Eric Most and his family with a wonderful year last year – they earned almost two billion dollars.

Eric Most and his family with a wonderful year last year - they earned almost two billion dollars.

Investor Erik Must and his family almost never lose money and have a very long term perspective on their investments. The strategy fully paid off last year, when Must Holding had its best result ever.

Profit before tax ended at 1.98 billion DKK. The main reason for the good result was the unrealized increase in the value of the company’s listed shares, which amounted to NOK 1.65 billion.


The company’s equity approached eight billion at the start of 2021, down from just under NOK 5.9 billion the previous year. According to Eric Most himself, the company’s result last year was historically good.

– 2020 was a good year, but the good result is mainly due to the unrealized price gains on the shares of the listed company. Must says the unlisted shares are being booked at cost or at a low written value.

He must say that there is still a strong price increase in the core companies, such as Arendals Fossekompani, Borregaard and Kongsberg Gruppen, but since Must Holding is the long-term owner, it has not realized anything.

Must Holding wants to be an active and responsible owner for the long term. We at the core companies have up to 50 years, says Must.

Eric Most controls the company with his two children, Eric Christian Most and Train Most.

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A shopkeeper in the Oslo Stock Exchange

The Must family is among the largest investors on the Oslo Stock Exchange with a value of approximately NOK 6.6 billion at the beginning of the year. The Must family had paid NOK 2.76 billion for the same values, so the increase in value was significant.

Listed Arendals Fossekompani and publisher Gyldendal are among the largest assets with just over NOK 4.5 billion and nearly NOK 1.2 billion today, respectively.

In addition, the company has significant stakes in the industrial groups Borregaard and Elkem, as well as the Kongsberg Group and Polaris Media.

The Must family also holds significant ownership positions at Veidekke, DNB, Pci Biotech and the Yara fertilizer company. The Must family is also a significant owner of the NHST Media Group, which among other things owns Dagens Næringsliv.

Erik Must Fondsfinans with Kjell Christian Ulrichsen bought it in 1972 and turned it into a leading Norwegian brokerage at the time.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We want you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.

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Dalila Awolowo

Dalila Awolowo

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