Nordic Semiconductor Takeaways from London TMT Conference 2026

Research evidence excerpt

Nordic Semiconductor Takeaways from London TMT Conference 2026

J P M O R G A N Europe Equity Research

21 May 2026

Nordic Semiconductor Neutral

NOD.OL, NOD NO

Takeaways from London TMT Conference 2026 Price (21 May 26):Nkr200.20

Price Target (Dec-27):Nkr165.00

We hosted Nordic Semiconductor CFO Pal Elstad and IR Aleksander Orkelbog at European Tech Hardware &

our European TMT conference today in London. Our takeaways are: Payments

Craig A McDowell AC

• nRF54 launch: Management noted that the nRF54 is tracking well (~15% of (44-20) 7742-4576

designs based on public data), with an expectation that they will see a revenue craig.mcdowell@jpmorgan.com

ramp in 2027. Management noted that very large customers have recently Sandeep Deshpande

launched new products on nRF52 which pushes the ramp out, but there has (44-20) 7134-5276

been success with smaller customers designing with nRF54. nRF54 opens up sandeep.s.deshpande@jpmorgan.com

high processing segments (e.g. smart glasses, premium smart watches) that Anthony Girard

could not previously be served by nRF52. (44-20) 3493-6469

anthony.girard@jpmorgan.com

• Underlying market: Management noted that although not explicit they expect J.P. Morgan Securities plc

that there is a degree of pull-in (not quanitifed) in Q1 and the Q2 guide. As yet,

they have not seen any impact from a softer laptop or smartphone market Specialist Sales contact details:

impacting their peripheral business. Scott Silver - Specialist Sales -

European TMT

• Manufacturing capacity and cost: Management noted that most of Nordic’s (44-20) 7134-0412

front-end manufacturing is done at mature nodes where there is less tightness scott.silver@jpmorgan.com

or competition for capacity; as such, they see a low risk of price rises from

manufacturing partners.