olivLaw · European equity research
Capsol Technologies ASA CAPSL.OL
Norway · Euronext Oslo Børs · ISIN NO0010923121 · Vertical: Listed companies from Norway
Capsol Technologies ASA develops a carbon capture technology platform for hard-to-abate industries such as cement. Revenue fell to NOK 70.7 million in 2025 as the company moved from technology validation to commercial execution, and the final investment decision for the Stockholm Exergi BECCS project marks an important reference.
At the close of 03 Nov 2026, Capsol Technologies ASA (CAPSL.OL) stock was 4.39 NOK (−2.44% on the day), with market capitalisation 868.8 m NOK, beta 0.18, 52-week range 4.04–7.00 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)
- 48.8
- neutral
- Bollinger (20, 2)
- 4.03 – 4.70
- in the upper half of the band · %B 0.53 · band width 15.3%
- SMA 50 / 200
- 4.61 / 4.83
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.08
- 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 | +4.5% | −1.5% | +6.0 pp | — |
| 3 months | −18.7% | −5.3% | −13.4 pp | — |
| 6 months | −12.2% | +4.7% | −16.9 pp | — |
| Year to date | −32.3% | +6.0% | −38.3 pp | — |
| 1 year | −41.6% | +8.2% | −49.8 pp | −5.3% |
| 3 years | −66.7% | +47.2% | −113.9 pp | +19.1% |
| 5 years | unavailable | +41.8% | unavailable | — |
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 34.2 m | 94.2 m | 70.7 m |
| Revenue YoY | unavailable | +175.6% | −25.0% |
| Net income | 43.4 m | -32.8 m | -81.1 m |
| Net income YoY | unavailable | −175.5% | unavailable |
| Diluted EPS | -81.00 | -0.54 | -0.41 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 127.1% | -34.8% | -114.8% |
| Free cash flow | -56.1 m | -59.5 m | -41.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 50.2 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 65.5 m NOK
- Total assets
- 150.7 m NOK
- Debt / equity
- unavailable
- Current ratio
- 1.45x
- ROE
- -89.4%
- ROA
- -45.5%
- FCF margin
- -58.4%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 34.2 m | 94.2 m | 70.7 m | esef· 21 Oct 2026verified |
| Cost of revenue | — | 21.3 m | 32.0 m | esef· 21 Oct 2026verified |
| Gross profit | — | 72.8 m ≈ | 38.7 m ≈ | esef· 21 Oct 2026derived |
| Operating income | -41.5 m | -30.1 m | -76.1 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 8.2 m | 14.2 m | 24.1 m | esef· 21 Oct 2026verified |
| EBITDA | -33.3 m ≈ | -15.9 m ≈ | -52.0 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 4.4 m | 11.5 m | 9.5 m | esef· 21 Oct 2026verified |
| Pre-tax income | -43.4 m | -32.8 m | -81.1 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | 43.4 m | -32.8 m | -81.1 m | esef· 21 Oct 2026verified |
| Diluted EPS | -81.00 | -0.54 | -0.41 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 41.6 m | 64.4 m | 50.2 m | esef· 21 Oct 2026verified |
| Current assets | 62.6 m | 102.6 m | 69.5 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 67.3 m | 83.6 m | 62.2 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 7.3 m | 12.8 m | 12.6 m | esef· 21 Oct 2026verified |
| Total assets | 145.7 m | 205.7 m | 150.7 m | esef· 21 Oct 2026verified |
| Current liabilities | 60.0 m | 57.4 m | 47.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 111.8 m | 89.8 m | 85.2 m | esef· 21 Oct 2026verified |
| Equity | 33.9 m | 116.0 m | 65.5 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | — | 60.7 m | 197.9 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -4.9 m | -33.9 m | -39.5 m | esef· 21 Oct 2026verified |
| Capex | 51.2 m | 25.5 m | 1.7 m | esef· 21 Oct 2026verified |
| Free cash flow | -56.1 m ≈ | -59.5 m ≈ | -41.2 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -51.3 m | -28.8 m | 765.0 k | esef· 21 Oct 2026verified |
| Financing cash flow | 39.2 m | 84.0 m | 26.0 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 868.8 m NOK
Key indicators
Coverage and freshness
Score by group
25% · 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: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -114.8% | 16 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -8.1x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.7% | 0 (on a fixed band) | 33% |
| 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 sheet22/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial16/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
CAPSOL TECHNOLOGIES ASA (CAPSL.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 70.7 m NOK in 2025; YoY growth -25.0%; net margin -114.8%; ROE -89.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -114.8%
- Interest coverage: -8.1x
- FCF yield: -4.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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 CAPSL.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Capsol Technologies ASA develops a carbon capture technology platform for hard-to-abate industries such as cement. Revenue fell to NOK 70.7 million in 2025 1 as the company moved from technology validation to commercial execution, and the final investment decision for the Stockholm Exergi BECCS project marks an important reference.
SWOT
Strengths
- The technology is validated through large-scale reference projects, including the final investment decision for Stockholm Exergi 1.
- The company has consolidated industrial partnerships, including a deeper commercial collaboration with Munters 1.
- The project portfolio is maturing and supports long-term revenue potential if projects advance 1.
Weaknesses
- Revenue declined in 2025 because no license fees comparable to the prior year were recognized 1.
- The operating loss deepened due to investments in commercialization and development without license revenue in the same year 1.
- The company depends on external financing and new capital until larger license revenues are realized 1.
Opportunities
Risks
- Project development riskhigh
Revenue realization depends on customer projects progressing toward final investment decisions 1.
- Regulatory and carbon policy riskmedium
Changes in regulatory frameworks, carbon pricing or decarbonization policies could affect demand 1.
- Execution riskmedium
Delays or cost overruns in project development and deployment could affect results 1.
- Liquidity riskhigh
The company must maintain adequate liquidity until larger licensing revenues are realized, which could prove difficult 1.
- Partner dependence risklow
Collaborations with industrial partners are essential for delivering solutions, and weakening of these ties could affect execution 1.
Investment thesis
What would need to be true (bull case)
- If projects in the pipeline advance to construction, license revenues could rise substantially, particularly in the 2026–2030 period 1.
- The Stockholm Exergi investment decision provides a commercial reference that could attract other customers in hard-to-abate sectors 1.
- Global demand for carbon capture could grow, and the company could benefit from its validated technology and partnerships 1.
What would break the thesis
- Revenue fell in 2025 and losses widened, so the company could remain dependent on additional financing 1.
- If projects do not reach final investment decisions on the expected timeline, realization of potential revenues could be significantly delayed 1.
- Changes in climate policy or carbon pricing could reduce industrial interest in the company's solutions 1.
What to watch
- Progress of the Stockholm Exergi BECCS project toward construction2026
- Advancement of the first commercial CapsolGT® project in the United States2026
- Movement of the project portfolio toward final investment decisions2026–2030
- Access to additional financing and developments in liquiditynext 10-K
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
Capsol Technologies ASA, listed on Euronext Oslo Børs under the ticker CAPSL, aims to scale a carbon capture technology platform through industrial partnerships and project development collaboration with customers 1. The company aims to enable large-scale deployment of cost-competitive carbon capture solutions while maintaining a capital-efficient operating model 1. During 2025 it moved gradually from technology validation toward commercial execution 1.
Total operating revenue was NOK 70.7 million in 2025, compared with NOK 94.2 million in 2024, the difference reflecting license fees from the Stockholm Exergi project recognized in 2024 1. Revenue in 2025 mainly came from CapsolGo® demonstration campaigns, engineering studies and early-phase project development services 1. EBITDA was negative at NOK 52.0 million, reflecting continued investment in commercialization and technology development 1.
Key assets include the CapsolEoP® and CapsolGT® technologies and a project pipeline in feasibility and early engineering stages 1. The partnership with Munters deepened into a broader commercial collaboration that included an additional investment by Munters 1. Management indicates that realization of revenues depends on customer projects progressing toward final investment decisions 1.
Segments
Carbon capture in the cement industry
Cement remained the core segment, where Capsol strengthened its position as a preferred technology provider 1. Several projects progressed through feasibility studies and early engineering phases 1.
Dispatchable low-carbon power
The company advanced toward the first commercial project using CapsolGT® technology for carbon capture integrated with gas turbine power generation in the United States 1. The segment responds to growing demand for dispatchable low-carbon electricity 1.
BECCS projects and new industries
The final investment decision for the Stockholm Exergi BECCS project, one of the world's first large-scale bioenergy carbon capture and storage facilities, is the company's most important commercial reference 1. Capsol also expanded into the lime and metals industries through new engineering studies and customer engagements 1.
Market context
Global demand for carbon capture solutions could increase significantly as governments and industries intensify efforts to meet climate targets 1. Hard-to-abate sectors such as cement, biomass energy and power generation could play a central role in deploying these technologies 1. The pipeline of 22 million tonnes of potential annual CO₂ capture capacity indicates interest from industrial customers 1.
Decarbonization policies, carbon pricing and the regulatory framework are key factors for the pace of carbon capture adoption 1. The company expects a significant portion of its pipeline could reach potential final investment decisions during 2026–2030, which could generate substantial licensing and service revenues 1.
Trends
- Rising demand for dispatchable low-carbon powertailwind
Growing power demand and decarbonization targets support carbon capture integrated with gas turbines 1. This trend could open new projects for the CapsolGT® technology 1.
- Intensifying climate efforts by governments and industrytailwind
Increased efforts by governments and industries to meet climate targets raise interest in carbon capture in hard-to-abate sectors 1. This context could accelerate the move from studies to built projects 1.
- Revenue dependence on final investment decisionsheadwind
Revenue realization depends on customer projects progressing toward final investment decisions and then construction and operation 1. Delays at this stage could slow revenue growth 1.
- Cost and financing pressuremixed
Personnel costs increased while operating expenses are tightly managed, and the company relies on a green loan facility and new capital to support its activities 1. Financing developments could influence its ability to fund projects 1.
Competitive position
The carbon capture market is competitive, and Capsol differentiates its offering through cost-optimized technologies and integration with existing industrial plants 1. Partnerships with equipment suppliers and CO₂ storage operators are used to deliver integrated solutions 1. The source does not explicitly identify competitors.
Competitive advantages cited by the company include technologies validated in large-scale reference projects and a portfolio of industrial partnerships 1. Competitors are not named in the source, so relative positioning remains unclear from the document 1.
- No competitors named in the source
The annual report does not identify direct competitors, so there is no verifiable data for this point.
- Carbon capture equipment suppliers
The company mentions collaborations with industrial technology providers without naming rivals.
- CO₂ storage operators
Storage partners are mentioned as part of integrated solutions rather than as rivals.
- Decarbonization project developers
The source gives no details on these players, so they cannot be assessed from the document.
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 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Capsol Technologies 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.