOK
- Norwegian Air AS −734 MNOK
- Norwegian Air Shuttle Aoc ASsubsidiary of Norwegian Air Shuttle ASA −678 MNOK
- Go-Ahead Norge AS −248 MNOK
- Postnord AS −245 MNOK
Profit before tax, the largest negative.
Most solid
- Sos Veihjelp AS 78.9%
- VY Tog ASsubsidiary of Vygruppen AS 66.6%
- Höegh Evi AS 61.5%
- Norsea Logistics AS 59.0%
- Bring Cargo AS 52.4%
Equity ratio: equity divided by total assets.
Fastest growth
- Tide Horisont AS +1,069.5%
- Posten Bring Bildrift AS +185.9%
- Helthjem Distribusjon Vest AS +104.0%
- Ccb AS +97.6%
- Helthjem Netthandel AS +44.8%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
- Norwegian Air AS −41.8%
- Go-Ahead Norge AS −36.1%
- Air Cargo Logistics AS −9.2%
- Sporveien Trikken AS −5.2%
- Dsv Road AS −2.8%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- Unibuss ASsubsidiary of Sporveien AS +46.7 points
- Widerøe's Flyveselskap ASsubsidiary of Widerøe AS +36.7 points
- Norwegian Air Shuttle ASA +31.1 points
- Helthjem Netthandel AS +30.6 points
- Cargonet ASsubsidiary of Vygruppen AS +21.1 points
Change in index points from the year before.
Biggest fallers
- Wilhelmsen Ships Service AS −31.9 points
- Norwegian Air AS −25.6 points
- Thermo-Transit Norge AS −25.4 points
- Posten Bring Bildrift AS −23.9 points
- Connect Bus Norge AS −21.2 points
Change in index points from the year before.
Most employees
- Posten Bring AS 10,033
- Tide Buss AS 3,859
- Connect Bus Norge AS 2,553
- Avinor AS 2,548
- Vygruppen AS 2,485
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Air Cargo Logistics AS 24.1 MNOK
- Wilhelmsen Ships Service AS 18.9 MNOK
- KUEHNE + Nagel AS 17.6 MNOK
- Thermo-Transit Norge AS 16.6 MNOK
- Bring Intermodal AS 14.8 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 · 2024 · 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 5 companies that moved most stood in 2023 (small ring).
- Norwegian Air AS profitability 90 → 14, solidity 68 → 87
- Posten Bring Bildrift AS profitability 63 → 65, solidity 81 → 4
- Unibuss AS profitability 3 → 63, solidity 0 → 42
- Norwegian Air Shuttle ASA profitability 12 → 80, solidity 84 → 88
- Wilhelmsen Ships Service AS profitability 88 → 70, solidity 77 → 12
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 |
|---|---|---|---|
| Boreal Travel AS | Beaver | 29 | 32 |
| Connect Bus Norge AS | Elephant | 27 | 72 |
| Thermo-Transit Norge AS | Elephant | 25 | 54 |
| Redgo Norway AS | Elephant | 22 | 71 |
| Nobina AS | Elephant | 21 | 78 |
| Oslo Taxi AS | Beaver | 21 | 49 |
| SAS Ground Handling Norway AS | Beaver | 20 | 26 |
| Widerøe Ground Handling AS | Beaver | 16 | 39 |
| Integra Leasing AS | Beaver | 16 | 43 |
| Sporveien Trikken AS | Beaver | 16 | 38 |
| Norwegian Air AS | Elephant | 14 | 87 |
| Postnord AS | Beaver | 12 | 45 |
| Chc Helikopter Service AS | Beaver | 11 | 48 |
| Sporveien T-Banen AS | Beaver | 11 | 17 |
| Norse Atlantic Airways AS | Beaver | 10 | 0 |
| Bring Warehousing AS | Elephant | 9 | 62 |
| Boreal Buss AS | Beaver | 7 | 28 |
| Bring Home Delivery Norge AS | Beaver | 6 | 22 |
| Nor Lines Norway AS | Beaver | 4 | 10 |
| Cargonet AS | Elephant | 4 | 75 |
| Go-Ahead Norge AS | Beaver | 0 | 0 |
Summary · fiscal year 2024 · Morning class Large
The sector's median operating margin is 1.6%. 2 of 71 companies have negative equity. The median equity ratio is 21.4%.
All figures are for fiscal year 2024. Ranked: 71 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
The total counts each group once: 5 subsidiaries (12,956 MNOK in revenue) are left out of totals and size lists because their parent in the sector has at least as much revenue, so their sales can run through the parent. They are ranked as usual. Methodology
- 1 company reports in another currency. Its revenue is converted at the mean rate for the accounting period and makes up 3% of the total.
Climbers and fallers · Morning class Large
Change in rank from 2023 to 2024, for 58 companies ranked in both years.
Climbers
- 33Widerøe's Flyveselskap ASfrom rank 52 to 1961
- 29Norwegian Air Shuttle ASAfrom rank 37 to 874
- 24Unibuss ASfrom rank 57 to 3352
- 17DSV AIR & Sea ASfrom rank 29 to 1271
- 14DHL GLOBAL FORWARDING (NORWAY) ASfrom rank 19 to 578
Fallers
- 34Wilhelmsen Ships Service ASfrom rank 7 to 4145
- 32Thermo-Transit Norge ASfrom rank 10 to 4245
- 29Posten Bring ASfrom rank 31 to 6031
- 28Norwegian Air ASfrom rank 24 to 5234
- 24Posten Bring Bildrift ASfrom rank 8 to 3253
Awards · 2024 · Morning class Large
Needs attention · 2024 · Morning class Large
41 companies show at least one warning sign. Showing the 15 most important.
- criticalNorse Atlantic Airways ASNegative equity · Current ratio below 1 (0.49) · Loss before tax
- criticalGo-Ahead Norge ASNegative equity · Current ratio below 1 (0.45) · Loss before tax
- watchNorwegian Air Shuttle Aoc ASVery low equity ratio (4.1%) · Loss before tax
- watchPosten Bring ASCurrent ratio below 1 (0.97) · Loss before tax
- watchVY Buss ASCurrent ratio below 1 (0.64) · Loss before tax
- watchPostnord ASCurrent ratio below 1 (0.73) · Loss before tax
- watchKUEHNE + Nagel ASVery low equity ratio (3.1%) · Current ratio below 1 (0.92)
- watchNorwegian Air ASCurrent ratio below 1 (0.23) · Loss before tax
- watchConnect Bus Norge ASCurrent ratio below 1 (0.86) · Loss before tax
- watchSporveien T-Banen ASCurrent ratio below 1 (0.69) · Loss before tax
- watchOnepark ASVery low equity ratio (9.9%) · Current ratio below 1 (0.72)
- watchBoreal Buss ASCurrent ratio below 1 (0.92) · Loss before tax
- watchSporveien Trikken ASCurrent ratio below 1 (0.78) · Loss before tax
- watchNor Lines Norway ASVery low equity ratio (7.0%) · Loss before tax
- watchAvinor ASCurrent ratio below 1 (0.82)
Sector map · 2024 · 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 |
|---|---|---|---|
| Höegh Evi AS | 5.3% | 61.5% | 504 MNOK |
| Norsea Logistics AS | 9.8% | 59.0% | 1,223 MNOK |
| Bring Cargo AS | 6.6% | 52.4% | 1,315 MNOK |
| Sos Veihjelp AS | 3.2% | 78.9% | 519 MNOK |
| DHL GLOBAL FORWARDING (NORWAY) AS | 2.3% | 46.6% | 1,121 MNOK |
| Jas Worldwide Norway AS | 0.8% | 51.6% | 1,624 MNOK |
| DHL EXPRESS (NORWAY) AS | 5.6% | 41.0% | 1,489 MNOK |
| Norwegian Air Shuttle ASA | 140.8% | 43.9% | 932 MNOK |
| B.H. Ramberg AS | 3.0% | 43.9% | 634 MNOK |
| Axess Logistics AS | 6.4% | 43.3% | 847 MNOK |
| Aimo Park Norway AS | 4.6% | 30.1% | 816 MNOK |
| DSV AIR & Sea AS | 4.7% | 26.9% | 1,989 MNOK |
| Ccb AS | 8.3% | 20.7% | 1,710 MNOK |
| Trønder Taxi AS | 3.5% | 25.1% | 970 MNOK |
| Bring Intermodal AS | 3.0% | 42.7% | 920 MNOK |
| LKAB Norge AS | 10.8% | 35.7% | 1,019 MNOK |
| VY Tog AS | 0.2% | 66.6% | 1,190 MNOK |
| Clarksons Norway AS | 33.2% | 33.7% | 889 MNOK |
| Widerøe's Flyveselskap AS | 5.2% | 23.7% | 6,498 MNOK |
| Flytoget AS | 6.4% | 50.9% | 1,019 MNOK |
| Veøy AS | 3.0% | 40.0% | 735 MNOK |
| Kingsrød Transport AS | 1.6% | 29.1% | 648 MNOK |
| Asco Norge AS | 1.2% | 25.3% | 836 MNOK |
| Redgo Norway AS | −1.3% | 35.3% | 580 MNOK |
| Sporveien AS | 6.9% | 37.5% | 2,019 MNOK |
| Avinor Flysikring AS | −0.7% | 24.4% | 2,388 MNOK |
| Sr Group AS | 2.7% | 22.3% | 686 MNOK |
| UPS Norway AS | 4.3% | 13.9% | 723 MNOK |
| Avinor AS | 9.1% | 28.7% | 10,877 MNOK |
| Vygruppen AS | 5.5% | 25.6% | 7,200 MNOK |
| FREJA TRANSPORT & Logistics AS | 6.9% | 16.1% | 877 MNOK |
| Posten Bring Bildrift AS | 3.0% | 3.3% | 1,446 MNOK |
| Unibuss AS | 4.8% | 18.0% | 1,940 MNOK |
| Nor-Log AS | 1.7% | 21.8% | 2,060 MNOK |
| Bristow Norway AS | 0.2% | 14.6% | 2,916 MNOK |
| Tide Horisont AS | 5.1% | 11.1% | 584 MNOK |
| Helthjem Distribusjon Vest AS | 0.4% | 17.9% | 771 MNOK |
| Onepark AS | 2.8% | 9.9% | 1,757 MNOK |
| Bring Warehousing AS | −6.6% | 26.2% | 529 MNOK |
| Helthjem Netthandel AS | 1.5% | 10.7% | 979 MNOK |
| Wilhelmsen Ships Service AS | 5.2% | 7.4% | 3,028 MNOK |
| Thermo-Transit Norge AS | −0.9% | 22.6% | 1,730 MNOK |
| Nobina AS | −1.6% | 38.6% | 1,539 MNOK |
| Oslo Taxi AS | −1.4% | 21.4% | 539 MNOK |
| Connect Bus Norge AS | −0.7% | 35.7% | 2,409 MNOK |
| Dsv Road AS | 0.4% | 17.5% | 1,525 MNOK |
| Tide Buss AS | 1.6% | 16.1% | 3,564 MNOK |
| Foodora Norway AS | −0.1% | 6.9% | 972 MNOK |
| Cargonet AS | −17.9% | 36.4% | 1,306 MNOK |
| Air Cargo Logistics AS | 0.3% | 12.5% | 1,060 MNOK |
| Apcoa Norway AS | 2.3% | 12.4% | 1,286 MNOK |
| Norwegian Air AS | −34.2% | 43.9% | 2,576 MNOK |
| Bring Home Delivery Norge AS | −9.7% | 13.0% | 580 MNOK |
| Chc Helikopter Service AS | −5.1% | 21.3% | 2,324 MNOK |
| Widerøe Ground Handling AS | −3.2% | 17.9% | 1,390 MNOK |
| VY Buss AS | 2.2% | 17.0% | 6,131 MNOK |
| KUEHNE + Nagel AS | 2.3% | 3.1% | 3,614 MNOK |
| Norwegian Air Shuttle Aoc AS | 0.8% | 4.1% | 14,864 MNOK |
| Boreal Travel AS | −0.6% | 16.8% | 615 MNOK |
| Posten Bring AS | −0.1% | 17.7% | 14,034 MNOK |
| SAS Ground Handling Norway AS | −1.4% | 14.8% | 1,242 MNOK |
| SJ Norge AS | 0.9% | 0.5% | 1,849 MNOK |
| Collicare Distribution AS | 0.9% | 3.8% | 1,001 MNOK |
| Integra Leasing AS | −4.1% | 19.1% | 780 MNOK |
| Postnord AS | −3.8% | 20.3% | 4,954 MNOK |
| Nor Lines Norway AS | −12.1% | 7.0% | 748 MNOK |
| Sporveien Trikken AS | −2.4% | 17.9% | 1,221 MNOK |
| Sporveien T-Banen AS | −3.4% | 11.6% | 2,408 MNOK |
| Norse Atlantic Airways AS | −13.5% | −38.2% | 3,637 MNOK |
| Boreal Buss AS | −13.0% | 15.6% | 1,255 MNOK |
| Go-Ahead Norge AS | −41.9% | −443.5% | 575 MNOK |
Scenario analysis: the sector's weakest year
The sector's weakest year was 2026, with a median operating margin of 0.2%.
Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2019 | – | – |
| 2020 | – | – |
| 2021 | – | – |
| 2022 | 5.5% | 17.7% |
| 2023 | 4.3% | 32.9% |
| 2024 | 4.2% | 32.2% |
| 2025 | 4.0% | 31.4% |
| 2026 · weakest year | 0.2% | 19.3% |
In 2026, 3 ranked companies did better than the sector, 0 about the same and 3 weaker.
Held up best in 2026
- 1Circle K Transport ASequity ratio 18.4%4.7%
- 2Aimo Park Norway ASequity ratio 20.3%4.1%
- 3FREJA TRANSPORT & Logistics ASequity ratio 21.1%4.1%
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 crude oil (kr per fat)
Export price of crude oil fell 17.6% in 2025; the sector's median operating margin fell 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Export price of crude oil, annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| Sector's median operating margin | – | 5.5% | 4.3% | 4.2% | 4.0% | 0.2% |
Source: SSB (08799, CC BY 4.0). Source · fetched 1 November 2026
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the sector's median operating margin fell 0.2 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 | – | 5.5% | 4.3% | 4.2% | 4.0% | 0.2% |
Source: SSB (14710, CC BY 4.0). Source · fetched 1 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.14 (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 | −0.16 percentage points |
| Sector's median operating margin | – | 5.5% | 4.3% | 4.2% | 4.0% | 0.2% |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 1 November 2026
When export price of crude oil fell in 2025, 557 of 1,162 ranked companies kept their operating margin at or above the year before. Among the largest: Norwegian Air Shuttle Aoc AS (0.8% → 2.0%), Posten Bring AS (−0.1% → 4.8%), Avinor AS (9.1% → 18.7%), VY Buss AS (2.2% → 3.2%), Norwegian Air AS (−34.2% → 19.2%).
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
- 20,701
- −0.1% from 2023
- Persons employed
- 128,218
- +0.2% from 2023
- Turnover
- NOK 335.7 bn
- +7.9% from 2023
- Gross operating margin
- 7.7%
- Gross operating surplus divided by turnover
All enterprises, sole proprietorships included.
Bankruptcies in the industry
175 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −3.3% against the four quarters before (181). That is about 8.5 per 1,000 enterprises.
Foreign-controlled enterprises · 2024
- Share of enterprises
- 2.3%
- Share of persons employed
- 19.9%
- Share of turnover
- 24.5%
SSB publishes this for groups of industries only. The figures are for the group “Transport og lagring”.
Source: Statistics Norway (SSB), table 12910, table 10790, table 08085. 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
- ALPHA TRANSPORT & Import AS 917482772 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
- Egstad Transport AS 815523962 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
- Liberty Shipping AS 989039350 Voluntary liquidation · 31 October 2026
- Saga Aviation AS 923801790 Voluntary liquidation · 31 October 2026
- Syla Bil AS 918602216 Voluntary liquidation · 31 October 2026
- Ad-Frakt AS 996557677 Voluntary liquidation · 30 October 2026 · 1 MNOK (2025)
- Equinox Invest AS 913130235 Voluntary liquidation · 30 October 2026
- Gorich AS 830225382 Bankruptcy · 30 October 2026 · 0 MNOK (2025)
Industry codes (NACE)
| Code | Description |
|---|---|
| 49* | Hele hovedgruppe 49 |
| 49.110 | Passasjertransport med jernbane |
| 49.120 | Passasjertransport med sporvei |
| 49.200 | Godstransport med jernbane |
| 49.310 | Passasjertransport med rutebil |
| 49.320 | Passasjertransport utenom rutetabell |
| 49.330 | Passasjertransport på forespørsel utført av fører med kjøretøy |
| 49.340 | Passasjertransport med kabelbaner og skiheiser |
| 49.390 | Annen landtransport med passasjerer ikke nevnt annet sted |
| 49.410 | Godstransport på vei |
| 49.420 | Flyttetransport |
| 51* | Hele hovedgruppe 51 |
| 51.100 | Lufttransport med passasjerer |
| 51.210 | Lufttransport med gods |
| 51.220 | Romfart |
| 52* | Hele hovedgruppe 52 |
| 52.100 | Lagring |
| 52.211 | Drift av gods- og transportsentraler |
| 52.212 | Drift av parkeringsplasser og parkeringshus |
| 52.219 | Tjenester tilknyttet landtransport ikke nevnt annet sted |
| 52.220 | Andre tjenester tilknyttet sjøtransport |
| 52.230 | Andre tjenester tilknyttet lufttransport |
| 52.240 | Lasting og lossing |
| 52.250 | Logistikktjenester |
| 52.260 | Andre støttetjenester for transport |
| 52.311 | Formidlingstjenester tilknyttet godstransport via skip |
| 52.312 | Formidlingstjenester tilknyttet godstransport via jernbane, luftfartøy eller på vei |
| 52.320 | Formidlingstjenester tilknyttet passasjertransport |
| 53* | Hele hovedgruppe 53 |
| 53.100 | Landsdekkende posttjenester |
| 53.200 | Andre post- og budtjenester |
| 53.300 | Formidlingstjenester tilknyttet post- og budtjenester |