Elmera Group reported a 30.1% year-over-year rise in adjusted EBIT to NOK 121 million for the second quarter of 2026, alongside a 7.8% increase in adjusted net revenue to NOK 399 million. The company’s adjusted operating expenses remained essentially flat at NOK 278 million compared with NOK 277 million in the same period a year earlier.
Net working capital declined to NOK 164 million from NOK 1.152 billion at the end of March, while net debt fell to NOK 1.04 billion from NOK 1.86 billion three months prior. Net financial costs rose 47.1% to NOK 50 million. Cash-adjusted EBIT for the quarter totaled NOK 156 million.
Segment performance showed broad improvement. The consumer segment added 5,000 net deliveries, ending the quarter with 684,000 customers and selling 1.67 GWh, an 8% increase year-over-year. Adjusted EBIT in the segment rose to NOK 62 million from NOK 59 million. The business segment reported 123,000 deliveries and 1.25 GWh sold, with adjusted EBIT up NOK 8 million to NOK 58 million, marking a three-year high on a trailing 12-month basis.
The Nordic segment, boosted by the March 31 acquisition of Telinet, grew deliveries to 180,000 and reported adjusted EBIT of negative NOK 2 million, an improvement from negative NOK 23 million in Q2 2025. The mobile and alliance initiatives maintained 114,000 mobile subscribers and 0.73 GWh of alliance volume.
Management reaffirmed its full-year 2026 guidance, targeting adjusted EBIT of about NOK 575 million. The group’s shares traded at NOK 45.65, near the top of a 52-week range of NOK 28.45 to NOK 47, delivering a 51% return over the prior six months.
Fortum’s recommended cash tender offer for all Elmera shares at NOK 47 per share, announced June 29, remains subject to regulatory approval. Merger notifications were submitted to competition authorities in Norway, Sweden and Finland in early August. The public offer period is expected to commence following approval of the offer document by Norway’s Financial Supervisory Authority and receipt of all relevant regulatory clearances, contingent on a minimum 90% acceptance threshold.
