Sector

Bergverk og utvinning

118 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	+17
2	NOROCK & CO AS	Leader	74	+23
3	Visnes Kalk AS	Leader	70	+12
4	Staven Grus AS	Leader	68	+28
5	TT Pukk AS	Leader	68	+11
6	Gudvangen Stein AS	Leader	67	+2
7	Larvik Granite AS	Steward	64	−6
8	Forsand Sandkompani AS	Leader	60	−19
9	Naturstenskompaniet Norge AS	Sprinter	60	+22
10	John Myrvang AS	Sprinter	57	+3
11	Lundhs AS	Steward	57	−7
12	Gabbro Nor AS	Leader	56	−10
13	Hamar Pukk og Grus AS	Sprinter	55	+14
14	Gunnar Holth Grusforretning AS	Sprinter	54	+5
15	Ramlo Sandtak AS	Steward	54	+7
16	Swerock AS	Steward	53	+36
17	Svelviksand AS	Sprinter	51	−4
18	Skolt Pukkverk AS	Steward	50	−1
19	Brønnøy Kalk AS	Sprinter	49	−6
20	Feiring Bruk AS	Steward	48	+13
21	Velde Pukk AS	Sprinter	48	−2
22	Oddvar Øygard AS	Sprinter	43	+16
23	Heidelberg Materials Tilslag Norge AS	Sprinter	42	−11
24	Franzefoss Pukk AS	Builder	38	−6
25	Store Norske Gruvedrift AS	Sprinter	38	−26
26	Eikefet Minerals AS	Steward	36	−16
27	Bremanger Quarry AS	Steward	36	−10
28	Hadsel Maskin AS	Builder	36	+18
29	Borsheim AS	Builder	32	−14
30	Stange Industri AS	Builder	30	−13
31	Skaland Graphite AS	Builder	28	+27
32	Norsk Massehåndtering AS	Builder	21	−6
33	Froland Stein og Hellebrudd AS	Builder	9	−46

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

Froland Stein og Hellebrudd AS
From 2024 to 2025: the operating margin fell from 21.4% to −10.4% and went from a profit to a loss before tax.
−46
Swerock AS
From 2024 to 2025: went from a loss to a profit before tax and the equity ratio rose from 5.1% to 44.3%.
+36
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%.
+28
Skaland Graphite AS
From 2024 to 2025: the equity ratio rose from −465.1% to 32.4% and the operating margin rose from −48.4% to −21.1%.
+27

Summary analysis

Bergverk og utvinning, Morning class Medium: 33 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 74, operating margin 11.1%, equity ratio 64.7%). Visnes Kalk AS (score 70, operating margin 17.7%, equity ratio 49.7%).

Weakest in the sector: Froland Stein og Hellebrudd AS (score 9, operating margin −10.4%, equity ratio 13.8%). Norsk Massehåndtering AS (score 21, operating margin −0.6%, equity ratio 1.8%). Skaland Graphite AS (score 28, operating margin −21.1%, equity ratio 32.4%).

Worth a closer look

The median operating margin rose from 4.8% in 2024 to 6.3% in 2025 (1.4 percentage points).
The median equity ratio rose from 28.2% in 2024 to 38.2% in 2025 (10.0 percentage points).
The median revenue growth rose from 5.4% in 2024 to 8.7% in 2025 (3.3 percentage points).
The share with a loss went from 30% in 2024 to 18% 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 36% of the sector's revenue. Combined profit before tax for the 31 ranked companies: 196 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
Swerock AS 9.4 MNOK
Bremanger Quarry AS 9.0 MNOK
Rekefjord Stone AS 8.6 MNOK
Heidelberg Materials Tilslag Norge AS 7.7 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

Gudvangen Stein AS 20.7%
Svelviksand AS 18.4%
Visnes Kalk AS 17.7%
John Myrvang AS 14.1%
Store Norske Gruvedrift AS 13.3%

Operating result divided by operating revenue.

Largest profit

Rekefjord Stone AS 51 MNOK
Gunnar Holth Grusforretning AS 36 MNOK
Larvik Granite AS 30 MNOK
Visnes Kalk AS 26 MNOK
Velde Pukk AS 18 MNOK

Profit before tax.

Largest loss

Feiring Bruk AS −53 MNOK
Eikefet Minerals AS −30 MNOK
Froland Stein og Hellebrudd AS −16 MNOK
Skaland Graphite AS −12 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

Gudvangen Stein AS +516.0%
NOROCK & CO AS +221.1%
Eikefet Minerals AS +139.0%
Hadsel Maskin AS +68.0%
Norsk Massehåndtering AS +48.6%

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

Largest revenue decline

Store Norske Gruvedrift AS −53.0%
Froland Stein og Hellebrudd AS −28.0%
Bremanger Quarry AS −21.2%
Gabbro Nor AS −16.6%
Heidelberg Materials Tilslag Norge AS −7.3%

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

Biggest climbers

Swerock AS +35.1 points
Staven Grus AS +28.2 points
Skaland Graphite AS +26.6 points
Naturstenskompaniet Norge AS +22.3 points
Rekefjord Stone AS +17.1 points

Change in index points from the year before.

Biggest fallers

Froland Stein og Hellebrudd AS −46.6 points
Store Norske Gruvedrift AS −25.8 points
Forsand Sandkompani AS −18.3 points
Borsheim AS −13.8 points
Stange Industri AS −13.1 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).

Froland Stein og Hellebrudd AS profitability 91 → 6, solidity 18 → 8
Swerock AS profitability 14 → 45, solidity 7 → 62
Staven Grus AS profitability 19 → 81, solidity 61 → 59
Naturstenskompaniet Norge AS profitability 21 → 60, solidity 43 → 40
Visnes Kalk AS profitability 59 → 97, solidity 86 → 78

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)
Gudvangen Stein AS	Lion	98	52	–
Visnes Kalk AS	Lion	97	78	59 / 86
Svelviksand AS	Cheetah	95	14	83 / 32
Rekefjord Stone AS	Lion	87	100	53 / 100
Staven Grus AS	Lion	81	59	19 / 61
Velde Pukk AS	Cheetah	81	5	90 / 11
John Myrvang AS	Cheetah	77	30	48 / 36
NOROCK & CO AS	Lion	74	90	–
Gunnar Holth Grusforretning AS	Cheetah	65	49	55 / 64
TT Pukk AS	Lion	63	75	33 / 79
Store Norske Gruvedrift AS	Cheetah	62	0	100 / 0
Hamar Pukk og Grus AS	Cheetah	62	33	64 / 28
Naturstenskompaniet Norge AS	Cheetah	60	40	21 / 43
Heidelberg Materials Tilslag Norge AS	Cheetah	56	43	67 / 46
Brønnøy Kalk AS	Cheetah	56	24	62 / 14
Oddvar Øygard AS	Cheetah	56	21	19 / 21
Gabbro Nor AS	Lion	53	71	71 / 75
Forsand Sandkompani AS	Lion	53	84	91 / 82
Larvik Granite AS	Elephant	49	94	45 / 93
Skolt Pukkverk AS	Elephant	46	56	57 / 71
Swerock AS	Elephant	45	62	14 / 7
Ramlo Sandtak AS	Elephant	39	65	41 / 68
Stange Industri AS	Beaver	35	17	53 / 39
Bremanger Quarry AS	Elephant	31	68	–
Hadsel Maskin AS	Beaver	26	11	–
Lundhs AS	Elephant	22	97	40 / 96
Borsheim AS	Beaver	16	27	9 / 54
Norsk Massehåndtering AS	Beaver	14	2	28 / 3
Franzefoss Pukk AS	Beaver	12	46	12 / 57
Feiring Bruk AS	Elephant	11	87	5 / 50
Froland Stein og Hellebrudd AS	Beaver	6	8	91 / 18
Eikefet Minerals AS	Elephant	2	81	–
Skaland Graphite AS	Beaver	2	36	0 / 0

The sector in numbers

Summary · fiscal year 2025 · Morning class Medium

The sector's median operating margin is 6.3%. 1 of 33 companies have negative equity. The median equity ratio is 38.2%.

Companies with accounts33

Total revenue6,184 MNOK

Median operating margin6.3%

Median equity ratio38.2%

Share with a loss18%

Share with negative equity3%

All figures are for fiscal year 2025. Ranked: 33 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 28 companies ranked in both years.

Climbers

20Staven Grus ASfrom rank 24 to 468
16Naturstenskompaniet Norge ASfrom rank 25 to 960
13Swerock ASfrom rank 29 to 1653
10Hamar Pukk og Grus ASfrom rank 23 to 1355
6Feiring Bruk ASfrom rank 26 to 2048

Fallers

23Froland Stein og Hellebrudd ASfrom rank 10 to 339
19Store Norske Gruvedrift ASfrom rank 6 to 2538
9Borsheim ASfrom rank 20 to 2932
8Heidelberg Materials Tilslag Norge ASfrom rank 15 to 2342
8Stange Industri ASfrom rank 22 to 3030

Awards · 2025 · Morning class Medium

Most profitableGudvangen Stein AS20.7%

Fastest growthGudvangen Stein AS516.0%

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

11 companies show at least one warning sign. Showing the 11 most important.

criticalStore Norske Gruvedrift ASNegative equity
watchNorsk Massehåndtering ASVery low equity ratio (1.8%) · Current ratio below 1 (0.34) · Loss before tax
watchFroland Stein og Hellebrudd ASCurrent ratio below 1 (0.62) · Loss before tax
watchEikefet Minerals ASCurrent ratio below 1 (0.83) · 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)
watchVisnes Kalk ASCurrent ratio below 1 (0.96)
watchStange Industri ASCurrent ratio below 1 (0.86)
watchSkaland Graphite ASLoss before tax
watchBorsheim ASLoss before tax

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
Visnes Kalk AS	17.7%	49.7%	149 MNOK
Staven Grus AS	9.2%	41.3%	128 MNOK
TT Pukk AS	7.4%	49.1%	82 MNOK
Gudvangen Stein AS	20.7%	40.8%	87 MNOK
Larvik Granite AS	−0.1%	72.8%	105 MNOK
Forsand Sandkompani AS	6.7%	55.9%	109 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
Gabbro Nor AS	6.3%	48.6%	162 MNOK
Hamar Pukk og Grus AS	5.8%	30.3%	108 MNOK
Gunnar Holth Grusforretning AS	7.1%	38.2%	456 MNOK
Ramlo Sandtak AS	3.8%	44.7%	214 MNOK
Swerock AS	5.5%	44.3%	320 MNOK
Svelviksand AS	18.4%	17.0%	54 MNOK
Skolt Pukkverk AS	7.2%	40.9%	138 MNOK
Brønnøy Kalk AS	7.4%	23.8%	192 MNOK
Feiring Bruk AS	−6.2%	57.4%	369 MNOK
Velde Pukk AS	10.1%	12.1%	218 MNOK
Oddvar Øygard AS	7.7%	23.1%	139 MNOK
Heidelberg Materials Tilslag Norge AS	6.7%	34.0%	330 MNOK
Franzefoss Pukk AS	−1.4%	35.8%	472 MNOK
Store Norske Gruvedrift AS	13.3%	−21.1%	86 MNOK
Eikefet Minerals AS	−38.5%	50.8%	77 MNOK
Bremanger Quarry AS	4.9%	47.3%	495 MNOK
Hadsel Maskin AS	2.3%	14.3%	82 MNOK
Borsheim AS	−0.9%	24.0%	51 MNOK
Stange Industri AS	5.0%	22.3%	129 MNOK
Skaland Graphite AS	−21.1%	32.4%	59 MNOK
Norsk Massehåndtering AS	−0.6%	1.8%	209 MNOK
Froland Stein og Hellebrudd AS	−10.4%	13.8%	90 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

Property and finance earn the margins, but not the securityNo. 7 of 22 on median operating margin
Boards of water, mining and shipping firms are oldest; IT and construction youngestNo. 2 of 22 on median board age

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	5.9%	37.9%
2024	6.0%	39.7%
2025	6.4%	40.2%

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 rose 0.5 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%	5.9%	6.0%	6.4%	–

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 4 November 2026

EUR/NOK (kr)

Latest value: 10.59 (2026-10)

EUR/NOK rose 0.8% in 2025; the sector's median operating margin rose 0.5 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%	5.9%	6.0%	6.4%	–

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 4 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 0.5 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%	5.9%	6.0%	6.4%	–

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 4 November 2026

When USD/NOK fell in 2025, 60 of 113 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