Arctic: Nordic Semiconductor - Buying opportunity ahead of positive earnings revisions

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Arctic: Nordic Semiconductor - Buying opportunity ahead of positive earnings revisions

Nordic Semiconductor Buy Hold

NOD NO | Technology | Equity Company Update | 30 June 2026 | 06:20 Sell

Buying opportunity ahead of positive earnings revisions Financials and estimates changes Target NOK

230.00 (220.00)

We reiterate our Buy recommendation and raise our TP to NOK 230/sh (220) ahead of NOD’s Key Figures (USDm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e

Q2 report on 6 August. Our Q2 estimates are broadly in line with consensus, but we believe Highlights

Revenue 511.4 667.6 860.5 1,049.4 1,228.0

the recent disconnect between the NOD share price, the SOXX and USD/NOK represents an Recommendation Buy EBITDA (5.2) 66.2 122.4 203.1 266.0

attractive buying opportunity. We expect positive earnings revisions ahead of the report, EBIT (45.8) 23.2 77.0 155.6 216.4 Target Price NOK(220.00)230.00

primarily driven by favourable FX movements, which should provide support for the share. EPS (0.20) 0.08 0.30 0.60 0.88 Share Price NOK 177.7

Looking further ahead, Nordic is set to ramp nRF54 shipments throughout the year, while Adj. EBITDA (5.2) 66.2 122.4 203.1 266.0 Upside (%) 29.4

focus is shifting towards Edge AI applications. We believe Nordic is well positioned to Adj. EBITDA margin (%) (1.0) 9.9 14.2 19.4 21.7 Market cap (NOKm) 34,047

benefit from this trend. Despite this, the stock has materially underperformed listed Edge Adj. EPS (1.98) 0.84 2.93 5.91 8.75 Enterprise Value (USDm) 1,423

AI peers year-to-date, many of which have appreciated by around 100%. Revenue growth (%) (5.8) 30.5 28.9 22.0 17.0 Number of shares (m) 192

EPS growth (%) (604.3) (142.4) 249.6 101.8 48.0

Q2e: In line with consensus, but see some upside to Q3 guidance 12 months share price performance: