Slides
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Fourth quarter and full-year 2025 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 11 February 2026
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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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Full-year 2025 ▪ Revenues of NOK 2.5 billion, up 43 per cent from 2024 ▪ Improved profitability with EBIT of NOK 555.4 million, representing a margin of 22 per cent ▪ Diluted earnings per share of NOK 6.32, a 61 per cent increase from NOK 3.93 in 2024 ▪ Dividend of NOK 5.00 per share proposed 3 Revenues and EBIT NOK million 668 619 788 103 44 74 149 284 342 555 15% 2019 7% 2020 9% 2021 13% 2022 19% 2023 20% 2024 22% 2025 1 168 1 519 1 751 2 503 Revenues EBIT EBIT margin Highlights Continued profitable growth in 2025
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Fourth quarter 2025 ▪ 42 per cent revenue growth from Q4-24 ▪ Segments Connectivity and PIR were the contributor to the growth in the quarter ▪ EBIT ended at NOK 178.4 million, resulting in a margin of 23 per cent Highlights 42 per cent revenue growth with continued EBIT uplift 4 Revenues and EBIT NOK million 347 377 418 329 396 404 419 372 556 522 684 505 791 43 79 101 41 64 41 102 54 145 127 174 75 17812% Q4-22 21% Q1-23 24% Q2-23 13% Q3-23 16% Q4-23 10% Q1-24 24% Q2-24 14% Q3-24 26% Q4-24 24% Q1-25 25% Q2-25 15% Q3-25 23% Q4-25 Revenues EBIT EBIT margin
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Oceans A slower quarter in a record year 6 Revenues and EBIT NOK million 127 136 152 134 177 121 195 158 269 233 239 192 213 31 39 46 28 53 10 80 31 99 81 87 41 56 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 21% Q3-25 Q4-25 26% Revenues EBIT EBIT margin Fourth quarter 2025 ▪ Revenues of NOK 213.4 million, a decrease of 21 per cent from NOK 269.0 million in Q4-24 ▪ YoY decline reflects lower sales of security solutions, sub- bottom profilers and more muted end of year spending effects ▪ Export license received for the NOK 75 million security project won in 2024, no revenues recognized so far ▪ EBIT margin of 26 per cent, down from 37 per cent in Q4-24 Full-year 2025 ▪ Revenues of NOK 877.9 million, an increase of 18 per cent from 2024 ▪ 30 per cent EBIT margin, up from 29 per cent in 2024
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7 181 176 159 328 412 547 51 77 61 49 55 68 29 2023 2024 28 2025 599 744 878 Oceans’ revenue mix NOK million Winghead Sonars Sonars (excl. Winghead) Sub-bottom profiler Security Other Subsea sonars Security Other Sub-bottom profilers Oceans Growth in 2025 driven by strong sonar demand and WBMS X sonar launch
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PAGE 8 Oceans Increasing the addressable market for ocean exploration by broadening the product offering
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10 Revenues and EBIT NOK million Fourth quarter 2025 ▪ Revenues of NOK 190.2 million, representing an increase of 25 per cent from Q4-24 ▪ Driven by deliveries of the GNSS On-Board Unit under the first NOK 160 million contract ▪ Lower revenues than projected due to slower ramp- up of volume production of the GNSS On-Board Unit than planned ▪ EBIT margin of 28 per cent, down from 29 per cent in Q4-24 Full-year 2025 ▪ Revenues of NOK 613.3 million, an increase of 19 per cent from 2024 ▪ EBIT margin of 27 per cent, up from 26 per cent in 2024 Connectivity Revenue increase driven by GNSS OBU deliveries 81 81 136 172 116 116 151 101 111 153 146 170 108 190 10 14 37 54 23 26 42 21 28 44 42 17 53 Q4-22 27% Q1-23 31% Q2-23 20% Q3-23 22% Q4-23 28% Q1-24 12% Q2-24 25% Q3-24 29% Q4-24 28% Q1-25 32% Q2-25 15% Q3-22 Q3-25 55 Q4-25 28% 18% 20% Revenues EBIT EBIT margin
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11 Connectivity Growth driven by satellite-based tolling and tachograph enforcement modules 296 194 170 80 81 112 60 105 193 92 107 11213 2023 29 2024 27 2025 540 516 613 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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• In the quarter, a new order for GNSS OBUs for delivery to the leading European Electronic Toll Service (EETS) provider Toll4Europe • Deliveries scheduled for H1 2026 • Total order value estimated at NOK 160 million • Builds on ongoing collaboration and trust with Europe’s leading tolling provider • Demonstrates ability to deliver tailored solutions to leading European clients 12 Connectivity New order for GNSS OBUs
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14 Revenues and EBIT NOK million Fourth quarter 2025 ▪ Revenues of NOK 407.9 million, compared to 149.1 million in Q4-24 ▪ Driven by increased deliveries to the defence and security sector ▪ EBIT margin of 22 per cent, compared to 14 per cent in Q4-24 Full-year 2025 ▪ Revenues of NOK 1 085.7 million, up 100 per cent from 2024 ▪ EBIT margin of 19 per cent, compared to 10 per cent in 2024 150 112 102 86 112 145 134 114 149 161 293 224 408 10 14 18 -1 4 18 12 20 22 60 41 88 18% Q2-23 4% Q3-23 -1% Q4-23 3% Q1-24 13% Q2-24 6% Q3-24 14% Q4-24 14% Q1-25 20% Q2-25 18% Q4-22 Q3-25 4 Q4-25 22% 12% Q1-23 11% Revenues EBIT EBIT margin Product Innovation & Realization Growth from defence and security demand
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15 Product Innovation & Realization Defence and security demand remains strong 103 696 137 108 87 157 247 204 86 84 100 25 2023 2024 2025 412 543 1 086 7 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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▪ Awarded two significant orders worth NOK 120 million and NOK 170 million in the quarter ▪ A majority of the orders is scheduled for delivery in first quarter ▪ Expecting strong demand from the defence and security industry in 2026 Product Innovation & Realization New large orders within defence and security 16
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▪ Expansion of the Selbu facility completed in December - on time and on budget ▪ Increasing floor capacity by 70 per cent, providing significant room for growth in the years to come ▪ NORBIT entered into an 8-year lease with the municipality at attractive terms ▪ Strategic investments in capacity and organisation enabling NORBIT to support growing demand for technology made in Norway/Europe Selbu factory expansion completed 17
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Group financials
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Financials Profit and loss statement 19 Fourth quarter of 2025 ▪ Revenues of NOK 791.1 million, up 42 per cent from Q4-24 ▪ Connectivity and PIR segments contributed to the growth ▪ Gross margin of 51 per cent, versus 62 per cent in Q4- 24 ▪ Decrease driven by higher PIR revenue share and lower gross margins across segments due to product mix ▪ Employee benefit expenses of NOK 132.8 million versus NOK 119.1 million in Q4-24 ▪ Increase is driven by new hires and wage inflation ▪ EBIT of NOK 178.4 million (23 per cent margin), up from NOK 145.0 million in Q4-24 (26 per cent margin) ▪ Net financial items NOK 11.3 million, from negative NOK 9.4 million in Q4-24 ▪ Net profit for the period of NOK 131.5 million, up from NOK 105.9 million in Q4-24 Amounts in NOK million Q4 2025 Q4 2024 FY 2025 FY 2024 Revenues 791.1 556.1 2 502.5 1 751.4 Raw materials and change in inventories 388.4 211.3 1 110.0 704.6 Employee benefit expenses 132.8 119.1 498.8 416.3 Other operating expenses 45.1 43.4 181.5 156.4 EBITDA 224.8 182.4 712.2 474.0 Depreciation and amortisation expenses 46.4 33.9 156.9 128.9 Impairment expenses - 3.4 - 3.4 Operating profit / EBIT 178.4 145.0 555.4 341.7 Net financial items (11.3) (9.4) (29.1) (23.4) Profit before tax 167.1 135.6 526.3 318.3 Income tax expense (35.6) (29.6) (122.0) (75.0) Profit for the period 131.5 105.9 404.3 243.3
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98.7 56.2 EBIT Q4 2024 (40.7) Revenue effect (7.2) Gross margin effect 1.4 Payroll effect 3.0 OPEX effect 0.9 D&A effect EBIT Q4 2025 Segment EBIT development Q4 2025 vs. Q4 2024 NOK million Oceans Connectivity PIR 20 43.9 53.223.4 EBIT Q4 2024 Revenue effect (1.7) Gross margin effect (1.7) Payroll effect (5.1) OPEX effect (5.7) D&A effect EBIT Q4 2025 20.4 88.1 EBIT Q4 2024 112.9 Revenue effect (27.6) Gross margin effect (13.5) Payroll effect (2.2) OPEX effect (2.0) D&A effect EBIT Q4 2025 Financials Improved year-over-year profitability in Connectivity and PIR
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Financials Balance sheet 21 Amounts in NOK million 31.12.25 30.09.25 31.12.24 ASSETS Property, plant and equipment (incl. right-of-use assets) 390.2 330.5 274.0 Intangible assets 476.7 457.6 418.9 Goodwill 496.7 495.1 497.4 Deferred tax asset 29.2 20.4 13.5 Inventories 731.7 690.5 434.7 Trade receivables 221.3 246.6 273.4 Other receivables and prepayments 107.6 101.2 66.4 Other assets 23.1 12.2 12.6 Cash and cash equivalents 158.9 144.2 193.3 Total assets 2 635.3 2 498.3 2 184.2 LIABILITIES Interest-bearing borrowings 523.4 464.6 447.2 Lease liabilities 194.1 149.2 95.3 Trade payables 231.4 234.0 145.9 Other current liabilities 324.4 283.6 227.1 Other liabilities 150.5 113.4 111.3 Total liabilities 1 423.8 1 244.8 1 026.8 Total equity 1 211.5 1 253.5 1 157.3 Total liabilities and equity 2 635.3 2 498.3 2 184.2 Fixed and intangible assets ▪ Land and PPE: An increase of NOK 59.8 million primarily explained by lease agreement for the Selbu facility extension ▪ Intangible assets: An increase of NOK 19.1 million primarily related to R&D investments Working capital ▪ Inventories: Up NOK 41.2 million from prior quarter, due to sourcing of components to prepare for continued high demand in defence and security sector ▪ Trade receivables: Decreased by NOK 25.3 million ▪ Trade payables decreased by NOK 2.6 million Net-interest bearing debt and equity ▪ Total borrowings of NOK 523.4 million, up from NOK 464.6 million as per end of September ▪ Net-interest bearing debt (excl. lease liabilities) of NOK 364.5 million, compared to NOK 320.5 million at the end of Q3 ▪ Equity of NOK 1 211.5 million and an equity ratio of 46 per cent
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Net working capital1 Per cent of last twelve months revenues ▪ Working capital efficiency continued to improve in 2025 driven by higher inventory turnover and reduced DSO ▪ Net working capital ratio at 20 per cent of last twelve months revenues and 16 per cent Q4-25 annualized ▪ Continuing to maintain high cash conversion rate on receivables despite strong growth in revenues, as evidenced in the quarter ▪ Larger fluctuations in working capital, especially on inventory, must be expected in 2026 given revenue plan, lead times and delivery schedules 22 1) Net working capital defined as trade receivables + inventory + other receivables and prepayments, less trade payables and other current liabilities, as reported Financials Delivering on the plan to increase working capital efficiency 194 194 231 197 201 227 255 292 311 347 369 405 390 447 489 414 421 397 419 402 410 417 521 505 662 619 788 1,167 1,519 1,751 2,503 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 NWC LTM revenues 29% 32% 37% 35% 27% 23% 20% NWC % LTM sales
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Financials A strong balance sheet that enables flexibility 1.4x 0.8x 0.7x 0.5x 0.5x 0.7x 1.0x 0.7x 0.5x 0.6x 0.7x 0.8x 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 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 Q4 2025 Long-term target range NIBD/EBITDA EBITDA 12-month rolling Covenant loan facilities ▪ Financing activities in Q4-25: ▪ Multi-currency overdraft limit increased to NOK 500 million from NOK 350 million earlier ▪ NIBD/EBITDA at 0.8x and equity ratio at 46 per cent per end of December ▪ 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 23
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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 dividends in excess of 30 per cent of the company’s net profit after tax, with the intention to pay out potential excess capital. When proposing the 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. Fine-tuning the dividend policyDividend declared per share NOK 0.60 0.30 0.30 0.70 2.55 3.00 5.00 3.00 2019 2020 2021 2022 2023 2024 2025 6.00 Dividend Additional dividend 41% 63% 36% 38% 153% 2019 2020 2021 2022 82% 2023 2024 79% 2025 % reported EPS Financials Returning cash to the shareholders in line with the dividend policy 24
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Financials Cash flow for the quarter Cash flow development fourth quarter 2025 1) 1) Including repayment of leases 144.2 158.9 224.8 45.6 15.1 Cash 30.09.2025 EBITDA 9.3 Change in NWC (7.2) Taxes paid (11.3) Net finance expenses (70.0) Investments Net change borrowings Cash 31.12.2025 Other itemsDividends paid (191.4) 25 NOK million Fourth quarter of 2025 ▪ Operating cash flow was NOK 215.1 million o Cash taxes of NOK 7.2 million o Net decrease in working capital of NOK 9.3 million ▪ Net cash used in investing activities totalled NOK 70.0 million o NOK 39.5 million invested in R&D o NOK 27.5 million invested in machinery and equipment o Guidance for FY 2026 approximately NOK 110 million in R&D investments and around NOK 110 million in fixed assets investments ▪ Financing activities led to a cash outflow of NOK 130.4 million o Includes NOK 191.4 million in dividends paid
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Outlook
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27 619 788 2020 2021 2022 2023 2024 2025 2026 1 167 1 519 1 751 2 503 > 3 000 2026 Outlook ▪ In February 2024, NORBIT set a strategic roadmap targeting revenues above NOK 2.75 billion in 2027 and 20 per cent EBIT margin ▪ Based on current outlook, NORBIT is well positioned to accelerate beyond these targets one year in advance ▪ The 2026 targets is to deliver more than NOK 3.0 billion in revenues and improvement in the EBIT margin ▪ 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% 22% >22% Outlook 2026 outlook
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Outlook Short-term outlook ▪ Oceans is targeting to deliver revenues between NOK 210 and 230 million in the first quarter ▪ The first quarter is generally a slower quarter due to lower survey activity 28 ▪ Connectivity is expected to deliver revenues between NOK 215 and 240 million in the first quarter ▪ Sequential revenue growth driven by GNSS OBU deliveries ▪ PIR is expected to generate revenues between NOK 270 and 390 million in the first quarter ▪ The strong outlook for the first quarter is driven by deliveries to the defence and security sector ▪ The broad range reflects a level of uncertainty for some orders sliding into second quarter due to timing around qualification of a key component
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30 NORBIT is to be recognised as world class, enabling people to explore more EXPLORING SINCE 1995 ~ 20 COUNTRIES ~700 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 31
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Shareholder overview, updated 6 February 2026 32 # 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 FOLKETRYGDFONDET 2,643,539 4.13 5 AWC AS 2,397,472 3.75 6 J.P. Morgan SE - Handelsbaken Nordiska Småbolag 2,104,523 3.29 7 EIDCO A/S 2,000,000 3.13 8 VERDIPAPIRFONDET DNB SMB 1,430,493 2.24 9 ESMAR AS 1,412,286 2.21 10 The Bank of New York Mellon SA/NV - Arctic AM 1,345,000 2.10 11 UBS Switzerland AG 1,004,563 1.57 12 Danske Bank A/S (mostly held by MD Oceans - Peter Eriksen) 920,599 1.44 13 Deutsche Bank Aktiengesellschaft (Innomar founding mngt) 726,272 1.14 14 VPF FONDSFINANS UTBYTTE 700,000 1.09 15 State Street Bank and Trust Comp 610,307 0.95 16 J.P. Morgan SE 554,133 0.87 17 J.P. Morgan SE 550,000 0.86 18 VERDIPAPIRFONDET DNB EUROPEAN DEFENCE 534,591 0.84 19 VERDIPAPIRFONDET KLP AKSJENORGE INDEKS 486,782 0.76 20 VPF FONDSFINANS NORDEN 472,322 0.74 Total top 20 shareholders 39,121,102 61.18 Other shareholders 24,827,593 38.82 Total 63,948,695 100.00