Nordic Semiconductor

Management Reports • Oct 28, 2024

NOD: Nordic Semiconductor consolidates organization

NOD: Nordic Semiconductor consolidates organization

(Oslo, Norway, October 28, 2024) Nordic Semiconductor today announces a strategic resource realignment that includes a global workforce reduction of approximately 8% of the company’s total workforce.

“We have made the difficult decision to reduce the size of our workforce, and we are also re-balancing and re-organizing our teams, as part of our broader strategy to deliver Nordic’s target business model,” says Nordic Semiconductor CEO Vegard Wollan.

“The re-balancing of resources reflects ongoing initiatives to sharpen Nordic’s focus towards strategically critical programs, improve operating efficiency, and optimize operating expenses.”

Nordic expects to charge its fourth quarter and full year 2024 results with restructuring costs of approximately USD 5 million.

The projected cost savings were already included in the company’s communicated target of a flat cost base in 2025 compared with 2024.

The organizational changes have been planned and will be implemented in cooperation with employee organizations in the different countries.

“We are committed to supporting our outgoing colleagues and thank these employees for their contributions to the development of Nordic,” Wollan concludes.

For further information, please contact:

Pål Elstad, CFO / EVP Finance - Nordic Semiconductor ASA Phone: +47 991 66 293

Ståle Ytterdal, SVP IR - Nordic Semiconductor ASA Phone: +47 930 37 430

About Nordic Semiconductor: Nordic Semiconductor has been a pioneer in ultra-low power wireless solutions, from proprietary technologies for PC accessories to today’s Bluetooth low energy and multiprotocol products and long-range cellular IoT solutions. Nordic Semiconductor is the clear market leader in the ultra-low power wireless segment, serving a growing market in consumer electronics, wearables, building and retail, healthcare and an increasing number of other verticals and applications. Nordic Semiconductor (NOD) is a public company listed on the Oslo stock exchange in Norway.

For more information, go to www.nordicsemi.com This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Pål Elstad, CFO, Nordic Semiconductor ASA, on October 28, 2024, at 10:05 CET.