My name is Rolf Barmen, Head of the Elmera Group ASA. Our CFO, Henning Nordgulen, is as usual with me and will take us through the financials. Morten Opdal, our Head of Investor Relations, is also with us and will take questions during the presentation and address them to Henning and myself in our Q&A session. In the second quarter, we continued our strong operational development from the first quarter.
We are particularly satisfied with the customer development in the quarter, which obviously is a key aspect to long-term profitability. The customer growth accelerated across all of the group's reporting segments in the quarter, a testament to the attractivity of our portfolio of brands and our distribution power. As of May 2025, the group's in-house power trading function became fully operational. Among its new responsibilities is daily volume forecasting, where accuracy directly impacts balancing costs.
Since the insourcing, forecasting accuracy has improved significantly and is contributing to more efficient operations and reduced cost of goods sold, eventually leading to better revenue margins. We look forward to further capitalizing on insourcing, especially through participation on the intraday markets. The dividend for 2024 was distributed in May and represents an attractive dividend yield for our shareholders, underpinning our capitalized business model and dividend capacity.
Let us move to the operational development in these segments. As mentioned, the customer growth in the quarter was strong. Building on the very strong momentum from the first quarter, the consumer segment delivered its strongest quarterly organic growth since the fourth quarter of 2022, adding 6,000 deliveries in the period. As in the first quarter, both the Fjordkraft brand and the Gudbrandsdal Energi brand contributed positively to the growth.
In addition to the organic growth, we have successfully increased both adjusted EBIT and the net revenue margin per kilowatt-hour in the quarter through our product management and pricing strategy. The combination of customer growth and increased net revenue margin is one that is hard to pull off, and I am particularly proud of the commercial craftsmanship in the segment this quarter. In the business segment, the stable development continued.
We are reporting the fifth consecutive quarter of organic growth in the segment, and net revenue margin was stable year on year. All in all, we are very satisfied with the business segment's strong performance this quarter, as we have been for many quarters now. Within the group's new growth initiatives, the mobile business continued the trend from the first quarter, reporting growth in the number of subscribers also in the second quarter.
In fact, we also see an increase in average revenue per user, that is ARPU, in the segment. The pipeline for new partners in the group's alliance concept in the Allred alliance is strong in the second half of 2025, and we have more than 20,000 deliveries signed and ready for migration during the second half of the year. During the quarter, we have changed the business model when it comes to handling the volume purchase on behalf of our partners in the alliance concept.
From offering our partners paid credit clients when purchasing volume through our model, we now offer a more capitalized model where our partners pay volume as consumed or pay in advance. This reduces net revenue, but it also reduces the group's finance costs. The Nordic segment, recording underlying growth in B2C spot contracts, with a revised product portfolio aimed at capturing B2C spot customers, the spot portfolio achieved year-on-year growth of 13,000 deliveries in Finland, marking uninterrupted monthly growth in the portfolio since January 2022, currently constituting approximately 60,000 deliveries.
The product portfolio turnaround has de-risked the portfolio exposure to price and volume risk significantly in Finland. In Sweden, we have also successfully launched Fjordkraft Företag in the quarter, where we are capitalizing on our B2B market know-how, product portfolio, and IT platform under the Fjordkraft brand. We have already reached agreements with distribution partners, a very promising start. When it comes to counterparty risk, we continue to report strong credit metrics on the group level, but have experienced credit and hedging losses in the Nordic segment this quarter.
This is due to weakening SME Horeca customers in Sweden. Henning will give you more details on his part of the presentation. To summarize, we are very satisfied with the strong customer growth across all segments, and of course, we are also very satisfied with the strong profitability, both in the consumer and the business segment this quarter. I will come back later to present our outlook, but first, Henning will take you through the financials. Henning, the floor is yours.
Thank you, Rolf, and good morning to you all. Financially, this was a solid quarter for our largest and most important segments, consumer and business. The Nordic segment had a challenging quarter due to credit risk and hedging losses, which also affected group figures year over year. Net revenue adjusted ended at NOK 370 million in the quarter, compared to NOK 389 million in the second quarter of 2024. EBIT adjusted was NOK 93 million, compared to NOK 106 million in Q2 last year. The last 12 months' net revenue was NOK 1.725 billion, a reduction from NOK 1.762 billion in Q2 2024, while the last 12 months' EBIT was NOK 500 million, a decrease from NOK 546 million in Q2 2024.
Operating expenses at the group level were NOK 277 million, compared to NOK 282 million in the second quarter of 2024, and in line with the group's stable nominal OpEx guidance. Cash spend to secure new contracts amounted to NOK 39 million in the quarter, in line with Q2 2024. Over the last 12 months, cash spend was NOK 137 million, a level which has been quite stable over the last years, but significantly below historical levels.
Amortization of contract acquisition costs still exceeds cash spend, but it will align with the spend level over time. As Rolf mentioned, we have optimized our power trading function as well as our financing structure and sourcing model. This has included replacing interest-bearing supply credit with bank financing, and this started to have effect from the end of April. While this adjustment does not change the group's overall leverage, it does impact the reporting of net working capital and net interest-bearing debt, which I will get back to.
Over to market development, and starting with the ELSPOT prices on the left-hand side of the slide. Prices were higher and more volatile in April before easing for the remainder of the quarter. The chart illustrates the system price, but note that we experienced significant regional price differences due to grid congestion. To the right, you can see that monthly supply changes in Norway continue to be more or less on track with the trend from 2024 and remain at the historical low level. This is in part the enabler for continued moderate cash spend on customer acquisition. Over to the segments, and starting with consumer, where we delivered strong results this quarter.
The growth in the segment continued at an accelerated rate with an increase of 6,000 deliveries quarter over quarter. As in Q1, the growth was distributed across both the Fjordkraft and Gudbrandsdal Energi brands. The net revenue margin per kilowatt-hour was successfully increased year on year, and we implemented price changes on part of the portfolio also during the second quarter.
This led to an increase in net revenue of NOK 11 million year over year, and the corresponding EBIT adjusted growth of NOK 9 million year over year. Volume sold was stable year over year, while reduced average consumption led to a 4% volume decrease seen on the last 12 months' basis. Variable contracts continued the slow turnout and represented approximately 4% of the segment's deliveries at the quarter end. Over to the business segment, which also delivered solid results this quarter, albeit a reduction in net revenue from the historical all-time high of NOK 123 million in Q2 2024 to NOK 150 million in the second quarter of 2025.
With relatively stable operating expenses, EBIT adjusted correspondingly ended at NOK 53 million, a decrease from NOK 62 million in Q2 2024. The robust track record of organic growth in the segment continues, and at the quarter end, the segment comprised 133,000 deliveries. Volume sold decreased by 0.1 terawatt-hour compared to the second quarter last year, partly driven by the temperature and partly by phasing out a few larger customers with close to zero margin. Considering this backdrop and the tough comparables in the second quarter of last year, where we also had some tailwind in the market, we managed to recreate the underlying results year over year.
The average net revenue margin per kilowatt-hour also remains stable year over year. In the Nordic segment, we experienced underlying growth in the B2C spot portfolio in the quarter, while the phase-out of legacy fixed-price contracts contributed to a slight net decrease in the volume of deliveries. The growth trend on spot contracts has continued into the third quarter, and in combination with the Fjordkraft Företag B2B initiative, we have a positive outlook on growth in the segment going forward, and Rolf will get back to this in the outlook section.
Year over year, the changes to the product portfolio are significant, with a growth of 13,000 B2C spot contracts compared to the second quarter of 2024. This change in product mix also represents a significant de-risking of the portfolio. Volume sold decreased 7% year over year, primarily driven by reduced average consumption.
Net revenue decreased from NOK 51 million in Q2 2024 to NOK 34 million in this quarter, and EBIT adjusted ended as a negative of NOK 23 million. Credit and hedging losses from bankruptcies and contract terminations in the Swedish B2B market represented a negative effect of approximately NOK 25 million on the segment's results this quarter, and I will elaborate on credit risk on the following slide.
Overall, the group's credit metrics remain attractive, evidenced by the settlement rates on the charts to the left. We monitor payment behavior closely. Settlement rates remain at a very strong level across all segments, all markets, all three countries, and stable over the last year. We have recently performed a customer analysis and have documented that the credit granting process is also sound and appropriate.
However, we experienced a weakening trend in behavior and credit worthiness in a subsegment of SMEs in Sweden, primarily within the Horeca sector, and we have also observed an increase in the general bankruptcy trend in Sweden in 2024. The negative impact in the Nordic segment this quarter is primarily related to settlements and losses from hedges, where the customer has entered into hedging contracts at higher price points than the current price levels, which means that the financial position is negative.
The customers own their positions, but when they are unable to settle the contractual obligations, the counterparty risk materializes. Given the uncertainty in this portfolio, we consider that increased risk in the Nordic segment may impact the segment's performance negatively, also in the coming quarters. The provisions are considered appropriate per quarter end, and we monitor the situation very closely.
Within the new growth initiatives, both the number of mobile subscribers and the average revenue per user, or the ARPU, increased. Volume sold in the alliance concept was up 9% year over year, while the last 12 months' volume was stable. As Rolf Barmen said, the pipeline of Allred alliance deliveries is strong, with 21,000 deliveries signed and ready for implementation in the second half of 2024.
Net revenue and EBIT decreased year over year, and the decrease was distributed across the various initiatives. Corresponding with the change of the sourcing model in the quarter, we have also changed the alliance business model when it comes to handling volume purchased on behalf of our partners. From offering our partners paid credit lines when purchasing through our model, we have shifted to a capitalized approach where partners either pay in advance or as volumes are consumed.
This reduces the credit component in net revenue, but also reduces the group's finance cost and frees up available credit lines. Accordingly, year-over-year performance comparisons should be viewed in light of this adjustment. The net working capital at the quarter end was NOK 608 million, and following the changes in the sourcing model, we have replaced interest-bearing supply credit with bank facilities.
Historically, supply credit has been included in net working capital. Thus, both net working capital and net interest-bearing debt increase in the revised sourcing model versus the historical figures. However, the underlying leverage remains unchanged, as we communicated in our Capital Markets Day in June last year, and we have reiterated in subsequent earnings releases. I then give the floor back to you, Rolf.
Thank you very much, Henning. Let me begin with a brief comment on Norgespris when I now commence my outlook. Norgespris is the proposed addition to Norway's electricity support scheme. The proposal has been approved by the Norwegian Parliament, and regardless of the result of the election on the 8th of September, we find it likely that Norgespris is implemented as from the 1st of October.
The role of the electricity retailer will not change. Customers will still need to maintain a relationship with the retailer. Industry experts anticipate that Norgespris will lead to an increase in energy consumption, potentially up to 10%. This would likely result in a positive impact on the group's revenues. For that reason, we view the introduction of Norgespris as a net positive development. Next, the power trading function has been successfully insourced and has now been fully operational since May.
As outlined during our capital market day in 2024, this move enhances our ability to improve consumption forecasting accuracy, directly impacting the group's electricity costs. Additionally, it enables us to engage in intraday trading, which is, together with forecasting accuracy, a key measure in managing the balancing costs currently affecting all participants in the Nordic power markets. Fjordkraft Företag was also launched in May. This is the Fjordkraft brand's official entry into the Swedish B2B market.
We have already secured, as I stated earlier, a distribution partner with strong market presence and extensive reach, positioning as well for growth. Building on the success of our Norwegian business segment, which over the last decade or so has transformed from a break-even business to a key contributor to the group's results, we are confident in the potential for growth in both Sweden and Finland. We are also planning on launching Fjordkraft as the main brand in the B2C segment in Sweden from late 2025 to further capitalize on our Pan-Nordic platform.
Lastly, we are actively pursuing acquisitions where we observe that the activity has taken up, and we see increased market opportunities across Norway, Sweden, and Finland. Next, our financial targets, where we reiterate the target communicated on our first quarter presentation.
Given the very mild start of the year and correspondingly low volumes and increased credit risk in the Horeca Sweden, we expect that our net revenue and EBIT adjusted would likely be below targeted levels for 2025. Targets for 2026 remain unchanged. Now I invite Henning up again, and we are ready for the Q&A session. Morten, do you have any incoming questions for us?
Thank you, Rolf. We have received some questions, and we will start with the following. There have been rumors about grid companies taking over the role of electricity retailers as they will administer Norgespris. What is your view on this?
The introduction of Norgespris will not change the role of the electricity retailers. Customers will manage their choice between the different support schemes models directly in LHub, which is Norway's centralized data platform for the electricity market, which handles the secure and efficient flow of data between retailers, grid operators, and end users. For retailers, this means business as usual. We remain the spearhead of the value chain closest to customers.
Our role will continue to be purchasing and selling electricity, providing advisory services, giving market insights, managing all the invoice services, including invoicing of the grid rent, tailored digital solutions, and, of course, not to forget, providing innovative offerings that help customers navigate this steadily evolving energy landscape.
Particularly important in the future will our app be when it comes to monitoring the grid rent, as a household actually can save hundreds of kroner a month using electricity in a way that optimizes the grid rent. For our own purpose, we really are needed in this market, and nothing has changed, actually. We are even more important now than ever.
Thank you. We have a question on the Nordic segment. Do you expect that losses in this segment will likely affect figures also going forward?
As mentioned in the presentation, we monitor the situation closely, and the current provisions are considered adequate per quarter end. We are, of course, doing our utmost to limit the potential negative impact going forward. We have implemented several measures to ensure this, but we cannot and will not speculate in quantitative effects going forward, as it is very difficult to provide sufficiently reliable estimates based on the current data points. As Rolf said, our outlook for 2026 is maintained, meaning that we do not see this as an issue that will negatively affect our financial targets and ambitions for 2026.
Another question on the Nordic segment. You maintain your ambitions for this segment. What are the key drivers supporting your ambitions?
As for this year, we implement the IT platform in Sweden, and first half next year, we implement the IT platform in Finland. This obviously gives us the opportunity to centralize vital tasks as product management and distribution management, credit granting, and such, which we have had great success with in the Norwegian market. We strongly believe that we will be able to both grow our business and also do it in a profitable way in the Nordics throughout the next couple of years, of course, bringing values to our shareholders.
Thank you. We have a question on the insourcing of power trading. How much does the company save on insourcing of power trading on an annual basis?
That is too early to answer, actually, and I don't think that we will disclose that number, but I think it is very important to say that balancing costs for all the participants in this market that have really followed the market, they've seen that the balancing cost has really increased due to these new algorithms that Statnett has implemented. Of course, when we then can reduce the imbalance when it comes to our prediction, that is extremely vital. This has already been a success, and it will contribute to a robust business model going forward.
Thank you. We have another question which goes on growth in the Nordic segment. When do you think the growth in spot customers in the Nordics will surpass the churn of fixed-price customers? In other words, when will growth pick up in the Nordic deliveries in total?
I think it's fair to say that we have to wait some time yet, hopefully we will see this during next year. Let's have some patience.
Okay, the final question. You're reporting very strong customer growth this quarter. Do you expect this trend to continue into the next two quarters?
So far, it looks good, you never know. So far, it looks good. We definitely see that our main brands, Fjordkraft and Gudbrandsen Energi here in Norway, perform very well. Actually, Trøndelag Kraft, the local brand in Trøndelag in the mid-part of Norway, is also performing well. We have great hopes for future customer growth, particularly in Norway.
Okay, that concludes the Q&A session. We would like to thank you all for your attention and wish you all a nice day.
Okay, bye.