Slide 1: Second quarter and first half year 2025 presentation
Second quarter and first half year 2025 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 14 August 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: A record first half of the year
Highlights A record first half of the year Revenues and EBIT NOK million Second quarter 2025 684 ▪ Revenues of NOK 684 million, an increase of 63 per cent from the corresponding quarter of 556 2024 522 ▪ EBIT ended at NOK 174 million, representing a 418 396 404 419 25 per cent margin 377 372 26% 347
Slide 4: Oceans
Slide 5: Oceans: Continued high activity level
Oceans Continued high activity level Revenues and EBIT NOK million Second quarter 2025 ▪ Revenues of NOK 239 million, an increase of 22 per 269 cent from NOK 195 million in Q2-24 239 ▪ Growth driven by strong sonar sales of the new WBMS X sonar 233 ▪ No revenue recognition for the NOK 75 million sec
Slide 6: Growth driven by strong sonar sales, supported by the new WBMS X sonar
Oceans Growth driven by strong sonar sales, supported by the new WBMS X sonar Oceans’ revenue mix NOK million 472 Subsea 31 sonars 10 50 317 Security 288 30 29 12 12 277 Sub-bottom 148 205 profilers 99 104 Other 70 H1-23 H1-24 H1-25 Winghead Sonars Sonars (excl. Winghead) Sub-bottom profiler Securit
Slide 7: Connectivity
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Slide 8: Connectivity: Marked uplift in revenue and profitability
Connectivity Marked uplift in revenue and profitability Revenues and EBIT NOK million Second quarter 2025 ▪ Revenues of NOK 170 million compared to NOK 101 172 170 million in Q2-24 151 153 146 ▪ Increased sale of On-Board units and enforcement 136 modules for tachographs driven by EU requirements 11
Slide 9: Growth particularly driven by enforcement modules for tachographs
Connectivity Growth particularly driven by enforcement modules for tachographs Connectivity revenue mix NOK million On-Board Units 308 316 3 17 Tachograph 45 enforcement 252 54 16 14 modules 29 54 54 Satellite- based tolling 46 84 40 215 Subscription and e-toll 99 107 Other H1-23 H1-24 H1-25 OBUs En
Slide 10: PIR
Slide 11: PIR: Strong growth and improved profitability
Product Innovation & Realization Strong growth and improved profitability Revenues and EBIT NOK million Second quarter 2025 ▪ Revenues of NOK 293 million, up 118 per cent from Q2-24 293 ▪ Some 15 per cent short of expectations due to a delayed incoming component ▪ EBIT margin of 20 per cent, up from
Slide 12: 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 454 Defence and 47 security 109 280 Automotive 39 41 214 7 46 142 Industrials 72 259 62 80 R&D products 9 34 and services H1-23 H1-24 H1-25 Defence and security Industrials Other
Slide 13: Group financials
Group financials
Slide 14: Profit and loss statement
Financials Profit and loss statement Amounts in NOK million Q2 2025 Q2 2024 H1 2025 H1 2024 Second quarter of 2025 Revenues 684.4 418.9 1 206.1 823.4 ▪ Revenues of NOK 684.4 million, up 63 per cent from Q2-24 Raw materials and change in inventories 305.5 163.0 502.6 354.3 ▪ All segments contributed
Slide 15: Improved year-over-year profitability in all three segments
Financials Improved year-over-year profitability in all three segments Segment EBIT development Q2 2025 vs. Q2 2024 NOK million Oceans Connectivity PIR (1.0) (4.1) (14.7) (4.0) (13.0) 32.0 55.2 (6.2) 86.7 (1.9) (3.1) (1.2) (6.7) 79.7 (4.5) 59.6 (1.0) 45.4 67.0 20.8 17.8 EBIT Q2 Revenue Gross Payroll
Slide 16: Balance sheet
Financials Balance sheet Amounts in NOK million 30.06.25 31.03.25 31.12.24 Fixed and intangible assets ASSETS ▪ Land and PPE: An increase of NOK 14.9 million due to investments in machinery and equipment to expand capacity Property, plant and equipment (incl. right-of-use assets) 294.8 280.0 274.0 I
Slide 17: Delivering on the plan to increase working capital efficiency
Financials Delivering on the plan to increase working capital efficiency Net working capital1 Per cent of last twelve months revenues % of LTM sales NWC ▪ Working capital efficiency continued to improve in 500 489.4 50 first half of 2025 446.7 450 417.2 45 ▪ Net working capital ratio at 20 per cent
Slide 18: 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 in Q2-25: 4.0 ▪ Extending maturity date on revolving credit facility to 2028 3.5 ▪ Margin on all loan facilities considerably reduced 3.0 from previously
Slide 19: Cash flow for the quarter
Financials Cash flow for the quarter Cash flow development second quarter 2025 NOK million Second quarter of 2025 13.0 (36.6) ▪ Operating cash flow of positive NOK 186.1 million (1.4) o Cash taxes of NOK 36.6 million (45.1) o Net decrease in working capital of NOK 13.0 million 210.7 ▪ Net cash used
Slide 20: Outlook
Outlook
Slide 21: 2025 outlook
Outlook 2025 outlook Revenue and profitability margins NOK million 2025 Outlook x% EBIT margin 2 500 – 2 600 ▪ Positive outlook, supported by continued high activity in all three business segments. 1 751 1 519 ▪ After a record first half of the year, the revenue target for 2025 is raised to NOK 2.5
Slide 22: Short-term outlook
Outlook Short-term outlook ▪ Oceans moving into a seasonally slower quarter, while the fourth quarter is typically the strongest of the year ▪ Revenues for the third quarter expected to exceed NOK 180 million ▪ No revenue recognition on the NOK 75 million security project included in guidance ▪ For
Slide 23: Technology is part of the solution: explore more
TECHNOLOGY IS PART OF THE SOLUTION: - explore re
Slide 24: 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 ~600 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 25: 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 26: Shareholder overview, updated August 2025
Shareholder overview, updated 11 August 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 REITAN KAPITAL AS 6,086,781 9.52 4 DRAUPNIR INVEST AS – family of founder Steffen Kirknes 3,252,949 5.09 5 AWC AS