Elmera Group ASA

Latest Results (04.05.2026):

Elmera Group ASA – Q1 2025: The group reported adjusted net revenue of NOK 502m (NOK 501.6m) and adjusted EBIT of NOK 174m for Q1 2025, both down versus Q1 2024 (adjusted net revenue NOK 550m, EBIT adj. NOK 230m). Reported operating profit (EBIT) was NOK 127m and profit for the period NOK 56m (basic EPS NOK 0.51). The decline was driven mainly by abnormally high temperatures and lower volumes, while net financial costs improved and operating cash flow recovered to positive territory.

Headline results

Adjusted net revenue Q1 2025: NOK 501.6m (−9% YoY). Adjusted EBIT Q1 2025: NOK 174.2m (down from NOK 230m). Reported EBIT: NOK 127.3m. Profit for the period: NOK 56.1m. Basic EPS: NOK 0.51.

Volume and drivers

Volume sold in the quarter was materially lower versus Q1 2024 (management cites an ~9% volume reduction due to abnormally high temperatures—about two degrees Celsius above seasonal norms—reducing consumption and revenue across customer segments).

Segment performance (adjusted)

Consumer: Net revenue adj ~NOK 240m; adjusted EBIT ~NOK 81m. Business: Net revenue adj ~NOK 163m; adjusted EBIT ~NOK 86m. Nordic: Net revenue adj ~NOK 59m; adjusted EBIT ~NOK 4m. New Growth Initiatives: Net revenue adj ~NOK 40m; adjusted EBIT ~NOK 4m.

Costs, derivatives and one-offs

Adjusted operating expenses Q1 2025: NOK 327m (vs NOK 320m). Unrealised derivative losses and depreciation of acquisitions reduced reported EBIT versus adjusted EBIT (unrealised gains/losses on derivatives and depreciation of acquisition-related intangibles are called out in the report). Payments to obtain new contracts in Q1: NOK 32m (LTM NOK 135m).

Cash flow and liquidity

Net cash from operating activities Q1 2025: NOK 67.0m (improved from NOK −588.2m in Q1 2024). Net cash used in investing: NOK −16.3m. Net cash from financing: NOK 116.1m. Cash and cash equivalents at quarter-end: NOK 311.6m.

Balance sheet and capital structure

Total equity at 31 March 2025: NOK 1,663m. Total capital: NOK 5,666m. Long-term interest-bearing debt reported at NOK 719m and short-term interest-bearing debt NOK 85m; overdraft facility usage noted (NOK 258m at quarter-end).

Dividend and corporate actions

The Annual General Meeting on 30 April 2025 approved a dividend of NOK 3.00 per share, which was distributed on 12 May 2025. The report also notes continued investments in IT migration and insourcing initiatives that have generated one-off costs.

Outlook and risks

Management reconfirmed stable nominal opex guidance for 2025. Principal short-term uncertainties remain electricity demand (weather), electricity prices and customer churn. The Group has stopped certain product sales in Consumer and is phasing out some fixed-price contracts in the Nordic segment to reduce profile risk exposure.