Vann, avløp og renovasjon
FollowDownload sector report (PDF)203 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology
Ranking · 2025 · Morning class Micro
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 Micro
- Sannidal Miljø og Metall AS−39
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 5.0% to −12.1%.
- Bts Rørfornying AS+33
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −7.1% to 9.1%.
- Ocean Geoloop ASA−30
From 2024 to 2025: the operating margin fell from −1,092.7% to −4,721.4% and revenue fell by 42%.
- Noresund Septikservice AS+29
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −2.0% to 5.4%.
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 Micro
The five largest companies account for 26% of the sector's revenue. Combined profit before tax for the 37 ranked companies: −122 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- Harstad Spyleservice AS 10 MNOK
- Ecofiber Recycling AS 8 MNOK
- Mostue Transportservice AS 8 MNOK
- Iata Næring AS 8 MNOK
- Vegglifjell Vann- og Avløpsselskap AS 8 MNOK
Operating revenue.
Most employees
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Harstad Spyleservice AS 1.6 MNOK
- Hardanger Sand og Kompost AS 1.4 MNOK
- Mana Group AS 0.3 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
- Jørgen Rasmussen Gruppen Norge AS 71.3%
- Aa-Vann AS 70.5%
- B. Hansen Renovasjon 2 AS 64.4%
- NÅ METALLRETUR & Eiendom AS 57.1%
- Aquapro AS 36.4%
Operating result divided by operating revenue.
Largest profit
- Bergmetall AS 37 MNOK
- BJARNE STENSLI & Sønner AS 21 MNOK
- Maren AS 7 MNOK
- Jørgen Rasmussen Gruppen Norge AS 3 MNOK
- Batteriretur EV AS 2 MNOK
Profit before tax.
Largest loss
- Ocean Geoloop ASA −159 MNOK
- Mana Group AS −34 MNOK
- Syningen Vann og Avløp AS −2 MNOK
- Gloppen Næringspark AS −2 MNOK
- Vegglifjell Vann- og Avløpsselskap AS −1 MNOK
Profit before tax, the largest negative.
Most solid
- Minges Anleggsservice AS 98.1%
- Metallco Hallingdal AS 96.3%
- Iata Næring AS 94.8%
- BJARNE STENSLI & Sønner AS 93.0%
- Batteriretur EV AS 92.3%
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
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
- Bts Rørfornying AS +33.1 points
- Noresund Septikservice AS +28.5 points
- Tverrlia Va-Drift AS +26.4 points
- Batteriretur EV AS +21.3 points
- Syningen Vann og Avløp AS +18.4 points
Change in index points from the year before.
Biggest fallers
- Sannidal Miljø og Metall AS −39.5 points
- Ocean Geoloop ASA −30.0 points
- Spyleservice AS −28.3 points
- Jørgen Rasmussen Gruppen Norge AS −21.9 points
- Sgt Eigendom 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.
Positions in the sector · 2025 · Morning class Micro
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).
- Batteriretur EV AS profitability 13 → 75, solidity 97 → 88
- Bts Rørfornying AS profitability 13 → 68, solidity 61 → 70
- Tverrlia Va-Drift AS profitability 17 → 69, solidity 0 → 6
- Noresund Septikservice AS profitability 17 → 65, solidity 38 → 59
- Sannidal Miljø og Metall AS profitability 59 → 11, solidity 55 → 38
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
Summary · fiscal year 2025 · Morning class Micro
The sector's median operating margin is 9.1%. 11 of 90 companies have negative equity. The median equity ratio is 38.6%.
All figures are for fiscal year 2025. Ranked: 37 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 Micro
Change in rank from 2024 to 2025, for 33 companies ranked in both years.
Climbers
- 25Bts Rørfornying ASfrom rank 31 to 668
- 22Noresund Septikservice ASfrom rank 35 to 1357
- 15Batteriretur EV ASfrom rank 17 to 277
- 13A.O. Eide Maskinentreprenør ASfrom rank 16 to 374
- 13Bualie Vann-Og Avløp ASfrom rank 33 to 2050
Fallers
- 24Sannidal Miljø og Metall ASfrom rank 10 to 3425
- 19Ocean Geoloop ASAfrom rank 13 to 3228
- 16Sgt Eigendom ASfrom rank 8 to 2445
- 11Jørgen Rasmussen Gruppen Norge ASfrom rank 3 to 1456
- 11Spyleservice ASfrom rank 26 to 3714
Awards · 2025 · Morning class Micro
Needs attention · 2025 · Morning class Micro
51 companies show at least one warning sign. Showing the 15 most important.
- criticalGloppen Næringspark ASNegative equity · Current ratio below 1 (0.63) · Loss before tax
- criticalMiljøgjenvinning Entreprenør Drift ASNegative equity · Current ratio below 1 (0.10) · Loss before tax
- criticalFrosta Hytteservice ASNegative equity · Current ratio below 1 (0.62) · Loss before tax
- criticalVestre Røed Vann- og Avløpsselskap ASNegative equity · Current ratio below 1 (0.26) · Loss before tax
- criticalHeroes of Telemark ASNegative equity · Current ratio below 1 (0.00) · Loss before tax
- criticalEcofiber Recycling ASNegative equity · Loss before tax
- criticalSyningen Vann og Avløp ASNegative equity · Loss before tax
- criticalVannverksveien Vann- og Avløpslag ASNegative equity · Loss before tax
- criticalNautnesveien Vann- og Avløp ASNegative equity · Loss before tax
- criticalØdekjære Vann og Avløp ASNegative equity · Current ratio below 1 (0.19)
- criticalKjenseth Miljø ASNegative equity
- watchSpyleservice ASVery low equity ratio (3.2%) · Current ratio below 1 (0.89) · Loss before tax
- watchHaugan Drift og VA ASVery low equity ratio (7.7%) · Current ratio below 1 (0.59) · Loss before tax
- watchTverrlia Va-Drift ASVery low equity ratio (2.2%) · Current ratio below 1 (0.55)
- watchMana Group ASCurrent ratio below 1 (0.40) · Loss before tax
Sector map · 2025 · Morning class Micro
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
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.
| 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
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)
Wholesale power price rose 9.4% in 2025; the sector's median operating margin rose 0.1 percentage points.
| 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))
Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 0.1 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 | – | 1.1% | 5.0% | 5.1% | 5.2% | – |
Source: SSB (14710, CC BY 4.0). Source · fetched 3 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 0.1 percentage points.
| 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)
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 |