Elmera Group ASA

Earnings Release • May 8, 2024

Elmera Group ASA: Q1 2024 results - Strong financial results in all segments

Elmera Group ASA: Q1 2024 results - Strong financial results in all segments

Strong financial results in all segments for Elmera Group

Elmera Group recorded an adjusted net revenue of NOK 550m in the first quarter of 2024, an increase from NOK 534m in the first quarter of 2023. Adjusted EBIT was also strong, and came in at NOK 230m, compared to NOK 198m in first quarter of 2023.

-We are very satisfied with the quarter, and delivered solid financial results in all our reporting segments. I am also proud of the positive trend in customer growth and customer satisfaction, particularly in the Consumer segment, says CEO, Rolf Barmen.

A reduction in both temperatures and elspot prices from first quarter 2023, contributed to an increase in electricity consumption in the Consumer segment, while the electricity consumption in the Business segment remained stable from last year. In the Nordic segment, volume sold decreased from last year, in line with the intended strategic phase-out of legacy fixed price contracts, which resulted in an increase in operating profit from last year.

Within the group’s New Growth Initiatives, the number of mobile subscribers increased in the quarter, after a period of churn related to the network migration during 2023.

-The Mobile business is well positioned for growth, and I am pleased with the way we have handled the network migration, says Barmen.

Please find attached the quarterly report and quarterly presentation.

Results Presentation: 8 May 2024 at 08.00 CET

The presentation will be webcasted live at:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240508_4

For further information, please contact: Morten A. W. Opdal, Head of Group Accounting, Reporting and IR, +47 970 62 526