Elmera Group acquires Telinet Energi AB

Elmera Nordic AS, a subsidiary of Elmera Group ASA, has entered into an agreement for the acquisition of 100% of the shares in Telinet Energi AB and the subsidiary Telinet Energi Försäljning AB (“Telinet”) (the “Transaction”), from Telinet Energi Holding AS.

Key information about Telinet: -Telinet is a Swedish electricity retailer with 27 employees and headquarter in Stockholm, Sweden.

-Telinet supplies 100% renewable electricity to approximately 63 thousand deliveries, and its customer base is largely made up of higher-consumption households (B2C represents ~99% of deliveries).

-Approximately 96% of the deliveries are on monthly or 15-min spot-based contracts (“rörligt pris”) which are based on the Nord Pool spot price plus trading costs, a per kWh mark-up and a fixed monthly fee. Approximately 4% of the deliveries are on fixed-price contracts, of which the majority are on a seasonal fixed price from December to February.

-Volume sold in 2025 was 658 GWh. In 2025, Telinet reported a net revenue of SEK 82.8m, OPEX was SEK 49.8m and EBIT was SEK 32.9m.

Strategic rationale: -Telinet represents an attractive opportunity to strengthen Elmera’s Nordic retail footprint and to add scale to the investments in the pan‑Nordic Elmera IT platform.

-Post‑transaction, the Group will serve approximately 85 thousand B2C electricity deliveries in Sweden, strengthening the Group’s position as a scaled player in the market. Total deliveries in the Nordic segment (Sweden and Finland) will increase to approximately 175 thousand.

-The acquired portfolio is closely aligned with the Norwegian B2C market, characterised by predominantly high‑consumption, spot‑based contracts with attractive margins and a strong adoption of value‑added services.

-With a B2C customer base and a product mix that is largely spot‑based, the portfolio has a structurally low market‑risk profile, with only a limited share of fixed‑price contracts.

-Synergy and scale potential will primarily be realised through migration to Elmera Group’s IT platform and harmonisation of processes. Annual run‑rate synergies are estimated at approximately SEK 15m, with full effect from 2027.

-The purchase price implies an EV/EBIT multiple of 7.6x before synergies and an EV/EBIT multiple of 5.2x including synergies.

The key terms of the Transaction are as follows:

-The purchase price is based on an enterprise value of Telinet of SEK 250 million on a cash and debt free basis and an agreed normalised level of working capital.

-The consideration is subject to customary post-closing adjustments based on a closing accounts mechanism, determined by reference to cash, debt and working capital in the closing accounts as of 31 March 2026.

-The purchase price shall be paid in cash by Elmera Nordic AS to Telinet Energi Holding AS. The acquisition will be financed by long-term debt and available cash. Completion is subject to certain customary closing conditions for transactions of this type.

Please find additional details in the attached slide deck.

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