Elmera Group ASA-Board backs Fortum’s NOK 47/sh cash offer-06/29/2026

Research evidence excerpt

Elmera Group ASA-Board backs Fortum’s NOK 47/sh cash offer-06/29/2026

Elmera Group ASA

NEWSFLASH | 29 JUN 2026

Board backs Fortum’s NOK 47/sh cash offer

Elmera’s board has unanimously recommended a conditional voluntary cash tender offer from Fortum

Consumer Solutions (wholly owned by Fortum Oyj; Nasdaq Helsinki) at NOK 47/sh, valuing Elmera at ~NOK

5.1bn – a 59% premium to the undisturbed 24 June close of NOK 29.6 and ~14% above Audax’s offer at NOK

41.20. The offer carries no due diligence or financing condition, and ABG Sundal Collier has provided a fairness

opinion. Completion is conditional on >90% acceptance (fully diluted), regulatory approvals and no material

adverse change.

Please note that Pareto Securities is acting as financial adviser to Fortum.

• Today’s announcement reveals Fortum as the previously undisclosed strategic party that had been granted exclusivity (the higher

competing indication the board flagged on 25 June).

• Shareholders representing ~37.8% support the offer, including Nordea IM (15.1%), Gudbrandsdal Energi Holding (7.0%), and DNB AM

(6.8%), alongside binding pre-acceptances from Elmera’s board and management.

• A EUR 3m break fee applies, and should a superior competing offer emerge, Fortum retains a customary right to match it.

• Fortum’s offer represents 2026e 17.6x P/E adj.

Phillihp Bjerke

+47 22 87 88 46, phillihp.bjerke@paretosec.com

Torbjørn Nerheim

+47 24 02 81 18, torbjorn.nerheim@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein.