Bergverk og utvinning
FollowDownload sector report (PDF)100 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology
Ranking · 2025 · Morning class Medium
| # | Company | Score | Change |
|---|---|---|---|
| 1 | NOROCK & CO AS | 71 | +21 |
| 2 | Staven Grus AS | 66 | +32 |
| 3 | TT Pukk AS | 66 | +11 |
| 4 | Larvik Granite AS | 61 | −6 |
| 5 | Naturstenskompaniet Norge AS | 57 | +23 |
| 6 | John Myrvang AS | 55 | +2 |
| 7 | Forsand Sandkompani AS | 54 | −22 |
| 8 | Lundhs AS | 54 | −8 |
| 9 | Gabbro Nor AS | 51 | −9 |
| 10 | Gunnar Holth Grusforretning AS | 51 | +6 |
| 11 | Hamar Pukk og Grus AS | 50 | +13 |
| 12 | Svelviksand AS | 50 | −1 |
| 13 | Ramlo Sandtak AS | 48 | +5 |
| 14 | Velde Pukk AS | 47 | +2 |
| 15 | Brønnøy Kalk AS | 44 | −9 |
| 16 | Feiring Bruk AS | 43 | +13 |
| 17 | Franzefoss Pukk AS | 35 | −4 |
| 18 | Store Norske Gruvedrift AS | 35 | −26 |
| 19 | Bremanger Quarry AS | 30 | −14 |
| 20 | Norsk Massehåndtering AS | 18 | −7 |
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+32
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −0.7% to 9.2%.
- Store Norske Gruvedrift AS−26
From 2024 to 2025: the operating margin fell from 83.3% to 13.3% and revenue fell by 53%.
- Naturstenskompaniet Norge AS+23
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −0.7% to 5.9%.
- Forsand Sandkompani AS−22
From 2024 to 2025: the operating margin fell from 13.8% to 6.7%.
Bergverk og utvinning, Morning class Medium: 20 ranked companies in fiscal year 2025.
Best in the sector: NOROCK & CO AS (score 71, operating margin 11.1%, equity ratio 64.7%). Staven Grus AS (score 66, operating margin 9.2%, equity ratio 41.3%). TT Pukk AS (score 66, operating margin 7.4%, equity ratio 49.1%).
Weakest in the sector: Norsk Massehåndtering AS (score 18, operating margin −0.6%, equity ratio 1.8%). Bremanger Quarry AS (score 30, operating margin 4.9%, equity ratio 47.3%). Store Norske Gruvedrift AS (score 35, operating margin 13.3%, equity ratio −21.1%).
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 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 25% in 2024 to 10% 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 53% of the sector's revenue. Combined profit before tax for the 19 ranked companies: 142 MNOK.
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.
Highest operating margin
- Svelviksand AS 18.4%
- John Myrvang AS 14.1%
- Store Norske Gruvedrift AS 13.3%
- NOROCK & CO AS 11.1%
- Velde Pukk AS 10.1%
Operating result divided by operating revenue.
Largest profit
- Gunnar Holth Grusforretning AS 36 MNOK
- Larvik Granite AS 30 MNOK
- Velde Pukk AS 18 MNOK
- Bremanger Quarry AS 16 MNOK
- NOROCK & CO AS 12 MNOK
Profit before tax.
Largest loss
- Feiring Bruk AS −53 MNOK
- Norsk Massehåndtering AS −11 MNOK
Profit before tax, the largest negative.
Most solid
- Lundhs AS 78.7%
- Larvik Granite AS 72.8%
- NOROCK & CO AS 64.7%
- Feiring Bruk AS 57.4%
- Forsand Sandkompani AS 55.9%
Equity ratio: equity divided by total assets.
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%
- Lundhs AS −7.2%
- John Myrvang AS −6.8%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- Staven Grus AS +32.1 points
- Naturstenskompaniet Norge AS +23.7 points
- Hamar Pukk og Grus AS +13.7 points
- Feiring Bruk AS +12.5 points
- TT Pukk AS +10.2 points
Change in index points from the year before.
Biggest fallers
- Store Norske Gruvedrift AS −26.6 points
- Forsand Sandkompani AS −21.5 points
- Gabbro Nor AS −8.6 points
- Brønnøy Kalk AS −8.4 points
- Lundhs AS −7.8 points
Change in index points from the year before.
Most employees
- Gunnar Holth Grusforretning AS 126
- Lundhs AS 120
- Franzefoss Pukk AS 113
- Feiring Bruk AS 93
- Gabbro Nor AS 68
Employees according to the Central Coordinating Register.
Highest revenue per employee
- NOROCK & CO AS 10.1 MNOK
- Bremanger Quarry AS 9.0 MNOK
- Hamar Pukk og Grus AS 6.8 MNOK
- Norsk Massehåndtering AS 4.6 MNOK
- Franzefoss Pukk AS 4.2 MNOK
Only companies with at least 5 employees.
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 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 11 → 84, solidity 57 → 51
- Naturstenskompaniet Norge AS profitability 13 → 57, solidity 40 → 35
- Store Norske Gruvedrift AS profitability 100 → 56, solidity 0 → 0
- Forsand Sandkompani AS profitability 89 → 46, solidity 84 → 78
- Feiring Bruk AS profitability 0 → 3, solidity 46 → 84
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 |
|---|---|---|---|
| Svelviksand AS | Cheetah | 100 | 13 |
| Staven Grus AS | Lion | 84 | 51 |
| Velde Pukk AS | Cheetah | 84 | 8 |
| John Myrvang AS | Cheetah | 75 | 24 |
| NOROCK & CO AS | Lion | 73 | 89 |
| Gunnar Holth Grusforretning AS | Cheetah | 62 | 46 |
| Hamar Pukk og Grus AS | Cheetah | 60 | 30 |
| Naturstenskompaniet Norge AS | Cheetah | 57 | 35 |
| TT Pukk AS | Lion | 57 | 73 |
| Store Norske Gruvedrift AS | Cheetah | 56 | 0 |
| Brønnøy Kalk AS | Beaver | 48 | 19 |
| Larvik Granite AS | Elephant | 47 | 95 |
| Gabbro Nor AS | Elephant | 46 | 68 |
| Forsand Sandkompani AS | Elephant | 46 | 78 |
| Ramlo Sandtak AS | Elephant | 30 | 57 |
| Bremanger Quarry AS | Elephant | 24 | 62 |
| Lundhs AS | Elephant | 16 | 100 |
| Franzefoss Pukk AS | Beaver | 5 | 40 |
| Norsk Massehåndtering AS | Beaver | 5 | 3 |
| Feiring Bruk AS | Elephant | 3 | 84 |
Summary · fiscal year 2025 · Morning class Medium
The sector's median operating margin is 6.5%. 1 of 20 companies have negative equity. The median equity ratio is 39.7%.
All figures are for fiscal year 2025. Ranked: 20 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 18 companies ranked in both years.
Climbers
- 15Staven Grus ASfrom rank 17 to 266
- 13Naturstenskompaniet Norge ASfrom rank 18 to 557
- 5Hamar Pukk og Grus ASfrom rank 16 to 1150
- 4TT Pukk ASfrom rank 7 to 366
- 3Feiring Bruk ASfrom rank 19 to 1643
Fallers
- 13Store Norske Gruvedrift ASfrom rank 5 to 1835
- 6Forsand Sandkompani ASfrom rank 1 to 754
- 6Brønnøy Kalk ASfrom rank 9 to 1544
- 4Lundhs ASfrom rank 4 to 854
- 3Gabbro Nor ASfrom rank 6 to 951
Awards · 2025 · Morning class Medium
Needs attention · 2025 · Morning class Medium
4 companies show at least one warning sign. Showing the 4 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
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 |
|---|---|---|---|
| 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 |
| Forsand Sandkompani AS | 6.7% | 55.9% | 109 MNOK |
| Lundhs AS | 0.0% | 78.7% | 407 MNOK |
| Gabbro Nor AS | 6.3% | 48.6% | 162 MNOK |
| Gunnar Holth Grusforretning AS | 7.1% | 38.2% | 456 MNOK |
| Hamar Pukk og Grus AS | 5.8% | 30.3% | 108 MNOK |
| Svelviksand AS | 18.4% | 17.0% | 54 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 |
| Franzefoss Pukk AS | −1.4% | 35.8% | 472 MNOK |
| Store Norske Gruvedrift AS | 13.3% | −21.1% | 86 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.
| 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
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 | 6.4% | 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)
USD/NOK fell 3.3% in 2025; the sector's median operating margin fell 1.0 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% | 7.1% | 7.4% | 6.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 1 November 2026
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the sector's median operating margin fell 1.0 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% | 7.1% | 7.4% | 6.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 1 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 1.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.14 (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 | −0.16 percentage points |
| Sector's median operating margin | – | 0.1% | 7.1% | 7.4% | 6.4% | – |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 1 November 2026
When USD/NOK fell in 2025, 50 of 97 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 |