Elmera Group Asa · OSL:ELMRA
Elmera Group Asa — Q1 2026 Earnings Presentation
26 slides from Elmera Group Asa's earnings presentation, 2026
Slide 1: Quarterly presentation Q1 2026
Quarterly presentation Q1 2026 ROLF BARMEN (CEO) HENNING NORDGULEN (CFO)
Slide 2: Highlights Q1 2026
Highlights Q1 2026 ROLF BARMEN (CEO)
Slide 3: Group and segment highlights
GROUP Solid start to 2026, with strong operational development and higher operating profit YoY across all segments. EBIT adj. growth supported by higher volumes and higher elspot prices. DPS of NOK 2 was distributed on 12 May 2026. CONSUMER BUSINESS Strong customer growth in the quarter. Deliveries
Slide 4: Financial review Q1 2026
Financial review Q1 2026 HENNING NORDGULEN (CFO)
Slide 5: Key financials Q1 2026
Key financials Q1 2026 Net revenue adj. NOK 527m (NOK 502m) and EBIT adj. NOK 201m (NOK 174m). LTM Net revenue adj. NOK 1 711m (NOK 1 744m) and LTM EBIT adj. NOK 514m (NOK 513m). Opex adj. NOK 325m (NOK 327m) and LTM Opex adj. NOK 1 197m (NOK 1 231m). Payments to obtain new contracts NOK 37m (NOK 32
Slide 6: Market development
Market development Weekly elspot prices (NOK/kWh)1 Monthly supplier changes in Norway (‘000)2 75 1,6 1,4 1,2 50 1,0 0,8 0,6 25 0,4 0,2 0,0 0 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 1 2 3 4 5 6 7 8 9 10 11 12 2025 2026 2026 2025 2024 2023 Sources: 1) Weekly system prices in NOK from Nordpo
Slide 7: Consumer segment
Consumer segment Deliveries (‘000) Net revenue adj. (NOKm) • Successful campaign activity 818 828 817 808 806 900 delivered solid customer growth in 250 800 the quarter. 200 700 600 • Organic growth of 20 thousand 150 500 659 665 674 673 679 240 218 238 400 deliveries over the past 12 100 186 164 30
Slide 8: Business segment
Business segment Deliveries (‘000) Net revenue adj. (NOKm) 140 250 700 548 578 546 538 541 120 200 600 • Q1 ’26 net revenue reached a 100 500 record high for the segment, while 150 80 400 adj. EBIT matched the previous 131 132 131 130 124 300 60 100 193 record. 40 163 159 200 20 50 115 112 100 • Red
Slide 9: Nordic segment
Nordic segment Deliveries (‘000) Net revenue adj. (NOKm) 70 250 200 207 203 • Telinet Energi’s deliveries of 65 60 186 222 179 200 thousand included as per quarter- 150 50 150 end. 40 100 176 30 59 100 • Slight QoQ organic decline in 53 114 113 116 112 20 44 47 deliveries. Growth expected to 50 35 1
Slide 10: New Growth Initiatives
New Growth Initiatives Volume sold Alliance (TWh) Net revenue adj. (NOKm) 2 3,6 4 50 158 176• Volume sold increased by 13% 3,3 3,4 3,4 3,4 153 148 147 45 144 156 40 YoY – LTM volume increased by 3 136 1 35 7%. 30 116 2 25 96 • Net revenue increased by NOK 1,26 20 40 43 1 1,12 1,00 15 34 31 39 76 3m
Slide 11: NWC and net cash position
NWC and net cash position Net working capital (NOKm) Net cash (NOKm)1 - 1 600 ( 200) ( 400) 1 400 ( 600) 1 200 ( 800) 1 000 «Cash EBIT adj.» in the (1 859) (1 893) (1 000) quarter: NOK 202m 800 (1 200) 1 391 600 1 152 (1 400) (19) (37) (49) 257 (57) 400 (1 600) (300) (1 800) 238 200 451 (2 000) - Ne
Slide 12: Acquisition of Telinet Energi AB
Acquisition of Telinet Energi AB ROLF BARMEN (CEO)
Slide 13: Acquisition of Telinet Energi AB
Acquisition of Telinet Energi AB • On 31 March 2026, Elmera Group acquired 100% of the shares in the Swedish electricity retail company Telinet Energi AB. • Attractive asset of 65 thousand high-consumption spot-based deliveries in the Swedish B2C market with low market and counterparty risk. • Stron
Slide 14: Strong strategic fit with Elmera Group's existing SE/FI portfolio
Strong strategic fit with Elmera Group’s existing SE/FI portfolio Combined deliveries post-acquisition by country and segment (‘000) • Telinet’s Swedish B2C portfolio adds scale, strengthening operating leverage across the Group’s Nordic platform. 100 • Including Telinet’s customer portfolio, the No
Slide 15: Outlook
Outlook ROLF BARMEN (CEO) ELMERA GROUP I
Slide 16: Financial targets 2026
Financial targets 2026 Net revenue growth on group level. Q1 2026 update: P&L EBIT adj. in the area of NOK 575m, including Telinet. EBIT adj. outlook increased to NOK 575m, including Telinet contribution of approx. NOK 25m Q2-Q4 2026. Target pay-out ratio of at least 80% of net income, adjuste
Slide 17: Q&A
Q&A ELMERA GROUP I
Slide 18: Appendix
Appendix =; ELMERA GROUP
Slide 19: Adjusted EBIT reconciliation
Adjusted EBIT reconciliation Quarterly presentation | Q1 2026 19
Slide 20: Profit and Loss account
Profit and Loss account Quarterly presentation | Q1 2026 20
Slide 21: Balance sheet
Balance sheet Quarterly presentation | Q1 2026 21
Slide 22: Balance sheet
Balance sheet Quarterly presentation | Q1 2026 22
Slide 23: Cash flow
Cash flow Quarterly presentation | Q1 2026 23
Slide 24: Cash flow
Cash flow Quarterly presentation | Q1 2026 24
Slide 25: Rolf Barmen (CEO), Henning Nordgulen (CFO)
• Rolf Barmen (CEO) • Henning Nordgulen (CFO)
Slide 26: Forward-looking statements
Forward-looking statements This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking statements with respect to Elmera Group’s expectations and plans, strategy, management’s objectives, future performance, costs, revenue, earnings and other