Elmera Group ASA — M&A Activity 2026

Mar 12, 2026

Acquisition of Telinet Energi AB

12.03.2026

Telinet Energi

ELMERA GROUP

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Forward-looking statements

This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking statements with respect to Elmera Group's expectations and plans, strategy, management's objectives, future performance, costs, revenue, earnings and other trend information. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of Elmera Group.

All forward-looking statements in this presentation are based on information available to Elmera Group on the date hereof. All written or oral forward-looking statements attributable to Elmera Group, any Elmera Group employees or representatives acting on Elmera Group's behalf are expressly qualified in their entirety by the factors referred to above. Elmera Group undertakes no obligation to update this presentation after the date hereof.

ELMERA GROUP
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Executive summary

• Elmera Group has entered into an agreement for the acquisition of 100% of the shares in the Swedish electricity retail company Telinet Energi AB.
• Attractive asset of approx. 63 thousand high-consumption spot-based deliveries in the Swedish B2C market with low market and counterparty risk.
• Strong strategic fit – strengthens Elmera’s Nordic operating leverage and capitalises on investments in pan-Nordic IT platform.
• Attractive valuation at an enterprise value of SEK 250m, implied EV/EBIT of 7.6x before synergies and 5.2x including synergies.
• Annual run-rate synergies estimated at approximately SEK 15 million, with full effect from 2027.

ELMERA GROUP
3

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Transaction overview

Transaction perimeter

Key information about the transaction

• Acquisition of 100% of the shares in Telinet Energi AB and its subsidiary Telinet Energi Försäljning AB through Elmera Group's subsidiary Elmera Nordic AS.
• The purchase price is based on an enterprise value of the Target of SEK 250 million on a cash and debt free basis and an agreed normalised level of working capital.
• Post-closing purchase price adjustments based on closing accounts as of 31 March 2026.
• The purchase price will be paid in cash, financed by long-term debt and available cash, subject to customary closing conditions.

ELMERA GROUP
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Telinet is the 14th largest electricity retailer in Sweden

Number of customers by power sales company | 000s

Source: Energimarknaden (with adjusted numbers for Telinet). Actual numbers could differ from Energimarknaden estimates

ELMERA GROUP
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Telinet at a glance

• Swedish electricity retailer with 27 employees and HQ in Stockholm.
• Supplies electricity to approximately 63 thousand deliveries from 100% renewable energy.
• Annual volume of around 700 GWh.
• Customer base largely made up of higher-consumption households, B2C represent 99% of deliveries.
• The vast majority of deliveries are on spot-based contracts ("rörligt pris").
• Limited fixed-price portfolio, expected to be less than 2% of deliveries at closing.

All figures per year-end 2025 unless otherwise specified.

Segment distribution

B2C B2B

Product distribution

■ Spot-based contract ("Rörligt pris") ■ Fixed-price contract

ELMERA GROUP
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Strong strategic fit with Elmera Group’s existing SE/FI portfolio

• Telinet’s Swedish B2C portfolio adds scale, strengthening operating leverage across the Group’s Nordic platform.
• Per closing in April, the Nordic segment will have approx. 175.000 deliveries across B2C and B2B in SE/FI, and annual volume estimated at approximately 2.2 TWh.
• Following completion, the Group will have an expanded Nordic retail footprint in Sweden and Finland, supporting continued growth.

Combined deliveries post-acquisition by country and segment ('000)

ELMER A GROUP
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Financial highlights

• Profitable customer portfolio, supported by high-consumption households and strong value-added services penetration.
• Volume sold was reduced from 711 GWh in 2024 to 658 GWh in 2025, primarily due to reduced average consumption from mild weather, while number of deliveries was stable.
• Reported figures will reflect IFRS transition effects and PPA impacts from completion – details to be disclosed in the first reporting post-completion.

Telinet's income statement

SEK in millions	FY 2024	FY 2025
Gross revenue	451,8	479,2
Cost of goods sold	- 364,9	- 396,4
Net revenue	86,8	82,8
Personnel expenses	- 18,6	- 21,2
Other operating expenses	- 31,8	- 28,6
EBITDA	36,5	32,9
Depreciation and amortisation	- 0,1	- 0,1
EBIT	36,4	32,9
Net financial items	- 1,4	- 3,0
Taxes	- 7,3	- 6,1
Net profit	27,8	23,7

Unaudited non-IFRS figures.

ELMERA GROUP

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Synergies

• Annual run-rate synergies are estimated at approximately SEK 15m, with full effect from 2027.
• Approximately SEK 5 million is related to the migration to Elmera Group’s IT platform.
• Migration onto the Elmera IT platform while retaining the Telinet brand initially to minimise short-term churn.
• Telinet’s organisation will be integrated into the Group’s existing Nordic organisation.
• Agenda to both optimise distribution strength as well as realise synergies on new platform.

ELMERA GROUP
9

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Tax losses carried forward in Switch Nordic Green AB

• As part of the acquisition of Switch Nordic Green in 2020, Elmera Group acquired significant tax losses carried forward ("TLCF").
• The Group's TLCF in Sweden at year-end 2025 were SEK 2.1b.
• The TLCF in Sweden may be carried forward indefinitely to be used against taxable profits in subsequent years.
• The Group's TLCF are restricted from being offset against profits in the acquired company for five years following the year of the acquisition.

ELMER A GROUP
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ELMERA GROUP