Smartoptics Group Asa · OSL:SMOP
Smartoptics Group Asa — Q4 2025 Earnings Presentation
16 slides from Smartoptics Group Asa's earnings presentation, Feb 19, 2026
Slide 1: Financial Presentation Q4 2025
Financial Presentation Q4 2025 February 19, 2026
Slide 2: Q4 2025 with strong business momentum and continued progress in large account strategy
Q4 2025 with strong business momentum and continued progress in large account strategy REVENUE 2025 Change All time high revenues in quarter, accelerating Q4 23.2 MUSD +37.7% demand through the quarter 12M 75.3 MUSD +35.6% Increasing traction with large accounts and AI- related DCI demand GROSS MARG
Slide 3: Customer success driven by ever-growing demand for bandwidth, cost efficient products and software
Customer success driven by an ever-growing demand for bandwidth, cost efficient products and software value Networking solutions delivering multiple Terabits/s of capacity Enterprise Operator Cloud & AI DCI Networks Innovative software managing a cost-efficient product portfolio Reoccurring business
Slide 4: Q4'25 deep dive
smartoptics Q4’25 deep dive
Slide 5: Continuously growing indirect and direct customer base
Continuously growing indirect and direct customer base Active customers Comments • Growing and compounding 354 customer base 291 • 15% new-customer revenue 267 contribution in 2025 228 • Strong retention: >50% revenue 192 from long-term customers 173 • Expanding partner network supporting scalable g
Slide 6: Strong growth in ICP and CSP segment driven by investments in datacenters and AI
Strong growth in ICP and CSP segment driven by investments in datacenters and AI Customer type Customer channel MUSD MUSD 75.3 75.3 15.0 (20.0%) 23.8 (31.6%) 55.5 +56.5% 55.5 +48.1% 9.6 (17.3%) 16.1 32.7 (28.9%) +64.5% (43.4%) 19.8 (35.8%) 51.5 39.5 +30.5% (68.4%) 27.6 (71.1%) 26.0 +5.8% (36.6%) (46
Slide 7: Very strong growth in Americas. Strong Q over Q growth in EMEA
Very strong growth in Americas. Strong Q over Q growth in EMEA is a sign of an improving market in Europe. APAC still project dependant Revenue per region and quarter – Last 5 quarters MUSD Americas EMEA APAC +94% 13.3 12.3 10.8 +3% 8.4 8.6 7.8 6.9 6.1 5.3 4.9 -20% 2.0 1.6 1.4 1.2 1.3 Q4 Q1 Q2 Q3 Q4
Slide 8: Strong growth in all Product areas. Optical Devices strategy gaining momentum
Strong growth in all Product areas. Optical Devices strategy gaining momentum Revenue per business area and quarter – Last 5 quarters MUSD Solutions Devices Software & Services +33% 13.6 11.6 10.9 10.3 8.2 +59% 6.4 5.4 4.1 +25% 4.0 3.6 2.9 3.2 2.6 2.5 2.7 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4
Slide 9: Summary of Q4 financial performance
Summary of Q4 financial performance Revenue EBITDA & EBIT Operating cash flow MUSD MUSD MUSD +37.7% EBITDA EBIT 23.2 18.7 19.0 3.6 16.9 6.8 14.4 2.6 2.8 2.4 2.4 1.8 1.8 1.6 2.6 1.2 0.2 0.6 -0.5 -0.4 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Gross margin and EBITDA margin Comments % 49.0 % 47.3 %
Slide 10: Strong financial position
Strong financial position Balance sheet Dec 31, 2025 Working capital development past 5 quarters MUSD MUSD 56.1 56.1 25 18.4 20 15.7 14.9 13.6 14.5 9.1 15 20 10 15 5 30.3 17.9 17.3 10 15.4 15.9 19.9 15.4 18.4 19.8 20.0 15.6 19.0 18.7 18.7 14.1 16.8 13.0 14.0 0 14.9 11.5 12.6 5 -5 0 -10 39.7 Q4 Q1 Q2
Slide 11: Board intends to propose dividend of NOK 0.60 per share
Board intends to propose dividend of NOK 0.60 per share Board considerations ▪ Emphasizing stable to increasing dividend ▪ Anticipating positive financial development ▪ Solid financial position ▪ Strong cash flow ▪ Pending AGM approval Dividend policy When proposing a dividend for a financial year,
Slide 12: 2026-2030: Roadmap to deliver profitable growth in a market shaped by AI-driven capacity expansion
2026-2030: Roadmap to deliver profitable growth in a market increasingly shaped by AI-driven capacity expansion STRENGTHEN AND EXPAND THE CORE ADD NEW GROWTH DRIVERS Continued focus on home markets Committing to the majors Expand efforts in emerging markets • Targeting network- and data center opera
Slide 13: Profit and Loss Statement
Profit and Loss Statement Profit and Loss Statement Q4 2025 2025 2024 2025 2024 Amounts in USD 1 000 Q4 Q4 YTD YTD Total revenue and other operating income 23 242 16 874 75 269 55 508 Direct cost of sales -12 533 -8 603 -39 281 -28 783 Employee benefit expenses -5 656 -4 246 -20 159 -16 157 Other op
Slide 14: Balance Sheet
Balance Sheet Balance Sheet Dec 31, 2025 Amounts in USD 1 000 31. Dec 31. Dec Amounts in USD 1 000 31. Dec 31. Dec Capitalized development cost 2 203 1 575 Share capital 195 173 Other Intangible assets 649 339 Share premium 14 779 13 121 Property, plant and equipment 3 720 3 006 Other paid in capita
Slide 15: Cash Flow Statement
Cash Flow Statement Cash Flow Statement Q4 2025 2025 2024 2025 2024 Amounts in USD 1 000 Q4 Q4 YTD YTD Cash flows from operating activities Profit/(loss) before income tax 3 484 2 965 5 993 5 379 Adjustments for Taxes paid -164 -1 214 -1 303 -1 214 Depreciation and amortization 803 616 2 935 2 293 N
Slide 16: Thank you
smartoptics Thank you