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Elmera Group (ELMRA) investor relations material
Elmera Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary21 Aug, 2025
Executive summary
Strong customer growth continued across all segments in Q2 2025, with the Consumer segment achieving its best organic growth since Q4 2022 and the Business segment marking its fifth consecutive quarter of growth.
The insourced power trading function became fully operational, improving forecasting accuracy, reducing costs, and enhancing operational efficiency.
The Nordic segment saw strong B2C spot contract growth and a successful launch in Sweden, but faced credit and hedging losses from SME Horeca bankruptcies.
Attractive dividend of NOK 3.00 per share was distributed in May 2025, reflecting a robust capitalized business model.
New growth initiatives included increased mobile subscribers, a strong pipeline for Alliance/AllRate partners, and active pursuit of acquisitions in Norway, Sweden, and Finland.
Financial highlights
Adjusted net revenue for Q2 2025 was NOK 370 million, down from NOK 389 million in Q2 2024.
Adjusted EBIT for Q2 2025 was NOK 93 million, compared to NOK 106 million in Q2 2024.
Last twelve months adjusted net revenue was NOK 1,725 million, down from NOK 1,762 million year-over-year.
Adjusted operating expenses for Q2 2025 were NOK 277 million, slightly lower than NOK 282 million in Q2 2024.
Payments to obtain new contracts in Q2 2025 were NOK 39 million, stable year-over-year.
Outlook and guidance
Norgespris, a new electricity support scheme, is expected to increase energy consumption and positively impact revenues.
Net revenue and adjusted EBIT for 2025 are expected to be below target due to mild weather, reduced volumes, and increased credit risk in Sweden.
Financial targets for 2026 remain unchanged, with continued strong customer growth anticipated, especially in Norway.
Stable nominal opex guidance for 2025 was reconfirmed.
Fjordkraft Företag launched in Sweden, with plans to expand B2B and B2C presence.
Why did Nordic segment EBIT adj. decrease?
Reconcile revenue from segments to total revenue.
Drawn RCF Debt Percentage covenant status?
Nordic segment credit loss outlook?
Capitalize on in-sourced Power Trading how?
Impact of Alliance concept model change?
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Next Elmera Group earnings date
Q3 202513 Nov, 2025
Next Elmera Group earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
Elmera Group ASA (formerly Fjordkraft Holding ASA), together with its subsidiaries, engages in the purchase, sale, and portfolio management of electrical power to households, private and public companies, and municipalities in Norway. The company offers hydroelectric-based power to individual customers. It is also involved in the generation of electrical power from renewable sources; purchase, custody, and distribution of electricity to business customers; and provision of multi utility services comprising telecommunication, television signal transmission, internet access, and other telecommunication services.
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