Elmera Group Asa · OSL:ELMRA
Elmera Group Asa — Q3 2025 Earnings Presentation
24 slides from Elmera Group Asa's earnings presentation, 2025
Slide 1: Quarterly presentation Q3 2025
Quarterly presentation Q3 2025 ROLF BARMEN (CEO) HENNING NORDGULEN (CFO)
Slide 2: Highlights Q3 2025
Highlights Q3 2025 ROLF BARMEN (CEO)
Slide 3: Group highlights by segment
GROUP Increased core margins across both the Consumer and Business segments. Customer growth momentum continued – strong development within Consumer and Nordic. Insourced Power Trading function, driving approximately 30% lower imbalance volumes. CONSUMER BUSINESS Historically strong organic growth f
Slide 4: Financial review Q3 2025
Financial review Q3 2025 HENNING NORDGULEN (CFO)
Slide 5: Key financials Q3 2025
Key financials Q3 2025 Net revenue adj. NOK 351m (NOK 368m) and EBIT adj. NOK 61m (NOK 79m). LTM Net revenue adj. NOK 1 708m (NOK 1 780m) and LTM EBIT adj. NOK 482m (NOK 572m). Strong financial development and increased core margins in the Consumer and Business segments. Opex adj. NOK 290m (NOK 289m
Slide 6: Market development
Market development Weekly elspot prices (NOK/kWh)1 Monthly supplier changes in Norway (‘000)2 100 1,2 1,0 75 0,8 0,6 50 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 Nordpool.
Slide 7: Consumer segment
Consumer segment Deliveries (‘000) Net revenue adj. (NOKm) • Historically strong organic growth 827 843 818 828 817 in deliveries (+1.4% QoQ). 900 250 800 200 700 • Core margins increased YoY. 600 150 500 • Net revenue decline reflects 661 657 659 665 674 400 100 227 240 186 300 higher sales-related
Slide 8: Business segment
Business segment Deliveries (‘000) Net revenue adj. (NOKm) 140 180 567 557 546 538 541 600 160 120 140 500 • Deliveries development impacted 100 120 400 by one major customer exit and 80 100 300 segment migration due to 128 130 131 132 131 80 163 60 60 152 200 “Norgespris”. 40 109 115 112 20 40 100
Slide 9: Nordic segment
Nordic segment Deliveries (‘000) Net revenue adj. (NOKm) 70 228 222 250 140 207 203 • Underlying growth of 5 thousand 60 120 223 200 deliveries in FI B2C QoQ - 50 100 150 reported net increase of 3 40 80 64 thousand deliveries. 60 122 118 116 30 59 100 114 113 40 20 48 44 • 6% volume decrease YoY du
Slide 10: New Growth Initiatives
New Growth Initiatives Volume sold Alliance (TWh) Net revenue adj. (NOKm) 164 176• 2 3,4 3,3 3,3 3,4 3,4 4 50 163 158 153 148 Volume sold in Alliance increased 45 156 40 5% YoY, LTM volume stable. 3 136 35 1 30 116• Alliance growth of 7 thousand 2 25 96 deliveries in the quarter. 20 43 40 1,12 36 76
Slide 11: NWC and net cash position
NWC and net cash position Net working capital (NOKm)1 Net cash (NOKm)1 - ( 200) 700 600 ( 400) ( 930) 500 ( 600) (1 204) 400 «Cash EBIT adj.» in the quarter: NOK 64m ( 800) 300 608 (17) 125 (44) (31) (8) 200 (1 000) 360 248 100 (1 200) - -15 (1 400) - 100 Net cash Change in EBITDA adj. CAPEX ex. Pay
Slide 12: Outlook
Internal Outlook ROLF BARMEN (CEO) ELMERA GROUP I
Slide 13: Outlook
Outlook • Norgespris, the addition to the Norwegian power support scheme, was implemented on October 1, 2025 (a fixed electricity price of NOK 0.5/kWh incl. VAT). • Approximately 35% of the households and 50% of the holiday homes in Norway have chosen Norgespris, in line with Elmera’s internal figur
Slide 14: Financial targets 2025-2026
Financial targets 2025-2026 Q3 2025 update: Net revenue growth in all segments. Stable nominal opex adj., in line with 2024. Net revenue growth and EBIT adj. expected 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
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 | Q3 2025 17
Slide 18: Profit and Loss account
Profit and Loss account Quarterly presentation | Q3 2025 18
Slide 19: Balance sheet
Balance sheet Quarterly presentation | Q3 2025 19
Slide 20: Balance sheet
Balance sheet Quarterly presentation | Q3 2025 20
Slide 21: Cash flow
Cash flow Quarterly presentation | Q3 2025 21
Slide 22: Cash flow
Cash flow Quarterly presentation | Q3 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