olivLaw · European equity research
HydrogenPro ASA HYPRO.OL
Norway · Euronext Oslo Børs · ISIN NO0010892359 · Vertical: Listed companies from Norway
HydrogenPro ASA is a Norwegian group active in hydrogen technology, with global operations and large industrial customers. In fiscal 2025 it reported a loss attributable to shareholders of about -233.115 million NOK, and its risk profile is dominated by currency exposure and concentration of receivables.
At the close of 06 Nov 2026, HydrogenPro ASA (HYPRO.OL) stock was 0.41 NOK (−2.17% on the day), with market capitalisation 27.7 m NOK, P/E 0.2 on diluted EPS of 2.64 NOK over the last 12 months, beta 0.29, 52-week range 0.34–3.99 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)
- 47.3
- neutral
- Bollinger (20, 2)
- 0.32 – 0.48
- in the upper half of the band · %B 0.56 · band width 39.5%
- SMA 50 / 200
- 0.46 / 1.29
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.03
- 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 | −16.6% | −0.6% | −16.0 pp | — |
| 3 months | −31.2% | −4.2% | −27.0 pp | — |
| 6 months | −84.4% | +4.3% | −88.7 pp | — |
| Year to date | −79.3% | +7.5% | −86.8 pp | — |
| 1 year | −87.5% | +9.9% | −97.4 pp | −4.7% |
| 3 years | −97.3% | +49.8% | −147.1 pp | +12.7% |
| 5 years | −98.0% | +42.8% | −140.8 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 0 percentile of its own 1-quarter history (min 0.7, median 0.7, max 0.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 195.7 m | 86.7 m |
| Revenue YoY | unavailable | −55.7% |
| Net income | -196.1 m | -233.1 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -2.87 | 2.64 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -100.2% | -269.0% |
| Free cash flow | -47.0 m | -222.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 102.2 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 246.9 m NOK
- Total assets
- 366.8 m NOK
- Debt / equity
- unavailable
- Current ratio
- 1.74x
- ROE
- -78.3%
- ROA
- -49.2%
- FCF margin
- -257.0%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 195.7 m | 86.7 m | esef· 21 Oct 2026verified |
| Gross profit | 48.7 m | 25.4 m | esef· 21 Oct 2026verified |
| Operating income | -227.4 m | -215.5 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 23.3 m | 22.4 m | esef· 21 Oct 2026verified |
| EBITDA | -204.2 m ≈ | -193.1 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 3.7 m | 24.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | -200.1 m | -255.5 m | esef· 21 Oct 2026verified |
| Income tax | 0 | -15.9 m | esef· 21 Oct 2026verified |
| Net income | -196.1 m | -233.1 m | esef· 21 Oct 2026verified |
| Diluted EPS | -2.87 | 2.64 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 191.2 m | 102.2 m | esef· 21 Oct 2026verified |
| Inventories | 27.5 m | 20.7 m | esef· 21 Oct 2026verified |
| Current assets | 381.7 m | 173.3 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 88.8 m | 116.0 m | esef· 21 Oct 2026verified |
| Total assets | 581.6 m | 366.8 m | esef· 21 Oct 2026verified |
| Current liabilities | 211.4 m | 99.4 m | esef· 21 Oct 2026verified |
| Total liabilities | 233.3 m | 119.9 m | esef· 21 Oct 2026verified |
| Equity | 348.4 m | 246.9 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 68.3 m | — | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -21.9 m | -187.9 m | esef· 21 Oct 2026verified |
| Capex | 25.1 m | 34.8 m | esef· 21 Oct 2026verified |
| Free cash flow | -47.0 m ≈ | -222.7 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -25.1 m | -34.8 m | esef· 21 Oct 2026verified |
| Financing cash flow | 77.7 m | 133.7 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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 27.7 m NOK
Key indicators
Coverage and freshness
Score by group
35% · 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -269.0% | 8 (vs peers) | 18% |
| 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 | -8.8x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.7x | 79 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 0.2x | 95 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -802.9% | 0 (on a fixed band) | 24% |
| 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 sheet31/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation53/100 · 2/3 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
HYDROGENPRO ASA (HYPRO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 86.7 m NOK in 2025; YoY growth -55.7%; net margin -269.0%; ROE -78.1%.
The estimated value range is 24.18–83.40 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 52.16 NOK, the price of 0.41 NOK leaves a potential of 12,747.8% (value / price − 1) and a margin of safety of 99.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
- P/E (TTM): 0.2x
- The price is below the estimated value range
What contradicts it
- Net margin: -269.0%
- Interest coverage: -8.8x
- FCF yield: -802.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| 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% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| HYPRO.OLHydrogenpro Asa | 27.7 m | 0.2 | -78.1% | -269.0% | −55.7% | −84% / −98% |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for HYPRO.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
HydrogenPro ASA is a Norwegian group active in hydrogen technology, with global operations and large industrial customers. In fiscal 2025 it reported a loss attributable to shareholders of about -233.115 million NOK 1, and its risk profile is dominated by currency exposure and concentration of receivables.
SWOT
Strengths
- The group has no external bank borrowings and is not subject to related financial covenants, which gives it flexibility in its capital structure 1.
- A customer base of large industrial companies reduces, according to the report, the credit risk associated with trade receivables 1.
- Risk management is overseen by executive management and the Board of Directors, with policies reviewed regularly 1.
Weaknesses
- The loss attributable to shareholders in fiscal 2025 indicates that the business is not yet profitable at group level 1.
- Overdue receivables are concentrated at a few customers, and a significant part has been fully provisioned with no collateral held 1.
- The group does not use financial hedging instruments for either currency risk or raw material risk 1.
Opportunities
- If the cost structure adapts to currency movements, margins could benefit from more active management of exposure 1.
- Management is evaluating natural hedging or financial instruments, which could reduce the volatility of results 1.
- Agreements with suppliers can partly mitigate raw material price risk, and broadening them could help stabilise costs 1.
Threats
- Currency fluctuations can significantly change revenue and profit without protection from hedging instruments 1.
- Rising steel and nickel prices could compress margins before supplier agreements offset them 1.
- If recurring losses continue, cash reserves could decline, affecting the ability to meet obligations 1.
Risks
- Unhedged currency riskhigh
Exposure to USD, EUR and CNY is not covered by financial instruments, and exchange rate movements can affect results 1.
- Concentration of overdue receivableshigh
Most overdue receivables belong to a few customers and have been fully provided for, with recovery not expected based on current information 1.
- Recurring lossesmedium
The loss attributable to shareholders remained negative in both years presented, which could limit internal funding capacity 1.
- Raw material pricesmedium
Swings in steel and nickel prices can affect costs, and protection relies only on partial agreements with suppliers 1.
- Shareholder concentrationlow
The largest shareholders hold most of the capital, which could influence governance decisions at the company 1.
Investment thesis
What would need to be true (bull case)
- The absence of external bank debt and large industrial customers could support financial stability if margins improve 1.
- If currency management becomes more active, volatility of results could decline, supporting investor confidence 1.
- The increase in share count during 2025 shows an ability to attract capital, which could support development projects 1.
What would break the thesis
- Consecutive losses in 2024 and 2025 show the business model has not yet reached profitability, and this could continue 1.
- The lack of hedging instruments exposes the group to currency and raw material volatility, which could affect results 1.
- The concentration of overdue receivables and full provisions point to recovery risk that could amplify losses 1.
What to watch
- Trend in net loss and operating margins2026
- Recovery of overdue receivables from the largest customers2026
- Possible introduction of currency hedging instruments2026
- Development of cash and bank depositsnext 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
According to the annual report for the year ended 31 December 2025, the group operates globally with NOK as its functional currency, but with revenues and expenses in USD, EUR, CNY and DKK 1. The customer base consists mainly of large industrial companies, which, according to the report, makes credit risk on trade receivables appear limited 1. At 31 December 2025 the group held cash and bank deposits of 102.244 million NOK 1.
The group has no external bank borrowings and therefore is not subject to financial covenants related to them 1. Risk management is overseen by operational executives, including the CEO and CFO, together with the Board of Directors 1. The stated primary objective is to keep liquidity sufficient to meet obligations as they fall due 1.
The shareholder structure shows 95,524,889 shares at 31 December 2025, each with a nominal value of 0.02 NOK, up from 70,121,680 shares at the end of the prior year 1. The 20 main shareholders together hold 92.25% of capital, indicating significant concentration of voting rights 1.
Segments
Industrial operations and hydrogen technology
The annual report describes the core activity as oriented toward industrial customers, with long-term contracts that amplify currency exposure, but the source provided gives no quantitative breakdown of revenue by segment 1.
Market context
The annual report contains no market data or estimates of the hydrogen market size. What can be inferred from the source is that demand from industrial customers and raw material prices, particularly steel and nickel, directly influence the group's costs 1.
Exposure to raw material prices is not hedged with financial instruments; the group only partially mitigates the risk through agreements with suppliers or agents 1. If these prices rise, margins could be affected before the agreements offset them.
Trends
- Currency volatilityheadwind
The dollar and euro against the Norwegian krone influence revenue and profit, and without hedging instruments fluctuations could affect operating results 1.
- Steel and nickel pricesheadwind
Fluctuations in these raw materials could have a financial impact on the group, and the lack of a hedging strategy exposes results to these swings 1.
- Relationships with large industrial customersmixed
A customer base of large industrial companies keeps perceived credit risk limited, yet the concentration of overdue receivables at a few customers has already led to full provisions 1.
- Liquidity and funding without bank loansmixed
The absence of external bank borrowings and related covenants gives flexibility, while recurring losses put pressure on cash reserves 1.
Competitive position
The source provided does not identify the group's competitors and contains no market share information. No direct comparisons with other hydrogen technology producers can be drawn from the annual report 1.
Competitive positioning cannot be assessed from this document, which focuses on financial risks and shareholder structure, without detailing technological advantages against rivals 1.
- Competitors not named in source
The annual report does not name competitors; no comparisons can be made from this source.
- Electrolyzer manufacturers
General category, not identified in the analysed source, with no comparative data.
- Industrial equipment suppliers
General category, not identified in the analysed source, with no comparative data.
- Energy technology companies
General category, not identified in the analysed source, with no comparative data.
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 202421 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / HydrogenPro 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.