Elmera Group (ELMRA) Q3 2025 earnings summary

Executive summary

• Core net revenue margins increased year-over-year in both Consumer and Business segments, with robust organic customer growth, especially in Norway and the Nordics.

• Insourcing of the power trading function improved forecasting accuracy and reduced imbalance volumes by 30%.

• Norgespris, a new power support scheme, launched with significant household adoption, driving customer mobility and strong organic growth of over 9,000 deliveries in the Consumer segment.

• Despite higher than normal temperatures reducing electricity consumption, financial results remained solid.

• Gross revenue increased 27% to NOK 1,774m, driven by higher electricity prices, but volume sold decreased due to mild weather and strategic phase-out of low-margin contracts.

Financial highlights

• Adjusted net revenue for Q3 2025 was NOK 351m (Q3 2024: NOK 368m); adjusted EBIT was NOK 61m (Q3 2024: NOK 79m); LTM adjusted net revenue was NOK 1,708m (LTM 2024: NOK 1,780m); LTM adjusted EBIT was NOK 482m (LTM 2024: NOK 572m).

• Operating expenses were NOK 290m, stable year-over-year; LTM OpEx was NOK 1,226m.

• Payments to obtain new contracts increased to NOK 44m (Q3 2024: NOK 39m).

• Net cash from operating activities was NOK 292m (Q3 2024: NOK 244m); cash position improved due to working capital release and positive cash EBIT.

• Total equity as of 30.09.2025 was NOK 1,378m (Q3 2024: NOK 1,414m).

Outlook and guidance

• Financial targets remain unchanged, but net revenue and adjusted EBIT for 2025 are expected to be below target due to mild weather and increased credit risk in Sweden's SME segment.

• Norgespris adoption is expected to increase consumption by 1.5%-3% in the short term, with further growth long-term.

• Growth in the Consumer segment is expected to moderate after the Norgespris launch, but Nordic expansion and acquisitions in Norway, Sweden, and Finland remain a focus.