Q2 2026 Elmera Group ASA Earnings Call Transcript
Key Points
- Adjusted EBIT improved across all three main segments, with group adjusted EBIT rising to NOK121 million from NOK93 million year-on-year.
- Consumer segment delivered continued customer growth, ending the quarter with 684,000 deliveries, up 19,000 year-on-year, and volumes increased 8%.
- Business segment achieved its highest last-12-month adjusted EBIT in three years, driven by disciplined portfolio management and favorable market conditions.
- Nordic segment significantly improved profitability, with adjusted EBIT improving from a loss of NOK23 million to a loss of NOK2 million, supported by the Telinet acquisition.
- Net debt decreased substantially from NOK1.86 billion to NOK1.04 billion during the quarter, driven by a release of net working capital.
- The Fortum tender offer process introduces uncertainty, with regulatory approvals and a 90% minimum acceptance condition still pending.
- Higher elspot prices and volumes increased financing costs and collateral requirements, leading to a rise in net financial costs to NOK50 million from NOK34 million.
- Consumer segment adjusted net revenue remained flat at NOK185 million despite higher volumes, due to product mix changes and higher elspot prices.
- Business segment deliveries and volumes continued to decline, with volumes down 11% year-on-year, reflecting reduced exposure to the low-margin tender market.
- Nordic segment volumes decreased 12% on a like-for-like basis, driven by lower average consumption, and the segment still reported a negative adjusted EBIT.
Good morning, and welcome to our second quarter presentation. My name is Rolf Barmen, CEO of the group. Our CFO, Henning Nogul, is as usual with me and will take you through the financials. Also joining us is Morten Opdal, Head of Investor Relations, who will coordinate questions during the Q&A session.
Before moving on to the quarterly results, let me briefly address Fortum's recommended voluntary cash tender offer. As most of you know and will be aware of [Fortum] announced an offer on the June 29 to acquire all issued and outstanding shares in Elmera Group at NOK47 per share. The Board has unanimously recommended the offer to our shareholders. The process is now moving forward, subject to the conditions set out in the announcement.
These include approval of the offer document by the Norwegian Financial Supervisory Authority, the relevant regulatory approvals and a minimum acceptance of 90%. The full terms and conditions will be included in the offer document and the public offer period is currently expected to
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