Elmera Group (ELMRA) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw a 9% decrease in electricity volume sold due to abnormally mild weather, leading to adjusted net revenue of NOK 502m and adjusted EBIT of NOK 174m, both down year-over-year.

• Customer growth was strong, with the Consumer segment adding 2,000 deliveries and the Business segment surpassing 130,000 deliveries, maintaining positive trends.

• Dividend of NOK 3.00 per share was approved and distributed in May 2025.

• The mobile business added 2,000 new subscribers, reaching 113,000 at quarter-end.

Financial highlights

• Adjusted net revenue was NOK 502m, down from NOK 550m in Q1 2024; adjusted EBIT was NOK 174m, down from NOK 230m.

• Last 12 months' adjusted net revenue was NOK 1,744m, flat year-over-year; last 12 months' adjusted EBIT was NOK 513m, down from NOK 545m.

• Gross revenue for Q1 2025 was NOK 4,285m, a 20% decrease year-over-year.

• Net financial cost reduced to NOK 49m from NOK 54m year-over-year.

• Net cash from operating activities was NOK 67m, a significant improvement from NOK -588m in Q1 2024.

Outlook and guidance

• Net revenue and adjusted EBIT for 2025 are expected to be below targets unless the second half of the year is significantly colder.

• Stable nominal opex guidance for 2025 is reiterated and extended to 2026.

• Dividend policy remains unchanged, with a payout ratio target of at least 80% of net income.

• New market initiatives include the launch of Fjordkraft Företag in Sweden and active pursuit of acquisitions.