Slides
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Quarterly presentation Q4 2025 February 5, 2026 Copyright © 2026 Nordic Semiconductor. All rights reserved
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Copyright © 2026 Nordic Semiconductor. All rights reserved 2 The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Nordic Semiconductor ASA (The Company). The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with The Company’s growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for The Company. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates” or similar expressions. Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although The Company believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. The Company is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither The Company nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. This presentation was prepared in connection with the Q4 results released on February 5th, 2026. Information contained herein will not be updated. The following slides should also be read and considered in connection with the information given orally during the presentation. Disclaimer
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Copyright © 2026 Nordic Semiconductor. All rights reserved 3 T oday’s presenters ▪ Vegard Wollan, CEO ▪ Pål Elstad, CFO
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Copyright © 2026 Nordic Semiconductor. All rights reserved 4 Q4 2025 ▪ Revenue of USD 170 million ▪ Gross margin of 55% and 52% adjusted for reversal of inventory write-down ▪ Reported EBITDA USD 15 million (8.9%) and adjusted EBITDA USD 13 million (7.5%) Revenue growth and margin improvement Quarterly revenue development (USDm) Copyright © 2026 Nordic Semiconductor. All rights reserved
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Copyright © 2026 Nordic Semiconductor. All rights reserved 5 Revenue growth for both top-10 and broad market Copyright © 2026 Nordic Semiconductor. All rights reserved ▪ Top-10 revenue reflecting strong relationships and close collaboration with key customers ▪ Broad market continuing regaining traction
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Copyright © 2026 Nordic Semiconductor. All rights reserved 6 Clear design win leader – increasing nRF54 traction 32% share of certifications last 12 months, 3-4x of closest competitors Source: Nordic Semiconductor / Bluetooth SIG Nordic end-product certifications Q4’25 103 designs 32% share LTM 460 designs 32% share Competitors Copyright © 2026 Nordic Semiconductor. All rights reserved Bluetooth Low Energy end-product certifications, last 12 months
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Copyright © 2026 Nordic Semiconductor. All rights reserved 7 nRF54LV10A Targeting large and growing markets including biosensors and continuous glucose monitors (CGMs) ▪ Ultra-compact design ▪ Single silver-oxide coin cell ▪ Advanced security features ▪ 30–50% lower power consumption vs. previous generation World’s first Bluetooth LE SoC combining low-voltage operation with Bluetooth Channel Sounding for positioning and presence detection For next-generation healthcare wearables
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Copyright © 2026 Nordic Semiconductor. All rights reserved 8 Ultra-low-power edge AI solution AI for the smallest battery -powered IoT devices ▪ nRF54LM20B: New ultra-low-power, large-memory wireless SoC with integrated Axon NPU ▪ Axon NPU: AI accelerator with up to 7x faster performance and 8x better energy efficiency than the competition ▪ Neuton models: Ultra-tiny edge AI software models – 10 x smaller, faster, and more efficient than the competition – ideal for running edge AI on any Nordic chip ▪ Nordic Edge AI Lab: Development tool to simplify and accelerate ultra-low-power edge AI development – supporting all Nordic SoCs and long-range modules
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Copyright © 2026 Nordic Semiconductor. All rights reserved 9 Accelerating space-enabled IoT connectivity ▪ nRF9151 module certified for Skylo’s GEO satellite network ▪ Enabled connectivity across several leading satellite operators, including Iridium, Myriota, Sateliot, Skylo and OQ Technology ▪ Seamless cellular and satellite coverage enables true global IoT connectivity ▪ These certifications lower the barrier for customers targeting global IoT at scale Copyright © 2026 Nordic Semiconductor. All rights reserved
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Copyright © 2026 Nordic Semiconductor. All rights reserved ▪ Fi na nci al s Financials Pål Elstad, CFO Copyright © 2026 Nordic Semiconductor. All rights reserved
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Copyright © 2026 Nordic Semiconductor. All rights reserved 11 Revenue by technology Short-range (USDm) Quarterly Long-range (USDm) Quarterly Other (USDm) Quarterly
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Copyright © 2026 Nordic Semiconductor. All rights reserved 12 Revenue by markets Revenue for the individual markets excludes ASICs
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Copyright © 2026 Nordic Semiconductor. All rights reserved 13 ▪ Reversal of write-down of Long-range components of USD 5 million ▪ Improvement reflects customer and product mix, improvement in broad market and positive contribution from Cloud services ▪ Expecting gross margin above 50% also in Q1 2026 ▪ Reiterating long-term ambition to maintain gross margin >50% Gross margin
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Copyright © 2026 Nordic Semiconductor. All rights reserved 14 Operating model performance Q4 2025 Adjusted gross margin 52.0%
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Copyright © 2026 Nordic Semiconductor. All rights reserved 15 ▪ Number of employees increased to 1,431 at the end of Q4 2025, including 59 employees joining from Neuton and Memfault ▪ Software, hardware and sales activities increase other opex in Q4 2025 ▪ Negatively impacted by FX ~ USD 3.7 million Cash cost development Cash OPEX (USDm)
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Copyright © 2026 Nordic Semiconductor. All rights reserved 16 ▪ Capital expenditures mainly reflect supply chain capacity expansion and lab equipment ▪ Capex intensity last 12 months at 3.4 % of revenue Capex intensity *Q3 2025 capex values excludes assets acquired from Memfault and Neuton * Capex (USDm)
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Copyright © 2026 Nordic Semiconductor. All rights reserved 17 ▪ Continued positive cash generation from operations, with EBITDA of USD 9.1m including capitalized development costs ▪ Net working capital increased mainly because of higher inventories Cash flow Cash position and cash flow Q4 2025 (USDm) * EBITDA Adjusted for Capitalized Development Costs
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Copyright © 2026 Nordic Semiconductor. All rights reserved 18 ▪ Customer orders and forecasts indicate continued year-on-year revenue growth in Q1 ▪ Gross margin expected above 50% Q1 2026 guidance Revenue Gross margin USDm 175-195m >50% +13% to +26% y-o-y +3% to +15% q-o-q
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Copyright © 2026 Nordic Semiconductor. All rights reserved ▪ Fi na nci al s▪ På l El st ad, CFO Closing remarks Vegard Wollan, CEO Copyright © 2026 Nordic Semiconductor. All rights reserved
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Copyright © 2026 Nordic Semiconductor. All rights reserved 20 Announced 7 different nRF54 products since the first launch in late 2024 → continuing roll-outs in 2026 Progressing the product portfolio renewal Short-range Long-range Wi-Fi PMIC Broadened the market with nRF9151 and satellite support → soon launching nRF92 on 22nm Limited offering with nRF70 Series → launch of new nRF71 on 22nm expected by end of 2026 Added two new PMICs to the portfolio in 2025 → similar cadence expected 2026 Expanding nRF54 Series portfolio Mid-range Entry-level High-end Copyright © 2026 Nordic Semiconductor. All rights reserved
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Copyright © 2026 Nordic Semiconductor. All rights reserved 21 Complete solutions provider from chip to cloud Leadership across hardware, software, and services – accelerated by strategic acquisitions Apps and UX Customer Hardware Application codes Product features Cloud lifecycle managementSDKs, SW stacks and dev toolsSoCs and ref designs Nordic Software Services
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Copyright © 2026 Nordic Semiconductor. All rights reserved 22 On track towards our long-term ambitions ▪ Stronger than expected revenue growth of 31% in 2025 ▪ Increased gross margin and improved EBITDA ▪ On track to meet our financial Group targets to grow revenue by >20% on average in 2024-30 and move towards 25% EBITDA-margin Facsimile: Slide from Nordic Capital Markets Day, September 2024
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Q&A Copyright © 2026 Nordic Semiconductor. All rights reserved