Nasdaq CopenhagenIFRS · DKK

Better Energy Holding A/S

Better Energy Holding A/S develops, constructs, and operates solar power projects, with activity centered in Denmark and other European markets. The group also structures power purchase agreements and related ownership arrangements for solar assets, working through project companies and equity investments.

Kysy yhtiöstä
Liikevaihto2 501milj. DKK
−12,7 %v/v
Liikevoitto (EBIT)693milj. DKK
+74,5 %v/v
EBIT-marginaali27,7%
+13,8 %-yks.v/v
Nettotulos132milj. DKK
+16,0 %v/v
Vapaa kassavirta−39,7milj. DKK
−135,6 %v/v

Tilikausi 2023 · muutos edellisvuodesta

Kehitys 2022–2023

01 0002 0003 000milj. DKK2022: 2 864 milj. DKK2022: EBIT 397 milj. DKK20222023: 2 501 milj. DKK2023: EBIT 693 milj. DKK20232 501693
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Better Energy Holding A/S

Liiketoiminta

Osuus liikevaihdosta
Solar project development35 %

Origination, permitting, and development of solar power projects and sites.

Engineering and construction25 %

Building solar parks and related electrical infrastructure for project delivery.

Power sales and PPAs20 %

Long-term electricity sales contracts and related project revenue structures.

Asset ownership and divestments20 %

Ownership of project SPVs and sale of completed solar assets.

Asiakkaat

The company sells primarily to utilities, corporates, and other counterparties that contract for renewable power or acquire solar assets. Its project-company structure also means counterparties can include investors and strategic partners buying completed single-asset SPVs. Customer demand is tied to decarbonization goals, power-price stability, and access to utility-scale renewable generation.

Corporate and utility PPA buyers

Buy contracted solar output to secure renewable electricity and long-term pricing.

Project investors and acquirers

Purchase completed project SPVs or equity stakes in solar assets.

Development and construction counterparties

Engage the group for project delivery, ownership structuring, and asset transfer.

Strategia

The company’s strategy appears centered on developing solar assets, converting projects into contracted power revenue, and monetizing selected assets through divestments. The report’s accounting judgments around PPAs, control of equity investments, and sale of single-asset SPVs indicate a business model that depends on flexible project ownership and disciplined contract classification.

Scale utility-scale solar project pipelineKeskipitkä aikaväli

Project origination is the core source of future contracted generation and asset monetization.

Optimize PPA and project classificationLyhyt aikaväli

Contract structure affects revenue recognition, control assessment, and asset treatment under IFRS.

Recycle capital through asset salesKeskipitkä aikaväli

Selling single-asset SPVs can free capital for new development and reduce concentration in mature assets.

Maantiede

Better Energy Holding A/S is Denmark-based and its business is anchored in Nordic and wider European power markets. The annual report also indicates cross-border project and accounting exposure through equity investments and foreign-currency translation reserves, which suggests activity beyond a single domestic market.

Riskit

The main risks come from project execution, electricity-market exposure, and judgment-heavy accounting for PPAs and asset sales. As a solar developer and project owner, the company is also exposed to permitting, construction, counterparty, and valuation risk, which can affect both cash flow timing and reported results.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →PPA accounting judgment1Development and construction delay2Project divestment classification3Valuation of equity investments4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. PPA accounting judgmentVaikutus: KorkeaTodennäköisyys: Korkea

    The company notes that PPA treatment depends on contract specifics, which can alter revenue recognition and presentation.

    Kohdistuu: Contract classification under IFRS 15 / IFRS 10

  2. Development and construction delayVaikutus: KorkeaTodennäköisyys: Korkea

    Solar projects require permits, grid connection, contractors, and financing, so delays can defer cash generation.

    Kohdistuu: Pipeline execution

  3. Project divestment classificationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Whether single-asset SPV sales are treated as asset sales or revenue transactions affects reported top line and margins.

    Kohdistuu: Sale of project SPVs

  4. Valuation of equity investmentsVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Control, significant influence, or joint control assessments determine consolidation and carrying values.

    Kohdistuu: Project SPVs and equity stakes

Kysy Clarifolta: Better Energy Holding A/S

Kirjanpito

Harkinnanvaraiset erät
PPA contract classification

Determines whether arrangements are treated as revenue contracts or as financial/lease-like structures.

Vaikutus: Affects revenue recognition and balance-sheet presentation

Single-asset SPV divestments

The report explicitly flags the judgement of whether sales fall within IFRS 15 or IFRS 10.

Vaikutus: Can change revenue, gain recognition, and gross margin presentation

Control of equity investments

Control versus significant influence determines whether an investee is consolidated or equity-accounted.

Vaikutus: Affects reported assets, liabilities, and operating results

Foreign exchange translation

Cross-border project activity can create translation differences in equity reserves.

Vaikutus: Impacts equity and volatility in comprehensive income

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Päivitetty: 24.10.2026