Elmera Group (ELMRA) Q2 2025 earnings summary

Executive summary

• Strong operational development and accelerated customer growth continued across all segments, with the Consumer segment achieving its best organic growth since Q4 2022 and the Business segment marking its fifth consecutive quarter of growth.

• The in-house power trading function became fully operational in May 2025, improving forecasting accuracy and operational efficiency.

• Dividend of NOK 3.00 per share was distributed in May 2025, reflecting an attractive yield and strong capital position.

• New growth initiatives drove continued customer growth in Mobile and a strong pipeline for AllRate partners.

• The Nordic segment saw strong B2C spot contract growth and a successful launch in Sweden, but faced losses from SME bankruptcies and a decrease in overall volume sold.

Financial highlights

• Adjusted net revenue for Q2 2025 was NOK 370 million, down from NOK 389 million in Q2 2024; adjusted EBIT was NOK 93 million, down from NOK 106 million.

• Last 12 months' adjusted net revenue was NOK 1,725 million, down from NOK 1,762 million; adjusted EBIT was NOK 500 million, down from NOK 546 million.

• 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, with LTM at NOK 137 million.

• Gross revenue for Q2 2025 was NOK 2,061 million, a 2% decrease year-over-year, mainly due to lower electricity prices and reduced volume sold.

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 low volumes and increased credit risk in Sweden; 2026 targets remain unchanged.

• Continued focus on growth in Sweden and Finland, with IT platform rollouts and new brand launches planned.

• Actively pursuing acquisitions in Norway, Sweden, and Finland.

• Stable nominal opex guidance for 2025 was reconfirmed.