Good morning, and welcome to our second quarter presentation. My name is Rolf Barmen, CEO of the group. Our CFO, Henning Nordgulen, is as usual with me and will take you through the financials. Also joining us is Morten Opdal, Head of Investor Relations, who will coordinate questions during the Q&A session. Before moving on to the quarterly results, let me briefly address Fortum's recommended voluntary cash tender offer. As most of you know and will be aware of, Fortum announced an offer on 29th of June to acquire all issued and outstanding shares in Elmera Group at NOK 47 per share. The board has unanimously recommended the offer to our shareholders. The process is now moving forward subject to the conditions set out in the announcement.
These include approval of the offer document by the Financial Supervisory Authority of Norway, the relevant regulatory approvals, and a minimum acceptance of 90%. The full terms and conditions will be included in the offer document, and a public offer period is currently expected to start in near future. For Elmera, it remains business as usual while the offer process is ongoing. Our attention is firmly on taking care of our customers, maintaining operational momentum, and continuing to deliver strong financial results.
On that note, it is with pleasure I can announce that we delivered another strong quarter with customer growth and improved adjusted EBIT across all three segments. We continue to build commercial momentum in Consumer, deliver robust profitability in Business, and see a clear improvement in Nordic. At the same time, we maintain strong cost discipline across the group. In Consumer, customer growth continued through the quarter.
Our commercial activities since the introduction of NorgesPris have worked very well, and this reflects the strong commercial capabilities and execution across our organization. The weather in the quarter was relatively mild, but average consumption per delivery nevertheless increased. Together with a growing customer base, this resulted in higher volumes and contributed positively to earnings. Combined with continued cost discipline, this led to improved EBIT year-over-year.
Business delivered another strong quarter, with last 12-month EBIT reaching its highest level in three years. We have successfully optimized the customer portfolio at home, and we are now seeing the financial benefits of that work. The high power price environment also provided some tailwind and contributed positively to the results. Overall, Business is in a very strong position, supported by a well-positioned customer portfolio, strong execution, and favorable market conditions. We also saw positive development in Nordic during the quarter.
Telinet contributed positively, and we delivered customer growth across the segment. EBIT improved significantly compared with last year, reflecting the contribution from Telinet acquisition and lower impact from hedging losses. New growth initiatives increased net revenue year-over-year, while EBIT remained broadly stable despite continued investment in sales and marketing. Mobile maintained a stable customer base and continuously shows increased ARPU, while the alliance platform expanded further during the quarter. Overall, the quarter reflects strong operational execution across the group. We are growing our customer base, improving the profitability of the business, and maintaining a firm focus on cost discipline. Thus, we are very pleased with both the operational and financial progress in the quarter. With that, I will hand over to Henning, who will take you through the financials.
Thank you, Rolf, and good morning to you all. Let's start with the key financials for the quarter. Adjusted net revenue was NOK 399 million, compared to NOK 370 million in Q2 of last year. Adjusted EBIT was NOK 121 million, up from NOK 93 million. On a last 12 months basis, adjusted net revenue was NOK 1.74 billion, while adjusted EBIT was NOK 542 million.
Adjusted operating expenses were NOK 278 million, broadly unchanged from NOK 277 million last year. Last 12 months adjusted operating expenses were NOK 1.198 billion compared to NOK 1.225 billion in Q2 of last year. Payments to obtain new contracts amounted to NOK 37 million in the quarter, compared to NOK 39 million in Q2 of 2025. Over the last 12 months, the cash burn was NOK 153 million, which is in line with previous quarters. Net working capital decreased by NOK 988 million quarter-on-quarter.
The decrease was supported by lower seasonal volumes and a reduction in cash collateral related to power purchases. Net financial costs amounted to NOK 50 million, compared to NOK 34 million last year. The year-on-year increase was primarily due to higher elspot prices and volumes, which drove an increase in working capital financing and collateral requirements. Turning to market development. Weekly elspot prices remain above the corresponding 2025 levels through much of the second quarter. The higher price environment supported net revenue in the business segment through higher credit compensation, but also contributed to margin pressure in parts of the consumer portfolio and an overall increase in financing costs. Supply switching activity in Norway remained moderate during the quarter and below the levels seen over the past three years. I then move over to the segments and start with the consumer segment.
The positive customer growth trend continued in the quarter, particularly in the Fjordkraft brand. The segment ended the quarter with 684,000 deliveries, an increase of 5,000 during the quarter and 19,000 year-on-year. Volume sold increased by 8% year-on-year to 1.67 GWh. The increase was driven by customer growth and a 5% increase in average consumption per delivery, despite milder weather than in Q2 of last year. Adjusted net revenue was NOK 185 million, compared to NOK 186 million of last year. Higher volumes were offset by product mix changes and higher elspot prices. Adjusted EBIT increased to NOK 62 million from NOK 59 million, supported by higher volumes and strong cost discipline. Overall, consumer delivered continued customer growth, higher volumes, and improved profitability in the quarter.
Then turning to business. The segment continued its strong financial track record and the last 12 months adjusted EBIT reached its highest level in the last three years. Adjusted net revenue increased by 5% year-on-year to NOK 121 million, supported by high elspot prices and increased credit compensation. Adjusted EBIT increased by NOK 8 million- NOK 58 million, driven by the solid net revenue developments. The segment ended the quarter with 123,000 deliveries, a slight decrease quarter-over-quarter, while volume sold decreased by 11% year-over-year to 1.25 GWh. As in previous quarters recently, the reduction in deliveries and volumes reflect the reduction in exposure to the low-margin tender market. To summarize, the segment continues to combine disciplined portfolio management with robust profitability.
Then moving to the Nordic segment. Telinet was included in the segment's profit and loss from the second quarter, following completion of the acquisition on 31st of March . The segment ended the quarter with 180,000 deliveries, an increase from 176,000 during the quarter. Both Nordic Green Energy and Telinet delivered positive customer growth in the second quarter. Reported volume sold increased to 0.43 GWh, including Telinet. On a like-for-like basis, volume decreased by 12%, driven by lower average consumption.
Adjusted net revenue increased to NOK 57 million from NOK 35 million last year, supported by the Telinet acquisition. Adjusted EBIT improved materially to a NOK -2 million from a NOK -23 million in Q2 2025, reflecting the Telinet contribution and a reduced impact from credit and hedging losses. Overall, the quarter showed positive development in the Nordic segment with customer growth, increased scale, and a significant year-on-year improvement in profitability.
Turning to new growth initiatives. The number of mobile subscribers was stable at 114,000, and alliance volume was unchanged year-on-year at 0.73 GWh. Alliance increased by 63,000 grid customers during the quarter, reflecting the expansion of the alliance platform. With exact figures year-on-year, adjusted net revenue increased by NOK 3 million- NOK 36 million, driven by positive power trading effects. Adjusted EBIT in the segment remained broadly stable year-over-year despite increased sales and marketing costs.
Finally, net working capital and the net cash position. The net working capital was NOK 164 million at the end of the quarter, a quarter-on-quarter decrease of NOK 988 million. As mentioned, the reduction was supported by lower seasonal volumes and a reduction in cash collateral related to power purchases. Cash EBIT adjusted was NOK 156 million in the quarter, compared to adjusted EBIT of NOK 121 million. Net debt decreased from NOK 1.86 billion at the end of March to NOK 1.04 billion at the end of June. The significant improvement was driven by the release of net working capital, partly offset by the dividend payment and the other cash outflows shown on the slide. That concludes the financial review, and I hand the floor back to Rolf.
Thank you very much, Henning. Based on the performance and the development in the first half of the year, we maintain our financial targets for 2026. We continue to target net revenue growth at group level and adjusted EBIT in the area of NOK 575 million, including the contribution from Telinet. Adjusted EBIT for the first half of 2026 was NOK 322 million, so we are well on track towards our full year targets. To sum up, we delivered a strong second quarter with continued customer growth and improved adjusted EBIT across the main segments. Consumer maintained their positive commercial momentum. Business continued its robust profitability.
Nordic showed a significant improvement supported by Telinet and reduced credit and hedging losses. We remain focused on delivering on our operational and financial priorities while continuing to operate the business in the ordinary course during the Fortum process. That concludes our second quarter presentation. Morten Opdal, do you have any incoming questions for us? Henning, please come to me.
Yes, we have some questions, particularly on the Fortum offer. The first one is the following. What is the expected timetable and when could the transaction be completed?
The public offer period is currently expected to start in near future, as I said. This is subject to approval of the offer document by the Financial Supervisory Authority of Norway. The merger notification was formally submitted to the competition authorities in Norway, Sweden and Finland in the beginning of August, and the regulatory review is ongoing in all countries. We are responding to the authority's request for information as part of the ordinary review process. We cannot provide a precise completion date at this stage.
Thank you. The next question is the following: What is your view on the likelihood of approval from the Norwegian Competition Authority and the likelihood of a phase II process?
As the Norwegian Competition Authority is currently reviewing the notification, it would not be appropriate for us to speculate on the authority's assessment or whether the process will proceed beyond the initial review phase. We are cooperating fully and responding to the information requests received. I think we should leave the assessment to the competition authorities as such.
Are you aware of any competing offers, and can the board consider a higher offer?
We do not comment on market speculation or potential approaches beyond information that has been publicly disclosed. The transaction agreement contains provisions governing any potential competing offer, including the circumstances in which the board may consider an unsolicited superior offer and Fortum's right to match such an offer. If there are any material developments that require disclosure, they will be communicated to the market in accordance with the applicable rules. I can also say that the offer document will also contain any form about what kind of decision the board may take in a case where competing offer is delivered.
Thank you. How does the Fortum process affect your operations strategy and financial targets?
As you can see, we continue and will continue to operate in the ordinary course while the offer is ongoing. Obviously, there has been a lot of things for the administration to take care of in this process, but we have delivered very strong results. Our priorities remain as always. We have to take care of our customers, we have to maintain operational momentum, and we ought to deliver on our financial and operational objectives. As you can see, we maintain our financial targets for 2026, including the adjusted EBIT in the area of NOK 575 million.
Thank you. We have one last question on the offer. What will be the market share in terms of deliveries for the combined Elmera Group and Fortum in Norway, and do you consider this a regulatory risk?
As I said, we do not speculate in the assessment of the Norwegian Competition Authority. We, from our part, we do not know the market share of Fortum, so therefore we cannot speculate in the combined market share either.
Okay. That concludes the Q&A session. Thank you all for your attention, and have a nice day.
Thank you very much, everyone. Have a good day.