Elmera Group ASA

Investor Presentation • Jun 5, 2024

Capital Markets Day

5 JUNE 2024

Today's agenda and presenters

Subject	Presenter
State of the union	Rolf Barmen (CEO)
Consumer segment	Magnar Øyhovden (CEO Fjordkraft AS)
Business segment	Roger Finnanger (EVP Head of Business)
Nordic segment	Per Heiberg-Andersen (EVP Nordic)
Break (10 min)
Power trading	Solfrid F. Andersen (EVP Head of Power Markets and Energy Supply)
Financial outlook	Financial outlook – Henning Nordgulen (CFO)
Q&A

The event is expected to conclude by approximately 11 a.m. CEST.

State of the union

ROLF BARMEN (CEO)

What we do:

Elmera Group provides consumers, businesses and the wholesale market with electricity, billing & rating services and electricity related technology solutions.

Our purpose:

To create the most attractive electricity retailers in the Nordics.

Several important measures taken over the last years have significantly strengthened our core business

PRODUCT PORTFOLIO

Phase-out of variable contracts and legacy fixed-price contracts have reduced market risk significantly.

BRAND POSITION

Strengthened brand position and customer satisfaction through customer focus and innovation.

TRANSPARENCY AND COMPLIANCE

Increased focus on compliance and several customer-friendly changes.

Introduction of innovative technological products and services underpin the retailers' importance in the value chain

• Elmera Group has been a front-runner within regulatory issues the last ten years.
• The role of the electricity retailers has been strengthened over the last years, driven by increased complexity, market volatility and technological development.
• Introduction of smartphone applications and digital services to B2C and B2B that optimise electricity consumption and reduce the cost of electricity underpin the retailers' ownership of the customer relationship.
• Elmera Group accelerates the green shift by offering tech solutions, alongside traditional functions like consumption estimation, power purchasing, billing and customer communication.

Key enablers for growth in the Nordic segment are now in place

• A new brand strategy has been implemented, with Nordic Green Energy serving as the group's brand in the B2C segment and Fjordkraft as the pan-Nordic brand in the B2B segment.
• Organisational changes have been implemented, featuring a B2B matrix structure, cross-border product management, and enhanced distribution capabilities.
• Migration of the NGE customer base to Elmera Group's platform expected in first half of 2025.
• Successful roll-out of the smartphone app in Finland has resulted in a significantly improved customer satisfaction.

The group's subsidiaries, joint ventures and associates represent exciting growth opportunities

Mobile service offering to support core business through reduced customer churn.

61%¹ 40%¹

The largest supplier of cloudbased billing and rating software systems to electricity retailers in Norway.

Among the largest suppliers of billing and rating services to electricity retailers in Norway.

Cooperation with 27 small and medium-sized electricity retailers.

Serves Fjordkraft with payment solutions.

50%¹

Sale and financing of solar panels.

1) Elmera Group's share of ownership.

Capitalising on increased insourcing of the power trading function

• To capitalise on Elmera Group's position as the largest electricity purchaser in Norway will be a key focus area over the next years.
• The new power purchase agreement with Statkraft, effective from 1 May 2025, enables us to insource core activities related to the group's power purchase.
• The new sourcing model opens up new opportunities when it comes to optimising power purchase, manage consumption and further develop value propositions, and will increase the group's net revenue through reduced COGS.
• Our IT department, with over 75 FTEs, is continuously enhancing digital solutions and supporting daily operations.

What we do:

Elmera Group provides consumers, businesses and the wholesale market with electricity, billing & rating services and electricity related technology solutions.

Our purpose:

To create the most attractive electricity retailers in the Nordics.

Consumer segment

MAGNAR ØYHOVDEN CEO FJORDKRAFT

Capital Markets Day 2024 11

Elmera Group is the leading player in the Norwegian Consumer segment with three strong and diverse brands

Consumer segment in brief A leading market position

Fjordkraft - the largest and most well-known electricity retail brand in the consumer segment¹

Award winning customer service in all Consumer brands²

The Fjordkraft app rated 3rd place in Europe³

A broad product range with value added services and an industry leading loyalty program

Gudbrandsdal Energi upholds long-term position as the retailer with the most satisfied customers in Norway⁴

All Consumer brands Trygg strømhandel certified by DNV

	# of electricity deliveries5	Volume6	Market Share7
Source: 1) Based on market share and customer awareness data from Kantar TNS Energibarometer 1.tertial 2024 2) Gudbrandsdal EPSI 2022 and Tekna Customer Award 2023. Fjordkraft SeeYou "Best I test" Customer Award 2023 and best service company in Bergen 2023 (Bergen Kundeserviceforum)	~667k	~8 TWh	~24%

1

1

1

1

3

1

• 3) LCP Deltas leaderboard of energy suppliers for their energy insights apps May 2024
• 4) NKB: Norsk kundebarometer 2011,2012, 2013, 2014, 2015, 2016, 2017, 2018. 2019, 2020, 2023
• 5) Number of deliveries at Q1 2024
• 6) Volume sold in 2023

7) Based on number of deliveries end of Q1 2024 and Elhub data

Market leading distribution power and product management - key elements in an impressive growth over the years

• Market leading distribution power throughout shifting environments.
• Streamlined our electricity products and reduced market risk in core products, thus lower margin volatility. Fewer products simplifies the decision-making process for our customers and increase sales.
• Focus on value propositions and services that are more uncorrelated with electricity consumption to improve robustness in net revenue throughout the year, thus increased portion of net revenue from value added services going forward.
• Continuous investments in improved app services put ourselves in a great position to develop and launch more attractive products and services as customer demands evolve.

Improved customer satisfaction – a key in future growth and extended profitability

• Industry reputation is still highly dependent on price level.
• Improving customer satisfaction is a key element in our strategy for future growth and profitability – we see a positive change among both customers and the market as a whole.
• Quarterly customer satisfaction day, involving participation and commitment from all business units to execute measures for the benefit of customers.
• F ordkraft's NKB score has a significantly higher positive change from 2022 to 2024 than the industry.
• During 2023 we have launched a wide range of new app services that have significantly increased customer engagement and satisfaction, and we have an exciting roadmap going forward.
• Source: NKB Norsk Kundebarometer Award-winning customer services in all brands.

Historically low market churn – an advantage for our brands

• The monthly supplier changes in Norway have been at a historically low level the last year.
• Our own brands have reduced churn significantly more than the market from 2018 until 2023.
• Low market churn is an advantage for Fjordkraft with a leading market position as a recognised brand and the most chosen electricity retailer.
• Fjordkraft has placed a greater focus on cash points (Fordelspoeng) and will continue to work towards creating the most appealing customer loyalty program within the industry.
• Lower churn in combination with improved digital sales lead to lower external sales commission cash spend.

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Cost leadership in Consumer – a key element in extended profitability

• Discontinued elements in the loyalty program that the customers did not find relevant.
• Successful cost program in Consumer
  • F ordkraft's customer service division has been through significant cost reductions and left 2023 with 26 % FTEs fewer than at the start of the year, supported by reduced complexity and improved digital communication and self -service solutions.
  • Reduced traditional sales channels in favour of new and more cost -effective digital sales channels.
• Continuous focus on streamlining operations going forward
  • Implementation of generative AI in customer service planned in 2024 and more areas to follow.
  • Optimise digital sales process for higher conversion rate and lower external sales commission cash spend. 0 2 5 0 2 ⁰

Digital leadership

– prepared for future customer expectations

• Our digital focus pays off: Significant improvement in App ratings and customer feedback on our digital services the last two years
• The Fjordkraft app was in May 2024 rated 3rd place in Europe¹ in LCP Deltas leaderboard of energy suppliers for their energy insights apps. The benchmark covers >250 energy insights apps from around 200 energy retailers across >20 markets in Europe

Source:

1) https://research.lcpdelta.com/reports/WP-EnergyInsightsApp2/files/lcp-delta-energy-ins

Digital services that make a difference – empowering customers to energy smartness

• Focus on transparency and trust across all dimensions
• Building a strong culture that supports an increased engagement to be the best electricity advisors

Electricity advisory in practice – win-win solutions

• In all brands we focus on helping the customer to use electricity in a smarter and more cost-efficient way, for example through StrømSmart and StrømSmart+ launched in May 2024 in Fjordkraft.
• The services represent a key element in focusing on reducing the total cost of the monthly invoice instead of the marginal markup per kilowatt-hour.
• Optimising consumption, taking into account both electricity prices and grid rent, reflects big potential customer savings and thus a value proposition and willingness to pay.
• Win-win solution: Encouraging the customer to save money and enables Fjordkraft to increase robustness in net revenue.

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Fjordkraft Mobil

• significant improvement in financial results

• Fjordkraft obil's results are reported in the group's New growth initiatives.

• Operates as a small organisation (3 FTEs) with sales, marketing and customer service successfully integrated in Fjordkraft Consumer.
• Migration of customer base from Telenor to Telia network in 2023 has resulted in a significant improvement in financial results from negative EBIT adj. to an annual EBIT adj. ~30 NOKm.

Fjordkraft Mobil - ready for further growth

• We now experience growth in the customer base and see large potential for further growth going forward.
• Customer satisfaction is higher among customers who have established relationships in both mobile and electricity services.

Summary – Consumer

1	Proven track record for customer growth and value creation through complex market environments.
2	Norway's leading player in the Consumer segment with three strong and diverse brands.
3	A robust product portfolio with low market risk and unparallelled menu of value adding services.
4	Successful execution and continued focus on cost programme to ensure competitiveness and improved profitability.
5	Digital solutions that empower customers to make smarter energy choices, enhancing customer satisfaction and driving revenue growth.

Business segment

ROGER FINNANGER EVP BUSINESS

A Brief look at the business segment

Source: Company information, Kantar TNS, Energibarometeret

1) Kantar TNS Q1 2024

2) Equivalent to the number of deliveries to all electricity meters. One customer may have multiple electricity meters

3) Only includes business segments

4) Based on number of deliveries end of Q1 2024 and total market size from Elhub

5) Based on number of meters

Successful history of growth

Our performance

A tailored approach to each of the segments

Competitive advantages

SOHO and SME Size: From 0 – 5 GWh

Sales capacity: Balanced distribution with internal and external teams within telemarketing

Customer development: Portfolio-team focusing on follow-up meetings and VAS. Large Customer & Public entities Size: < 5 GWh

Sales capacity: One team covering large customers and public entities all across the country

Customer development: Key Account Managers follow-up large customers focusing on risk management and VAS

• 92 % brand awareness.

• Large distribution power with dedicated recourses targeting specific segments of the market.
• Several locations serving the entire market.
• Attractive product range.

5 olume delivered T h

Predictable business model handles unpredictable market conditions

Robust business model

• Stable results despite challenging market conditions.
• Strong focus on credit management has mitigated increased counterparty risk
• Successfully mitigated effects from lower elspot prices and increased core margin
• Implemented flexible and scalable operating model in customer service
• Optimizing B2B activities in Norway and preparing Nordic expansion and net revenue growth

Product range addressing customers' needs in a market with increasing volatility

Digital ecosystem

– electrification opens new business opportunities, attracts partners and expand the customer base

• More than 50.000 subscriptions in "Min Bedrift"
• Positioned for growth with Nordic expansion and a large customer base
• Increased investments in ecosystem with energy related services
• Partnering up to expand our product range
• Strengthens profitability and loyalty

*already in our product range, adopting to ecosystem within 12 months **in scope for partnership

The Nordic Expansion

• Risk exposure reduced significantly
• Cost efficient matrix organisation
• Migration to the Elmera platform:
  • Sweden in Q1 2025
  • Finland in Q2 2025
• Building competitive advantages:
  • Brand awareness "one brand one voice"
  • Strong distribution
  • Nordic product range including VAS
• Market potential three times the size of the Norwegian Business market.
• Positioned for growth in B2B Nordic.

Summary – Business: Strong growth history, robust business model and ready for Nordic expansion

1	Elmera Group operates a profitable and robust business model in the B2B market.
2	The Nordic Expansion opens a market three times the size of the Norwegian Business market. Sales capacity to be strengthened across all countries.
3	We are strengthening our digital services and will continue to expand our product range.
4	Gathering all our activities in the B2B market under one brand and a pan-Nordic product range operated on the Elmera IT platform.

Nordic segment

PER HEIBERG-ANDERSEN EVP NORDIC

Capital Markets Day 2024 33

Content

• Nordic segment overview
• Market turmoil '2 '22
• Fundamental changes
• Organic growth model
• M&A
• Summary

Nordic segment overview

Switch Nordic Green AB was acquired by Elmera Group Q4 2020 and is a Swedish-Finnish retailer with offices in Stockholm and Vaasa.

	Finland	Sweden
B2C	16%	10%
B2B	35%	39%

Market position in the Nordic segment

• Nordic Green is a challenger and a fighting brand.
• Positioned as a retailer of renewable energy.
• Operations consolidated in the Vaasa office.
• Nordic Green Energy brand continue to address B2C
• Fjordkraft Företag/Yritys (Business) brand will be launched as brand to address B2B.

arket turmoil Q '2 and 2H'22

• The combination of a dip in Nordic nuclear capacity, weak hydrology and increasing gas prices caused very high electricity spot prices in Q 202 . This was then further fuelled by Russia's invasion of Ukraine, leading to the extreme volatility 2H 2022.
• The high price levels exposed Finnish and Swedish retailers with fixed price portfolios to unprecedented volume risk, and the volatility with high peak/off-peak spreads led to unforeseen profile costs.
• In these quarters, electricity retailers in Finland and Sweden experienced huge losses from their fixed price portfolios.

Fundamental changes in NGE '22 – '2

• Decision to stop all new sales of fixed price January '22 starting a two-year transition from fixed price based to spot based.
• New CE Q '22 followed by additional ad ustments to organisation and strengthening of management.
• Starting B2B matrix implementation, as well as launch of Elmera smartphone app to Finnish Q '2 and Swedish Q2'2 B2C markets.
• Proactive PR and communications. Transition to digital and internal marketing and sales channels in the B2C segment.

1) Includes spot contracts with risk management

Positive press following repositioning strategy

Capital Markets Day 2024

#3 EPSI Finland 2023

38

Organic growth model

• Clear positive brand development.
• Comparative advantage in products, technology offerings and customer interface (app).
• Elmera Group IT-platform migration H'25 enabling both new product offerings as well as improved organisational efficiency.
• Organisation strengthened and streamlined to meet changed requirements.

• Ride on EV growth and trend towards spot-based products. Environmental heritage.

• Transition to a pull strategy for B2C with PR and digital communications and marketing (95% of B2C sales now on internal/digital channels).
• Continue to strengthen B2B sales capacity, further develop cross border B2B matrix, and launch Fjordkraft Företag/Yritys brand in Sweden and Finland.
• Launch Pan-Nordic Elmera Group products and new functionalities in both segments.

M&A

• M&A agenda paused during turmoil.
• Refocus on launching Elmera Group app as well as preparing for migration to Elmera IT platform.
• Few transactions in the Swedish and Finnish markets last two years.

• Elmera Group again interested in acquisition opportunities.
• Key is synergy realisation and scaling on new platform.

Summary – Nordic

1	Positive turnaround of Nordic Green '22 – '2 with regained profitability and positioned for new market dynamics.
2	The Elmera Group app in both Finland and Sweden for the B2C market. Nordic B2B matrix and Fjordkraft brand.
3	Consolidation on Elmera Group platform enables new services across both B2C and B2B and improved efficiency.
4	Going forward: Profitable organic growth is "proof of concept". &A initiatives will be restarted.

10-minute break

Power Trading

SOLFRID FLUGE ANDERSEN

EVP HEAD OF POWER TRADING AND ENERGY SUPPLY

KEY RESPONSIBILITIES

Key objectives for the group's power trading function

Navigation

Optimise power trading

Reduce the group's cost of goods sold through optimising timing and sourcing strategy of the group's power purchase activities in the electricity markets.

Individual and portfolio Risk Management

Provide consumers and businesses with tailored risk mitigating products and hedging strategies to support the commercial parts of the organisation with relevant value propositions.

DECLINE IN GROUP MARKET RISK

Market risk – type of risk and trend

Navigation

	Price risk	Profile risk	Volume risk
Definition	Unhedged difference between purchase and selling price.	Consumption profile may differ from hedged profile.	Consumption differs from hedged volume.
Group exposure	• Variable contracts – Norway (below 6% of the segment's volume)	• Fixed price contracts - Nordic • Variable contracts Norway	• Fixed price contracts – Nordic
Trend	Reduced due to phase out of the product portfolio.	Reduced due to phase out of the product portfolios.	Reduced due to phase out of the product portfolio.

Elmera Group aims to minimise the market risk exposure associated with the offering of fixed price and related hedging products through a back-to-back hedging strategy and our products with significant risk is being phased out.

ELECTRIFICATION AND UNREGULATED PRODUCTION

Production mix and consumption

volatility.

Consumption is expected to increase due to electrification of the manufacturing industry, the transport sector, hydrogen production, battery industry and data centres.

Source: Volue LTP Nordic 2024

PRICE PROGNOSIS – STABILISING MARKET

Price and volatility

• Analyst forecasts for the next four years indicate a more normalised price level going forward.
• The expected increase in price volatility supports the demand for hedging products.

E ERGY SYSTE 'S RESPO SE TO HA GE I PRODU TIO IX

Nordic Balancing Model

From hourly metering and pricing to 15-minute intervals – to release strain on grid balancing

3 new intraday auctions – efficient balancing likely to increase volume traded in the intraday

Capacity and reserve markets – secure capacity to meet demand.

Effects on Elmera

• Increased opportunity to trade into balance or change consumption into balance.
• Opportunity for new value propositions for both within consumer and business segments.

PARTNER MODEL IN TRANSITION

Changes in the group's sourcing model

Navigation

• As from ay 2025, Elmera Group will insource core activities related to the group's power purchase function, currently performed by Statkraft.
• Functions to be insourced include consumption forecasting, day-ahead trading and balancing responsibility.
• In the group's current sourcing model, the majority of the power purchase is handled through Statkraft, supplemented by volume from smaller production and licencing partners.
• After the insourcing, parts of the volume currently purchased through Statkraft will be replaced by volume from NordPool and bilateral agreements with other parties.
• The new sourcing strategy and set up for trade represents opportunities to optimise the group's cost of goods sold, e.g. through reducing balancing costs and capitalising on bid/ask spreads.

POWER TRADING - PHYSICAL

Power Trading - Balancing cost

Power trading - Financial and Green Markets

Navigation

Power Trading
Market Risk
Energy Market
Sourcing model
Opportunities

Product	Bid	Ask	Spread
BASE MONTH -> NOK
May-2024
Jun-2024	341.30	342 45	1.14
Jul-2024	356.94	353 66	1.71
Aug-2024	2018/224	456.05	52.81
Sep-2024	2 60 3 3	491.82	31.45
Oct-2024	449.25	540.82	91.57
Nov-2024	588.26	652.99	64.73
BASE QUARTER -> NOK
Q3-2024	422.91	428.63	5.72
Q4-2024	603.75	606.05	2.29
Q1-2025	807-41	809.70	2.30
Q2-2025	2,2012.0	476.09	35.69
Q3-2025	353.76	375.11	21.35
Q4-2025	585.48	GUIZ 255	21.98
Q1-2026	753.97	780.07	26.10
Q2-2026	361.59	395.31	33.72
Q3-2026	248.82	342.05	93.23
Q4-2026	496.49	2020-02	86.45
BASE YEAR -> NOK
Cal-2025	BAR 10	551 07	2.88
Cal-2026	501.14	502,005	2.91
Cal-2027	490.60	49,914,411	8.81
Cal-2028	533.74	584.15	50.41
Cal-2029	487.81	રતે રાજ્યના ઉત્તર પ્રતિષ્ઠા જિલ્લાના વિદ્યારે તાલુકામાં આવેલું એક ગામના લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામનાં લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી ત	107.74

•	Nasdaq as price
	reference for trade –
	spread still
	substantial.

• How we can benefit: Increase focus on obtaining the best purchase price on contracts by trading with several parties.

Product	Bid	Size	Ask
NONTH
Jun-2024
Jul-2024
QUARTER
Q3-2024
Q4-2024
Q1-2025
EAR
Cal-2025
Cal-2026
Cal-2027 Nasdaq Epad Futures Kristiansand (NO2) €/MV Product	Bid	Size	Ask
ONTH
May-2024
Jun-2024
QUARTER
Delayed. For real-time, use support link. Q3-2024
Q4-2024
Q1-2025	1
EAR
Cal-2025 Cal-2026

• Some products have next to no liquidity – no functioning reference price.

• How we can benefit:

Increase focus on obtaining the best purchase price on contracts by trading with several parties.

Summary – Power Trading

1	An energy market in transition with increasing share of renewable production and price volatility.
2	Market risk has been reduced over the last years. Back-to-back is the group's primary hedging strategy.
3	As from 1 May 2025, the group will insource important power purchasing functions.
4	The new sourcing strategy represents opportunities to optimise the group's cost of goods sold and strengthen the group's ability to support our business units with relevant value propositions.

Financial outlook

HENNING NORDGULEN EVP - GROUP CFO

Strong historical track record – positioned for profitable growth

… b our key development initiatives

Net revenue adj.¹

Significant turnover with high cash conversion

1) Figures for 2023 2) Figures per year-end 2023

Targeting broad net revenue growth

Key drivers for net revenue growth:

• Market volume growth of ~2% annually.
• Ambition to take our relative share of the market growth in the Norwegian B2C market.
• Targeting growth in market share in the Norwegian B2B segment, with positive impact from increased focus on SMEs.
• Targeting significant growth in both B2C and B2B in the Nordic segment, capitalising on the B2B matrix organisation and Elmera Group's IT platform and digital solutions.
• Strong brand position, high top of mind and leading digital products and services.
• Moderate forward elspot prices and stabilisation of the competitive situation.
• Opportunity to optimise COGS through diversified power sourcing.

Stable operating expenses and increased scalability

• Targeting stable nominal opex adj., in line with 2023, in 2024 and 2025.
• Inflationary pressures expected to abate in coming years.
• Key cost control areas in order to mitigate inflation and wage increase:
  • − Controlled capex spend on CPO and IT-development
  • − Insourcing IT-development
  • − Consolidate IT-platform, terminate legacy services
  • − Improved procurement
  • − Tight personnel management
• Ambition to make the IT- platform one of the most effective and scalable in the Nordics.

Reducing EPS impact from P&L-adjustments

Adjustments to EBIT (NOKm)

• M&A depreciation tapers off significantly, down to ~30 MNOK in 2026 if no new M&A.
• Significant reduction of legacy variable portfolio in NO and fixed price portfolio in SE/FI leading to reduced net derivative effects over P&L.
• Low one-offs expected after technical migration of GE and NGE in 1H25.
• Increasing results in the Nordic segment will drop to bottom line after tax due to tax-loss carryforward.

Financing to reflect future power sourcing model

• Revised sourcing model to optimise COGS affects financing.
• With reduced dependency on Statkraft from May 2025, part of the current supplier credit will be replaced by increased bank syndicate financing.
• The refinancing process is ongoing and long-term facilities will be committed before the Q224 filing.
• Reported net interest-bearing debt will increase as the current supplier credit from Statkraft is classified as "net working capital".
• Underlying leverage will remain unchanged compared to the current business model, as both sources of financing are interest-bearing.
• A moderate increase in financing cost is expected but will be mitigated by improvements from the new sourcing model.
• Decreasing interest rates and forward elspot prices will contribute to reducing financing cost significantly.

1) Norges Bank's Monetary Policy Report 1, 2024.

2) Average of system price forecasts from Volue, SKM, NENA, Refinitiv and Market.

Source:

Financial targets 2024-2025

P&L	Net revenue growth in all segments in 2024 and 2025. ▪ ▪ Stable nominal opex adj., in line with 2023, for 2024 and 2025. ▪ EBIT adj. in the area of NOK 550-600m for 2024 and 2025 with a positive development throughout the period.
Dividend	▪ Target pay-out ratio of at least 80% of net income, adjusted for certain cash and non-cash items.
Leverage	▪ No underlying change in leverage from current business model. ▪ Reported net interest-bearing debt to increase in 2025 due to changes in power purchase setup and classification of the current interest-bearing supplier credit from Statkraft as "net working capital".

Key investment highlights

ROLF BARMEN (CEO)

Key investment highlights

1	Operating in the attractive Nordic electricity retailing market with a stable demand profile and growth opportunities from increased electrification.
2	A comprehensive product offering, including risk mitigation products and other value-added services, empowering customers towards sustainable and efficient energy consumption.
3	Largest player in Norway with strong brands and a leading IT platform that supports economies of scale and promotes further growth across the Nordics.
4	Largest power purchaser in Norway with significant potential to optimise COGS as volatility will prevail in the future energy market.
5	Pan-Nordic IT platform from Q2 2025 gives excellent opportunities for bolt on acquisitions in Sweden and Finland.

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 ob ectives, future performance, costs, revenue, earnings and other trend information. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of Elmera Group.

All forward-looking statements in this presentation are based on information available to Elmera Group on the date hereof. All written or oral forward-looking statements attributable to Elmera Group, any Elmera Group employees or representatives acting on Elmera Group's behalf are expressly qualified in their entirety by the factors referred to above. Elmera Group undertakes no obligation to update this presentation after the date hereof.