Slide 1: Second quarter and first half year 2026 presentation
Second quarter and first half year 2026 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 13 August 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Norbit ASA (the "Company", and together with its consolidated subsidiaries, the "Group"). It does not constitute or form part of, and should not be relied on in connection with, any offer, solicitation or invitation to subscribe for, underwrite or ot
Slide 3: A strong first half of the year
Highlights A strong first half of the year Revenues and EBIT NOK million Second quarter 2026 ▪ 22 per cent revenue growth from Q2-25 832 791 ▪ EBIT ended at NOK 205 million, resulting in a 732 684 margin of 25 per cent ▪ A dividend of NOK 5.00 per share for the 556 522 505 financial year 2025 was di
Slide 4: Oceans
Slide 5: Revenues broadly unchanged from Q2-25
Oceans Revenues broadly unchanged from Q2-25 Revenues and EBIT NOK million Second quarter 2026 ▪ Revenues of NOK 236 million, broadly unchanged 269 from NOK 239 million in Q2-25 239 236 ▪ Growth in constant currency was 5 per cent 233 213 ▪ EBIT margin was 33 per cent compared to 36 per 204 195 192
Slide 6: Decline from H1-25 predominately explained by FX and a slow rental market
Oceans Decline from H1-25 predominately explained by FX and a slow rental market Oceans’ revenue mix NOK million 472 Subsea 31 440 sonars 10 36 50 13 39 317 Security 30 12 277 279 Sub-bottom 205 profilers 104 Other 70 72 YTD-24 YTD-25 YTD-26 Winghead Sonars Sonars (excl. Winghead) Sub-bottom profile
Slide 7: Completed the acquisition of Water Linked
Oceans Completed the acquisition of Water Linked Compact DVLs give underwater vehicles precise movement control Tailored technology to carefully selected applications DVL A50 DVL A125 A complementary product portfolio, providing diversification Cultural fit with a development and commercially focuse
Slide 8: Connectivity
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Slide 9: Strong growth driven by the GNSS OBU
Connectivity Strong growth driven by the GNSS OBU Revenues and EBIT NOK million Second quarter 2026 ▪ Revenues of NOK 250 million, representing an 250 increase of 47 per cent from Q2-25 ▪ Growth in constant currency was 54% 211 190 ▪ Driven by deliveries of the GNSS On-Board Unit 172 170 ▪ EBIT marg
Slide 10: Growth driven by satellite-based tolling
Connectivity Growth driven by satellite-based tolling Connectivity revenue mix NOK million On-Board Units 461 29 Tachograph 57 enforcement modules 316 17 Satellite- 253 54 14 240 based tolling 54 54 46 Subscription 84 40 33 and e-toll 99 107 102 Other YTD-24 YTD-25 YTD-26 OBUs Enforcement modules Sa
Slide 11: Two new large orders for GNSS On-Board Units
Connectivity Two new large orders for GNSS On-Board Units ▪ In the quarter, Connectivity was awarded a NOK 155 million order for deliveries in the second half of 2026 ▪ Another contract awarded in July for NOK 325 million. Deliveries are scheduled to commence towards the end of the fourth quarter of
Slide 12: Product Innovation & Realization
Slide 13: Strong growth driven by defence and security
Product Innovation & Realization Strong growth driven by defence and security Revenues and EBIT NOK million Second quarter 2026 ▪ Revenues of NOK 367 million, up 25 per cent from Q2- 408 25 367 339 ▪ Driven by increased deliveries to the defence and security sector 293 ▪ EBIT margin of 22 per cent,
Slide 14: Growth from H1-25 driven by strong demand from defence and security sector
Product Innovation & Realization Growth from H1-25 driven by strong demand from defence and security sector PIR revenue mix NOK million 706 Defence and 45 security 96 16 454 Automotive 47 109 280 39 549 Industrials 41 142 259 R&D products 62 and services 34 YTD-24 YTD-25 YTD-26 Defence and security
Slide 15: New order within defence and security
Product Innovation & Realization New order within defence and security ▪ Awarded a NOK 225 million contract manufacturing order from a European client in the defence and security sector ▪ Vast majority of deliveries scheduled for the second half of 2026 15
Slide 16: Group financials
Group financials
Slide 17: A strong financial quarter
A strong financial quarter Organic revenue EBIT Cash flow Return on 1) 2) growth y/y margin conversion capital employed 22% 25% 108% 48% 1) Cash flow conversion equal to cash flow from operations divided by EBITDA, as reported 2) See definition in the quarterly report (alternative performance measur
Slide 18: Profit and loss statement
Financials Profit and loss statement Amounts in NOK million Q2 2026 Q2 2025 H1 2026 H1 2025 Second quarter of 2026 Revenues 831.6 684.4 1 563.8 1 206.1 ▪ Revenues of NOK 831.6 million, up 22 per cent from Q2-25 Raw materials and change in inventories 399.9 305.5 742.6 502.6 ▪ Growth in constant curr
Slide 19: Improved year-over-year profitability in Connectivity and PIR
Financials Improved year-over-year profitability in Connectivity and PIR Segment EBIT development Q2 2026 vs. Q2 2025 NOK million Oceans Connectivity PIR 86.7 (2.3) 2.6 4.6 (3.3) (2.0) (5.4) 79.0 (3.6) (0.6) (3.5) 81.7 (23.4) 28.0 51.3 (3.7) (7.0) 59.6 (6.1) 66.3 55.2 EBIT Q2 Revenue Gross Payroll O
Slide 20: Balance sheet
Financials Balance sheet Amounts in NOK million 30.06.26 31.03.26 31.12.25 Fixed and intangible assets ASSETS ▪ Land and PPE: An increase of NOK 30.3 million primarily due to machinery investments to expand capacity Property, plant and equipment (incl. right-of-use assets) 426.9 396.7 390.2 Intangib
Slide 21: 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 ▪ Subsequent event to second quarter: 4.0 ▪ Entered into a new NOK 350 million term loan to finance the Water Linked acquisition which was 3.5 completed 1 July ▪ NIBD/EBITDA at
Slide 22: Cash flow for the quarter
Financials Cash flow for the quarter Cash flow development second quarter 2026 NOK million Second quarter of 2026 (33.6) ▪ Operating cash flow was NOK 275.2 million 55.1 (9.5) o Cash taxes of NOK 33.6 million (56.1) o Net decrease in working capital of NOK 55.1 million ▪ Net cash used in investing a
Slide 23: Outlook
Outlook
Slide 24: 2026 outlook
Outlook 2026 outlook Revenue and profitability margins 2 900 – 3 100 NOK million 2026 Outlook x% EBIT margin 2 503 ▪ Based on current outlook, NORBIT expects full-year revenues to be in the range of NOK 2.9 – 3.1 billion excluding any revenue contribution from Water Linked 1 751 ▪ Lower end of guida
Slide 25: Short-term outlook
Outlook Short-term outlook ▪ Oceans has had a strong start to the third quarter despite the quarter typically being seasonally slower ▪ Oceans targets to deliver revenues between NOK 230 and 260 million in the third quarter, excluding any revenue contribution from the latest acquisition Water Linked
Slide 26: Strategic and financial ambition plan 2026 - 2030
Strategic and financial ambition plan 2026 - 2030
Slide 27: Disclaimer
Disclaimer This presentation has been prepared by Norbit ASA (the "Company", and together with its consolidated subsidiaries, the "Group"). It does not constitute or form part of, and should not be relied on in connection with, any offer, solicitation or invitation to subscribe for, underwrite or ot
Slide 28: Agenda
Agenda ▪ Introduction to NORBIT and ambition plan ▪ Market drivers, strategic position and ambitions ▪ Financials and capital allocation framework 28
Slide 29: Market-driven innovation leads to profitable growth
Market-driven innovation leads to profitable growth Historical revenues and EBIT margin NOK million EBIT margin Revenues 2 900 – 3 100 2 503 CAGR +30% 1 519 1 751 22% 19% 20% 15% 1 167 13% 11% 9% 8% 7% 6% 6% 788 4% 4% 668 619 3% 3% 310 438 361 380 350 292 -1% 139 138 44 2010 2011 2012 2013 2014 2015
Slide 30: NORBIT's core ideology
NORBIT’s core ideology Core purpose Victory awaits him who has everything in Explore more order. Luck people call it... Defeat is certain for him who has neglected to take necessary precaution in time. This is Vision called bad luck” NORBIT is to be recognized as world class, Roald Amundsen 1912 ena
Slide 31: Building on the characteristics that have served the company well in the past
Building on the characteristics that have served the company well in the past Strong corporate culture “Explore More” Recruiting and refining top talents Opportunity driven with entrepreneurial and commercial spirit Market-driven innovation in carefully selected applications Tailored and dynamic gro
Slide 32: A strong track record on delivering on ambitions set
A strong track record on delivering on ambitions set Ambitions Delivered Revenues: > 25% CAGR Revenues: 22% CAGR IPO plan (2018 – 21) EBITDA: > 20% EBITDA: Average 19% Launched March 2019 Revenues: > NOK 1.5bn in 2024 Revenues: NOK 1.75bn in 2024 2024 plan (2021 – 24) EBITDA: > 25% EBITDA: 27% in 20
Slide 33: Ambition to deliver ~NOK 6.0 billion in revenues in 2030
Ambition to deliver ~NOK 6.0 billion in revenues in 2030 Organic revenue growth ambition 2030 NOK million ▪ Revenue growth of 25 per cent annually from 2019 to 2025 ▪ 23 per cent annual organic growth ~6 000 (adjusted for acquisitions) CAGR +19% ▪ Ambition to deliver organic revenues of NOK 6.0 bill
Slide 34: Agenda
Agenda ▪ Introduction to NORBIT and ambition plan ▪ Market drivers, strategic position and ambitions ▪ Financials and capital allocation framework 34
Slide 35: Oceans in brief
Oceans in brief Tailored technology to the international maritime market Revenues by customer group1 • Specialising in advanced acoustic technology products and solutions for a wide range of marine 9% applications in the ocean space 14% Defence and security 15% Hydrography & Survey • Vertically inte
Slide 36: Oceans' market drivers and enablers for growth
Oceans’ market drivers and enablers for growth Market drivers Increased demand for Increased demand for Expanded offshore ocean mapping and maritime security infrastructure and insight and defence operations Enablers Vast domain Rapid tailoring knowledge and A global sales and through in-house prove
Slide 37: Strategic priorities within Oceans towards 2030
Strategic priorities within Oceans towards 2030 1 Strengthen position as the independent sensor provider 2 Continue to broaden product offering 3 Selected M&A to expand market access 37
Slide 38: Revenue ambition is ~NOK 2.0 billion by 2030
Revenue ambition is ~NOK 2.0 billion by 2030 Organic revenue growth ambition - Oceans NOK million ~2 000 CAGR +16% CAGR +25% 950 930 744 72 85 599 379 443 249 267 878 846 2019 2020 2021 2022 2023 2024 2025 LTM 2030 ambition Water Linked revenue contribution (2025 & LTM) 38
Slide 39: Connectivity in brief
Connectivity in brief Delivering secure wireless communication technology Revenues by customer group1 • Strong established position as an independent technology supplier to European blue-chip customers 0% 13% 18% Defence and security 3% • Decades of experience within radio frequency and microwave te
Slide 40: Connectivity's market drivers and enablers for growth
Connectivity’s market drivers and enablers for growth Market drivers Transition towards Increased demand for Increasing demand usage-based mobility technology made in for secure and models Europe resilient connectivity Enablers Deep competence Strong technology Tailoring capabilities across differen
Slide 41: Strategic priorities within Connectivity towards 2030
Strategic priorities within Connectivity towards 2030 1 Further expand as technology partner for the existing customer base 2 Broaden into selected adjacent connectivity markets beyond traffic 3 Selected M&A to expand market access 41
Slide 42: Revenue ambition is ~NOK 1.5 billion by 2030
Revenue ambition is ~NOK 1.5 billion by 2030 Organic revenue growth ambition - Connectivity NOK million CAGR +20% ~1 500 CAGR +22% 759 540 613 516 308 186 145 146 2019 2020 2021 2022 2023 2024 2025 LTM 2030 ambition 42
Slide 43: Product Innovation & Realization in brief
Product Innovation & Realization in brief Contract manufacturing and R&D Services to demanding markets Revenues by customer group1 • Contract manufacturing of electronic products to selected external clients with manufacturing carried 7% out at the two production sites in Norway Defence and security
Slide 44: PIR's market drivers and enablers for growth
PIR’s market drivers and enablers for growth Market drivers Growing defense and Increased demand for Digitalisation across security demand Made in Europe industries Enablers Proven flexible and Strong in-house R&D Norwegian scalable manufacturing and industrialization manufacturing base platform cap
Slide 45: Strategic priorities within PIR towards 2030
Strategic priorities within PIR towards 2030 1 Targeted client acquisition 2 Broaden industry focus 3 Selected M&A to expand customer base 45
Slide 46: Revenue ambition is ~NOK 2.5 billion by 2030
Revenue ambition is ~NOK 2.5 billion by 2030 Organic revenue growth ambition - PIR NOK million ~2 500 CAGR +18% 1 338 CAGR +27% 1 086 457 543 412 260 225 291 2019 2020 2021 2022 2023 2024 2025 LTM 2030 ambition 46
Slide 47: Agenda
Agenda ▪ Introduction to NORBIT and ambition plan ▪ Market drivers, strategic position and ambitions ▪ Financials and capital allocation framework 47
Slide 48: Long-term financial ambitions towards 2030
Financials Long-term financial ambitions towards 2030 Organic revenue EBIT margin Return on Leverage policy CAGR capital employed (NIBD/EBITDA) 19% 20 - 25% >30% 1.0 - 2.5x 48
Slide 49: Ambition to deliver a blended 20 – 25 per cent EBIT margin towards 2030
Financials Ambition to deliver a blended 20 – 25 per cent EBIT margin towards 2030 Oceans: EBIT margin ambition Connectivity: EBIT margin ambition PIR: EBIT margin ambition Per cent Per cent Per cent 29% 30% 25-30% 25-30% 28% 27% 27% 26% 26% 25% 19% 21% 15-20% 10% 8% 2023 2024 2025 LTM 2030 2023 202
Slide 50: Reaffirming the capital allocation framework
Financials Reaffirming the capital allocation framework 1 Maintain a solid balance sheet 2 Investments to support organic growth 3 Strategic M&A 4 Shareholder distributions 50
Slide 51: Maintaining a balance sheet that enables growth and flexibility
1 Financials Maintaining a balance sheet that enables growth and flexibility NIBD/EBITDA EBITDA 12-month rolling 4.5 ▪ Maintaining a strong balance sheet and Covenant loan facilities liquidity position are first priorities for 4.0 capital allocation: 3.5 o Provide for financial flexibility o Prudent
Slide 52: Organic investments fuelling growth
2 Financials Organic investments fuelling growth 1) Capitalised R&D investments Investments in PPE NOK million and per cent of revenues NOK million and per cent of revenues 6.5% 139 5.2% 121 5.0% ▪ Expect R&D investment level to 6.0% 4.8% ~110 increase nominally year over year 5.6% ~120 5.2% ▪ Targe
Slide 53: Focus on capital efficiency to deliver attractive returns
2 Financials Focus on capital efficiency to deliver attractive returns Return on capital employed1 12-month rolling 36% ▪ Long-term ambition to deliver >30% 34% pre-tax return on capital employed Long-term ambition >30% 33% 31% 29% 27%27% 27% ▪ Value levers to continue to deliver a 23% 25%25% 23% st
Slide 54: Further accelerating growth with acquisitions
3 Financials Further accelerating growth with acquisitions Annual average investments into M&A NOK million Tailored M&A strategy ▪ M&A agenda: ~250 o Broaden technology base and market access in Oceans and Connectivity o Gain customer and market access within PIR o Explore potential for a fourth seg
Slide 55: Returning cash to the shareholders in line with the dividend policy
4 Financials Returning cash to the shareholders in line with the dividend policy Dividend declared Dividend policy NOK Dividend Additional dividend NORBIT ASA’s objective is to provide shareholders with a long-term competitive return through an increase in 6.00 the share price and payment of dividen
Slide 56: Technology
TECHNOLOGY IS PART OF THE SOLUTION: - explore re
Slide 57: 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 ~750 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 58: 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 59: Shareholder overview, updated August 2026
Shareholder overview, updated 11 August 2026 # Investor # of shares % 1 PETORS AS – CEO Per Jørgen Weisethaunet 7,012,635 10.94 2 VHF INVEST AS – founder Steffen Kirknes 6,164,495 9.62 3 REKAP 2 AS - Reitan Family 6,086,781 9.50 4 AWC AS 2,397,472 3.74 5 FOLKETRYGDFONDET 1,944,875 3.03 6 J.P. Morgan