olivLaw · European equity research
AF Gruppen ASA AFG.OL
Norway · Euronext Oslo Børs · ISIN NO0003078107 · Vertical: Listed companies from Norway
AF Gruppen ASA is a Norwegian group active in construction, energy, environment and real estate across Norway and Sweden. In 2025 its segment revenues were led by Sverige and Betonmast, while order backlogs grew in Energy and Environment and in Sweden, as the construction market is expected to recover in 2026.
At the close of 04 Nov 2026, AF Gruppen ASA (AFG.OL) stock was 197.80 NOK (+0.30% on the day), with market capitalisation 21.6 bn NOK, P/E 19.9 on diluted EPS of 9.93 NOK over the last 12 months, beta 0.43, 52-week range 166.00–200.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.3
- strong (55–70)
- Bollinger (20, 2)
- 182.66 – 199.26
- in the upper half of the band · %B 0.91 · band width 8.7%
- SMA 50 / 200
- 192.28 / 186.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.36 / 0.45
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.8% | −1.5% | +4.3 pp | — |
| 3 months | +7.7% | −5.3% | +13.0 pp | — |
| 6 months | +11.9% | +4.7% | +7.2 pp | — |
| Year to date | +5.1% | +6.0% | −0.9 pp | — |
| 1 year | +17.7% | +8.2% | +9.5 pp | −5.7% |
| 3 years | +60.6% | +47.2% | +13.4 pp | +15.4% |
| 5 years | −1.6% | +41.8% | −43.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 4-quarter history (min 16.0, median 20.9, max 33.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 31.2 bn | 30.5 bn | 30.6 bn | 32.0 bn |
| Revenue YoY | unavailable | −2.2% | +0.4% | +4.4% |
| Net income | 958.0 m | 402.0 m | 708.0 m | 1.1 bn |
| Net income YoY | unavailable | −58.0% | +76.1% | +54.4% |
| Diluted EPS | 8.96 | 3.73 | 6.52 | 9.93 |
| Diluted EPS YoY | unavailable | −58.4% | +74.8% | +52.3% |
| net % | 3.1% | 1.3% | 2.3% | 3.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.4 bn NOK
- Financial debt
- 47.0 m NOK
- Net debt
- -2.3 bn NOK
- Equity
- 3.9 bn NOK
- Total assets
- 17.1 bn NOK
- Debt / equity
- 0.01x
- Current ratio
- 0.73x
- ROE
- 29.4%
- ROA
- 6.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 31.2 bn | 30.5 bn | 30.6 bn | 32.0 bn | esef· 21 Oct 2026verified |
| Operating income | 1.4 bn | 749.0 m | 1.1 bn | 1.7 bn | esef· 21 Oct 2026verified |
| Pre-tax income | 1.4 bn | 700.0 m | 1.1 bn | 1.7 bn | esef· 21 Oct 2026verified |
| Income tax | 248.0 m | 185.0 m | 251.0 m | 365.0 m | esef· 21 Oct 2026verified |
| Net income | 958.0 m | 402.0 m | 708.0 m | 1.1 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 8.96 | 3.73 | 6.52 | 9.93 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 765.0 m | 347.0 m | 1.0 bn | 2.4 bn | esef· 21 Oct 2026verified |
| Receivables | — | 3.5 bn | 3.3 bn | 3.7 bn | esef· 21 Oct 2026verified |
| Current assets | — | 6.2 bn | 6.6 bn | 8.0 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | — | 1.8 bn | 1.7 bn | 1.6 bn | esef· 21 Oct 2026verified |
| Goodwill | — | 4.5 bn | 4.6 bn | 4.7 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 8.0 m | 9.0 m | 8.0 m | esef· 21 Oct 2026verified |
| Total assets | — | 14.6 bn | 15.0 bn | 17.1 bn | esef· 21 Oct 2026verified |
| Short-term debt | — | 233.0 m | 188.0 m | 10.0 m | esef· 21 Oct 2026verified |
| Long-term debt | — | 93.0 m | 96.0 m | 37.0 m | esef· 21 Oct 2026verified |
| Current liabilities | — | 10.1 bn | 10.0 bn | 11.0 bn | esef· 21 Oct 2026verified |
| Total liabilities | — | 11.4 bn | 11.5 bn | 13.1 bn | esef· 21 Oct 2026verified |
| Equity | 3.5 bn | 3.2 bn | 3.5 bn | 3.9 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 106.9 m | 107.8 m | 108.6 m | 109.4 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 21.6 bn NOK
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 59.6% | 100 (vs peers) | 22% |
| Net margin · Quality | 3.4% | 50 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.8% | 7 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | 3.5% | 23 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 19.9x | 53 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth15/100 · 2/2 factors with a value
- Quality81/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial53/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AF GRUPPEN ASA (AFG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 32.0 bn NOK in 2025; YoY growth 4.4%; net margin 3.4%; ROE 39.7%.
The estimated value range is 85.84–316.08 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 179.85 NOK, the price of 197.80 NOK leaves a potential of -9.1% (value / price − 1) and a margin of safety of -10.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 59.6%
What contradicts it
- Revenue CAGR 3Y: 0.8%
- EPS CAGR 3Y: 3.5%
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for AFG.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 113.29 Total return -43% · Per year -43% | 200.65 Total return 1% · Per year 1% | 302.74 Total return 53% · Per year 53% |
| 3 years | 102.00 Total return -48% · Per year -20% | 204.01 Total return 3% · Per year 1% | 339.10 Total return 71% · Per year 20% |
| 5 years | 91.83 Total return -54% · Per year -14% | 207.43 Total return 5% · Per year 1% | 379.81 Total return 92% · Per year 14% |
- Exit P/E± 51.00
- Net margin± 35.70
- Annual revenue growth± 30.37
- Annual dilution± 3.00
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AF Gruppen ASA is a Norwegian group active in construction, energy, environment and real estate across Norway and Sweden. In 2025 its segment revenues were led by Sverige and Betonmast, while order backlogs grew in Energy and Environment and in Sweden, as the construction market is expected to recover in 2026 1.
SWOT
Strengths
- Diversified group with presence in construction, energy, environment and real estate, and a substantial order backlog.
- Solid experience with public contracts and complex projects, with approvals for sustainable buildings.
- Integrated chain from design to execution and material recycling.
Weaknesses
- Real estate activity produced weak results in some periods, and home sales have remained low.
- Results vary widely between business units, especially in Sweden.
- Dependence on Norwegian and Swedish markets makes the group sensitive to local economic cycles.
Opportunities
- Growth in new construction forecast for 2026 and 2027 could bring new contracts.
- Demand for energy and electrification could open new opportunities in the Energy and Environment segment.
- Recent and announced acquisitions in Sweden could expand the group's capacity.
Threats
- High interest rates could discourage investment in new projects.
- Rising material and labour costs could reduce margins.
- Geopolitical tensions could disrupt supply chains and demand.
Risks
- Exposure to the property markethigh
Home sales and development results depend on prices and interest rates, which could lead to losses on projects.
- Construction costshigh
Rising material and transport costs could affect margins on fixed-price contracts.
- Execution riskmedium
Delays or technical problems in complex projects could generate additional costs.
- Reliance on public contractsmedium
Part of the orders come from public bodies, and budget changes could reduce the volume of work.
- Currency and integration risklow
Activity in Sweden and recent acquisitions bring integration risks and sensitivity to exchange rates.
Investment thesis
What would need to be true (bull case)
- If demand for new construction is confirmed in 2026, the order backlog could support group revenue.
- Improved profitability in Sweden and at Betonmast could show that the group can maintain its margins.
- Diversification into energy and environment could soften the effect of a weak property cycle.
What would break the thesis
- If interest rates stay high, investment in new projects could remain subdued.
- Rising costs could reduce the profitability of contracts already signed.
- Weak results in some Swedish units and in real estate could persist.
What to watch
- Path of the policy rate and demand for housing2026
- Development of the order backlog in Sverige and Energy and Environmentnext 10-K
- Integration of recent acquisitions in Energy and Environment2026
- Completion of the H.A. Bygg Entreprenad acquisition2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
AF Gruppen develops, designs and executes residential and commercial projects in Norway, organised in four segments: Betonmast (construction), Energy and Environment, Sverige and Eiendom. Betonmast had revenue of MNOK 4148 in 2025, Energy and Environment MNOK 1641, and Sverige MNOK 4742 1. The Eiendom segment works largely through associated and jointly controlled entities, so part of its activity does not appear directly in revenue 1.
Segments
Betonmast
Building contractor active in Norway's main markets, from housing to public buildings. In 2025 it posted a pre-tax profit of MNOK 270 and passed the group's margin requirement for the first time since acquisition 1.
Energy and Environment
Provides energy solutions, decommissioning, recycling and drilling. In 2025 it grew sales and booked new orders of MNOK 3081, and its order backlog reached MNOK 2635 at year end 1.
Sverige
Covers construction, infrastructure, real estate and demolition in Sweden. The order backlog rose to MNOK 7196 at the end of 2025, and pre-tax profit increased to MNOK 288 1.
Market context
Prognosesenteret expects Norway's construction market to grow in 2026, mainly in new housing and office buildings, while high interest rates and high construction costs weigh on projects. The Swedish market depends on the same macroeconomic conditions, with uncertainty linked to international tensions 1.
Trends
- House pricesmixed
Housing prices rose in 2025 and are estimated to rise in 2026, which could support sales of residential projects, although home sales have remained low 1.
- High interest ratesheadwind
High rates limit investment in new projects and affect the profitability of property developments, especially in Norway 1.
- Growth in new constructiontailwind
Forecasts point to more new housing and buildings starting in 2026 and 2027, which could increase demand for the group's services 1.
- Costs and geopolitical uncertaintyheadwind
Material costs and international tensions create uncertainty over prices and availability of materials, with effects on margins 1.
Competitive position
AF Gruppen competes with other contractors and general builders in Norway and Sweden, in markets where experience with public contracts and complex projects matters. The analysed sources do not provide a complete list of competitors.
- Local contractors
Regional construction competitors in Norway and Sweden, mentioned in the context of local market work.
- Infrastructure contractors
Firms competing for infrastructure and energy contracts, especially in Norway.
- Property developers
Developers competing for land and residential projects in the largest cities.
- Demolition and environmental firms
Competitors in decommissioning and recycling in Norwegian markets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202421 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / AF Gruppen ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.