Elmera Group acquires Telinet Energi AB

12 Mar 2026 08:02 CET

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

More information:
Access the news on Oslo Bors NewsWeb site

668080_Telinet acquisition.pdf