NORBIT to acquire Trondheim based Water Linked-06/22/2026

Research evidence excerpt

NORBIT to acquire Trondheim based Water Linked-06/22/2026

NORBIT

NEWSFLASH | 22 JUN 2026

NORBIT to acquire Trondheim based Water Linked

NORBIT just disclosed that the Oceans acquisition flagged in May is Trondheim based Water Linked. Financial terms are

unchanged, with the acquisition multiple set at ~12x ‘26e EV/EBITDA prior to synergies (NORBIT currently at ~13x ‘26e

EV/EBITDA). Pro-forma, NIBD/EBITDA moves to 1.3x from 0.5x, within NORBITs leverage target (1.0-2.5x). Water Linked

brings two product lines, compact DVLs and 3D sonars. The DVL looks to be a new category for NORBIT, while the 3D sonars

look more adjacent and deepens NORBITs existing imaging capability in a compact form factor. Both products are used to

help underwater vehicles improve situational awareness and navigate safely, broadening NORBIT’s scope in the AUV and

ROV space. The company is based in Trondheim, likely to make integration smoother and increase synergy-probability. The

deal is now only marginally accretive on multiples following the recent de-rating of NORBIT shares but looks strategically

sound. We currently have a BUY TP NOK 245.

Product portfolio Water Linked:

Transaction overview:

2026 2026 NORBIT Oceans

Water Linked Norbit Pro-forma Upl>t Upl>t

Revenue NOKm 100 3,119 3,219 3% 11%

EBITDA " 27.5 891 918 3% 8%

pp

EBITDA margin % 27.5% 28.6% 28.5% 0.0% -11%

Acquisition price NOKm 330

EV/EBITDA X 12.0x 12.8x

Olav Rødevand

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

Marcus Gavelli

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

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein.