Elmera Group Asa · OSL:ELMRA
Elmera Group Asa — Q4 2025 Earnings Presentation
24 slides from Elmera Group Asa's earnings presentation, 2026
Slide 1: Quarterly presentation Q4 2025
Quarterly presentation Q4 2025 ROLF BARMEN (CEO) HENNING NORDGULEN (CFO)
Slide 2: Highlights Q4 2025
Highlights Q4 2025 ROLF BARMEN (CEO)
Slide 3: Group and segment highlights
GROUP Group EBIT adj. increased YoY despite reduced volume sold. Mild weather led to low volumes across all segments this quarter. Proposed dividend per share of NOK 2.0. CONSUMER BUSINESS Strong quarter financially. Positive growth after initial churn in October related to Norgespris implementation
Slide 4: Financial review Q4 2025
Financial review Q4 2025 HENNING NORDGULEN (CFO)
Slide 5: Key financials Q4 2025
Key financials Q4 2025 Net revenue adj. NOK 463m (NOK 486m) and EBIT adj. NOK 159m (NOK 154m). LTM Net revenue adj. NOK 1 686m (NOK 1 793m) and LTM EBIT adj. NOK 487m (NOK 569m). Opex adj. NOK 304m (NOK 332m) and LTM Opex adj. NOK 1 199m (NOK 1 224m). Payments to obtain new contracts NOK 35m (NOK 27
Slide 6: Market development
Market development Weekly elspot prices (NOK/kWh)1 Monthly supplier changes in Norway (‘000)2 100 1,4 1,2 75 1,0 0,8 50 0,6 0,4 25 0,2 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 Nordpo
Slide 7: Consumer segment
Consumer segment Deliveries (‘000) Net revenue adj. (NOKm) • Market share maintained QoQ, 843 818 828 817 808 despite increased churn following 900 250 800 Norgespris launch 1 Oct. 200 700 600 • Net revenue decline YoY driven by 150 500 657 659 665 674 673 227 240 218 400 market dynamics, product mi
Slide 8: Business segment
Business segment Deliveries (‘000) Net revenue adj. (NOKm) 140 180 557 546 538 541 548 600 160 120 140 500 • Slight decrease in deliveries due 100 120 400 to phase-out of low-margin 80 100 300 customers. 60 130 131 132 131 130 80 152 163 159 40 60 115 112 200 • Net revenue growth YoY driven by 20 40
Slide 9: Nordic segment
Nordic segment Deliveries (‘000) Net revenue adj. (NOKm) 70 222 250 140 207 203 • Expected decrease in deliveries 60 186 120 228 200 QoQ, as winter demand shifts 50 100 150 from spot to fixed-price contracts, 40 80 64 reducing spot-contract sales 60 30 59 100 118 114 113 116 112 44 47 momentum. 40 2
Slide 10: New Growth Initiatives
New Growth Initiatives Volume sold Alliance (TWh) Net revenue adj. (NOKm) 2 4 50 164 158 176• Volume sold increased by 1% YoY 3,3 3,3 3,4 3,4 3,4 153 148 45 144 156 40 – LTM volume increased by 2%. 3 136 35 1 30 116• Alliance growth of 21 thousand 2 25 96 deliveries in the quarter. 20 43 40 39 1,12
Slide 11: NWC and net cash position
NWC and net cash position Net working capital (NOKm)1 Net cash (NOKm)1 - 1 600 ( 500) ( 930) 1 400 1 200 (1 000) (1 893) 1 000 «Cash EBIT adj.» in the quarter: NOK 166m 800 (1 500) (1 031) 1 391 600 (17) (35) 218 (25) (73) 400 (2 000) 200 386 360 - (2 500) Q4 2024 Q3 2025 Q4 2025 Net cash Change in
Slide 12: Outlook
Internal Outlook ROLF BARMEN (CEO) ELMERA GROUP I
Slide 13: Outlook – main segments
Outlook – main segments Consumer • Internal data indicates 3-4% higher electricity consumption per delivery among Norgespris customers. • Increased Norgespris penetration expected to accelerate variable portfolio run-off. • Price sentiment and volatility expected to increase imbalance costs. • Growt
Slide 14: Financial targets 2026
Financial targets 2026 Net revenue growth on group level. P&L Stable nominal opex adj., in line with 2024-2025. EBIT adj. in the area of NOK 550m. Target pay-out ratio of at least 80% of net income, adjusted for certain Dividend cash and non-cash items. Quarterly presentation | Q4 2025 14
Slide 15: Q&A
Internal Q&A ELMERA GROUP I
Slide 16: Appendix
Appendix =; ELMERA GROUP
Slide 17: Adjusted EBIT reconciliation
Adjusted EBIT reconciliation Quarterly presentation | Q4 2025 17
Slide 18: Profit and Loss account
Profit and Loss account Quarterly presentation | Q4 2025 18
Slide 19: Balance sheet
Balance sheet Quarterly presentation | Q4 2025 19
Slide 20: Balance sheet
Balance sheet Quarterly presentation | Q4 2025 20
Slide 21: Cash flow
Cash flow Quarterly presentation | Q4 2025 21
Slide 22: Cash flow
Cash flow Quarterly presentation | Q4 2025 22
Slide 23: Rolf Barmen (CEO), Henning Nordgulen (CFO)
• Rolf Barmen (CEO) • Henning Nordgulen (CFO)
Slide 24: 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