Elmera Group recorded an adjusted net revenue of NOK 474m in the fourth quarter
of 2023, an increase compared to NOK 372m in the fourth quarter of 2022. 
Adjusted EBIT was historically strong and significantly higher than last year,
and came in at NOK 157m, compared to NOK 28m in fourth quarter 2022. For the
full year 2023, EBIT adj. was NOK 513m, compared to NOK 460m in 2022.

-I am very satisfied with our performance in the quarter. All of our segments
developed positively, and we reached the targeted reduction in operating
expenses from our cost programme, says CEO, Rolf Barmen. 

Lower than normal temperatures and a reduction in electricity prices versus last
year contributed to increased volume sold in both the Consumer and Business
segments. The volume growth was also fuelled by year-over-year customer growth
in the Business segment. 

Nordic Green Energy, the group's brand in the Swedish and Finnish market,
improved both its profitability and customer satisfaction compared to fourth
quarter in 2022.

"The Nordic segment is in a completely different state now, compared to twelve
months ago. Financially we are more robust and less exposed to market risk. The
customer satisfaction development truly is a success story, and we are now among
the top three players in the Finnish market", says Barmen. 

The New Growth Initiatives segment also developed well in the quarter, with a
positive trend in number of mobile subscribers and improved profitability after
the network migration to Telia's network. 

The board of directors have proposed a divided of NOK 2.3 kr per share for 2023.



Please find attached the quarterly report and quarterly presentation.

Results Presentation: 15 February 2024 at 08.00 CET 

The presentation will be webcasted live at: 
https://channel.royalcast.com/landingpage/hegnarmedia/20240215_2/


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