Slide 1: Quarterly presentation Q2 2026
Quarterly presentation Q2 2026 ROLF BARMEN (CEO) HENNING NORDGULEN (CFO)
Slide 2: Highlights Q2 2026
Highlights Q2 2026 ROLF BARMEN (CEO)
Slide 3: Update on Fortum's recommended voluntary cash tender offer
Update on Fortum’s recommended voluntary cash tender offer • On 29 June 2026, Fortum announced a recommended voluntary cash tender offer for all issued and outstanding shares in Elmera Group ASA at NOK 47 per share. • The Board of Directors has unanimously recommended that shareholders accept the of
Slide 4: Group and segment highlights
GROUP Strong quarter with customer growth and solid YoY improvement in EBIT adj. across the main segments. Higher volumes and high elspot prices contributed positively to earnings. CONSUMER BUSINESS Volume growth YoY, driven by customer growth and increased average Robust profitability continued. LT
Slide 5: Financial review Q2 2026
Financial review Q2 2026 HENNING NORDGULEN (CFO)
Slide 6: Key financials Q2 2026
Key financials Q2 2026 Net revenue adj. NOK 399m (NOK 370m) and EBIT adj. NOK 121m (NOK 93m). LTM Net revenue adj. NOK 1 740m (NOK 1 725m) and LTM EBIT adj. NOK 542m (NOK 500m). Opex adj. NOK 278m (NOK 277m) and LTM Opex adj. NOK 1 198m (NOK 1 225m). Payments to obtain new contracts NOK 37m (NOK 39m
Slide 7: 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 8: Consumer segment
Consumer segment Deliveries (‘000) Net revenue adj. (NOKm) • Positive customer growth trend 828 817 808 806 805 900 continued – particularly in the 250 800 Fjordkraft brand. 200 700 600 • Volumes sold increased 8% YoY, 150 500 665 674 673 679 684 218 238 400 driven by customer growth and a 100 186 1
Slide 9: Business segment
Business segment Deliveries (‘000) Net revenue adj. (NOKm) 140 250 700 578 584 538 541 548 120 200 600 • Strong financial track record 100 500 continues. 80 150 400 132 131 130 124 123 300 • Net revenue increased by 5% YoY, 60 100 193 40 159 200 positive impact from high elspot 121 20 50 115 112 100
Slide 10: Nordic segment
Nordic segment Deliveries (‘000) Net revenue adj. (NOKm) 60 250 200 203 201 • Telinet included in the Nordic 50 186 207 179 200 segment’s P&L from Q2 2026. 150 40 150• Positive net customer growth from 30 100 176 180 53 57 100 both NGE and Telinet in the 44 47 113 116 112 20 35 quarter. 50 50 10 • L
Slide 11: New Growth Initiatives
New Growth Initiatives Volume sold Alliance (TWh) Net revenue adj. (NOKm) 2 3,6 3,6 4 50 176• Stable development in Mobile 3,4 3,4 3,4 153 148 147 150 45 144 156 40 subscribers and Alliance volumes. 3 136 35 1 30 116• Alliance increased by 63 thousand 2 25 96 grid customers in the quarter. 1,26 20 4
Slide 12: NWC and net cash position
NWC and net cash position Net working capital (NOKm) Net cash (NOKm)1 - 1 400 ( 200) «Cash EBIT adj.» in the ( 400) quarter: NOK 126m 1 200 (1 040) ( 600) (16) (37) 1 000 ( 800) 180 (52) (25) (1 859) (219) 800 (1 000) (1 200) 600 1 152 (1 400) 988 400 (1 600) 608 200 (1 800) 164 (2 000) - Net cash C
Slide 13: Outlook
Outlook ROLF BARMEN (CEO) ELMERA GROUP I
Slide 14: Financial targets for 2026 maintained
Financial targets for 2026 maintained Net revenue growth on group level. P&L Status per Q2 2026: EBIT adj. in the area of NOK 575m, including Telinet. EBIT adj. H1 2026: NOK 322m Target pay-out ratio of at least 80% of net income, adjusted for certain Dividend cash and non-cash items. Quarterl
Slide 15: Q&A
Q&A ELMERA GROUP I
Slide 16: Appendix
Appendix =; ELMERA GROUP
Slide 17: Adjusted EBIT reconciliation
Adjusted EBIT reconciliation Quarterly presentation | Q2 2026 17
Slide 18: Profit and Loss account
Profit and Loss account Quarterly presentation | Q2 2026 18
Slide 19: Balance sheet
Balance sheet Quarterly presentation | Q2 2026 19
Slide 20: Balance sheet
Balance sheet Quarterly presentation | Q2 2026 20
Slide 21: Cash flow
Cash flow Quarterly presentation | Q2 2026 21
Slide 22: Cash flow
Cash flow Quarterly presentation | Q2 2026 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