Bergverk og utvinning
FollowDownload sector report (PDF)112 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology
Ranking · 2025 · Morning class Large
Too few companies in this class (5, at least 10 needed) for a ranking of its own. They are compared with the whole sector.
| # | Company | Score | Change |
|---|---|---|---|
| 1 | Franzefoss Minerals AS | 68 | −3 |
| 2 | Titania AS | 64 | −5 |
| 3 | Rana Gruber AS | 58 | −2 |
| 4 | Sibelco Nordic AS | 53 | +7 |
| 5 | Mibau Stema Norge AS | 37 | −15 |
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 Large
- Mibau Stema Norge AS−15
From 2024 to 2025: the equity ratio fell from 52.9% to 40.4% and the operating margin fell from 8.8% to 6.1%.
- Sibelco Nordic AS+7
From 2024 to 2025: the operating margin rose from 10.1% to 17.1% and the equity ratio rose from 30.2% to 36.1%.
- Titania AS−5
From 2024 to 2025: the operating margin fell from 49.9% to 41.6% and revenue fell by 21%.
- Franzefoss Minerals AS−3
No large changes in the key figures from 2024 to 2025.
Bergverk og utvinning, Morning class Medium: 30 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 69, operating margin 17.7%, equity ratio 49.7%).
Weakest in the sector: Norsk Massehåndtering AS (score 20, operating margin −0.6%, equity ratio 1.8%). Skaland Graphite AS (score 27, operating margin −21.1%, equity ratio 32.4%). Stange Industri AS (score 28, operating margin 5.0%, equity ratio 22.3%).
Worth a closer look
- The median operating margin rose from 4.8% in 2024 to 6.5% in 2025 (1.6 percentage points).
- The median equity ratio rose from 28.2% in 2024 to 39.5% in 2025 (11.3 percentage points).
- The median revenue growth rose from 2.4% in 2024 to 8.7% in 2025 (6.4 percentage points).
- The share with a loss went from 29% in 2024 to 13% 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 Large
Combined profit before tax for the 5 ranked companies: 1,373 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- Rana Gruber AS 1,566 MNOK
- Mibau Stema Norge AS 1,521 MNOK
- Titania AS 1,446 MNOK
- Sibelco Nordic AS 1,156 MNOK
- Franzefoss Minerals AS 792 MNOK
Operating revenue.
Most employees
- Mibau Stema Norge AS 491
- Rana Gruber AS 382
- Titania AS 258
- Sibelco Nordic AS 252
- Franzefoss Minerals AS 89
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Franzefoss Minerals AS 8.9 MNOK
- Titania AS 5.6 MNOK
- Sibelco Nordic AS 4.6 MNOK
- Rana Gruber AS 4.1 MNOK
- Mibau Stema Norge AS 3.1 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
- Titania AS 41.6%
- Rana Gruber AS 20.7%
- Sibelco Nordic AS 17.1%
- Franzefoss Minerals AS 11.8%
- Mibau Stema Norge AS 6.1%
Operating result divided by operating revenue.
Largest profit
- Titania AS 631 MNOK
- Rana Gruber AS 387 MNOK
- Sibelco Nordic AS 193 MNOK
- Franzefoss Minerals AS 104 MNOK
- Mibau Stema Norge AS 59 MNOK
Profit before tax.
Largest loss
No company meets the requirement this year.
Profit before tax, the largest negative.
Most solid
- Franzefoss Minerals AS 63.5%
- Rana Gruber AS 56.8%
- Titania AS 55.5%
- Mibau Stema Norge AS 40.4%
- Sibelco Nordic AS 36.1%
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
- Franzefoss Minerals AS +6.6%
- Sibelco Nordic AS +1.8%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
- Titania AS −21.0%
- Rana Gruber AS −5.9%
- Mibau Stema Norge AS −0.3%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- Sibelco Nordic AS +7.1 points
Change in index points from the year before.
Biggest fallers
- Mibau Stema Norge AS −15.3 points
- Titania AS −4.6 points
- Franzefoss Minerals AS −2.7 points
- Rana Gruber AS −1.3 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.
Positions in the sector · 2025 · Morning class Large
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).
- Mibau Stema Norge AS profitability 59 → 39, solidity 65 → 47
- Titania AS profitability 96 → 95, solidity 56 → 67
- Sibelco Nordic AS profitability 76 → 85, solidity 34 → 39
- Rana Gruber AS profitability 88 → 81, solidity 68 → 70
- Franzefoss Minerals AS profitability 73 → 70, solidity 80 → 74
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 |
|---|---|---|---|
| Titania AS | Lion | 95 | 67 |
| Sibelco Nordic AS | Cheetah | 85 | 39 |
| Rana Gruber AS | Lion | 81 | 70 |
| Franzefoss Minerals AS | Lion | 70 | 74 |
| Mibau Stema Norge AS | Beaver | 39 | 47 |
Summary · fiscal year 2025 · Morning class Large
The sector's median operating margin is 17.1%. 0 of 5 companies have negative equity. The median equity ratio is 55.5%.
All figures are for fiscal year 2025. Ranked: 5 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 Large
Change in rank from 2024 to 2025, for 5 companies ranked in both years.
Climbers
- 1Sibelco Nordic ASfrom rank 5 to 453
Fallers
- 1Mibau Stema Norge ASfrom rank 4 to 537
Awards · 2025 · Morning class Large
Needs attention · 2025 · Morning class Large
2 companies show at least one warning sign. Showing the 2 most important.
- watchMibau Stema Norge ASCurrent ratio below 1 (0.39)
- watchSibelco Nordic ASCurrent ratio below 1 (0.90)
Sector map · 2025 · Morning class Large
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 |
|---|---|---|---|
| Franzefoss Minerals AS | 11.8% | 63.5% | 792 MNOK |
| Titania AS | 41.6% | 55.5% | 1,446 MNOK |
| Rana Gruber AS | 20.7% | 56.8% | 1,566 MNOK |
| Sibelco Nordic AS | 17.1% | 36.1% | 1,156 MNOK |
| Mibau Stema Norge AS | 6.1% | 40.4% | 1,521 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.
| 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
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 | 6.1% | 37.4% |
| 2024 | 6.0% | 40.4% |
| 2025 | 6.4% | 40.6% |
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)
USD/NOK fell 3.3% in 2025; the sector's median operating margin rose 0.5 percentage points.
| 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% | 6.1% | 6.0% | 6.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 3 November 2026
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the sector's median operating margin rose 0.5 percentage points.
| 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% | 6.1% | 6.0% | 6.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 3 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 0.5 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 | – | 0.1% | 6.1% | 6.0% | 6.4% | – |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026
When USD/NOK fell in 2025, 58 of 108 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
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 |