Sector

Jordbruk og skogbruk

375 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 Small

Morning class Small · 2025
#	Company	Profile	Score	Change
1	Statskog Børresen AS	Leader	81	+32
2	Nærland Maskinstasjon AS	Leader	80	+23
3	Norgesplanter AS	Leader	79	+10
4	Trefellingsspesialisten AS	Leader	79	+2
5	Riis Gartneri AS	Leader	78	−4
6	Pias Maskinstasjon AS	Leader	78	+9
7	Sollid Skog AS	Leader	77	−3
8	EK Gårdspakkeri AS	Leader	77	+5
9	AKTIESELSKAPET ODALS VÆRK	Leader	77	0
10	Rogstadkjærnet Landbruk AS	Leader	76	+11
11	Krogsrud Sag AS	Leader	74	+15
12	Torkild Raaen AS	Leader	74	+7
13	Agder Skog AS	Leader	73	+13
14	Bonden Bær AS	Leader	73	0
15	Landvik Gartneri AS	Leader	72	–
16	M A Eiendom AS	Leader	71	−10
17	Bakke Gård AS	Leader	70	−12
18	Mili Skogservice AS	Leader	69	+21
19	Haukali Gard AS	Leader	69	−9
20	Kalstad Maskin AS	Leader	69	+10
21	Fruktgården AS	Leader	69	+11
22	Nygård Hagebruk AS	Leader	68	+5
23	Hegdahl Skog AS	Steward	67	+2
24	Trepleiefirmaet Lilleby AS	Leader	67	+31
25	Sellereite AS	Sprinter	66	+21
26	Dahl Maskinentreprenør AS	Leader	66	−16
27	HANASAND GÅRD & Kjøkken AS	Leader	66	+2
28	Hundeskolen Veiviseren AS	Leader	65	−9
29	Lyngstad Hønseri AS	Sprinter	65	−5
30	GT Skogdrift AS	Sprinter	64	+8
31	Flisespikkeri AS	Leader	64	+15
32	Blomstergrossisten Sør AS	Leader	64	+21
33	Seim Trær og Planter AS	Leader	63	−16
34	JT Skog AS	Leader	63	−18
35	Jærgris AS	Steward	62	+23
36	Brekkå Purkering AS	Sprinter	61	+29
37	Hallerdalen Skogsdrift AS	Leader	60	+6
38	Hegdahl Skogsdrift AS	Sprinter	58	+11
39	Valdres Skog AS	Leader	58	+7
40	Smaksriket AS	Steward	58	+7
41	Holmgren AS	Leader	57	−8
42	Lunde Skog AS	Leader	57	−16
43	Lier Grønt AS	Steward	57	−19
44	Viddals Gartneri ASsubsidiary of Sydsæther Holding AS	Sprinter	56	+6
45	Ghs Eiendom AS	Sprinter	55	+2
46	Fagerli Gård AS	Sprinter	55	+4
47	Baldishol Planteskole AS	Sprinter	55	+5
48	Staupslia Hagesenter AS	Sprinter	54	+15
49	AJ Selliseth AS	Sprinter	53	−8
50	Klavenes Gård og Gartneri AS	Steward	53	+11

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 Small

Skogplanter Innlandet AS
From 2024 to 2025: the operating margin rose from −59.3% to 6.8% and revenue grew by 59%.
+37
Ytre Viken Gartneri AS
From 2024 to 2025: the operating margin fell from 8.8% to 0.2% and the equity ratio fell from 78.0% to 60.7%.
−32
Trepleiefirmaet Lilleby AS
From 2024 to 2025: the operating margin rose from 0.4% to 11.7% and revenue grew by 49%.
+31
Vestfold Bær Produksjon AS
From 2024 to 2025: the operating margin fell from 22.8% to 3.1% and the equity ratio fell from 64.3% to 56.0%.
−31

Summary analysis

Jordbruk og skogbruk, Morning class Medium: 52 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%). Altiskog AS (score 82, operating margin 12.4%, equity ratio 49.0%).

Weakest in the sector: Huseby Gård AS (score 9, operating margin −1.1%, equity ratio 7.1%). Hveem Nord Østre AS (score 15, operating margin −1.0%, equity ratio 7.1%). Elstøen Salatgartneri AS (score 17, operating margin −2.2%, equity ratio −0.6%).

Worth a closer look

The median operating margin fell from 6.6% in 2024 to 6.1% in 2025 (0.5 percentage points).
The median equity ratio fell from 43.7% in 2024 to 37.6% in 2025 (6.1 percentage points).
The median revenue growth fell from 9.9% in 2024 to 8.5% in 2025 (1.4 percentage points).
The share with a loss went from 16% 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 Small

The five largest companies account for 11% of the sector's revenue. Combined profit before tax for the 104 ranked companies: 232 MNOK.

Size

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

Highest revenue

Viddals Gartneri ASsubsidiary of Sydsaether Holding AS 46 MNOK
Valdres Skog AS 46 MNOK
Allskog Entreprenør AS 45 MNOK
Rosnes Gårdsdrift AS 44 MNOK
Blomstergrossisten Sør AS 44 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

EK Gårdspakkeri AS 5.9 MNOK
Flisespikkeri AS 5.6 MNOK
Blomstergrossisten Sør AS 4.4 MNOK
HANASAND GÅRD & Kjøkken AS 3.3 MNOK
Holmgren AS 3.0 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

Operating result divided by operating revenue.

Largest profit

AS KISTEFOS TRÆSLIBERI 59 MNOK
M A Eiendom AS 15 MNOK
Norgesplanter AS 12 MNOK
Riis Gartneri AS 10 MNOK
Rogstadkjærnet Landbruk AS 9 MNOK

Profit before tax.

Largest loss

Onna Greens AS −40 MNOK
Finnskogen ved AS −10 MNOK
Sunnmøre Maskinservice AS −2 MNOK
Egge Gård AS −2 MNOK
Glenne Gård AS −2 MNOK

Profit before tax, the largest negative.

Most solid

Riis Gartneri AS 95.1%
Lier Grønt AS 90.1%
Hegdahl Skog AS 89.3%
Statskog Børresen AS 88.9%
Haukali Gard AS 88.8%

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

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

Largest revenue decline

Finnskogen ved AS −53.3%
Trysil Skogsdrift AS −45.0%
Sunnmøre Maskinservice AS −40.5%
Drangedal and AS −38.1%
Riis Gartneri AS −33.5%

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

Biggest climbers

Skogplanter Innlandet AS +36.9 points
Trepleiefirmaet Lilleby AS +30.4 points
Møystad Gris AS +29.5 points
Aurebekk Gartneri AS +26.9 points
Jærgris AS +23.2 points

Change in index points from the year before.

Biggest fallers

Ytre Viken Gartneri AS −31.9 points
Vestfold Bær Produksjon AS −30.9 points
Obær AS −23.7 points
Furuseth Gård AS −19.5 points
Lier Grønt AS −19.0 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 Small

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).

Vestfold Bær Produksjon AS profitability 93 → 30, solidity 73 → 65
Trepleiefirmaet Lilleby AS profitability 14 → 75, solidity 44 → 57
Aurebekk Gartneri AS profitability 10 → 61, solidity 5 → 27
Stensbøl Skog AS profitability 81 → 33, solidity 33 → 46
Møystad Gris AS profitability 7 → 53, solidity 34 → 55

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)
Ghs Eiendom AS	Cheetah	100	24	–
Landvik Gartneri AS	Lion	99	50	–
GT Skogdrift AS	Cheetah	95	36	–
Rogstadkjærnet Landbruk AS	Lion	90	82	79 / 68
Tjenesteleverandøren AS	Cheetah	90	10	–
Lyngstad Hønseri AS	Cheetah	89	40	81 / 58
Riis Gartneri AS	Lion	88	100	87 / 97
Bakke Gård AS	Lion	87	78	84 / 94
Sollid Skog AS	Lion	85	81	89 / 75
Torkild Raaen AS	Lion	84	88	74 / 79
AKTIESELSKAPET ODALS VÆRK	Lion	84	91	–
Trefellingsspesialisten AS	Lion	83	93	96 / 98
Voll Kylling AS	Cheetah	82	2	67 / 2
Viddals Gartneri AS	Cheetah	81	39	76 / 37
Lunde Skog AS	Lion	81	58	94 / 63
Nærland Maskinstasjon AS	Lion	80	90	40 / 84
Bonden Bær AS	Lion	80	64	84 / 42
M A Eiendom AS	Lion	80	83	97 / 95
Lyssand Grønt AS	Cheetah	79	41	78 / 38
Sellereite AS	Cheetah	78	43	–
Norgesplanter AS	Lion	77	80	66 / 71
Mili Skogservice AS	Lion	77	63	–
Baldishol Planteskole AS	Cheetah	77	47	65 / 60
Pias Maskinstasjon AS	Lion	77	80	70 / 76
HANASAND GÅRD & Kjøkken AS	Lion	75	77	97 / 61
Fruktgården AS	Lion	75	54	73 / 36
Statskog Børresen AS	Lion	75	97	–
Trepleiefirmaet Lilleby AS	Lion	75	57	14 / 44
EK Gårdspakkeri AS	Lion	74	95	42 / 99
Krogsrud Sag AS	Lion	73	85	40 / 83
Brekkå Purkering AS	Cheetah	72	45	–
AJ Selliseth AS	Cheetah	71	31	64 / 32
Fagerli Gård AS	Cheetah	71	26	–
Seim Trær og Planter AS	Lion	70	62	76 / 81
Hegdahl Skogsdrift AS	Cheetah	70	42	52 / 35
Agder Skog AS	Lion	69	84	63 / 78
Blomstergrossisten Sør AS	Lion	67	56	35 / 47
Kalstad Maskin AS	Lion	67	86	64 / 59
Linnea AS	Cheetah	66	25	78 / 19
Hedskog AS	Cheetah	66	16	61 / 11
JT Skog AS	Lion	64	92	88 / 88
Haukali Gard AS	Lion	63	96	76 / 90
Flisespikkeri AS	Lion	63	79	61 / 40
Dahl Maskinentreprenør AS	Lion	61	94	89 / 86
Holmgren AS	Lion	61	67	63 / 64
Aurebekk Gartneri AS	Cheetah	61	27	10 / 5
Hallerdalen Skogsdrift AS	Lion	60	71	–
Samdrift Olstad Hansen AS	Cheetah	59	13	–
Staupslia Hagesenter AS	Cheetah	55	38	47 / 22
Nygård Hagebruk AS	Lion	55	89	35 / 85

The sector in numbers

Summary · fiscal year 2025 · Morning class Small

The sector's median operating margin is 7.3%. 5 of 106 companies have negative equity. The median equity ratio is 44.1%.

Companies with accounts106

Total revenue2,106 MNOK

Median operating margin7.3%

Median equity ratio44.1%

Share with a loss14%

Share with negative equity5%

All figures are for fiscal year 2025. Ranked: 106 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 Small

Change in rank from 2024 to 2025, for 82 companies ranked in both years.

Climbers

48Trepleiefirmaet Lilleby ASfrom rank 72 to 2467
41Skogplanter Innlandet ASfrom rank 98 to 5748
39Møystad Gris ASfrom rank 94 to 5549
34Nærland Maskinstasjon ASfrom rank 36 to 280
32Jærgris ASfrom rank 67 to 3562

Fallers

53Vestfold Bær Produksjon ASfrom rank 11 to 6446
53Ytre Viken Gartneri ASfrom rank 22 to 7537
42Furuseth Gård ASfrom rank 38 to 8035
39Stensbøl Skog ASfrom rank 39 to 7835
36Onna Greens ASfrom rank 41 to 7736

Awards · 2025 · Morning class Small

Most profitableGhs Eiendom AS68.0%

Fastest growthLandvik Gartneri AS4,178.5%

Strongest balance sheetRiis Gartneri AS95.1%

Largest revenueViddals Gartneri AS46 MNOK

Highest revenue per employeeEK Gårdspakkeri AS5.9 MNOK

Needs attention · 2025 · Morning class Small

34 companies show at least one warning sign. Showing the 15 most important.

criticalFinnskogen ved ASNegative equity · Current ratio below 1 (0.59) · Loss before tax
criticalObær ASNegative equity · Current ratio below 1 (0.43) · Loss before tax
criticalGlenne Gård ASNegative equity · Current ratio below 1 (0.08) · Loss before tax
criticalBaastad Kalkun Rugeri ASNegative equity · Current ratio below 1 (0.94)
criticalNes Purkering ASNegative equity · Loss before tax
watchBLOMSTERENG LANDBRUK & Maskin ASVery low equity ratio (4.0%) · Current ratio below 1 (0.96) · Loss before tax
watchJoa Jordbær ASVery low equity ratio (4.0%) · Current ratio below 1 (0.51) · Loss before tax
watchFrostaløk ASVery low equity ratio (4.7%) · Current ratio below 1 (0.93)
watchEgge Gård ASVery low equity ratio (3.1%) · Loss before tax
watchTjenesteleverandøren ASVery low equity ratio (9.1%) · Current ratio below 1 (0.48)
watchSunnmøre Maskinservice ASCurrent ratio below 1 (0.99) · Loss before tax
watchVoll Kylling ASVery low equity ratio (0.8%) · Current ratio below 1 (0.98)
watchHoppestad Supermat ASCurrent ratio below 1 (0.91) · Loss before tax
watchSkogplanter Innlandet ASLoss before tax
watchKjærnsrød Gartneri ASVery low equity ratio (9.7%)

Sector map · 2025 · Morning class Small

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
Statskog Børresen AS	30.9%	88.9%	17 MNOK
Nærland Maskinstasjon AS	18.0%	80.8%	12 MNOK
Norgesplanter AS	27.9%	67.7%	43 MNOK
Trefellingsspesialisten AS	38.3%	83.8%	13 MNOK
Riis Gartneri AS	42.3%	95.1%	17 MNOK
Pias Maskinstasjon AS	22.0%	67.8%	13 MNOK
Sollid Skog AS	22.7%	69.3%	21 MNOK
EK Gårdspakkeri AS	20.5%	84.5%	29 MNOK
AKTIESELSKAPET ODALS VÆRK	31.6%	81.1%	12 MNOK
Rogstadkjærnet Landbruk AS	29.7%	70.8%	29 MNOK
Krogsrud Sag AS	23.3%	77.5%	12 MNOK
Torkild Raaen AS	21.0%	78.9%	14 MNOK
Agder Skog AS	17.8%	76.9%	11 MNOK
Bonden Bær AS	20.8%	55.3%	16 MNOK
Landvik Gartneri AS	49.8%	44.9%	16 MNOK
M A Eiendom AS	45.2%	73.8%	33 MNOK
Bakke Gård AS	36.1%	64.7%	20 MNOK
Mili Skogservice AS	9.9%	55.2%	10 MNOK
Haukali Gard AS	15.2%	88.8%	16 MNOK
Kalstad Maskin AS	19.3%	78.1%	14 MNOK
Fruktgården AS	20.0%	46.6%	15 MNOK
Nygård Hagebruk AS	7.6%	79.8%	13 MNOK
Hegdahl Skog AS	8.3%	89.3%	10 MNOK
Trepleiefirmaet Lilleby AS	11.7%	49.1%	19 MNOK
Sellereite AS	14.0%	39.1%	13 MNOK
Dahl Maskinentreprenør AS	17.0%	83.8%	13 MNOK
HANASAND GÅRD & Kjøkken AS	18.2%	64.0%	20 MNOK
Hundeskolen Veiviseren AS	12.4%	78.3%	18 MNOK
Lyngstad Hønseri AS	21.5%	38.7%	19 MNOK
GT Skogdrift AS	32.8%	37.0%	12 MNOK
Flisespikkeri AS	5.1%	66.3%	28 MNOK
Blomstergrossisten Sør AS	6.3%	48.6%	44 MNOK
Seim Trær og Planter AS	15.5%	54.5%	22 MNOK
JT Skog AS	17.0%	83.0%	11 MNOK
Jærgris AS	4.7%	56.5%	15 MNOK
Brekkå Purkering AS	11.3%	40.6%	14 MNOK
Hallerdalen Skogsdrift AS	11.7%	61.7%	10 MNOK
Hegdahl Skogsdrift AS	17.7%	39.0%	27 MNOK
Valdres Skog AS	11.2%	49.3%	46 MNOK
Smaksriket AS	2.2%	63.1%	38 MNOK
Holmgren AS	14.8%	57.6%	40 MNOK
Lunde Skog AS	18.5%	49.2%	23 MNOK
Lier Grønt AS	−0.1%	90.1%	23 MNOK
Viddals Gartneri AS	16.7%	38.2%	46 MNOK
Ghs Eiendom AS	68.0%	21.0%	12 MNOK
Fagerli Gård AS	7.9%	23.5%	13 MNOK
Baldishol Planteskole AS	17.0%	42.8%	41 MNOK
Staupslia Hagesenter AS	4.6%	37.2%	21 MNOK
AJ Selliseth AS	26.5%	32.0%	15 MNOK
Klavenes Gård og Gartneri AS	2.9%	62.2%	25 MNOK
Lyssand Grønt AS	13.3%	38.9%	24 MNOK
Hefre Skogsdrift AS	6.1%	63.2%	11 MNOK
Ringerike Skogsdrift AS	3.9%	60.7%	10 MNOK
Hedskog AS	20.9%	16.7%	36 MNOK
Møystad Gris AS	4.4%	46.9%	14 MNOK
Rosnes Gårdsdrift AS	5.3%	44.7%	44 MNOK
Skogplanter Innlandet AS	6.8%	38.0%	39 MNOK
Linnea AS	10.6%	21.5%	38 MNOK
Samdrift Olstad Hansen AS	14.5%	14.6%	13 MNOK
AS KISTEFOS TRÆSLIBERI	−89.8%	33.9%	11 MNOK
Aurebekk Gartneri AS	6.3%	24.7%	23 MNOK
Tjenesteleverandøren AS	20.8%	9.1%	12 MNOK
Tollef Grønvolds Skogsdrift AS	12.3%	43.6%	20 MNOK
Vestfold Bær Produksjon AS	3.1%	56.0%	11 MNOK
Ringsby Gartneri AS	−1.8%	63.3%	12 MNOK
Telemark Frukthageservice AS	5.6%	53.4%	18 MNOK
Syvertsens Gartneri AS	2.7%	46.4%	31 MNOK
Allskog Entreprenør AS	5.6%	36.8%	45 MNOK
Sjåheim Skog AS	9.7%	28.2%	11 MNOK
Elverum Skogsdrift AS	−0.8%	45.0%	13 MNOK
Toten Agro AS	11.1%	9.1%	12 MNOK
Benterud Skog AS	3.5%	45.3%	22 MNOK
Voll Kylling AS	16.1%	0.8%	12 MNOK
Trysil Skogsdrift AS	7.0%	28.7%	12 MNOK
Ytre Viken Gartneri AS	0.2%	60.7%	12 MNOK
Østlandet Kyllingoppdrett AS	6.4%	9.7%	10 MNOK
Onna Greens AS	−141.5%	52.2%	26 MNOK
Stensbøl Skog AS	4.0%	41.0%	14 MNOK
Toten Maskindrift AS	−2.0%	57.9%	18 MNOK
Furuseth Gård AS	−5.1%	62.9%	14 MNOK
HAMMER PLANTESKOLE & Hagesenter AS	5.8%	19.8%	29 MNOK
Inngjerd Skogservice AS	8.6%	15.1%	11 MNOK
Branko Skogservice AS	2.4%	15.6%	14 MNOK
STEN GÅRD & Gartneri AS	4.5%	19.1%	24 MNOK
Drangedal and AS	3.7%	25.6%	11 MNOK
Uglem Skogpleie AS	3.0%	18.7%	25 MNOK
Egge Gård AS	−4.9%	3.1%	15 MNOK
Norske Spirer AS	2.8%	32.9%	28 MNOK
Standal AS	2.6%	37.1%	19 MNOK
Baastad Kalkun Rugeri AS	4.6%	−8.6%	31 MNOK
Overhalla Skogsdrift AS	−10.7%	35.8%	13 MNOK
Hermansen Planter AS	1.9%	20.9%	14 MNOK
Hoppestad Supermat AS	0.4%	17.1%	10 MNOK
Cari Drift AS	1.5%	5.7%	20 MNOK
Bosvik Gartneri AS	1.7%	18.2%	18 MNOK
Ødegårdens Planteskole og Utemiljø AS	1.8%	18.0%	37 MNOK
Glommen Skogstjenester AS	1.9%	7.8%	15 MNOK
Joa Jordbær AS	5.9%	4.0%	12 MNOK
Nes Purkering AS	2.8%	−22.0%	15 MNOK
Kjærnsrød Gartneri AS	1.2%	9.7%	31 MNOK
Sunnmøre Maskinservice AS	−16.9%	39.1%	12 MNOK
Frostaløk AS	1.7%	4.7%	16 MNOK
BLOMSTERENG LANDBRUK & Maskin AS	−4.6%	4.0%	17 MNOK
Glenne Gård AS	0.8%	−8.9%	10 MNOK
Obær AS	−5.3%	−46.5%	15 MNOK
Finnskogen ved AS	−39.8%	−49.6%	19 MNOK

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.

Holding and investment companies
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

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2023, with a median operating margin of 6.0%.

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 · weakest year	6.0%	44.0%
2024	7.1%	45.8%
2025	6.3%	43.7%

In 2023, 169 ranked companies did better than the sector, 85 about the same and 93 weaker.

Held up best in 2023

1Humlestad Østre ASequity ratio 29.3%96.5%
2AS LISTER SKOGANLÆGequity ratio 51.2%82.2%
3Statskog Børresen ASequity ratio 98.3%78.7%
4Ghs Eiendom ASequity ratio 16.5%74.8%
5Eikland Øko ASequity ratio 42.7%74.5%
6Modell og Metall ASequity ratio 35.4%73.8%
7Ste Eiendom ASequity ratio 30.6%73.1%
8Byrkjeland Drift ASequity ratio 52.6%72.1%
9Nubberud Skogsdrift ASequity ratio 54.8%65.6%
10Kringsjå Samdrift ASequity ratio 84.9%64.0%

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))

Latest value: 104.0 (2026M09)

Consumer price index rose 3.0% in 2025; the sector's median operating margin fell 0.8 percentage points.

Consumer price index per year and the sector's median operating margin
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%	6.0%	7.1%	6.3%	–

Source: SSB (14710, CC BY 4.0). 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	–	48.5%	6.0%	7.1%	6.3%	–

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	–	48.5%	6.0%	7.1%	6.3%	–

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

When policy rate fell in 2025, 181 of 368 ranked companies kept their operating margin at or above the year before. Among the largest: Hvebergsmoen Potetpakkeri AS (4.3% → 4.8%), 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%).

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)

All bankruptcies and liquidations in the sector

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