Slide 1: Fourth quarter and full-year 2024 presentation
Fourth quarter and full-year 2024 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 13 February 2025
Slide 2: Disclaimer
Disclaimer 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
Slide 3: Ending the year with a record quarter
Highlights Ending the year with a record quarter Revenues and EBIT NOK million Fourth quarter 2024 556 ▪ 40 per cent revenue growth from Q4-23 418 404 419 396 377 372 ▪ Strong underlying organic growth in all business 347 315 329 26% segments, accelerated further with M&A 270 24% 24% 249 235 21% 18%
Slide 4: A journey of sustained profitable growth
Highlights A journey of sustained profitable growth Revenues and EBIT NOK million Full-year 2024 1 751 1 519 ▪ Revenues of NOK 1 751 million, up 15 per cent from 2023 1 167 ▪ Improved profitability with EBIT of NOK 342 788 million, representing a margin of 20 per cent 19% 20% 668 619 15% 13% 9% 284
Slide 5: Returning cash to the shareholders in line with the dividend policy
Highlights Returning cash to the shareholders in line with the dividend policy Dividend declared Dividend policy NOK 3.00 2.55 NORBIT ASA’s objective is to provide shareholders with a long- Ordinary DPS 1.00 term competitive return through an increase in the share price Extraordinary DPS 1.00 and pa
Slide 6: Oceans
Slide 7: Strong growth and solid profitability in the quarter
Oceans Strong growth and solid profitability in the quarter Revenues and EBIT NOK million Fourth quarter 2024 ▪ Revenues of NOK 269 million, an increase of 52 269 per cent from NOK 177 million in Q4-23 ▪ Adjusting for Innomar acquisition, growth was 36 per cent ▪ No revenue recognition in the quarte
Slide 8: Continued growth in 2024 primarily driven by strong sonar sales and M&A
Oceans Continued growth in 2024 primarily driven by strong sonar sales and M&A Oceans’ revenue mix NOK million 744 Subsea 55 sonars 51 599 49 61 29 Security 443 59 23 412 328 Sub-bottom profilers 239 181 176 Other 122 2022 2023 2024 WH Sonars Other Sonars Security Sub-bottom profilers Other 8
Slide 9: Increasing the addressable market for ocean exploration by broadening the product offering
Oceans Increasing the addressable market for ocean exploration by broadening the product offering PAGE 9
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Slide 11: Solid quarter delivered with improved margins
Connectivity Solid quarter delivered with improved margins Revenues and EBIT NOK million Fourth quarter 2024 ▪ Revenues of NOK 153 million, representing an 172 increase of 31 per cent from Q4-23 151 153 ▪ Driven by increased sales of On-Board Units (OBU’s) 136 ▪ Supply chain constraints pushed ~NOK
Slide 12: Growth in deliveries of satellite-based units offset by decline on On-Board Units
Connectivity Growth in deliveries of satellite-based units offset by decline on On-Board Units due to rescheduling of orders Connectivity revenue mix NOK million On-Board Units 540 13 516 29 Tachograph 92 enforcement 107 modules 60 308 80 105 Satellite- 11 based tolling 77 81 48 Subscription 37 296
Slide 13: The GNSS OBU project moving forward
Connectivity The GNSS OBU project moving forward • Development of GNSS OBU continuing with full force • Sourcing of components well underway • New robotised production line to be installed in April • Deliveries under the NOK 160 million contract awarded by Toll4Europe to start from July 2025
Slide 14: PIR
Slide 15: Growth and improved profitability
Product Innovation & Realization Growth and improved profitability Revenues and EBIT NOK million Fourth quarter 2024 ▪ Revenues of NOK 149 million, up 33 per cent from 150 149 145 Q4-23 134 ▪ Driven by increased demand from the defence and security sectors within contract manufacturing 112 112 112 1
Slide 16: Strong demand from the defence and security sectors within contract manufacturing
Product Innovation & Realization Strong demand from the defence and security sectors within contract manufacturing PIR revenue mix NOK million 543 84 Contract 457 manufacturing 412 86 94 R&D products and services 459 319 256 Customer Customer reimbursements for extraordinary reimbursements material
Slide 17: Group financials
Group financials
Slide 18: Profit and loss statement
Financials Profit and loss statement Amounts in NOK million Q4 2024 Q4 2023 FY 2024 FY 2023 Fourth quarter of 2024 ▪ Revenues of NOK 556.1 million, up 40 per cent from Q4-23 Revenues 556.1 396.0 1 751.4 1 518.9 o Adjusted for the Innomar acquisition, growth rate was 33 per cent Raw materials and cha
Slide 19: Improved profitability in all three business segments
Financials Improved profitability in all three business segments Segment EBIT development Q4 2024 vs. Q4 2023 NOK million Oceans Connectivity PIR 0.1 (0.9) (11.3) (0.9) (4.5) 43.9 0.2 (1.4) (1.0) (8.5) 98.7 20.4 (0.1) (0.6) 23.0 67.8 10.2 26.0 52.6 13.5 EBIT Q4 Revenue Gross Payroll OPEX D&A&I EBIT
Slide 20: Balance sheet
Financials Balance sheet Amounts in NOK million 31.12.24 30.09.24 31.12.23 Fixed and intangible assets ASSETS ▪ Land and PPE: An increase of NOK 5.5 million due to investments Property, plant and equipment (incl. right-of-use assets) 274.0 268.5 220.5 in machinery and equipment Intangible assets 418
Slide 21: Continued improvement in working capital efficiency
Financials Continued improvement in working capital efficiency Net working capital1 Per cent of last twelve months revenues 38% 37% ▪ Working capital efficiency improving post a 36% challenging period in the supply market for raw 36% 36% material components last years: 35% 35% 35% 35% 34% 33% ▪ Net
Slide 22: A strong balance sheet that enables flexibility
Financials A strong balance sheet that enables flexibility NIBD/EBITDA EBITDA 12 month rolling 4.5 ▪ Maintaining a strong balance sheet and liquidity Covenant loan facilities position are first priorities for capital allocation: 4.0 o Provide for financial flexibility 3.5 o Prudent risk management o
Slide 23: Cash flow for the quarter
Financials Cash flow for the quarter Cash flow development fourth quarter 2024 NOK million Fourth quarter of 2024 18.0 ▪ Operating cash flow of positive NOK 143.7 million (47.4) o Net decrease in working capital of NOK 18.0 million, mainly related to reduction in inventories, increase in trade (9.4)
Slide 24: Outlook
Outlook
Slide 25: 2025 outlook
Outlook 2025 outlook Revenue and profitability margins NOK million 2025 Outlook x% EBIT margin 2 200 – 2 300 ▪ Revenue target of NOK 2.2 - 2.3 billion supported by growth in all business segments 1 751 1 519 ▪ EBIT margin improvement compared to the 20 per cent reported in 2024 driven by improved fi
Slide 26: Short-term outlook
Outlook Short-term outlook ▪ In the first quarter, Oceans is expected to report strong growth in revenues compared to first quarter of 2024 and Innomar will further contribute with inorganic growth. Revenues for the quarter expected to be in excess of NOK 200 million ▪ No revenue recognition on the
Slide 27: Investing for future growth
Outlook Investing for future growth ▪ Allocating capital to accretive R&D projects in line with capital R&D investments allocation framework NOK million 105 ~100 o High activity in first half of 2025 to complete GNSS OBU 63 ▪ Investments in fixed assets to increase capacity at the factories to 59 51
Slide 28: 2024 - 2027 ambition plan - Organic revenue growth
Outlook 2024 - 2027 ambition plan - Organic revenue growth CAGR +16% > 2 750 2 200 – 2 300 CAGR +23% 1 751 1 519 1 167 668 788 619 2019 2020 2021 2022 2023 2024 2025 2027 Revenue Return on Leverage policy EBIT margin CAGR capital employed (NIBD/EBITDA) ~16% ~20% ~30% 1.0 – 2.5x 28
Slide 29: Technology is part of the solution
TECHNOLOGY IS PART OF THE SOLUTION: - explore re
Slide 30: NORBIT is to be recognised as world class, enabling people to explore more
NORBIT is to be recognised as world class, enabling people to explore more EXPLORING SINCE 1995 ~550 EMPLOYEES ~ 20 COUNTRIES 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 lu
Slide 31: Technology is part of the solution
Technology is part of the solution Diversified and robust business model Connectivity is a leading technology solution Product Innovation & Realization (PIR) is Oceans is offering tailored technology provider for asset identification, monitoring offering R&D services and contract solutions to global
Slide 32: Shareholder overview, updated February 2025
Shareholder overview, updated 11 February 2025 # Investor # of shares % 1 PETORS AS – CEO Per Jørgen Weisethaunet 7,091,320 11.12 2 VHF INVEST AS – founder Steffen Kirknes 6,164,495 9.67 3 REITAN KAPITAL AS 6,086,781 9.55 4 DRAUPNIR INVEST AS – family of founder Steffen Kirknes 3,602,949 5.65 5 J.P.