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10-Q - Elmera Group ASA: Q2 results – Strong customer growth across all segments - Attachment: Quarterly Report Q2 2025.pdf

Company: Elmera Group ASA Date: 2025-08-21 Language: English Register to download
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**Report Q2 2025 1**

Q2 2025 Quarterly report

![](_page_1_Picture_2.jpeg)

## Q2 Highlights

- 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. of NOK 1 225m (NOK 1 216m). Stable nominal opex guidance for 2025 reconfirmed.
- Payments to obtain new contracts was NOK 39m (NOK 37m), LTM NOK 137m.
- Strong credit metrics on Group level, but credit and hedging losses in the Nordic segment increased due weakening SME Horeca customers in Sweden.
- Reported NWC increased due to new financing structure and sourcing model. Underlying leverage unchanged.

| Key figures Q2 | NOK in thousands                                             | Q2 2025     | Q2 2024     | 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     | 1 792 709      |
|                |                                                              |             |             |                |
|                | 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)   | (1 223 696)    |
|                |                                                              |             |             |                |
|                | 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                                          | -           | 1 049       | 16 136         |
|                | Unrealised gains and losses on derivatives                   | 24 631      | 16 370      | (112 232)      |
|                | Change in provisions for onerous contracts                   | (9 744)     | (3 777)     | 92 914         |
|                | Impairment of intangible assets and cost to obtain contracts | 1 297       | (5 709)     | 10 381         |
|                | Operating profit (EBIT)                                      | 75 790      | 80 885      | 436 181        |

# Strong customer growth across all segments

In the second quarter of 2025, net revenue adj. was NOK 370m and EBIT adj. was NOK 93m, compared to NOK 389m and NOK 106m, respectively, in Q2 2024. Volume sold decreased by 3% YoY, partly driven by temperature and reduced volume from low margin tender customers within the Business segment as well as phase-out of legacy fixed price contracts in the Nordic segments.

The customer growth in the quarter was strong. Building on the strong momentum from the first quarter, the Consumer segment delivered its strongest quarterly organic growth since Q4 2022, adding 6 thousand deliveries in the period. In the Business segment, the solid track record of organic growth continued, marking the fifth consecutive quarter of customer growth, with an increase of approximately 1,300 deliveries. Within Mobile, the growth also continued from last quarter, reaching 114 thousand subscribers at quarter-end.

The Nordic segment recorded underlying growth in B2C spot contracts. With a revised product portfolio aimed at capturing B2C spot customers, the spot portfolio achieved YoY growth of 13 thousand deliveries in Finland, marking uninterrupted monthly growth in the portfolio since January 2022, currently constituting approximately 60 thousand deliveries.

From May 2025, the Group's in-house Power Trading function became fully operational. Among its new responsibilities is daily volume forecasting, where accuracy directly impacts balancing costs. Since insourcing, forecasting accuracy has improved significantly, contributing to more efficient operations.

The dividend of NOK 3.00 per share was distributed on 12 May 2025.

### **Consumer**

Volume sold was 1,552 GWh, in line with Q2 2024. The number of electricity deliveries in the Consumer segment increased by six thousand in the quarter, and the market churn remained at a historically low level.

Net revenue adj. amounted to NOK 186m (NOK 175m), opex adj. amounted to NOK 127m (NOK 125m) and EBIT adj. amounted to NOK 59m (NOK 50m).

### **Business**

At the end of the quarter, the Business segment comprised 132 thousand electricity deliveries, an increase of thousand deliveries from last quarter. The volume sold in the quarter was 1,404 GWh, a decrease of 6% compared to Q2 2024, driven by temperature and phase-out of low margin tender customers.

Net revenue adj. amounted to NOK 115m (NOK 123m), opex adj. amounted to NOK 62m (NOK 61m) and EBIT adj. amounted to NOK 53m (NOK 62m).

### **Nordic**

The Nordic segment's customer portfolio saw an underlying growth in the quarter, while the legacy fixed price phase-out continued. Volume sold was 333 GWh in the quarter, a decrease of 7 % from Q2 2024, primarily driven by the phase-out of legacy fixed price contracts.

Net revenue adj. amounted to NOK 35m (NOK 51m), opex adj. to NOK 58m (NOK 66m) and EBIT adj. amounted to NOK -23m (NOK -15m).

### **New Growth Initiatives**

At the end of the quarter, the number of mobile subscribers was 114 thousand, while number of deliveries in AllRate, the Group's service provider of rating and billing services, was 99 thousand. Alliance volume in the quarter was 732 GWh, which was a 9% increase YoY.

Net revenue adj. in the New Growth Initiatives segment amounted to NOK 34m (NOK 40m). Opex adj. amounted to NOK 30m (NOK 30m) and EBIT adj. amounted to NOK 4m (NOK 9m).

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## Financials

**Gross revenue** amounted to NOK 2,061 (NOK 2,114m), a decrease of 2%, due to electricity price development and reduced volume sold.

**Adjusted net revenue** amounted to NOK 370m (NOK 389m), a decrease of 5% YoY, due to a reduction in volume sold and credit and hedging losses in the Nordic segment.

**Adjusted operating expenses** amounted to NOK 277m (NOK 282m).

**Adjusted EBIT** amounted to NOK 93m (NOK 106m) due to the factors described above. Net financial income amounted to NOK -34m (NOK -28m), due to elspot price and volume development and revised financing structure.

**Profit for the period** amounted to NOK 27m (NOK 37m) in the quarter due to the factors described above.

### **Consolidated cash flow**

Net cash from operating activities was NOK -98m (NOK 594m). Net cash used in investing activities was NOK -20m (NOK -23m). Net cash from financing activities was NOK 258m (NOK -525m).

### **Financial position**

The total equity as of 30.06.2025 was NOK 1,353m (NOK 1,394m) The total capital as of 30.06.2025 was NOK 5,099m (NOK 5,132m).

### **Events after the reporting period**

There are no significant events after the reporting period that have not been reflected in the consolidated financial statements.

# Risks and uncertainties

The demand for electricity, electricity prices, customer churn and competition are the main uncertainties in a short-term perspective. The demand for electricity varies with i.a. weather conditions and temperature. Electricity prices are determined by supply and demand through Nordpool, the marketplace for electricity in the Nordics.

The Group is exposed to volume and profile risk on certain fixed price contracts in the Nordic segment. In events where consumption volumes or profile costs deviate significantly from expected levels, this might have a negative impact on the Group's results. The volume of fixed price contracts with profile risk was significantly reduced as from Q2 2023.

The Group is also exposed to volume and price risk on variable contracts. The sale of these contracts has been stopped in the Consumer segment, and a soft phase-out of the product has been initiated.

The Group is exposed to counterparties defaulting on their contractual obligations.

The Group's Norwegian brands are certified according to DNV's "Trygg Strømhandel", which will contribute to increased transparency and reduced risk.

## Outlook

The Group's forward-looking statements are presented in the quarterly presentation.

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## Condensed interim financial statements

Condensed consolidated statement of profit or loss

| 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) | (377 887)                |
| Impairment of intangible assets and cost to obtain contracts                | 2,6  | 1 166       | 1 297       | (5 709)     | 2 463       | 8 560     | 10 381                   |
| Operating profit                                                            |      | 127 265     | 75 790      | 80 885      | 203 055     | 271 284   | 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         | (1 224)     | 176       | (1 279)                  |
| Interest income                                                             |      | 8 476       | 8 833       | 9 839       | 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)    | (91 771)  | (156 770)                |
| Other financial items, net                                                  |      | (3 869)     | (3 218)     | (2 781)     | (7 087)     | (5 927)   | (12 605)                 |
| Net financial income/(cost)                                                 |      | (49 358)    | (34 326)    | (27 791)    | (83 684)    | (81 498)  | (1 195)                  |
| Profit/ (loss) before tax                                                   |      | 77 907      | 41 464      | 53 094      | 119 371     | 189 786   | 434 986                  |
|                                                                             |      |             |             |             |             |           |                          |
| Income tax (expense)/income                                                 | 4    | (21 787)    | (14 181)    | (15 647)    | (35 967)    | (44 289)  | (77 607)                 |
| Profit/ (loss) for the period                                               |      | 56 120      | 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        | 0,33        | 0,75        | 1,29      | 3,19                     |

Condensed consolidated statement of comprehensive income

| NOK in thousands                                                           | Q1 2025  | Q2 2025  | Q2 2024  | YTD 2025 | YTD 2024 | Full year 2024 |
|----------------------------------------------------------------------------|----------|----------|----------|----------|----------|----------------|
| Profit/ (loss) for the period                                              | 56 120   | 27 283   | 37 447   | 83 403   | 145 497  | 357 379        |
| Other comprehensive income/ (loss):                                        |          |          |          |          |          |                |
| Items which may be reclassified over profit or loss in subsequent periods: |          |          |          |          |          |                |
| Hedging reserves (net of tax)                                              | 2 556    | (12)     | (1 067)  | 2 545    | (3 232)  | (4 937)        |
| Currency translation differences                                           | 2 846    | 9 725    | (10 391) | 12 570   | (1 178)  | 17 079         |
| Total                                                                      | 5 402    | 9 713    | (11 458) | 15 115   | (4 410)  | 12 142         |
| Items that will not be reclassified to profit or loss:                     |          |          |          |          |          |                |
| Actuarial gain/(loss) on pension obligations (net of tax)                  | (20 915) | (20 673) | 5 243    | (41 588) | 10 846   | 6 988          |
| Total                                                                      | (20 915) | (20 673) | 5 243    | (41 588) | 10 846   | 6 988          |
| Total other comprehensive income/(loss) for the period, net of tax         | (15 513) | (10 961) | (6 216)  | (26 473) | 6 436    | 19 130         |
| Total comprehensive income/ (loss) for the period                          | 40 608   | 16 323   | 31 231   | 56 930   | 151 933  | 376 509        |
| Total comprehensive income/(loss) for the period attributable to:          |          |          |          |          |          |                |
| Non-controlling interest                                                   | 184      | 201      | 300      | 385      | 2 908    | 3 434          |
| Equity holders of Elmera Group ASA                                         | 40 423   | 16 121   | 30 931   | 56 545   | 149 024  | 373 075        |

![](_page_7_Picture_2.jpeg)

Condensed consolidated statement of financial position

| 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                       | 5 913               |
| Goodwill                                              | 6     | 1 448 852        | 1 454 915       | 1 438 984                   | 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           | 22 348          | 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            | 1 173           | 10 317                      | 1 219               |
| Inventories                                           |       | 15 820           | 15 466          | 108                         | 16 537              |
| Trade receivables                                     | 7, 11 | 1 976 024        | 1 348 087       | 1 172 318                   | 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                   | 6 026 626           |
| 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                                          |       | 1 663 141        | 1 353 401       | 1 393 547                   | 1 620 929           |

![](_page_8_Picture_2.jpeg)

Condensed consolidated statement of financial position 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                             |      | 59 726           | 55 915          | 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                       | 1 297               |
| Other provisions for liabilities                      |      | 17 359           | 17 560          | 121 535                     | 17 898              |
| Total non-current liabilites                          |      | 1 519 514        | 1 508 235       | 1 120 686                   | 1 617 765           |
| Current liabilities                                   |      |                  |                 |                             |                     |
| Trade and other payables                              | 11   | 1 145 227        | 498 612         | 777 577                     | 1 629 699           |
| Overdraft facilities                                  | 9    | 258 494          | 869 339         | 163 593                     | 117 381             |
| Short term interest-bearing debt                      | 9    | 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         | 516 361                     | 560 051             |
| Social security and other taxes                       |      | 173 308          | 50 581          | 73 612                      | 104 441             |
| Lease liability - short term                          |      | 19 951           | 20 665          | 19 062                      | 20 647              |
| Onerous contract provisions                           |      | -                | 1 727           | 608                         | 1 538               |
| 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        | 3 745 237       | 3 738 334                   | 4 405 697           |
| Total equity and liabilities                          |      | 5 665 884        | 5 098 639       | 5 131 881                   | 6 026 626           |

### **The Board of Elmera Group ASA, Bergen, 20 August 2025**

Steinar Sønsteby

Chairman

Pia Haugland Tviberg

Board member

Per Oluf Solbraa

Board member

Anne Marit Steen

Board member

Heidi Theresa Ose Board member

Stian Madsen Board member

Frank Økland

Board member

Live Bertha Haukvik

Board member

Rolf Barmen CEO

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## Condensed consolidated statement of changes in equity

| NOK in thousands                                                           | Issued capital | Treasury<br>shares | Share<br>premium | Hedging<br>reserves | Foreign<br>currency<br>translation<br>reserve | Retained<br>earnings | Attributable<br>to owners of<br>parent | Non<br>controlling<br>interests | Total     |
|----------------------------------------------------------------------------|----------------|--------------------|------------------|---------------------|-----------------------------------------------|----------------------|----------------------------------------|---------------------------------|-----------|
| Balance at 1 January 2024                                                  | 34 306         | (1 704)            | 993 294          | 2 133               | (25 608)                                      | 360 478              | 1 362 899                              | 121 175                         | 1 484 074 |
| Profit/(loss) for the period                                               | -              | -                  | -                | -                   | -                                             | 142 589              | 142 589                                | 2 908                           | 145 497   |
| Share-based payment                                                        | -              | -                  | -                | -                   | -                                             | 1 165                | 1 165                                  | -                               | 1 165     |
| Other comprehensive income/(loss) for the period, net of tax               | -              | -                  | -                | (3 232)             | (1 178)                                       | 10 846               | 6 436                                  | -                               | 6 436     |
| Total comprehensive income/(loss) for the period incl. share-based payment | -              | -                  | -                | (3 232)             | (1 178)                                       | 154 599              | 150 189                                | 2 908                           | 153 097   |
|                                                                            |                |                    |                  |                     |                                               |                      |                                        |                                 |           |
| Sales of treasury shares                                                   | -              | 110                | -                | -                   | -                                             | 6 889                | 6 999                                  | -                               | 6 999     |
| Dividends paid (note 5)                                                    | -              | -                  | -                | -                   | -                                             | (250 623)            | (250 623)                              | -                               | (250 623) |
| Transactions with owners                                                   | -              | 110                | -                | -                   | -                                             | (243 735)            | (243 624)                              | -                               | (243 624) |
|                                                                            |                |                    |                  |                     |                                               |                      |                                        |                                 |           |
| Balance at 30 June 2024                                                    | 34 306         | (1 594)            | 993 294          | (1 099)             | (26 785)                                      | 271 341              | 1 269 464                              | 124 084                         | 1 393 546 |

| Balance at 1 January 2025                                                  | 34 306 | (1 571) | 993 294 | (2 804) | (8 529) | 481 624   | 1 496 320 | 124 610 | 1 620 929 |
|----------------------------------------------------------------------------|--------|---------|---------|---------|---------|-----------|-----------|---------|-----------|
|                                                                            |        |         |         |         |         |           |           |         |           |
| Profit/(loss) for the period                                               | -      | -       | -       | -       | -       | 83 018    | 83 018    | 385     | 83 403    |
| Share-based payment                                                        | -      | -       | -       | -       | -       | 1 451     | 1 451     | -       | 1 451     |
| Other comprehensive income/(loss) for the period, net of tax               | -      | -       | -       | 2 545   | 12 570  | (41 588)  | (26 473)  | -       | (26 473)  |
| Total comprehensive income/(loss) for the period incl. share-based payment | -      | -       | -       | 2 545   | 12 570  | 42 881    | 57 996    | 385     | 58 382    |
|                                                                            |        |         |         |         |         |           |           |         |           |
| Sales of treasury shares                                                   | -      | 25      | -       | -       | -       | 1 577     | 1 602     | -       | 1 602     |
| Dividends paid (note 5)                                                    | -      | -       | -       | -       | -       | (327 510) | (327 510) | -       | (327 510) |
| Transactions with owners                                                   | -      | 25      | -       | -       | -       | (325 935) | (325 908) | -       | (325 908) |
|                                                                            |        |         |         |         |         |           |           |         |           |
| Balance at 30 June 2025                                                    | 34 306 | (1 546) | 993 294 | (259)   | 4 041   | 198 570   | 1 228 408 | 124 995 | 1 353 401 |

Condensed consolidated statement of cash flows

| NOK in thousands                                                            | Note | Q1 2025   | Q2 2025   | Q2 2024     | 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      | 72 838      | 83 831      | 161 684        |
| Depreciation right-of-use assets                                            |      | 4 912     | 4 924     | 4 455       | 9 835       | 9 086       | 18 630         |
| Amortisation of cost to obtain contracts                                    |      | 45 755    | 44 593    | 46 855      | 90 348      | 95 740      | 197 573        |
| Impairment 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)   | (9 839)     | (17 309)    | (17 428)    | (34 613)       |
| Interest expense lease liability                                            |      | 1 085     | 1 021     | 1 028       | 2 106       | 1 402       | 3 706          |
| Interest expense                                                            |      | 51 614    | 38 962    | 34 600      | 90 576      | 91 771      | 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)       | 1 224       | (176)       | 1 279          |
|                                                                             |      |           |           |             |             |             |                |
| Share-based payment expense                                                 |      | 678       | 760       | 682         | 1 438       | 1 165       | 2 502          |
| Change in post-employment liabilities                                       |      | 544       | 555       | (19 987)    | 1 099       | (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    | (6 069)   | 2 428     | 14 957      | (3 640)     | 21 346      | 14 815         |
| Provision for onerous contracts                                             |      | (2 882)   | 9 744     | 3 777       | 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       | 353       | 23          | 1 071       | 262         | (16 166)       |
| Trade receivables                                                           | 7    | 373 798   | 627 865   | 1 692 131   | 1 001 663   | 2 794 050   | 1 638 483      |
| 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                                              |      | 191 603   | (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     | 9 839       | 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)    | 5 758       | (2 610)        |

Condensed consolidated statement of cash flows

| NOK in thousands                                              | Note | Q1 2025  | Q2 2025   | Q2 2024   | YTD 2025  | YTD 2024  | Full year 2024 |
|---------------------------------------------------------------|------|----------|-----------|-----------|-----------|-----------|----------------|
| Investing activities                                          |      |          |           |           |           |           |                |
| Purchase of property, plant and equipment                     |      | -        | (2 057)   | (609)     | (2 057)   | (694)     | (3 596)        |
| 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)  | (22 673)  | (36 693)  | (48 592)  | 28 333         |
|                                                               |      |          |           |           |           |           |                |
| 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       | 1 247     | 1 602     | 6 999     | 8 199          |
| Proceeds from long term interest-bearing debt                 |      | -        | -         | -         | -         | -         | 850 000        |
| Instalments of interest-bearing debt                          | 9    | (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)   | 1 345     | (953)     | 763            |
| Cash and cash equivalents at end of period                    |      | 311 556  | 451 704   | 159 096   | 451 704   | 159 096   | 143 974        |

# Notes to the condensed consolidated financial statements

| Note 1  | Accounting policies                                             | 14 |
|---------|-----------------------------------------------------------------|----|
| Note 2  | Segment information                                             | 15 |
| Note 3  | Revenue recognition                                             | 22 |
| Note 4  | Income tax                                                      | 23 |
| Note 5  | Earnings per share                                              | 23 |
| Note 6  | Intangible assets                                               | 24 |
| Note 7  | Trade receivables                                               | 30 |
| Note 8  | Derivatives and fair value measurement of financial instruments | 31 |
| Note 9  | Credit facilities                                               | 34 |
| Note 10 | Other current liabilities                                       | 35 |
| Note 11 | Related party transactions                                      | 36 |
| Note 12 | Events after the reporting period                               | 37 |

# Note 1 Accounting policies

### **General information**

Elmera Group ASA and its subsidiaries ('the Group') is a supplier of electrical power in Norway, Sweden and Finland. The Group's core business is concentrated at purchase, sales and portfolio management of electrical power to households, private and public companies, and municipalities. In 2017, the Group also became a provider of mobile phone services to private customers in Norway.

Elmera Group ASA is incorporated and domiciled in Norway. The address of its registered office is Folke Bernadottes Vei 38, 5147 Bergen, Norway.

These interim financial statements, which are unaudited, were approved by the Board of Directors for issue on 20 August 2025.

### **Basis of preparation**

These interim financial statements have been prepared in accordance with International Accounting Standard 34, "Interim financial reporting". These interim financial statements do not provide the same scope of information as the annual financial statements and should therefore be read in conjunction with the annual financial statements for the year ended 31 December 2024, which have been prepared in accordance with IFRS.

### **Going concern**

The Group has adopted the going concern basis in preparing it's consolidated financial statements. When assessing this assumption, management has assessed all available information about the future. This comprises information about net cash flows from existing customer contracts and other service contracts, debt service and obligations. After making such assessments, management has a reasonable expectation that the Group has adequate resources to continue its operational existence for the foreseeable future.

### **Accounting policies**

The accounting policies applied in preparing these interim financial statements are consistent with those described in the previous annual report for the financial year 2024.

There are no new or amended accounting standards or interpretations of which application is mandatory for reporting periods commencing 1 January 2025, that have had a material impact on these interim financial statements.

### **Use of estimates**

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2024, except for defined benefit obligations. Present value of defined benefit obligations and the fair value of plan assets are at the end of each interim reporting period estimated by extrapolation of the pension expense in the latest annual actuarial valuation, and an estimate of actuarial gains and losses calculated using updated estimates for significant actuarial assumptions. In the annual financial statements however the present value of defined benefit obligations and the fair value of plan assets are estimated based on a complete set of annual actuarial valuations.

### **Comparative figures and reclassifications**

The consolidated statements of profit or loss, comprehensive income, financial position, equity, cash flow and notes provide comparable information in respect of the previous periods. The following changes have been made in comparative figures in the Q2 2025 quarterly report:

*Prior period adjustment of power purchase* In Q3 2024 a prior period adjustment of power purchase was made due to an error in invoicing from Statkraft Energi AS. A significant proportion of the amount related to the period 2019-2022 and consequently the Equity balance and Trade and other payables as of 1 January 2023 was restated with NOKt 34 836. Comparative figures for Q2 2024 in the statement of financial position have been updated accordingly in these interim financial statements.

### *Presentation of accrued power purchase from Statkraft Energi AS*

Part of the accrued power purchase from Statkraft Energi AS has in previous reporting been reported in Other current liabilities in the statement of financial position. From the Q3 2024 quarterly report and going forward all accrued power purchases from Statkraft Energi AS will be reported as Trade payables. Comparative figures have been reclassified to align with current presentation increasing Trade and other payables / decreasing other current liabilities with NOKt 421 351 at 30 June 2024. Comparative figures in the statement of cash flow and note 10 have been updated accordingly.

![](_page_14_Picture_0.jpeg)

# Note 2 Segment information

### **Disaggregation of revenue from contracts with customers**

Operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. The Board of Directors examines the Group's performance from a type of services perspective. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements.

The Group's reportable segments under IFRS 8 - "Operating Segments" are therefore as follows:

- **•** Consumer segment Sale of electrical power and related services to private consumers in Norway.
- **•** Business segment Sale of electrical power and related services to business consumers in Norway.

**•** Nordic segment - Sale of electrical power and related services to consumers in Finland and Sweden.

Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance is focused on the category of customer for each type of activity. No operating segments have been aggregated in arriving at the reportable segments of the Group. The principal categories of customers are direct sales to private consumers, business consumers and alliance partners.

 The segment profit measure is adjusted operating profit which is defined as operating profit earned by each segment without the allocation of: acquisition related costs and other one-off items, estimate deviations from previous periods, unrealised gains and losses on derivatives, impairment of intangible assets and cost to obtain contracts, depreciation of acquisitions, and change in provisions for onerous contracts. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance. The accounting policies of the reportable segments are the same as the Group's accounting policies.

 All of the Group's revenue is from external parties and from activities currently carried out in Norway, Sweden and Finland. There are no customers representing more than 10 % of revenue.

The tables below is an analysis of the Group's revenue adjusted and operating profit adjusted by reportable segment. New growth initiatives comprise of other business activities (sale of EV chargers, PV panels, mobile services and power sale and related services to Alliance partners) which are not considered separate operating segments. Note 3 (Revenue recognition) shows the breakdown from Revenue adjusted to Total revenue.

**Q1 2025**

### Note 2

Segment information

## NOK in thousands **Consumer Business Nordic Total reportable segments New growth initiatives Total segments** Revenue adjusted\*\* 2 110 487 1 645 623 381 672 4 137 782 82 262 4 220 044 Direct cost of sales adjusted (1 870 907) (1 483 049) (322 430) (3 676 386) (42 071) (3 718 457) **Net revenue adjusted 239 580 162 574 59 242 461 396 40 191 501 587**  Personnel and other operating expenses adjusted (126 029) (67 738) (35 731) (229 498) (33 518) (263 016) Depreciation and amortisation adjusted (32 828) (9 230) (19 409) (61 467) (2 946) (64 413) **Total operating expenses adjusted (158 857) (76 968) (55 140) (290 965) (36 464) (327 429) Operating profit adjusted 80 723 85 606 4 102 170 431 3 727 174 158**  Other one-off items\*\*\* (5 136) Depreciation of acquisitions \* (22 539) Unrealised gains and losses on derivatives (23 265) Change in provisions for onerous contracts 2 882 Impairment of intangible assets and cost to obtain contracts 1 166 **Operating profit (EBIT) 127 265**

\**Depreciation of acquisitions consists of depreciations of customer portfolios acquired separately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination.* 

| NOK in thousands                        | Q1 2025  |
|-----------------------------------------|----------|
| TrønderEnergi Marked acquisition        | (576)    |
| Oppdal Everk Kraftomsetning acquisition | (184)    |
| Vesterålskraft Strøm acquisition        | (186)    |
| Innlandskraft acquisition               | (9 252)  |
| Troms Kraft Strøm acquisition           | (9 162)  |
| Other customer acquisitions             | (3 179)  |
| Depreciation of acquisitions            | (22 539) |

*\*\* Refer to note 3 for a reconciliation of revenue from segments to reported revenue in the Consolidated statement of profit or loss.* 

Segment information

| Q2 2025                                                               |           |           |           |                              |                           |                |  |  |
|-----------------------------------------------------------------------|-----------|-----------|-----------|------------------------------|---------------------------|----------------|--|--|
| NOK in thousands                                                      | Consumer  | Business  | Nordic    | Total reportable<br>segments | New growth<br>initiatives | Total segments |  |  |
| Revenue adjusted**                                                    | 994 123   | 888 993   | 217 681   | 2 100 797                    | 81 294                    | 2 182 091      |  |  |
| Direct cost of sales adjusted                                         | (808 171) | (774 338) | (182 403) | (1 764 912)                  | (47 489)                  | (1 812 401)    |  |  |
| Net revenue adjusted                                                  | 185 952   | 114 655   | 35 278    | 335 885                      | 33 805                    | 369 690        |  |  |
| Personnel and other operating expenses adjusted                       | (96 466)  | (53 215)  | (37 330)  | (187 011)                    | (26 294)                  | (213 305)      |  |  |
| Depreciation and amortisation adjusted                                | (30 928)  | (8 483)   | (20 626)  | (60 037)                     | (3 367)                   | (63 404)       |  |  |
| Total operating expenses adjusted                                     | (127 394) | (61 698)  | (57 956)  | (247 048)                    | (29 661)                  | (276 709)      |  |  |
|                                                                       |           |           |           |                              |                           |                |  |  |
| Operating profit adjusted                                             | 58 558    | 52 957    | (22 678)  | 88 837                       | 4 144                     | 92 981         |  |  |
|                                                                       |           |           |           |                              |                           |                |  |  |
| Other one-off items**                                                 |           |           |           |                              |                           | (10 710)       |  |  |
| Depreciation of acquisitions *<br>(22 665)                            |           |           |           |                              |                           |                |  |  |
| Unrealised gains and losses on derivatives<br>24 631                  |           |           |           |                              |                           |                |  |  |
| Change in provisions for onerous contracts<br>(9 744)                 |           |           |           |                              |                           |                |  |  |
| Impairment of intangible assets and cost to obtain contracts<br>1 297 |           |           |           |                              |                           |                |  |  |
| Operating profit (EBIT)                                               |           |           |           |                              |                           | 75 790         |  |  |
|                                                                       |           |           |           |                              |                           |                |  |  |

\**Depreciation of acquisitions consists of depreciations of customer portfolios acquired separately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination.* 

| NOK in thousands                        | Q2 2025  |
|-----------------------------------------|----------|
| TrønderEnergi Marked acquisition        | (576)    |
| Oppdal Everk Kraftomsetning acquisition | (184)    |
| Vesterålskraft Strøm acquisition        | (188)    |
| Innlandskraft acquisition               | (9 252)  |
| Troms Kraft Strøm acquisition           | (9 278)  |
| Other customer acquisitions             | (3 188)  |
| Depreciation of acquisitions            | (22 665) |

*\*\* Refer to note 3 for a reconciliation of revenue from segments to reported revenue in the Consolidated statement of profit or loss. \*\*\* Other one-off items consist of additional costs related to the migration of subsidiaries to the Group's IT platform, insourcing of the power trading function and* 

*other restructuring costs.*

![](_page_17_Picture_2.jpeg)

Segment information

## **Q2 2024** NOK in thousands **Consumer Business Nordic Total reportable segments New growth initiatives Total segments** Revenue adjusted\*\* 941 075 923 796 283 663 2 148 534 83 857 2 232 391 Direct cost of sales adjusted (765 796) (800 619) (233 162) (1 799 578) (44 211) (1 843 789) **Net revenue adjusted 175 279 123 177 50 501 348 956 39 646 388 602**  Personnel and other operating expenses adjusted (87 895) (53 395) (49 244) (190 534) (28 299) (218 833) Depreciation and amortisation adjusted (37 210) (7 355) (16 748) (61 313) (2 034) (63 347) **Total operating expenses adjusted (125 105) (60 750) (65 992) (251 848) (30 333) (282 181) Operating profit adjusted 50 173 62 427 (15 492) 97 109 9 313 106 422**  Other one-off items\*\*\* (3 236) Depreciation of acquisitions \* (30 234) Estimate deviations 1 049 Unrealised gains and losses on derivatives 16 370 Change in provisions for onerous contracts (3 777) Impairment of intangible assets and cost to obtain contracts (5 709) **Operating profit (EBIT) 80 885**

*\*Depreciation of acquisitions consists of depreciations of customer portfolios acquired separately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination.* 

| NOK in thousands                        | Q2 2024  |
|-----------------------------------------|----------|
| TrønderEnergi Marked acquisition        | (844)    |
| Oppdal Everk Kraftomsetning acquisition | (241)    |
| Vesterålskraft Strøm acquisition        | (226)    |
| Innlandskraft acquisition               | (16 727) |
| Troms Kraft Strøm acquisition           | (9 005)  |
| Other customer acquisitions             | (3 191)  |
| Depreciation of acquisitions            | (30 234) |

*\*\* Refer to note 3 for a reconciliation of revenue from segments to reported revenue in the Consolidated statement of profit or loss.*

Segment information

### **YTD 2025**

| NOK in thousands                                                      | Consumer    | Business    | Nordic    | Total reportable<br>segments | New growth<br>initiatives | Total segments |
|-----------------------------------------------------------------------|-------------|-------------|-----------|------------------------------|---------------------------|----------------|
| Revenue adjusted**                                                    | 3 104 610   | 2 534 616   | 599 353   | 6 238 579                    | 163 556                   | 6 402 135      |
| Direct cost of sales adjusted                                         | (2 679 079) | (2 257 387) | (504 833) | (5 441 299)                  | (89 560)                  | (5 530 859)    |
| Net revenue adjusted                                                  | 425 531     | 277 229     | 94 520    | 797 280                      | 73 996                    | 871 276        |
|                                                                       |             |             |           |                              |                           |                |
| Personnel and other operating expenses adjusted                       | (222 495)   | (120 953)   | (73 061)  | (416 509)                    | (59 812)                  | (476 321)      |
| Depreciation and amortisation adjusted                                | (63 756)    | (17 713)    | (40 035)  | (121 504)                    | (6 313)                   | (127 817)      |
| Total operating expenses adjusted                                     | (286 251)   | (138 666)   | (113 096) | (538 013)                    | (66 125)                  | (604 138)      |
|                                                                       |             |             |           |                              |                           |                |
| Operating profit adjusted                                             | 139 280     | 138 563     | (18 576)  | 259 267                      | 7 871                     | 267 138        |
|                                                                       |             |             |           |                              |                           |                |
| Other one-off items***<br>(15 846)                                    |             |             |           |                              |                           |                |
| Depreciation of acquisitions *<br>(45 204)                            |             |             |           |                              |                           |                |
| Unrealised gains and losses on derivatives<br>1 366                   |             |             |           |                              |                           |                |
| Change in provisions for onerous contracts                            |             |             |           |                              | (6 862)                   |                |
| Impairment of intangible assets and cost to obtain contracts<br>2 463 |             |             |           |                              |                           |                |
| Operating profit (EBIT)                                               |             |             |           |                              |                           | 203 055        |

*\*Depreciation of acquisitions consists of depreciations of customer portfolios acquired separately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination.* 

| NOK in thousands                        | YTD 2025 |
|-----------------------------------------|----------|
| TrønderEnergi Marked acquisition        | (1 151)  |
| Oppdal Everk Kraftomsetning acquisition | (368)    |
| Vesterålskraft Strøm acquisition        | (373)    |
| Innlandskraft acquisition               | (18 504) |
| Troms Kraft Strøm acquisition           | (18 441) |
| Other customer acquisitions             | (6 367)  |
| Depreciation of acquisitions            | (45 204) |

*\*\* Refer to note 3 for a reconciliation of revenue from segments to reported revenue in the Consolidated statement of profit or loss.*

**YTD 2024**

![](_page_19_Picture_2.jpeg)

Note 2

Segment information

## NOK in thousands **Consumer Business Nordic Total reportable segments New growth initiatives Total segments** Revenue adjusted\*\* 3 490 065 2 884 882 761 086 7 136 033 169 665 7 305 698 Direct cost of sales adjusted (3 049 353) (2 588 065) (645 725) (6 283 144) (83 942) (6 367 086) **Net revenue adjusted 440 712 296 817 115 361 852 889 85 723 938 612**  Personnel and other operating expenses adjusted (207 778) (124 027) (81 120) (412 925) (61 211) (474 136) Depreciation and amortisation adjusted (74 673) (14 320) (35 137) (124 130) (4 105) (128 235) **Total operating expenses adjusted (282 451) (138 347) (116 257) (537 056) (65 316) (602 372) Operating profit adjusted 158 260 158 470 (897) 315 834 20 407 336 241**  Other one-off items\*\*\* (3 236) Depreciation of acquisitions \* (60 420) Estimate deviations 1 049 Unrealised gains and losses on derivatives (100 844) Change in provisions for onerous contracts 89 934 Impairment of intangible assets and cost to obtain contracts 8 560 **Operating profit (EBIT) 271 284**

*\*Depreciation of acquisitions consists of depreciations of customer portfolios acquired separately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination.* 

| NOK in thousands                        | YTD 2024 |
|-----------------------------------------|----------|
| TrønderEnergi Marked acquisition        | (1 687)  |
| Oppdal Everk Kraftomsetning acquisition | (482)    |
| Vesterålskraft Strøm acquisition        | (451)    |
| Innlandskraft acquisition               | (33 454) |
| Troms Kraft Strøm acquisition           | (17 967) |
| Other customer acquisitions             | (6 379)  |
| Depreciation of acquisitions            | (60 420) |

*\*\* Refer to note 3 for a reconciliation of revenue from segments to reported revenue in the Consolidated statement of profit or loss.*

**Full year 2024**

![](_page_20_Picture_2.jpeg)

Note 2

Segment information

## NOK in thousands **Consumer Business Nordic Total reportable segments New growth initiatives Total segments** Revenue adjusted\*\* 5 462 173 4 837 978 1 363 536 11 663 688 340 566 12 004 254 Direct cost of sales adjusted (4 618 743) (4 280 536) (1 135 982) (10 035 262) (176 283) (10 211 545) **Net revenue adjusted 843 430 557 442 227 554 1 628 426 164 283 1 792 709**  Personnel and other operating expenses adjusted (434 149) (255 021) (146 727) (835 897) (124 046) (959 943) Depreciation and amortisation adjusted (149 771) (30 207) (74 892) (254 870) (8 883) (263 753) **Total operating expenses adjusted (583 920) (285 228) (221 619) (1 090 767) (132 929) (1 223 696) Operating profit adjusted 259 510 272 214 5 935 537 659 31 354 569 013**  Other one-off items\*\*\* (13 278) Unallocated revised net revenue (12 615) Depreciation of acquisitions \* (114 134) Estimate deviations 16 136 Unrealised gains and losses on derivatives (112 232) Change in provisions for onerous contracts 92 914 Impairment of intangible assets and cost to obtain contracts 10 381 **Operating profit (EBIT) 436 181**

*\*Depreciation of acquisitions consists of depreciations of customer portfolios acquired separately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination.* 

| NOK in thousands                        | Full Year 2024 |
|-----------------------------------------|----------------|
| TrønderEnergi Marked acquisition        | (3 374)        |
| Oppdal Everk Kraftomsetning acquisition | (965)          |
| Vesterålskraft Strøm acquisition        | (907)          |
| Innlandskraft acquisition               | (59 604)       |
| Troms Kraft Strøm acquisition           | (36 299)       |
| Other customer acquisitions             | (12 985)       |
| Depreciation of acquisitions            | (114 134)      |

*\*\* Refer to note 3 for a reconciliation of revenue from segments to reported revenue in the Consolidated statement of profit or loss.* 

# Note 3 Revenue recognition

**Timing of revenue recognition**

### **Revenue from segments**

| Over time:                       |           |           |           |           |           |                |
|----------------------------------|-----------|-----------|-----------|-----------|-----------|----------------|
| NOK in thousands                 | Q1 2025   | Q2 2025   | Q2 2024   | YTD 2025  | YTD 2024  | Full Year 2024 |
| Revenue - Consumer segment       | 2 106 153 | 988 861   | 934 944   | 3 095 013 | 3 473 437 | 5 436 686      |
| Revenue - Business segment       | 1 634 209 | 874 943   | 908 466   | 2 509 153 | 2 854 498 | 4 785 337      |
| Revenue - Nordic                 | 380 574   | 216 366   | 282 194   | 596 940   | 757 985   | 1 357 623      |
| Revenue - New growth initiatives | 80 689    | 80 050    | 80 859    | 160 739   | 164 782   | 331 980        |
| Total                            | 4 201 625 | 2 160 220 | 2 206 463 | 6 361 845 | 7 250 702 | 11 911 627     |

### **At a point in time:**

| NOK in thousands                 |        |        |        |        |        |        |
|----------------------------------|--------|--------|--------|--------|--------|--------|
| Revenue - Consumer segment       | 4 334  | 5 262  | 6 131  | 9 597  | 16 628 | 25 487 |
| Revenue - Business segment       | 11 414 | 14 050 | 15 330 | 25 463 | 30 384 | 52 642 |
| Revenue - Nordic                 | 1 098  | 1 315  | 1 469  | 2 413  | 3 101  | 5 913  |
| Revenue - New growth initiatives | 1 573  | 1 244  | 2 998  | 2 817  | 4 883  | 8 586  |
| Total                            | 18 419 | 21 871 | 25 928 | 40 290 | 54 996 | 92 627 |

| Total revenue from segments | 4 220 044 | 2 182 091 | 2 232 391 | 6 402 135 | 7 305 698 | 12 004 254 |
|-----------------------------|-----------|-----------|-----------|-----------|-----------|------------|
|                             |           |           |           |           |           |            |

### **Other revenue**

| Over time:                                                   |           |           |           |           |           |            |
|--------------------------------------------------------------|-----------|-----------|-----------|-----------|-----------|------------|
| NOK in thousands                                             |           |           |           |           |           |            |
| Estimate deviations                                          | -         | -         | (3 120)   | -         | (3 120)   | 3 715      |
| Unrealised gains and losses on derivative customer contracts | 64 726    | (120 930) | (115 412) | (56 205)  | 178 564   | 221 525    |
| Total other revenue recognised over time                     | 64 726    | (120 930) | (118 532) | (56 205)  | 175 444   | 225 240    |
|                                                              |           |           |           |           |           |            |
| Total other revenue                                          | 64 726    | (120 930) | (118 532) | (56 205)  | 175 444   | 225 240    |
|                                                              |           |           |           |           |           |            |
| Total revenue                                                | 4 284 770 | 2 061 160 | 2 113 859 | 6 345 930 | 7 481 142 | 12 229 493 |

## Note 4 Income tax

| NOK in thousands                                      | Q1 2025  | Q2 2025  | Q2 2024  | YTD 2025 | YTD 2024 | Full Year 2024 |
|-------------------------------------------------------|----------|----------|----------|----------|----------|----------------|
| Profit before tax                                     | 77 907   | 41 464   | 53 094   | 119 371  | 189 786  | 434 986        |
| Tax expense                                           | (21 787) | (14 181) | (15 647) | (35 967) | (44 289) | (77 607)       |
| Average tax rate                                      | 28,0 %   | 34,2 %   | 29,5 %   | 30,1 %   | 23,3 %   | 17,8 %         |
|                                                       |          |          |          |          |          |                |
| Tax payable                                           | 25 226   | 11 611   | 18 852   | 36 837   | 57 350   | 92 044         |
| Adjustments to prior years tax payable                | -        | -        | -        | -        | -        | 13             |
| Change in deferred tax                                | (3 439)  | 2 570    | (3 205)  | (869)    | (13 061) | (14 451)       |
| Tax expense recognised in statement of profit or loss | 21 787   | 14 181   | 15 647   | 35 967   | 44 289   | 77 607         |

# Note 5 Earnings per share

Earnings per share is calculated as profit/loss for the period attributable to shareholders in Elmera Group ASA divided by the weighted average number of ordinary shares outstanding.

| Ordinary shares outstanding                 | 31 March<br>2025 | 30 June<br>2025 | 30 June<br>2024 | 31 December<br>2024 |
|---------------------------------------------|------------------|-----------------|-----------------|---------------------|
| Total number of ordinary shares in issue    | 114 351 800      | 114 351 800     | 114 351 800     | 114 351 800         |
| Treasury shares                             | 5 182 021        | 5 152 021       | 5 303 689       | 5 236 021           |
| Total number of ordinary shares outstanding | 109 169 779      | 109 199 779     | 109 048 111     | 109 115 779         |

### **Basic earnings per share**

|                                                           | Q1 2025     | Q2 2025     | Q2 2024     | YTD 2025    | YTD 2024    | Full Year 2024 |
|-----------------------------------------------------------|-------------|-------------|-------------|-------------|-------------|----------------|
| Profit/(loss) attributable to shareholders*               | 55 936      | 27 082      | 37 147      | 83 018      | 142 589     | 353 945        |
| Total comprehensive income attributable to shareholders * | 40 423      | 16 121      | 30 931      | 56 545      | 149 024     | 373 075        |
| Weighted average number of ordinary shares outstanding    | 109 143 689 | 109 185 779 | 109 014 605 | 109 164 879 | 108 915 503 | 109 001 782    |
| Earnings per share in NOK                                 | 0,51        | 0,25        | 0,34        | 0,76        | 1,31        | 3,25           |
| Total comprehensive income per share in NOK               | 0,37        | 0,15        | 0,28        | 0,52        | 1,37        | 3,42           |
|                                                           |             |             |             |             |             |                |
| Share options                                             | 2 209 002   | 2 179 002   | 1 927 337   | 2 179 002   | 1 927 337   | 1 859 669      |
| Diluted earnings per share in NOK                         | 0,50        | 0,24        | 0,33        | 0,75        | 1,29        | 3,19           |
|                                                           |             |             |             |             |             |                |
| Dividend per share in NOK                                 | -           | 3,00        | 2,30        | 3,00        | 2,30        | 2,30           |

*\*NOK in thousands*

### **Intangible assets**

# Note 6 Intangible assets

| Q1 2025                                   |                                         |                             |                        |                                      |                               |                                                               |           |                                              |
|-------------------------------------------|-----------------------------------------|-----------------------------|------------------------|--------------------------------------|-------------------------------|---------------------------------------------------------------|-----------|----------------------------------------------|
| NOK in thousands                          | Software and<br>development<br>projects | Construction<br>in progress | Customer<br>portfolios | Fixed price<br>customer<br>contracts | Other<br>intangible<br>assets | Total non-cur<br>rent intangible<br>assets, excl.<br>goodwill | Goodwill  | Total<br>non-current<br>intangible<br>assets |
| Accumulated cost 1 January 2025           | 484 019                                 | 24 468                      | 825 474                | 11 605                               | 148 936                       | 1 494 502                                                     | 1 448 071 | 2 942 574                                    |
| Additions - Purchase                      | 165                                     | 16 035                      | -                      | -                                    | -                             | 16 200                                                        | -         | 16 200                                       |
| Additions - Internally generated          | 2 603                                   | 1 351                       | -                      | -                                    | -                             | 3 954                                                         | -         | 3 954                                        |
| Transferred from construction in progress | 3 300                                   | (3 300)                     | -                      | -                                    | -                             | -                                                             | -         | -                                            |
| Disposals*                                | -                                       | -                           | -                      | (7 922)                              | -                             | (7 922)                                                       | -         | (7 922)                                      |
| Currency translation differences          | 60                                      | -                           | (3 065)                | 102                                  | (188)                         | (3 090)                                                       | 781       | (2 309)                                      |
| Accumulated cost 31 March 2025            | 490 147                                 | 38 554                      | 822 410                | 3 784                                | 148 749                       | 1 503 643                                                     | 1 448 852 | 2 952 496                                    |
| Accumulated depreciation 1 January 2025   | (360 049)                               | -                           | (678 627)              | (620)                                | (56 094)                      | (1 095 390)                                                   | -         | (1 095 390)                                  |
| Depreciation for the period               | (13 380)                                | -                           | (20 644)               | -                                    | (1 857)                       | (35 881)                                                      | -         | (35 881)                                     |
| Disposals*                                | -                                       | -                           | -                      | 339                                  | -                             | 339                                                           | -         | 339                                          |
| Currency translation differences          | (114)                                   | -                           | 1 552                  | (14)                                 | -                             | 1 424                                                         | -         | 1 424                                        |
| Accumulated depreciation 31 March 2025    | (373 543)                               | -                           | (697 719)              | (294)                                | (57 951)                      | (1 129 508)                                                   | -         | (1 129 508)                                  |
|                                           |                                         |                             |                        |                                      |                               |                                                               |           |                                              |
| Accumulated impairment 1 January 2025     | (22 724)                                | -                           | -                      | (10 985)                             | -                             | (33 709)                                                      | -         | (33 709)                                     |
| Disposals*                                | -                                       | -                           | -                      | 7 583                                | -                             | 7 583                                                         | -         | 7 583                                        |
| Currency translation differences          | -                                       | -                           | -                      | (88)                                 | -                             | (88)                                                          | -         | (88)                                         |
| Accumulated impairment 31 March 2025      | (22 724)                                | -                           | -                      | (3 490)                              | -                             | (26 214)                                                      | -         | (26 214)                                     |
|                                           |                                         |                             |                        |                                      |                               |                                                               |           |                                              |
| Carrying amount 31 March 2025             | 93 880                                  | 38 554                      | 124 690                | -                                    | 90 798                        | 347 923                                                       | 1 448 852 | 1 796 774                                    |

### Note 6 Intangible assets

### **Intangible assets**

| NOK in thousands                                                                   | Software and<br>development<br>projects | Construction<br>in progress | Customer<br>portfolios     | Fixed price<br>customer<br>contracts | Other<br>intangible<br>assets | Total non-cur<br>rent intangible<br>assets, excl.<br>goodwill | Goodwill    | Total<br>non-current<br>intangible<br>assets |
|------------------------------------------------------------------------------------|-----------------------------------------|-----------------------------|----------------------------|--------------------------------------|-------------------------------|---------------------------------------------------------------|-------------|----------------------------------------------|
| Accumulated cost 1 April 2025                                                      | 490 147                                 | 38 554                      | 822 410                    | 3 784                                | 148 749                       | 1 503 643                                                     | 1 448 852   | 2 952 496                                    |
| Additions - Purchase                                                               | 316                                     | 17 059                      | -                          | -                                    | -                             | 17 375                                                        | -           | 17 375                                       |
| Additions - Internally generated                                                   | 2 603                                   | 1 286                       | -                          | -                                    | -                             | 3 888                                                         | -           | 3 888                                        |
| Transferred from construction in progress                                          | 14 354                                  | (14 354)                    | -                          | -                                    | -                             | -                                                             | -           | -                                            |
| Disposals*                                                                         | -                                       | -                           | -                          | (1 234)                              | -                             | (1 234)                                                       | -           | (1 234)                                      |
| Currency translation differences                                                   | 153                                     | -                           | 6 567                      | 184                                  | 613                           | 7 517                                                         | 6 063       | 13 580                                       |
| Accumulated cost 30 June 2025                                                      | 507 573                                 | 42 545                      | 828 976                    | 2 735                                | 149 362                       | 1 531 190                                                     | 1 454 915   | 2 986 106                                    |
| Accumulated depreciation 1 April 2025<br>Depreciation for the period<br>Disposals* | (373 543)<br>(13 407)<br>-              | -<br>-<br>-                 | (697 719)<br>(20 872)<br>- | (294)<br>-<br>80                     | (57 951)<br>(1 857)<br>-      | (1 129 508)<br>(36 136)<br>80                                 | -<br>-<br>- | (1 129 508)<br>(36 136)<br>80                |
| Currency translation differences                                                   | (74)                                    | -                           | (4 301)                    | (6)                                  | -                             | (4 380)                                                       | -           | (4 380)                                      |
| Accumulated depreciation 30 June 2025                                              | (387 024)                               | -                           | (722 892)                  | (220)                                | (59 808)                      | (1 169 944)                                                   | -           | (1 169 944)                                  |
|                                                                                    |                                         |                             |                            |                                      |                               |                                                               |             |                                              |
| Accumulated impairment 1 April 2025                                                | (22 724)                                | -                           | -                          | (3 490)                              | -                             | (26 214)                                                      | -           | (26 214)                                     |
| Disposals*                                                                         | -                                       | -                           | -                          | 1 153                                | -                             | 1 153                                                         | -           | 1 153                                        |
| Currency translation differences                                                   | -                                       | -                           | -                          | (178)                                | -                             | (178)                                                         | -           | (178)                                        |
| Accumulated impairment 30 June 2025                                                | (22 724)                                | -                           | -                          | (2 515)                              | -                             | (25 239)                                                      | -           | (25 239)                                     |
| Carrying amount 30 June 2025                                                       | 97 825                                  | 42 545                      | 106 084                    | -                                    | 89 554                        | 336 007                                                       | 1 454 915   | 1 790 923                                    |

## **Intangible assets**

Intangible assets

| Q2 2024                                   |                                         |                             |                        |                                      |                               |                                                               |           |                                              |
|-------------------------------------------|-----------------------------------------|-----------------------------|------------------------|--------------------------------------|-------------------------------|---------------------------------------------------------------|-----------|----------------------------------------------|
| NOK in thousands                          | Software and<br>development<br>projects | Construction<br>in progress | Customer<br>portfolios | Fixed price<br>customer<br>contracts | Other<br>intangible<br>assets | Total non-cur<br>rent intangible<br>assets, excl.<br>goodwill | Goodwill  | Total<br>non-current<br>intangible<br>assets |
| Accumulated cost 1 April 2024             | 445 277                                 | 14 452                      | 822 062                | 17 080                               | 148 092                       | 1 446 961                                                     | 1 444 179 | 2 891 139                                    |
| Additions - Purchase                      | (88)                                    | 18 353                      | -                      | -                                    | -                             | 18 265                                                        | -         | 18 265                                       |
| Additions - Internally generated          | 995                                     | 2 464                       | -                      | -                                    | -                             | 3 459                                                         | -         | 3 459                                        |
| Transferred from construction in progress | 5 767                                   | (5 767)                     | -                      | -                                    | -                             | -                                                             | -         | -                                            |
| Disposals*                                | -                                       | -                           | -                      | (515)                                | -                             | (515)                                                         | -         | (515)                                        |
| Currency translation differences          | (50)                                    | (12)                        | (4 956)                | (270)                                | (479)                         | (5 767)                                                       | (5 194)   | (10 961)                                     |
| Accumulated cost 30 June 2024             | 451 901                                 | 29 490                      | 817 106                | 16 295                               | 147 612                       | 1 462 404                                                     | 1 438 984 | 2 901 387                                    |
| Accumulated depreciation 1 April 2024     | (326 079)                               | -                           | (598 388)              | (932)                                | (50 524)                      | (975 925)                                                     | -         | (975 923)                                    |
| Depreciation for the period               | (11 242)                                | -                           | (28 407)               | -                                    | (1 857)                       | (41 505)                                                      | -         | (41 505)                                     |
| Currency translation differences          | 48                                      | -                           | 2 655                  | 12                                   | -                             | 2 715                                                         | -         | 2 715                                        |
| Accumulated depreciation 30 June 2024     | (337 272)                               | -                           | (624 141)              | (920)                                | (52 381)                      | (1 014 714)                                                   | -         | (1 014 713)                                  |
|                                           |                                         |                             |                        |                                      |                               |                                                               |           |                                              |
| Accumulated impairment 1 April 2024       | (22 724)                                | -                           | -                      | (16 148)                             | -                             | (38 871)                                                      | -         | (38 871)                                     |
| Disposals*                                | -                                       | -                           | -                      | 515                                  | -                             | 515                                                           | -         | 515                                          |
| Currency translation differences          | -                                       | -                           | -                      | 258                                  | -                             | 258                                                           | -         | 258                                          |
| Accumulated impairment 30 June 2024       | (22 724)                                | -                           | -                      | (15 375)                             | -                             | (38 099)                                                      | -         | (38 099)                                     |
|                                           |                                         |                             |                        |                                      |                               |                                                               |           |                                              |
| Carrying amount 30 June 2024              | 91 905                                  | 29 490                      | 192 965                | -                                    | 95 232                        | 409 591                                                       | 1 438 984 | 1 848 575                                    |

### Note 6 Intangible assets

### **Intangible assets**

| YTD 2025                                |                                         |                             |                        |                                      |                               |                                                              |           |                                              |
|-----------------------------------------|-----------------------------------------|-----------------------------|------------------------|--------------------------------------|-------------------------------|--------------------------------------------------------------|-----------|----------------------------------------------|
| NOK in thousands                        | Software and<br>development<br>projects | Construction<br>in progress | Customer<br>portfolios | Fixed price<br>customer<br>contracts | Other<br>intangible<br>assets | Total non-cur<br>rent intangible<br>assets excl.<br>Goodwill | Goodwill  | Total<br>non-current<br>intangible<br>assets |
| Accumulated cost 1 January 2025         | 484 019                                 | 24 468                      | 825 474                | 11 605                               | 148 936                       | 1 494 502                                                    | 1 448 071 | 2 942 574                                    |
| Additions - Purchase                    | 481                                     | 33 094                      | -                      | -                                    | -                             | 33 575                                                       | -         | 33 575                                       |
| Additions - Internally generated        | 5 205                                   | 2 637                       | -                      | -                                    | -                             | 7 842                                                        | -         | 7 842                                        |
| Additions from business combinations    | 17 654                                  | (17 654)                    | -                      | -                                    | -                             | -                                                            | -         | -                                            |
| Disposals*                              | -                                       | -                           | -                      | (9 156)                              | -                             | (9 156)                                                      | -         | (9 156)                                      |
| Currency translation differences        | 214                                     | -                           | 3 502                  | 286                                  | 425                           | 4 427                                                        | 6 844     | 11 271                                       |
| Accumulated cost 30 June 2025           | 507 573                                 | 42 545                      | 828 976                | 2 735                                | 149 362                       | 1 531 190                                                    | 1 454 916 | 2 986 106                                    |
| Accumulated depreciation 1 January 2025 | (360 049)                               | -                           | (678 627)              | (620)                                | (56 094)                      | (1 095 390)                                                  | -         | (1 095 390)                                  |
| Depreciation for the period             | (26 787)                                | -                           | (41 517)               | -                                    | (3 713)                       | (72 017)                                                     | -         | (72 017)                                     |
| Disposals*                              | -                                       | -                           | -                      | 420                                  | -                             | 420                                                          | -         | 420                                          |
| Currency translation differences        | (188)                                   | -                           | (2 749)                | (20)                                 | -                             | (2 956)                                                      | -         | (2 956)                                      |
| Accumulated depreciation 30 June 2025   | (387 024)                               | -                           | (722 892)              | (220)                                | (59 808)                      | (1 169 944)                                                  | -         | (1 169 944)                                  |
|                                         |                                         |                             |                        |                                      |                               |                                                              |           |                                              |
| Accumulated impairment 1 January 2025   | (22 724)                                | -                           | -                      | (10 985)                             | -                             | (33 709)                                                     | -         | (33 709)                                     |
| Disposals*                              | -                                       | -                           | -                      | 8 736                                | -                             | 8 736                                                        | -         | 8 736                                        |
| Currency translation differences        | -                                       | -                           | -                      | (266)                                | -                             | (266)                                                        | -         | (266)                                        |
| Accumulated impairment 30 June 2025     | (22 724)                                | -                           | -                      | (2 515)                              | -                             | (25 239)                                                     | -         | (25 239)                                     |
|                                         |                                         |                             |                        |                                      |                               |                                                              |           |                                              |
| Carrying amount 30 June 2025            | 97 825                                  | 42 545                      | 106 084                | -                                    | 89 554                        | 336 006                                                      | 1 454 916 | 1 790 923                                    |

## **Intangible assets**

Intangible assets

| YTD 2024                                                               |                                         |                             |                        |                                      |                               |                                                              |           |                                              |
|------------------------------------------------------------------------|-----------------------------------------|-----------------------------|------------------------|--------------------------------------|-------------------------------|--------------------------------------------------------------|-----------|----------------------------------------------|
| NOK in thousands                                                       | Software and<br>development<br>projects | Construction<br>in progress | Customer<br>portfolios | Fixed price<br>customer<br>contracts | Other<br>intangible<br>assets | Total non-cur<br>rent intangible<br>assets excl.<br>Goodwill | Goodwill  | Total<br>non-current<br>intangible<br>assets |
| Accumulated cost 1 January 2024                                        | 430 845                                 | 13 668                      | 815 892                | 18 443                               | 147 541                       | 1 426 389                                                    | 1 439 389 | 2 865 777                                    |
| Additions - Purchase                                                   | 1 364                                   | 30 325                      | -                      | -                                    | -                             | 31 689                                                       | -         | 31 689                                       |
| Additions - Internally generated                                       | 1 869                                   | 3 290                       | -                      | -                                    | -                             | 5 159                                                        | -         | 5 159                                        |
| Transferred from construction in progress                              | 17 785                                  | (17 785)                    | -                      | -                                    | -                             | -                                                            | -         | -                                            |
| Disposals*                                                             | -                                       | -                           | -                      | (2 060)                              | -                             | (2 060)                                                      | -         | (2 060)                                      |
| Currency translation differences                                       | 37                                      | (8)                         | 1 213                  | (88)                                 | 72                            | 1 226                                                        | (405)     | 822                                          |
| Accumulated cost 30 June 2024                                          | 451 901                                 | 29 490                      | 817 106                | 16 295                               | 147 612                       | 1 462 404                                                    | 1 438 984 | 2 901 388                                    |
| Accumulated depreciation 1 January 2024<br>Depreciation for the period | (315 468)<br>(21 789)                   | -<br>-                      | (567 037)<br>(56 787)  | (946)<br>-                           | (48 667)<br>(3 713)           | (932 118)<br>(82 289)                                        | -<br>-    | (932 118)<br>(82 289)                        |
| Disposals*                                                             | -                                       | -                           | -                      | 18                                   | -                             | 18                                                           | -         | 18                                           |
| Currency translation differences                                       | (16)                                    | -                           | (317)                  | 8                                    | -                             | (325)                                                        | -         | (325)                                        |
| Accumulated depreciation 30 June 2024                                  | (337 272)                               | -                           | (624 141)              | (920)                                | (52 381)                      | (1 014 713)                                                  | -         | (1 014 713)                                  |
| Accumulated impairment 1 January 2024                                  | (22 724)                                | -                           | -                      | (17 497)                             | -                             | (40 221)                                                     | -         | (40 221)                                     |
| Disposals*                                                             | -                                       | -                           | -                      | 2 042                                | -                             | 2 042                                                        | -         | 2 042                                        |
| Currency translation differences                                       | -                                       | -                           | -                      | 80                                   | -                             | 80                                                           | -         | 80                                           |
| Accumulated impairment 30 June 2024                                    | (22 724)                                | -                           | -                      | (15 375)                             | -                             | (38 099)                                                     | -         | (38 099)                                     |
| Carrying amount 30 June 2024                                           | 91 905                                  | 29 490                      | 192 965                | -                                    | 95 232                        | 409 591                                                      | 1 438 984 | 1 848 575                                    |

### **Intangible assets**

Intangible assets

### **Full year 2024**

| NOK in thousands                          | Software and<br>development<br>projects | Construction<br>in progress | Customer<br>portfolios | Fixed price<br>customer<br>contracts | Other<br>intangible<br>assets | Total non-cur<br>rent intangible<br>assets excl.<br>Goodwill | Goodwill  | Total<br>non-current<br>intangible<br>assets |
|-------------------------------------------|-----------------------------------------|-----------------------------|------------------------|--------------------------------------|-------------------------------|--------------------------------------------------------------|-----------|----------------------------------------------|
| Accumulated cost 1 January 2024           | 430 845                                 | 13 668                      | 815 892                | 18 443                               | 147 541                       | 1 426 389                                                    | 1 439 389 | 2 865 777                                    |
| Additions - Purchase                      | 1 364                                   | 54 003                      | -                      | -                                    | -                             | 55 367                                                       | -         | 55 367                                       |
| Additions - Internally generated          | 7 716                                   | 2 659                       | -                      | -                                    | -                             | 10 374                                                       | -         | 10 374                                       |
| Transferred from construction in progress | 43 766                                  | (43 766)                    | -                      | -                                    | -                             | -                                                            | -         | -                                            |
| Government grants                         | -                                       | (918)                       | -                      | -                                    | -                             | (918)                                                        | -         | (918)                                        |
| Disposals*                                | -                                       | -                           | -                      | (7 260)                              | -                             | (7 260)                                                      | -         | (7 260)                                      |
| Currency translation differences          | 328                                     | (1 178)                     | 9 582                  | 422                                  | 1 396                         | 10 550                                                       | 8 683     | 19 233                                       |
| Accumulated cost 31 December 2024         | 484 019                                 | 24 468                      | 825 474                | 11 605                               | 148 936                       | 1 494 502                                                    | 1 448 071 | 2 942 574                                    |
|                                           |                                         |                             |                        |                                      |                               |                                                              |           |                                              |
| Accumulated depreciation 1 January 2024   | (315 468)                               | -                           | (567 037)              | (946)                                | (48 667)                      | (932 118)                                                    | -         | (932 118)                                    |
| Depreciation for the period               | (44 424)                                | -                           | (106 826)              | -                                    | (7 427)                       | (158 677)                                                    | -         | (158 677)                                    |
| Disposals*                                | -                                       | -                           | -                      | 343                                  | -                             | 343                                                          | -         | 343                                          |
| Currency translation differences          | (158)                                   | -                           | (4 764)                | (17)                                 | -                             | (4 938)                                                      | -         | (4 938)                                      |
| Accumulated depreciation 31 December 2024 | (360 049)                               | -                           | (678 627)              | (620)                                | (56 094)                      | (1 095 390)                                                  | -         | (1 095 390)                                  |
|                                           |                                         |                             |                        |                                      |                               |                                                              |           |                                              |
| Accumulated impairment 1 January 2024     | (22 724)                                | -                           | -                      | (17 497)                             | -                             | (40 221)                                                     | -         | (40 221)                                     |
| Disposals*                                | -                                       | -                           | -                      | 6 917                                | -                             | 6 917                                                        | -         | 6 917                                        |
| Currency translation differences          | -                                       | -                           | -                      | (405)                                | -                             | (405)                                                        | -         | (405)                                        |
| Accumulated impairment 31 December 2024   | (22 724)                                | -                           | -                      | (10 985)                             | -                             | (33 709)                                                     | -         | (33 709)                                     |
|                                           |                                         |                             |                        |                                      |                               |                                                              |           |                                              |
| Carrying amount 31 December 2024          | 101 246                                 | 24 468                      | 146 848                | -                                    | 92 842                        | 365 404                                                      | 1 448 071 | 1 813 475                                    |

# Note 7 Trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection of the amounts is expected in one year or less they are classified as current assets. Trade receivables are generally due for settlement within 30 days. No interest is charged on outstanding trade receivables, unless it is past due date.

The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (ECL). For customers in the business segment, the expected credit losses on trade receivables are estimated using a provision matrix by grouping trade receivables based on reference to past default experience for the group of customers. For customers in the private segment, the expected credit losses on trade receivables are estimated by an individual assessment of each specific customer performed by the Group's Debt Collection Service provider.

There have been no changes in the estimation techniques or significant assumptions made during the current reporting period.

The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade receivables are over one year past due, whichever occurs earlier. The trade receivables that have been written off are still subject to collection processes.

The following table details the loss allowance provision recognised in trade receivables:

| NOK in thousands         | 31 March<br>2025 | 30 June<br>2025 | 30 June<br>2024 | 31 December<br>2024 |
|--------------------------|------------------|-----------------|-----------------|---------------------|
| Gross nominal amount     | 940 347          | 817 992         | 632 719         | 863 837             |
| Loss allowance provision | (49 918)         | (52 688)        | (61 047)        | (55 235)            |
| Trade receivables, net   | 890 429          | 765 304         | 571 672         | 808 601             |

The following table shows the movement in lifetime ECL that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS:

| NOK in thousands                                                     | Q1 2025 | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | Full year<br>2024 |
|----------------------------------------------------------------------|---------|---------|---------|----------|----------|-------------------|
| Loss allowance provision, opening balance                            | 55 235  | 49 918  | 46 379  | 55 235   | 39 947   | 39 947            |
| Change in loss allowance recognised in profit or loss for the period | (6 067) | 2 428   | 14 957  | (3 639)  | 21 347   | 14 815            |
| Currency translation difference                                      | 750     | 342     | (288)   | 1 092    | (247)    | 474               |
| Loss allowance provision, balance at end of period                   | 49 918  | 52 688  | 61 048  | 52 688   | 61 047   | 55 235            |

During the period, the following gains/(losses) in relation to impaired receivables were recognised as other operating expenses in profit or loss:

| NOK in thousands                                       | Q1 2025 | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | Full year<br>2024 |
|--------------------------------------------------------|---------|---------|---------|----------|----------|-------------------|
| Receivables written off                                | 14 161  | 8 902   | 11 314  | 23 063   | 27 561   | 41 888            |
| Movement in provision for impairment                   | (6 067) | 2 428   | 14 957  | (3 639)  | 21 347   | 14 815            |
| Received payment on previously written off receivables | (3 546) | (3 639) | (4 163) | (7 184)  | (7 254)  | (14 481)          |
| Net impairment expense recognised on trade receivables | 4 548   | 7 692   | 22 107  | 12 239   | 41 655   | 42 222            |

# Note 8 Derivatives and fair value measurement of financial instruments

### **Derivatives**

All financial electricity derivatives are either financial customer contracts, or purchased for the purpose of hedging physical or financial customer contracts. Hence derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classified as 'held for trading' for accounting purposes and are accounted for at fair value through profit or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.

| NOK in thousands                                            | 31 March<br>2025 | 30 June<br>2025 | 30 June<br>2024 | 31 December<br>2024 |
|-------------------------------------------------------------|------------------|-----------------|-----------------|---------------------|
| Derivative financial assets and firm commitments            |                  |                 |                 |                     |
| Designated as hedging instruments for accounting purposes   |                  |                 |                 |                     |
| Electricity derivatives - Hedge contracts                   | -                | -               | -               | -                   |
| Electricity derivatives - Customer contracts                | 221 163          | 149 584         | 210 761         | 228 357             |
| Classified as held for trading for accounting purposes      |                  |                 |                 |                     |
| Electricity derivatives - Hedge contracts                   | 94 610           | 153 803         | 224 375         | 159 244             |
| Electricity derivatives - Customer contracts                | 694 297          | 579 111         | 715 114         | 693 872             |
| Hedged item in fair value hedge                             |                  |                 |                 |                     |
| Firm commitments                                            | 56 576           | 89 250          | 129 005         | 78 216              |
| Total derivative financial assets and firm commitments      | 1 066 645        | 971 749         | 1 279 256       | 1 159 689           |
| Derivative financial liabilities and firm commitments       |                  |                 |                 |                     |
| Designated as hedging instruments for accounting purposes   |                  |                 |                 |                     |
| Electricity derivatives - Hedge contracts                   | 317              | 332             | 1 409           | 3 594               |
| Electricity derivatives - Customer contracts                | 61 992           | 99 812          | 135 857         | 85 166              |
| Classified as held for trading for accounting purpose       |                  |                 |                 |                     |
| Electricity derivatives - Hedge contracts                   | 479 972          | 395 899         | 458 585         | 451 050             |
| Electricity derivatives - Customer contracts                | 374 195          | 376 923         | 512 054         | 442 353             |
| Hedged item in fair value hedge                             |                  |                 |                 |                     |
| Firm commitments                                            | 215 747          | 139 022         | 203 909         | 221 408             |
| Total derivative financial liabilities and firm commitments | 1 132 223        | 1 011 988       | 1 311 814       | 1 203 571           |

![](_page_31_Picture_2.jpeg)

Derivatives and fair value measurement of financial instruments

### **Fair value measurements of financial instruments**

This note explains the judgements and estimates made in determining the fair value of the financial instruments and firm commitments that are recognised and measured at fair value in the financial statements. The table below provides details for the Group's financial instruments measured at fair value. The Group also has financial instruments which are not measured at fair value in the statement of financial position. For the majority of these instruments, the fair value is not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differencs between fair value and carrying amount at 30 June 2025 have not been identified.

To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows below the table.

### **Recurring fair value measurements**

**At 30 June 2025**

| NOK in thousands                                               | Level 1 | Level 2 | Level 3 | Total     |
|----------------------------------------------------------------|---------|---------|---------|-----------|
| Derivative financial assets and firm commitments               |         |         |         |           |
| Designated as hedging instruments for accounting purposes      |         |         |         |           |
| Electricity derivatives - Hedge contracts                      | -       | -       | -       | -         |
| Electricity derivatives - Customer contracts                   | -       | 136 860 | 12 724  | 149 584   |
| Classified as held for trading for accounting purpose          |         |         |         |           |
| Electricity derivatives - Hedge contracts                      | -       | 142 839 | 10 964  | 153 803   |
| Electricity derivatives - Customer contracts                   | -       | 576 728 | 2 383   | 579 111   |
| Hedged item in fair value hedge                                |         |         |         |           |
| Firm commitments                                               | -       | 79 104  | 10 146  | 89 250    |
| Total financial assets and firm commitments at fair value      | -       | 935 531 | 36 217  | 971 749   |
|                                                                |         |         |         |           |
| Derivative financial liabilities and firm commitments          |         |         |         |           |
| Designated as hedging instruments for accounting purposes      |         |         |         |           |
| Electricity derivatives - Hedge contracts                      | -       | 332     | -       | 332       |
| Electricity derivatives - Customer contracts                   | -       | 89 444  | 10 368  | 99 812    |
| Classified as held for trading for accounting purposes         |         |         |         |           |
| Electricity derivatives - Hedge contracts                      | -       | 393 253 | 2 646   | 395 899   |
| Electricity derivatives - Customer contracts                   | -       | 366 215 | 10 708  | 376 923   |
| Hedged item in fair value hedge                                |         |         |         |           |
| Firm commitments                                               | -       | 126 520 | 12 503  | 139 022   |
| Total financial liabilities and firm commitments at fair value | -       | 975 764 | 36 224  | 1 011 988 |

![](_page_32_Picture_0.jpeg)

Derivatives and fair value measurement of financial instruments

There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

**Level 1:** The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and available-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.

**Level 2:** The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

**Level 3:** If one or more of the significant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3.

### **Valuation techniques used to determine fair values**

Specific valuation techniques used to value derivative financial instruments, in majority electricity derivatives, include present value of future cash flows based on forward power prices from Nasdaq Commodities at the balance sheet date. In the case of material longterm contracts, the cash flows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 percentage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates.

Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price:

- **•** Nordic system price for delivery periods beyond the next 10 calendar years.
- **•** Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years.
- **•** Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years.

The Group does not hold electricity derivatives with maturities beyond the next 10 calendar years at 30 June 2025, hence all level 3 derivatives are long term area price contracts.

## Note 9 Credit facilities

### **Credit facilities agreement**

Elmera Group ASA entered into a new credit facilities agreement on 23 September 2024. The credit facilities agreement is facilitated by DNB Bank ASA, acting as the agent for a syndicate comprising DNB Bank, Danske Bank, Swedbank and Sparebanken Vest.

The agreement includes the following facilities;

- a NOKt 850 000 term loan facility
- a NOKt 5 200 000 revolving credit facility
- a NOKt 2 000 000 guarantee facility

### *The Term Loan - NOKt 850 000*

At 30 June 2025 the remaining term loan principal balance was NOKt 786 250. The termination date of the loan is in September 2027, with an option to extend the termination date by two periods of twelve months. The Term Loan is to be repaid in quarterly repayments of 2,5 % of the original amount of the Term Loan, with the remainder being repaid in full on the termination date. The reference interest rate is NIBOR. The loan instalments of NOKt 85 000 that are due within the next twelve months are reported as short term interest-bearing debt in the statement of financial position.

### *The Revolving Credit Facility - NOKt 5 200 000*

The undrawn amount under the Revolving Credit Facility is available until one month before the termination date. The termination date is in September 2027, with an option to extend the termination date by two

| NOK in thousands          | Effective interest rate | 31 March<br>30 June<br>2025<br>2025 |         | 30 June<br>2024 | 31 December<br>2024 |  |
|---------------------------|-------------------------|-------------------------------------|---------|-----------------|---------------------|--|
| Term loan                 | NIBOR 3 months + 2,25 % | 807 500                             | 786 250 | 585 625         | 828 750             |  |
| Revolving credit facility | NIBOR 3 months + 2,25 % | -                                   | -       | 275 000         | -                   |  |
| Total principal amounts   |                         | 807 500                             | 786 250 | 860 625         | 828 750             |  |

periods of twelve months. Any repaid drawing under the facility is available for re-drawing. Part of the Revolving Credit Facility can be carved out as ancillary facilities. The Group has carved out an overdraft facility of NOKt 1 500 000, see below.

As of 30 June 2025, the Group has not drawn upon the Revolving Credit Facility.

### *The Overdraft Facility - NOKt 1 500 000*

The Group has carved out an Overdraft Facility from the Revolving Credit Facility, which is available one year from the agreement date in September 2024. The Overdraft Facility will be renewed annually unless the Group requests otherwise.

At 30 June 2025 a total of NOKt 869 339 was drawn under the Overdraft Facility.

### *The Guarantee Facility - NOKt 2 000 000*

The purpose of the Guarantee Facility is the issuance of guarantees and letters of credit for the general corporate and working capital purposes of the Group, hereunder gurantees related to re-invoicing agreements with grid owners and property rental agreements. The termination date of the Guarantee Facility is in September 2027, with an option to extend the termination date by two periods of twelve months.

At 30 June 2025 guarantees of total NOKt 1 415 226 were issued under the Guarantee Facility.

### *Security*

The Group's trade receivables have been pledged as security for all credit facilities under the facilities agreement.

### *Transactions costs*

Transactions costs realted to the establishment of the term loan facility amounted to NOKt 4 053 and are recognised as part of the amortised cost of the term loan. Transaction costs related to the establishment of the revolving credit facility and the guarantee facility amounted to NOKt 30 244 and are amortised on a straight line basis. The amortisation period runs from the date of the new credit facilities agreement until the termination date.

### *Financial covenants*

Under the new Credit Facility Agreement, the following covenants apply:

- The Drawn RCF Debt Percentage1 does not exceed 80 per cent at any time;
- Leverage2 at all times is less than 2:1; and
- Liquidity3 at all times shall be at least NOK 500,000,000.

The Group was in compliance with the covenants at the end of this reporting period.

*1) Drawn RCF Debt Percentage is defined as the Drawn RCF Debt as a percentage of the Adjusted Accounts Receivables at that time. Adjusted Accounts Receivables is defined as Accounts Receivables and Accrued Receivables of the Group relating to electricity sales, deducted for loss provisions according to the Group's procedures. VAT is added in the part of Accounts Receivables that have been delivered but not invoiced. 2) Leverage is defined as the ratio of Total Long-Term Interest- Bearing Debt to Adjusted EBITDA. Adjusted EBITDA is defined as reported EBITDA less any interest cost under the Revolving Facility and the Statkraft Agreement accrued during the Relevant Period.*

*3) Liquidity is defined as the aggregate of any undrawn and available Revolving Facility Commitments and any Cash and Cash Equivalents.*

![](_page_34_Picture_2.jpeg)

## Note 10 Other current liabilities

| NOK in thousands                        | 31 March 2025 | 30 June 2025 | 30 June 2024<br>Restated | 31 December 2024 |
|-----------------------------------------|---------------|--------------|--------------------------|------------------|
| El-certificate cancellation liabilities | -             | -            | 1 367                    | -                |
| Accrued power purchase                  | 2 494         | 10 635       | 10 030                   | 4 675            |
| Prepayments from customers              | 83 038        | 137 703      | 24 442                   | 68 187           |
| Payroll liabilities                     | 74 815        | 52 118       | 51 522                   | 78 502           |
| Other                                   | 47 261        | 19 653       | 43 578                   | 26 394           |
| Total Other current liabilities         | 207 608       | 220 109      | 130 940                  | 177 758          |

## Note 11 Related party transactions

Per 30 June 2025, the Group's related parties include major shareholders, Board of Directors, associated company and key management.

The following transactions were carried out with related parties (NOK in thousands):

### **Expenses to related parties**

| Related party     | Relation           | Purpose of transactions                 | Q1 2025 | Q2 2025 | Q2 2024 | YTD 2025 |        | YTD 2024 Full year 2024 |
|-------------------|--------------------|-----------------------------------------|---------|---------|---------|----------|--------|-------------------------|
| Telia Norge AS*   | Other              | Purchase of telecom services            | 37 001  | 43 114  | 39 655  | 80 116   | 74 737 | 154 562                 |
| Metzum AS***      | Associated company | Purchase of other services              | -       | -       | 11 250  | -        | 22 458 | 44 644                  |
| Atea AS**         | Other              | Purchase of products and other services | 3 328   | 2 757   | 2 703   | 6 085    | 3 707  | 10 396                  |
| Kraftanmelding AS | Associated company | Purchase of electrical power            | 88 091  | 177 996 | -       | 266 087  | -      | 35 818                  |

Other services consists mainly of software licenses, IT development and related services.

### **Revenue from related parties**

| Related party | Relation           | Purpose of transactions         | Q1 2025 | Q2 2025 | Q2 2024 | YTD 2025 |   | YTD 2024 Full year 2024 |
|---------------|--------------------|---------------------------------|---------|---------|---------|----------|---|-------------------------|
| Sunpool AS    | Associated company | Provision of personnel services | 396     | 396     | -       | 792      | - | 792                     |

### **Purchase of assets**

| Related party | Relation           | Purpose of transactions  | Q1 2025 | Q2 2025 | Q2 2024 | YTD 2025 |     | YTD 2024 Full year 2024 |
|---------------|--------------------|--------------------------|---------|---------|---------|----------|-----|-------------------------|
| Metzum AS *** | Associated company | Research and development | -       | -       | -       | -        | 48  | 48                      |
| Atea AS**     | Other              | Products and development | 340     | 2 677   | 112     | 3 017    | 228 | 2 450                   |

### **Trade receivables from related parties**

| Related party | Relation           | Purpose of transactions         | 31 March<br>2025 | 30 June<br>2025 | 30 June<br>2024 | 31 December<br>2024 |
|---------------|--------------------|---------------------------------|------------------|-----------------|-----------------|---------------------|
| Sunpool AS    | Associated company | Provision of personnel services | 396              | -               | -               | 990                 |

### **Current liabilities to related parties**

| Related party     | Relation           | Purpose of transactions      | 31 March<br>2025 | 30 June<br>2025 | 30 June<br>2024 | 31 December<br>2024 |
|-------------------|--------------------|------------------------------|------------------|-----------------|-----------------|---------------------|
| Telia Norge AS*   | Other              | Telecom services             | 29 429           | 34 508          | 24 747          | 34 281              |
| Metzum AS ***     | Associated company | Research and development     | -                | -               | 8 785           | -                   |
| Atea AS**         | Other              | Products and development     | 1 409            | 1 260           | 1 025           | 3 656               |
| Kraftanmelding AS | Associated company | Purchase of electrical power | 12 874           | 18 692          | -               | 19 144              |

*\* Telia Norge AS is part of the Telia Company group, which is a major shareholder (non-controlling interest) in the Group's subsidiary Fjordkraft Mobil AS.*

*\*\* The chairman of the Board of Directors in Elmera Group ASA is the CEO of Atea ASA.* 

*\*\*\* The Group divested its shares in Metzum AS on 17 December 2024.* 

Payables to related parties are unsecured and are excpected to be settled in cash.

## Note 12 Events after the reporting period

There are no significant events after the reporting period that has not been reflected in the consolidated financial statements.

![](_page_37_Picture_2.jpeg)

## Directors responsibility statement

We confirm that, to the best of our knowledge, the condensed set of financial statements for the first six months of 2025, which have been prepared in accordance with IAS 34 Interim Financial Statements, gives a true and fair view of the Group's consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the interim report for the first six months of 2025 includes a fair review of important events that have occurred during the period and their impact on the condensed financial statements, the principal risks and uncertainties for the remaining half of 2025, and major related party transactions.

**The Board of Elmera Group ASA, Bergen, 20 August 2025**

![](_page_37_Picture_7.jpeg)

Chairman

Pia Haugland Tviberg

Board member

Per Oluf Solbraa

Board member

Anne Marit Steen Board member

Heidi Theresa Ose Board member

Stian Madsen

Board member

Frank Økland Board member

Live Bertha Haukvik

Rolf Barmen Board member

CEO

![](_page_38_Picture_2.jpeg)

# Appendix

## Alternative performance measures

The alternative performance measures (abbreviated APMs) that hereby are provided by the Group are a supplement to the financial statements prepared in accordance with IFRS. The APMs are based on the guidelines for APM published by the European Securities and Markets Authority (ESMA) on or after 3 July 2016. As indicated in the guidelines an APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. The performance measures are commonly used by analysts and investors.

The Group uses the following APMs (in bold). The words written in italics are included in the list of definitions or in the statement of profit or loss.

**Cash EBIT** is equivalent to Operating free cash flow before tax and change in Net working capital. This APM is used to illustrate the Group's underlying cash generation in the period.

**Capex excl. M&A** is used to present the capital expenditures excluding mergers and acquisitions to illustrate the Group's organic maintenance capex.

**EBIT reported** is equivalent to Operating profit and is used to measure performance from operational activities. EBIT reported is an indicator of the company's profitability.

### **EBIT adjusted**

In order to give a better representation of underlying performance, the following adjustments are made to the reported EBIT:

- **•** *Acquisition related costs and other one-off items:* Items that are not part of the ordinary business
- **•** *Estimate deviations from previous periods:* A substantial proportion of the Group's power sales has historically been finally settled after the Group has finalised its periodical financial statements. Revenues related to sale of power were thus recognised based on estimates. Any estimate deviation related to the previous reporting period is recognised in the following reporting period
- **•** *Unrealised gains and losses on derivatives*: Consist of unrealised gains and losses on derivative financial instruments associated

with the purchase and sale of electricity

- **•** *Impairment of intangible assets and cost to obtain contracts*: Consist of impairment of intangible assets and cost to obtain contracts related to fixed price customer contracts
- **•** *Depreciation of acquisitions:* Consist of depreciations of customer portfolios acquired separately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination
- **•** *Change in provisions for onerous contracts:* Consist of change in provisions for onerous contracts associated with the purchase and sale of electricity

**EBIT reported margin** is EBIT divided by Net revenue. This APM is a measure of the profitability and an indicator of the earnings ability.

**EBIT margin adjusted** is calculated as EBIT adjusted divided by Net revenue adjusted. This APM is a measure of the profitability and an indicator of the earnings ability.

**EBITDA** is defined as operational profit/loss before depreciation and amortisation. This APM is used to measure performance from operating activities.

### **EBITDA adjusted**

In order to give a better representation of underlying performance, the following adjustments are made to EBITDA:

- **•** *Acquisition related costs and other one-off items:* Items that are not part of the ordinary business
- **•** *Estimate deviations from previous periods:*  A substantial proportion of the Group's power sales has historically been finally settled after the Group has finalised its periodical financial statements. Revenues related to sale of power were thus recognised based on estimates. Any estimate deviation related to the previous reporting period is recognised in the following reporting period
- **•** *Unrealised gains and losses on derivatives:*  Consist of unrealised gains and losses on derivative financial instruments associated with the purchase and sale of electricity
- **•** *Impairment of intangible assets and cost to obtain contracts:* Consist of impairment of intangible assets and cost to obtain contracts related to fixed price customer contracts

Alternative performance measures

**•** *Change in provisions for onerous contracts:* Consist of change in provisions for onerous contracts associated with the purchase and sale of electricity

**Net income** is equivalent to Profit/(loss) for the period as stated in the statement of profit or loss.

**Net income adjusted for certain cash and non-cash items** is used in the dividend calculation, and defined as the following: [(Adjusted EBIT + net finance)\*(1-average tax rate) – amortisation of acquisition debt].

## **Net interest-bearing debt (NIBD)** shows the net cash position and how much cash would remain if all interest-bearing debt was paid. The calculation is total Long term interest-bearing debt, Short term interest-bearing debt and Overdraft facilities, deducted with the following; transaction costs recognised as part of amortised cost of Long term interest-bearing debt and Cash and cash equivalents.

**Net revenue** is equivalent to Revenue less direct cost of sales as stated in the statement of profit or loss.

### **Net revenue adjusted**

This APM presents Net revenue adjusted for:

- **•** *Other one-off items:* which represents non-recurring income is recognised in the profit or loss for the period
- **•** *Estimate deviations from previous periods:*  A substantial proportion of the Group's

power sales has historically been finally settled after the Group has finalised its periodical financial statements. Revenues related to sale of power were thus recognised based on estimates. Any estimate deviation related to the previous reporting period is recognised in the following reporting period.

- **•** *Unrealised gains and losses on derivatives:* Consist of unrealised gains and losses on derivative financial instruments associated with the purchase and sale of electricity
- **•** *Change in provisions for onerous contracts:* Consist of change in provisions for onerous contracts associated with the purchase and sale of electricity

**Net working capital (NWC)** is used to measure short-term liquidity and the ability to utilise assets in an efficient matter. NWC includes the following items from current assets: Inventories, Intangible assets, Trade receivables and Other current assets (that is, all current assets in the statement of financial position except Derivative financial instruments and Cash and cash equivalents); and the following items from current liabilities; Trade payables, Current income tax liabilities, Social security and other taxes, Lease liability - short term, and other current liabilities.

### **Non-cash NWC elements and other items**

is used when analysing the development in NIBD. Non-cash NWC relates to items included in "change in NWC" that are not affecting Net interest-bearing debt while other items include interest, tax, change in long-term receivables, proceeds from non-current receivables, proceeds from other long-term liabilities and adjustments made on EBITDA.

**Number of deliveries** is used to present the number of electrical meters supplied with electricity. One customer may have one or more electricity deliveries.

**OpFCF before tax and change in NWC** is Operating free cash flow and change in working capital, and is defined as EBITDA adjusted less Capex excl. M&A and payments to obtain contract assets.

**Volume sold** is used to present the underlying volume generating income in the period.

Alternative performance measures Financial statements with APM's

### **Reported amounts:**

| NOK in thousands                                             | Q1 2025     | Q2 2025     | Q2 2024     | YTD 2025    | YTD 2024    | Full year 2024 |
|--------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------|----------------|
| Revenue                                                      | 4 284 770   | 2 061 160   | 2 113 859   | 6 345 931   | 7 481 142   | 12 229 493     |
| Direct cost of sales                                         | (3 803 567) | (1 676 584) | (1 711 615) | (5 480 151) | (6 552 390) | (10 452 582)   |
| Net revenue                                                  | 481 204     | 384 576     | 402 245     | 865 780     | 928 752     | 1 776 911      |
|                                                              |             |             |             |             |             |                |
| Personnel expenses                                           | (135 223)   | (93 639)    | (89 418)    | (228 862)   | (213 746)   | (466 861)      |
| Other operating expenses                                     | (132 931)   | (130 375)   | (132 652)   | (263 305)   | (263 625)   | (506 363)      |
| Impairment of intangible assets and cost to obtain contracts | 1 166       | 1 297       | (5 709)     | 2 463       | 8 560       | 10 381         |
| Operating expenses                                           | (266 987)   | (222 717)   | (227 779)   | (489 704)   | (468 811)   | (962 843)      |
|                                                              |             |             |             |             |             |                |
| EBITDA                                                       | 214 217     | 161 859     | 174 466     | 376 076     | 459 940     | 814 068        |
|                                                              |             |             |             |             |             |                |
| Depreciation & amortisation                                  | (86 952)    | (86 069)    | (93 581)    | (173 021)   | (188 657)   | (377 887)      |
| EBIT reported (Operating profit)                             | 127 265     | 75 790      | 80 885      | 203 055     | 271 284     | 436 181        |
|                                                              |             |             |             |             |             |                |
| Net financials                                               | (49 358)    | (34 326)    | (27 791)    | (83 684)    | (81 498)    | (1 195)        |
| Profit/ (loss) before taxes                                  | 77 907      | 41 464      | 53 094      | 119 371     | 189 786     | 434 986        |
|                                                              |             |             |             |             |             |                |
| Taxes                                                        | (21 787)    | (14 181)    | (15 647)    | (35 967)    | (44 289)    | (77 607)       |
| Profit/ (loss) for the period                                | 56 120      | 27 283      | 37 447      | 83 403      | 145 497     | 357 379        |
|                                                              |             |             |             |             |             |                |
| EBIT reported margin                                         | 26 %        | 20%         | 20%         | 23%         | 29%         | 25%            |

## Alternative performance measures **Adjusted amounts:**

| NOK in thousands                                             | Q1 2025 | Q2 2025  | Q2 2024  | YTD 2025 | YTD 2024 | Full year 2024 |
|--------------------------------------------------------------|---------|----------|----------|----------|----------|----------------|
|                                                              |         |          |          |          |          |                |
| Net revenue                                                  | 481 204 | 384 576  | 402 245  | 865 780  | 928 752  | 1 776 911      |
| Unallocated revised net revenue                              | -       | -        | -        | -        | -        | 12 615         |
| Estimate deviations previous periods                         | -       | -        | (1 049)  | -        | (1 049)  | (16 136)       |
| Unrealised gains and losses on derivatives                   | 23 265  | (24 631) | (16 370) | (1 366)  | 100 844  | 112 232        |
| Change in provisions for onerous contracts                   | (2 882) | 9 744    | 3 777    | 6 862    | (89 934) | (92 914)       |
| Net revenue adjusted                                         | 501 586 | 369 690  | 388 602  | 871 276  | 938 612  | 1 792 709      |
|                                                              |         |          |          |          |          |                |
| EBITDA                                                       | 214 217 | 161 859  | 174 466  | 376 076  | 459 940  | 814 068        |
| Other one-off items                                          | 5 136   | 10 710   | 3 236    | 15 846   | 3 236    | 13 278         |
| Unallocated revised net revenue                              | -       | -        | -        | -        | -        | 12 615         |
| Estimate deviations previous periods                         | -       | -        | (1 049)  | -        | (1 049)  | (16 136)       |
| Impairment of intangible assets and cost to obtain contracts | (1 166) | (1 297)  | 5 709    | (2 463)  | (8 560)  | (10 381)       |
| Unrealised gains and losses on derivatives                   | 23 265  | (24 631) | (16 370) | (1 366)  | 100 844  | 112 232        |
| Change in provisions for onerous contracts                   | (2 882) | 9 744    | 3 777    | 6 862    | (89 934) | (92 914)       |
| EBITDA adjusted                                              | 238 571 | 156 385  | 169 769  | 394 955  | 464 476  | 832 766        |
|                                                              |         |          |          |          |          |                |
| EBIT reported (Operating profit)                             | 127 265 | 75 790   | 80 885   | 203 055  | 271 284  | 436 181        |
| Other one-off items                                          | 5 136   | 10 710   | 3 236    | 15 846   | 3 236    | 13 278         |
| Unallocated revised net revenue                              | -       | -        | -        | -        | -        | 12 615         |
| Estimate deviations previous periods                         | -       | -        | (1 049)  | -        | (1 049)  | (16 136)       |
| Impairment of intangible assets and cost to obtain contracts | (1 166) | (1 297)  | 5 709    | (2 463)  | (8 560)  | (10 381)       |
| Unrealised gains and losses on derivatives                   | 23 265  | (24 631) | (16 370) | (1 366)  | 100 844  | 112 232        |
| Change in provisions for onerous contracts                   | (2 882) | 9 744    | 3 777    | 6 862    | (89 934) | (92 914)       |
| Depreciation of acquisitions                                 | 22 539  | 22 665   | 30 234   | 45 204   | 60 420   | 114 134        |
| EBIT adjusted                                                | 174 158 | 92 981   | 106 422  | 267 138  | 336 241  | 569 013        |
| EBIT margin adjusted                                         | 35%     | 25%      | 27%      | 31%      | 36%      | 32%            |

Alternative performance measures

### Other financial APM's

### **Net interest bearing debt (cash)**

| NOK thousands                                                                                | 31 March  | 30 June   | 30 June   | 31 December |
|----------------------------------------------------------------------------------------------|-----------|-----------|-----------|-------------|
|                                                                                              | 2025      | 2025      | 2024      | 2024        |
| Long term interest-bearing debt                                                              | 719 023   | 698 195   | -         | 739 687     |
| Short term interest-bearing debt                                                             | 85 000    | 85 000    | 859 771   | 85 000      |
| Transaction costs recognised as part of amortised cost of<br>Long term interest-bearing debt | 3 477     | 3 055     | 854       | 4 063       |
| Overdraft facilities                                                                         | 258 494   | 869 339   | 163 593   | 117 381     |
| Cash and cash equivalents                                                                    | (311 556) | (451 704) | (159 096) | (143 974)   |
| Net interest bearing debt (cash)                                                             | 754 438   | 1 203 885 | 865 122   | 802 156     |

### **Financial position related APM's**

| NOK thousands                      | Q1 2025 | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | Full year 2024 |
|------------------------------------|---------|---------|---------|----------|----------|----------------|
| Net working capital                | 450 660 | 608 079 | 170 523 | 608 079  | 170 523  | 386 224        |
| OpFCF before tax and change in NWC | 185 954 | 94 368  | 110 327 | 280 321  | 350 182  | 621 858        |
| Capex excl. M&A                    | 20 153  | 23 321  | 22 333  | 43 474   | 37 543   | 68 419         |

### Non-financial APM's

### **Deliveries**

| Numbers in thousands                   | Q1 2025 | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | Full year 2024 |
|----------------------------------------|---------|---------|---------|----------|----------|----------------|
| Electrical deliveries Consumer segment | 659     | 665     | 661     | 665      | 661      | 657            |
| Electrical deliveries Business segment | 131     | 132     | 128     | 132      | 128      | 130            |
| Electrical deliveries Nordic segment   | 114     | 113     | 116     | 113      | 116      | 118            |
| Total number of electrical deliveries* | 904     | 910     | 905     | 910      | 905      | 906            |
|                                        |         |         |         |          |          |                |
| Number of mobile subscriptions         | 113     | 114     | 114     | 114      | 114      | 111            |

*\* Number of deliveries excl. Extended Alliance deliveries. Number of deliveries incl. Extended Alliance deliveries: 1 009 thousand in Q2 2025.*

| Volume in GWh    | Q1 2025 | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | Full year 2024 |
|------------------|---------|---------|---------|----------|----------|----------------|
| Consumer segment | 2 730   | 1 552   | 1 548   | 4 282    | 4 521    | 8 131          |
| Business segment | 2 166   | 1 404   | 1 495   | 3 570    | 3 878    | 7 303          |
| Nordic segment   | 452     | 333     | 358     | 785      | 875      | 1 640          |
| Total volume*    | 5 348   | 3 289   | 3 401   | 8 637    | 9 274    | 17 075         |

*\* Volume excl. Extended Alliance. Volume incl. Extended Alliance: 4 021 GWh in Q2 2025.*