Sector

Vann, avløp og renovasjon

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203 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology

Ranking · 2025 · Morning class Micro

Morning class Micro · 2025
#CompanyProfileScoreChangeFive years
1 BJARNE STENSLI & Sønner AS Leader 79 +11
2 Batteriretur EV AS Leader 77 +21
3 A.O. Eide Maskinentreprenør AS Leader 74 +17
4 Hardanger Sand og Kompost AS Leader 73 +11
5 Minges Anleggsservice AS Leader 69 −10
6 Bts Rørfornying AS Leader 68 +33
7 Eden Aquatech AS Leader 68 –
8 Iata Næring AS Steward 67 +2
9 Harstad Spyleservice AS Leader 64 −2
10 Sjølvik VA AS Steward 61 –
11 Maren AS Sprinter 58 +8
12 Metallco Hallingdal AS Steward 57 −18
13 Noresund Septikservice AS Leader 57 +29
14 Jørgen Rasmussen Gruppen Norge AS Sprinter 56 −22
15 B. Hansen Bil og Utstyr AS Steward 56 +7
16 Mostue Transportservice AS Leader 52 +8
17 B. Hansen Renovasjon 2 AS Sprinter 51 +3
18 AGDER SERVICE & Montasje AS Sprinter 51 −6
19 Bergmetall AS Steward 51 −7
20 Bualie Vann-Og Avløp AS Sprinter 50 +16
21 Aa-Vann AS Sprinter 48 −9
22 Sanderstølen Vannverk AS Sprinter 47 +7
23 Vegglifjell Vann- og Avløpsselskap AS Sprinter 46 −1
24 Sgt Eigendom AS Steward 45 −20
25 Tverrlia Va-Drift AS Sprinter 44 +26
26 Telemark Massemottak AS Sprinter 41 −12
27 NÅ METALLRETUR & Eiendom AS Sprinter 40 +7
28 Aquapro AS Sprinter 39 –
29 Syningen Vann og Avløp AS Builder 38 +18
30 Spylevakta Avd Viken Øst AS Builder 28 −10
31 Mana Group AS Builder 28 +4
32 Ocean Geoloop ASA Steward 28 −30
33 Gloppen Næringspark AS Builder 25 −11
34 Sannidal Miljø og Metall AS Builder 25 −39
35 Ecofiber Recycling AS Builder 23 +7
36 Miljøgjenvinning Entreprenør Drift AS Builder 20 –
37 Spyleservice AS Builder 14 −29

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

    From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 5.0% to −12.1%.

    −39
  • Bts Rørfornying AS

    From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −7.1% to 9.1%.

    +33
  • Ocean Geoloop ASA

    From 2024 to 2025: the operating margin fell from −1,092.7% to −4,721.4% and revenue fell by 42%.

    −30
  • Noresund Septikservice AS

    From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −2.0% to 5.4%.

    +29
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

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

  1. Harstad Spyleservice AS 10 MNOK
  2. Ecofiber Recycling AS 8 MNOK
  3. Mostue Transportservice AS 8 MNOK
  4. Iata Næring AS 8 MNOK
  5. Vegglifjell Vann- og Avløpsselskap AS 8 MNOK

Operating revenue.

Most employees

  1. Mana Group AS 8
  2. Harstad Spyleservice AS 6
  3. Hardanger Sand og Kompost AS 5

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. Harstad Spyleservice AS 1.6 MNOK
  2. Hardanger Sand og Kompost AS 1.4 MNOK
  3. 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

  1. Jørgen Rasmussen Gruppen Norge AS 71.3%
  2. Aa-Vann AS 70.5%
  3. B. Hansen Renovasjon 2 AS 64.4%
  4. NÅ METALLRETUR & Eiendom AS 57.1%
  5. Aquapro AS 36.4%

Operating result divided by operating revenue.

Largest profit

  1. Bergmetall AS 37 MNOK
  2. BJARNE STENSLI & Sønner AS 21 MNOK
  3. Maren AS 7 MNOK
  4. Jørgen Rasmussen Gruppen Norge AS 3 MNOK
  5. Batteriretur EV AS 2 MNOK

Profit before tax.

Largest loss

  1. Ocean Geoloop ASA −159 MNOK
  2. Mana Group AS −34 MNOK
  3. Syningen Vann og Avløp AS −2 MNOK
  4. Gloppen Næringspark AS −2 MNOK
  5. Vegglifjell Vann- og Avløpsselskap AS −1 MNOK

Profit before tax, the largest negative.

Most solid

  1. Minges Anleggsservice AS 98.1%
  2. Metallco Hallingdal AS 96.3%
  3. Iata Næring AS 94.8%
  4. BJARNE STENSLI & Sønner AS 93.0%
  5. 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

  1. Bts Rørfornying AS +33.1 points
  2. Noresund Septikservice AS +28.5 points
  3. Tverrlia Va-Drift AS +26.4 points
  4. Batteriretur EV AS +21.3 points
  5. Syningen Vann og Avløp AS +18.4 points

Change in index points from the year before.

Biggest fallers

  1. Sannidal Miljø og Metall AS −39.5 points
  2. Ocean Geoloop ASA −30.0 points
  3. Spyleservice AS −28.3 points
  4. Jørgen Rasmussen Gruppen Norge AS −21.9 points
  5. 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.

Quadrant analysis

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).

  • 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
CompanyProfileProfitabilitySolidityIn 2024 (profitability / solidity)
Aa-Vann ASCheetah991199 / 8
Jørgen Rasmussen Gruppen Norge ASCheetah973296 / 78
Hardanger Sand og Kompost ASLion855683 / 47
B. Hansen Renovasjon 2 ASCheetah853581 / 27
BJARNE STENSLI & Sønner ASLion819178 / 80
A.O. Eide Maskinentreprenør ASLion797351 / 72
Batteriretur EV ASLion758813 / 97
Eden Aquatech ASLion7562–
Aquapro ASCheetah7526–
NÅ METALLRETUR & Eiendom ASCheetah721762 / 13
Tverrlia Va-Drift ASCheetah69617 / 0
Bts Rørfornying ASLion687013 / 61
Noresund Septikservice ASLion655917 / 38
Harstad Spyleservice ASLion606873 / 66
Mostue Transportservice ASLion605324 / 52
Minges Anleggsservice ASLion5810085 / 83
AGDER SERVICE & Montasje ASCheetah584741 / 58
Telemark Massemottak ASCheetah582382 / 22
Bualie Vann-Og Avløp ASCheetah562946 / 24
Vegglifjell Vann- og Avløpsselskap ASCheetah561454 / 10
Maren ASCheetah534450 / 44
Sanderstølen Vannverk ASCheetah515046 / 50
Sgt Eigendom ASElephant406574 / 64
Iata Næring ASElephant389444 / 100
Bergmetall ASElephant388545 / 86
Sjølvik VA ASElephant3282–
B. Hansen Bil og Utstyr ASElephant327618 / 69
Syningen Vann og Avløp ASBeaver25015 / 0
Spylevakta Avd Viken Øst ASBeaver252040 / 19
Metallco Hallingdal ASElephant199768 / 89
Ecofiber Recycling ASBeaver1909 / 0
Sannidal Miljø og Metall ASBeaver113859 / 55
Spyleservice ASBeaver11940 / 33
Gloppen Næringspark ASBeaver10059 / 0
Mana Group ASBeaver8413 / 41
Miljøgjenvinning Entreprenør Drift ASBeaver70–
Ocean Geoloop ASAElephant0798 / 94
The sector in numbers

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%.

Companies with accounts90
Total revenue158 MNOK
Median operating margin9.1%
Median equity ratio38.6%
Share with a loss43%
Share with negative equity12%

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

  1. 25Bts Rørfornying ASfrom rank 31 to 668
  2. 22Noresund Septikservice ASfrom rank 35 to 1357
  3. 15Batteriretur EV ASfrom rank 17 to 277
  4. 13A.O. Eide Maskinentreprenør ASfrom rank 16 to 374
  5. 13Bualie Vann-Og Avløp ASfrom rank 33 to 2050

Fallers

  1. 24Sannidal Miljø og Metall ASfrom rank 10 to 3425
  2. 19Ocean Geoloop ASAfrom rank 13 to 3228
  3. 16Sgt Eigendom ASfrom rank 8 to 2445
  4. 11Jørgen Rasmussen Gruppen Norge ASfrom rank 3 to 1456
  5. 11Spyleservice ASfrom rank 26 to 3714

Awards · 2025 · Morning class Micro

Strongest balance sheetMinges Anleggsservice AS98.1%
Largest revenueHarstad Spyleservice AS10 MNOK
Highest revenue per employeeHarstad Spyleservice AS1.6 MNOK

Needs attention · 2025 · Morning class Micro

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

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.

−800%−600%−400%−200%0%−100%−50%0%50%100%Operating margin (profitability) →Equity ratio (solidity) →Harstad Spyleservice AS: operating margin 10.6%, equity ratio 61.3%, rank 9Ecofiber Recycling AS: operating margin −4.5%, equity ratio −11.4%, rank 35Mostue Transportservice AS: operating margin 5.6%, equity ratio 43.1%, rank 16Iata Næring AS: operating margin −0.2%, equity ratio 94.8%, rank 8Vegglifjell Vann- og Avløpsselskap AS: operating margin 14.0%, equity ratio 10.3%, rank 23A.O. Eide Maskinentreprenør AS: operating margin 17.6%, equity ratio 77.6%, rank 3Hardanger Sand og Kompost AS: operating margin 27.7%, equity ratio 48.2%, rank 4BJARNE STENSLI & Sønner AS: operating margin 14.7%, equity ratio 93.0%, rank 1Bts Rørfornying AS: operating margin 9.1%, equity ratio 63.8%, rank 6Batteriretur EV AS: operating margin 25.5%, equity ratio 92.3%, rank 2Bergmetall AS: operating margin −59.7%, equity ratio 86.6%, rank 19Maren AS: operating margin 10.8%, equity ratio 31.9%, rank 11Gloppen Næringspark AS: operating margin −31.0%, equity ratio −143.7%, rank 33Telemark Massemottak AS: operating margin 7.7%, equity ratio 18.4%, rank 26Spyleservice AS: operating margin −15.2%, equity ratio 3.2%, rank 37Syningen Vann og Avløp AS: operating margin −3.1%, equity ratio −12.6%, rank 29Jørgen Rasmussen Gruppen Norge AS: operating margin 71.3%, equity ratio 23.1%, rank 14Tverrlia Va-Drift AS: operating margin 18.8%, equity ratio 2.2%, rank 25B. Hansen Bil og Utstyr AS: operating margin 0.4%, equity ratio 80.6%, rank 15Mana Group AS: operating margin −934.6%, equity ratio 31.2%, rank 31Sanderstølen Vannverk AS: operating margin 11.6%, equity ratio 39.5%, rank 22Miljøgjenvinning Entreprenør Drift AS: operating margin −27.2%, equity ratio −114.5%, rank 36Spylevakta Avd Viken Øst AS: operating margin −0.6%, equity ratio 18.1%, rank 30Sannidal Miljø og Metall AS: operating margin −12.1%, equity ratio 29.7%, rank 34Minges Anleggsservice AS: operating margin 12.3%, equity ratio 98.1%, rank 5Ocean Geoloop ASA: operating margin −4,721.4%, equity ratio 81.2%, rank 32Aquapro AS: operating margin 36.4%, equity ratio 19.6%, rank 28Noresund Septikservice AS: operating margin 5.4%, equity ratio 49.3%, rank 13Metallco Hallingdal AS: operating margin −5.9%, equity ratio 96.3%, rank 12Bualie Vann-Og Avløp AS: operating margin 15.7%, equity ratio 23.1%, rank 20Eden Aquatech AS: operating margin 10.0%, equity ratio 54.5%, rank 7Sjølvik VA AS: operating margin 5.2%, equity ratio 83.6%, rank 10B. Hansen Renovasjon 2 AS: operating margin 64.4%, equity ratio 23.8%, rank 17AGDER SERVICE & Montasje AS: operating margin 11.0%, equity ratio 38.6%, rank 18NÅ METALLRETUR & Eiendom AS: operating margin 57.1%, equity ratio 13.7%, rank 27Sgt Eigendom AS: operating margin 8.4%, equity ratio 61.0%, rank 24Aa-Vann AS: operating margin 70.5%, equity ratio 4.9%, rank 21
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
BJARNE STENSLI & Sønner AS14.7%93.0%6 MNOK
Batteriretur EV AS25.5%92.3%6 MNOK
A.O. Eide Maskinentreprenør AS17.6%77.6%7 MNOK
Hardanger Sand og Kompost AS27.7%48.2%7 MNOK
Minges Anleggsservice AS12.3%98.1%2 MNOK
Bts Rørfornying AS9.1%63.8%6 MNOK
Eden Aquatech AS10.0%54.5%1 MNOK
Iata Næring AS−0.2%94.8%8 MNOK
Harstad Spyleservice AS10.6%61.3%10 MNOK
Sjølvik VA AS5.2%83.6%1 MNOK
Maren AS10.8%31.9%5 MNOK
Metallco Hallingdal AS−5.9%96.3%1 MNOK
Noresund Septikservice AS5.4%49.3%2 MNOK
Jørgen Rasmussen Gruppen Norge AS71.3%23.1%4 MNOK
B. Hansen Bil og Utstyr AS0.4%80.6%3 MNOK
Mostue Transportservice AS5.6%43.1%8 MNOK
B. Hansen Renovasjon 2 AS64.4%23.8%1 MNOK
AGDER SERVICE & Montasje AS11.0%38.6%1 MNOK
Bergmetall AS−59.7%86.6%5 MNOK
Bualie Vann-Og Avløp AS15.7%23.1%1 MNOK
Aa-Vann AS70.5%4.9%1 MNOK
Sanderstølen Vannverk AS11.6%39.5%3 MNOK
Vegglifjell Vann- og Avløpsselskap AS14.0%10.3%8 MNOK
Sgt Eigendom AS8.4%61.0%1 MNOK
Tverrlia Va-Drift AS18.8%2.2%4 MNOK
Telemark Massemottak AS7.7%18.4%5 MNOK
NÅ METALLRETUR & Eiendom AS57.1%13.7%1 MNOK
Aquapro AS36.4%19.6%2 MNOK
Syningen Vann og Avløp AS−3.1%−12.6%5 MNOK
Spylevakta Avd Viken Øst AS−0.6%18.1%2 MNOK
Mana Group AS−934.6%31.2%3 MNOK
Ocean Geoloop ASA−4,721.4%81.2%2 MNOK
Gloppen Næringspark AS−31.0%−143.7%5 MNOK
Sannidal Miljø og Metall AS−12.1%29.7%2 MNOK
Ecofiber Recycling AS−4.5%−11.4%8 MNOK
Miljøgjenvinning Entreprenør Drift AS−27.2%−114.5%2 MNOK
Spyleservice AS−15.2%3.2%5 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
RankCompanyScore Equity ratioReturn on assetsCurrent ratioTotal assets
1Forus Energigjenvinning Holding AS60 99.9%0.2% 166.33110 MNOK
2Myrland Holding AS50 99.1%7.3% 110.4020 MNOK
3Victor Holding AS40 91.8%8.2% 1.0360 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

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 yearMedian operating marginMedian equity ratio
2022 · weakest year1.1%14.8%
20235.0%38.7%
20245.1%37.5%
20255.2%35.8%

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

Held up best in 2022

  1. 1TW Zero Loop ASequity ratio 14.8%5.1%
  2. 2Follo Truckutleie A/Sequity ratio 53.2%1.7%
  3. 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
Measure202120222023202420252026
Wholesale power price, annual average64.2141.772.049.454.096.5 (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
Measure202120222023202420252026
Consumer price index, annual average84.389.294.197.0100.0102.9 (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
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.17 (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.

22024K412025K122025K222025K332025K422026K102026K222026K3

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

All bankruptcies and liquidations in the sector

Industry codes (NACE)

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