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