Slide 1: Fourth quarter and full-year 2025 presentation
Fourth quarter and full-year 2025 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 11 February 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: Continued profitable growth in 2025
Highlights Continued profitable growth in 2025 Revenues and EBIT NOK million Full-year 2025 2 503 ▪ Revenues of NOK 2.5 billion, up 43 per cent from 2024 1 751 1 519 ▪ Improved profitability with EBIT of NOK 555.4 1 168 22% million, representing a margin of 22 per cent 19% 20% 15% 788 668 619 13% 55
Slide 4: 42 per cent revenue growth with continued EBIT uplift
Highlights 42 per cent revenue growth with continued EBIT uplift Revenues and EBIT NOK million Fourth quarter 2025 791 ▪ 42 per cent revenue growth from Q4-24 684 556 522 505 ▪ Segments Connectivity and PIR were the 418 419 26% contributor to the growth in the quarter 377 24% 396 404 24% 372 24% 25%
Slide 5: Oceans
Slide 6: A slower quarter in a record year
Oceans A slower quarter in a record year Revenues and EBIT NOK million Fourth quarter 2025 ▪ Revenues of NOK 213.4 million, a decrease of 21 269 per cent from NOK 269.0 million in Q4-24 233 239 ▪ YoY decline reflects lower sales of security solutions, sub- 213 bottom profilers and more muted end of
Slide 7: Growth in 2025 driven by strong sonar demand and WBMS X sonar launch
Oceans Growth in 2025 driven by strong sonar demand and WBMS X sonar launch Oceans’ revenue mix NOK million 878 Subsea 68 sonars 744 28 77 55 49 599 51 Security 61 29 547 412 Sub-bottom 328 profilers 181 176 159 Other 2023 2024 2025 Winghead Sonars Sonars (excl. Winghead) Sub-bottom profiler Securit
Slide 8: 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 8
Slide 9: PAGE 9
j | } mins Sig
Slide 10: Revenue increase driven by GNSS OBU deliveries
Connectivity Revenue increase driven by GNSS OBU deliveries Revenues and EBIT NOK million Fourth quarter 2025 ▪ Revenues of NOK 190.2 million, representing an 190 increase of 25 per cent from Q4-24 172 170 ▪ Driven by deliveries of the GNSS On-Board Unit 151 153 under the first NOK 160 million contr
Slide 11: Growth driven by satellite-based tolling and tachograph enforcement modules
Connectivity Growth driven by satellite-based tolling and tachograph enforcement modules Connectivity revenue mix NOK million On-Board Units 613 27 540 Tachograph 13 516 112 enforcement 29 modules 92 107 60 193 Satellite- 80 105 based tolling 81 112 Subscription and e-toll 296 194 170 Other 2023 202
Slide 12: New order for GNSS OBUs
Connectivity New order for GNSS OBUs • In the quarter, a new order for GNSS OBUs for delivery to the leading European Electronic Toll Service (EETS) provider Toll4Europe • Deliveries scheduled for H1 2026 • Total order value estimated at NOK 160 million • Builds on ongoing collaboration and trust wi
Slide 13: PIR
Slide 14: Growth from defence and security demand
Product Innovation & Realization Growth from defence and security demand Revenues and EBIT NOK million Fourth quarter 2025 ▪ Revenues of NOK 407.9 million, compared to 149.1 408 million in Q4-24 ▪ Driven by increased deliveries to the defence and security sector 293 ▪ EBIT margin of 22 per cent, com
Slide 15: Defence and security demand remains strong
Product Innovation & Realization Defence and security demand remains strong PIR revenue mix NOK million 1 086 Defence and 100 security 204 87 Automotive 543 412 84 7 Industrials 86 247 696 157 108 R&D products 137 and services 103 25 2023 2024 2025 Defence and security Automotive Industrials R&D pro
Slide 16: New large orders within defence and security
Product Innovation & Realization New large orders within defence and security ▪ Awarded two significant orders worth NOK 120 million and NOK 170 million in the quarter ▪ A majority of the orders is scheduled for delivery in first quarter ▪ Expecting strong demand from the defence and security indust
Slide 17: Selbu factory expansion completed
Selbu factory expansion completed ▪ Expansion of the Selbu facility completed in December - on time and on budget ▪ Increasing floor capacity by 70 per cent, providing significant room for growth in the years to come ▪ NORBIT entered into an 8-year lease with the municipality at attractive terms ▪ S
Slide 18: Group financials
Group financials
Slide 19: Profit and loss statement
Financials Profit and loss statement Amounts in NOK million Q4 2025 Q4 2024 FY 2025 FY 2024 Fourth quarter of 2025 Revenues 791.1 556.1 2 502.5 1 751.4 ▪ Revenues of NOK 791.1 million, up 42 per cent from Raw materials and change in inventories 388.4 211.3 1 110.0 704.6 Q4-24 Employee benefit expens
Slide 20: Improved year-over-year profitability in Connectivity and PIR
Financials Improved year-over-year profitability in Connectivity and PIR Segment EBIT development Q4 2025 vs. Q4 2024 NOK million Oceans Connectivity PIR 98.7 (1.7) (1.7) (5.1) (27.6) 23.4 (5.7) 53.2 (40.7) (13.5) 43.9 (2.2) 88.1 (2.0) 56.2 (7.2) 0.9 112.9 1.4 3.0 20.4 EBIT Q4 Revenue Gross Payroll
Slide 21: Balance sheet
Financials Balance sheet Amounts in NOK million 31.12.25 30.09.25 31.12.24 Fixed and intangible assets ASSETS ▪ Land and PPE: An increase of NOK 59.8 million primarily explained by lease agreement for the Selbu facility extension Property, plant and equipment (incl. right-of-use assets) 390.2 330.5
Slide 22: 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 NWC ▪ Working capital efficiency continued to improve in LTM revenues 2025 driven by higher inventory turnover and 1,400 2,503 2,600 NWC % LTM sales reduced DSO 1,300
Slide 23: 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 4.0 ▪ Financing activities in Q4-25: 3.5 ▪ Multi-currency overdraft limit increased to NOK 500 million from NOK 350 million earlier 3.0 2.5 ▪ NIBD/EBITDA at 0.8x and equity rat
Slide 24: 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 per share Fine-tuning the dividend policy NOK 6.00 Dividend 5.00 NORBIT ASA’s objective is to provide shareholders with a long- Additional dividend 3.00 term competitive return through an increase in the
Slide 25: Cash flow for the quarter
Financials Cash flow for the quarter Cash flow development fourth quarter 2025 NOK million Fourth quarter of 2025 9.3 (7.2) (11.3) ▪ Operating cash flow was NOK 215.1 million o Cash taxes of NOK 7.2 million (70.0) 45.6 o Net decrease in working capital of NOK 9.3 million ▪ Net cash used in investing
Slide 26: Outlook
Outlook
Slide 27: 2026 outlook
Outlook 2026 outlook Revenue and profitability margins > 3 000 NOK million 2026 Outlook x% EBIT margin 2 503 ▪ In February 2024, NORBIT set a strategic roadmap targeting revenues above NOK 2.75 billion in 2027 and 20 per cent EBIT margin 1 751 1 519 ▪ Based on current outlook, NORBIT is well positio
Slide 28: Short-term outlook
Outlook Short-term outlook ▪ Oceans is targeting to deliver revenues between NOK 210 and 230 million in the first quarter ▪ The first quarter is generally a slower quarter due to lower survey activity ▪ Connectivity is expected to deliver revenues between NOK 215 and 240 million in the first quarter
Slide 29: Technology is part of the solution
TECHNOLOGY IS PART OF THE SOLUTION: - explore re
Slide 30: 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 31: 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 32: Shareholder overview, updated February 2026
Shareholder overview, updated 6 February 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 FOLKETRYGDFONDET 2,643,539 4.13 5 AWC AS 2,397,472 3.75 6 J.P. Morga