Sector

Vann, avløp og renovasjon

203 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 Medium

Morning class Medium · 2025
#	Company	Profile	Score	Change
1	F F F Hage og Miljø AS	Leader	84	+16
2	Vartdal Gjenvinning AS	Leader	82	+19
3	Sirkel Materialgjenvinning AS	Leader	80	+4
4	Retura Midt AS	Leader	78	+1
5	Metallco Bergen AS	Leader	76	+4
6	Slamsug AS	Leader	73	+18
7	Retur Næring AS	Steward	72	−5
8	Risør Tvedestrand Regionens Avfallsselskap Rta AS	Leader	72	+13
9	Maren Kommuneservice AS	Leader	72	+18
10	Norscrap West AS	Leader	72	−2
11	Hermod Teigen AS	Leader	71	−6
12	Retura Iris AS	Leader	70	+1
13	Soiltech ASA	Leader	70	+9
14	FANA STEIN & Gjenvinning AS	Leader	69	+10
15	Perpetuum AS	Leader	68	+3
16	Iris Produksjon AS	Leader	67	+28
17	Retura NT AS	Leader	66	+2
18	Stene Stål Gjenvinning AS	Leader	66	+3
19	Hrs Metallco AS	Steward	65	−5
20	Hrs Miljø AS	Leader	65	+18
21	Heggvin Alun AS	Sprinter	65	+5
22	Metallco Kabel AS	Leader	64	+15
23	Remiks Næring AS	Leader	64	+1
24	Retura Shmil AS	Steward	63	+2
25	Avfallsservice AS	Steward	63	+9
26	Ibka Norge AS	Leader	63	+10
27	Attvin Produksjon AS	Leader	63	+6
28	Stensli Gjenvinning AS	Leader	62	−6
29	G-Miljø AS	Sprinter	62	−3
30	Retura Vest ASsubsidiary of Bir Bedrift AS	Leader	62	+9
31	Finnmark Ressursselskap AS	Leader	62	+19
32	Dalane Miljøverk AS	Leader	61	+8
33	Serwent Jtr Gruppen AS	Leader	59	+9
34	Safeclean AS	Steward	59	−10
35	Rogaland Miljøsanering AS	Sprinter	57	+11
36	Vitek Miljø AS	Sprinter	56	−9
37	Sunnmøre Transport AS	Steward	56	−12
38	Forus Energigjenvinning 2 AS	Steward	56	+4
39	Fjellregionen Interkommunale Avfallsselskap AS	Sprinter	55	+4
40	Grønn Vekst AS	Steward	55	+35
41	Attvin AS	Leader	55	−2
42	Irmat AS	Leader	55	−6
43	Arnkværn Miljø og Renovasjon AS	Sprinter	54	−5
44	Sorknes Maskin og Landbruk AS	Leader	54	−9
45	Wergeland Halsvik AS	Leader	54	−7
46	Hadeland og Ringerike Avfallsselskap AS	Sprinter	53	+3
47	Veas Selvkost AS	Leader	53	+2
48	Heidelberg Materials Miljø AS	Steward	52	+14
49	BR. Stenskjær AS	Sprinter	52	+3
50	Masternes Gjenvinning AS	Builder	52	+4

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 Medium

Retura Østfold AS
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 5.5% to −11.2%.
−40
Norsirk AS
From 2024 to 2025: the operating margin fell from 2.9% to −29.2% and went from a profit to a loss before tax.
−40
Grønn Vekst AS
From 2024 to 2025: the equity ratio rose from 12.1% to 70.9% and revenue grew by 16%.
+35
Iris Produksjon AS
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −6.2% to 5.9%.
+28

Summary analysis

Vann, avløp og renovasjon, Morning class Large: 18 ranked companies in fiscal year 2025.

Best in the sector: Noah Solutions AS (score 85, operating margin 17.3%, equity ratio 73.3%). Nordren AS (score 78, operating margin 12.9%, equity ratio 51.9%). Hellik Teigen AS (score 72, operating margin 7.3%, equity ratio 76.0%).

Weakest in the sector: Norsk Gjenvinning Metall AS (score 22, operating margin −0.2%, equity ratio 5.7%). Norsk Gjenvinning AS (score 30, operating margin 3.3%, equity ratio 0.5%). AF Offshore Decom AS (score 34, operating margin −28.6%, equity ratio 22.6%).

Worth a closer look

The median operating margin fell from 4.5% in 2024 to 3.4% in 2025 (1.1 percentage points).
The median equity ratio fell from 31.4% in 2024 to 28.4% in 2025 (3.0 percentage points).
The median revenue growth fell from 10.5% in 2024 to 4.8% in 2025 (5.7 percentage points).
The share with a loss went from 11% in 2024 to 28% 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 Medium

The five largest companies account for 14% of the sector's revenue. Combined profit before tax for the 100 ranked companies: 506 MNOK.

Size

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

Highest revenue

Veas Selvkost AS 498 MNOK
Bir Ressurs AS 486 MNOK
Østbø AS 466 MNOK
Trondheim Renholdsverk AS 410 MNOK
Hermod Teigen AS 404 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Sirkel Glass AS 34.7 MNOK
AS INDUS KJEMISK TEKNISK FABRIKK 17.2 MNOK
Metallco Kabel AS 15.2 MNOK
Metallco Bergen AS 14.7 MNOK
Hermod Teigen AS 14.4 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

Operating result divided by operating revenue.

Largest profit

Norva24 Norge AS 76 MNOK
Wergeland Halsvik AS 54 MNOK
FANA STEIN & Gjenvinning AS 51 MNOK
Franzefoss AS 50 MNOK
Heggvin Alun AS 36 MNOK

Profit before tax.

Largest loss

Hydrovolt AS −132 MNOK
Ragn-Sells Autoparts AS −68 MNOK
Norsirk AS −65 MNOK
Norva24 Holding AS −52 MNOK
Norsk Gjenvinning Renovasjon AS −17 MNOK

Profit before tax, the largest negative.

Most solid

Norscrap West AS 88.6%
Vartdal Gjenvinning AS 86.0%
Grønn Vekst AS 70.9%
Hrs Metallco AS 70.8%
Retura Østfold AS 68.7%

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

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

Largest revenue decline

Norva24 Øst AS −23.2%
Wergeland Halsvik AS −18.9%
Arnkværn Miljø og Renovasjon AS −16.3%
Norscrap West AS −14.6%
Sorknes Maskin og Landbruk AS −13.7%

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

Biggest climbers

Grønn Vekst AS +35.5 points
Iris Produksjon AS +27.1 points
Finnmark Ressursselskap AS +18.9 points
Vartdal Gjenvinning AS +18.8 points
Maren Kommuneservice AS +18.3 points

Change in index points from the year before.

Biggest fallers

Norsirk AS −39.4 points
Retura Østfold AS −39.1 points
Sunde Resirk AS −20.4 points
Norva24 Øst AS −19.6 points
Norsk Spesialolje AS −19.5 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 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. Dashed lines show where the 5 companies that moved most stood in 2024 (small ring).

Grønn Vekst AS profitability 2 → 5, solidity 17 → 98
Norva24 Øst AS profitability 73 → 11, solidity 55 → 61
Iris Produksjon AS profitability 4 → 66, solidity 84 → 87
Norsirk AS profitability 41 → 1, solidity 94 → 50
Hrs Miljø AS profitability 11 → 63, solidity 76 → 88

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)
AS INDUS KJEMISK TEKNISK FABRIKK	Cheetah	97	16	98 / 9
Metallco Bergen AS	Lion	97	63	97 / 58
Heggvin Alun AS	Cheetah	97	17	96 / 10
Emballasjegjenvinning AS	Cheetah	96	0	55 / 0
Arnkværn Miljø og Renovasjon AS	Cheetah	94	39	89 / 26
Wergeland Halsvik AS	Lion	94	54	98 / 52
Rogaland Miljøsanering AS	Cheetah	92	24	–
FANA STEIN & Gjenvinning AS	Lion	92	79	90 / 71
Hermod Teigen AS	Lion	91	92	88 / 97
BR. Stenskjær AS	Cheetah	91	34	67 / 23
Retura Midt AS	Lion	89	91	88 / 85
F F F Hage og Miljø AS	Lion	88	86	93 / 54
G-Miljø AS	Cheetah	85	32	89 / 32
Vitek Miljø AS	Cheetah	84	38	95 / 40
Slamsug AS	Lion	83	71	82 / 50
Retura NT AS	Lion	82	56	74 / 46
Remiks Næring AS	Lion	81	76	78 / 63
Norva24 Vestfold AS	Cheetah	81	29	68 / 38
Soiltech ASA	Lion	81	67	62 / 68
Ibka Norge AS	Lion	80	70	72 / 73
Arnkværn Miljø og Renovasjon Oslo AS	Cheetah	79	31	72 / 27
Perpetuum AS	Lion	79	75	80 / 67
Metallco Kabel AS	Lion	76	62	57 / 44
Sirkel Materialgjenvinning AS	Lion	74	90	69 / 83
Stensli Gjenvinning AS	Lion	72	80	74 / 89
Attvin Produksjon AS	Lion	72	52	77 / 41
Serwent Jtr Gruppen AS	Lion	72	60	25 / 77
Vartdal Gjenvinning AS	Lion	72	99	45 / 99
Stene Stål Gjenvinning AS	Lion	71	85	72 / 82
Norscrap West AS	Lion	71	100	84 / 98
Norva24 Gravco AS	Lion	70	58	59 / 69
Øyvar AS	Cheetah	70	10	65 / 11
Maren Kommuneservice AS	Lion	68	93	20 / 90
Fjellregionen Interkommunale Avfallsselskap AS	Cheetah	67	40	70 / 34
Iris Produksjon AS	Lion	66	87	4 / 84
Sorknes Maskin og Landbruk AS	Lion	64	73	87 / 47
Hrs Miljø AS	Lion	63	88	11 / 76
Attvin AS	Lion	63	83	31 / 80
Stord Vatn og Avløp AS	Cheetah	62	2	–
Hadeland og Ringerike Avfallsselskap AS	Cheetah	61	36	43 / 37
Miljøteknikk Terrateam AS	Cheetah	60	44	51 / 43
X-Vac AS	Cheetah	59	19	–
Stoklands AS	Cheetah	59	22	77 / 19
Irmat AS	Lion	59	69	71 / 56
Bir Bedrift AS	Cheetah	58	33	14 / 25
Veas Selvkost AS	Lion	58	51	58 / 53
Returkraft AS	Cheetah	57	20	49 / 18
Retura Iris AS	Lion	55	74	61 / 79
Risør Tvedestrand Regionens Avfallsselskap Rta AS	Lion	54	84	48 / 65
Dalane Miljøverk AS	Lion	53	94	43 / 87

The sector in numbers

Summary · fiscal year 2025 · Morning class Medium

The sector's median operating margin is 4.3%. 1 of 104 companies have negative equity. The median equity ratio is 34.0%.

Companies with accounts104

Total revenue16,130 MNOK

Median operating margin4.3%

Median equity ratio34.0%

Share with a loss22%

Share with negative equity1%

All figures are for fiscal year 2025. Ranked: 104 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: 2 subsidiaries (428 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

Climbers and fallers · Morning class Medium

Change in rank from 2024 to 2025, for 96 companies ranked in both years.

Climbers

55Iris Produksjon ASfrom rank 71 to 1667
55Grønn Vekst ASfrom rank 95 to 4055
40Hrs Miljø ASfrom rank 60 to 2065
35Metallco Kabel ASfrom rank 57 to 2264
33Slamsug ASfrom rank 39 to 673

Fallers

82Norsirk ASfrom rank 12 to 9428
77Retura Østfold ASfrom rank 1 to 7838
43Norva24 Øst ASfrom rank 36 to 7938
37Norva24 Gravco ASfrom rank 20 to 5749
35Bir Voss Hardanger ASfrom rank 61 to 9626

Awards · 2025 · Morning class Medium

Most profitableStord Vatn og Avløp AS39.8%

Fastest growthRagn-Sells Autoparts AS85.8%

Strongest balance sheetNorscrap West AS88.6%

Largest revenueVeas Selvkost AS498 MNOK

Highest revenue per employeeSirkel Glass AS34.7 MNOK

Needs attention · 2025 · Morning class Medium

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

criticalEmballasjegjenvinning ASNegative equity · Current ratio below 1 (0.02)
watchRagn-Sells Autoparts ASVery low equity ratio (5.1%) · Current ratio below 1 (0.75) · Loss before tax
watchNorsk Gjenvinning Renovasjon ASVery low equity ratio (3.8%) · Current ratio below 1 (0.43) · Loss before tax
watchSUNDE RENOVASJON & Gjenvinning ASVery low equity ratio (8.2%) · Current ratio below 1 (0.75) · Loss before tax
watchSunde Resirk ASVery low equity ratio (4.8%) · Current ratio below 1 (0.86) · Loss before tax
watchAvfall Sør Husholdning ASVery low equity ratio (1.1%) · Loss before tax
watchRetura Trv ASCurrent ratio below 1 (0.60) · Loss before tax
watchRemiks Husholdning ASVery low equity ratio (2.2%) · Current ratio below 1 (0.92)
watchNorsk Spesialolje ASCurrent ratio below 1 (0.74) · Loss before tax
watchBir Nyverdi ASVery low equity ratio (8.7%) · Current ratio below 1 (0.09)
watchAS INDUS KJEMISK TEKNISK FABRIKKVery low equity ratio (9.2%) · Current ratio below 1 (0.75)
watchStord Vatn og Avløp ASVery low equity ratio (2.0%) · Current ratio below 1 (0.32)
watchIsovator ASCurrent ratio below 1 (0.27) · Loss before tax
watchSerwent Brdr Grønnerud ASCurrent ratio below 1 (0.41) · Loss before tax
watchRett Miljø ASVery low equity ratio (7.1%) · Current ratio below 1 (0.93)

Sector map · 2025 · 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
F F F Hage og Miljø AS	10.3%	54.0%	148 MNOK
Vartdal Gjenvinning AS	8.1%	86.0%	370 MNOK
Sirkel Materialgjenvinning AS	16.9%	58.3%	88 MNOK
Retura Midt AS	13.0%	58.4%	122 MNOK
Metallco Bergen AS	22.6%	40.1%	88 MNOK
Slamsug AS	9.4%	44.6%	68 MNOK
Retur Næring AS	2.0%	64.6%	62 MNOK
Risør Tvedestrand Regionens Avfallsselskap Rta AS	5.8%	51.8%	71 MNOK
Maren Kommuneservice AS	5.7%	62.6%	59 MNOK
Norscrap West AS	8.8%	88.6%	263 MNOK
Hermod Teigen AS	18.2%	58.6%	404 MNOK
Retura Iris AS	4.5%	45.4%	95 MNOK
Soiltech ASA	14.8%	42.4%	401 MNOK
FANA STEIN & Gjenvinning AS	30.7%	47.4%	176 MNOK
Perpetuum AS	12.8%	45.4%	297 MNOK
Iris Produksjon AS	5.9%	55.1%	152 MNOK
Retura NT AS	10.3%	36.8%	118 MNOK
Stene Stål Gjenvinning AS	6.6%	53.6%	205 MNOK
Hrs Metallco AS	3.6%	70.8%	149 MNOK
Hrs Miljø AS	5.9%	56.0%	160 MNOK
Heggvin Alun AS	31.9%	9.3%	104 MNOK
Metallco Kabel AS	6.7%	40.0%	335 MNOK
Remiks Næring AS	8.7%	45.4%	237 MNOK
Retura Shmil AS	1.5%	49.7%	67 MNOK
Avfallsservice AS	3.9%	50.5%	74 MNOK
Ibka Norge AS	8.7%	44.2%	193 MNOK
Attvin Produksjon AS	6.5%	35.4%	251 MNOK
Stensli Gjenvinning AS	5.3%	49.2%	104 MNOK
G-Miljø AS	13.6%	20.2%	145 MNOK
Retura Vest AS	2.9%	36.1%	67 MNOK
Finnmark Ressursselskap AS	4.5%	48.7%	69 MNOK
Dalane Miljøverk AS	2.3%	62.7%	56 MNOK
Serwent Jtr Gruppen AS	7.5%	39.7%	93 MNOK
Safeclean AS	4.0%	40.7%	100 MNOK
Rogaland Miljøsanering AS	14.4%	16.1%	51 MNOK
Vitek Miljø AS	13.5%	24.6%	134 MNOK
Sunnmøre Transport AS	0.4%	45.5%	98 MNOK
Forus Energigjenvinning 2 AS	4.7%	40.6%	139 MNOK
Fjellregionen Interkommunale Avfallsselskap AS	7.0%	25.1%	118 MNOK
Grønn Vekst AS	−5.7%	70.9%	165 MNOK
Attvin AS	9.5%	50.6%	68 MNOK
Irmat AS	6.2%	42.8%	86 MNOK
Arnkværn Miljø og Renovasjon AS	20.7%	24.8%	91 MNOK
Sorknes Maskin og Landbruk AS	4.4%	45.0%	51 MNOK
Wergeland Halsvik AS	27.4%	36.4%	165 MNOK
Hadeland og Ringerike Avfallsselskap AS	6.0%	22.8%	224 MNOK
Veas Selvkost AS	12.8%	35.3%	498 MNOK
Heidelberg Materials Miljø AS	2.7%	42.1%	219 MNOK
BR. Stenskjær AS	16.6%	21.8%	126 MNOK
Masternes Gjenvinning AS	4.2%	27.4%	141 MNOK
NG Nordic AS	−192.1%	37.2%	184 MNOK
Norva24 Vestfold AS	12.4%	18.9%	62 MNOK
Østbø AS	3.7%	36.7%	466 MNOK
Senja Avfall Miljø AS	−1.2%	45.8%	90 MNOK
Emballasjegjenvinning AS	18.4%	−7.1%	97 MNOK
Reno-Vest Produksjon AS	−7.8%	56.8%	137 MNOK
Norva24 Gravco AS	7.0%	38.7%	98 MNOK
Hrs Husholdning AS	1.6%	18.3%	142 MNOK
Arnkværn Miljø og Renovasjon Oslo AS	10.2%	20.1%	97 MNOK
Norva24 Holding AS	−5.5%	33.3%	76 MNOK
Iris Service AS	3.1%	14.6%	131 MNOK
Bir Bedrift AS	4.4%	21.5%	361 MNOK
Miljøteknikk Terrateam AS	6.0%	30.9%	82 MNOK
Westco Miljø AS	0.2%	39.1%	274 MNOK
AS INDUS KJEMISK TEKNISK FABRIKK	22.4%	9.2%	120 MNOK
Franzefoss AS	−1.1%	44.6%	117 MNOK
Senja Avfall Næring AS	3.2%	33.8%	80 MNOK
Hydrovolt AS	−210.6%	42.6%	61 MNOK
Øyvar AS	20.1%	8.1%	306 MNOK
J.O. Moen AS	−3.6%	33.7%	54 MNOK
Returkraft AS	11.7%	12.6%	330 MNOK
Isak D Westgaard AS	0.4%	32.0%	204 MNOK
Rogaland Gjenvinning AS	3.4%	8.9%	133 MNOK
Ngir Drift AS	1.1%	30.4%	142 MNOK
Stoklands AS	5.1%	14.1%	72 MNOK
Norva24 Norge AS	−15.4%	23.6%	65 MNOK
Øfas Husholdning AS	1.1%	31.9%	51 MNOK
Retura Østfold AS	−11.2%	68.7%	91 MNOK
Norva24 Øst AS	−3.6%	39.7%	66 MNOK
Veglo AS	2.9%	8.3%	228 MNOK
X-Vac AS	7.6%	11.4%	93 MNOK
Bir Ressurs AS	1.2%	26.6%	486 MNOK
Avfall Sør Husholdning AS	2.2%	1.1%	295 MNOK
Norva24 Sørmiljø AS	4.3%	17.6%	120 MNOK
Finnmark Miljøtjeneste AS	1.3%	22.1%	56 MNOK
Sirkel Glass AS	−1.9%	2.0%	277 MNOK
Bir Husholdning AS	2.1%	4.0%	254 MNOK
Isovator AS	−0.1%	19.4%	64 MNOK
Soiltech Offshore Services AS	0.1%	3.4%	146 MNOK
Rett Miljø AS	0.6%	7.1%	59 MNOK
Retrans Midt AS	0.0%	8.5%	142 MNOK
Remiks Husholdning AS	1.2%	2.2%	237 MNOK
Retura Trv AS	0.8%	30.8%	290 MNOK
Norsirk AS	−29.2%	34.3%	224 MNOK
Trondheim Renholdsverk AS	2.4%	14.1%	410 MNOK
Bir Voss Hardanger AS	1.6%	10.3%	56 MNOK
Serwent Brdr Grønnerud AS	2.5%	16.5%	62 MNOK
Bir Nyverdi AS	5.3%	8.7%	142 MNOK
Stord Vatn og Avløp AS	39.8%	2.0%	112 MNOK
Ragn-Sells Autoparts AS	−20.8%	5.1%	301 MNOK
Norsk Spesialolje AS	−4.4%	18.0%	155 MNOK
SUNDE RENOVASJON & Gjenvinning AS	−1.6%	8.2%	77 MNOK
Sunde Resirk AS	−1.9%	4.8%	70 MNOK
Norsk Gjenvinning Renovasjon AS	−4.7%	3.8%	246 MNOK

Holding and investment companies · 2025

7 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: 3 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	Forus Energigjenvinning Holding AS	60	99.9%	0.2%	166.33	110 MNOK
2	Myrland Holding AS	50	99.1%	7.3%	110.40	20 MNOK
3	Victor Holding AS	40	91.8%	8.2%	1.03	60 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. 13 of 22 on median operating margin

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 1.1%.

Based on the 4 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2022 · weakest year	1.1%	14.8%
2023	5.0%	38.7%
2024	5.1%	37.5%
2025	5.2%	35.8%

In 2022, 3 ranked companies did better than the sector, 0 about the same and 2 weaker.

Held up best in 2022

1TW Zero Loop ASequity ratio 14.8%5.1%
2Follo Truckutleie A/Sequity ratio 53.2%1.7%
3NG Nordic Norway ASequity ratio 71.1%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.

Wholesale power price (øre per kWh)

Latest value: 86.7 (2026K2)

Wholesale power price rose 9.4% in 2025; the sector's median operating margin rose 0.1 percentage points.

Wholesale power price per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Wholesale power price, annual average	64.2	141.7	72.0	49.4	54.0	96.5 (so far)
Change from the year before	+466.7%	+120.8%	−49.2%	−31.4%	+9.4%	+78.4%
Sector's median operating margin	–	1.1%	5.0%	5.1%	5.2%	–

Source: SSB (09363, CC BY 4.0). Source · fetched 3 November 2026

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 0.1 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	–	1.1%	5.0%	5.1%	5.2%	–

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 0.1 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	–	1.1%	5.0%	5.1%	5.2%	–

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026

When policy rate fell in 2025, 91 of 200 ranked companies kept their operating margin at or above the year before. Among the largest: Infinitum AS (0.3% → 0.3%), Norsk Gjenvinning AS (3.3% → 3.3%), Sar AS (6.0% → 8.8%), Norsk Gjenvinning Metall AS (−3.0% → −0.2%), Bir AS (10.2% → 10.9%).

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: 1,403; +2.0% from 2023
Persons employed: 11,139; +4.9% from 2023
Turnover: NOK 50.5 bn; +7.8% from 2023
Gross operating margin: 8.4%; 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.

Bankruptcies in the industry

7 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change 0.0% against the four quarters before (7). That is about 5.0 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 3.8%
Share of persons employed: 20.7%
Share of turnover: 17.4%

SSB publishes this for groups of industries only. The figures are for the group “Vannforsyning, avløp og renovasjon”.

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

Vakumentreprenøren AS 995810425 Voluntary liquidation · 29 October 2026
Klean Kode AS 937921268 Bankruptcy · 22 October 2026
Midt Miljøavfall AS 914844428 Voluntary liquidation · 10 October 2026 · 0 MNOK (2025)
Øksnevik AS 924771895 Voluntary liquidation · 29 September 2026
ALVER UTVIKLING & Utleie AS 932115387 Voluntary liquidation · 18 September 2026 · 0 MNOK (2025)
Kjetil Jegleim AS 892644012 Voluntary liquidation · 18 September 2026 · 0 MNOK (2025)
Helgerud Deponi AS 832729132 Voluntary liquidation · 17 September 2026
Retur Plast AS 919899441 Forced dissolution · 15 September 2026 · 0 MNOK (2023)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
36*	Hele hovedgruppe 36
36.000	Uttak fra kilde, rensing og distribusjon av vann
37*	Hele hovedgruppe 37
37.000	Oppsamling og behandling av avløpsvann
38*	Hele hovedgruppe 38
38.110	Innsamling av ikke-farlig avfall
38.120	Innsamling av farlig avfall
38.210	Materialgjenvinning
38.220	Energigjenvinning
38.230	Annen gjenvinning av avfall
38.320	Drift av deponi og permanent lagring av avfall
38.330	Annen avfallshåndtering uten gjenvinning
39*	Hele hovedgruppe 39
39.000	Miljøutbedring, opprydding og lignende aktivitet