Slide 1: First quarter 2025 presentation
First quarter 2025 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 14 May 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: Continued growth and strong operational performance
Highlights Continued growth and strong operational performance Revenues and EBIT NOK million First quarter 2025 556 522 ▪ 29 per cent revenue growth from Q1-24 ▪ Revenue increase driven by continued growth in 418 404 419 Oceans and PIR 396 377 372 347 ▪ EBIT ended at NOK 127.4 million, resulting in
Slide 4: Oceans
Slide 5: Second strongest quarter ever
Oceans Second strongest quarter ever Revenues and EBIT NOK million First quarter 2025 269 ▪ Revenues of NOK 232.7 million, an increase of 92 233 per cent from NOK 121.4 million in Q1-24 195 ▪ Adjusting for Innomar acquisition, growth was 70 per 177 cent 131 41% 158 152 35% 37% 35% ▪ Agreement made w
Slide 6: Strong revenue growth year over year driven by solid sonar sales
Oceans Strong revenue growth year over year driven by solid sonar sales Oceans’ revenue mix NOK million 233 Subsea 14 sonars 1 27 Security 136 14 121 118 3 13 3 Sub-bottom 58 profilers 88 74 61 Other 18 Q1-23 Q1-24 Q1-25 Winghead Sonars Sonars (excl. Winghead) Sub-bottom profiler Security Other 6
Slide 7: 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 7
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Slide 9: Stable revenues and strong margins
Connectivity Stable revenues and strong margins Revenues and EBIT NOK million First quarter 2025 172 ▪ Revenues of NOK 145.9 million, representing a 151 153 146 decrease of 3 per cent from Q1-24 136 ▪ Increased sale of enforcement modules for 116 116 111 tachographs was offset by a decline in sales
Slide 10: Growth in tachograph enforcement modules offset by reduced On-Board Unit deliveries
Connectivity Growth in tachograph enforcement modules offset by reduced On-Board Unit deliveries Connectivity revenue mix NOK million On-Board Units 151 146 136 6 10 Tachograph 3 enforcement 27 21 27 modules 8 22 15 17 Satellite- 25 based tolling 43 Subscription 90 and e-toll 70 48 Other Q1-23 Q1-24
Slide 11: Product Innovation & Realization
Slide 12: Continued growth and increased profitability
Product Innovation & Realization Continued growth and increased profitability Revenues and EBIT NOK million First quarter 2025 161 150 145 149 ▪ Revenues of NOK 160.6 million, up 11 per cent from 134 Q1-24 114 ▪ 23 per cent growth adjusted for sale of inventory in 112 112 112 102 Q1-24 99 96 86 ▪ La
Slide 13: Strong demand from the defence and security sector within contract manufacturing
Product Innovation & Realization Strong demand from the defence and security sector within contract manufacturing PIR revenue mix NOK million 161 Defence and 145 22 security 21 112 4 56 Automotive 24 68 22 35 Industrials 40 45 61 R&D products 16 and services 4 Q1-23 Q1-24 Q1-25 Defence and security
Slide 14: New large orders within defence and security
Product Innovation & Realization New large orders within defence and security ▪ Awarded two significant orders within defence and security for contract manufacturing ▪ A majority of the NOK 260 million contract will be delivered in the second quarter this year ▪ The NOK 125 million contract is to be
Slide 15: Group financials
Group financials
Slide 16: Profit and loss statement
Financials Profit and loss statement Q1 2025 Q1 2024 First quarter of 2025 Amounts in NOK million ▪ Revenues of NOK 521.7 million, up 29 per cent from Q1-24 Revenues 521.7 404.4 Raw materials and change in inventories 197.0 191.4 o Adjusted for the Innomar acquisition, growth rate was 22 per cent Em
Slide 17: Improved profitability in Oceans and PIR year over year
Financials Improved profitability in Oceans and PIR year over year Segment EBIT development Q1 2025 vs. Q1 2024 NOK million Oceans Connectivity PIR 13.9 (12.3) (3.6) 81.4 (2.1) 41.7 41.5 (2.4) 0.8 (2.0) (2.9) 3.4 0.8 (2.6) 21.8 (0.5) 75.9 18.0 9.7 5.1 3.8 EBIT Q1 Revenue Gross Payroll OPEX D&A&I EBI
Slide 18: Balance sheet
Financials Balance sheet Amounts in NOK million 31.03.25 31.12.24 Fixed and intangible assets ASSETS ▪ Land and PPE: An increase of NOK 6.0 million due to investments Property, plant and equipment (incl. right-of-use assets) 280.0 274.0 in machinery and equipment Intangible assets 431.4 418.9 ▪ Inta
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 ▪ 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 20: Cash flow for the quarter
Financials Cash flow for the quarter Cash flow development first quarter 2025 NOK million First quarter of 2025 (10.4) ▪ Operating cash flow of positive NOK 101.3 million (40.3) o Cash taxes of NOK 40.3 million (10.0) o Net increase in working capital of NOK 10.4 million, mainly 162.0 (47.8) related
Slide 21: Outlook
Outlook
Slide 22: 2025 outlook
Outlook 2025 outlook Revenue and profitability margins NOK million 2025 Outlook x% EBIT margin 2 200 – 2 300 ▪ Previously communicated revenue target of NOK 2.2 - 2.3 billion and EBIT margin improvement compared 1 751 to the 20 per cent reported last year 1 519 ▪ Based on current outlook, the target
Slide 23: Short-term outlook
Outlook Short-term outlook ▪ Oceans moving into a seasonally stronger period and the quarter has started out well ▪ Revenues for the quarter expected to exceed NOK 220 million ▪ No revenue recognition on the NOK 75 million security project included in guidance ▪ For the second quarter, Connectivity
Slide 24: Technology is part of the solution
TECHNOLOGY IS PART OF THE SOLUTION: - explore re
Slide 25: 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 26: 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 27: Shareholder overview, updated February 2025
Shareholder overview, updated 9 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 3,252,949 5.10 5 J.P.