Jordbruk og skogbruk
FollowDownload sector report (PDF)353 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology
Ranking · 2025 · Morning class Medium
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
- Ureist AS−36
From 2024 to 2025: went from a profit to a loss before tax and the equity ratio fell from 46.8% to 32.1%.
- Norsk Agurk AS−33
From 2024 to 2025: the equity ratio fell from 70.7% to 43.7% and the operating margin fell from 4.1% to 0.9%.
- Holte Gård Drangedal AS−32
From 2024 to 2025: went from a profit to a loss before tax and the equity ratio fell from 55.6% to 34.9%.
- Hodne Gartneri AS+26
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −0.7% to 6.3%.
Jordbruk og skogbruk, Morning class Medium: 41 ranked companies in fiscal year 2025.
Best in the sector: Næsbø Skog AS (score 85, operating margin 28.6%, equity ratio 76.6%). Fredrik Nannestad Jr AS (score 84, operating margin 21.0%, equity ratio 80.9%). H A Skajems Planteskole AS (score 76, operating margin 19.8%, equity ratio 67.6%).
Weakest in the sector: Huseby Gård AS (score 8, operating margin −1.1%, equity ratio 7.1%). Elstøen Salatgartneri AS (score 17, operating margin −2.2%, equity ratio −0.6%). Lyssand Gartneri AS (score 20, operating margin −1.4%, equity ratio 9.9%).
Worth a closer look
- The median operating margin fell from 6.6% in 2024 to 5.9% in 2025 (0.6 percentage points).
- The median equity ratio fell from 44.3% in 2024 to 35.4% in 2025 (8.9 percentage points).
- The median revenue growth fell from 9.9% in 2024 to 9.0% in 2025 (0.9 percentage points).
- The share with a loss went from 17% in 2024 to 15% 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 27% of the sector's revenue. Combined profit before tax for the 41 ranked companies: 254 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- Hilverda de Boer Norge AS 319 MNOK
- Elstøen Salatgartneri AS 239 MNOK
- Andersen Gartneri AS 213 MNOK
- Animalia AS 198 MNOK
- BJERTNÆS & Hoel AS 188 MNOK
Operating revenue.
Most employees
- Elstøen Salatgartneri AS 221
- Huseby Gård AS 155
- BJERTNÆS & Hoel AS 124
- Lauvsnes Gartneri AS 116
- BK Gartneri og Hagesenter AS 115
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Hilverda de Boer Norge AS 7.4 MNOK
- Stangeskovene AS 4.3 MNOK
- Frisk Salat AS 3.6 MNOK
- Næsbø Skog AS 3.3 MNOK
- Johansen Skogsdrift AS 2.4 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
- Næsbø Skog AS 28.6%
- Stangeskovene AS 24.7%
- O. Espedal Handelsgartneri AS 23.0%
- Fredrik Nannestad Jr AS 21.0%
- H A Skajems Planteskole AS 19.8%
Operating result divided by operating revenue.
Largest profit
- Næsbø Skog AS 44 MNOK
- Stangeskovene AS 32 MNOK
- O. Espedal Handelsgartneri AS 25 MNOK
- Grude Gartneri AS 22 MNOK
- BJERTNÆS & Hoel AS 17 MNOK
Profit before tax.
Largest loss
- Hilverda de Boer Norge AS −18 MNOK
- Elstøen Salatgartneri AS −6 MNOK
- Holte Gård Drangedal AS −6 MNOK
- Huseby Gård AS −4 MNOK
- Lyssand Gartneri AS −2 MNOK
Profit before tax, the largest negative.
Most solid
- Tin Milovanovic Skogservice AS 86.9%
- Stangeskovene AS 86.5%
- Fredrik Nannestad Jr AS 80.9%
- Næsbø Skog AS 76.6%
- H A Skajems Planteskole AS 67.6%
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
- Hilverda de Boer Norge AS +83.4%
- Sikker Skogrydding AS +49.2%
- Totengrønt AS +36.7%
- Holm Gård AS +29.8%
- Elstøen Salatgartneri AS +24.9%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
- Stangeskovene AS −19.6%
- Huseby Gård AS −6.2%
- Tin Milovanovic Skogservice AS −3.9%
- Ureist AS −3.9%
- Mellbyes Planteskole AS −3.1%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- Hodne Gartneri AS +26.9 points
- Hilverda de Boer Norge AS +17.9 points
- Lauvsnes Gartneri AS +16.6 points
- Grude Gartneri AS +16.3 points
- Johansen Skogsdrift AS +13.5 points
Change in index points from the year before.
Biggest fallers
- Ureist AS −36.2 points
- Norsk Agurk AS −33.5 points
- Holte Gård Drangedal AS −31.6 points
- Frostagrønt AS −18.5 points
- O. Espedal Handelsgartneri AS −18.1 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.
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).
- Hodne Gartneri AS profitability 7 → 61, solidity 29 → 39
- Elstøen Salatgartneri AS profitability 53 → 2, solidity 12 → 0
- Ureist AS profitability 46 → 12, solidity 62 → 34
- Hanasand Gartneri AS profitability 74 → 45, solidity 47 → 70
- Holte Gård Drangedal AS profitability 26 → 5, solidity 74 → 44
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
Summary · fiscal year 2025 · Morning class Medium
The sector's median operating margin is 5.9%. 1 of 41 companies have negative equity. The median equity ratio is 35.4%.
All figures are for fiscal year 2025. Ranked: 41 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 35 companies ranked in both years.
Climbers
- 13Grude Gartneri ASfrom rank 18 to 570
- 12Hodne Gartneri ASfrom rank 32 to 2051
- 8Wiig Gartneri ASfrom rank 15 to 769
- 5Oddernes Gartneri ASfrom rank 14 to 967
- 5Snarum Gartneri ASfrom rank 21 to 1659
Fallers
- 25Norsk Agurk ASfrom rank 10 to 3531
- 25Ureist ASfrom rank 12 to 3725
- 23Holte Gård Drangedal ASfrom rank 13 to 3626
- 15Hanasand Gartneri ASfrom rank 8 to 2348
- 14Frostagrønt ASfrom rank 19 to 3334
Awards · 2025 · Morning class Medium
Needs attention · 2025 · Morning class Medium
10 companies show at least one warning sign. Showing the 10 most important.
- criticalElstøen Salatgartneri ASNegative equity · Current ratio below 1 (0.98) · Loss before tax
- watchHilverda de Boer Norge ASVery low equity ratio (9.7%) · Current ratio below 1 (0.97) · Loss before tax
- watchHuseby Gård ASVery low equity ratio (7.1%) · Current ratio below 1 (0.66) · Loss before tax
- watchLyssand Gartneri ASVery low equity ratio (9.9%) · Loss before tax
- watchAndersen Gartneri ASCurrent ratio below 1 (0.86)
- watchLundstad Grønt ASCurrent ratio below 1 (0.88)
- watchNorsk Agurk ASCurrent ratio below 1 (0.73)
- watchUreist ASLoss before tax
- watchHolte Gård Drangedal ASLoss before tax
- watchHolth Skogsdrift ASCurrent ratio below 1 (0.92)
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
Holding and investment companies · 2025
18 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: 5 have at least 10 MNOK in assets and are listed.
| Rank | Company | Score | Equity ratio | Return on assets | Current ratio | Total assets |
|---|---|---|---|---|---|---|
| 1 | Torbjørn Mellbye 2 Holding AS | 94 | 100.0% | 34.1% | – | 13 MNOK |
| 2 | Sydsæther Holding AS | 60 | 84.4% | 17.1% | 11.36 | 67 MNOK |
| 3 | Lyngstad Holding AS | 56 | 100.0% | 13.6% | – | 41 MNOK |
| 4 | Klingsheim Holding AS | 30 | 79.5% | 16.0% | 3.29 | 12 MNOK |
| 5 | Hildenes Gartneri Holding AS | 20 | 96.0% | 0.6% | 0.72 | 14 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. 9 of 22 on median operating margin
Scenario analysis: the sector's weakest year
The sector's weakest year was 2025, with a median operating margin of 6.1%.
Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2019 | – | – |
| 2020 | – | – |
| 2021 | – | – |
| 2022 | 48.5% | 33.2% |
| 2023 | 6.3% | 44.6% |
| 2024 | 7.0% | 46.8% |
| 2025 · weakest year | 6.1% | 44.7% |
In 2025, 168 ranked companies did better than the sector, 95 about the same and 90 weaker.
Held up best in 2025
- 1Knut Rimol Invest ASequity ratio 11.6%100.0%
- 2AS VESLEMØYequity ratio 99.7%87.6%
- 3Ste Eiendom ASequity ratio 9.7%80.6%
- 4Ghs Eiendom ASequity ratio 21.0%68.0%
- 5Cari Eiendom ASequity ratio 15.9%64.1%
- 6Store Gussiås Skog ASequity ratio 21.4%63.7%
- 7Mollan Gård ASequity ratio 12.8%61.4%
- 8Are Samdrift ASequity ratio 5.7%60.7%
- 9HEDMARK TRE & Flis ASequity ratio 42.8%56.1%
- 10Havna Gård ASequity ratio 50.6%55.9%
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.
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the sector's median operating margin fell 0.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| Sector's median operating margin | – | 48.5% | 6.3% | 7.0% | 6.1% | – |
Source: SSB (14710, CC BY 4.0). Source · fetched 3 November 2026
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the sector's median operating margin fell 0.8 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 | – | 48.5% | 6.3% | 7.0% | 6.1% | – |
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 fell 0.8 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 | – | 48.5% | 6.3% | 7.0% | 6.1% | – |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026
When policy rate fell in 2025, 170 of 346 ranked companies kept their operating margin at or above the year before. Among the largest: Andersen Gartneri AS (2.0% → 2.9%), Animalia AS (0.9% → 2.4%), BJERTNÆS & Hoel AS (10.1% → 11.3%), Wiig Gartneri AS (6.6% → 8.3%), Grude Gartneri AS (6.6% → 13.5%).
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.
Bankruptcies in the industry
26 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change +52.9% against the four quarters before (17).
Source: Statistics Norway (SSB), table 10790. 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
- Den Grønne Nabo AS 926610643 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- Eskilt AS 992106565 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- Grøde Grønt AS 993372749 Forced dissolution · 31 October 2026
- Norwegian Forestry Group AS 977298008 Voluntary liquidation · 31 October 2026 · 6 MNOK (2025)
- Svanajord Skogsdrift AS 933249727 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
- Fetterne AS 934547489 Voluntary liquidation · 30 October 2026 · 0 MNOK (2025)
- H.E. Dalland AS 924554959 Voluntary liquidation · 30 October 2026 · 1 MNOK (2025)
- Tømrer Gunnar Martinsen AS 920396046 Voluntary liquidation · 23 October 2026 · 0 MNOK (2025)
Industry codes (NACE)
| Code | Description |
|---|---|
| 01* | Hele hovedgruppe 01 |
| 01.110 | Dyrking av korn, unntatt ris, belgvekster og oljeholdige vekster |
| 01.130 | Dyrking av grønnsaker, meloner, rot- og knollvekster |
| 01.150 | Dyrking av tobakk |
| 01.160 | Dyrking av fibervekster |
| 01.190 | Dyrking av ettårige vekster ellers |
| 01.210 | Dyrking av druer |
| 01.240 | Dyrking av kjernefrukter og steinfrukter |
| 01.250 | Dyrking av annen frukt som vokser på trær eller busker samt nøtter |
| 01.270 | Dyrking av vekster for produksjon av drikkevarer |
| 01.280 | Dyrking av krydder og aromatiske, medisinske og farmasøytiske vekster |
| 01.290 | Dyrking av flerårige vekster ellers |
| 01.300 | Planteformering |
| 01.410 | Melkeproduksjon på storfe og oppdrett av melkekyr |
| 01.420 | Oppdrett av annet storfe til kjøttproduksjon og sædproduksjon |
| 01.430 | Hestehold |
| 01.440 | Oppdrett av kameler og andre kameldyr |
| 01.451 | Sauehold |
| 01.452 | Geitehold |
| 01.460 | Svinehold |
| 01.471 | Hold av verpehøner for konsumeggproduksjon |
| 01.479 | Annet fjørfehold |
| 01.481 | Reindrift |
| 01.489 | Husdyrhold ikke nevnt annet sted |
| 01.500 | Kombinert husdyrhold og planteproduksjon |
| 01.610 | Tjenester tilknyttet planteproduksjon |
| 01.620 | Tjenester tilknyttet husdyrhold |
| 01.630 | Etterbehandling av vekster etter innhøsting og behandling av såfrø |
| 01.700 | Jakt, fangst, viltstell og tilknyttede tjenester |
| 02* | Hele hovedgruppe 02 |
| 02.100 | Skogskjøtsel og andre skogbruksaktiviteter |
| 02.200 | Avvirkning |
| 02.300 | Innsamling av viltvoksende produkter av annet enn tre |
| 02.400 | Tjenester tilknyttet skogbruk |