Elmera Group ASA

Earnings Release • Aug 20, 2020

Fjordkraft Holding ASA: Q2 2020 results

Fjordkraft Holding ASA: Q2 2020 results

Q2 Highlights:

• Strong financial performance with a 15% YoY increase in net revenue and 26% YoY growth in EBIT adj.

• Tailwind from favourable price development throughout Q1 and historically low prices in Q2

• Solid organic growth across all segments

• Successful acquisition of Innlandskraft, Norway’s 3rd largest retailer, in July – closing expected in September

Another strong quarter

One thing is certain – the electricity market is never boring. After a first quarter where elspot prices fell to a historically low level, the second quarter has been just as eventful. With continued all time low elspot prices throughout the quarter, and even negative prices at certain hours, it has truly been an unusual quarter.

For Fjordkraft, this has been another strong quarter with a 15% YoY increase in adjusted net revenue and a 26% YoY growth in adjusted EBIT. The organic growth has been solid, and all business areas show a positive development. Volume sold is increasing 4% YoY due to organic growth and because two out of three months in the quarter were colder than last year.

M&A has been a key element in Fjordkraft’s strategy. It was therefore very pleasing to announce the acquisition of Innlandskraft in July 2020. Innlandskraft is Norway’s 3rd largest retailer and the acquisition will strengthen Fjordkraft’s position as the leading electricity supplier in Norway. Closing of the transaction is expected to take place in September 2020.

Please find attached the quarterly report and quarterly presentation.

The results will be audiocasted on 20 Aug 2020 at 08:00 on the following link:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20200820_2

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