Slide 1: First quarter 2026 presentation
First quarter 2026 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 13 May 2026
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: 40 per cent revenue growth with continued EBIT uplift
Highlights 40 per cent revenue growth with continued EBIT uplift Revenues and EBIT NOK million First quarter 2026 791 732 684 ▪ 40 per cent revenue growth from Q1-25 556 522 505 ▪ Segments Connectivity and PIR were the 418 419 contributor to the growth in the quarter 404 26% 25% 377 24% 396 24% 372
Slide 4: Oceans
Slide 5: A quarter impacted by lower Winghead sales and FX
Oceans A quarter impacted by lower Winghead sales and FX Revenues and EBIT NOK million First quarter 2026 ▪ Revenues of NOK 203.6 million, a decrease of 12 269 per cent from Q1-25 233 239 ▪ YoY decline reflects lower sales of Winghead sonars due 213 unusually strong sales to rental companies in Q1-2
Slide 6: Revenue decline on lower Winghead sales to rental companies
Oceans Revenue decline on lower Winghead sales to rental companies Oceans’ revenue mix NOK million 233 Subsea 14 sonars 1 204 27 19 5 20 Security 121 118 13 3 122 Sub-bottom profilers 88 74 38 Other 18 Q1-24 Q1-25 Q1-26 Winghead Sonars Sonars (excl. Winghead) Sub-bottom profiler Security Other 6
Slide 7: New potential acquisition
Oceans New potential acquisition • In exclusive negotiations regarding an add-on acquisition in segment Oceans • Target is a well positioned supplier of tailored sensors to underwater vehicles, benefiting from growing demand driven by defence and security-related applications • Target company has re
Slide 8: Connectivity
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Slide 9: Revenue increase driven by GNSS OBU deliveries
Connectivity Revenue increase driven by GNSS OBU deliveries Revenues and EBIT NOK million First quarter 2026 211 190 ▪ Revenues of NOK 211.4 million, representing an 172 170 increase of 45 per cent from Q1-25 151 153 146 ▪ Driven by deliveries of the GNSS On-Board Unit 136 116 116 ▪ Some deliveries
Slide 10: Growth driven by satellite-based tolling
Connectivity Growth driven by satellite-based tolling Connectivity revenue mix NOK million On-Board Units 211 14 Tachograph 28 enforcement modules 151 146 6 10 27 Satellite- 27 based tolling 106 22 17 25 43 Subscription 16 and e-toll 70 48 48 Other Q1-24 Q1-25 Q1-26 OBUs Tachograph enforcement modul
Slide 11: Product Innovation & Realization
Slide 12: Growth driven by defence and security demand
Product Innovation & Realization Growth driven by defence and security demand Revenues and EBIT NOK million First quarter 2026 408 ▪ Revenues of NOK 339.0 million, compared to 339 160.6 million in Q1-25 293 ▪ Driven by increased deliveries to the defence and security sector 224 145 149 161 ▪ EBIT ma
Slide 13: Defence and security demand remains strong
Product Innovation & Realization Defence and security demand remains strong PIR revenue mix NOK million 339 Defence and 24 security 48 7 Automotive 161 145 22 21 260 Industrials 56 68 22 40 R&D products 61 and services 16 Q1-24 Q1-25 Q1-26 Defence and security Automotive Industrials R&D products and
Slide 14: New large order within defence and security
Product Innovation & Realization New large order within defence and security ▪ Awarded a NOK 115 million from a European client with defence and security ▪ Order to be delivered in the second quarter this year ▪ Expecting strong demand from the defence and security industry in 2026 14
Slide 15: Group financials
Group financials
Slide 16: Strong growth and enhanced capital efficiency strengthening returns
Strong growth and enhanced capital efficiency strengthening returns Organic revenue EBIT Cash flow Return on 1) 2) growth y/y margin conversion capital employed 40% 21% 105% 36% 1) Cash flow conversion equal to cash flow from operations divided by EBITDA, as reported 2) See definition in the quarter
Slide 17: Profit and loss statement
Financials Profit and loss statement Amounts in NOK million Q1 2026 Q1 2025 First quarter of 2026 Revenues 732.1 521.7 ▪ Revenues of NOK 732.1 million, up 40 per cent from Raw materials and change in inventories 342.7 197.0 Q1-25 Employee benefit expenses 138.0 118.6 ▪ Growth in constant currency wa
Slide 18: Improved year-over-year profitability in Connectivity and PIR
Financials Improved year-over-year profitability in Connectivity and PIR Segment EBIT development Q1 2026 vs. Q1 2025 NOK million Oceans Connectivity PIR 81.4 (10.7) (19.2) (21.6) (6.2) (4.0) (10.0) 42.1 (6.2) 56.4 (2.6) 66.8 (2.1) (1.5) (4.6) 50.8 (2.6) (0.7) 79.4 41.5 21.8 EBIT Q1 Revenue Gross Pa
Slide 19: Balance sheet
Financials Balance sheet Amounts in NOK million 31.03.26 31.12.25 Fixed and intangible assets ASSETS ▪ Land and PPE: An increase of NOK 6.4 million due to investments in machinery equipment and expansion of the floor capacity at Property, plant and equipment (incl. right-of-use assets) 396.7 390.2 I
Slide 20: A continued strong balance sheet that enables flexibility
Financials A continued strong balance sheet that enables flexibility NIBD/EBITDA EBITDA 12-month rolling 4.5 Covenant loan facilities 4.0 ▪ Financing activities in Q1-26: 3.5 ▪ Extended the RCF to July 2027 and amended terms to include two one-year extension options 3.0 ▪ Amended terms for the EUR t
Slide 21: Cash flow for the quarter
Financials Cash flow for the quarter Cash flow development first quarter 2026 NOK million First quarter of 2026 ▪ Operating cash flow was NOK 212.6 million 52.5 (41.7) (9.5) o Cash taxes of NOK 41.7 million o Net decrease in working capital of NOK 52.5 million (57.0) ▪ Net cash used in investing act
Slide 22: Outlook
Outlook
Slide 23: 2026 outlook
Outlook 2026 outlook Revenue and profitability margins > 3 000 NOK million 2026 Outlook x% EBIT margin 2 503 ▪ Based on current outlook, NORBIT is well positioned to meet the target to deliver more than NOK 3.0 billion in revenues and an EBIT margin 1 751 improvement compared to the 22 per cent 1 51
Slide 24: Short-term outlook
Outlook Short-term outlook ▪ Oceans is targeting to deliver revenues between NOK 210 and 250 million in the second quarter ▪ The second quarter is generally a more active quarter compared to the first three months of the year ▪ Connectivity is expected to deliver revenues between NOK 225 and 250 mil
Slide 25: Technology is part of the solution
TECHNOLOGY IS PART OF THE SOLUTION: - explore re
Slide 26: 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 ~700 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 27: 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 28: Shareholder overview, updated May 2026
Shareholder overview, updated 11 May 2026 # 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 2,292,662 3.59 6 J.P. Morgan SE