Elmera Group
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Elmera Group (ELMRA) investor relations material

Elmera Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

Norgespris: Net effect on Consumer segment
Drivers of Q4 operating cash flow deficit
New Growth Initiatives: 2026 EBIT adj. drivers
Norgespris: Impact of accelerated variable phaseout?
Key factor for revised 2026 EBIT guidance?
M&A focus areas and growth strategy alignment?
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Frequently asked questions

Elmera Group ASA (formerly Fjordkraft Holding ASA), together with its subsidiaries, engages in the purchase, sale, and portfolio management of electrical power to households, private and public companies, and municipalities in Norway. The company offers hydroelectric-based power to individual customers. It is also involved in the generation of electrical power from renewable sources; purchase, custody, and distribution of electricity to business customers; and provision of multi utility services comprising telecommunication, television signal transmission, internet access, and other telecommunication services.

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