NORBIT-Q1 EBIT ~12% below to drive some near-term est. trimming-05/13/2026

研报英文原文证据摘录

NORBIT-Q1 EBIT ~12% below to drive some near-term est. trimming-05/13/2026

argin ended at

25% (-10pp y/y), driven by the revenue short-fall and opex-growth of +8% y/y. NORBIT guides Q2’26 revenues for the segment at NOK 210-

230m (-4-12% y/y), which comes in -16% below our NOK 275m Q2 estimate. We will need additional color from the conference call to

determine the key drivers behind the Q2 guidance miss, and whether this reflects slower ramp of the new Winghead products or any

changes to demand for the remaining sonars. Also key to note, is that the NOK 75m security project has been terminated from NORBIT’s

side, with the company expecting to take legal action.

Connectivity Q1 miss entirely timing related given Q2 guidance, but unfavorable FX and component prices pressure GM:

Connectivity delivered Q1’26 revenue of NOK 211m (+45% y/y), but ~8% below Cons/PAS and compares to the guidance of NOK 215-

240m. NORBIT comments that some volumes of the new GNSS OBU has shifted towards Q2, which is also reflected in the next-quarter

guidance of NOK 225-250m (+33-47% y/y). Looking then at H1’26 aggregated, this is spot-on our estimates, and the Q1 miss only reflecting

phasing, with no implications for estimates ahead. The EBIT margin comes in at 27% vs. our estimate of 35%, which is driven by the revenue

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. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards

applicable to equity/debt research reports prepared for retail investors.