Elmera Group (ELMRA) Q1 2026 earnings summary

Executive summary

• Strong operational development with adjusted EBIT up 16% year-over-year to NOK 201m, driven by higher volumes and elspot prices across all segments.

• Record high net revenue and adjusted EBIT in the Business segment, supported by higher elspot prices and disciplined portfolio management.

• Acquisition of Telinet Energi AB in Sweden added 65,000 high-consumption spot-based deliveries, strengthening the Nordic footprint.

• Robust customer growth in Consumer, with deliveries up 20,000 over the last 12 months and volumes sold up 16% year-over-year.

• New Growth Initiatives segment benefited from insourcing power trading and strong mobile sales, with mobile subscriptions up by 3,000 in the quarter.

Financial highlights

• Adjusted net revenue for Q1 2026 was NOK 527m, up from NOK 502m in Q1 2025; adjusted EBIT was NOK 201m, up from NOK 174m.

• Adjusted Opex was NOK 325m, slightly below last year.

• Net financial cost increased to NOK 73m from NOK 49m, mainly due to higher elspot prices and volumes.

• Net working capital decreased by NOK 238m quarter-on-quarter.

• Basic earnings per share for Q1 2026 was NOK 0.79, up from NOK 0.51 in Q1 2025.

Outlook and guidance

• EBITDA/EBIT target for 2026 increased to NOK 575m, including Telinet's contribution.

• Organic outlook maintained, considering strong Q1 but also the warmest March on record in Norway.

• Targeting net revenue growth at the group level and a dividend payout ratio of at least 80% of net income, adjusted for certain items.