Elmera Group ASA

Investor Presentation • May 13, 2025

Quarterly presentation Q1 2025

ROLF BARMEN (CEO) HENNING NORDGULEN (CFO)

Highlights Q1 2025

ROLF BARMEN (CEO)

G R O U P

Volume decrease from very mild weather driving the EBIT reduction YoY.

Positive development in customer base in Norway, with accelerating growth throughout the quarter.

Dividend of NOK 3.0 per share was distributed on 12 May 2025.

C O N S U M E R

Significantly reduced consumption YoY due to mild weather.

Successful customer growth in the quarter.

B U S I N E S S

Significantly reduced consumption YoY due to mild weather.

Increased net revenue margin YoY partially mitigating the volume impact.

Continued customer growth – 130k deliveries milestone reached.

N E W G R O W T H I N I T I AT I V E S

Solid customer growth within Mobile during the quarter.

Strong pipeline of new AllRate partners in H2 2025.

N O R D I C

Significantly reduced consumption YoY, primarily due to mild weather.

Reduction in number of deliveries – seasonally lower demand for spot products.

Financial review Q1 2025

HENNING NORDGULEN (CFO)

Key financials Q1 2025

Net revenue adj. NOK 502m (NOK 550m) and EBIT adj. NOK 174m (NOK 230m). LTM Net revenue adj. NOK 1 744m (NOK 1 749m) and LTM EBIT adj. NOK 513m (NOK 545m).

Abnormally high temperatures resulted in a volume reduction of 9% YoY, and a corresponding 9% reduction in Net revenue adj.

Opex adj. NOK 327m (NOK 320m) and LTM Opex adj. was NOK 1 231m (NOK 1 204m). Stable nominal opex guidance for 2025 reconfirmed.

Net financial cost reduced to NOK 49m from NOK 54m YoY, due to moderate elspot price levels and reduced volumes.

Payments to obtain new contracts was NOK 32m (NOK 40m), LTM NOK 135m.

Market development

Weekly elspot prices (NOK/kWh)¹

Monthly supplier changes in Norway ('000)²

Sources:

1) Weekly system prices in NOK from Nordpool.

2) Number of successful supplier changes in Norway from Elhub.

Consumer segment

Volume sold (TWh)

Net revenue adj. (NOKm)

EBIT adj. (NOKm)

Tusener • Customer growth both in the Fjordkraft and Gudbrandsdal Energi brands in the quarter.

• Volume sold decreased 8% YoY due to higher temperatures reducing average consumption.
• Lower volume driving the YoY decline in EBIT adj.

0%54% 109%63 21872% 32781 436%905459% 654 708%6381772% 92681 1035%90 1144%991253%308 162%417171%526 180%635189%744198%853 1907%622016%712125%80 2234%892343%982452%507 261%616270%725279%834 288%943297% 3052106% 361215%370324%379433% 388542%397651%370660% 381569%392478% 403387%414296%4251305% 460414%469523%478632% 487741%496850%490559% 501468%512377% 523286%534195%5450504% 559613%568722%577831% 586940%595 6049%104 658%213667%322676%431 685%540694%6496703%58 6812%676921%767030%85 7139%947248%303757%412 766%521775%630 784%739793%8487902%57 8011%668120%758229%84 8338%938447%502856%611 865%720874%829 883%938892% 9047101%956210% 965319%974428% 983537%991646%970055% 980964%991873%10027%82 10136%9110245%3001054%409 1063%5181072%6271081%736 1090%8451099%954 11008%6311117%7211226%81 11335%9011444%9911553%608 1162%7171171%8261180%935 1189%2044198%21531207%262 1316%2711425%280 1534%2891643%2981752%2807 161%2916170%3025179%3134 188%3243197%33521406%361 1515%3701624%3791733%388 1842%3971951%4006 160%4115169%4224178%4333 187%4442196%45511605%460 1714%4691823%4781932%487 15041%9615150%2051559%314 1568%4231577%532 1586%6411595%75015804%59 15913%6816022%7716131%86 16240%9516349%4041658%513 1667%6221676%731 1685%8401694%94917003%58 17112%6717221%7617330%85 17439%9417548%6031757%712 1766%8211775%9301784%8039 193%81481202%857 1311%8661420%8751529%884 1638%8931747%8802156%8911 165%9020174%9128183%9237 192%93461401%9551510%964 1619%9731728%982 1837%9911946% 2000055%2010964% 2021873%2032782% 2043691%20545600%2054709% 2063818%2072927%20811036% 2901145%2991254%2308163% 2417172%2526181%2635190% 2744199%28531908% 2622017%2712126%2802235% 2892344%2982453%2507262% 2616271%2725280%2834289% 2943298%23052107%2361216% 2370325%2379434% 2388543%2397652%2370661% 2381570%2392479%2403388% 2414297%24251306%2460415% 2469524%2478633% 2487742%2496851%2490560% 2501469%2512378%2523287% 2534196%25450505%2559614% 2568723%2577832%2586941% 25956050%2104659% 2213668%2322677%2431686% 2540695%26496704%2586813% 2676922%2767031%2857140% 2947249%

• Volume sold LTM decreased by 5% YoY.
• Tusener• Variable contracts represented approximately 4% of the deliveries at quarter-end.

4,0 4,5 5,0 5,5 6,0 6,5 7,0 7,5 8,0 8,5 9,0

Business segment

Last twelve months

• Continued customer growth and 130 thousand deliveries milestone reached in the quarter.
• Average net revenue margin per kWh increased YoY.

-

0%60% 120%8 2399 35% 4197 53%9658 71%7 838995% 1018%7137 19%25317 17%43971556%61 17736%9185916% 175 203%9155 221%733529%45451 27%6349 275%814 273%939 3053%1137233%92 33541%723539%652 3711%783 391%954011%713 490%2531470%439 4550%609 4672%8948490%69 5028%814 5208%632588%447 550%662758%74807 56%9268 604%106 6622%86 6345%40 66525%8 664705% 664828% 6944 700%6124 78%24330 76%4238 754%603 762%728 7842%9076 8022%81 81420%61 8328%4418500%662 880%7480 860%9279 903%9159 921%7339 998%4551 978%639 9758%817 9793%97 10057%11 1077%231096%3510416%7 10536%910656%715 107%835109%955 1101%7511134%9 11254%31 1174%431194%553 1161%731173%93 1185%913117%203219%2152 121%272133%292 1451%251 171%263 191%2751811%270 193%2901305%110137%230 1389%34 13409%6 13529%813649%70 1368%821388%9414008%6 14128%87 1424%307 146%427148%547 14606%6 14726%814846%90 1466%502185%514 1205%561325%58 1445%5504 16%5624 18%5744180%5641923%58 16043%101663%22 1683%342 1640%62 1652%821664%702166%821 168%9411700%61 1712%8117240%30 1760%421780%5417600%59 1771%791783%99 1795%801917%8138 19%8258131%878 143%8981557%861 177%873 197%8851917%876 1903%961915%216 197%3361995%45 19515%7 19635%919755%81 1974%931994% 2005114% 207234%209335% 204137%205339% 20653712%207832%209952% 210172%211319% 2125131%217143% 219155%216107%217309% 2185091%21702029% 282149%220269% 232289%2448250%268262% 288274%280826% 292728%2304710% 236722%2387346% 234066%235286%2364706% 236582%238594% 240056%2412584% 2424304%246424%248544% 246063%247283% 2484903%2465023% 282514%220256%232258% 24425501%265621% 285741%280561% 292580%2604100% 266220%268340%269945% 265197%266399% 26759818%267938% 2697058%211778%223779% 2357741%277753% 297765%271677% 283679%2956801%2768135% 298255%231875% 243895%2554861% 274873%294885% 2914873%290393%2915213% 297333%299452% 295172%296392% 2975812%297193%

Tusener

• 9% reduction in volume sold YoY, due to higher temperatures reducing average consumption.
• Volume sold LTM decreased 7% YoY.

0

1

1

Tusener

Nordic segment

Tusener

150 200 250 • Deliveries development affected by revised product strategy and seasonal demand for spot products.

100 • Positive trend in customer development throughout the quarter.

-

50

( 50)

( 30)

10

30

• 50 • Phase-out of external sales partner following expansion of inhouse sales capacity. Significant reduction in commissions spend not reflected in the P&L.
• ( 10) • 13% volume decrease YoY, primarily due to higher temperatures reducing average consumption.

New Growth Initiatives

Net revenue adj. (NOKm)

Tusener

Last twelve months

• Trend reversal with a growth of approximately 2 thousand Mobile subscribers in the quarter.

• Volume sold decreased by 3% YoY and 4% LTM.

• In addition to reduced volume, net revenue in Alliance was affected by reduced credit compensation due to lower prices.
• EBIT reduction YoY distributed across the various initiatives.

-

100

200

300

400

500

600

700

800

NWC and net cash position

• Significant reduction in NWC YoY driven by lower volumes and reduced elspot prices.
• Improved net cash position QoQ driven by operational cash flow.

1) The trade payables related to the group's power purchase are interest-bearing, but classified as net working capital in the alternative performance measures

Outlook

ROLF BARMEN (CEO)

Outlook

• Norgespris, the proposed addition to the Norwegian power support scheme, is expected to increase electricity consumption by reducing consumers' sensitivity to price fluctuations.
• Insourcing of Power Trading function from May 2025 will enable i.a. intraday trading and improved accuracy on consumption forecasting – to mitigate increased system and balancing costs in the Nordic power market.
• Fjordkraft Företag set to launch in the Swedish B2B market in May 2025. First distribution partner secured, providing significant opportunities within the B2B retail sector.
• Actively pursuing acquisitions increased market opportunities.

Financial targets

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".

• Net revenue growth and EBIT adj. likely below targets for 2025 due to high temperatures and correspondingly low volumes in Q1 2025.
• Opex adj. target reiterated for 2025.
• Guidance extended to also apply to 2026.

Appendix

Adjusted EBIT reconciliation

NOK in thousands	Q12025	Q1 2024	Full year 2024
Revenue adjusted	4 220 044	5 073 307	12 004 254
Direct cost of sales adjusted	(3 718 457)	(4 523 297)	(10 211 545)
Net revenue adjusted	501 587	550 010	1792 709
Personnel and other operating expenses adjusted	(263 016)	(255 303)	(959 943)
Depreciation and amortisation adjusted	(64 413)	(64 888)	(263 753)
Total operating expenses adjusted	(327 429)	(320 191)	(1223 696)
Operating profit adjusted	174 158	229 819	569 013
Other one- off items	(5 136)		(13 278)
Unallocated revised net revenue			(12 615)
Depreciation of acquisitions	(22539)	(30 187)	(114 134)
Estimate deviations			16 136
Unrealised gains and losses on derivatives	(23 265)	(117 213)	(112 232)
Change in provisions for onerous contracts	2882	93 711	92 914
Impairment of intangible assets and cost to obtain contracts	1166	14 269	10 381
Operating profit (EBIT)	127265	190 399	436 181

Profit and Loss account

NOK in thousands	Note	Q1 2025	Q12024	Full year 2024
Revenue	2,3	4 284 770	5 367 283	12 229 493
Direct cost of sales	2	(3 803 567)	(4 840 776)	(10 452 582)
Personnel expenses	2	(135 223)	(124 328)	(466 861)
Other operating expenses	2	(132 931)	(130 974)	(506 363)
Depreciation and amortisation	2,6	(86 952)	(95 076)	(377 887)
Impairment of intangible assets and cost to obtain contracts	2,6	1166	14 269	10 381
Operating profit		127 265	190399	436 181
Gain/loss from the disposal of investments in associates and joint ventures				138 553
Income/loss from investments in associates and joint ventures		(1 266)	(603)	(1 279)
Interest Income		8 476	7 588	34 613
Interest expense lease liability		(1 085)	(375)	(3.706)
Interest expense	9	(51 614)	(57 171)	(156770)
Other financial items, net		(3 869)	(3 146)	(12 605)
Net financial income/ (cost)		(49 358)	(53 707)	(1195)
Profit/ (loss) before tax		77 907	136 692	434 986
Income tax (expense)/income	4	(21787)	(28 642)	(77 607)
Profit/ (loss) for the period		56 120	108 050	357 379
Profit/(loss) for the period attributable to:
Non-controlling interest		184	2608	3 434
Equity holders of Elmera Group ASA		55 836	105 442	353 845
Basic earnings per share (in NOK)	5	0,51	0.97	3,25
Diluted earnings per share (in NOK)	5	0,50	0,95	3.19

Balance sheet

NOK in thousands	Note	31 March 2025	31 March 2024 Restated	31 December 2024
Assets:
Non current assets
Deferred tax assets		38 609	38 031	38 500
Right-of-use assets property, plant and equipment		77 225	55 828	80 267
Property, plant and equipment		5521	4 554	5 913
Goodwill	6	1448 852	1 444 178	1 448 071
Intangible assets	6	347 923	432 167	365 404
Cost to obtain contracts		212 711	270 592	222 531
Investments in associates and joint ventures		22 306	21 380	23 572
Derivative financial instruments and firm commitments	8	541 413	792 301	624 163
Net plan assets of defined benefit pension plans		51 370	40 869	71 501
Other non-current financial assets		52 272	133 300	57 018
Total non-current assets		2798 201	3 233 200	2 936 940
Current assets
Intangible assets		5 158	9782	1219
Inventories		15 820	132	16 537
Trade receivables	7, 11	1976 024	2 881732	2 338 616
Derivative financial instruments and firm commitments	8	525 232	574 520	535 527
Other current assets		33 893	104 550	રુરે 813
Cash and cash equivalents		311 556	114 348	143 974
Total current assets		2 867 683	3 685 064	3 089 687
Total assets		5 665 884	6 918 264	6026626
Equity and liabilities:
Equity
Share capital		32751	32 690	32 735
Share premium		993 294	993 294	993 294
Other equity		512 302	461 243	470 291
Non-controlling interests		124 794	123784	124 610
Total equity		1663141	1611 011	1620929

Balance sheet

NOK in thousands	Note	31 March 2025	31 March 2024 Restated	31 December 2024
Non-current liabilities
Net employee defined benefit plan liabilities		88 706	67 232	81 479
Long term interest-bearing debt	9	719 023	514 508	739 687
Deferred tax liabilitites		59726	74 993	69889
Lease liability - long term		61978	39 963	63 993
Derivative financial instruments and firm commitments	8	572 723	819 009	643 520
Onerous contract provisions				1297
Other provisions for liabilities		17 359	122 647	17 898
Total non-current liabilites		1519 514	1638352	1617765
Current liabilities
Trade and other payables	11	1145 227	1903 071	1629699
Overdraft facilities	9	258 494	411 728	117 381
Short term interest-bearing debt	9	85 000	368 700	85 000
Current income tax liabilities		34 141	79 669	91 417
Derivative financial instruments and firm commitments	8	559 500	594 164	560 051
Social security and other taxes		173 308	130 646	104 441
Lease liability - short term		19 951	18 996	20 647
Onerous contract provisions			922	1538
Other current liabilities	10	207 608	161 004	177 758
Total current liabilities		2483229	1903071	2787933
Total liabilities		4 002 743	5 272 416	4 405 697
Total equity and liabilities		5665884	6 918 264	6 026 626

Cash flow

NOK in thousands	Note	Q1 2025	Q12024	Full year 2024
Operating activities
Profit/(loss) before tax		77 907	136 692	434 986
Adjustments for:
Depreciation	6	36 285	41 559	161 684
Depreciation right-of-use assets		4 912	4 631	18 630
Amortisation of cost to obtain contracts		45 755	48 885	197 573
Impairment of intangible assets and cost to obtain contracts	6	(1 166)	(14 223)	(10 381)
Interest Income		(8 476)	(7588)	(34 613)
Interest expense lease liability		1085	375	3 706
Interest expense		51 614	57 171	156 770
Gain/loss from the disposal of investments in associates and joint ventures				(138 553)
Income/loss from investments in associates and joint ventures		1266	દર્ભરે	1279
Share-based payment expense		678	483	2502
Change in post-employment liabilities		544	525	(14 084)
Payments to obtain a contract		(32 464)	(39 643)	(142 488)
Changes in working capital (non-cash effect):
Impairment loss recognised in trade receivables	7	(୧ ୦୧୨)	6 388	14 815
Provision for onerous contracts		(2 882)	(93 711)	(92 914)
Change in fair value of derivative financial instruments	8	24 510	117 213	112 050
Changes in working capital:
Inventories		717	239	(16 166)
Trade receivables	7	373798	1 101 919	1638 483
Purchase of el-certificates, GoOs and Climate Quotas		(10 275)	(67 767)	(114 584)
Non-cash effect from cancelling el-certificates, GoOs and Climate Quotas		6 337	61 839	117 219
Other current assets		20 052	(91720)	(41521)
Trade and other payables		(489 930)	(1 613 792)	(1 885 636)
Other current liabilities	10	97 406	(139 072)	(147 733)
Cash generated from operations		191603	(488991)	221023
Interest pald		(49 523)	(65 349)	(178 009)
Interest received		8 476	7588	34 613
Income tax paid	4	(83 538)	(41 436)	(82 237)
Net cash from operating activities		67 018	(588 188)	(2 610)

Cash flow

NOK in thousands	Note	Q1 2025	Q12024	Full year 2024
Investing activities
Purchase of property, plant and equipment			(85)	(3 596)
Purchase of intangible assets	6	(20 153)	(15 124)	(64 823)
Net cash inflow from sale of shares in associates				160 000
Net cash outflow on investments in associates			(500)	(24 908)
Net (outflow)/proceeds from other non-current assets		4746	365	(26 703)
Net (outflow)/proceeds from other non-current liabilities		(931)	(10 575)	(11 637)
Net cash from investing activities		(16 338)	(25 919)	28 333
Financing activities
Proceeds from overdraft facilities	9	141 113	411 728	117 381
Repayment of revolving credit facility	9			(275 000)
Dividends paid				(250 623)
Sale of treasury shares		928	5 752	8 199
Proceeds from long term interest-bearing debt				850 000
Instalments of interest-bearing debt	9	(21 250)	(23 425)	(68 100)
Repayment of long term interest-bearing debt				(585 625)
Payment of lease liability		(4 713)	(4 755)	(17 489)
Net cash from financing activities		116 078	389 300	(221 258)
Net change in cash and cash equivalents		166 758	(224 807)	(195 535)
Cash and cash equivalents at start of period		143 974	558 746	358 146
Effects of exchange rate changes on cash and cash equivalents		823	409	763
Cash and cash equivalents at end of period		311 556	114 348	143974

• Rolf Barmen (CEO)

• Henning Nordgulen (CFO)

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 objectives, 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.