Elmera Group ASA-Financial costs weigh below EBIT adj.-05/18/2026

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Elmera Group ASA-Financial costs weigh below EBIT adj.-05/18/2026

Elmera Group ASA

QUARTERLY REVIEW | 18 MAY 2026

Financial costs weigh below EBIT adj. Target price (NOK) 32

Elmera delivered Q1 EBIT adj. broadly in line with our expectations, as a Share price (NOK) 31

miss in Consumer was offset by a strong beat in Business. However, a

sharp increase in %nancial costs left net pro%t 23/21% below PAS/cons.

We make minor upward revisions to EBIT adj. as we include Telinet in

our estimates, offsetting our underlying negative estimate revisions.

EPS adj. 2026e is cut by 17% due to higher %nancial costs. We reiterate

our Hold recommendation and cut our TP to NOK 32 (38), implying 12x Forecast changes

EPS adj. 2026e, reflecting our lower estimates. % 2026e 2027e

Revenues 5 2

Q1'26 EBIT adj. in line – net pro%t signi%cantly below expectations EBITDA (1) 3

Elmera reported Q1 net revenues of NOK 527m, up 5% y/y and 1% below EBIT adj 1 5

PAS/cons. Consumer net revenues declined 1% y/y to NOK 238m, despite EPS reported (26) (16)

volumes increasing 16% y/y, as softer net revenue margins weighed on EPS adj (17) (15)

performance. Consumer EBIT adj. came in at NOK 82m versus PAS/cons. of NOK

Source: Pareto Securities

100/89m. Business delivered net revenue growth of 18% y/y, with revenues 11/5%

above PAS/cons., driven by high elspot prices and higher credit compensation.

EBIT adj. was NOK 105m, up 22% y/y, versus PAS/cons. of NOK 93/108m. NGI Ticker ELMRA.OL, ELMRA NO

delivered largely in line with expectations, while Nordic posted a minor net Sector Divers?ied Consumer

revenue miss, offset by lower OPEX. In sum, EBIT adj. came in in line with Shares fully diluted (m) 114.4

expectations at NOK 201m. However, higher elspot prices and volumes drove a Market cap (NOKm) 3,585