NORBIT - Results for the third quarter of 2024

Trondheim, 14 November 2024: NORBIT delivered continued growth in the third quarter, reporting revenues of NOK 371.9 million. The reported EBIT result was NOK 53.7 million and NOK 60.1 million when adjusting for transaction costs relating to the Innomar acquisition.

• The Oceans segment reported revenues of NOK 158.1 million, an 18 per cent increase from the third quarter of 2023, and an EBIT margin of 19 per cent.
• The Connectivity segment reported revenues of NOK 111.0 million, a decrease of 4 per cent, and an EBIT margin of 25 per cent.
• The Product Innovation & Realization segment reported a 34 per cent growth in revenues to NOK 114.4 million, and an EBIT margin of 11 per cent.

"The third quarter was another eventful quarter for us at NORBIT. We saw growth across both Oceans and PIR, while Connectivity achieved increased profits despite rescheduled orders from a major European client," says Per Jørgen Weisethaunet, CEO of NORBIT.

Over the last two months, the Oceans segment has received orders for a total of NOK 100 million for GuardPoint Underwater Surveillance Sonars, with deliveries expected during the fourth quarter of 2024 and first quarter of 2025.

The Connectivity segment announced an agreement with Toll4Europe for supply of a new, innovative GNSS On-Board Unit currently under development. The initial contract is valued at approximately NOK 160 million, with deliveries scheduled for the second and third quarter of 2025.

Progressing well into the last three months of the year, activity is high in all three business segments, supported by solid demand. NORBIT expects full-year revenues to end up around NOK 1.75 billion, while the EBIT margin is forecasted to be approximately 20 per cent for the year.

"As we approach the last leg of 2024, it’s satisfying to see that we are on track to achieve our annual financial targets. It’s inspiring to witness how the organisation embraces the opportunities ahead, working tirelessly each day to ensure our clients experience our core value: We Deliver," says Weisethaunet.

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

CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the results at 09:30 am CET. 

Participants are welcome to join the event at SpareBank 1 Markets in Olav V's gate 5 in Oslo, or to follow the event via webcast.

Please use the following link to register for the webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20241114_10/

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 550 employees, and a worldwide sales and distribution platform.

For more information: www.norbit.com (http://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, 14 November 2024 at 07.00 CET.

Attachments

• NORBIT Q3 2024 Report
• NORBIT Q3 2024 Presentation