Elmera Group ASA

Earnings Release • Nov 12, 2020

Fjordkraft Holding ASA: Q3 2020 results

Fjordkraft Holding ASA: Q3 2020 results

Q3 Highlights:

-Strong financial performance with a 10% YoY increase in net revenue and 25% YoY growth in EBIT adj.

-Solid growth, both organically and from M&A, as the deliveries from the Innlandskraft acquisition are included as of 30 September

-Kantar’s Q3 survey shows that Norwegian consumers are satisfied with their electricity retailer. Fjordkraft is no.1 in Top of Mind and Brand Awareness

-Fjordkraft is in line with the industry average on customer satisfaction, well above peers like Fortum, NorgesEnergi and Hafslund

-Fjordkraft acquired SNG, a Nordic retailer, in October. The transaction was completed 10 November 2020

Strong growth - both financially and in number of customers

Growth in number of customers has been a key pillar in Fjordkraft’s strategy. In a fragmented industry with a high level of competition, the organic growth is a good metric for the retailer’s attractivity in the market. It is therefore pleasing to announce that Fjordkraft had an organic growth in Q3 of almost six thousand electricity deliveries in the Consumer and Business segments combined, and through the inclusion of the deliveries from the Innlandskraft acquisition, the total growth in the quarter was more than 240 thousand deliveries. In addition to this, Fjordkraft acquired Switch Nordic Green, a Nordic retailer with operations in both Sweden and Finland, in October. This positions Fjordkraft for further growth in the Nordics, as the markets become more and more similar, and competition becomes increasingly pan-Nordic.

The third quarter has also been a strong one financially. Net revenue increased 10% YoY and EBIT adjusted increased 25% YoY. Volume sold increased 4% YoY and was driven by growth in number of deliveries as well as increased average consumption per delivery in the Consumer segment. Elspot prices have been volatile in the quarter. In July, prices continued at a historically low level, but then increased through August and reached a spike in early September, before they fell again. The temperature was colder than last year in two out of three months in the quarter.

Please find attached the quarterly report and quarterly presentation.

The results will be audiocasted on 12 Nov 2020 at 08:00 on the following link:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20201112_10

For queries, please contact: Morten A. W. Opdal, Head of Controlling and Investor Relations, +47 970 62 526