Elmera Group (ELMRA) Q4 2025 earnings summary

Executive summary

• Adjusted EBIT increased year-over-year in Q4 2025 despite a 5% reduction in volume sold, reflecting strong operational performance amid mild weather and portfolio optimization.

• Norgespris adoption reached about 50% of Norwegian households, initially increasing churn but later supporting customer growth and higher consumption per delivery.

• The Board proposed a dividend of NOK 2.00 per share, maintaining a high payout ratio and pending general meeting approval.

Financial highlights

• Q4 2025 adjusted net revenue was NOK 463 million, down from NOK 486 million in Q4 2024; adjusted EBIT rose to NOK 159 million from NOK 154 million.

• Full-year 2025 adjusted net revenue was NOK 1,686 million (down from NOK 1,793 million in 2024); full-year adjusted EBIT was NOK 487 million (down from NOK 569 million in 2024).

• Adjusted OpEx for Q4 was NOK 304 million, down from NOK 332 million year-over-year; full-year adjusted OpEx was NOK 1,199 million.

• Net cash at year-end was NOK 218 million, with a seasonal increase in net working capital due to higher volumes and elspot prices.

• Basic EPS for Q4 2025 was NOK 0.63, up from NOK 0.10 in Q3 2025.

Outlook and guidance

• 2026 guidance targets group net revenue growth, stable nominal adjusted OpEx, and adjusted EBIT around NOK 550 million, with a dividend payout ratio of at least 80% of net income.

• Continued customer growth is expected, especially in Consumer and Nordic segments, with investments in brand and distribution.

• Ongoing market volatility and high prices are expected to pressure variable margins and imbalance costs.

• Significant EBIT improvement is expected in the New Growth Initiatives segment in 2026.