AF Gruppen

What AF Gruppen does

AF Gruppen ASA is a publicly listed Norwegian construction and industrial group (Oslo Børs: AFG) founded in 1985, operating through a decentralized holding structure of specialized subsidiaries across Norway, Sweden, the United Kingdom, and selected international markets. The group generated NOK 31,992 million in revenue for fiscal year 2025 with earnings before tax of NOK 1,653 million (up from NOK 1,090 million in 2024), and employs approximately 6,000 people. Operations are organized around six service divisions: AF Anlegg (infrastructure and tunneling), AF Bygg (building construction), AF Energi (energy services), AF Offshore/AF Decom (offshore services and decommissioning), AF Eiendom (property development), and Miljø (environmental services), supplemented by approximately 25 specialized subsidiaries including Betonmast, Strøm Gundersen, AF Byggfornyelse, JR Anlegg, Målselv Maskin & Transport, and the recently acquired Claxton and H.A. Bygg Entreprenad AB.

The group's service portfolio spans road and rail construction, tunneling and underground works, airport infrastructure, residential and commercial building construction, rehabilitation and renovation, energy efficiency retrofits, district heating and cooling systems, offshore decommissioning, offshore wind services, HVAC, and environmental remediation. Major ongoing projects include the Stad Ship Tunnel (NOK 5.6 billion contract with the Norwegian Coastal Administration for detail-design and construction, described as the world's first ship tunnel for full-sized vessels), the new Mo i Rana airport for Avinor (NOK 3.3 billion), and the Fornebu Sør residential development for OBOS (NOK 2 billion, approximately 510 apartments). AF Gruppen has demonstrated capability in BREEAM-NOR-certified construction, with the Parkgata 8-10 project in Gjøvik achieving the Outstanding rating under BREEAM-NOR version 6.0, and operates zero-emission construction equipment across project sites. The company has deployed AI-powered cost estimation, progress monitoring, resource management, and risk prediction tools, reporting a 15% cost reduction on a NOK 5.6 billion Oslo highrise project.

Revenue is generated primarily through project-based construction contracts awarded via competitive tendering, with both public sector clients (Avinor, the Norwegian Coastal Administration, the Norwegian Public Roads Administration, Bærum municipality, FREVAR KF, OUS HF Radiumhospitalet) and private developers and corporates (OBOS, Equinor, Hafslund Celsio, Aspelin Reitan). Pricing is project-specific with multi-year durations on major infrastructure contracts, and no standardized price list is published as each contract is individually bid. Approximately half of AF Gruppens 6,000 employees participate in an employee share ownership program holding shares worth over NOK 2 billion in aggregate. Recent strategic actions include the 2026 acquisition of UK-based Claxton (offshore decommissioning, GBP 63.5 million from Acteon Group) and Swedish concrete contractor H.A. Bygg Entreprenad AB (70% stake, MSEK 140), a circularity partnership with Sirken AS for reuse of building materials, and a training partnership with Fagskolen Oslo for technical workforce development.

Name

AF Gruppen

Legal name

AF Gruppen ASA

Website

https://afgruppen.no

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

AF Gruppen ASA is a publicly listed Norwegian construction and industrial group operating through specialized subsidiaries across Norway, Sweden, and the UK, delivering infrastructure, building, energy, offshore decommissioning, and environmental services to public and private sector clients.

Ownership category

akta.pro rank

Product category

Construction Services

NAICS

Commercial and Institutional Building Construction (236220), Nonresidential Building Construction (2362), Power and Communication Line and Related Structures Construction (237130)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), General Bldg Contractors - Nonresidential Bldgs (1540)

akta.pro primary industry

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ)

akta.pro secondary industries

Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA), Environmental & Permitting Compliance During Construction (Erosion Control, Wildlife Mitigation, Monitoring) (EUAMAFAM)

Keywords

• Construction services
• Infrastructure development
• Offshore decommissioning
• Energy services
• Property development

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure

Revenue model

1. Construction and infrastructure contracts: AF Gruppen generates the majority of revenue through project-based construction contracts with public and private clients, including infrastructure projects, building construction, and specialized construction services.
2. Major infrastructure projects: The company secures large-scale infrastructure contracts such as the Stad Ship Tunnel (NOK 5.6 billion), offshore wind projects, and major public works.
3. Offshore decommissioning and services: Through the Claxton acquisition and AF Offshore Decom division, the company provides offshore decommissioning, engineering services, and wind farm services.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

AF Gruppen is a Norwegian construction and industrial group that builds and renovates residential and commercial structures, roads, bridges, tunnels, and onshore facilities through specialized subsidiaries. The company also provides offshore decommissioning, energy services, property development, and environmental remediation. It operates as a holding company of independent subsidiaries across Norway and Sweden, executing large-scale infrastructure and building projects for public and private sector clients.

Product overview

AF Gruppen is a Norwegian construction and industrial group organized as a holding company of independent subsidiaries operating across Norway and Sweden. The company operates through multiple specialized divisions: AF Anlegg (infrastructure and tunnelling), AF Bygg (building construction), AF Energi (energy services), AF Offshore (offshore services including decommissioning), AF Eiendom (property development), and Miljø (environmental services). Key subsidiaries include AF Byggfornyelse (rehabilitation and renovation), AF Bygg Oslo, LAB Entreprenør, JR Anlegg (machine contracting), Målselv Maskin & Transport, AF Bygg Syd/Öst/Väst (regional Swedish operations), Kanonaden Entreprenad, AF Decom, AF Offshore Decom, AF Energi, AF Elkraft, Betonmast, and Brødrene Myhre. The company also has recent acquisitions including Claxton (UK offshore decommissioning services) and H.A. Bygg (Swedish concrete contractor). Major projects include the Stad Ship Tunnel, new airport in Mo i Rana, Construction City in Oslo, wastewater treatment plants, and various building projects. The company is listed on Oslo Børs (AFG) with revenues of MNOK 31,992 in 2025 and approximately 6,000 employees.

Differentiator

Problem solved

Functional benefit

Products and services

• AF Anlegg - Infrastructure and Tunnelling

Quantifiable outcome

• 15% cost reduction on $560 million highrise project through AI implementation
• +3 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Sirken AScoreStrategic or Co-development Partner · 1 January 2026AF Gruppen entered a group-wide agreement with Sirken AS, a nationwide marketplace for reused building materials. The partnership supports AF Gruppens strategic goal to increase circularity, with Sirken providing a platform for buying and selling used construction materials 24/7. AF Anlegg's airport project in Mo i Rana is the first project participating in the partnership.
• Fagskolen OslocoreStrategic or Co-development Partner · 26 September 2025AF Energi and Fagskolen Oslo developed Teknikerakademiet, a targeted competence program for skilled workers. The program consists of six customized modules combining theory and practice within the energy field. The partnership allows employees to earn study credits toward higher vocational education.
• Construction CityflagshipStrategic or Co-development Partner · 1 January 2022Construction City is a business cluster bringing together the construction, infrastructure, and real estate industry in Norway. AF Gruppen and Betonmast formed a joint venture (work community) to construct the 103,000 sqm office building. AF Gruppen and Fagskolen Oslo are co-located in Construction City on Ulven in Oslo.
• AvinorflagshipStrategic or Co-development PartnerAF Gruppen signed a collaboration contract with Avinor for the construction of a new airport in Mo i Rana. The project includes terminal buildings, runways, and associated infrastructure with a budget of NOK 3.3 billion. Rambøll Norge and LPO Arkitekter are involved as advisors.
• OBOSflagshipStrategic or Co-development PartnerAF Gruppen and OBOS are collaborating on Fornebu Sør, a major residential development project with approximately 510 apartments valued at NOK 2 billion. The collaboration is structured as a collaboration contract moving toward total contract.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Peab AB: Swedish construction and civil engineering group with significant Norwegian operations. Competes directly with AF Gruppen in building construction, civil works, and Nordic infrastructure projects, with similar size and decentralized subsidiary model.
• YIT Oyj: Finnish construction company focused on residential, commercial, and infrastructure projects in the Nordics, Baltics, and Central Europe. Comparable in building construction scale and Nordic market focus.
• NCC AB: Swedish construction and property development company with strong Nordic presence in building, infrastructure, and asphalt/aggregates. Comparable to AF Gruppen in civil engineering and commercial building operations across Norway and Sweden.
• Skanska AB: Swedish-headquartered construction and project development group with operations across the Nordics, Europe, and the US. Closely comparable to AF Gruppen in scale (~SEK 160B+ revenue), decentralized model, public infrastructure focus, and sustainability leadership.
• Veidekke ASA: Norwegian construction and civil engineering contractor and property developer. Direct domestic peer to AF Gruppen, competing for the same Norwegian public tenders (Statens Vegvesen, Avinor, municipalities) with overlapping building and infrastructure divisions.
• Betonmast (historical AF Gruppen division context) / Betonmast AS: Norwegian general contractor for residential, commercial, and public buildings. Note: Betonmast is now part of AF Gruppen (joint venture Construction City); included as a peer reference for the Norwegian building construction market.

Broad incumbents

• Hochtief AG: German-based global construction and infrastructure group with significant tunneling and civil engineering capabilities (including delivery of complex Nordic-adjacent projects). A larger incumbent with comparable heavy civil expertise.
• Strabag SE: Austrian-based European construction group with extensive tunneling, infrastructure, and building operations. Comparable in heavy civil construction expertise and Nordic-adjacent project experience.

Emerging players

• Heerema Marine Contractors: Dutch-based offshore contractor with significant North Sea decommissioning and offshore wind installation capabilities. Comparable to AF Gruppen's expanding offshore decommissioning segment post-Claxton.
• Aker Solutions ASA: Norwegian energy services and offshore engineering company with decommissioning capabilities overlapping with AF Offshore Decom and the newly acquired Claxton business. Adjacent peer in offshore energy services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/afgruppen
• Facebookfacebook.com/afgruppen
• LinkedInlinkedin.com/company/af-gruppen
• Instagraminstagram.com/af_gruppen
• Xx.com/afgruppen_asa

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries28 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AF Gruppen