Elmera Group ASA

Report Publication Announcement • Aug 14, 2024

Elmera Group ASA: Q2 2024 results - Solid quarter for Elmera Group

Elmera Group ASA: Q2 2024 results - Solid quarter for Elmera Group

Elmera Group recorded an adjusted net revenue of NOK 389m in the second quarter of 2024, an increase from NOK 376m in the second quarter of 2023. Adjusted EBIT was NOK 106m, a NOK 1m increase compared to second quarter of 2023.

-Despite reduced consumption from warm weather, we were able to grow our net revenue and increase operating profit YoY in three of our four segments, says CEO, Rolf Barmen.

The higher temperatures in the quarter, particularly in May, contributed to a decrease in electricity consumption in all of the group’s segments compared to Q2 2023.

The operating profit in the Nordic segment was negatively affected by increased losses on receivables and increased sales costs.

“We experienced a loss on a large B2B customer in the quarter, which affected operating profit in the Nordic segment negatively. On a positive note, the investments in sales capacity materialised in the first quarter with customer growth in the Nordic segment since we initiated the phase-out strategy of legacy fixed price contracts in 2022, and we are well-positioned for growth going forward”, says Barmen.

Please find attached the quarterly report and quarterly presentation.

Results presentation: 14 August 2024 at 07.30 CET

The presentation will be webcasted live at:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240814_4

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