Slide 1: Third quarter 2025 presentation
Third quarter 2025 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 13 November 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: Highlights: Continued year-over-year progress
Highlights Continued year-over-year progress Revenues and EBIT Third quarter 2025 NOK million ▪ Revenues of NOK 505.4 million, an increase of 36 per cent from third quarter 2024 684 ▪ EBIT ended at NOK 75.4 million, representing a 15 per cent margin 556 522 505 First nine months of 2025 ▪ Year-to-da
Slide 4: Oceans
Slide 5: Oceans: Growth and improved profitability year-over-year
Oceans Growth and improved profitability year-over-year Revenues and EBIT NOK million Third quarter 2025 ▪ Revenues of NOK 192.4 million, an increase of 22 per 269 cent from NOK 158.1 million in Q3-24 233 239 ▪ Growth driven by strong sonar sales of the new WBMS X sonar 195 192 ▪ EBIT margin of 21 p
Slide 6: Growth driven by strong sonar demand and WBMS X sonar launch
Oceans Growth driven by strong sonar demand and WBMS X sonar launch Oceans’ revenue mix NOK million 664 Subsea 49 sonars 16 66 475 422 43 Security 21 46 23 19 415 Sub-bottom 222 297 profilers 136 120 Other 91 YTD-23 YTD-24 YTD-25 Winghead Sonars Sonars (excl. Winghead) Sub-bottom profiler Security O
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Slide 8: Connectivity: Revenues largely flat on postponed deliveries to Q4
Connectivity Revenues largely flat on postponed deliveries to Q4 Revenues and EBIT NOK million Third quarter 2025 ▪ Revenues of NOK 107.5 million compared to 172 170 NOK 111.0 million in Q3-24 151 153 146 ▪ Decline mainly due to rescheduling of On-Board 136 Units deliveries to Q4 116 116 111 101 108
Slide 9: Growth driven by enforcement modules for tachographs and satellite-based units
Connectivity Growth driven by enforcement modules for tachographs and satellite-based units Connectivity revenue mix NOK million On-Board Units 424 423 7 17 Tachograph 68 363 84 enforcement 16 31 modules 80 49 94 Satellite- 74 based tolling 101 56 269 Subscription and e-toll 137 127 Other YTD-23 YTD
Slide 10: GNSS OBU deliveries started in the fourth quarter
Connectivity GNSS OBU deliveries started in the fourth quarter ▪ 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 w
Slide 11: PIR
Slide 12: PIR: Growth driven by defence and security demand
Product Innovation & Realization Growth driven by defence and security demand Revenues and EBIT NOK million Third quarter 2025 ▪ Revenues of NOK 224.1 million, compared to 114.4 293 million in Q3-24 ▪ The increase was driven by strong demand from the 224 defence and security sector ▪ EBIT margin of
Slide 13: Continued strong demand from the defence and security sector
Product Innovation & Realization Continued strong demand from the defence and security sector PIR revenue mix NOK million 678 Defence and 70 security 158 Automotive 394 64 60 299 7 69 191 Industrials 387 109 85 R&D products 106 58 and services 11 YTD-23 YTD-24 YTD-25 Defence and security Automotive
Slide 14: Selbu factory expansion progressing according to plan
Operation Selbu factory expansion progressing according to plan ▪ 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 completi
Slide 15: Group financials
Group financials
Slide 16: Profit and loss statement
Financials Profit and loss statement Amounts in NOK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Third quarter of 2025 Revenues 505.4 371.9 1 711.5 1 195.3 ▪ Revenues of NOK 505.4 million, up 36 per cent from Q3-24 Raw materials and change in inventories 219.1 139.0 721.7 493.4 ▪ The PIR and Oceans seg
Slide 17: Improved year-over-year profitability in Oceans and PIR
Financials Improved year-over-year profitability in Oceans and PIR Segment EBIT development Q3 2025 vs. Q3 2024 NOK million Oceans Connectivity PIR (2.9) (7.3) (10.6) (4.2) 25.7 (3.0) 41.3 (0.5) (2.9) (2.3) 40.5 30.7 47.1 28.1 (2.4) (4.4) (0.9) (2.1) 16.6 (1.8) 12.2 EBIT Q3 Revenue Gross Payroll OPE
Slide 18: Balance sheet
Financials Balance sheet Amounts in NOK million 30.09.25 30.06.25 31.12.24 Fixed and intangible assets ASSETS ▪ Land and PPE: An increase of NOK 35.6 million due to investments in machinery and equipment to expand capacity Property, plant and equipment (incl. right-of-use assets) 330.5 294.8 274.0 I
Slide 19: A strong balance sheet that enables flexibility
Financials A strong balance sheet that enables flexibility NIBD/EBITDA EBITDA 12-month rolling 4.5 Covenant loan facilities ▪ Financing activities: 4.0 ▪ Credit approval for an increase of NOK 150 million on the multi-currency overdraft facility subsequent to 3.5 quarter end, increasing the pro form
Slide 20: Returning cash to the shareholders in line with the dividend policy
Financials Returning cash to the shareholders in line with the dividend policy Dividend declared Dividend policy NOK NORBIT ASA’s objective is to provide shareholders with a long- Ordinary DPS Extraordinary DPS (May) term competitive return through an increase in the share price Extraordinary DPS (N
Slide 21: Cash flow for the quarter
Financials Cash flow for the quarter Cash flow development third quarter 2025 NOK million Third quarter of 2025 ▪ Operating cash flow was negative NOK 1.9 million o Cash taxes of NOK 14.4 million (95.8) o Net increase in working capital of NOK 95.8 million due to 114.7 inventory build ahead of fourt
Slide 22: Outlook
Outlook
Slide 23: 2025 outlook
Outlook 2025 outlook Revenue and profitability margins NOK million 2 500 – 2 600 2025 Outlook x% EBIT margin ▪ On track to deliver a record year in 2025, supported by continued high activity in all three 1 751 business segments 1 519 1 167 ▪ 2025 revenue expected to end up between NOK 2.5 – 2.6 bill
Slide 24: Short-term outlook
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 ▪ Revenues are expected to increase sharply quarter-on-quarter, driven by GNS
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 ~650 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 November 2025
Shareholder overview, updated 7 November 2025 # 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