Norbit Group AS — Investor Presentation 2025

Aug 14, 2025

Second quarter and first half year 2025 presentation

CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe

14 August 2025

Disclaimer

These materials, prepared by NORBIT ASA (the "Company"), may contain statements about future events and expectations that are forwardlooking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

This presentation does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act. This presentation should not form the basis of any investment decision. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities.

Highlights A record first half of the year

Revenues and EBIT

NOK million

Revenues EBIT EBIT margin

Second quarter 2025

• Revenues of NOK 684 million, an increase of 63 per cent from the corresponding quarter of 2024
• EBIT ended at NOK 174 million, representing a 25 per cent margin
• A dividend of NOK 3.00 per share for the financial year 2024 was distributed in May

First half year 2025

• Revenues totalled NOK 1 206 million, up 46 per cent from the first half of 2024
• EBIT of NOK 302 million, a margin of 25 per cent

684

Oceans Continued high activity level

Revenues and EBIT

Revenues EBIT EBIT margin

NOK million Second quarter 2025

• Revenues of NOK 239 million, an increase of 22 per cent from NOK 195 million in Q2-24
  • Growth driven by strong sonar sales of the new WBMS X sonar
  • No revenue recognition for the NOK 75 million security contract awarded last year
• EBIT margin of 36 per cent, compared to 41 per cent in Q2-24

First half year 2025

• Revenues of NOK 472 million, an increase of 49 per cent from the first half of 2024
• EBIT margin of 36 per cent, compared with 28 per cent in the first half of 2024

Oceans Growth driven by strong sonar sales, supported by the new WBMS X sonar

NOK million

CONNECTIV

Connectivity Marked uplift in revenue and profitability

Revenues and EBIT

Revenues EBIT EBIT margin

NOK million Second quarter 2025

• Revenues of NOK 170 million compared to NOK 101 million in Q2-24
  • Increased sale of On-Board units and enforcement modules for tachographs driven by EU requirements
• EBIT margin of 32 per cent, compared to 20 per cent in Q2-24

First half year 2025

• Revenues of NOK 316 million, an increase of 25 per cent from NOK 252 million in the first half of 2024
• EBIT margin of 31 per cent, compared to 25 per cent in the corresponding period of 2024

Connectivity

Growth particularly driven by enforcement modules for tachographs

Product Innovation & Realization

Strong growth and improved profitability

Revenues and EBIT

NOK million Second quarter 2025

• Revenues of NOK 293 million, up 118 per cent from Q2-24
  • Some 15 per cent short of expectations due to a delayed incoming component
• EBIT margin of 20 per cent, up from 13 per cent in Q2-24 driven by a higher revenue base and operating leverage

First half-year 2025

• Revenues of NOK 454 million, up from NOK 280 million in the same period last year
• EBIT margin of 18 per cent, compared to 8 per cent in H1-24

Main events

▪ Order from a European client in the defence and security sector to a value of NOK 125 million for Q4-25 delivery

293

Product Innovation & Realization

Continued strong demand from the defence and security sector

PIR revenue mix

NOK million

Group financials

Financials Profit and loss statement

Amounts in NOK million	Q2 2025	Q2 2024	H1 2025	H1 2024
Revenues	684.4	418.9	1 206.1	823.4
Raw materials and change in inventories	305.5	163.0	502.6	354.3
Employee benefit expenses	121.5	89.3	240.1	190.5
Other operating expenses	46.7	34.7	90.8	73.6
EBITDA	210.7	131.9	372.7	205.0
Depreciation and amortisation expenses	36.5	30.1	71.2	62.1
Operating profit / EBIT	174.2	101.8	301.5	142.9
Net financial items	(1.4)	(8.5)	(11.3)	(9.2)
Profit before tax	172.8	93.4	290.2	133.8
Income tax expense	(41.4)	(21.3)	(69.2)	(31.5)
Profit for the period	131.4	72.1	221.1	102.3

Second quarter of 2025

• Revenues of NOK 684.4 million, up 63 per cent from Q2-24
  • All segments contributed to the revenue growth
• Gross margin of 55 per cent down from 61 per cent in Q2-24
  • Mainly driven by segment mix and slightly lower margins in PIR and Connectivity
• Employee benefit expenses of NOK 121.5 million versus NOK 89.3 million in Q2-24
  • 10.7 MNOK in cost relating to RSU program and NOK 7.3 million relating to Innomar were main reasons for the increase
• EBIT of NOK 174.2 million (25 per cent margin), up from NOK 101.8 million in Q2-24 (24 per cent margin)
• Net financial items negative NOK 1.4 million (negative NOK 8.5 million)
  • Including NOK 8.6 million in net interest expenses and NOK 7.6 million in foreign exchange gains
• Net profit for the period of NOK 131.4 million (NOK 72.1 million)

Financials Improved year-over-year profitability in all three segments

Segment EBIT development Q2 2025 vs. Q2 2024

NOK million

Financials Balance sheet

Amounts in NOK million	30.06.25	31.03.25	31.12.24
ASSETS
Property, plant and equipment (incl. right-of-use assets)	294.8	280.0	274.0
Intangible assets	448.8	431.4	418.9
Goodwill	498.7	484.9	497.4
Deferred tax asset	18.8	16.6	13.5
Inventories	597.8	571.8	434.7
Trade receivables	263.1	250.3	273.4
Other receivables and prepayments	103.0	84.2	66.4
Other assets	12.2	12.7	12.6
Cash and cash equivalents	175.0	241.0	193.3
Total assets	2 412.2	2 372.9	2 184.2
LIABILITIES
Interest-bearing borrowings	448.9	432.8	447.2
Lease liabilities	113.5	100.8	95.3
Trade payables	260.5	248.5	145.9
Other current liabilities	286.2	247.4	227.1
Other liabilities	108.9	101.8	111.3
Total liabilities	1 218.1	1 131.4	1 026.8
Total equity	1 194.1	1 241.4	1 157.3
Total liabilities and equity	2 412.2	2 372.9	2 184.2

Fixed and intangible assets

• Land and PPE: An increase of NOK 14.9 million due to investments in machinery and equipment to expand capacity
• Intangible assets: An increase of NOK 17.4 million primarily related to broadening the product offering in the Oceans and Connectivity segments

Working capital

• Inventories: Up NOK 26.0 million from prior quarter primarily due to sourcing of components for the GNSS OBU deliveries in Q4
• Trade receivables: Increased by NOK 12.8 million on sequential increase in revenues
• Trade payables: Increased by NOK 12.0 million

Net-interest bearing debt and equity

• Total borrowings of NOK 448.9 million, an increase of NOK 16.1 million from prior quarter on EUR appreciation
• Net-interest bearing debt (excl. lease liabilities) of NOK 274.0 million, compared to NOK 191.8 million at the end of Q1
• Equity of NOK 1 194.1 million, representing an equity ratio of 50 per cent

Financials Delivering on the plan to increase working capital efficiency

Net working capital¹

0

50

100

150

200

250

300

350

400

450

500

Per cent of last twelve months revenues

• Working capital efficiency continued to improve in first half of 2025
  • Net working capital ratio at 20 per cent of last twelve months revenues and 15 per cent Q2-25 annualized
• Continuing to maintain high cash conversion rate on receivables despite strong growth in revenues
• Larger fluctuations in working capital, especially on inventory, must be expected in 2025 given revenue plan and with the introduction of GNSS OBU

Financials A strong balance sheet that enables flexibility

EBITDA 12-month rolling

• Extending maturity date on revolving credit facility to 2028
• Margin on all loan facilities considerably reduced from previously blended average of 160bps
• Advanced discussions ongoing with respect to increasing credit limits and providing for additional flexibility
• NIBD/EBITDA at 0.6x and equity ratio at 50 per cent per end of June
• Long-term target level between 1.0 2.5x NIBD¹ /EBITDA over the cycle
• Covenants in loan facilities at 4.0x NIBD/EBITDA and equity ratio > 30%

Financials Cash flow for the quarter

Cash flow development second quarter 2025 NOK million Second quarter of 2025

• Operating cash flow of positive NOK 186.1 million
  • o Cash taxes of NOK 36.6 million
  • o Net decrease in working capital of NOK 13.0 million
• Net cash used in investing activities totalled NOK 45.1 million
  • o NOK 33.1 million invested in R&D
  • o NOK 12.1 million invested in machinery and equipment
  • o Guidance for 2025: NOK 130-140 million in R&D investments and around NOK 120 million investments in fixed assets
• Financing activities led to a cash outflow of NOK 207.0 million, mainly due to NOK 190.9 million in dividends paid

1) Including repayment of leases

NORBIT

• explore more -

Outlook 2025 outlook

Revenue and profitability margins NOK million

x% EBIT margin

2025 Outlook

• Positive outlook, supported by continued high activity in all three business segments.
• After a record first half of the year, the revenue target for 2025 is raised to NOK 2.5 – 2.6 billion from NOK 2.2 – 2.3 billion earlier, while the EBIT margin is forecasted to around 25 per cent.

▪ Continue to explore value-accretive acquisitions to add to organic growth

2 500 – 2 600

Outlook Short-term outlook

• Revenues for the third quarter expected to exceed NOK 180 million
• No revenue recognition on the NOK 75 million security project included in guidance
• For the third quarter, Connectivity is expected to deliver between NOK 120 and 130 million in revenues
• A pick-up in activity expected in the fourth quarter supported by volume deliveries of the new GNSS OBU with total contract value of NOK 160 million

• PIR is expected to deliver between NOK 220 and 230 million in revenues in the third quarter
• The outlook for the fourth quarter is strong, expecting all-time high quarterly revenues for the segment

TECHNOLOGY IS PART OF THE SOLUTION

NORBIT is to be recognised as world class, enabling people to explore more

EXPLORING SINCE 1995

~ 20 COUNTRIES

Victory awaits him who has everything in order. Luck people call it... Defeat is certain for him who has neglected to take necessary precaution in time. This is called bad luck" Roald Amundsen 1912

Technology is part of the solution

Diversified and robust business model

Oceans is offering tailored technology solutions to global maritime markets

Connectivity is a leading technology solution provider for asset identification, monitoring and tracking

Product Innovation & Realization (PIR) is offering R&D services and contract manufacturing to key customers

Shareholder overview, updated 11 August 2025

# Investor	of shares #	%
PETORS AS – CEO Weisethaunet 1 Per Jørgen	6 976 944 , ,	10 91
– founder Steffen 2 VHF INVEST AS Kirknes	6 164 495 , ,	9 64
3 AS REITAN KAPITAL	6 086 781 , ,	9 52
– family of founder Steffen Kirknes 4 DRAUPNIR INVEST AS	3 252 949 , ,	09 5
5 AWC AS	2 397 472 , ,	3 75
- Handelsbanken Nordiska Småbolag 6 J P Morgan SE	2 205 086 , ,	3 45
A/S 7 EIDCO	2 050 000 , ,	3 21
8 ESMAR AS	1 662 286 , ,	2 60
SA/NV The Bank of York Mellon 9 New	1 435 000 , ,	2 24
10 VERDIPAPIRFONDET DNB SMB	992 040 ,	1 55
Switzerland 11 UBS AG	972 366 ,	1 52
A/S Danske Bank (mostly held by Eriksen) 12 MD Oceans - Peter	897 236 ,	1 40
13 FOLKETRYGDFONDET	826 784 ,	1 29
Deutsche Bank Aktiengesellschaft (Innomar founding mngt) 14	726 472 ,	1 14
USEGI AS - CTO Arild Søraunet 15	671 989 ,	05 1
SA/NV 16 The Bank of York Mellon New	630 389 ,	0 99
17 J P Morgan SE - Handelsbanken Norden	620 000 ,	0 97
18 J P Morgan SE	566 398 ,	0 89
Chase Bank 19 JPMorgan	543 436 ,	0 85
Bank 20 Caceis	493 377 ,	0 77
Total shareholders 20 top	40 171 500 , ,	62 82
Other shareholders	23 777 195 , ,	37 18
Total	63 948 695 , ,	100 00