Slide 1: Quarterly presentation Q2 2025
Quarterly presentation Q2 2025 ROLF BARMEN (CEO) HENNING NORDGULEN (CFO)
Slide 2: Highlights Q2 2025
Highlights Q2 2025 ROLF BARMEN (CEO)
Slide 3: Group and segment highlights
GROUP The growth trend continued across all segments and accelerated in the second quarter. The insourced power trading function became fully operational – consumption forecast accuracy improved. Dividend of NOK 3 per share distributed in May. CONSUMER BUSINESS Highest quarterly organic growth recor
Slide 4: Financial review Q2 2025
Financial review Q2 2025 HENNING NORDGULEN (CFO)
Slide 5: Key financials Q2 2025
Key financials Q2 2025 Net revenue adj. NOK 370m (NOK 389m) and EBIT adj. NOK 93m (NOK 106m). LTM Net revenue adj. NOK 1 725m (NOK 1 762m) and LTM EBIT adj. NOK 500m (NOK 546m). Opex adj. NOK 277m (NOK 282m) and LTM Opex adj. NOK 1 225m (NOK 1 216m). Payments to obtain new contracts NOK 39m (NOK 37m
Slide 6: Market development
Market development Weekly elspot prices (NOK/kWh)1 Monthly supplier changes in Norway (‘000)2 1,2 120 1,0 100 0,8 80 0,6 60 0,4 40 0,2 20 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 2024 2025 2025 2024 2023 2022 Sources: 1) Weekly system prices in NOK from Nor
Slide 7: Consumer segment
Consumer segment Deliveries (‘000) Net revenue adj. (NOKm) • Strong customer growth in the 810 827 843 818 828 quarter, distributed across the 900 250 800 Fjordkraft and Gudbrandsdal 200 700 600 Energi brands. 661 661 657 659 665 150 500 227 240 400 • Successful increase in net 100 186 175 176 300 r
Slide 8: Business segment
Business segment Deliveries (‘000) Net revenue adj. (NOKm) 140 180 554 567 557 546 538 600 160 120 140 500 • Robust track record of organic 100 120 400 growth continues. 80 100 128 128 130 131 132 80 163 300 • Solid financial results in the 60 152 40 60 123 109 115 200 quarter – underlying performan
Slide 9: Nordic segment
Nordic segment Deliveries (‘000) Net revenue adj. (NOKm) 70 223 228 222 250 140 207 • Growth in B2C spot contract 60 120 213 200 portfolio in the quarter. 100 50 40 150• Positive trend continued into Q3. 80 64 60 116 122 118 114 113 30 59 100• Significant change in product 51 48 40 20 35 50 portfoli
Slide 10: Credit risk development
Credit risk development Invoice settlement B2B after 30 days • Generally, the Group’s credit losses are moderate, with a 97,4 % 98,2 % 97,2 % 93,0 % 97,7 % 98,0 % 97,6 % 98,3 % 97,4 % 98,6 % stable trend, and payment behaviour across all segments and markets is very strong. • A retro analysis of the
Slide 11: New Growth Initiatives
New Growth Initiatives Volume sold Alliance (TWh) Net revenue adj. (NOKm) 185 196• 2 3,4 3,4 3,3 3,3 3,4 4 50 163 164 Continued growth in number of 45 158 176 40 153 156 Mobile subscribers and increase in 3 1 35 136 ARPU. 30 116 2 25 96 • Volume sold in Alliance increased 20 40 43 40 1 1,00 1,12 15
Slide 12: NWC and net cash position
NWC and net cash position Net working capital (NOKm)1 Net cash (NOKm)1 - 700 ( 200) 600 ( 400) ( 754) 500 ( 600) «Cash EBIT adj.» in the (1 204) quarter: NOK 94m 400 ( 800) (23) (39) (157) 156 (38) 300 608 451 (1 000) (328) 200 (1 200) (21) 100 171 - (1 400) Q2 2024 Q1 2025 Q2 2025 Net cash Change i
Slide 13: Outlook
Internal Outlook ROLF BARMEN (CEO) ELMERA GROUP I
Slide 14: Outlook
Outlook • Norgespris, the addition to the Norwegian power support scheme, has been approved by the Norwegian Parliament (“Stortinget”). This is expected to increase electricity consumption by reducing consumers' sensitivity to price fluctuations. • As of May 2025, the Group has insourced the Power T
Slide 15: Financial targets 2025-2026
Financial targets 2025-2026 Q2 2025 update: Net revenue growth in all segments. Stable nominal opex adj., in line with 2024. Net revenue growth and EBIT adj. likely below P&L targets for 2025 due to reduced volumes due to EBIT adj. in the area of NOK 550-600m with a positive development high t
Slide 16: Q&A
Internal Q&A ELMERA GROUP I
Slide 17: Appendix
Appendix =; ELMERA GROUP
Slide 18: Adjusted EBIT reconciliation
Adjusted EBIT reconciliation Quarterly presentation | Q2 2025 18
Slide 19: Profit and Loss account
Profit and Loss account Quarterly presentation | Q2 2025 19
Slide 20: Balance sheet
Balance sheet Quarterly presentation | Q2 2025 20
Slide 21: Balance sheet
Balance sheet Quarterly presentation | Q2 2025 21
Slide 22: Cash flow
Cash flow Quarterly presentation | Q2 2025 22
Slide 23: Cash flow
Cash flow Quarterly presentation | Q2 2025 23
Slide 24: Rolf Barmen (CEO), Henning Nordgulen (CFO)
• Rolf Barmen (CEO) • Henning Nordgulen (CFO)
Slide 25: 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