Elmera Group ASA

Earnings Release • May 14, 2020

Fjordkraft Holding ASA: Q1 2020 results

Fjordkraft Holding ASA: Q1 2020 results

Q1 Highlights:

-Strong financial performance with a 27% YoY increase in net revenue and 31% YoY growth in EBIT adj.

-Favourable market dynamics with historically low elspot prices and positive effects on COGS are driving the improvement

-The solid growth in the Mobile segment continues, with more than 10k net adds in the quarter

-Outlook slightly revised based on first quarter results

Strong profitability growth in an extraordinary situation

The first quarter of 2020 has been another quarter with strong financial results. Adjusted net revenue increase 27% YoY and adjusted EBIT increase 31% YoY. The price development in the quarter has been favourable, with elspot prices reaching a historically low level at the end of the quarter. There are also positive effects on COGS YoY, further driving the profitability growth. The solid growth within the Mobile segment continues, and with more than 10 thousand net adds in the quarter, the segment is well on the way towards the targeted 125 thousand subscribers at the end of 2020. Volume in the Consumer and Business segment is decreasing 6% YoY driven by mild weather, fewer tender customers and Covid-19 restrictions. All of the months in the quarter were warmer than both normal and last year, and especially so in January. The segments’ outlook is revised slightly based on first quarter results, however Group outlook remains unchanged.

Please find attached the quarterly report and quarterly presentation.

The results will be audiocasted on 14 May 2020 at 08:00 on the following link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20200514_7

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