Slides
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Third quarter 2025 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 13 November 2025
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These materials, prepared by NORBIT ASA (the "Company"), may contain statements about future events and expectations that are forward- looking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This presentation does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act. This presentation should not form the basis of any investment decision. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Disclaimer 2
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Third quarter 2025 ▪ Revenues of NOK 505.4 million, an increase of 36 per cent from third quarter 2024 ▪ EBIT ended at NOK 75.4 million, representing a 15 per cent margin First nine months of 2025 ▪ Year-to-date revenues totalled NOK 1 711.5 million, up 43 per cent from 2024 ▪ Growth in all three business segments ▪ EBIT of NOK 377.0 million, up 92 per cent from same period last year, and representing a margin of 22 per cent Main events ▪ The board has decided to resolve an extraordinary dividend of NOK 3.00 per share ▪ PIR secured a NOK 120 million manufacturing contract from a European defence and security client, deliveries planned for late 2025 and early 2026 Highlights Continued year-over-year progress 3 Revenues and EBIT NOK million 270 347 377 418 329 396 404 419 372 556 522 684 505 26 43 79 101 41 64 41 102 54 145 127 174 75 21% Q1-23 24% Q2-23 13% Q3-23 16% Q4-23 10%10% 24% Q2-24 14% Q3-22 Q3-24 26% Q4-24 24% Q1-25 25% 12% Q2-25 Q3-25 15% Q4-22 Q1-24 Revenues EBIT EBIT margin
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Oceans Growth and improved profitability year-over-year 5 Revenues and EBIT NOK million Third quarter 2025 ▪ Revenues of NOK 192.4 million, an increase of 22 per cent from NOK 158.1 million in Q3-24 ▪ Growth driven by strong sonar sales of the new WBMS X sonar ▪ EBIT margin of 21 per cent, compared to 19 per cent in Q3-24 First nine months of 2025 ▪ Revenues of NOK 664.5 million, an increase of 40 per cent from 2024 ▪ EBIT margin of 32 per cent, compared with 25 per cent in the corresponding period of 2024 104 127 136 152 134 177 121 195 158 269 233 239 192 19 31 39 46 28 53 10 80 31 99 81 87 41 18% Q3-22 24% Q4-22 29% Q1-23 30% Q2-23 21% Q3-23 30% Q4-23 8% Q1-24 41% Q2-24 19% Q3-24 37% Q4-24 35% Q1-25 36% Q2-25 Q3-25 21% Revenues EBIT EBIT margin
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6 136 91 120 222 297 415 66 46 43 49 YTD-23 2123 YTD-24 16 YTD-25 422 475 664 19 Oceans’ revenue mix NOK million Winghead Sonars Sonars (excl. Winghead) Sub-bottom profiler Security Other Subsea sonars Security Other Sub-bottom profilers Oceans Growth driven by strong sonar demand and WBMS X sonar launch
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8 Revenues and EBIT NOK million Third quarter 2025 ▪ Revenues of NOK 107.5 million compared to NOK 111.0 million in Q3-24 ▪ Decline mainly due to rescheduling of On-Board Units deliveries to Q4 ▪ EBIT margin of 15 per cent, compared to 25 per cent in Q3-24 First nine months of 2025 ▪ Revenues of NOK 423.1 million, an increase of 17 per cent from the corresponding period last year ▪ EBIT margin of 27 per cent, compared to 25 per cent in the first nine months of 2024 Connectivity Revenues largely flat on postponed deliveries to Q4 81 81 136 172 116 116 151 101 111 153 146 170 108 10 14 37 23 26 42 21 28 44 42 17 31% Q2-23 20% Q3-23 22% Q4-23 28% Q1-24 12% Q3-22 Q2-24 25% Q3-24 29% 18% Q4-24 28% Q4-22 Q1-25 32% 27% Q2-25 Q3-25 54 15% 55 Q1-23 20% Revenues EBIT EBIT margin
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9 Connectivity Growth driven by enforcement modules for tachographs and satellite-based units 269 137 127 49 56 101 31 74 94 68 80 84 7 YTD-23 16 YTD-24 17 YTD-25 424 363 423 Connectivity revenue mix NOK million OBUs Tachograph enforcement modules Satellite-based tolling Subscription and e-toll Other On-Board Units Tachograph enforcement modules Satellite- based tolling Subscription and e-toll Other
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▪ Initial order for a new innovative 4G-based GNSS OBU, valued at NOK 160 million, was awarded in April 2024 ▪ Following the completion of design and industrialisation, volume deliveries to Toll4Europe started in October 2025 ▪ In line with strategy to broaden both customer base and product offering ▪ GNSS OBUs contributes to efficient toll collection with single subscription for commercial trucks across borders in Europe ▪ Stepping up from being a supplier of enforcement modules (VTMs) to complete GNSS OBUs ▪ Since 2019, NORBIT has delivered around 2 million VTMs ▪ 2G GSM network phase-out generates a replacement need for the existing GNSS OBU fleet Connectivity GNSS OBU deliveries started in the fourth quarter
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12 Revenues and EBIT NOK million Third quarter 2025 ▪ Revenues of NOK 224.1 million, compared to 114.4 million in Q3-24 ▪ The increase was driven by strong demand from the defence and security sector ▪ EBIT margin of 18 per cent, compared to 11 per cent in Q3-24 First nine months of 2025 ▪ Revenues of NOK 677.8 million, up 72 per cent from the same period last year ▪ EBIT margin of 18 per cent, compared to 9 per cent in the first nine months of 2024 96 150 112 102 86 112 145 134 114 149 161 293 224 9 10 14 18 -1 4 18 12 20 22 60 41 18% Q2-23 4% Q3-23 -1% Q4-23 3% Q1-24 9% Q3-22 Q2-24 11% 6% Q3-24 14% Q4-22 Q4-24 14%12% Q1-25 20% Q2-25 Q3-25 4 18% Q1-23 13% Revenues EBIT EBIT margin Product Innovation & Realization Growth driven by defence and security demand
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13 Product Innovation & Realization Continued strong demand from the defence and security sector 58 387 106 85 64 109 191 158 69 60 70 7 11 YTD-23 YTD-24 YTD-25 299 394 678 PIR revenue mix NOK million Defence and security R&D products and services Defence and security Automotive Industrials R&D products and services Other Automotive Industrials
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▪ Project with local municipality for expansion of NORBIT’s factory in Selbu progress according to plan ▪ Municipality responsible for financing and project execution ▪ Completion at year end ▪ New SMT line to be installed upon completion ▪ Options to acquire ownership of the facility 14 Operation Selbu factory expansion progressing according to plan
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Group financials
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Financials Profit and loss statement 16 Third quarter of 2025 ▪ Revenues of NOK 505.4 million, up 36 per cent from Q3-24 ▪ The PIR and Oceans segment contributed to the revenue growth ▪ Gross margin of 57 per cent, versus 63 per cent in Q3-24 ▪ Decrease due to higher PIR share and lower margins in Connectivity and Oceans from scrapping, obsolescence, and product mix effects ▪ Employee benefit expenses of NOK 125.9 million versus NOK 106.8 million in Q3-24 ▪ Increase is driven by new hires amid high activity, and wage inflation ▪ EBIT of NOK 75.4 million (15 per cent margin), up from NOK 53.7 million in Q3-24 (14 per cent margin) ▪ Net financial items negative NOK 6.5 million, from negative NOK 4.8 million in Q3-24 ▪ Including NOK 8.0 million in net interest expenses and NOK 1.6 million in foreign exchange gains ▪ Net profit for the period of NOK 51.8 million, from NOK 35.1 million in Q3-24 Amounts in NOK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Revenues 505.4 371.9 1 711.5 1 195.3 Raw materials and change in inventories 219.1 139.0 721.7 493.4 Employee benefit expenses 125.9 106.8 366.0 297.2 Other operating expenses 45.6 39.5 136.4 113.1 EBITDA 114.7 86.6 487.4 291.6 Depreciation and amortisation expenses 39.3 32.9 110.4 95.0 Operating profit / EBIT 75.4 53.7 377.0 196.7 Net financial items (6.5) (4.8) (17.8) (13.9) Profit before tax 69.0 49.0 359.2 182.7 Income tax expense (17.2) (13.9) (86.4) (45.4) Profit for the period 51.8 35.1 272.8 137.4
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30.7 41.325.7 EBIT Q3 2024 Revenue effect (7.3) Gross margin effect (4.2) Payroll effect (3.0) OPEX effect (0.5) D&A effect EBIT Q3 2025 Segment EBIT development Q3 2025 vs. Q3 2024 NOK million Oceans Connectivity PIR 17 28.1 16.6 EBIT Q3 2024 (2.4) Revenue effect (4.4) Gross margin effect (0.9) Payroll effect (2.1) OPEX effect (1.8) D&A effect EBIT Q3 2025 12.2 40.5 47.1 EBIT Q3 2024 Revenue effect (2.9) Gross margin effect (10.6) Payroll effect (2.9) OPEX effect (2.3) D&A effect EBIT Q3 2025 Financials Improved year-over-year profitability in Oceans and PIR
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Financials Balance sheet 18 Amounts in NOK million 30.09.25 30.06.25 31.12.24 ASSETS Property, plant and equipment (incl. right-of-use assets) 330.5 294.8 274.0 Intangible assets 457.6 448.8 418.9 Goodwill 495.1 498.7 497.4 Deferred tax asset 20.4 18.8 13.5 Inventories 690.5 597.8 434.7 Trade receivables 246.6 263.1 273.4 Other receivables and prepayments 101.2 103.0 66.4 Other assets 12.2 12.2 12.6 Cash and cash equivalents 144.2 175.0 193.3 Total assets 2 498.3 2 412.2 2 184.2 LIABILITIES Interest-bearing borrowings 464.6 448.9 447.2 Lease liabilities 149.2 113.5 95.3 Trade payables 234.0 260.5 145.9 Other current liabilities 283.6 286.2 227.1 Other liabilities 113.4 108.9 111.3 Total liabilities 1 244.8 1 218.1 1 026.8 Total equity 1 253.5 1 194.1 1 157.3 Total liabilities and equity 2 498.3 2 412.2 2 184.2 Fixed and intangible assets ▪ Land and PPE: An increase of NOK 35.6 million due to investments in machinery and equipment to expand capacity ▪ Intangible assets: An increase of NOK 8.8 million primarily related to broadening the product offering in the Oceans and Connectivity segments Working capital ▪ Inventories: Up NOK 92.7 million from prior quarter mainly from sourcing ahead of higher Q4 activity ▪ Trade receivables: Decreased by NOK 16.5 million on sequential decrease in revenues ▪ Trade payables decreased by NOK 26.6 million Net-interest bearing debt and equity ▪ Total borrowings of NOK 464.6 million, up NOK 15.7 million from prior quarter ▪ Net-interest bearing debt (excl. lease liabilities) of NOK 320.5 million, compared to NOK 274.0 million at the end of Q2 ▪ Equity of NOK 1 253.5 million and an equity ratio of 50 per cent
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Financials A strong balance sheet that enables flexibility 1.4x 1.4x 0.8x 0.7x 0.5x 0.5x 0.7x 1.0x 0.7x 0.5x 0.6x 0.7x 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Q3 2022 Q4 2022 0.8x Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Long-term target range NIBD/EBITDA EBITDA 12-month rolling Covenant loan facilities ▪ Financing activities: ▪ Credit approval for an increase of NOK 150 million on the multi-currency overdraft facility subsequent to quarter end, increasing the pro forma liquidity to NOK 824.5 million as of 30.09.2025 ▪ NIBD/EBITDA at 0.7x and equity ratio at 50.2 per cent per end of September ▪ Long-term target level between 1.0 – 2.5x NIBD1/EBITDA over the cycle ▪ Covenants in loan facilities at 4.0x NIBD/EBITDA and equity ratio > 30% 1) NIBD defined as total interest-bearing borrowings, including leasing, less cash and cash equivalents. EBITDA is as reported, inc luding 12 months contribution from acquisitions and adjusted for transaction costs 19
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NORBIT ASA’s objective is to provide shareholders with a long- term competitive return through an increase in the share price and payment of dividends. The dividend policy is to pay out annual ordinary dividends between 30 and 50 per cent of the company’s net profit after tax, with the intention to pay out potential excess capital as extraordinary dividends. When proposing the total dividend payment, the board of directors will take into account the company’s financial position, investment plans, any restrictions by law, as well as the needed financial flexibility to provide for sustainable growth. To that end, the company has set long-term financial targets relating to its capital structure to have a NIBD/EBITDA ratio between 1.0 – 2.5x. Dividend policyDividend declared NOK Financials Returning cash to the shareholders in line with the dividend policy 0.60 0.30 0.30 0.70 1.55 2.00 1.00 1.00 3.00 2019 2020 2021 2022 2023 2024 2.55 6.00 Ordinary DPS Extraordinary DPS (May) Extraordinary DPS (November) 20
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Financials Cash flow for the quarter Cash flow development third quarter 2025 1) 1) Including repayment of leases 175.0 144.2 114.7 11.9 Cash 30.06.2025 EBITDA Change in NWC (14.4) Taxes paid (6.5) Net finance expenses (40.8) Investments Net change borrowings Cash 30.09.2025 (95.8) 21 NOK million Third quarter of 2025 ▪ Operating cash flow was negative NOK 1.9 million o Cash taxes of NOK 14.4 million o Net increase in working capital of NOK 95.8 million due to inventory build ahead of fourth quarter ▪ Net cash used in investing activities totalled NOK 40.8 million o NOK 29.8 million invested in R&D o NOK 11.0 million invested in machinery and equipment o Reiterates FY 2025 guidance of NOK 130–140 million in R&D and around NOK 120 million in fixed assets ▪ Financing activities led to a cash inflow of NOK 11.9 million o Includes NOK 19.7 million drawn on the overdraft facility, partly offset by NOK 7.8 million in lease repayments
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Outlook
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23 668 619 788 2019 2020 2021 2022 2023 2024 2025 1 167 1 519 2 500 – 2 600 1 751 2025 Outlook ▪ On track to deliver a record year in 2025, supported by continued high activity in all three business segments ▪ 2025 revenue expected to end up between NOK 2.5 – 2.6 billion, while the EBIT margin is forecasted to between 24 - 25 per cent for the year ▪ Continue to explore value-accretive acquisitions to add to organic growth Revenue and profitability margins NOK million x% EBIT margin 15% 7% 9% 13% 19% 20% 24-25% Outlook 2025 outlook YTD-25
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Outlook Short-term outlook ▪ The three last months of the year are typically the strongest period for Oceans due to end of year spending effects ▪ Revenues for the fourth quarter expected to be in excess of NOK 230 million 24 ▪ Revenues are expected to increase sharply quarter-on-quarter, driven by GNSS OBU deliveries ▪ Connectivity is expected to deliver revenues of NOK 200 – 240 million in the fourth quarter ▪ PIR is expected to generate record high revenues between NOK 390 – 420 million in the fourth quarter ▪ The strong outlook for the fourth quarter is driven by deliveries to the defence and security sector
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26 NORBIT is to be recognised as world class, enabling people to explore more EXPLORING SINCE 1995 ~ 20 COUNTRIES ~650 EMPLOYEES Victory awaits him who has everything in order. Luck people call it... Defeat is certain for him who has neglected to take necessary precaution in time. This is called bad luck” Roald Amundsen 1912
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Technology is part of the solution Oceans is offering tailored technology solutions to global maritime markets Diversified and robust business model Connectivity is a leading technology solution provider for asset identification, monitoring and tracking Product Innovation & Realization (PIR) is offering R&D services and contract manufacturing to key customers 27
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Shareholder overview, updated 7 November 2025 28 # Investor # of shares % 1 PETORS AS – CEO Per Jørgen Weisethaunet 6,976,944 10.91 2 VHF INVEST AS – founder Steffen Kirknes 6,164,495 9.64 3 REKAP 2 AS - Reitan Family 6,086,781 9.52 4 AWC AS 2,397,472 3.75 5 FOLKETRYGDFONDET 2,310,654 3.61 6 EIDCO A/S 2,000,000 3.13 7 J.P. Morgan SE - Handelsbanken Nordiska Småbolag 1,904,523 2.98 8 ESMAR AS 1,412,286 2.21 9 The Bank of New York Mellon SA/NV - Arctic AM 1,375,000 2.15 10 VERDIPAPIRFONDET DNB SMB 1,154,155 1.80 11 UBS Switzerland AG 983,362 1.54 12 The Bank of New York Mellon SA/NV 938,404 1.47 13 Danske Bank A/S (mostly held by MD Oceans - Peter Eriksen) 912,694 1.43 14 Deutsche Bank Aktiengesellschaft (Innomar founding mngt) 726,472 1.14 15 VERDIPAPIRFONDET KLP AKSJENORGE IN 497,291 0.78 16 State Street Bank and Trust Comp 486,304 0.76 17 J.P. Morgan SE 483,998 0.76 18 State Street Bank and Trust Comp 481,830 0.75 19 State Street Bank and Trust Comp 455,243 0.71 20 JPMorgan Chase Bank 449,488 0.70 Total top 20 shareholders 38,197,396 59.73 Other shareholders 25,751,299 40.27 Total 63,948,695 100.00