Stronger signal ahead

Research evidence excerpt

Stronger signal ahead

Xplora Technologies

Same playbook as Doro: add subscriptions

From a strategic point of view, we argue that the acquisition makes sense for two reasons.

Firstly, the deal follows the same playbook as the Doro acquisition, whereby Xplora

can leverage its MVNO licences and existing infrastructure to introduce its own cellular

subscriptions to Emporia customers, thereby building a base of recurring subscription

revenue. Secondly, Emporia’s strong market position in the DACH region complements

Doro’s strong position in the UK, France, and the Nordics, making the combined company a

clear European market leader with a strong presence in all major European countries.

Emporia has a strong market position in several countries where Xplora does not currently

hold an MVNO licence, such as Austria and Italy. We therefore expect Xplora to acquire

MVNO licences in some of these countries in order to capitalise fully on the acquisition.

However, this has not yet been decided.

Price not yet disclosed, but likely earnings-accretive

Emporia’s device margins are in line with Xplora’s. However, according to our

understanding, Emporia does not currently have very high EBITDA margins, but Xplora

expects to increase profitability over time by adding subscriptions. We also estimate that

there could be cost synergies due to overlapping functions with Doro/Xplora. The price has

not been disclosed, but it is being financed with cash on hand. Therefore, the price must

be less than the NOK 422m that Xplora had in cash at the end of Q4 2025. The deal is

expected to close in Q2 2026.

In our view, this transaction fits perfectly with Xplora’s strategy of adding device sales to

enable expansion of the subscription base, and it complements Doro’s existing footprint

perfectly.