Elmera Group ASA

Latest Results (22.03.2026):

Elmera Group ASA — Q4 2024: The Group reported adjusted net revenue of NOK 486m and adjusted EBIT of NOK 154m for Q4 2024 (Q4 2023: NOK 474m / NOK 157m). Reported operating profit (EBIT) was NOK 131.5m and profit for the quarter was NOK 205.6m (basic EPS NOK 1.89). On a last‑12‑months basis adjusted net revenue was about NOK 1,793m and adjusted LTM EBIT NOK 569m.

Top-line and profitability

Q4 adjusted net revenue NOK 486.2m (Q4 2023: NOK 473.6m). Adjusted EBIT for Q4 was NOK 154.0m (Q4 2023: NOK 156.8m). Reported EBIT was NOK 131.5m and the quarter’s profit after tax was NOK 205.6m; basic EPS was NOK 1.89.

Volumes and weather impact

Volume sold declined ~9% YoY in Q4 2024, primarily driven by mild weather — average monthly temperatures in Norway were 3–5°C higher than in Q4 2023 — which reduced consumption and weighed on gross volumes and revenue mix.

Costs and operating expenses

Adjusted operating expenses in Q4 were NOK 332.2m (Q4 2023: NOK 316.8m). Full‑year adjusted OPEX for 2024 was roughly NOK 1,224m, broadly in line with 2023, with some upward pressure from increased amortisation of contract assets and loss provisions.

One‑offs and financial items

Elmera realised a sale of its 40% stake in associate Metzum AS for NOK 160m consideration, recognising a gain of NOK 139m reported under net financial income. That contributed to positive net financial income of about NOK 101.0m in Q4.

Derivatives, provisions and impairments

Q4 included unrealised losses on derivatives of NOK 17.1m and a positive estimate deviation of NOK 15.1m. The Group also reported movements in onerous contract provisions and a small net impairment/adjustment in intangible assets in the quarter.

Cash flow and balance sheet

Net cash from operating activities in Q4 was negative at NOK -252.2m (Q3 had been positive). Cash and cash equivalents at 31 Dec 2024 were NOK 144.0m. Total equity at year‑end was about NOK 1,621m and total assets were NOK 6,027m.

Capital returns and corporate actions

The Board has proposed a dividend of NOK 3.00 per share for 2024 (to be approved at the AGM). The Metzum sale also highlights the Group’s ongoing portfolio management and spin‑off strategy.

Risks and outlook

Management reiterates short‑term uncertainty driven by weather, electricity demand and price exposure. The Group remains exposed to volume and profile risk on fixed price contracts (noting Consumer product run‑down) and to electricity price volatility through Nordpool and derivative positions.