olivLaw · European equity research
Elmera Group ASA ELMRA.OL
Norway · Euronext Oslo Børs · ISIN NO0010815673 · Vertical: Listed companies from Norway
Elmera Group ASA is a Norwegian energy service provider operating the Fjordkraft brand and other digital platforms for household and corporate customers. It helps customers manage consumption, energy costs and solar solutions in a volatile market, which makes its activity relevant amid the energy transition.
At the close of 04 Nov 2026, Elmera Group ASA (ELMRA.OL) stock was 46.75 NOK (+0.00% on the day), with market capitalisation 5.1 bn NOK, P/E 32.0 on diluted EPS of 1.46 NOK over the last 12 months, dividend yield 6.42%, beta 0.22, 52-week range 28.70–46.95 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)
- 52.3
- neutral
- Bollinger (20, 2)
- 46.69 – 46.91
- in the lower half of the band · %B 0.29 · band width 0.5%
- SMA 50 / 200
- 46.57 / 39.57
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.07 / 0.10
- MACD below 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 | +0.4% | +0.4% | +0.1 pp | — |
| 3 months | +2.4% | −3.3% | +5.7 pp | — |
| 6 months | +45.9% | +4.0% | +41.9 pp | — |
| Year to date | +21.7% | +8.1% | +13.6 pp | — |
| 1 year | +46.1% | +10.7% | +35.4 pp | −6.5% |
| 3 years | +96.1% | +50.1% | +46.0 pp | +12.9% |
| 5 years | −9.1% | +43.6% | −52.7 pp | — |
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.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 12.0, median 17.4, max 26.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 18.9 bn | 12.2 bn | 12.1 bn |
| Revenue YoY | unavailable | −35.4% | −0.9% |
| Net income | 192.3 m | 353.9 m | 162.7 m |
| Net income YoY | unavailable | +84.1% | −54.0% |
| Diluted EPS | 1.74 | 3.19 | 1.46 |
| Diluted EPS YoY | unavailable | +83.3% | −54.2% |
| net % | 1.0% | 2.9% | 1.3% |
| Free cash flow | 1.0 bn | -6.2 m | -684.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 bn NOK
- Financial debt
- 2.7 bn NOK
- Net debt
- 1.4 bn NOK
- Equity
- 1.5 bn NOK
- Total assets
- 7.1 bn NOK
- Debt / equity
- 1.85x
- Current ratio
- 1.03x
- ROE
- 10.5%
- ROA
- 2.5%
- FCF margin
- -5.6%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 18.9 bn | 12.2 bn | 12.1 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 17.2 bn | 10.5 bn | 10.4 bn | esef· 21 Oct 2026verified |
| Gross profit | 1.7 bn ≈ | 1.8 bn ≈ | 1.7 bn ≈ | esef· 21 Oct 2026derived |
| Operating income | 359.2 m | 436.2 m | 385.3 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 386.5 m | 377.9 m | 336.7 m | esef· 21 Oct 2026verified |
| EBITDA | 745.7 m ≈ | 814.1 m ≈ | 722.0 m ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 237.6 m | 435.0 m | 226.8 m | esef· 21 Oct 2026verified |
| Income tax | 41.0 m | 77.6 m | 63.2 m | esef· 21 Oct 2026verified |
| Net income | 192.3 m | 353.9 m | 162.7 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.74 | 3.19 | 1.46 | esef· 21 Oct 2026verified |
| Dividend per share | 1.50 | 2.30 | 3.00 | 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 | 338.7 m | 144.0 m | 1.4 bn | esef· 21 Oct 2026verified |
| Current assets | 5.0 bn | 3.1 bn | 4.4 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 5.3 m | 5.9 m | 8.5 m | esef· 21 Oct 2026verified |
| Goodwill | 1.4 bn | 1.4 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 454.1 m | 365.4 m | 297.2 m | esef· 21 Oct 2026verified |
| Total assets | 8.3 bn | 6.0 bn | 7.1 bn | esef· 21 Oct 2026verified |
| Accounts payable | 3.5 bn | 1.6 bn | 785.5 m | esef· 21 Oct 2026verified |
| Short-term debt | 368.7 m | 85.0 m | 2.1 bn | esef· 21 Oct 2026verified |
| Long-term debt | 537.6 m | 739.7 m | 656.4 m | esef· 21 Oct 2026verified |
| Current liabilities | 5.1 bn | 2.8 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Total liabilities | 6.9 bn | 4.4 bn | 5.6 bn | esef· 21 Oct 2026verified |
| Equity | 1.5 bn | 1.6 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 108.6 m | 108.9 m | 109.2 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.0 bn | -2.6 m | -679.6 m | esef· 21 Oct 2026verified |
| Capex | 627.0 k | 3.6 m | 4.6 m | esef· 21 Oct 2026verified |
| Free cash flow | 1.0 bn ≈ | -6.2 m ≈ | -684.2 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -65.0 m | 28.3 m | -74.5 m | esef· 21 Oct 2026verified |
| Financing cash flow | -693.7 m | -221.3 m | 2.0 bn | esef· 21 Oct 2026verified |
| Dividends paid | 163.0 m | 250.6 m | 327.5 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
Score: 35 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.1 bn NOK
Key indicators
Coverage and freshness
Score by group
- Balance sheet27
- Valuation27
- Returns92
- Quality33
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
Unattractive profile · Score 35/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.8% | 50 (vs peers) | 14% |
| Net margin · Quality | 1.3% | 39 (vs peers) | 9% |
| FCF conversion · Quality | -420.6% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.9x | 30 (vs peers) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 32.0x | 26 (vs peers) | 14% |
| EV/EBITDA · Valuation | 9.0x | 50 (vs peers) | 14% |
| FCF yield · Valuation | -13.4% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 6.4% | 92 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet27/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality33/100 · 3/3 factors with a value
- Returns· partial92/100 · 1/2 factors with a value
- Valuation27/100 · 3/3 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
ELMERA GROUP ASA (ELMRA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 12.1 bn NOK in 2025; YoY growth -0.9%; net margin 1.3%; ROE 10.5%; net debt/EBITDA 1.9x.
The estimated value range is 29.43–36.38 NOK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 32.53 NOK, the price of 46.75 NOK leaves a potential of -30.4% (value / price − 1) and a margin of safety of -43.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 35/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 6.4%
What contradicts it
- FCF conversion: -420.6%
- Net debt / EBITDA: 1.9x
- Current ratio: 1.0x
- P/E (TTM): 32.0x
- FCF yield: -13.4%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, 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 | 80.8 bn | 20.6 | 7.9% | 21.4% | +42.5% | +38% / +61% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +9% / +70% |
| ELK.OLElkem Asa | 19.0 bn | 38.9 | 1.9% | 2.7% | −15.7% | +8% / +71% |
| ATEA.OLAtea Asa | 18.7 bn | 21.7 | 19.7% | 2.3% | +8.1% | +13% / +38% |
| AKSO.OLAker Solutions Asa | 17.9 bn | 7.0 | 22.5% | 4.1% | +19.2% | +21% / −10% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 24.9 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +30% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.4 | 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 | 4.0 bn | 62.0 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.8 | 34.9% | 16.8% | +12.4% | −12% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −17% / −9% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.3 bn | 10.3 | 30.1% | 16.1% | +32.3% | −54% / 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 | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 227.8 m | 4.6 | 22.1% | 9.3% | +15.7% | −35% / −56% |
| DELIA.OLDellia Group Asa | 72.9 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.2 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −41% |
1- and 3-year price returns: for ELMRA.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 | 26.67 Total return -41% · Per year -41% | 47.28 Total return 4% · Per year 4% | 71.39 Total return 57% · Per year 57% |
| 3 years | 23.14 Total return -44% · Per year -17% | 46.42 Total return 9% · Per year 3% | 77.35 Total return 77% · Per year 21% |
| 5 years | 20.08 Total return -47% · Per year -12% | 45.58 Total return 13% · Per year 2% | 83.80 Total return 100% · Per year 15% |
- Exit P/E± 11.60
- Net margin± 8.12
- Annual revenue growth± 7.03
- Annual dilution± 0.68
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
Elmera Group ASA is a Norwegian energy service provider operating the Fjordkraft brand and other digital platforms for household and corporate customers. It helps customers manage consumption, energy costs and solar solutions in a volatile market, which makes its activity relevant amid the energy transition.
SWOT
Strengths
- Close customer relationships, highly rated apps and an integrated digital platform for consumers and businesses.
- A service-provider model with low direct physical exposure, which limits the impact of climate damage on assets.
- A varied product portfolio, from consumption management to guarantees of origin and solar solutions for business customers.
Weaknesses
- Exposure to price volatility, which makes hedging and trading more difficult and risky.
- Withdrawal from residential solar installations shows a declining residential market for the company itself.
- Reliance on third parties for grid infrastructure and service partners limits control over the customer experience.
Opportunities
- Demand for advisory, flexibility and price-risk products grows amid price volatility.
- Expansion into solar, storage and energy as a service through the Solcellespesialisten partnership could generate new revenue.
- Growing electrification and demand for digital consumption-management services could open new customer segments.
Threats
- Schemes like Norgespris may reduce incentives for energy efficiency and decentralised investment.
- Low consumer tolerance for high prices can amplify reputational risk in periods of volatility.
- Self-generation with solar and batteries can reduce grid-sourced consumption and affect volume-based economics.
Risks
- Price volatilityhigh
Large price swings could affect margins and make hedging and trading riskier for the company.
- Effects of the Norgespris schememedium
The fixed rate may change consumer behaviour and reduce interest in efficiency measures, which could influence long-term volumes.
- Climate transition riskmedium
The shift to a low-emission economy brings economic, technological and policy uncertainty, which the company rates as medium.
- Reputational riskmedium
Consumer difficulties with energy costs and political and media attention could damage the company's image if prices stay high.
- Physical risklow
Extreme weather may damage third-party grid infrastructure with indirect effects on the company, though direct exposure is rated as low.
Investment thesis
What would need to be true (bull case)
- If demand for advisory and flexibility services grows, the company could turn price volatility into a source of recurring revenue.
- The solar and storage partnership could strengthen Elmera's position in energy-as-a-service for businesses.
- Digital platforms with high user ratings could support customer retention and the expansion of the product offer.
What would break the thesis
- If fixed-rate schemes reduce efficiency incentives, demand for optimisation services could decline over time.
- Persistent volatility could make trading activity more difficult and costly for the company.
- The exit from residential solar shows the limits of growth in some segments and the risk that new investments may not materialise.
What to watch
- Consumption trends among Norgespris customers and effects on volumes2026
- Results of the partnership with Solcellespesialisten2026
- Development of electricity price volatility in NorwayQ1 2027
- Final form of CSRD regulation after the Omnibusnext 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
Elmera Group ASA supplies and manages electricity for customers in Norway through digital platforms, mobile apps and advisory services. Its service-provider model relies on proximity to customers, digitalisation and scale, and the company positions itself as an energy partner for households and businesses. The group has also extended its activity to Sweden, where the Min Bedrift platform was launched for Fjordkraft Företag customers.
The group's activity is organised around consumer apps, the corporate Min Bedrift platform and a portfolio of business energy services. It owns few significant production assets, and according to the report its direct exposure to physical climate risks is low. Revenue depends mainly on delivered volumes and value-added services.
In December 2025, Elmera partnered with the founders of Solcellespesialisten to acquire the bankruptcy estate of that company and establish a new energy company. The investment of NOK 10 million for a 40% stake marks an expansion towards solar, battery and flexibility solutions.
Segments
Household customers and Fjordkraft
The Fjordkraft apps and partner platforms let customers track prices, shift consumption and access smart energy services. An average rating of 4.3 at the end of 2025 points to high user satisfaction, and the Norgespris scheme has changed the consumption behaviour of those who signed up.
Energy Services for business
The group offers Solar as a Service, EV charging, energy monitoring and guarantees of origin. Partnerships with SASTECH and CURRENT complete the offer for corporate customers who want to reduce their energy footprint.
Marketplace and products
Marketplace includes the Puls meter, which transmits consumption data in real time, and other products such as refurbished phones. The Solkonto product lets customers with solar panels store up to 2000 kWh as a virtual battery.
Market context
The Norwegian power market is characterised by high price volatility, driven by European climate policy, the phase-out of fossil fuels, high gas and CO2 prices and a rising share of wind and solar. The Norgespris scheme, introduced on 1 October 2025, offers an effective payable rate of NOK 0.50/kWh, binding through 31 December 2026, which changes the structure of retail demand.
At the same time, demand for price-risk management, advisory and flexibility services grows with volatility. The residential solar market has declined sharply, which led the company to stop offering panel installations to private customers.
Trends
- Power price volatilitymixed
A growing share of wind and solar makes markets more weather-dependent, and Elmera expects volatility to persist. This could create opportunities for hedging and advisory products, but also raises reputational risk.
- Norgespris schememixed
The fixed payable rate has lifted consumption among sign-ups, which could add volume if demand stays within system limits. It may also reduce incentives for heat pumps, rooftop solar and efficiency measures.
- Electrification of societytailwind
The shift to electrification increases consumption and sales, and high prices can create market opportunities for energy services. Growth in electric mobility and heat pumps supports this trend.
- CSRD regulationtailwind
The European Commission's Omnibus proposal narrows CSRD scope to companies with more than 1,000 employees, so Elmera has no mandatory reporting for fiscal 2025 but continues to develop its sustainability data systems.
Competitive position
The company operates in the Norwegian electricity supply market, competing with other retail suppliers, digital apps and business energy service providers. Its edge lies in closeness to customers, established brands and integrated digital services, although price competition is intense.
The business energy services market also attracts specialists in solar, storage and energy optimisation. Elmera extends its position through partnerships such as those with SASTECH and the founders of Solcellespesialisten.
- Norwegian electricity suppliers
Competitors in the Norwegian retail market, especially in household customers and digital apps.
- Business solar service providers
Companies specialised in installations and Solar as a Service contracts, competing for corporate customers.
- EV charging operators
Charging infrastructure providers, a segment where Elmera cooperates with partner CURRENT.
- Energy management platforms
Software and energy monitoring companies competing with EOS and Min Bedrift solutions.
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 / Elmera Group 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.