Elmera Group ASA-Q1’26 rst take: EBIT adj. spot on cons.-05/13/2026

Research evidence excerpt

Elmera Group ASA-Q1’26 rst take: EBIT adj. spot on cons.-05/13/2026

Elmera Group ASA

NEWSFLASH | 13 MAY 2026

Q1’26 rst take: EBIT adj. spot on cons.

Elmera reported Q1 net revenues of NOK 527m, up 5% y/y and 1% below PAS/cons., as lower temperatures led to a 7% y/y

increase in delivered volumes. EBIT adj. came in at NOK 201m vs. PAS/cons. at NOK 201m/198m, with net pro t miss driven

by higher net nancial costs following stronger volumes and higher eslspot prices. Total number of deliveries increased by

75k y/y, supported by the Telinet acquistion which included 65k deliveries for the quarter. Elmera raised its FY26 EBIT adj.

guidance to NOK 575m (NOK 550m), following the Telinet acquistion – underlying no change in guidance. We currently have

a Hold recommendation with a TP of NOK 38.

Deviation table

Actual Q1'26e Dev. (%) Pareto estimates (pre Q1)

Unit Q1'25 Q1'26 Cons. Pareto Cons. Pareto 2026e 2027e 2028e

P&L items

Net revenue adj. " 502 527 531 530 (1)% (1)% 1,787 1,849 2,017

EBIT adj. " 174 201 201 198 0% 2% 566 583 703

EBIT " 127 188 194 189 (3)% (1)% 531 548 668

Net profit " 56 87 110 114 (21)% (23)% 315 336 436

EPS reported NOK 0.51 0.79 1.11 (23)% 2.9 3.1 4.0

Segment financials

Consumer revenue adj. NOKm 240 238 249 258 (4)% (8)% 848 869 968

Business revenue adj. " 163 193 183 173 5% 11% 580 578 604

NGI revenue adj. " 40 43 43 44 - (2)% 163 179 189

Nordic revenue adj. " 59 53 60 55 (12)% (3)% 196 223 256

Consumer EBIT adj. NOKm 81 82 89 100 (8)% (18)% 261 254 324

Business EBIT adj. " 86 105 108 93 (3)% 13% 292 281 296

NGI EBIT adj. " 4 5 5 5 8% 7% 18 33 41

Nordic EBIT adj. " 4 9 1 0 (5) 16 42

Other key items / metrics

Net revenue adj. growth % (9)% 5% 6% 6% (1)% (1)% 6% 3% 9%

Net revenue adj. margin " 12% 8% 8% (1)% 11% 12% 13%

EBIT adj.