Elmera Group (ELMRA) Q2 2026 earnings summary

Executive summary

• Fortum announced a recommended voluntary cash tender offer for all shares at NOK 47 per share, unanimously supported by the Board and subject to regulatory and shareholder approvals.

• The quarter saw strong customer growth and solid year-over-year improvement in adjusted EBIT across all main segments, driven by higher volumes and elevated elspot prices.

• Operations continued as usual during the offer process, with a focus on customer care, operational momentum, and strong financial results.

• The Telinet acquisition boosted Nordic segment performance and contributed to positive net customer growth.

Financial highlights

• Adjusted net revenue for the quarter was NOK 399 million, up from NOK 370 million year-over-year; adjusted EBIT rose to NOK 121 million from NOK 93 million.

• Gross revenue increased 67% year-over-year to NOK 3,439 million, reflecting higher electricity prices and volumes.

• Adjusted operating expenses were NOK 278 million, nearly flat year-over-year; last twelve months adjusted Opex at NOK 1,198 million.

• Net working capital decreased by NOK 988 million quarter-on-quarter, improving the net cash position.

• Net financial cost increased to NOK 50 million from NOK 34 million year-over-year, mainly due to higher elspot prices and volumes.

Outlook and guidance

• Financial targets for 2026 are maintained, including group net revenue growth and adjusted EBIT of around NOK 575 million, with NOK 322 million achieved in the first half of 2026.

• Dividend policy targets a payout ratio of at least 80% of net income, adjusted for certain items.

• Continued focus on operational and financial priorities during the Fortum offer process.

• Forward-looking statements caution that actual results may differ materially due to factors outside management's control.