Elmera Group ASA

Earnings Release • Nov 11, 2021

Fjordkraft Holding ASA: Q3 2021 results

Fjordkraft Holding ASA: Q3 2021 results

Q3 Highlights:

-29% YoY increase in net revenue and 13% YoY increase in EBIT adj.

-The organic growth in the Norwegian market is positive again (+1,753), after a couple of challenging quarters

-Skymobil customer portfolio migrated to Fjordkraft from Q4 (01.10.2021)

-Purchase price of 1,025 NOK per subscriber, conditional of payment of first invoice

-# of subscribers and final purchase price to be settled early December 2021

A good quarter in an extraordinary market

Elspot prices have been increasing throughout the third quarter, from a level of around 0.5 NOK/kWh in the southern part of Norway at the beginning of the quarter and reaching a high of more than 1.2 NOK/kWh in September 2021. For reference, the Norwegian area prices at the end of September 2020 were at an all-time low, around 0.02 NOK/kWh.

The increasing elspot prices represent a more challenging market sentiment for Fjordkraft. Despite this challenging market, Fjordkraft has been able to grow net revenue, i.a. through the hedging strategy on variable contracts and simultaneously offer the customers a strong value proposition with prices lower than the market price. Net revenue increase 29% YoY and EBIT adj. increase 13% YoY, and after a couple of challenging quarters, the organic growth in the Norwegian market is positive again.

Please find attached the quarterly report and quarterly presentation.

The presentation will be presented 11 November 2021 at 08.00 CET at Felix Konferansesenter (Oslo) and webcasted at: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20211111_2

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