NORBIT-Third GNSS OBU contract further de-risks 2026 Connectivity est.-05/26/2026

Research evidence excerpt

NORBIT-Third GNSS OBU contract further de-risks 2026 Connectivity est.-05/26/2026

NORBIT

NEWSFLASH | 26 MAY 2026

Third GNSS OBU contract further de-risks 2026 Connectivity est.

NORBIT announced a NOK 155m contract from Toll4Europe on Friday for GNSS OBUs, with deliveries scheduled to start in

Q3’26. This is the third order in the series, taking the cumulative value to NOK ~475m, of which NOK ~395m falls in 2026. We

had already embedded a third contract of this size in our estimates for H2’26, meaning the contract primarily de-risks our

estimated +43% y/y 2026e growth for Connectivity rather than drive upgrades. It also suggests production is tracking well,

consistent with the impression we were left with following management discussions post Q1, despite some GNSS OBU

volumes shifting from Q1 to Q2. Applying management’s prior indications of GNSS OBU contract values being ~10-15x

enforcement modules, cumulative orders imply ~300k units delivered after this batch. Incrementally positive for the share

although the share-price reaction may be tempered by the fact that post-Q1 weakness (-14%) appears more linked to

Oceans-specific concerns rather than Connectivity. We currently have a BUY TP NOK 245/share.

Olav Rødevand

+47 22 87 87 30, olav.rodevand@paretosec.com

Marcus Gavelli

+47 24 02 81 12, marcus.gavelli@paretosec.com

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