In addition to the pandemic, 2023 was marked by uncertainty due to war and electricity prices. In a trading scenario where much was in motion, expectations were dampened due to external factors beyond control. The following year, there was a focus on tight prioritisation, efficiency, and margins, while last year, to some extent, there was a chance to relax, with more optimistic responses to our questions. Several pointed to opportunities and regained activity, and this is confirmed in this year's feedback, with an important nuance. While 2025 was described as a turning point, 2026 is described as a year offering growth opportunities but also requiring high vigilance. Expectations are positive, with better purchasing power, increased traffic, and clearer technology-driven growth areas. At the same time, a market is described where costs, geopolitics, and particularly the pressure on components, driven by AI development, make planning more complex.
Where 2023 and 2024 were marked by macroeconomic weight, and 2025 by budding optimism, 2026 is set to be a year of growth in the market, where good results depend on the right priorities.
Elon
Annonse
Knut Grimstad Chain Manager, Elon Norway
1. How did 2025 go in terms of results?
– We cannot go into details about the numbers as we are listed on the stock exchange. For Norway, we have focused a lot on optimising the store network. This has resulted in some closures and relocations affecting the second half of the year. At the same time, our established stores have continued to develop with upgrades to furnishings and the introduction of new product groups such as kitchens. On the product side, it has been a very good year for TV and sound, where we have gained market share.
2. How did the last two months of the year go, and do you see any changes here?
Annonse
– Black Friday came earlier this year, so some turnover shifted to November compared to 2024. Overall, for the two months, it is as expected.
3. What are your expectations for 2026?
– It is guaranteed to be an exciting year. We will continue the work of optimising the store network while developing the store assortment with new brands and product groups. The signals suggest increased purchasing power among consumers, which is positive, especially for our product universe.
4. What challenges await in 2026?
– Even though Norway is doing well, we are a small country in a world with a lot of volatility. How the unrest will affect us is difficult to predict. The shift towards AI components has, for example, multiplied storage and memory prices. This will affect the prices and availability of many of the products we sell.
Annonse
Power
Anders Nilsen Managing Director, Power Norway
1. How did 2025 go in terms of results?
– 2025 was a fantastic year for Power. We delivered a very strong result, secured important market shares, and significantly increased profitability. In addition, we have opened a number of new stores, both in the capital and in the districts. This positions us stronger than ever.
2. How did the last two months of the year go, and do you see any changes here?
- The last two months of the year exceeded all expectations. We experienced extremely high traffic, strong sales growth, and a pressure in the warehouses that indicates Power is truly the first choice for many. We found that half of Norway visited us before Christmas, and the share of click and collect soared during the Christmas shopping season. It has truly established itself as the new way of shopping.
3. What expectations do you have for 2026?
- We are entering 2026 with ambitions to continue the growth. We are working on a number of exciting projects, and the pace in the organisation is high. We will continue the work to improve the quality in everything we do and increase profitability.
4. What challenges lie ahead?
- We no longer see the market as a brake, but as an opportunity. Customers are back, activity is high, and we are well positioned. The challenge ahead is primarily about continuing to deliver on what customers expect every day, and that is our top priority.
Eplehuset
Espen Berger Managing Director, Eplehuset
1. How did 2025 go in terms of results?
– We have continued with our plans for both expansion and investment in development in 2025. We have always been digitally advanced, but this summer we also launched a brand new online store to make the shopping experience across all our business areas even more customer-friendly and seamless, and we have seen double-digit growth online in 2025. In November, we opened yet another new store, at Storo Storsenter, in our new Apple Premium Partner concept, and have received a very good reception in a short time. Comparatively, we deliver growth both in our stores and towards the corporate market. I am also proud that we consistently deliver customer satisfaction of over 90 percent in all channels, proving once again that the work we put into this is appreciated by our customers.
2. How did the last two months of the year go, and do you see any changes here?
– Compared to last year, we see greater growth overall for the last two months than for the year as a whole, but 2025 has generally been a year with large variations. We see that Black Week has even more clearly extended to the whole of November, which contributed to a different distribution of demand and created a new dynamic in the market during this period.
3. What expectations do you have for 2026?
– We are positive and optimistic about our own plans for the year we have begun. We are already in the process of concept upgrades in two of our stores, and will also expand the store portfolio this year. In addition, we are working on several projects that will provide growth opportunities for us. At the same time, we expect that, as always, we must deliver at our best in the competition for customers.
4. What challenges await in 2026?
– We must work hard to prove our value in a market that has strong competition and very informed consumers. Again, I would like to highlight our customer satisfaction as proof that we succeed in precisely this, but it is a continuous and increasingly tough task. Furthermore, we see that both cost and wage growth continue, which makes it important, as always, to have good control over operations.
Elkjøp
Linda Frid Andresen Managing Director, Elkjøp Norway
1. How did 2025 go in terms of results?
- Our financial year doesn't end until May, but so far in the financial year, all the fantastic Elkjøp buyers continue to deliver growth and outstanding results. We are increasing profitability, growing more than the market, and taking important market shares.
2. How did the last two months of the year go, and do you see any changes here?
- We delivered the best Christmas trading ever, with sales records across the board. Everything from individual stores, all categories, to online sales sold more electronics than ever before. These months are retail at its very best, and we are proud of the hard work everyone at Elkjøp puts in. More customer journeys than ever are moving across online and in-store, which underscores the strength of the omnichannel model. The high growth during the period confirms that Norwegians love good deals and exciting technology.
3. What expectations do you have for 2026?
- We clearly see that customers have a bit more to spend. With category growth of nearly 40 percent so far in the financial year, kitchens are growing the most with us. This shows that many are now tackling projects that have been on hold and are once again investing in new technology and renovations. We expect the positivity to continue throughout the year and look forward to helping, whether it's a new kitchen or a new TV for the Olympics and the World Cup.
4. What challenges await in 2026?
– Even though we see several positive trends, the market will still be characterised by some unrest, occasional rapid changes, and high competition. Our focus is always on what we can influence; delivering the best experience and finding good solutions for the customer, keeping costs under control, and developing services that make everyday life easier for both private and business customers. We are well equipped, and with a strong team behind us, we will take new market shares in 2026.
– 2025 has been a year of gradual normalisation, but still marked by a challenging and competitive market. At the same time, we experience that the measures we have worked purposefully on over time have had a clear effect. Especially in our core areas of gaming, PC components, and desktop PCs, we have delivered very solid results and continued to gain market share. We are very pleased with the development throughout the year and see that both improved operational efficiency and a clearer commercial prioritisation have contributed positively to the results.
2. How did the last two months of the year go, and do you see any changes here?
– The last two months of the year confirmed much of what we have seen throughout 2025. The purchasing pattern is relatively good, with Black Week as the starting point for Christmas shopping, but the competition for customers' attention and purchasing power is still very high. Nevertheless, we delivered strong results against the market in November and December, and we see particularly good development in gaming-related products. At the same time, we experience that customers are more conscious, compare more, and have higher demands for both price, availability, and overall experience.
3. What expectations do you have for 2026?
– We enter 2026 with cautious optimism. We still expect a high pace of innovation from manufacturers, especially in gaming, components, and high-end PC hardware. At the same time, we believe that the market will continue the growth it had towards the end of 2025. For Komplett, this means that we will build on what we are already strong at, while continuing to develop the customer experience, community initiatives, and our digital platforms. The goal is to further strengthen our position and continue to gain market shares in strategically important segments.
4. What challenges await in 2026?
– The market is developing well. At the same time, we see clear structural changes in the demand for hardware, where the rapid growth in artificial intelligence is putting significant pressure on key components such as memory and storage. The increased demand for RAM and storage for AI-related applications has contributed to sharp price increases and more volatile purchasing conditions, which in turn places higher demands on planning, priorities, and commercial precision. In addition, we are still operating in a market with high campaign intensity and many strong offers, making the balance between competitiveness and profitability even more important.
Soundgarden
Roar Olafsen General manager, Soundgarden
1. How did 2025 go in terms of results?
– Our accounts for 2025 are not ready at this point. We are delivering a small revenue growth and see a clear improvement in results.
2. How did the last two months of the year go, and do you see any changes here?
– The last two months were good for us. Our excellent suppliers contributed to a solid foundation, and our team put in an enormous effort during the period, and together we succeeded well. Even though we see negative statements about retail in the press during 'black', the facts show that Norwegian consumers are in a strong shopping mode during this period.
3. What expectations do you have for 2026?
– We expect nothing less than a hectic, exciting, and demanding year. Our focus is to do something about what we can influence. This means, among other things, working to provide the best shopping experience in combination with quality products. Soundgarden has been named store of the year on prisjakt.no in the category 'sound, image & music' several years in a row, and we are working purposefully to further develop the impression left by being a customer with us.
4. What challenges await in 2026?
– We are focused on being in the opportunity space, adapting, and developing further with quality. Changes are happening all the time, they are happening faster and faster, and there is a challenge in keeping cost levels and profitability levels under control. We have a strong team with a strong culture, and we choose to be ambitious even in somewhat unclear and demanding times.
Skousen
Stian Gjestang Country manager, Whiteaway Group
1. How did 2025 go in terms of results?
– 2025 was a good year for us. We are very pleased that more and more customers choose to shop with us, and we have had good control over operations. During the year, we prioritised initiatives that enhance the customer experience, including the launch of a new marketing platform for Skousen and improvements in our home delivery and installation services. Overall, we are satisfied with 2025, and we enter 2026 with a clear focus on stable operations and further development.
2. How did the last two months of the year go, and do you see any changes here?
– The last two months largely follow a familiar pattern in the industry. The Black Friday period, like for many others, results in a noticeable increase in traffic and demand. The market is characterised by tough competition, and we take it in stride. We find that the measures we implemented earlier in the year had a good effect, and we maintained good quality throughout the period.
3. What expectations do you have for 2026?
– We are very positive about 2026. We are still experiencing a market with good activity, and we are entering the year with a clear focus on stable operations and further development. We will continue the work to distinguish ourselves as a specialist in white goods and small electrical appliances, and create fantastic customer experiences for our customers.
4. What challenges await in 2026?
– It is difficult to predict the future, but we are of course following developments closely. The political landscape can affect the framework conditions for trade, and at the same time we see that technology, including AI, is playing an increasingly larger role in the customer journey. For us, 2026 is about being close to developments and ensuring good customer experiences, both in-store and digitally.
4Sound
Magne Iversen General Manager, 4Sound
1. How did 2025 go in terms of results?
- 2025 was a turning point for us, where we made necessary adjustments in our stores. The accounts for 2025 are not yet finalised, but there will be an improvement from the previous year.
2. How did the last two months of the year go, and do you see any changes here?
- The last two months were better than expected, and a positive end to 2025. We notice that interest rate cuts and better purchasing power among consumers have a positive impact on sales.
3. What expectations do you have for 2026?
- We enter 2026 with good expectations. 4Sound gained a new major co-owner at the beginning of the year, whom we are very pleased to have on board, the Dalema group. They are a major player in retail and can contribute significant knowledge to our industry.
4. What challenges await in 2026?
- We see great opportunities for 2026, but are aware of the unpredictability we live in these days. The market has been challenging for retail for a long time. We believe it will slowly but surely turn towards brighter times, also for us.
Cewe Japan Photo
Stephan Stein Managing Director, Cewe Scandinavia
1. How did 2025 go in terms of results?
– Very well. Double-digit growth on the top line and almost double the bottom line in Norway. Our top product CEWE Photobook grew by 15 percent, CEWE Express print in store at CEWE Photo Station increased by a full 17 percent. Even hardware (camera/lens and frames) had growth of over 10 percent, who would have thought?
2. How did the last two months of the year go, and do you see any changes here?
– We are very pleased. Black Week in November is becoming less significant year by year, as we work very little with discounts. We have extended the deadline for online orders before Christmas by two days, which had a big impact.
3. What are your expectations for 2026?
– Strong, double-digit growth also in 2026. On the retail side also through our new flagship store in Byporten at Oslo S, in which we invested 10 million kroner in the fourth quarter. Through B2B via Coop, Obs! and other partners, and online via a new platform.
4. What challenges await in 2026?
- Cost increases and the need to exploit the new AI opportunities in both marketing and work processes are important topics. At the same time, this is, to an even greater extent, an opportunity.
The article was previously published in the print edition of the trade magazine Elektronikkbransjen no. 1/2026, which was distributed in week 8. Here you can read the article and browse through the digital edition of the magazine. You can read all editions of the magazine digitally, from no. 1/1937, at elektronikkbransjen.no/historiskarkiv.
