Q3 2023 results presentation

On 3 November 2023, the following primary insider purchased shares in Elmera Group ASA: Anne Marit Steen (Board Member) has purchased 5,000 shares in Elmera Group ASA at an average price of NOK 23.6598, through the closely associated company Sivilingeniør Helge Hopen AS. After this transaction, Anne Marit Steen holds a total of 6 681 shares.

Exercise of employee share options in Elmera Group ASA ("the Company"). Employees in the Company have on 2 November 2023 exercised 13 332 options. The options had an average strike price of NOK 19.30. Each share option corresponds to one share. The company's liability with respect to the scheme will be met through existing holdings of treasury shares. As of 2 November 2023, Elmera Group ASA holds 5 690 927 treasury shares. The payment has been determined based on a selling price of NOK 22.7307. No options have been exercised by primary insiders. For further information, please contact: Morten A. W. Opdal, Head of Group Accounting, Reporting and IR, +47 970 62 526

Strategic highlights: o Volume growth YoY in both the Consumer and Business segment. o Price increase in the Consumer segment during the quarter, with effects into Q4. o Improved brand reputation and increased rating on smart phone application. o De-risk of the Nordic segment progressing as planned. Financial highlights: o Net revenue adj. NOK 350m (NOK 424m) and EBIT adj. NOK 53m (NOK 121m), driven by product mix changes in the Consumer segment. o Strong revenue growth in New Growth Initiatives, partly driven by migration specific revenue in the Mobile business. o Opex adj. NOK 297m in Q3 (NOK 303m). Cost efficiency process continues. o Strong FCF in the quarter and reduced financing costs from Q2. o QoQ reduction in NWC and NIBD due to seasonally lower volumes and reduced elspot prices. Volume growth YoY and strong contribution from the New Growth Initiatives In the third quarter of 2023, net revenue adjusted was NOK 350m and EBIT adj. was NOK 53m. Volume sold developed positively, with growth in both the Consumer and Business segment YoY as well as over the last twelve months. The elspot price was record high in Q3 2022 following the energy crisis and geopolitical situation in Europe, whereas the elspot price has been at a relatively low level through this quarter. Consumer behaviour and consumption are affected by the low price level, as can be seen from the 9% YoY increased average consumption per delivery in the Consumer segment. The market churn trend continued, with churn lower than the three previous years, likely also affected by the elspot price level. According to Kantar's latest report, the Fjordkraft brand position has strengthened and stands out as the most attractive alternative for customers considering a new supplier. The brand is also number one on both top of mind and brand awareness, by a solid margin. The revenue growth in New Growth Initiatives had a significantly positive impact on the group's results this quarter, mainly driven by positive effects related to the network migration from Telenor to Telia's network. After the migration, the group expects an annual improvement in EBIT adj. from the Mobile business of around NOK 30m compared to before the network migration. Net working capital decreased by NOK 432m in the quarter and net interest-bearing debt decreased by NOK 471m in the quarter, driven by low elspot prices as well as seasonally lower volumes. Please find attached the quarterly report and quarterly presentation. Results Presentation: Time: 1 November 2023 at 08.00 CET The presentation will be webcasted live at: https://channel.royalcast.com/landingpage/hegnarmedia/20231101_9/ For further information, please contact: Morten A. W. Opdal, Head of Group Accounting, Reporting and IR, +47 970 62 526