Q1 2023 Highlights

-Net revenue adj. NOK 534m (+8% YoY), EBIT adj. NOK 198m (+15% YoY) and volume
sold 5.8 TWh (flat YoY)

-The phase-out strategy for the variable product portfolio has had a significant
positive impact on the Consumer segment in the quarter, balancing the losses
from Q4 '22

-The Business segment continues the strong and consistent financial performance.
Organic customer growth of 8 thousand deliveries (+7%) in the quarter, the
highest since Q2 '18

-Positive trend in the Nordic segment. The majority of the fixed price contracts
with profile risk has been phased out per quarter-end Q1 '23

-Cost efficiency programme progressing according to plan

-The transaction with Telia was completed on 21 April 2023. The guaranteed
consideration for 90% of the customer portfolio (NOK 115m) has been received

-Dividend of NOK 1.5 per share was distributed on 5 May 2023



Growth in net revenue and EBIT and positive development in several business
areas

After two quarters with extraordinary elspot price volatility and customer
mobility, the first quarter of 2023 has been more in line with the historical
normal, even though elspot prices have remained relatively high through the
quarter. Normalised markets have contributed to reduced risk in the variable
contract portfolio and in the residual fixed price portfolio in the Nordic
segment, both important contributing factors to the 7% YoY growth in net revenue
adj. and 15% YoY growth in EBIT adj. The phase-out strategy for the variable
products in the Consumer segment has been well executed in the quarter, and the
risk margin covered the realised risk in the quarter and also contributed to
balance some of the losses from Q4 '22. The portfolio constitutes 8% of the
Consumer segment's deliveries at quarter-end and had a significant positive
impact on the segment's quarterly results.

The Business segment is performing well, and the Nordic segment is on a positive
trend as the legacy fixed price contract portfolio with profile risk is being
phased out. In the Group's New Growth Initiatives there are several positive
developments, particularly the cooperation with Telia which progresses according
to plan. The Group's cost efficiency program is also on track and is one of the
Group's main priorities in the coming quarters.


Please find attached the quarterly report and quarterly presentation. 

Results Presentation: Time: 10 May 2023 at 08.00 CET 

The presentation will be webcasted live at: 

https://teams.microsoft.com/l/meetup-join/19%3ameeting_NTFjYmUwNjMtODA4Ny00NTJhL
WIxOGEtNjJiMjI3Y2U5YjEw%40thread.v2/0?context=%7B%22Tid%22%3A%22853e8b83-4054-4e
b9-8b26-ec6513dd213d%22%2C%22Oid%22%3A%2266be86c3-29ed-4ffd-97a2-f638b5525146%22
%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a


For further information, please contact: Morten A. W. Opdal, Head of Group
Accounting, Reporting and IR, +47 970 62 526