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NORBIT – Results for the first quarter 2024

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Trondheim, 15 May 2024: In the first quarter, NORBIT recorded revenues of NOK 404.4 million, corresponding to a growth of 7 per cent from the first quarter of 2023.

The EBIT result was NOK 41.1 million, representing a margin of 10 per cent. The decline compared to first quarter 2023 was driven by lower margins realised in segments Oceans and PIR.

  • In an often seasonally slow first quarter, the Oceans segment reported revenues of NOK 121.4 million, compared to NOK 135.7 million in what was a strong first quarter of 2023. The EBIT margin for the segment was 8 per cent.
  • Connectivity delivered revenues of NOK 150.6 million, compared to NOK 136.3 million in the corresponding quarter of 2023. The EBIT margin was 28 per cent.
  • The Product Innovation & Realization (PIR) segment reported NOK 145.2 million in revenues in the first quarter, up 29 per cent from NOK 112.4 million in the corresponding quarter of 2023. The EBIT margin for the quarter was 3 per cent.

In April, Connectivity received a NOK 160 million order from a new European blue-chip client with deliveries scheduled for 2025.

The outlook for the year is reiterated where NORBIT targets to deliver revenues of NOK 1.7 – 1.8 billion and an EBIT margin in line with the level reported in 2023. First half revenues are expected to show a slight growth compared to the corresponding period of 2023.

“As we keep our focus on long-term goals, it's encouraging to reflect on how we achieved our 2024 targets a year ahead of schedule, which accelerated our efforts to set new benchmarks. This quarter marks the first since we launched our 2027 plan. Securing the new connectivity contract is a significant step towards these targets and supports our strategy to expand our product offering. The trust placed in us by another new blue-chip client not only validates our past achievements, but also solidifies our path towards being recognized as world-class. The momentum from professional customers who expect a lot from us is exactly what drives NORBIT forward”, says Per Jørgen Weisethaunet, CEO of NORBIT.

Attached is the report for the first quarter and the presentation material.

CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the results
at 10:00 am CET. The presentation will be hosted by Sparebank 1 Markets via a live
webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20240515_19/

For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203

About NORBIT ASA
NORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization. The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT is headquartered in Trondheim with manufacturing in Europe and North America, has around 500 employees, and a worldwide sales and distribution platform.

For more information: www.norbit.com

This information counts as insider information and must be disclosed in accordance with the Market Abuse Regulation and the Norwegian Securities Trading Act §5-12.

This stock exchange announcement was published by Elise Heidenreich, Investor Relations in NORBIT ASA, 15 May 2024 at 07.00 CET.

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