Elmera Group ASA

Investor Presentation • Aug 21, 2025

Quarterly presentation Q2 2025

ROLF BARMEN (CEO) HENNING NORDGULEN (CFO)

Highlights Q2 2025

ROLF BARMEN (CEO)

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.

Financial review Q2 2025

HENNING NORDGULEN (CFO)

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.

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)

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

Business segment

• 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.

1

0

Nordic segment

-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

Invoice settlement B2B after 30 days

• 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

Net revenue adj. (NOKm)

Last twelve months

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

• 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)

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.

Financial targets 2025-2026

P&L	 Net revenue growth in all segments.  Stable nominal opex adj., in line with 2024.  EBIT adj. in the area of NOK 550-600m 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".

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.

Appendix

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 2025	30 June 2025	30 June 2024 Restated	31 December 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

Balance sheet

NOK in thousands	Note	31 March 2025	30 June 2025	30 June 2024 Restated	31 December 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

• 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.