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IP - Elmera Group ASA: Q2 resultater – Sterk kundevekst i alle segmenter - Attachment: Quarterly Presentation Q2 2025.pdf

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# Quarterly presentation Q2 2025

**ROLF BARMEN (CEO) HENNING NORDGULEN (CFO)**

![](_page_0_Picture_3.jpeg)

# Highlights Q2 2025

**ROLF BARMEN (CEO)**

![](_page_1_Picture_3.jpeg)

### **GROUP**

**The growth trend continued across all segments and accelerated in the second quarter.**

**The insourced power trading function became fully operational – consumption forecast accuracy improved.**

**Dividend of NOK 3 per share distributed in May.**

### **CONSUMER**

**Highest quarterly organic growth recorded since Q4 '22.**

**Increase in EBIT adj. YoY driven by increased net revenue margin per kWh.**

### **BUSINESS**

**Fifth consecutive quarter of organic growth in the segment.**

**Stable net revenue margin per kWh YoY.**

### **NEW GROWTH INITIATIVES**

**Continued customer growth within Mobile.**

**Strong pipeline of new AllRate partners in H2 2025, estimated to approx. 20k deliveries.**

### **NORDIC**

**Strong underlying growth in B2C spot contract portfolio.** 

**"Fjordkraft Företag" successfully launched in Sweden, new cooperation agreements provide basis for accelerated B2B growth.** 

**Losses from bankruptcies and contract terminations related to SMEs in Sweden.**

![](_page_2_Picture_18.jpeg)

# Financial review Q2 2025

**HENNING NORDGULEN (CFO)**

![](_page_3_Picture_3.jpeg)

## Key financials Q2 2025

Net revenue adj. NOK 370m (NOK 389m) and EBIT adj. NOK 93m (NOK 106m). LTM Net revenue adj. NOK 1 725m (NOK 1 762m) and LTM EBIT adj. NOK 500m (NOK 546m).

Opex adj. NOK 277m (NOK 282m) and LTM Opex adj. NOK 1 225m (NOK 1 216m).

Payments to obtain new contracts NOK 39m (NOK 37m), LTM NOK 137m.

Strong credit metrics on group level but increase in credit and hedging losses related to SME Horeca in Sweden.

Reported NWC increased due to new financing structure and sourcing model. Underlying leverage unchanged.

![](_page_4_Picture_7.jpeg)

### Market development

### **Weekly elspot prices (NOK/kWh)1**

![](_page_5_Figure_3.jpeg)

### **Monthly supplier changes in Norway ('000)2**

![](_page_5_Figure_5.jpeg)

#### Sources:

1) Weekly system prices in NOK from Nordpool.

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

### Consumer segment

![](_page_6_Figure_2.jpeg)

**Volume sold (TWh)**

![](_page_6_Figure_4.jpeg)

**Net revenue adj. (NOKm)**

![](_page_6_Figure_6.jpeg)

**EBIT adj. (NOKm)**

![](_page_6_Figure_8.jpeg)

#### 600 700 800 900 • Strong customer growth in the quarter, distributed across the Fjordkraft and Gudbrandsdal Energi brands.

• Successful increase in net revenue margin per kWh YoY, driving the EBIT adj. growth.

6976% 703085%713994%7248303% 757412%766521%775630% 784739%793848%790257% 801166%812075%8229 0%54% 109%6321872% 32781 436%905459% 654 708%6381772%92681 1035%90 1144%99 1253%308162%417171%526 180%635189%744198%853 1907%622016%712125%80 2234%892343%982452%507 261%616270%725 279%834288%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% 8284%338 893%4478502%56 8611%658720%748829%83 8938%929047%101 956%210965%319974%428 983%537991%6469700%55 9809%649918%7310027%82 10136%9110245%3001054%409 1063%5181072%627 1081%7361090%8451099%954 11008%6311117%7211226%81 11335%9011444%9911553%608 1162%7171171%8261180%935 1189%2044198%2153 1207%2621316%2711425%280 1534%2891643%2981752%2807 161%2916170%3025179%3134 188%3243197%3352 1406%3611515%3701624%379 1733%3881842%3971951%4006 160%4115169%4224178%4333 187%4442196%45511605%460 1714%4691823%478 1932%48715041%9615150%205 1559%3141568%4231577%532 1586%6411595%75015804%59 15913%6816022%7716131%86 16240%9516349%404 1658%5131667%6221676%731 1685%8401694%94917003%58 17112%6717221%7617330%85 17439%9417548%6031757%712 1766%8211775%930 1784%8039193%81481202%857 1311%8661420%8751529%884 1638%8931747%8802156%8911 165%9020174%9128 183%9237192%93461401%955 1510%9641619%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 4% YoY, primarily due to reduced average consumption.
- 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

![](_page_6_Picture_14.jpeg)

## Business segment

![](_page_7_Figure_2.jpeg)

![](_page_7_Figure_3.jpeg)

- Robust track record of organic growth continues.
- Solid financial results in the quarter – underlying performance in line with last year.

-

- 9% reduction in average consumption per delivery, primarily driven by temperature and phaseout of low-margin tender customers.
- Average net revenue margin per kWh was stable YoY.

![](_page_7_Picture_9.jpeg)

1

0

## Nordic segment

![](_page_8_Figure_2.jpeg)

![](_page_8_Figure_3.jpeg)

-25

Last twelve months

-15

-5

5

15

25

#### 200 250 • Growth in B2C spot contract portfolio in the quarter.

- 150 • Positive trend continued into Q3.
- 100 • Significant change in product portfolio continues – YoY growth of 13 thousand.
	- 7% volume decrease YoY, primarily due to reduced average consumption.

-

50

( 50)

( 30)

10

30

50

 ( 10) • Credit and hedging losses from bankruptcies and contract terminations in the Swedish B2B market of NOK 25m in the quarter– additional information on page 10.

## Credit risk development

![](_page_9_Figure_2.jpeg)

Invoice settlement B2B after 30 days

![](_page_9_Figure_4.jpeg)

- Generally, the Group's credit losses are moderate, with a stable trend, and payment behaviour across all segments and markets is very strong.
- A retro analysis of the customer portfolio per Q2 2025 documents that the basis for credit evaluation and granting is sound, and that we select and reject new B2C and B2B customers as intended.
- However, we experience a weakening trend in behaviour and creditworthiness in a sub-segment of SMEs in Sweden, primarily within the Horeca sector.
- Generally, the bankruptcy trend in Sweden has been increasing in 2025.
- Credit and hedging losses were NOK 25m in the Nordic segment this quarter.

### New Growth Initiatives

![](_page_10_Figure_2.jpeg)

**Net revenue adj. (NOKm)**

![](_page_10_Figure_4.jpeg)

Last twelve months

![](_page_10_Figure_6.jpeg)

 Mobile subscribers and increase in ARPU.

• Volume sold in Alliance increased 9% YoY, LTM volume stable.

• Continued growth in number of

- Strong pipeline of new AllRate partners in H2 2025, contracted meters amounts to 21 thousands.
- EBIT reduction YoY distributed across the various initiatives.

-

100

200

300

400

500

600

700

## NWC and net cash position

![](_page_11_Figure_2.jpeg)

- Reported NWC increased as interest-bearing supplier credit, previously classified under NWC, was replaced by bank facilities. The underlying leverage remains unchanged.
- Net cash position reduced from change in NWC and dividend distribution.

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)**

![](_page_12_Picture_3.jpeg)

### Outlook

- Norgespris, the addition to the Norwegian power support scheme, has been approved by the Norwegian Parliament ("Stortinget"). This is expected to increase electricity consumption by reducing consumers' sensitivity to price fluctuations.
- As of May 2025, the Group has insourced the Power Trading function. Posttransition, operations have been stable, with notable improvements in consumption forecasting accuracy.
- Fjordkraft Företag successfully launched in May 2025. First distribution partner secured, providing significant opportunities within the B2B retail sector, but also in the B2C segment – where we plan to launch Fjordkraft as the main brand from late this year.
- Actively pursuing acquisitions increased market opportunities across Norway, Sweden and Finland.

![](_page_13_Picture_6.jpeg)

### Financial targets 2025-2026

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

#### **Q2 2025 update:**

Net revenue growth and EBIT adj. likely below targets for 2025 due to reduced volumes due to high temperatures in H1 2025 and increased credit risk in SME Sweden.

![](_page_14_Picture_5.jpeg)

![](_page_15_Picture_0.jpeg)

![](_page_15_Picture_1.jpeg)

![](_page_15_Picture_2.jpeg)

# Appendix

![](_page_16_Picture_2.jpeg)

## Adjusted EBIT reconciliation

| NOK in thousands                                             | Q2 2025     | Q22024      | Full year 2024 |
|--------------------------------------------------------------|-------------|-------------|----------------|
| Revenue adjusted                                             | 2 182 091   | 2 232 391   | 12 004 254     |
| Direct cost of sales adjusted                                | (1 812 401) | (1 843 789) | (10 211 545)   |
| Net revenue adjusted                                         | 369 690     | 388 602     | 1792709        |
|                                                              |             |             |                |
| Personnel and other operating expenses adjusted              | (213 305)   | (218 833)   | (959 943)      |
| Depreciation and amortisation adjusted                       | (63 404)    | (63 347)    | (263 753)      |
| Total operating expenses adjusted                            | (276 709)   | (282 181)   | (1223 696)     |
|                                                              |             |             |                |
| Operating profit adjusted                                    | 92 981      | 106 422     | 569 013        |
|                                                              |             |             |                |
| Other one- off items                                         | (10 710)    | (3 236)     | (13 278)       |
| Unallocated revised net revenue                              |             |             | (12 615)       |
| Depreciation of acquisitions                                 | (22 665)    | (30 234)    | (114 134)      |
| Estimate deviations                                          |             | 1049        | 16 136         |
| Unrealised gains and losses on derivatives                   | 24 631      | 16 370      | (112 232)      |
| Change in provisions for onerous contracts                   | (9 744)     | (3777)      | 92 914         |
| lmpairment of intangible assets and cost to obtain contracts | 1297        | (5 709)     | 10 381         |
| Operating profit (EBIT)                                      | 75 790      | 80 885      | 436 181        |

### Profit and Loss account

| NOK in thousands                                                            | Note | Q1 2025     | Q2 2025     | Q2 2024     | YTD 2025    |             | YTD 2024 Full year 2024 |
|-----------------------------------------------------------------------------|------|-------------|-------------|-------------|-------------|-------------|-------------------------|
|                                                                             |      |             |             |             |             |             |                         |
|                                                                             |      |             |             |             |             |             |                         |
| Revenue                                                                     | 2,3  | 4 284 770   | 2 061 160   | 2 113 859   | 6 345 931   | 7 481 142   | 12 229 493              |
| Direct cost of sales                                                        | 2    | (3 803 567) | (1 676 584) | (1 711 615) | (5 480 151) | (6 552 390) | (10 452 582)            |
| Personnel expenses                                                          | 2    | (135 223)   | (93 639)    | (89 418)    | (228 862)   | (213 746)   | (466 861)               |
| Other operating expenses                                                    | 2    | (132 931)   | (130 375)   | (132 652)   | (263 305)   | (263 625)   | (506 363)               |
| Depreciation and amortisation                                               | 2,6  | (86 952)    | (86 069)    | (93 581)    | (173 021)   | (188 657)   | (3/7 887)               |
| Impairment of intangible assets and cost to obtain contracts                | 2,6  | 1166        | 1297        | (5 709)     | 2 463       | 8 560       | 10 381                  |
| Operating profit                                                            |      | 127 265     | 75790       | 80 885      | 203 055     | 271284      | 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)     | 42          | 779         | (1224)      | 176         | (1279)                  |
| Interest income                                                             |      | 8 476       | 8 833       | 9839        | 17 309      | 17 428      | 34 613                  |
| Interest expense lease liability                                            |      | (1 085)     | (1 021)     | (1 028)     | (2 106)     | (1 402)     | (3 706)                 |
| Interest expense                                                            | 9    | (51 614)    | (38 962)    | (34 600)    | (90 576)    | (91771)     | (156 770)               |
| Other financial items, net                                                  |      | (ર 869)     | (3 218)     | (2 781)     | (7 087)     | (5 927)     | (12 605)                |
| Net financial income/(cost)                                                 |      | (49 358)    | (34 326)    | (27791)     | (83 684)    | (81 498)    | (1 195)                 |
|                                                                             |      |             |             |             |             |             |                         |
| Profit/ (loss) before tax                                                   |      | 77907       | 41464       | 53 094      | 119 371     | 189 786     | 434 986                 |
|                                                                             |      |             |             |             |             |             |                         |
| Income tax (expense)/income                                                 | রা   | (21787)     | (14 181)    | (15 647)    | (35 967)    | (44 289)    | (77607)                 |
| Profit/ (loss) for the period                                               |      | 56120       | 27 283      | 37 447      | 83 403      | 145 497     | 357 379                 |
|                                                                             |      |             |             |             |             |             |                         |
| Profit/(loss) for the period attributable to:                               |      |             |             |             |             |             |                         |
| Non-controlling interest                                                    |      | 184         | 201         | 300         | 385         | 2 908       | 3 434                   |
| Equity holders of Elmera Group ASA                                          |      | 55 936      | 27 082      | 37 147      | 83 018      | 142 589     | 353 945                 |
|                                                                             |      |             |             |             |             |             |                         |
| Basic earnings per share (in NOK)                                           | 5    | 0,51        | 0,25        | 0,34        | 0,76        | 1,31        | 3,25                    |
| Diluted earnings per share (in NOK)                                         | 5    | 0,50        | 0,24        | 0.55        | 0.75        | 1.29        | 3.19                    |

### Balance sheet

| NOK in thousands                                      | Note  | 31 March<br>2025 | 30 June<br>2025 | 30 June<br>2024<br>Restated | 31 December<br>2024 |
|-------------------------------------------------------|-------|------------------|-----------------|-----------------------------|---------------------|
| Assets:                                               |       |                  |                 |                             |                     |
| Non current assets                                    |       |                  |                 |                             |                     |
| Deferred tax assets                                   |       | 38 609           | 39 329          | 37 411                      | 38 500              |
| Right-of-use assets property, plant and equipment     |       | 77 225           | 82 199          | 77 473                      | 80 267              |
| Property, plant and equipment                         |       | 5 521            | 7 171           | 4 459                       | ર વાર્ચ             |
| Goodwill                                              | 6     | 1 448 852        | 1 454 915       | 1438 984                    | 1 448 071           |
| Intangible assets                                     | 6     | 347 923          | 336 008         | 409 591                     | 365 404             |
| Cost to obtain contracts                              |       | 212 711          | 209 145         | 253 577                     | 222 531             |
| Investments in associates and joint ventures          |       | 22 306           | 22348           | 24 239                      | 23 572              |
| Derivative financial instruments and firm commitments | 8     | 541 413          | 537 922         | 768 575                     | 624 163             |
| Net plan assets of defined benefit pension plans      |       | 51 370           | 29 836          | 67 842                      | 71 501              |
| Other non-current financial assets                    |       | 52 272           | 49 340          | 132 113                     | 57 018              |
| Total non-current assets                              |       | 2 798 201        | 2 768 212       | 3 214 265                   | 2 936 940           |
|                                                       |       |                  |                 |                             |                     |
| Current assets                                        |       |                  |                 |                             |                     |
| Intangible assets                                     |       | 5 158            | 1173            | 10 317                      | 1 219               |
| Inventories                                           |       | 15 820           | 15 466          | 108                         | 16 537              |
| Trade receivables                                     | 7, 11 | 1976 024         | 1348 087        | 1172 318                    | 2 338 616           |
| Derivative financial instruments and firm commitments | 8     | 525 232          | 433 826         | 510 680                     | 535 527             |
| Other current assets                                  |       | 33 893           | 80 171          | 65 094                      | 53 813              |
| Cash and cash equivalents                             |       | 311 556          | 451 704         | 159 096                     | 143 974             |
| Total current assets                                  |       | 2 867 683        | 2 330 427       | 1 917 615                   | 3 089 687           |
|                                                       |       |                  |                 |                             |                     |
| Total assets                                          |       | 5 665 884        | 5 098 639       | 5 131 881                   | 6026 626            |
|                                                       |       |                  |                 |                             |                     |
| Equity and liabilities:                               |       |                  |                 |                             |                     |
|                                                       |       |                  |                 |                             |                     |
| Equity                                                |       |                  |                 |                             |                     |
| Share capital                                         |       | 32 751           | 32 760          | 32 712                      | 32 735              |
| Share premium                                         |       | 993 294          | 993 294         | 993 294                     | 993 294             |
| Other equity                                          |       | 512 302          | 202 352         | 243 457                     | 470 291             |
| Non-controlling interests                             |       | 124 794          | 124 995         | 124 084                     | 124 610             |
| Total equity                                          |       | 1663 141         | 1353 401        | 1393 547                    | 1620 929            |

![](_page_19_Picture_4.jpeg)

### Balance sheet

| NOK in thousands                                      | Note | 31 March<br>2025 | 30 June<br>2025 | 30 June<br>2024<br>Restated | 31 December<br>2024 |
|-------------------------------------------------------|------|------------------|-----------------|-----------------------------|---------------------|
| Non-current liabilities                               |      |                  |                 |                             |                     |
| Net employee defined benefit plan liabilities         |      | 88 706           | 94 230          | 67 496                      | 81 479              |
| Long term interest-bearing debt                       | 9    | 719 023          | 698 195         |                             | 739 687             |
| Deferred tax liabilitites                             |      | 59726            | 55 015          | 71 776                      | 69 891              |
| Lease liability - long term                           |      | 61 978           | 66 414          | 61 823                      | 63 993              |
| Derivative financial instruments and firm commitments | 8    | 572 723          | 567 870         | 795 453                     | 643 520             |
| Onerous contract provisions                           |      |                  | 8 052           | 2 603                       | 1297                |
| Other provisions for liabilities                      |      | 17 359           | 17 560          | 121 535                     | 17 898              |
| Total non-current liabilites                          |      | 1 519 514        | 1508 235        | 1120 686                    | 1617 765            |
| Current liabilities                                   |      |                  |                 |                             |                     |
| Trade and other payables                              | 11   | 1145 227         | 498 612         | 77 577                      | 1629 699            |
| Overdraft facilities                                  | 9    | 258 494          | 869 339         | 163 593                     | 117 381             |
| Short term interest-bearing debt                      | இ    | 85 000           | 85 000          | 859 771                     | 85 000              |
| Current income tax liabilities                        |      | 34 141           | 46 851          | 76 125                      | 91 417              |
| Derivative financial instruments and firm commitments | 8    | 559 500          | 444 118         | રીકે રહ્ય                   | 560 051             |
| Social security and other taxes                       |      | 173 308          | 50 581          | 73612                       | 104 441             |
| Lease liability - short term                          |      | ಿರುವುದು ಕಾರ್ಮ    | 20 665          | 19 062                      | 20 647              |
| Onerous contract provisions                           |      |                  | 1727            | 608                         | 1 238               |
| Other current liabilities                             | 10   | 207 608          | 220 109         | 130 940                     | 177 758             |
| Total current liabilities                             |      | 2 483 229        | 2 237 002       | 2 617 648                   | 2 787 933           |
|                                                       |      |                  |                 |                             |                     |
| Total liabilities                                     |      | 4 002 743        | 3745 237        | 3738334                     | 4 405 697           |
|                                                       |      |                  |                 |                             |                     |
| Total equity and liabilities                          |      | 5 665 884        | 5 098 639       | 5 131 881                   | 6026626             |

### Cash flow

| NOK in thousands                                                            | Note | Q1 2025   | Q2 2025   | Q22024      | YTD 2025    |             | YTD 2024 Full year 2024 |
|-----------------------------------------------------------------------------|------|-----------|-----------|-------------|-------------|-------------|-------------------------|
|                                                                             |      |           |           |             |             |             |                         |
| Operating activities                                                        |      |           |           |             |             |             |                         |
| Profit/(loss) before tax                                                    |      | 77 907    | 41 464    | 53 094      | 119 371     | 189 786     | 434 986                 |
|                                                                             |      |           |           |             |             |             |                         |
| Adjustments for:                                                            |      |           |           |             |             |             |                         |
| Depreciation                                                                | 6    | 36 285    | 36 553    | 42 272      | 72838       | 83 831      | 161 684                 |
| Depreciation right-of-use assets                                            |      | 4 912     | 4924      | 4 455       | ે જેટરિ     | 9 086       | 18 630                  |
| Amortisation of cost to obtain contracts                                    |      | 45 755    | 44 593    | 46 855      | 90 348      | 95 740      | 197 573                 |
| lmpairment of intangible assets and cost to obtain contracts                | 6    | (1 166)   | (1 297)   | 5 663       | (2 463)     | (8 560)     | (10 381)                |
| Interest income                                                             |      | (8 476)   | (8 833)   | (g 839)     | (17 309)    | (17 428)    | (34 613)                |
| Interest expense lease liability                                            |      | 1 085     | 1021      | 1028        | 2 106       | 1 402       | 3 706                   |
| Interest expense                                                            |      | 51 614    | 38 962    | 34 600      | 90 576      | 91771       | 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               |      | 1 266     | (42)      | (779)       | 1224        | (176)       | 1279                    |
|                                                                             |      |           |           |             |             |             |                         |
| Share-based payment expense                                                 |      | 678       | 760       | 682         | 1 438       | 1 165       | 2 502                   |
| Change in post-employment liabilities                                       |      | 544       | 555       | (19 987)    | 1099        | (19 463)    | (14 084)                |
| Payments to obtain a contract                                               |      | (32 464)  | (38 696)  | (37 108)    | (71 161)    | (76 751)    | (142 488)               |
|                                                                             |      |           |           |             |             |             |                         |
| Changes in working capital (non-cash effect):                               |      |           |           |             |             |             |                         |
| Impairment loss recognised in trade receivables                             | 7    | (e oea)   | 2 428     | 14 957      | (3 640)     | 21 346      | 14 815                  |
| Provision for onerous contracts                                             |      | (2 882)   | 9744      | 3777        | 6 862       | (89 934)    | (92 914)                |
| Change in fair value of derivative financial instruments                    | 8    | 24 510    | (25 875)  | (16 370)    | (1 365)     | 100 844     | 112 050                 |
|                                                                             |      |           |           |             |             |             |                         |
| Changes in working capital:                                                 |      |           |           |             |             |             |                         |
| Inventories                                                                 |      | 717       | રેકિર્    | 23          | 1071        | 262         | (16 166)                |
| Trade receivables                                                           | 7    | 373 798   | 627 865   | 1 692 131   | 1001663     | 2 794 050   | 1638 483                |
| Purchase of el-certificates, GoOs and Climate Quotas                        |      | (10 275)  | (3 891)   | (38 296)    | (14 166)    | (106 063)   | (114 584)               |
| Non-cash effect from cancelling el-certificates, GoOs and Climate Quotas    |      | 6 337     | 7 876     | 37 761      | 14 213      | 99 600      | 117 219                 |
| Other current assets                                                        |      | 20 052    | (46 242)  | 38 549      | (26 190)    | (53 171)    | (41 521)                |
| Trade and other payables                                                    |      | (489 930) | (637 257) | (1 116 582) | (1 127 187) | (2 730 374) | (1 885 636)             |
| Other current liabilities                                                   | 10   | 97 406    | (111 766) | (89 138)    | (14 360)    | (228 210)   | (147 733)               |
| Cash generated from operations                                              |      | 191603    | (56 802)  | 647 747     | 134 801     | 158 755     | 221 023                 |
| Interest paid                                                               |      | (49 523)  | (50 487)  | (40 528)    | (100 010)   | (105 877)   | (176 009)               |
| Interest received                                                           |      | 8 476     | 8 833     | ට 839       | 17 309      | 17 428      | 34 613                  |
| Income tax paid                                                             | 4    | (83 538)  | (12)      | (23 112)    | (83 551)    | (64 548)    | (82 237)                |
| Net cash from operating activities                                          |      | 67 018    | (98 468)  | 593 946     | (31 450)    | 5758        | (2 610)                 |

### Cash flow

| NOK in thousands                                              | Note | Q12025   | Q2 2025   | Q2 2024   | YTD 2025  |           | YTD 2024 Full year 2024 |
|---------------------------------------------------------------|------|----------|-----------|-----------|-----------|-----------|-------------------------|
|                                                               |      |          |           |           |           |           |                         |
| Investing activities                                          |      |          |           |           |           |           |                         |
| Purchase of property, plant and equipment                     |      |          | (2 057)   | (୧୦୨)     | (2 057)   | (694)     | (રે કેટલા               |
| Purchase of intangible assets                                 | 6    | (20 153) | (21 264)  | (21 725)  | (41 417)  | (36 849)  | (64 823)                |
| Net cash inflow from sale of shares in associates             |      |          |           |           |           |           | 160 000                 |
| Net cash outflow on investments in associates                 |      |          | -         | (2 000)   | -         | (2 500)   | (24 908)                |
| Net (outflow)/proceeds from other non-current assets          |      | 4 746    | 2 932     | 1 187     | 7 679     | 1 552     | (26 703)                |
| Net (outflow)/proceeds from other non-current liabilities     |      | (931)    | 33        | 473       | (898)     | (10 102)  | (11 637)                |
| Net cash from investing activities                            |      | (16 338) | (20 356)  | (22673)   | (36693)   | (48 592)  | 28 335                  |
|                                                               |      |          |           |           |           |           |                         |
| Financing activities                                          |      |          |           |           |           |           |                         |
| Proceeds from overdraft facilities                            | 9    | 141 113  | 610 844   | (248 135) | 751 958   | 163 593   | 117 381                 |
| Repayment of revolving credit facility                        | 9    | -        |           |           |           |           | (275 000)               |
| Dividends paid                                                |      |          | (327 510) | (250 623) | (327 510) | (250 623) | (250 623)               |
| Sale of treasury shares                                       |      | 928      | 674       | 1247      | 1602      | 6 999     | 8 199                   |
| Proceeds from long term interest-bearing debt                 |      |          |           |           |           |           | 850 000                 |
| Instalments of interest-bearing debt                          | ರಿ   | (21 250) | (21 250)  | (23 425)  | (42 500)  | (46 850)  | (68 100)                |
| Repayment of long term interest-bearing debt                  |      |          |           |           |           |           | (585 625)               |
| Payment of lease liability                                    |      | (4 713)  | (4 309)   | (4 226)   | (9 022)   | (8 981)   | (17 489)                |
| Net cash from financing activities                            |      | 116 078  | 258 450   | (525 162) | 374 528   | (135 862) | (221 258)               |
|                                                               |      |          |           |           |           |           |                         |
| Net change in cash and cash equivalents                       |      | 166 758  | 139 627   | 46 111    | 306 385   | (178 697) | (195 535)               |
|                                                               |      |          |           |           |           |           |                         |
| Cash and cash equivalents at start of period                  |      | 143 974  | 311 556   | 114 347   | 143 974   | 338 746   | 338 746                 |
| Effects of exchange rate changes on cash and cash equivalents |      | 823      | 522       | (1 362)   | 1345      | (053)     | 763                     |
| Cash and cash equivalents at end of period                    |      | 311 556  | 451704    | 159 096   | 451704    | 159 096   | 143 974                 |

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• 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.

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