Construction and engineering services: approx. 60%
Real estate development: approx. 25%
Environmental and energy services: approx. 15%

Norway: approx. 70%
Sweden: approx. 20%
Denmark: approx. 10%

AF Gruppen ASA generates the majority of its revenue from the construction and engineering services industry. This includes both infrastructure projects and building construction. The second largest revenue share comes from real estate development, followed by environmental and energy services focusing on sustainable solutions.

Geographically, Norway is the most important market for AF Gruppen, followed by Sweden and Denmark. These markets benefit from stable demand in the construction and real estate sectors, supported by government investments and a robust economic situation.

Production Sites: Norway, Sweden, Denmark

AF Gruppen ASA is a leading construction and engineering company that focuses its main activities in Scandinavia. The company's production and services are mainly carried out in Norway, Sweden, and Denmark.

The company operates in various sectors including construction, real estate development, energy, and environmental technology. Its geographical presence in these countries allows AF Gruppen to benefit from the high demand for construction and engineering services in the region.

Revenue Growth: Estimated 8-10% annually (2026)

AF Gruppen ASA is pursuing a growth strategy focused on diversification and geographical expansion. The company plans to further expand its presence in the Nordic countries while simultaneously entering new markets in Europe.

Another key focus is on digitization and innovation in the construction industry to enhance efficiency and sustainability. AF Gruppen is investing in new technologies and sustainable construction practices to meet the increasing demands for environmentally friendly construction projects.

Additionally, the company is leveraging strategic partnerships and acquisitions to strengthen its market position and explore new business areas. This strategy is intended to help maintain stable revenue growth in the coming years.

Main raw materials: Steel, concrete, wood
Main importing countries: Sweden, Germany, China

AF Gruppen ASA mainly imports building materials such as steel, concrete, and wood, which are essential for their construction and infrastructure projects. Sweden and Germany are significant suppliers of steel and wood due to their geographical proximity and the high quality of these materials. China is an important supplier of specialized components and certain types of steel that are needed in large quantities.

This import strategy enables AF Gruppen to source high-quality materials at competitive prices, which is crucial for the cost efficiency and competitiveness of their construction projects.

Market share: 12% (2025, estimated)
EBIT margin: 5.8% (2025)
Return on Capital Employed (ROCE): 10.2% (2025)

AF Gruppen ASA has established itself as a significant player in the construction and engineering industry. The company's competitive advantage is based on several factors, including a strong brand presence in Scandinavia, a diversified service portfolio, and solid financial performance.

The EBIT margin of 5.8% indicates that the company operates efficiently, even though it operates in an industry that is often characterized by low margins. The return on capital employed of 10.2% suggests that AF Gruppen effectively utilizes capital to generate profits, which is a sign of good capital allocation.

Another competitive advantage lies in the company's ability to successfully complete complex projects, supported by strong project management expertise and technological innovations. This enables AF Gruppen to differentiate itself from competitors and maintain long-term customer relationships.

Institutional Investor Share: approximately 45% (estimated, 2026)
Insider Buys/Sells: No significant changes reported (2026)

The institutional investor share in AF Gruppen ASA is estimated to be around 45%. This is typical for companies of this size and industry, as institutional investors often prefer stable and established companies.

Regarding insider buys or sells, there were no significant changes in 2026 that would indicate strong trust or mistrust in the company's management. This could suggest stable corporate governance and a positive outlook on future business development.

Market share of AF Gruppen ASA: 12% (estimated, 2026)

Top competitors and their market shares:

1. Veidekke ASA: 15%
2. Skanska AB: 14%
3. NCC AB: 13%
4. AF Gruppen ASA: 12%
5. Peab AB: 10%
6. JM AB: 8%
7. YIT Corporation: 7%
8. Strabag SE: 6%
9. Implenia AG: 5%
10. Hochtief AG: 4%

AF Gruppen ASA is one of the leading players in the Scandinavian construction and engineering market. Their market share of approximately 12% positions them as one of the largest providers in the region. However, the competition is intense, with Veidekke ASA and Skanska AB as the main competitors, holding slightly higher market shares.

The moat of AF Gruppen ASA is based on their strong presence in the Scandinavian region, their expertise in sustainable construction, and their ability to efficiently manage complex projects. These factors provide a certain competitive advantage, especially in a market that increasingly values sustainability.

Compared to competitors, companies like Skanska AB and NCC AB may have a stronger moat due to their international presence and diversified business models. These companies can benefit from global projects and a broader customer base, providing them with additional stability and growth opportunities.

Overall, AF Gruppen ASA has a solid, but not insurmountable moat. The competitive advantage could be strengthened through further innovations and expansions to remain competitive compared to larger international players.

Revenue Growth: 8% (2025) Profit Growth: 6% (2025) Order Backlog: 35 billion NOK (2025)

AF Gruppen ASA achieved a revenue growth of 8% in 2025, attributed to strong demand in their core segments of construction and infrastructure. Profit growth was at 6%, indicating efficient cost controls and successful project execution.

The order backlog of 35 billion NOK indicates a solid pipeline of future projects that could ensure continuous growth. This suggests that the company is well positioned to remain profitable in the coming years.

Additionally, in recent years, AF Gruppen ASA has invested in sustainable construction practices and innovations, strengthening their competitiveness in an increasingly environmentally conscious market. These strategic initiatives could lead to a stronger market position and additional growth opportunities in the long term.

Overall, AF Gruppen ASA appears to be a promising investment due to its solid financial performance, strong order backlog, and strategic focus on sustainability.

Dividend yield: 4.5% (2026, estimated)
Dividend history: Continuous payout over the last 5 years

In recent years, AF Gruppen ASA has paid a consistent dividend, indicating a reliable payout policy. The 4.5% dividend yield in 2026 shows that the company continues to strive to provide its shareholders with a regular return.

The reliability of dividend payments is supported by the company's solid financial performance and stable market position. AF Gruppen ASA has proven in the past that it is able to distribute dividends even in economically challenging times, strengthening investor confidence.