Elmera Group reported a 30.1% year-over-year increase in adjusted EBIT for the second quarter of 2026, reaching NOK 121 million as the company advances its planned takeover by Fortum. The Norwegian energy group’s latest results presentation, released on August 19, also showed adjusted net revenue rose 7.8% to NOK 399 million, while operating expenses remained flat at NOK 278 million.
The company reduced net debt by NOK 820 million during the quarter to NOK 1.04 billion, driven by strong operating cash flows of NOK 1.06 billion. Net working capital declined by NOK 988 million to NOK 164 million, and total liabilities fell to NOK 3.87 billion from NOK 5.50 billion at the end of March. Cash and cash equivalents stood at NOK 392 million at quarter-end.
Elmera’s consumer segment, led by the Fjordkraft brand, reported 684,000 customer deliveries, up 5,000 quarter-over-quarter and 19,000 year-over-year. Volume sold increased 8% to 1.67 TWh, with adjusted EBIT rising to NOK 62 million. The business segment posted adjusted EBIT of NOK 58 million, while the Nordic segment turned profitable with adjusted EBIT of NOK 10 million, reflecting the full consolidation of Telinet following its acquisition earlier in the year.
The company’s 2026 guidance targets net revenue growth and adjusted EBIT of approximately NOK 575 million, including contributions from Telinet. First-half adjusted EBIT totaled NOK 322 million, up from NOK 253 million in the same period of 2025.
Fortum’s voluntary cash tender offer, announced on June 29 at NOK 47 per share, remains pending regulatory approval and a minimum 90% acceptance threshold. Elmera’s shares traded at NOK 45.60 on August 19, near the top of their 52-week range of NOK 28.45 to NOK 47.00. CEO Rolf Barmen emphasized operational momentum and customer focus during the offer process, while CFO Henning Nordgulen highlighted the debt reduction as a key achievement of the quarter.
