![Erik Must](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" fill="%231b1b1b" class="bi bi-person-fill" viewBox="0 0 16 16"><path d="M3 14s-1 0-1-1 1-4 6-4 6 3 6 4-1 1-1 1zm5-6a3 3 0 1 0 0-6 3 3 0 0 0 0 6"/></svg>)
Erik Must
Director/Board Member at
NHST HOLDING
Net worth: 1 154 M $ as of 2026-07-30
Profile
Erik Must (born 26 January 1943) is a Norwegian stock broker and investor. He was born in Trondheim, a son of banker Arne Bernhoft Must and Svanhild Synnøve Svendsen. He established the investment company Avanse Forvaltning along with Kjell Christian Ulrichsen, and later became owner of . He is a significant investor in Norwegian media companies, controlling large parts of the publishing house Gyldendal Norsk Forlag, as well as the newspapers Dagens Næringsliv and Adresseavisen. He is also a significant owner of the energy company Arendals Fossekompani.
Known holdings in public companies
| Company | Date | Number of shares | Valuation | Valuation date |
|---|---|---|---|---|
| 2025-12-30 | 22,250,000 ( 2.53% ) | 695 M $ | 2026-07-30 | |
2.53% | 2026-04-22 | 22,250,000 ( 2.53% ) | 125 M $ | 2026-07-30 |
Borregaard ASA
 Borregaard ASA Chemicals: Major DiversifiedProcess Industries Develops, produces and markets specialized biomaterials, biochemicals & biofuels that can replace oil-based products 7.32% | 2025-12-30 | 7,322,755 ( 7.32% ) | 122 M $ | 2026-07-30 |
| 2024-12-30 | 2,052,463 ( 87.26% ) | 100 M $ | 2026-07-30 | |
ELKEM ASA 6.81% | 2026-05-06 | 25,062,928 ( 6.81% ) | 82 M $ | 2026-07-30 |
Vow ASA
 Vow ASA Environmental ServicesIndustrial Services Engages in processing solutions for wastewater and dry waste 14.48% | 2025-06-29 | 42,194,851 ( 14.48% ) | 10 M $ | 2026-07-30 |
Zaptec ASA
 Zaptec ASA Electrical ProductsProducer Manufacturing Manufactures charging equipment for electric vehicles and operates electric vehicle charging stations 1.78% | 2024-12-30 | 1,554,726 ( 1.78% ) | 7 M $ | 2026-07-30 |
Tekna Holding AS
 Tekna Holding AS Chemicals: Major DiversifiedProcess Industries Operates as a holding company that engages in development, manufacturing and sale of micron & Nano powders and plasma systems 3.58% | 2026-01-11 | 8,141,144 ( 3.58% ) | 5 M $ | 2026-07-30 |
3.48% | 2024-12-30 | 3,371,048 ( 3.48% ) | 4 M $ | 2026-07-30 |
Integrated Wind Solutions AS
 Integrated Wind Solutions AS Engineering & ConstructionIndustrial Services Constructs, services and maintains offshore wind farms 1.77% | 2026-01-20 | 705,405 ( 1.77% ) | 4 M $ | 2026-07-30 |
Erik Must active positions
| Companies | Position | Start |
|---|---|---|
| NHST HOLDING | Director/Board Member | - |
| ELKEM ASA | Director/Board Member | 2026-04-29 |
Convertelligence AS
 Convertelligence AS Packaged SoftwareTechnology Services Develops and operates chatbot platform | Director/Board Member | - |
VEDELD AS
 VEDELD AS Engineering & ConstructionIndustrial Services Operates as an engineering based company | Director/Board Member | - |
Cenate AS
 Cenate AS Electrical ProductsProducer Manufacturing Develops and manufactures silicon-containing anode materials for the lithium ion battery industry | Director/Board Member | - |
Arentz Legacy | Director/Board Member | - |
Must AS
 Must AS Financial ConglomeratesFinance Acquisition vehicle led by private investor Erik Must | Chairman | 2010-06-02 |
Former positions of Erik Must
| Companies | Position | End |
|---|---|---|
| ARENDALS FOSSEKOMPANI ASA | Director/Board Member | 2024-04-30 |
| KONGSBERG GRUPPEN ASA | Director/Board Member | 2013-05-02 |
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Training of Erik Must
Experiences
Positions held
Active
Inactive
Listed companies
Private companies
Connections
69
1st degree connections
18
1st degree companies
Male
Female
Members of the board
Executives
Linked companies
| Private companies | 18 |
|---|---|
Elkem ASA
 Elkem ASA AluminumNon-Energy Minerals Manufactures and distributes distribution of silicon-based materials | Non-Energy Minerals |
Kongsberg Gruppen ASA
 Kongsberg Gruppen ASA Trucks/Construction/Farm MachineryProducer Manufacturing Develops and supplies vessel and ship components, maritime and defense navigation systems, sonars & combat equipment and digital solutions | Producer Manufacturing |
Arendals Fossekompani ASA
 Arendals Fossekompani ASA Electric UtilitiesUtilities Generates and distributes electricity | Utilities |
Gyldendal ASA
 Gyldendal ASA Specialty StoresRetail Trade Operates as a holding company, which engages in the publication, editing, distribution, and sale of books, encyclopedia, and dictionaries | Retail Trade |
Must AS
Must AS Financial ConglomeratesFinance Acquisition vehicle led by private investor Erik Must | Finance |
Fondsfinans AS
 Fondsfinans AS Investment Banks/BrokersFinance Provides brokerage services | Finance |
NHST Holding AS
 NHST Holding AS Publishing: NewspapersConsumer Services Publishes business newspapers | Consumer Services |
Norwegian School of Economics & Business Administration
 Norwegian School of Economics & Business Administration Other Consumer ServicesConsumer Services Functions as a College/University | Consumer Services |
Norwegian University of Science & Technology
 Norwegian University of Science & Technology Other Consumer ServicesConsumer Services Functions as a College/University | Consumer Services |
EFD AS
 EFD AS Industrial MachineryProducer Manufacturing Supplies induction solutions | Producer Manufacturing |
AXIA Utvikling AS
 AXIA Utvikling AS Information Technology ServicesTechnology Services Provides information technology services | Technology Services |
Dagens Næringsliv AS
 Dagens Næringsliv AS Publishing: NewspapersConsumer Services Online publication of newspaper and periodicals | Consumer Services |
Norsk Folkemuseum AS
 Norsk Folkemuseum AS Norsk Folkemuseum AS is a national cultural history and open-air museum that features around 160 buildings representing urban and rural Norwegian life from the Middle Ages to the present. The private company is based in Bygdøy, Norway. The museum showcases daily life and living conditions from the 1500s onward through exhibitions and collections, and offers group tours, educational programs for schools and kindergartens, and event facilities, including historic guesthouses near a 13th-century stave church. Norsk Folkemuseum also functions as a research institution generating knowledge about Norwegian society and culture, and provides year-round cultural activities, crafts, music, and historical experiences. The Norwegian company was founded in 1894 by Hans Aall. The CEO is Nina Refseth. | |
Arentz Legacy | |
MazeMap AS
 MazeMap AS Packaged SoftwareTechnology Services Develops a platform for wayfinding and space intelligence that helps people navigate & understand complex buildings and campuses | Technology Services |
Convertelligence AS
Convertelligence AS Packaged SoftwareTechnology Services Develops and operates chatbot platform | Technology Services |
Cenate AS
Cenate AS Electrical ProductsProducer Manufacturing Develops and manufactures silicon-containing anode materials for the lithium ion battery industry | Producer Manufacturing |
VEDELD AS
VEDELD AS Engineering & ConstructionIndustrial Services Operates as an engineering based company | Industrial Services |
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- Erik Must
