Interim report
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) report 2026 Q3
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Highlights Key figures Q3 2026 review Operational review Financial results Financial position Cash flow Outlook Condensed financial information Notes to the condensed consolidated financial statements Alternative performance measures Cautionary note 3 4 5 12 14 Content 18 22 25
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Q3 Highlights ■ R evenue of USD 235 million, up 32% from Q3 2025 ■ Gr oss margin of 53%, up from 52% in Q3 2025 ■ Reported EBITDA of USD 39 million, up from USD 16 million in Q3 2025 ■ F urther broadening the nRF54 Series with nRF54LC10A for compact and cost-sensitive high- volume applications ■ E xpanding the addressable long-range market as nRF93M1 smart modem now is generally available Revenue Gross margin EBITDA EBITDA margin 3
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Key figures Q3 2026 financial summary Q3 01.01-30.09 Amount in USD million 2026 2025 Change 2026 2025 Change Revenue 235.5 179.0 31.6% 646.5 498.1 29.8% Gross profit 124.4 92.9 33.9% 340.8 252.9 34.7% Gross margin % 52.8% 51.9% 0.9 p.p. 52.7% 50.8% 1.9 p.p. EBITDA 38.5 15.7 145.9% 93.5 51.2 82.5% EBITDA % 16.4% 8.8% 7.6 p.p. 14.5% 10.3% 4.2 p.p. Adjusted EBITDA 39.8 18.3 117.4% 99.9 53.8 85.7% Adjusted EBITDA % 16.9% 10.2% 6.7 p.p. 15.5% 10.8% 4.7 p.p. Operating profit (EBIT) 27.3 4.4 514.5% 59.7 21.6 176.6% Operating profit % (EBIT) 11.6% 2.5% 9.1 p.p. 9.2% 4.3% 4.9 p.p. Net profit after tax 26.9 0.9 3051.4% 53.9 12.1 344.3% Cash and cash equivalents 266.8 308.9 -13.6% LTM Opex excluding depreciation / LTM revenue 39.9% 41.2% -1.3 p.p. Net working capital / LTM revenue 28.6% 21.2% 7.4 p.p. Equity ratio 67.5% 69.4% -1.9 p.p. Number of employees 1506 1410 6.8%
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Q3 2026 review Revenue amounted to USD 235 million in the third quarter of 2026, a 32% increase from the same quarter in 2025 and an increase of 8% from the previous quarter. This reflects solid, broad-based demand growth in the consumer market and continued healthy demand from key customers in the industrial and healthcare market. All technologies see increasing revenue, with particularly strong growth in the long-range business. Growth across all technologies Nordic reported total revenue of USD 235.5 million in Q3 2026, which was an increase of 32% from USD 179.0 million in Q3 2025 and a sequential increase of 8% from Q2 2026. For the first nine months, total revenue increased by 30% to USD 646.5 million, whereas revenue on a rolling 12 months basis increased by 26% to USD 816.0 million. This represents all-time high revenue on both a quarterly basis and a rolling 12 months basis. The growth continues to reflect increasing demand from both key customers and the broad market in both the Consumer and Industrial & Healthcare markets, with particularly strong growth in the broad market over the past year. Nordic reports year-on-year revenue increases across all the three reporting technologies; Short-range, Long-range, and Other. While Short-range revenue still accounts for the main part of revenue, revenue in the Long-range is growing strongly and is now contributing meaningfully to the overall growth. Nordic's Short-range business includes multiprotocol products including Bluetooth Low Energy, Thread, Zigbee, and Matter, as well as proprietary products, whereas Long-range includes cellular and satellite products and solutions and Cloud services. The Other category comprises the early-stage businesses in PMIC and Wi-Fi as well as ASIC components and development tools. Short-range maintained the positive momentum seen over the past two years. Short-range revenue amounted to USD 215.9 million in Q3 2026, an increase of 30% year-on-year and up 8% from the previous quarter. Short-range's share of total revenue was hence 92% in Q3 2026. Nordic's nRF52 and nRF53 Series still account for the bulk of Short-range revenue, although the nRF54 Series is generating gradually increasing revenue and supports the expectation that the nRF54 Series will be a key long-term growth driver for Nordic. Long-range revenue amounted to USD 16.6 million in Q3 2026, an increase of 70% compared to Q3 2025, and an increase of 14% compared to the previous quarter. The growth reflects increasing product sales for both cellular and satellite applications, a broadening customer portfolio, and a growing nRF Cloud Services portfolio. Long-range's share of total revenue was 7% in Q3 2026. Other revenue amounted to USD 2.9 million, up from USD 2.5 million in Q3 2025 and down from USD 4.2 million in the previous quarter. Q3 01.01-30.09 Amounts in USD thousand 2026 2025 Change 2026 2025 Change Short-range 215 939 166 709 29.5% 593 262 467 056 27.0% Long-range 16 633 9 798 69.8% 43 745 24 880 75.8% Other 2 896 2 459 17.8% 9 471 6 174 53.4% Total 235 468 178 966 31.6% 646 478 498 110 29.8% 5
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Consumer Industrial and Healthcare Other NORDIC S EMICONDU CTOR | Q3 REPORT 2026 (UNAUDITED) Revenue by end-user market Consumer revenue amounted to USD 145.9 million in Q3 2026, an increase of 31% from Q3 2025 and an increase of 16% from the previous quarter. This is reflected by growth across most of the consumer verticals. Consumer share of total revenue was 62% in Q3 2026. Industrial and Healthcare revenue amounted to USD 81.1 million in Q3 2026, representing an increase of 30% compared to Q3 2025 and a 6% decline from Q2 2026. The year-on-year increase reflects continued solid demand from key customers and a steadily growing customer base. As stated in previous reports, the revenue level in this area is dependent on individual large customers and quarterly variations must be expected. Industrial and Healthcare accounted for 35% of total revenue in the quarter. Other revenue amounted to USD 8.1 million, up from USD 4.7 in Q3 2025 and USD 7.2 million in Q2 2026. Other revenue mainly reflects online catalog sales, supporting the positive development in the broad market. Other accounted for 3% of total revenue. Customer end-product design certifications Based on data available from Bluetooth SIG, Nordic estimates that it had a 26% share of new Bluetooth SIG design certifications of Bluetooth Low Energy products in Q3 2026, bringing the average for the past 12 months to 30%. As earlier communicated, the design count does not distinguish between high- and low volume designs, and has limited value as an indicator of current or future revenue market share in the Bluetooth Low Energy market. Q3 01.01-30.09 Revenues by end-product markets Amounts in USD thousand 2026 2025 Change 2026 2025 Change Consumer 145 874 111 558 30.8% 386 243 300 290 28.6% Industrial and healthcare 81 107 62 189 30.4% 239 328 181 711 31.7% Other 8 067 4 713 71.2% 20 265 14 439 40.3% Total revenue excl. ASIC 235 048 178 461 31.7% 645 836 496 440 30.1% 6
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The total number of new Bluetooth LE designs certified by the Bluetooth SIG was 426 in the third quarter, of which 112 featured Nordic components. Nordic remains a clear market leader in terms of product certifications with around three times as many certified designs featuring Nordic components as any competitor. The product certifications with Nordic components still mainly reflect nRF52 Series and nRF53 Series products, although the nRF54 Series continues to gain momentum and accounted for more than 25% of certified products in the third quarter. Expanding the addressable market with nRF54L In September, Nordic introduced the nRF54LC10A, the smallest and most cost-optimized multiprotocol SoC in the nRF54L Series, in a 1.9 × 2.3 mm chip-scale package with 1 MB non-volatile memory and 192 KB RAM. It supports Bluetooth LE, Bluetooth Channel Sounding, Thread, Zigbee, and Matter, and is aimed at asset trackers, other small Bluetooth LE products, and compact smart home sensors and accessories. These are high-volume segments where cost and size often determine the platform, and where developers have had to forgo security features or software support to meet price targets. The nRF54LC10A lets Nordic compete in these segments with the same security features, qualified protocol stacks, and software as the rest of the series. Because all nRF54L Series devices share the same software and tools, customers can move up the range within Nordic as their products develop, which supports Nordic’s share of each customer’s product roadmap. The device is sampling now, with development kits expected in Q1 2027 and production in Q2 2027. Long-range: from product introductions to volume The nRF93M1 smart modem reached general availability in August, following GCF and CE certification. Volume shipments of the nRF93M1 started in September. Nordic continues to engage with lead customers and design-ins across fleet management, asset tracking, healthcare, and smart energy. Regional and mobile operator certifications are progressing as planned and are expected to support the volume ramp. In August, embedded modem maker LooUQ’s MTC2-N9151 became the first module based on Nordic's nRF9151 to be certified on the Skylo satellite network. Companies building on the module can pursue their own certification with substantially less testing, shortening the time to market for devices that switch between cellular and satellite coverage. For Nordic, module partners extend the reach of the nRF9151 into new customers and applications. Developer ecosystem: from prototype to deployment Nordic’s AI-assisted development solutions have been very well received since the launch at the end of May, with a significant and growing number of customers and developers actively using the tools. With Nordic's set-up, developers can deploy any AI- assistant to work with Nordic's MCP servers and its verified SDKs, protocol stacks, documentation and tools, all the way from prototyping through production to fleet deployment. With capabilities extending to nRF Cloud for diagnosing devices in the field, this enables more reliable code, more accurate output, less defects, and improved debugging and efficient fleet management in compliance with the EU Cyber Resilience Act (CRA). Nordic believes the breadth of its offering from chip-to- cloud, its leading Edge AI capabilities, and the depth of its technical content are clear differentiators in the current market. In the third quarter, Seed Studio released two new XIAO boards based on the nRF54LM20A, giving the maker community a low-cost path onto the nRF54 platform. Because all nRF54L Series devices share the same software and tools, developers can reuse their work when moving between devices, allowing customers to efficiently build a platform ranging from low- to high- performance with minimum effort. The same quality logic continues after launch through nRF Cloud. Firmware-over-the-air updates, vulnerability scanning and fleet monitoring help customers keep products secure and maintained throughout their operational life, which is what the EU Cyber Resilience Act requires of manufacturers. Quality and regulatory compliance thereby become part of the platform rather than a separate project cost for the customer. This increases the value of each Nordic design, keeps the developer relationship going after launch, and supports Nordic’s lifecycle revenue. October marks 10 years since the BBC micro:bit was launched with Nordic ultra-low-power wireless technology. The program has generated significant benefits to society, having enabled an estimated 73.5 million young people in over 85 countries to learn to code, and introduced many future engineers to programming, electronics and digital creativity. The program’s value to Nordic is long-term: Every micro:bit board is powered by Nordic wireless technology, making the next generation of engineers familiar with Nordic's wireless technology and tools at an early age. The Micro:bit Foundation aims to reach 100 million young people by 2028. 7
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Financial results Q3 01.01-30.09 Amounts in USD thousand 2026 2025 Change 2026 2025 Change Gross profit 124 391 92 880 33.9% 340 761 252 897 34.7% Gross margin % 52.8% 51.9% 0.9 p.p. 52.7% 50.8% 1.9 p.p. Operating expenses excl. depreciation and amortization 85 864 77 210 11.2% 247 303 201 693 22.6% EBITDA 38 527 15 670 145.9% 93 458 51 205 82.5% EBITDA % 16.4% 8.8% 7.6 p.p. 14.5% 10.3% 4.2 p.p. Adjusted EBITDA 39 767 18 294 117.4% 99 945 53 828 85.7% Adjusted EBITDA % 16.9% 10.2% 6.7 p.p. 15.5% 10.8% 4.7 p.p. Depreciation, amortization and impairment 11 228 11 228 —% 33 757 29 619 14.0% EBIT 27 299 4 442 514.5% 59 700 21 586 176.6% Gross profit Gross profit was USD 124.4 million in Q3 2026, up from USD 92.9 million in Q3 2025. The reported gross margin increased to 52.8% from 51.9% in the same quarter last year. For the first nine months of 2026, gross profit amounted to USD 340.8 million, an increase of 34.7% from USD 252.9 million in the first nine months 2025. Gross margin for the first nine months of 2026 increased to 52.7% from 50.8% in the first nine months of 2025. The improvement was primarily driven by changes in customer and product mix, an increasing share of sales to the broad market, and positive contribution from cloud services revenue. Operating expenses Operating expenses excluding depreciation and amortization amounted to USD 85.9 million in Q3 2026, up from USD 77.2 million in Q3 2025. Nordic is exposed to currency fluctuations, mainly in NOK/USD and EUR/USD. Compared with Q3 2025, changes in these exchange rates increased quarterly operating expenses by approximately USD 1.1 million. Total cash operating expenses were USD 87.3 million in Q3 2026, compared to USD 74.7 million in Q3 2025. Cash operating expenses are calculated by adding back capitalized development expenses and deducting depreciation and equity-based compensation from total operating expenses. Cash payroll expenses increased to USD 59.5 million in Q3 2026, from 52.8 million in Q3 2025. Of this, approximately USD 5.6 million relates to organic workforce growth, salary adjustments and accruals of variable pay, while USD 1.1 million is attributable to currency effects from a weaker USD. 8
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The total number of Nordic employees at the end of Q3 2026 was 1 506. This corresponds to an increase of 7% compared to Q3 2025. Other cash operating expenses amounted to USD 27.8 million in Q3 2026, up from USD 21.9 million in Q3 2025, driven by higher hardware and software spend, along with increased sales activity. In Q3 2026, R&D costs amounted to USD 53.6 million, up from USD 48.1 million in Q3 2025. Of this, USD 30.4 million was related to the Short-range business, USD 15.8 million to Long-range and USD 7.4 million to the early stage businesses. Nordic capitalized a total of USD 6.0 million in development expenses in Q3 2026, compared to USD 3.1 million in Q3 2025. The increased capitalization of development costs in Q3 2026 reflects higher allocation of resources to projects in development phases. This will fluctuate depending on project timing and the composition of the R&D portfolio. For the first nine months 2026, operating expenses excluding depreciation and amortization amounted to USD 247.3 million, up from USD 201.7 million in the first nine months 2025. Total cash operating expenses increased to USD 244.4 million from USD 199.1 million in the first nine months 2025. Profit EBITDA was USD 38.5 million and the EBITDA-margin 16.4% in Q3 2026, compared to an EBITDA of USD 15.7 million and an EBITDA-margin of 8.8% in Q3 2025. Adjusted EBITDA was USD 39.8 million (16.9%) in Q3 2026, compared to USD 18.3 million (10.2%) in Q3 2025. The adjustment reflects that a part of the consideration for the acquisition of Memfault in 2025 is in the form of a share-based remuneration program to retain key employees over a three-year period. This portion of the total consideration is being expensed over the length of the program rather than capitalized as an investment. For the first nine months 2026, EBITDA was USD 93.5 million (14.5%), a significant improvement from USD 51.2 million (10.3%) in first nine months 2025. Adjusted EBITDA improved to USD 99.9 million (15.5%) from USD 53.8 million (10.8%) in first nine months 2025, representing another step forward toward the targeted operating model of 25% EBITDA margin. Depreciation, amortization and impairment amounted to USD 11.2 million in Q3 2026, in line with USD 11.2 million in Q3 2025. Reported operating profit (EBIT) was USD 27.3 million in Q3 2026, compared to USD 4.4 million in Q3 2025. For the first nine months of 2026 EBIT was USD 59.7 million, compared to USD 21.6 million in first nine months 2025. Net financial items amounted to a loss USD 2.1 million in Q3 2026, compared to a loss of USD 3.6 million in Q3 2025. Reported profit before tax was USD 25.2 million in Q3 2026, compared to USD 0.8 million in Q3 2025. Tax income in Q3 2026 was USD 1.7 million, compared to USD 0.1 million in Q3 2025. The tax income this quarter is due to a reduction in deferred tax linked to the movement of internal ownership of the technology acquired from Memfault. The reported net profit was hence USD 26.9 million in Q3 2026, compared to a net profit of USD 0.9 million in Q3 2025. For the first nine months 2026, the profit before tax was USD 56.4 million compared to a profit before tax of USD 12.8 million in first nine months 2025, whereas the reported net profit was USD 53.9 million compared to a net profit of USD 12.1 million in the same period last year. The parent company’s statutory tax rate is 22%. The company presents its accounts in USD, with the parent company's profits translated into NOK for taxation purposes. 9
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Financial position Amounts in USD thousand 30.09.2026 31.12.2025 30.09.2025 Capitalized development expenses 56 056 52 903 52 083 Total non-current assets 392 844 400 521 400 003 Inventory 235 639 154 994 133 358 Cash and cash equivalents 266 795 307 402 308 910 Total current assets 694 995 582 840 568 555 Total assets 1 087 838 983 361 968 558 Total equity 734 346 679 587 672 205 Equity percentage 67.5% 69.1% 69.4% Total liabilities 353 493 303 773 296 353 Total equity and liability 1 087 838 983 361 968 558 Total shareholders’ equity amounted to USD 734.3 million at the end of Q3 2026, up from USD 679.6 million at the end of 2025. The Group's equity ratio was 67.5% of a total asset base of USD 1 087.8 million. Cash and cash equivalents amounted to USD 266.8 million at the end of Q3 2026, compared to USD 307.4 million at the end of 2025. Inventory at the end of Q3 2026 increased to USD 235.6 million from USD 133.4 million at the end of Q3 2025, and was also up from year-end 2025. The increase reflects a deliberate, front-end-loaded build to secure supply and capacity. Nordic has raised wafer purchases to support the ramp of next-generation products -notably the nRF54 Series- and built inventory ahead of the additional test capacity being brought on line in the supply chain. The latter is also reflected in this quarter's capital expenditure. As a result of the deliberate inventory build, net working capital increased to USD 233.7 million at the end of Q3 2026, up from USD 137.7 million at the end of Q3 2025. Measured as a percentage of last 12 months revenue, net working capital increased to 28.6% from 21.2% at the end of Q3 2025. Accounts receivable increased to USD 164.0 million at the end of Q3 2026, from USD 99.0 million at the end of Q3 2025, reflecting higher revenue but also the timing of customer payments. Accounts payable increased to USD 54.9 million at the end of Q3 2026, from USD 35.5 million at the end of Q3 2025. Total current assets amounted to USD 695.0 million at the end of Q3 2026, up from USD 568.6 million at the end of Q3 2025. Non-current assets amounted to USD 392.8 million at the end of Q3 2026, compared to USD 400.0 million at the end of Q3 2025. Current liabilities amounted to USD 208.6 million at the end of Q3 2026, compared to USD 137.0 million at the end of Q3 2025. The increase was primarily driven by other current liabilities, which increased to USD 133.2 million at the end of Q3 2026 from USD 74.1 million end of Q3 2025. This mainly reflects an increase in the ship and debit provision, due to higher sales volumes and price adjustments. Non-current liabilities amounted to USD 144.9 million, compared to USD 159.4 million at the end of Q3 2025. Non-current liabilities include a NOK 1.0 billion bond, with an outstanding balance of USD 104.0 million, and lease liabilities. 10
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Cash flow Q3 01.01-30.09 Amounts in USD thousand 2026 2025 2026 2025 Cash flows from operations 10 095 20 248 26 304 102 062 Cash flows from investing activities -18 164 -133 526 -41 780 -151 354 Cash flows from financing activities -5 170 82 799 -30 081 56 362 Change in cash and cash equivalents -9 311 -26 563 -40 607 20 996 Cash and cash equivalents at the end of the period 266 795 308 910 266 795 308 910 Funding The Group’s cash position was USD 266.8 million at the end of Q3 2026, compared to USD 307.4 million at the end of 2025. The cash is mainly held in the Group’s functional currency USD to minimize the impact of currency fluctuations. In November 2023, Nordic issued a five year bond of NOK 1 billion. The bond is denominated in NOK and a comparable amount of cash and cash equivalents is held in this currency to offset currency effects. The currency effect of cash and bond is offset in Net foreign exchange gains (losses) in the income statement. The change in the NOK cash position due to fluctuations in the NOK/USD exchange rate is included in the line "Effects of exchange rate changes on cash and cash equivalents" in the cash flow statement, whereas the counterbalancing currency effect will be realized at the future bond settlement, ultimately resulting in a net-zero impact on the maturity date. Available cash, including overdraft facilities and Nordic's revolving credit facility (RCF) of USD 200 million, amounted to USD 467 million at the end of Q3 2026. The RCF, which remains undrawn, matures in January 2029, with an option to extend. Risks and uncertainties The company sees no major changes compared to the risks and uncertainties as reported in the interim report for the first half year 2026. See also note 9 and the Cautionary note on page 25. Cash flow from operating activities was USD 10.1 million in Q3 2026, compared to USD 20.2 million in Q3 2025. The lower operating cash flow in Q3 2026 reflects the inventory build and increased net working capital described in the Financial position section above. Cash outflow from investing activities amounted to USD 18.2 million in Q3 2026, compared to USD 133.5 million in Q3 2025. The prior-year quarter included the acquisition of Memfault. Cash outflows from investing activities in Q3 2026 included capital expenditures of USD 12.2 million, primarily related to the purchase of additional testers in the supply chain, compared to USD 25.1 million in the same quarter last year, which included the purchase of Neuton.AI IP. They also included capitalized development expenses of USD 6.0 million, compared to USD 3.1 million in Q3 2025. Cash flows from financing activities were an outflow of USD 5.2 million in Q3 2026, compared to an inflow of USD 82.8 million in Q3 2025 that reflected the capital increase in connection with the acquisition of Memfault. 11
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Outlook Nordic Semiconductor reported a revenue increase of 32% to USD 235 million in the third quarter 2026, with revenue for the first nine months of 2026 increasing 30% to USD 646 million. On a 12 months rolling basis, revenue increased by 26% to USD 816 million. Short-range revenue increased by 30% year-on-year in the third quarter, maintaining the positive momentum seen over the past two years. Demand from key customers remains healthy, while in the broad market the company is seeing increased activity among existing customers as well as a growing customer base. In product terms the revenue from the nRF54 Series is picking up, adding to the continued solid demand for the nRF52 and nRF53 Series. Long-range revenue increased 70% in the third quarter, reflecting higher product sales to a larger customer base across both cellular, satellite and nRF Cloud. Based on current customer orders and forecasts, Nordic expects revenue for the fourth quarter 2026 of USD 215- 235 million. Gross margin was 53% in the third quarter 2026, and is expected to remain above 50% also in the final quarter of the year. At the midpoint of the guidance range, this corresponds to 31% revenue growth for the full year 2026, with a gross margin at or above 52%. As previously communicated, Nordic sees four key drivers supporting its long-term growth ambitions; continued market growth, expansion of the addressable market, strengthening of the competitive position, and growing the lifecycle value per end-product. Nordic's continued broadening of its products and service portfolio and strengthening of its chip-to-cloud solution plays to these growth drivers, and the revenue and margin developments through 2026 are supporting the long-term financial ambitions presented in 2024; to deliver average annual revenue growth above 20% from 2024 through the end of the decade, maintain a gross margin above 50%, and move towards the target operating model profitability level of 25% EBITDA margin.
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Oslo, October 21, 2026 Lars Aa. Løddesøl Dieter May Inger Berg Ørstavik Board member, Audit C. Chair Board Chair Board member Dr. Helmut Gassel Vegard Wollan Annastiina Hintsa Board member Chief Executive Officer Board member, People and Compensation Com. Chair Jon Helge Nistad Anja Dekens Bjørn Amstrup Spockeli Board member, employee Board member, employee Board member, employee 13
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Condensed financial information Income statement Q3 01.01-30.09 Full year Amounts USD thousand Note 2026 2025 2026 2025 2025 Total revenue 4 235 468 178 966 646 478 498 110 667 619 Cost of materials and services -111 078 -86 086 -305 717 -245 213 -321 594 Gross profit 124 391 92 880 340 761 252 897 346 025 Payroll expenses -59 918 -56 361 -172 980 -140 944 -194 007 Other operating expenses -25 945 -20 849 -74 324 -60 749 -85 768 EBITDA 38 527 15 670 93 458 51 205 66 250 Depreciation, amortization and impairments 6 -11 228 -11 228 -33 757 -29 619 -43 059 Operating Profit 27 299 4 442 59 700 21 586 23 191 Share of profit from associates — -96 — -355 -355 Net interest income -1 629 -1 704 -3 460 -2 562 -3 252 Net foreign exchange gains (losses) -505 -1 875 154 -5 822 -6 939 Profit before tax 25 166 767 56 394 12 847 12 645 Income tax expense 1 696 85 -2 467 -709 3 740 Net profit after tax 26 862 852 53 927 12 138 16 385 Earnings per share Ordinary earning per share (USD) 0.135 0.004 0.273 0.063 0.085 Fully diluted earning per share (USD) 0.133 0.004 0.268 0.062 0.083 Weighted average number of shares Basic 198 254 192 480 197 894 191 751 193 411 Fully diluted 201 271 196 533 201 225 194 826 196 567 Net profit after tax 26 862 852 53 927 12 138 16 385 Other comprehensive income not to be reclassified to profit or loss in subsequent periods: Actuarial gains (losses) on defined benefit plans (before tax) — — — — 14 Income tax effect — — — — -3 Other comprehensive income that may be reclassified to profit or loss in subsequent periods: Currency translation differences -77 580 -1 483 4 815 3 549 Total comprehensive income 26 785 1 432 52 444 16 953 19 945 14
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Consolidated statement of financial position Amounts USD thousand Note 30.9.26 31.12.25 30.9.25 ASSETS Non-current assets Goodwill 101 298 101 310 102 510 Capitalized development expenses 5/6 56 056 52 903 52 083 Software and other intangible assets 5/6 49 591 54 103 56 458 Deferred tax assets 23 631 23 031 19 208 Fixed assets 6 45 004 28 805 27 537 Right-of-use assets 6 39 234 49 660 49 257 Investments in joint ventures — — 337 Other long term assets 78 029 90 711 92 612 Total non-current assets 392 844 400 521 400 003 Current assets Inventory 235 639 154 994 133 358 Accounts receivable 164 018 93 488 99 015 Other current receivables 28 542 26 957 27 272 Cash and cash equivalents 266 795 307 402 308 910 Total current assets 694 995 582 840 568 555 Total assets 1 087 838 983 361 968 558 EQUITY Share capital 324 324 324 Treasury shares -2 -2 -3 Share premium 338 897 338 897 338 897 Other equity 395 126 340 368 332 986 Total equity 734 346 679 587 672 205 LIABILITIES Non-current liabilities Pension liability 861 945 838 Borrowings 7 103 281 98 377 99 278 Deferred tax 3 863 8 217 8 367 Non-current lease liabilities 36 851 50 813 50 877 Total non-current liabilities 144 856 158 353 159 360 Current liabilities Accounts payable 54 852 41 253 35 546 Income taxes payable 3 343 2 567 1 923 Public duties 7 162 6 737 12 977 Current lease liabilities 10 041 12 408 12 438 Other current liabilities 133 240 82 456 74 109 Total current liabilities 208 637 145 420 136 993 Total liabilities 353 493 303 773 296 353 Total equity and liability 1 087 838 983 361 968 558 15
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Consolidated statement of changes in equity Amount in USD thousand Share capital Treasury shares Share premium Other paid in capital Currency translation reserve Retained earnings Total equity Equity as of 1.1.26 324 -2 338 897 43 806 1 345 295 218 679 587 Net profit for the period 53 927 53 927 Other comprehensive income -1 483 -1 483 Share based compensation 1 15 056 15 057 Repurchase of own shares -1 -13 742 -13 743 Consideration shares related to Mobile Semiconductor Inc 0 999 999 Equity as of 30.9.26 324 -2 338 897 59 861 -138 335 403 734 346 Equity as of 1.1.25 317 -1 235 448 27 180 -2 204 309 027 569 766 Net profit for the period 12 138 12 138 Other comprehensive income 4 815 4 815 Share based compensation 1 12 237 12 238 Repurchase of own shares -2 -30 205 -30 207 Capital increase 7 103 449 103 456 Equity as of 30.9.25 324 -3 338 897 39 417 2 611 290 960 672 205 16
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Statement of cash flows Q3 01.01-30.09 Full year Amount in USD thousand Note 2026 2025 2026 2025 2025 Cash flows from operating activities Profit before tax 25 166 767 56 394 12 847 12 645 Taxes paid for the period -1 526 -548 -4 483 -3 085 -3 589 Depreciation, amortization and impairments 6 11 228 11 228 33 757 29 619 43 059 Net interest 1 629 1 704 3 460 2 562 3 252 Interest received 1 947 2 759 6 145 7 918 10 309 Change in inventories, trade receivables and payables -72 592 -18 385 -137 550 17 535 7 124 Share-based compensation 4 581 5 550 15 057 12 237 16 626 Other operations related adjustments 39 664 17 174 53 523 22 430 26 269 Net cash flows from operating activities 10 095 20 248 26 304 102 062 115 696 Cash flows used in investing activities Capital expenditures (including software) 6 -12 158 -25 113 -29 655 -35 840 -40 849 Capitalized development expenses 6 -6 007 -3 068 -12 125 -9 651 -15 628 Investment in associate company — — — -518 -518 Business Combination, net of cash acquired — -105 345 — -105 345 -105 345 Net cash flows used in investing activities -18 164 -133 526 -41 780 -151 354 -162 340 Cash flows from financing activities Repurchase of treasury shares — -13 683 -13 743 -30 205 -30 205 Capital increase — 102 941 — 102 941 102 941 Proceeds from bridge loan — 100 000 — 100 000 100 000 Repayment of bridge loan — -100 000 — -100 000 -100 000 Payment of interest -2 068 -3 090 -5 909 -6 680 -8 503 Payment of principal portion of lease liabilities -2 130 -2 174 -7 025 -6 145 -8 526 Payment of interest portion of lease liabilities -757 -967 -2 767 -2 850 -3 798 Credit facility fee -215 -228 -637 -699 -853 Net cash flows from financing activities -5 170 82 799 -30 081 56 362 51 056 Effects of exchange rate changes on cash and cash equivalents 3 928 3 917 4 951 13 927 15 075 Net change in cash and cash equivalents -9 311 -26 563 -40 607 20 996 19 488 Cash and cash equivalents beginning of period 276 106 335 473 307 402 287 914 287 914 Cash and cash equivalents at end of period 266 795 308 910 266 795 308 910 307 402 17
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Notes Note 1: General The Board of Directors approved the condensed third quarter interim financial statements for the three months ended September 30, 2026 and first nine months of 2026 on October 21, 2026. Nordic Semiconductor is a global leader in low power wireless solutions, providing a complete platform of hardware, software, development tools, and cloud services that simplify and accelerate connected product development and ensure reliable performance throughout their lifecycle. Founded in 1983 and headquartered in Norway, Nordic employs more than 1,500 people worldwide. After pioneering Bluetooth LE, Nordic has driven the expansion of wireless IoT with cellular IoT, Wi-Fi, Matter, Thread, Zigbee, DECT NR+, and satellite connectivity – powering the next wave of connected innovation. In 2025, Nordic strengthened its chip-to-cloud offering through the acquisition of Memfault, adding advanced device monitoring and cloud-based observability. Nordic’s technologies enable secure, scalable, and energy-efficient solutions across consumer, healthcare, and industrial markets, supporting the growth of a smarter, more connected world. Nordic Semiconductor ASA is listed on the Oslo Stock Exchange under the ticker NOD, and is a public limited liability company registered in Norway. The parent company’s head office is located at Otto Nielsens veg 12, 7052 Trondheim. Note 2: Confirmation of the financial framework The Group financial statements for Nordic Semiconductor ASA and its wholly owned subsidiaries, together called “The Group” have been prepared in accordance with IAS 34 Interim Financial Statements. The interim financial statements for Q3 2026 do not include all the information required for the full year financial statements and shall be read in conjunction with the Group Annual Accounts for 2025. The financial statements are presented in thousand USD, unless otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements may not add up to the total of that row or column. In the interim financial statements for 2026, judgments, estimates and assumptions have been applied that may affect the use of accounting principles, book values of assets and liabilities, revenues and expenses. Actual values may differ from these estimates. The major assumptions applied in the interim financial statements for 2026 and the major sources of uncertainty in the statements are similar to those found in the Financial Statements for 2025. Note 3: Significant accounting principles Significant accounting principles are described in the Group Financial Statement for 2025. The group accounts for 2025 were prepared in accordance with International Financial Reporting Standards (IFRS), relevant interpretations of this, as well as additional Norwegian disclosure requirements described in the Norwegian GAAP and the Norwegian Securities Trading Act. The same accounting principles and methods of calculation have been applied as in the Financial Statements for 2025 for the Group. New and revised standards, amendments and interpretations issued, but not yet effective IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements and is effective for reporting periods beginning on or after 1 January 2027. IFRS 18 will be applied retrospectively and introduces a new structure for the consolidated income statement, including specified totals and subtotals and classification of all income and expenses into one of five categories: operating, investing, financing, income taxes and discontinued operations. The standard also requires disclosure of management-defined performance measures (MPMs) and introduces new aggregation and disaggregation requirements. Narrow-scope amendments to IAS 7 Statement of Cash Flows change the indirect method starting point from 'profit or loss' to 'operating profit or loss' and remove optionality in the classification of cash flows from dividends and interest. An implementation project has been initiated and a detailed impact assessment is ongoing. The most material expected impacts on the consolidated financial statements are: - Foreign exchange differences will generally be classified in the same category as the underlying income or expense to which they relate. This may affect presentation within the statement of profit or loss but does not impact total profit. - Financial income and expenses are expected to be reclassified across the operating, investing, and financing categories. - Certain alternative performance measures reported externally are being reassessed; those meeting the MPM definition will be disclosed and reconciled in a separate note. 18
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Note 4: Segment information Nordic Semiconductor has only one reportable operating segment, which is the design and sale of integrated circuits and related solutions. The Group classifies its revenues into the following technology categories: Short-range wireless components, Long- range (cellular IoT), and other, which includes, among other products and services, revenues from Wi-Fi and PMIC. Within Wireless components, the Group reports its revenues based on the markets to which its components communicate. These are: Consumer, Industrial and Healthcare, and Other. Note 5: Intangible assets The Group recognizes intangible assets in the balance sheet if it is likely that the expected future economic benefits attributable to the asset will accrue to the Group and the assets acquisition cost can be measured reliably. Costs associated with development are capitalized if the following criteria are met in full: ■ The product or the process is clearly defined and the cost elements can be identified and measured reliably; ■ The technical feasibility is demonstrated; ■ The product or the process will be sold or used in the business; ■ The asset will generate future financial benefits; ■ Sufficient technical, financial and other resources for project completion are in place. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. Note 6: Capitalization, depreciation and amortization Amount in USD thousand Q3 01.01-30.09 Full year Specification of capital expenditures, balance sheet 2026 2025 2026 2025 2025 Capitalized development expenses (payroll expenses) 4 182 1 968 8 796 5 693 10 571 Capitalized acquired development expenses 1 825 1 099 3 330 3 958 5 057 Capital expenditures (including software)* 12 158 25 113 29 655 35 840 40 849 Right-of-use assets (non-cash) -6 108 150 -3 841 3 505 6 086 Acquisition (net) — 119 085 — 119 085 117 883 Investment in associate company — — — 518 518 Currency adjustments 15 -252 221 351 362 Total 12 072 147 164 38 160 168 950 181 326 Depreciation, amortization and impairments Capitalized development expenses 2 842 3 434 8 972 7 643 10 797 Software 2 233 1 999 6 430 5 395 7 982 Intangible assets 340 345 1 030 345 690 Fixed assets 3 751 3 246 10 741 9 630 12 803 Impairment of capitalized development expenses — — — — 2 003 Right-of-use assets 2 062 2 204 6 585 6 605 8 784 Total 11 228 11 228 33 757 29 619 43 059 *Including the purchase of IP and core technology assets from Neuton.AI in Q3 and full year 2025 numbers. At each reporting date the Group evaluates whether there is an indication of impairment by reference to internal and external factors. 19
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Note 7: Net interest-bearing debt The Group has a bond of NOK 1 billion with an interest of NIBOR + 3%. The maturity date of the bond is November 28, 2028. In the event that Nordic loses its Investment Grade Rating, the margin will rise by one percent until the Group regains the Investment Grade Rating. The Group must uphold an equity ratio of 40% in case Nordic loses the Investment Grade Rating. The Group has a revolving credit facility, which enables it to borrow up to USD 200 million with an interest rate equal to SOFR + margin. The facility matures in January 2029. As of September 30, 2026, the Group had not drawn on the credit facility. The facility includes an uncommitted accordion option of up to USD 100 million, subject to lender approval. Security for the credit facility is provided by inventory, receivables and operating equipment. The following financial covenants apply for the revolving credit facility: Equity ratio shall not be lower than 40%. Note 8: RSU and performance shares Nordic has an Long-term Incentive (LTI) plan for all employees, which include Restricted Stock Units (RSUs) and Performance Shares (PSUs). The executive management team's LTI plan is split into two parts, where 40% is composed of RSUs and the remaining 60% is given as PSUs. With reference to the Annual general meeting held on April 28, 2026, Nordic Semiconductor granted 826,600 RSUs and PSUs to employees, including the executive management team during Q2 2026. In total, the grants are equivalent to 0.41% of the company’s outstanding share capital. The 2026 Annual General Meeting of Nordic Semiconductor ASA approved the issue of RSUs and PSUs of an aggregate nominal value of up to 1% of the company’s outstanding share capital. Q3 01.01-30.09 Full year 2026 2025 2026 2025 2025 Outstanding RSUs beginning of period 2 682 061 2 925 914 1 968 293 1 921 826 1 921 826 Granted — 402 000 759 343 1 425 918 1 425 918 Forfeited 23 020 41 280 68 595 61 110 312 495 Released 830 083 1 066 956 830 083 1 066 956 1 066 956 Outstanding end of period 1 828 958 2 219 678 1 828 958 2 219 678 1 968 293 Q3 01.01-30.09 Full year 2026 2025 2026 2025 2025 Outstanding performance shares beginning of period 203 748 429 332 170 706 355 789 355 789 Granted — — 67 257 87 344 87 344 Forfeited — — — 2 872 2 872 Performance adjusted — — -34 215 -10 929 -10 929 Released — — — 258 626 258 626 Outstanding end of period 203 748 170 706 203 748 170 706 170 706 Note 9: Financial risk Nordic is exposed to several risks, including currency risk, interest rate risk, liquidity risk and credit risk. For a detailed description of these risks and how the Group manages these risks, please see the annual report for 2025. Note 10: Events after the balance sheet Since September 30, 2026, no significant events have taken place that would affect the assessment of the provided accounts. 20
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Financial Calendar 2026: ■ F ebruary 5, 2027 - 4th Quarter 2026 For further information, please contact: ■ Ståle Ytterdal, IR, +47 930 37 430 ■ Pål Elstad, CFO, +47 991 66 293 21
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Alternative performance measures The financial information is prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by EU. Additionally, it is management’s intent to provide alternative performance measures (APM) that are regularly reviewed by management to enhance the understanding of the Group’s performance. The Group has identified the following APMs used in reporting (amount in USD million): Gross margin is presented as it is the main financial KPI to measure the Group’s operational performance. ■ Gross margin. Gross profit divided by Total revenue. Q3 01.01-30.09 Full year 2026 2025 2026 2025 2025 Gross profit 124.4 92.9 340.8 252.9 346.0 Total revenue 235.5 179.0 646.5 498.1 667.6 Gross margin 52.8% 51.9% 52.7% 50.8% 51.8% EBITDA terms are presented as they are commonly used by investors and financial analysts. ■ EBITDA. Earnings before interest, taxes, depreciation and amortization. Q3 01.01-30.09 Full year 2026 2025 2026 2025 2025 Operating Profit 27.3 4.4 59.7 21.6 23.2 Depreciation, amortization and impairments 11.2 11.2 33.8 29.6 43.1 EBITDA 38.5 15.7 93.5 51.2 66.3 ■ EBITDA margin. EBITDA divided by Total Revenue. Q3 01.01-30.09 Full year 2026 2025 2026 2025 2025 EBITDA 38.5 15.7 93.5 51.2 66.3 Total revenue 235.5 179.0 646.5 498.1 667.6 EBITDA margin 16.4% 8.8% 14.5% 10.3% 9.9% ■ Total Operating Expenses. Sum of payroll expenses, other operating expenses, depreciation and amortization. Q3 01.01-30.09 Full year 2026 2025 2026 2025 2025 Payroll expenses 59.9 56.4 173.0 140.9 194.0 Other operating expenses 25.9 20.8 74.3 60.7 85.8 Depreciation, amortization and impairments 11.2 11.2 33.8 29.6 43.1 Total operating expenses 97.1 88.4 281.1 231.3 322.8 22
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) ■ Cash operating Expenses. Total payroll and other operating expenses adjusted for non-cash related items including option expenses, receivable write-off and capitalization of development expenses. Nordic management believes that this measurement best captures the expenses impacting the cash flow of the Group. Q3 01.01-30.09 Full year 2026 2025 2026 2025 2025 Total operating expenses 97.1 88.4 281.1 231.3 322.8 Depreciation, amortization and impairments -11.2 -11.2 -33.8 -29.6 -43.1 Share-based compensation -4.6 -5.6 -15.1 -12.2 -16.6 Capitalized expenses 6.0 3.1 12.1 9.7 15.6 Cash operating expenses 87.3 74.7 244.4 199.1 278.8 ■ Last twelve months operating expenses excluding depreciation and amortization divided by last twelve months revenue. Nordic’s business is seasonal and by dividing last twelve months operating expenses excl. depreciation by last twelve months revenue, management is able to track cost level trends in relation to revenue. As a growth business it is key to keep cost level under control while still growing the business, and this ratio keeps track on that. Q3 2026 2025 Total operating expenses 372.6 306.8 Depreciation, amortization and impairments -47.2 -40.0 Operating expenses excluding depreciation and amortization 325.4 266.8 Total revenue LTM 816.0 648.3 LTM opex / LTM revenue 39.9% 41.2% ■ Net working capital divided by last twelve months revenue. Net working capital is a measure of both a company's efficiency and its short-term financial health, and by dividing the measure by last twelve months, seasonal effects are excluded. Nordic management uses this ratio to report on liquidity management to the financial market and internally to track performance. Q3 2026 2025 Current assets 695.0 568.6 Cash and cash equivalents -266.8 -308.9 Current liabilities -208.6 -137.0 Current financial liabilities 0.7 0.7 Current lease liabilities 10.0 12.4 Income taxes payable 3.3 1.9 Net working capital 233.7 137.7 Total revenue LTM 816.0 648.3 NWC / LTM revenue 28.6% 21.2% 23
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) ■ A djusted Gross profit and Adjusted Gross margin. This APM excludes the impact of inventory write-downs and other non-recurring items. Management believes that this measure provides a more representative view of the Group’s underlying gross profitability by eliminating items that are not reflective of normal operations Q3 01.01-30.09 Full year 2026 2025 2026 2025 2025 Reported Gross profit 124.4 92.9 340.8 252.9 346.0 Inventory write-down (reversal) — — — — -5.0 Adjusted Gross profit 124.4 92.9 340.8 252.9 341.1 Total revenue 235.5 179.0 646.5 498.1 667.6 Adjusted Gross margin 52.8% 51.9% 52.7% 50.8% 51.1% ■ A djusted EBITDA and Adjusted EBITDA margin. This APM excludes exceptional items such as acquisition-related share-based compensation, restructuring costs, and other non-recurring items. Nordic management believes that this measure better reflects the Group’s underlying profitability. Q3 01.01-30.09 Full year 2026 2025 2026 2025 2025 Reported EBITDA 38.5 15.7 93.5 51.2 66.3 Inventory write-down (reversal) — — — — -5.0 Share-based compensation related to acquisitions 1.2 2.6 6.5 2.6 5.2 Adjusted EBITDA 39.8 18.3 99.9 53.8 66.5 Total revenue 235.5 179.0 646.5 498.1 667.6 Adjusted EBITDA margin 16.9% 10.2% 15.5% 10.8% 10.0% ■ R olling 12 months revenue (LTM). Represents the Group’s revenue for the most recent twelve consecutive months ending at the reporting date. Management uses this measure to assess performance trends by smoothing the impact of seasonal fluctuations that may occur throughout the year. Q3 2026 2025 Rolling 12 month revenue 816.0 648.3 24
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) Cautionary note Certain statements included in this report contain forward-looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Nordic management concerning plans, objectives and strategies, such as planned product development projects, investments, divestment, or other projects, (c) targeted volumes and costs and profit objectives, (d) various expectations about future developments in Nordic markets, particularly supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, and (i) qualified statements such as “expected”, “scheduled”, “targeted”, “planned”, “proposed”, “intended” or similar. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. In conducting our business, Nordic faces risks that may interfere with our business objectives. Nordic outlines our main strategic, operational, financial, legal, climate & environmental, and social risks in the risk section of our Annual Report and the information of this section should be carefully considered. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: changes in availability of raw materials and energy; our continued ability to manage the outsourcing of capital intensive production of silicon wafers, packaging and testing of our products; fluctuations of product supply and demand; constant and rapid technological standards; short product life cycles; world economic growth, including rates of inflation; changes in the relative value of currencies; trends in Nordic’s key markets and competition; geopolitical risks and trade tensions; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Nordic disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 25
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NORDIC SEMICONDUCTOR | Q3 REPORT 2026 (UNAUDITED) nordicsemi.com