Elkjøp Nordic Surpasses 50B NOK – Delivers Strongest Profitability in Years

Elkjøp operates on a non-calendar fiscal year. Operating revenue from May 2025 through April 2026 came in at NOK 50,902 million, up 6.8 percent from the previous year (6.2 percent currency-neutral). This is the first time the company has surpassed 50 billion kroner. Adjusted operating profit was NOK 1,300 million, an increase of 27.6 percent from NOK 1,019 million the previous year, with the operating margin strengthening from 2.1 to 2.6 percent.

"Passing 50 billion is a milestone we're proud of, and one we've celebrated properly. It was a goal we were aiming for as far back as the pandemic years, but didn't reach at the time. Now we've done it – and the credit goes to our more than 10,000 fantastic colleagues in Norway, Sweden, Denmark, Finland, Iceland, the Faroe Islands, and Greenland. They're the ones who got us here," says Fredrik Tønnesen, CEO of Elkjøp Nordic.

What pleases the CEO most, however, is that the growth came alongside improved profitability.

"We've delivered growth and better profitability at the same time, in an industry with fierce competition. What I'm proudest of is how we managed to achieve it," says Tønnesen.

The growth came as the company maintained tight cost control. Operating costs fell as a share of revenue, and online sales grew faster than the rest of the business, now accounting for around a third of total revenue.

"The past few years have been demanding for the whole industry, with high interest rates and tight household budgets. We've stayed focused on what we can control ourselves – keeping costs in check and getting even better at what we do for customers – and that's now producing clear results," says Tønnesen.

Satisfied employees and customers

Both customer satisfaction and employee satisfaction reached record levels during the year, with improvement in all four major markets. The results are strong enough that the company has had to set even higher long-term targets.

"The formula is simple but demanding: satisfied employees lead to satisfied customers, which in turn leads to good results. The fact that both employees and customers are more satisfied than ever shows that strong numbers and a good workplace go hand in hand," says Tønnesen.

Growth in three of four markets – and still market leader

Three of the four major markets grew in local currency: Elgiganten Sweden (+8.4 percent), Elkjøp Norway (+7.6 percent), and Elgiganten Denmark (+6.2 percent). Gigantti in Finland ended down 2.1 percent in a still-weak Finnish market. Elkjøp Nordic remains the clear market leader in the Nordics, with a combined market share of around 28 percent.

"Being market leader in the Nordics isn't something we take for granted. We have to earn that position all over again every single day," says Tønnesen.

Strong growth in kitchens

Elkjøp's own kitchen venture, Epoq, has delivered double-digit growth for two years running – in a Nordic kitchen market that has declined overall. The Nordic kitchen brand is strengthening its position across all Nordic markets.

"It seems people across the Nordics have really taken a liking to Epoq. Nordic customers want great quality at a good price, and that's exactly what our own kitchen brand delivers. The fact that we're growing strongly and taking market share in a market that's otherwise declining is a strong achievement by our colleagues," says Tønnesen.

Pleased with the start of the new year

Elkjøp Nordic is very pleased with the start of the new fiscal year. The football World Cup has created championship excitement across the Nordics and contributed positively to demand, not least for new TVs.

"We're pleased with the start of the new year, helped along by World Cup fever. When a major championship is on, many people choose to experience the matches on a new, bigger screen, and we're seeing that. There's still plenty of work to do, but we're looking forward to what comes next," Tønnesen concludes.