Jordbruk og skogbruk
FollowDownload sector report (PDF)375 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 (1, at least 10 needed) for a ranking of its own. They are compared with the whole sector.
| # | Company | Score | Change |
|---|---|---|---|
| 1 | SB Skog AS | 29 | −12 |
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
- SB Skog AS−12
From 2024 to 2025: went from a profit to a loss before tax and the equity ratio fell from 25.1% to 8.6%.
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 Large
Combined profit before tax for the 1 ranked companies: −30 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- SB Skog AS 1,544 MNOK
Operating revenue.
Most employees
- SB Skog AS 40
Employees according to the Central Coordinating Register.
Highest revenue per employee
- SB Skog AS 38.6 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
- SB Skog AS −2.0%
Operating result divided by operating revenue.
Largest profit
No company meets the requirement this year.
Profit before tax.
Largest loss
- SB Skog AS −30 MNOK
Profit before tax, the largest negative.
Most solid
- SB Skog AS 8.6%
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
- SB Skog AS +32.7%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
No company meets the requirement this year.
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
Requires an index for two financial years.
Change in index points from the year before.
Biggest fallers
- SB Skog AS −12.4 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.
Too few ranked companies to draw the map.
Summary · fiscal year 2025 · Morning class Large
The sector's median operating margin is −2.0%. 0 of 1 companies have negative equity. The median equity ratio is 8.6%.
All figures are for fiscal year 2025. Ranked: 1 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 1 companies ranked in both years.
Climbers
None.
Fallers
None.
Awards · 2025 · Morning class Large
Needs attention · 2025 · Morning class Large
1 companies show at least one warning sign. Showing the 1 most important.
- watchSB Skog ASVery low equity ratio (8.6%) · Loss before tax
Sector map · 2025 · Morning class Large
Too few ranked companies to draw the map.
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 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))
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% | 6.0% | 7.1% | 6.3% | – |
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% | 6.0% | 7.1% | 6.3% | – |
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% | 6.0% | 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)
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 |