Elmera Group ASA

Latest Results (25.07.2026):

Elmera Group ASA — Q4 2025: The company reported adjusted net revenue of NOK 463m and adjusted EBIT of NOK 159m for the fourth quarter of 2025. Reported operating profit (EBIT) was NOK 136.6m and profit for the period (after tax) was NOK 70.0m. LTM (last twelve months) adjusted net revenue and adjusted EBIT were NOK 1,686m and NOK 487m respectively. The quarter was marked by lower volumes and higher spot prices, a seasonal increase in working capital, meaningful financing activity, and a proposed dividend of NOK 2.00 per share.

Key reported results

Q4 2025 net revenue (adjusted): NOK 463m (Q4 2024: NOK 486m). Q4 2025 adjusted EBIT: NOK 159m (Q4 2024: NOK 154m). Reported operating profit (EBIT): NOK 136.6m. Profit for the period (after tax): NOK 70.0m. LTM adjusted net revenue: NOK 1,686m; LTM adjusted EBIT: NOK 487m.

Operating expenses and investments

Adjusted operating expenses in Q4 2025 were NOK 304m (Q4 2024: NOK 332m). Payments to obtain new contracts were NOK 35m in the quarter and NOK 150m LTM. Depreciation of customer-acquisition related intangibles and other acquisition amortisation reduced comparability.

Segments — short snapshot

Consumer (Q4 net revenue adj): NOK 218m; operating profit adj ~NOK 62.8m. Business: net revenue adj NOK 159m; operating profit adj ~NOK 89.4m. Nordic (including Norway/Sweden/Finland retail): net revenue adj NOK 47m; operating profit adj ~NOK 8.0m. New Growth Initiatives: net revenue adj NOK 39m; EBIT adj approximately negative NOK 1m. Consumer and Alliance growth initiatives showed early churn after a Norgespris launch but recovered through the quarter.

Volumes and operational drivers

Volume sold in the quarter was reported at 1,839 GWh (down ~12% vs Q4 2024) and overall volumes were impacted by milder weather, customer mix changes and phased run-off of legacy low-margin contracts. Group volume sold by segment: Consumer ~2,394 GWh (stable YoY), Alliance ~1,004 GWh (up ~1% YoY).

Cash flow, liquidity and collateral

Net cash from operating activities in Q4 2025: NOK -940m (Q4 2024: NOK -252m). Net cash used in investing: NOK -25m. Net cash from financing activities: NOK 1,852m, reflecting significant short-term financing actions. Cash & cash equivalents at 31 Dec 2025: NOK 1,371m of which NOK ~1,200m is pledged as collateral for power trading.

Balance sheet and capitalization

Total assets at 31 Dec 2025: NOK 7,104m (31 Dec 2024: NOK 6,027m). Total equity: NOK 1,484m (down from NOK 1,621m). Trade receivables increased to NOK 2,617m. Long-term interest-bearing debt ~NOK 656m; short-term interest-bearing debt and revolving facilities were increased (short-term debt reported at NOK 2,085m at period end, overdraft/short facilities noted as NOK 520m).

Dividend and governance

The Board proposed a dividend of NOK 2.00 per share (subject to general meeting approval), announced at the Board meeting of 11 February 2026.

Risks and outlook

The Group reiterates exposure to short-term electricity demand and price fluctuations, customer churn and counterparty credit risk. Seasonal NWC increases (driven by volumes and higher elspot prices) and changes in financing structure affected YoY comparisons; management states underlying leverage is unchanged. The Company expects continued portfolio transformation and improved Consumer economics into 2026.