Elmera Group ASA

OB:ELMRA Stock Report

Market Cap: NOK 5.0b

Elmera Group Management

Management criteria checks 4/4

Elmera Group's CEO is Rolf Barmen, appointed in Jan 2013, has a tenure of 13.5 years. total yearly compensation is NOK6.84M, comprised of 56.1% salary and 43.9% bonuses, including company stock and options. directly owns 0.081% of the company’s shares, worth NOK4.06M. The average tenure of the management team and the board of directors is 3.9 years and 5.3 years respectively.

Key information

Rolf Barmen

Chief executive officer

NOK 6.8m

Total compensation

CEO salary percentage56.05%
CEO tenure13.5yrs
CEO ownership0.08%
Management average tenure3.9yrs
Board average tenure5.3yrs

Recent management updates

Analysis Article • Apr 24

Shareholders May Not Be So Generous With Elmera Group ASA's (OB:ELMRA) CEO Compensation And Here's Why

Key Insights Elmera Group's Annual General Meeting to take place on 30th of April CEO Rolf Barmen's total compensation...

Recent updates

Narrative Update • Jun 23

ELMRA: Stable Dividend And Margins Will Support A Stronger Future P/E

Analysts have reiterated their NOK 43.0 price target for Elmera Group, citing largely unchanged long term assumptions, with small refinements to revenue growth, profit margin and future P/E expectations. What's in the News for Elmera Group At the annual general meeting on April 30, 2026, Elmera Group ASA approved a dividend of NOK 2.00 per share for 2025.
Narrative Update • Jun 08

ELMRA: Dividend Visibility And Higher Future P/E Will Support Bullish Outlook

Analysts have adjusted their price target on Elmera Group to NOK 43.0, with the unchanged fair value reflecting updated assumptions for a lower discount rate, more moderate revenue growth, softer profit margins and a higher future P/E multiple. What's in the News The annual general meeting on April 30, 2026, approved a dividend of NOK 2.00 per share for the 2025 financial year.
Analysis Article • May 16

Elmera Group ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

As you might know, Elmera Group ASA ( OB:ELMRA ) recently reported its first-quarter numbers. Revenues of kr7.0b...
Narrative Update • Apr 23

ELMRA: Nordic Expansion And Dividend Policy Will Support A More Optimistic Outlook

Analysts have trimmed their price target on Elmera Group from NOK 46 to NOK 43, citing updated assumptions for the discount rate, revenue growth, profit margin and P/E. What's in the News Elmera Group is actively looking for acquisitions, with management highlighting increased interest from potential sellers in Norway, Sweden and Finland and a focus on gaining market share and customer growth in the Nordic region (Key Developments).
Analysis Article • Apr 17

Earnings Troubles May Signal Larger Issues for Elmera Group (OB:ELMRA) Shareholders

A lackluster earnings announcement from Elmera Group ASA ( OB:ELMRA ) last week didn't sink the stock price. We think...
Analysis Article • Feb 14

Pinning Down Elmera Group ASA's (OB:ELMRA) P/E Is Difficult Right Now

There wouldn't be many who think Elmera Group ASA's ( OB:ELMRA ) price-to-earnings (or "P/E") ratio of 13x is worth a...
Narrative Update • Feb 10

ELMRA: Higher Future P/E Multiple Will Support A More Optimistic Outlook

Analysts have raised their fair value estimate for Elmera Group from €41.00 to €46.00. They cite updated assumptions on the discount rate, revenue growth, profit margin and a higher future P/E multiple as the key drivers of the new target.
Analysis Article • Aug 29

Elmera Group's (OB:ELMRA) Shareholders May Want To Dig Deeper Than Statutory Profit

The recent earnings posted by Elmera Group ASA ( OB:ELMRA ) were solid, but the stock didn't move as much as we...
Analysis Article • Aug 25

Elmera Group ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

As you might know, Elmera Group ASA ( OB:ELMRA ) last week released its latest second-quarter, and things did not turn...
Analysis Article • Apr 24

Shareholders May Not Be So Generous With Elmera Group ASA's (OB:ELMRA) CEO Compensation And Here's Why

Key Insights Elmera Group's Annual General Meeting to take place on 30th of April CEO Rolf Barmen's total compensation...
Analysis Article • Apr 20

Elmera Group's (OB:ELMRA) Upcoming Dividend Will Be Larger Than Last Year's

Elmera Group ASA ( OB:ELMRA ) has announced that it will be increasing its dividend from last year's comparable payment...
Analysis Article • Apr 06

Elmera Group's (OB:ELMRA) Upcoming Dividend Will Be Larger Than Last Year's

Elmera Group ASA ( OB:ELMRA ) has announced that it will be increasing its dividend from last year's comparable payment...
User avatar
New Narrative • Feb 26

Seasonal Competition And Mild Weather Will Pressure Future Revenues In Nordic Electricity Market

Seasonal demand shifts and increased competition pose challenges for revenue and customer growth, impacting spot products and consumer acquisition.
Analysis Article • Feb 22

Solid Earnings May Not Tell The Whole Story For Elmera Group (OB:ELMRA)

Elmera Group ASA's ( OB:ELMRA ) healthy profit numbers didn't contain any surprises for investors. We think this is due...
Analysis Article • Feb 16

Elmera Group ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year

Elmera Group ASA ( OB:ELMRA ) just released its yearly report and things are looking bullish. The company beat...
Analysis Article • Feb 07

Broker Revenue Forecasts For Elmera Group ASA (OB:ELMRA) Are Surging Higher

Elmera Group ASA ( OB:ELMRA ) shareholders will have a reason to smile today, with the analysts making substantial...
Analysis Article • Feb 01

Elmera Group (OB:ELMRA) Seems To Use Debt Quite Sensibly

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analysis Article • Aug 23

We Think Elmera Group's (OB:ELMRA) Solid Earnings Are Understated

Elmera Group ASA's ( OB:ELMRA ) recent earnings report didn't offer any surprises, with the shares unchanged over the...
Analysis Article • Aug 17

Elmera Group ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year

Investors in Elmera Group ASA ( OB:ELMRA ) had a good week, as its shares rose 2.9% to close at kr35.00 following the...
Analysis Article • Apr 18

We Think Elmera Group ASA's (OB:ELMRA) CEO Compensation Package Needs To Be Put Under A Microscope

Key Insights Elmera Group will host its Annual General Meeting on 24th of April CEO Rolf Barmen's total compensation...
Analysis Article • Feb 22

We Like The Quality Of Elmera Group's (OB:ELMRA) Earnings

Elmera Group ASA's ( OB:ELMRA ) solid earnings announcement recently didn't do much to the stock price. We did some...
Analysis Article • Jan 27

We Think Elmera Group (OB:ELMRA) Is Taking Some Risk With Its Debt

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • Dec 23

Investors Appear Satisfied With Elmera Group ASA's (OB:ELMRA) Prospects As Shares Rocket 25%

Elmera Group ASA ( OB:ELMRA ) shareholders have had their patience rewarded with a 25% share price jump in the last...
Analysis Article • Dec 17

New Forecasts: Here's What Analysts Think The Future Holds For Elmera Group ASA (OB:ELMRA)

Elmera Group ASA ( OB:ELMRA ) shareholders will have a reason to smile today, with the analysts making substantial...

CEO Compensation Analysis

How has Rolf Barmen's remuneration changed compared to Elmera Group's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

NOK 193m

Dec 31 2025NOK 7mNOK 4m

NOK 163m

Sep 30 2025n/an/a

NOK 299m

Jun 30 2025n/an/a

NOK 294m

Mar 31 2025n/an/a

NOK 304m

Dec 31 2024NOK 6mNOK 4m

NOK 354m

Sep 30 2024n/an/a

NOK 236m

Jun 30 2024n/an/a

NOK 229m

Mar 31 2024n/an/a

NOK 201m

Dec 31 2023NOK 5mNOK 3m

NOK 192m

Sep 30 2023n/an/a

NOK 60m

Jun 30 2023n/an/a

NOK 7m

Mar 31 2023n/an/a

NOK 86m

Dec 31 2022NOK 5mNOK 3m

NOK 74m

Sep 30 2022n/an/a

NOK 120m

Jun 30 2022n/an/a

NOK 197m

Mar 31 2022n/an/a

NOK 207m

Dec 31 2021NOK 5mNOK 3m

NOK 257m

Sep 30 2021n/an/a

NOK 328m

Jun 30 2021n/an/a

NOK 347m

Mar 31 2021n/an/a

NOK 350m

Dec 31 2020NOK 5mNOK 3m

NOK 400m

Sep 30 2020n/an/a

NOK 452m

Jun 30 2020n/an/a

NOK 446m

Mar 31 2020n/an/a

NOK 419m

Dec 31 2019NOK 4mNOK 3m

NOK 370m

Compensation vs Market: Rolf's total compensation ($USD698.98K) is about average for companies of similar size in the Norwegian market ($USD652.66K).

Compensation vs Earnings: Rolf's compensation has been consistent with company performance over the past year.

CEO

Rolf Barmen (62 yo)

13.5yrs
Tenure
NOK 6,838,000
Compensation

Mr. Rolf Jørgen Barmen has been the Chief Executive Officer at Elmera Group ASA (formerly known as Fjordkraft Holding ASA) since 2013 and serves as its President. Mr. Barmen has been Chairman of Trondheim...

Leadership Team

NamePositionTenureCompensationOwnership
Rolf Barmen
President & CEO13.5yrsNOK 6.84m0.081%
NOK 4.1m
Henning Nordgulen
Executive VP & Group CFO3.8yrsNOK 3.88m0.064%
NOK 3.2m
Kari Marvik
Executive VP & Chief Information Officer2.6yrsNOK 2.36mno data
Jeanne Tjomsland
Executive VP of Peopleno dataNOK 2.84m0.025%
NOK 1.3m
Arnstein Flaskerud
Executive VP and Head of Strategy2.8yrsNOK 2.99m0.054%
NOK 2.7m
Solfrid Aase
Executive VP & Head of Service Companies9.5yrsNOK 2.50m0.012%
NOK 590.9k
Roger Finnanger
Executive VP & Head of Business7.4yrsNOK 2.89m0.0092%
NOK 463.3k
Solfrid Andersen
Executive VP and Head of Power Markets & Energy Supply2.6yrsNOK 2.59m0.0047%
NOK 237.7k
Per Heiberg-Andersen
Executive Vice President of Nordic5.7yrsNOK 2.40m0.0046%
NOK 229.6k
Magnar Oyhovden
Chief Executive Officer of Fjordkraft AS3.9yrsNOK 3.64m0.050%
NOK 2.5m
Therese Sandnes
Chief Accountant Officerno datano datano data
Morten A. Opdal
Head of Group Accountingno datano datano data
3.9yrs
Average Tenure
57yo
Average Age

Experienced Management: ELMRA's management team is considered experienced (3.9 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Steinar Sonsteby
Independent Chair8.3yrsNOK 680.00k0.021%
NOK 1.0m
Live Bertha Aker
Independent Director8.4yrsNOK 501.00k0.0090%
NOK 452.7k
Anne Steen
Director3.1yrsNOK 449.00k0.013%
NOK 659.7k
Frank Okland
Employee Representative Director8.6yrsNOK 135.00k0.0018%
NOK 89.9k
Heide Ose
Director7.2yrsNOK 449.00k0.0054%
NOK 269.3k
Per Solbraa
Director5.3yrsNOK 389.00k0.0060%
NOK 302.0k
Sondre Skar
Deputy Director5.3yrsno datano data
Hakon Remme
Deputy Director5.3yrsno datano data
Kim A. Nilsen
Deputy Director5.3yrsno datano data
Stian Madsen
Employee Representative Director3.1yrsNOK 135.00k0.0048%
NOK 240.7k
Pia Tviberg
Employee Representative Director1.3yrsNOK 97.00k0.00088%
NOK 44.2k
5.3yrs
Average Tenure
60yo
Average Age

Experienced Board: ELMRA's board of directors are considered experienced (5.3 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/06 21:17
End of Day Share Price 2026/07/06 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Elmera Group ASA is covered by 4 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Tarjei HatlenDNB Carnegie
Karolis PuidokasNorne Securities AS