Sector

Bergverk og utvinning

102 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	Rekefjord Stone AS	Leader	84	+20
2	NOROCK & CO AS	Leader	69	+19
3	Staven Grus AS	Leader	65	+32
4	TT Pukk AS	Leader	64	+11
5	Larvik Granite AS	Steward	59	−5
6	Naturstenskompaniet Norge AS	Sprinter	55	+23
7	John Myrvang AS	Sprinter	54	+3
8	Lundhs AS	Steward	53	−8
9	Forsand Sandkompani AS	Steward	53	−23
10	Gunnar Holth Grusforretning AS	Sprinter	50	+5
11	Svelviksand AS	Sprinter	49	−2
12	Gabbro Nor AS	Steward	49	−11
13	Hamar Pukk og Grus AS	Sprinter	49	+13
14	Ramlo Sandtak AS	Steward	47	+6
15	Velde Pukk AS	Sprinter	45	0
16	Brønnøy Kalk AS	Builder	43	−9
17	Feiring Bruk AS	Steward	43	+12
18	Heidelberg Materials Tilslag Norge AS	Sprinter	38	−11
19	Store Norske Gruvedrift AS	Sprinter	35	−27
20	Franzefoss Pukk AS	Builder	35	−5
21	Bremanger Quarry AS	Steward	29	−15
22	Norsk Massehåndtering AS	Builder	18	−6

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

Staven Grus AS
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −0.7% to 9.2%.
+32
Store Norske Gruvedrift AS
From 2024 to 2025: the operating margin fell from 83.3% to 13.3% and revenue fell by 53%.
−27
Naturstenskompaniet Norge AS
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −0.7% to 5.9%.
+23
Forsand Sandkompani AS
From 2024 to 2025: the operating margin fell from 13.8% to 6.7%.
−23

Summary analysis

Bergverk og utvinning, Morning class Medium: 22 ranked companies in fiscal year 2025.

Best in the sector: Rekefjord Stone AS (score 84, operating margin 12.5%, equity ratio 78.8%). NOROCK & CO AS (score 69, operating margin 11.1%, equity ratio 64.7%). Staven Grus AS (score 65, operating margin 9.2%, equity ratio 41.3%).

Weakest in the sector: Norsk Massehåndtering AS (score 18, operating margin −0.6%, equity ratio 1.8%). Bremanger Quarry AS (score 29, operating margin 4.9%, equity ratio 47.3%). Franzefoss Pukk AS (score 35, operating margin −1.4%, equity ratio 35.8%).

Worth a closer look

The median operating margin rose from 4.8% in 2024 to 6.7% in 2025 (1.9 percentage points).
The median equity ratio rose from 31.4% in 2024 to 39.7% in 2025 (8.4 percentage points).
The median revenue growth fell from 7.9% in 2024 to 4.8% in 2025 (3.2 percentage points).
The share with a loss went from 23% in 2024 to 9% 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 45% of the sector's revenue. Combined profit before tax for the 20 ranked companies: 193 MNOK.

Size

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

Highest revenue

Bremanger Quarry AS 495 MNOK
Franzefoss Pukk AS 472 MNOK
Gunnar Holth Grusforretning AS 456 MNOK
Lundhs AS 407 MNOK
Feiring Bruk AS 369 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

NOROCK & CO AS 10.1 MNOK
Bremanger Quarry AS 9.0 MNOK
Rekefjord Stone AS 8.6 MNOK
Heidelberg Materials Tilslag Norge AS 7.7 MNOK
Hamar Pukk og Grus AS 6.8 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

Svelviksand AS 18.4%
John Myrvang AS 14.1%
Store Norske Gruvedrift AS 13.3%
Rekefjord Stone AS 12.5%
NOROCK & CO AS 11.1%

Operating result divided by operating revenue.

Largest profit

Rekefjord Stone AS 51 MNOK
Gunnar Holth Grusforretning AS 36 MNOK
Larvik Granite AS 30 MNOK
Velde Pukk AS 18 MNOK
Bremanger Quarry AS 16 MNOK

Profit before tax.

Largest loss

Feiring Bruk AS −53 MNOK
Norsk Massehåndtering AS −11 MNOK

Profit before tax, the largest negative.

Most solid

Rekefjord Stone AS 78.8%
Lundhs AS 78.7%
Larvik Granite AS 72.8%
NOROCK & CO AS 64.7%
Feiring Bruk AS 57.4%

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

NOROCK & CO AS +221.1%
Norsk Massehåndtering AS +48.6%
Staven Grus AS +47.0%
Naturstenskompaniet Norge AS +29.0%
Feiring Bruk AS +28.0%

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

Largest revenue decline

Store Norske Gruvedrift AS −53.0%
Bremanger Quarry AS −21.2%
Gabbro Nor AS −16.6%
Heidelberg Materials Tilslag Norge AS −7.3%
Lundhs AS −7.2%

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

Biggest climbers

Staven Grus AS +31.1 points
Naturstenskompaniet Norge AS +23.5 points
Rekefjord Stone AS +20.8 points
Hamar Pukk og Grus AS +12.5 points
Feiring Bruk AS +11.7 points

Change in index points from the year before.

Biggest fallers

Store Norske Gruvedrift AS −27.0 points
Forsand Sandkompani AS −22.8 points
Heidelberg Materials Tilslag Norge AS −11.4 points
Gabbro Nor AS −10.7 points
Brønnøy Kalk AS −9.3 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).

Staven Grus AS profitability 10 → 80, solidity 56 → 51
Forsand Sandkompani AS profitability 90 → 42, solidity 80 → 76
Store Norske Gruvedrift AS profitability 100 → 56, solidity 0 → 0
Rekefjord Stone AS profitability 48 → 90, solidity 100 → 100
Naturstenskompaniet Norge AS profitability 12 → 53, solidity 37 → 32

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)
Svelviksand AS	Cheetah	100	12	81 / 27
Rekefjord Stone AS	Lion	90	100	48 / 100
Staven Grus AS	Lion	80	51	10 / 56
Velde Pukk AS	Cheetah	80	7	88 / 7
John Myrvang AS	Cheetah	74	22	45 / 32
NOROCK & CO AS	Lion	69	85	–
Gunnar Holth Grusforretning AS	Cheetah	60	46	50 / 61
Hamar Pukk og Grus AS	Cheetah	56	27	62 / 22
Store Norske Gruvedrift AS	Cheetah	56	0	100 / 0
TT Pukk AS	Lion	55	71	26 / 76
Naturstenskompaniet Norge AS	Cheetah	53	32	12 / 37
Heidelberg Materials Tilslag Norge AS	Cheetah	52	37	62 / 41
Brønnøy Kalk AS	Beaver	46	17	57 / 12
Larvik Granite AS	Elephant	44	90	36 / 90
Gabbro Nor AS	Elephant	42	66	67 / 71
Forsand Sandkompani AS	Elephant	42	76	90 / 80
Ramlo Sandtak AS	Elephant	28	56	36 / 66
Bremanger Quarry AS	Elephant	22	61	–
Lundhs AS	Elephant	15	95	36 / 95
Franzefoss Pukk AS	Beaver	5	41	7 / 51
Norsk Massehåndtering AS	Beaver	5	2	21 / 2
Feiring Bruk AS	Elephant	3	80	0 / 46

The sector in numbers

Summary · fiscal year 2025 · Morning class Medium

The sector's median operating margin is 6.7%. 1 of 22 companies have negative equity. The median equity ratio is 39.7%.

Companies with accounts22

Total revenue4,864 MNOK

Median operating margin6.7%

Median equity ratio39.7%

Share with a loss9%

Share with negative equity5%

All figures are for fiscal year 2025. Ranked: 22 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 Medium

Change in rank from 2024 to 2025, for 20 companies ranked in both years.

Climbers

16Staven Grus ASfrom rank 19 to 365
14Naturstenskompaniet Norge ASfrom rank 20 to 655
5Gunnar Holth Grusforretning ASfrom rank 15 to 1050
5Hamar Pukk og Grus ASfrom rank 18 to 1349
4TT Pukk ASfrom rank 8 to 464

Fallers

14Store Norske Gruvedrift ASfrom rank 5 to 1935
8Forsand Sandkompani ASfrom rank 1 to 953
7Brønnøy Kalk ASfrom rank 9 to 1643
6Heidelberg Materials Tilslag Norge ASfrom rank 12 to 1838
5Gabbro Nor ASfrom rank 7 to 1249

Awards · 2025 · Morning class Medium

Most profitableSvelviksand AS18.4%

Fastest growthNOROCK & CO AS221.1%

Strongest balance sheetRekefjord Stone AS78.8%

Largest revenueBremanger Quarry AS495 MNOK

Highest revenue per employeeNOROCK & CO AS10.1 MNOK

Needs attention · 2025 · Morning class Medium

5 companies show at least one warning sign. Showing the 5 most important.

criticalStore Norske Gruvedrift ASNegative equity
watchNorsk Massehåndtering ASVery low equity ratio (1.8%) · Current ratio below 1 (0.34) · Loss before tax
watchBremanger Quarry ASCurrent ratio below 1 (0.92)
watchFeiring Bruk ASLoss before tax
watchHeidelberg Materials Tilslag Norge ASCurrent ratio below 1 (0.87)

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
Rekefjord Stone AS	12.5%	78.8%	362 MNOK
NOROCK & CO AS	11.1%	64.7%	101 MNOK
Staven Grus AS	9.2%	41.3%	128 MNOK
TT Pukk AS	7.4%	49.1%	82 MNOK
Larvik Granite AS	−0.1%	72.8%	105 MNOK
Naturstenskompaniet Norge AS	5.9%	33.8%	89 MNOK
John Myrvang AS	14.1%	29.7%	115 MNOK
Lundhs AS	0.0%	78.7%	407 MNOK
Forsand Sandkompani AS	6.7%	55.9%	109 MNOK
Gunnar Holth Grusforretning AS	7.1%	38.2%	456 MNOK
Svelviksand AS	18.4%	17.0%	54 MNOK
Gabbro Nor AS	6.3%	48.6%	162 MNOK
Hamar Pukk og Grus AS	5.8%	30.3%	108 MNOK
Ramlo Sandtak AS	3.8%	44.7%	214 MNOK
Velde Pukk AS	10.1%	12.1%	218 MNOK
Brønnøy Kalk AS	7.4%	23.8%	192 MNOK
Feiring Bruk AS	−6.2%	57.4%	369 MNOK
Heidelberg Materials Tilslag Norge AS	6.7%	34.0%	330 MNOK
Store Norske Gruvedrift AS	13.3%	−21.1%	86 MNOK
Franzefoss Pukk AS	−1.4%	35.8%	472 MNOK
Bremanger Quarry AS	4.9%	47.3%	495 MNOK
Norsk Massehåndtering AS	−0.6%	1.8%	209 MNOK

Holding and investment companies · 2025

4 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: 2 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	Vestheim Holding AS	60	99.6%	3.2%	145.61	21 MNOK
2	Sørlie Mining Invest AS	40	75.3%	34.5%	1.57	29 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. 8 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 0.1%.

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	0.1%	20.0%
2023	7.1%	38.9%
2024	7.4%	41.3%
2025	6.6%	41.4%

In 2022, 0 ranked companies did better than the sector, 1 about the same and 0 weaker.

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.

USD/NOK (kr)

Latest value: 9.46 (2026-10)

USD/NOK fell 3.3% in 2025; the sector's median operating margin fell 0.8 percentage points.

USD/NOK per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
USD/NOK, annual average	8.59	9.61	10.56	10.75	10.39	9.54 (so far)
Change from the year before	−8.8%	+11.9%	+9.9%	+1.7%	−3.3%	−8.2%
Sector's median operating margin	–	0.1%	7.1%	7.4%	6.6%	–

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

EUR/NOK (kr)

Latest value: 10.59 (2026-10)

EUR/NOK rose 0.8% in 2025; the sector's median operating margin fell 0.8 percentage points.

EUR/NOK per year and the sector's median operating margin
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	–	0.1%	7.1%	7.4%	6.6%	–

Source: Norges Bank (EXR, NLOD 2.0). 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 fell 0.8 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	–	0.1%	7.1%	7.4%	6.6%	–

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

When USD/NOK fell in 2025, 52 of 99 ranked companies kept their operating margin at or above the year before. Among the largest: Sibelco Nordic AS (10.1% → 17.1%), Franzefoss Minerals AS (11.5% → 11.8%), Franzefoss Pukk AS (−3.3% → −1.4%), Gunnar Holth Grusforretning AS (5.5% → 7.1%), Feiring Bruk AS (−6.9% → −6.2%).

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: 1,025; −2.8% from 2023

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

5 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change +150.0% against the four quarters before (2). That is about 4.9 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 13.5%
Share of persons employed: 47.2%
Share of turnover: –

SSB publishes this for groups of industries only. The figures are for the group “Olje- og gassutvinning og bergverksdrift”. A dash means SSB withholds the figure.

Production index · Bergverksdrift

93.8 index, 2021 = 100, seasonally adjusted · 2026M08
−0.4% against 2025M08.

Monthly, 2023M08 to 2026M08.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 07095. 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

MØLLENG MASKIN & Pukk AS 876081172 Voluntary liquidation · 19 October 2026 · 0 MNOK (2025)
Aco Pukk AS 923116710 Voluntary liquidation · 16 October 2026 · 0 MNOK (2025)
MR. Pukk Øst AS 914385083 Bankruptcy · 15 October 2026 · 28 MNOK (2024)
Ascent Graphite AS 928132250 Forced dissolution · 6 October 2026
Ordalen AS 990650578 Voluntary liquidation · 5 October 2026 · 1 MNOK (2025)
Norsk Uteservice AS 930795224 Bankruptcy · 8 September 2026 · 0 MNOK (2024)
Brickstep AS 935247020 Voluntary liquidation · 22 July 2026
B&G Stein AS 827398292 Bankruptcy · 16 March 2026

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
05*	Hele hovedgruppe 05
05.100	Bryting av steinkull
07*	Hele hovedgruppe 07
07.100	Bryting av jernmalm
07.290	Bryting av ikke-jernholdig malm ellers
08*	Hele hovedgruppe 08
08.110	Bryting av dekorstein, kalkstein, gips, skifer og annen stein
08.120	Utvinning fra grus- og sandtak, og utvinning av leire og kaolin
08.910	Bryting og utvinning av kjemiske mineraler og gjødselmineraler
08.920	Stikking av torv
08.930	Utvinning av salt
08.990	Annen bryting og utvinning ikke nevnt annet sted
09*	Hele hovedgruppe 09
09.900	Tjenester tilknyttet annen bergverksdrift