Arctic: NORBIT - Short-term noise, long-term strength

Research evidence excerpt

Arctic: NORBIT - Short-term noise, long-term strength

NORBIT Buy Hold

NORBT NO | Technology | Equity Company Update | 13 May 2026 | 15:34 Sell

Short-term noise, long-term strength Financials and estimates changes Target NOK

250.00 (260.00)

We reiterate our Buy recommendation with a TP of NOK 250/share (from NOK 260). Key Figures (NOKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e

Despite a softer-than-expected Q1, there are no material changes to underlying trends or Highlights

Revenue 1,751.4 2,502.5 3,159.3 3,569.4 3,916.8

Norbit’s competitive positioning. The company has reaffirmed its 2026 guidance, despite Recommendation Buy EBITDA 474.1 712.2 899.7 1,011.9 1,102.6

FX headwinds and a more PIR-skewed Q2, underpinning confidence in both 2026 topline EBIT 341.8 555.4 717.7 832.5 914.6 Target Price NOK(260.00)250.00

growth and margin expansion. While concerns have emerged around Oceans, given softer EPS 3.94 6.34 8.34 9.82 10.82 Share Price NOK 206.4

trends in Q4–Q1 and Q2 guidance, even when adjusting for FX, management remains Adj. EBITDA 480.3 719.5 899.6 1,011.9 1,102.6 Upside (%) 21.1

positive on underlying demand, highlighting strong utilisation among rental companies. Adj. EBITDA margin (%) 27.4 28.8 28.5 28.3 28.1 Market cap (NOKm) 13,199

Although seasonality and a concentrated end user base introduce some order volatility, Adj. EPS 4.11 6.43 8.34 9.82 10.82 Enterprise Value (NOKm) 13,507

there are no signs of weakening demand or market share loss. Overall, activity levels remain Revenue growth (%) 15.3 42.9 26.2 13.0 9.7 Number of shares (m) 64

high, which, together with reiterated guidance, is reassuring. We see several upcoming EPS growth (%) 26.9 60.8 31.6 17.7 10.2 12 months share price performance: