Elmera Group (ELMRA) CMD 2024 summary

Strategic direction and business development

• Focus on creating leading electricity retailers in the Nordics, expanding from Norway to Sweden and Finland, with a pan-Nordic B2B brand and local B2C brands.

• Significant investment in IT and digital platforms, with all Nordic customers migrating to a unified Elmera IT platform by H1 2025 to drive efficiency and scalability.

• Expansion of value-added services, including risk management, digital tools, loyalty programs, and new energy solutions like solar and storage to increase customer satisfaction and reduce churn.

• Launch of new business units and joint ventures, such as Steady Payments, SunPool, Fjordkraft Mobil, and AllRate, to capture growth in adjacent markets and support core business.

• Emphasis on leveraging scale, digitalization, and M&A opportunities, especially in Sweden and Finland, with organizational changes to support cross-border product management.

Consumer segment highlights

• Maintains #1 market position in Norway with three strong brands, high customer satisfaction, and a broad product range including value-added services.

• Achieved significant customer growth, increased net revenue, and reduced market risk by streamlining products and focusing on digital sales channels.

• Customer satisfaction and loyalty have improved, supported by award-winning service and innovative app features; churn rates are at historic lows.

• Cost leadership achieved through operational streamlining, digitalization, and a successful cost program, with further efficiency gains expected from AI in customer service.

• Fjordkraft Mobil has turned profitable after migrating to the Telia network and is positioned for further growth, leveraging cross-selling with electricity services.

Business segment and Nordic expansion

• Holds a leading B2B market position in Norway, with a diversified portfolio and high brand awareness; over 70% of business customers purchase multiple services.

• Robust business model with stable results despite market volatility, supported by flexible operations and strong credit management.

• Positioned for Nordic expansion, with migration to the Elmera platform in Sweden and Finland in 2025, aiming to triple addressable market size.

• Digital ecosystem investments and new energy solutions (e.g., solar, storage, heat pumps) expand the product range and customer base.

• All B2B activities to be unified under the Fjordkraft brand, leveraging a pan-Nordic product range and IT platform.