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Xploara Technologies Interim / Quarterly Report 2026
3792_rns_2026-05-21_036517a6-3159-452b-a521-1e68bbe865df.pdf
Interim / Quarterly Report
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Xplora
Q1 2026
January 1st - March 31st
Contents
About Xplora 3
Message from the CEO 4
Q1 26 Highlights 4
Key Figures 5
Q1 2026 Strategic and Operational Review 7
Xplora Technologies Group Financials 9
Segment – Children & Youth 12
Segment – Senior 13
Outlook 14
Xplora Technologies Group 16
Statement of profit and loss 16
Statement of financial position 17
Statement of changes in equity 18
Statement of cash flows 19
Notes 20
About Xplora
Xplora Technologies connects families across generations through smart devices, services, and communication solutions designed for children, teenagers, and seniors. Its technology solutions strike the right balance between freedom, security, and support, fostering healthy digital habits and wellbeing at every stage of life.
Founded in Norway in 2016, Xplora pioneered the children's smartwatch category in Europe before expanding into youth and senior segments to build a comprehensive, family-centric platform. The company is today a category leader in both children's smartwatches and senior phones across several European markets, with more than 10 million devices sold and operations spanning Europe and North America. Through its Xplora and Doro brands, it serves the full spectrum of family connectivity needs.
At the heart of its offering is an integrated ecosystem combining hardware, software, and connectivity. The Xplora guardian app, paired with SaaS and MVNO capabilities, delivers secure communication, intuitive safety controls, and scalable connectivity services across both consumer and business markets. This end-to-end approach enables recurring revenue streams and deep, multi-generational customer relationships — a combination that sets Xplora apart in the market.
Reporting across its Children & Youth and Senior segments, Xplora Technologies is driven by a clear purpose: to build a safer, healthier digital life for all generations, and to give every family the confidence, balance, and freedom to navigate the digital world together.
Q1 FAST FACTS
Total revenue NOK 376m
Service revenue NOK 92m
MVNO In 9 markets
217 FTE
Q1 2026
Message from the CEO
Entering 2026, we continue to execute on the strategic direction set out last year, delivering profitable growth across both segments, while also laying the groundwork for the expansion of our subscription offering into retail channels in the Senior segment. During the quarter, both business segments delivered year-over-year growth, driven by continued subscription growth in the Children & Youth segment together with higher recurring service revenue and increased device sales. This resulted in total revenue of NOK 376m, up 11% compared to last year, and EBITDA of NOK 28m, up 58%.
The subscription base ended flat from the previous quarter at 474k, in line with the same seasonal pattern seen in previous years. Year-over-year, the subscription base grew 32% as we progress towards our goal of one million subscriptions. Nordic markets continue to grow, but we see most of the increase coming from international markets, with Germany representing the strongest individual growth market. Smartwatch activations remained strong pace at LTM 38% in the quarter, compared to 37% in the same period last year. The growing subscription base contributed to a 15% y/y increase in recurring service revenues, corresponding to an ARR of NOK 367m. Device sales increased 10% year-over-year.
We continue to work on scaling the Family IoT strategy, aligning all products onto a unified Xplora Connect and family platform to increase future ARPU and realise cost synergies. This will strengthen Xplora's position as the leading European platform for family-focused connected devices and services.
During the quarter, we launched XploraOne, our first phone designed specifically for the younger generation in the Children & Youth segment. The device extends our offering beyond the smartwatch and supports healthier digital habits as children grow. In the Senior segment, we continued to develop our recurring service revenue, including preparations for expansion into retail channels, as part of the ongoing development of our subscription offering in the senior market. We also completed the setup for launching Doro Connect in Denmark and Germany, the final two of our core markets. With the launch finalised in Q2, we have now completed the Doro connect webshop rollout.
A natural extension of this work was the agreement on key terms towards a potential acquisition of the emporia Group, together with the initiation of due diligence. The completion of the acquisition is still subject to finalising the due diligence and customary closing conditions.
We are moving forward with confidence and a continued focus on strategic growth opportunities, supported by an expanding customer base, a broader portfolio of products and services, and the scale advantage that come with a larger more diversified group.
Sten Kirkbak
Q1 26 HIGHLIGHTS
- Group revenues +11% y/y to NOK 376m
- 474k subscriptions, up 32% y/y
-
Recurring service revenues +15% y/y to NOK 92m, translating to ARR of NOK 367m
-
Gross profit +7% y/y to NOK 204m
- EBITDA of NOK 28m, +58% y/y
- EBITDA after capex of NOK 19m
- Net interest-bearing debt of NOK 383m
- NOK 534m in cash and cash equivalents
Q1 2026
Page 5
Q1 2026
KEY FIGURES
| NOK millions | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Device revenue | 284 | 259 | 1,575 |
| Service revenue | 92 | 80 | 342 |
| Total revenue | 376 | 339 | 1,918 |
| Growth y/y | 11% | 188% | 141% |
| Gross profit | 204 | 191 | 997 |
| Gross margin | 54% | 56% | 52% |
| EBITDA | 28 | 18 | 241 |
| Capex | 9 | 16 | 48 |
| Subscriptions (k) | 474 | 358 | 476 |
| ARR | 367 | 319 | 366 |
| Shares outstanding (million) | 48 | 45 | 45 |
Quarterly figures are unaudited.
Quarterly revenue
Senior segment
Subscription Base (k)
IB Q1 Q2 Q3 Q4
Our vision:
A world where
families connect
with what
matters most.
Xplora Technologies Q1 2026
Q1 2026 Strategic and Operational Review
Xplora is working to realise its high-value growth strategy to reach one million subscriptions. To enable this growth, the company is expanding its scope of products and services, broadening its customer reach, and entering more geographical markets. The introduction of phones broadens the scope from children's smartwatches into the children & youth phone market, extending the average customer lifetime value. The entry into the Senior segment has broadened the customer reach and established a strong device sales base, enabling a significant subscription growth opportunity for the years to come.
BUILDING A GLOBAL SUBSCRIPTION BASE
The total subscription base reached a total of 474k at the end of Q1 26. This was up 116k y/y from 358k in Q1 25. The total subscription base comprises 299k mobile subscriptions, 125k premium service subscriptions, 32k B2B service revenue subscriptions and 18k service fee subscriptions.
Total subscription base (Subscriptions 1,000)
The subscription base currently reflects activity in the children's market within the Children & Youth segment. Both the youth market and the Senior segment remain at an early stage of converting large device customer bases into recurring service revenue. In the Senior segment, the company has tested the Doro Connect subscription services through gradual launches on Doro webshops across five markets. Building on the experiences, the company continues to develop the Doro Connect offering, including the addition of value-adding premium security services, webshop enhancements, streamlining of customer processes, and strengthening of the retail execution capabilities ahead of a broader market rollout of the connect offering in the retail markets.
Xplora operates as an MVNO in Norway, France, Spain, UK, Denmark, Sweden, Finland, Germany and the US.
Distribution of the mobile subscription base (%)
The majority of the 299k mobile subscriptions Xplora had at the end of Q1 26 comes from the Nordics, although the share outside of the Nordics continued to grow also this quarter. The Nordics ended Q1 26 with 192k mobile subscriptions. This was up 11k y/y, equivalent to 6% growth. Outside the Nordics, mobile subscriptions increased 45% y/y from 74k in Q1 25 to 107k at the end of Q1 26.
The largest market outside the Nordics was Germany with 73k mobile subscriptions. Germany also remains the strongest growth driver, adding 32k mobile subscriptions and growing 76% y/y. US ended Q1 26 with 10k subscriptions, while UK subscriptions ended at 9k. Spain reached 13k mobile subscriptions, up 63% y/y from 8k in Q1 25.
Q1 2026
Page 8
Q1 2026
ARR (NOK m)
Xplora exited Q1 26 with an ARR of NOK 367m, up 15% from NOK 319m in Q1 25.
UNIT SALES
The group sold a total of 370k connectable devices during Q1 26, of which the majority was senior phones. This was an increase of 47k, or 15%, compared to Q1 25. Q1 is the seasonally slowest quarter for device sales, especially for the children smartwatch market.
Total units sold (k), connectable devices
AGREED KEY TERMS TO AQUIRE EMPORIA
On 16 March 2026, Xplora announced that it had agreed key terms for the acquisition of 100% of the shares in the emporia Group, a market leader in senior mobile phones in the DACH region with annual sales of more than 300,000 devices across Europe. The transaction is subject to due diligence, final transaction documentation, corporate approvals and other customary closing conditions. The acquisition follows the same strategic rationale as the previously completed acquisition of Doro, complementing Doro's market presence in the United Kingdom, France and the Nordics with emporia's strong foothold in Germany, Austria and Switzerland. Xplora intends to finance the acquisition using existing funds, with completion expected during Q2 2026, subject to due diligence and customary closing conditions.
XPLORAONE LAUNCH
In the Children & Youth segment, the company launched XploraOne during Q1 26, a feature phone for children positioned naturally between a children-watch and a teens-smartphone. This extends the customer lifetime across Xplora's ecosystem of products and services and supports continued growth in subscriptions within the Children & Youth segment.
SUCCESSFUL PRIVATE PLACEMENT RAISING NOK 144M CASH
On 19 March 2026, Xplora successfully completed a private placement, raising proceeds net of direct fees of NOK 144 million through the allocation of 2,884,615 new shares at a subscription price of NOK 52.00 per share. The private placement was multiple times oversubscribed, reflecting strong investor demand and confidence in the company's growth strategy. Following registration of the share capital increase, the company's total number of shares outstanding amounts to 47,737,012 shares.
Xplora Technologies Group Financials
Xplora continued to grow during Q1 26, with improved performance in both the Children & Youth and Senior segments. Total revenue increased 11% y/y to NOK 376m in Q1 26, with EBITDA increasing by 58% to NOK 28m. Service revenue grew 15% y/y to NOK 92m, driven by continued subscription growth across both the Nordics and international markets and a stable LTM attach rate of 38%. The quarter closed with a cash position of NOK 534m, supporting continued strategic flexibility.
Q1 26 PROFIT & LOSS
Xplora has reported under IFRS since Q1 25, with Doro AB reported as part of the Group as the Senior segment.
In Q1 26 Xplora's group revenue came in at NOK 376m, up 11% from NOK 339m in Q1 25. Recurring service revenue increased 15% y/y, from NOK 80m in Q1 25 to NOK 92m in Q1 26. This was driven by a 116k y/y increase in total subscriptions. Device revenue reached NOK 284m in Q1 26, up 10% y/y.
Revenue Xplora Co. – Devices vs services (NOKm)
Gross profit ended at NOK 204m in Q1 26, up 7% from NOK 191m in Q1 25. The gross margin in Q1 26 was 54% compared to 56% in Q1 25. This reflects a decline in device margin to 45% in Q1 26 from 48% in Q1 25 due to a one-off provision release in Q1 25, which resulted in lower COGS in the senior segment. Service gross margin came in at 83% compared to 84% in the same period last year. The gross margin reported excludes marketing, selling and distribution costs. Gross margin from device sales is exposed to the current EUR/USD exchange rate.
Total operating costs ended at NOK 176m in Q1 26. This compares to total operating costs of NOK 173m in Q1 25.
Measured on a rolling 12 month basis, operating costs as a percentage of sales declined to 39% in Q1 26 from 42% in Q1 25. Excluding one-off transaction costs from Q1 25 the ratio was 40%. Employee expenses came in at NOK 71m including bonus accruals of NOK 4m in Q1 26. This was up from NOK 67m, and no bonus accruals in Q1 25. Marketing expenses were NOK 44m in Q1 26, compared to NOK 43m in Q1 25. Other operating costs ended at NOK 61m in Q1 26, down from NOK 63m in Q1 25.
At the end of Q1 26, Xplora had 217 full-time equivalents (FTE), up from 206 FTE in Q1 25.
Operating expenses (NOKm)
EBITDA reached NOK 28m in Q1 26, an increase of 58% from NOK 18m in Q1 25. This was equivalent to an EBITDA margin of 7% in Q1 26, compared to 5% in Q1 25.
Q1 2026
In Q1 26 depreciation and amortisation were NOK 18m, down from NOK 24m in Q1 25. The decrease is due to a one-off capex reversal in the Senior segment and NOK 5m amortisation of customer contracts in the Children and Youth segment in Q1 25. Customer contracts were fully amortised at the end of Q1 25, please see Note 7 for more information. This resulted in a group EBIT of NOK 10m in Q1 26, an improvement from a loss of NOK 7m in Q1 25.
Net finance in Q1 26 amounted to a positive NOK 38m, compared to a negative NOK 77m in Q1 25. Net finance is impacted by non-cash foreign exchange effects resulting from currency adjustment on the EUR-denominated long-term loan. Q1 25 also include one off bank and arrangement fees in relation to the acquisition of Doro AB. Please see Note 6 for breakdown of net finance expenses.
The profit before tax ended at NOK 48m in Q1 26. This compares to a loss before tax of NOK 83m in Q1 25.
BALANCE SHEET
Total assets increased from NOK 2,014m at the end of Q4 25, to NOK 2,061m at the end of Q1 26.
The group reduced inventory from NOK 354m in Q4 25 to NOK 312m at the end of Q1 26. Current receivables increased to NOK 310m in Q1 26, from NOK 298m in Q4 25.
Cash and cash equivalents ended at NOK 534m in Q1 26, up NOK 112m from NOK 423m in Q4 25. The main impact on cash & equivalents is net proceeds from share issue in the quarter.
Consolidated equity was NOK 504m including minority shareholders' equity NOK 28m. This compared to equity of NOK 377m and minority shareholder equity of NOK 29m at the end of Q4 25.
Total non-current assets ended at NOK 904m, down from NOK 940m in Q4 25. The largest components of non-current assets were intangible assets at NOK 786m, down from NOK 833m in Q4 25. In addition to amortisation, the decrease is a result of exchange rate changes since the end of Q4 25. Intangible assets include goodwill at NOK 442m, and trademarks and trade names at NOK 277m.
Total liabilities to financial institutions were NOK 917m at the end of Q1 26, compared to NOK 954m in Q4 25. The long-term loan amounted to NOK 857m at the end of Q1 26, of which NOK 557m is classified as a non-current liability.
Other non-current liabilities amounted to NOK 117m at the end of Q1 26, including NOK 57m in deferred tax liability from the PPA. Accounts payable decreased from NOK 175m at the end of Q4 25, to NOK 146m in Q1 26. Other current liabilities amounted to NOK 347m, compared to NOK 394m in Q4 25.
CASH FLOW
Net cash flow from operating activities was negative NOK 15m in Q1 26, compared to negative NOK 8m in Q1 25. The main impact came from changes in working capital, which gave a negative cash effect of NOK 44m in Q1 26. Net finance is excluded from operating activities, reducing net cash flow from operations. Of this, NOK 44m relates to non-cash currency impact on loans.
Cash flow from investing activities amounted to negative NOK 9m in Q1 26, consisting of capex relating to investments in intangible and tangible assets. This compares to a negative NOK 500m in Q1 25, where NOK 484m equalled the initial investment in Doro AB shares and the remaining NOK 16m was investments in intangible and tangible assets.
Cash flow from financing activities was positive NOK 136m in Q1 26, in large due to proceeds from the share issue net of fees equal to NOK 144m in Q1 26. In Q1 25, cash flow from financing activities was positive NOK 815m, including NOK 904m net increase in long-term debt to finance the Doro Acquisition.
In total, net change in cash was positive NOK 111m during Q1 26, compared to positive NOK 307m in Q1 25. Xplora ended the quarter with a cash balance of NOK 534m, compared to NOK 545m at the end of Q1 25.
Q1 2026
RISK AND UNCERTAINTY
As described in the Annual Report 2025, Xplora faces several risk factors, including market and competition risk, operational risk, geopolitical and climate risks, cybersecurity risk, and both the Board of Directors and management diligently monitors the group's risk exposure and continuously strives to enhance internal control processes to uncover and mitigate risks and uncertainties.
The company sees no major changes to these risk factors, which are reviewed in detail in the Annual Report.
The group's financial market risks, relating mainly to interest rates and currency developments, are also covered in detail in the Annual Report.
The interest risk mainly relates to a four-year floating interest loan of EUR 82m which was established in March 2025, to finance the acquisition of Doro AB. The group started to repay the acquisition loan in Q3 25. To mitigate interest rate risk, Xplora has hedged up to 75% of the EURIBOR-linked interest rates through interest rate swap agreements. In addition, the group refinanced and expanded an existing inventory financing facility in the first half year in 2025.
With sales, procurement, salaries and other costs in different currencies, Xplora is exposed to currency risk associated with movements in NOK against primarily USD, EUR, SEK, and GBP. As the group buys goods in USD and sells the majority of its products in European markets, the group is hedging parts of its EUR/USD exposure to mitigate the risk related to currency fluctuations.
With a cash position of NOK 534m, the group has ample liquidity to finance ongoing and planned operations, and the Board of Directors and the management view the liquidity risk as very limited.
Q1 2026
SEGMENT - CHILDREN & YOUTH
Revenue, gross profit, and EBITDA
| Amount in NOK millions | Q1 2026** | Q1 2025* | Change % |
|---|---|---|---|
| Revenue | 135 | 118 | 15% |
| Gross Profit | 87 | 77 | 14% |
| Operating expenses | 83 | 84 | -1% |
| EBITDA | 4 | -7 | 159% |
| EBITDA margin | 3% | -6% | 152% |
Q1 25 includes NOK 8m in inter-segment revenue and NOK 11m in one-off transaction costs relating to the Doro AB acquisition
*Q1 26 includes NOK 3m in inter-segment revenue
Q1 26 saw continued subscription growth in the Children & Youth segment, with total subscriptions increasing 116k y/y to 474k. These yielded NOK 92m in service revenue in Q1 26. The segment sold a total of 44k units in Q1 26, generating a 32% y/y growth in device revenue. Total revenue grew 15% from Q1 25. Excluding inter-segment revenue, the underlying growth was 20% y/y.
Gross profit ended at NOK 87m, up 14% from NOK 77m in Q1 25.
Quarterly revenue (NOKm) – Device vs. Services
- Service revenue was up 15% y/y reflecting a growing subscription base
- The Children & Youth segment had 474k subscriptions at the end of Q1 26, up 32% y/y, comprised of 299k mobile subscriptions, 125k premium, 32k B2B subscriptions and 18k service fee subscriptions
- Gross Margin equalled 64% vs. 65% in Q1 25
Operating costs came in at NOK 83m compared to NOK 84m in Q1 25, with opex as a % of sales declining to 61% from 71% in the first quarter last year. Note that opex in Q1 25 was negatively affected by one-off transaction costs, and that the underlying cost percentage was stable at 61% year-over-year.
Segment EBITDA ended at NOK 4m in Q1 26, compared to negative NOK 7m in Q1 25. The EBITDA margin for the segment was 3% in Q1 26.
Watch activations (k)
- Watch activations is the number of watches that are activated for the first time by an end-user, and is Xplora's best measure for sales to consumers (sell-out)
- Q1 26 saw 93k new watch activations, up from 82k in Q1 25
- LTM attach rate remains at 38% compared to 37% in Q1 25
Q1 2026
SEGMENT - SENIOR
Revenue, gross profit, and EBITDA
| Amount in NOK millions | Q1 2026 | Q1 2025 | Change % |
|---|---|---|---|
| Revenue | 244 | 229 | 7% |
| Gross Profit | 120 | 122 | -2% |
| Operating expenses* | 97 | 89 | 8% |
| EBITDA | 23 | 33 | -30% |
| EBITDA margin | 9% | 14% | -35% |
*Q1 26 includes NOK 3m in inter-segment operating expenses
Total revenue was NOK 244m in Q1 26, up 7% from the same quarter last year. The Senior segment sold a total of 326k connected units in Q1 26, up from 296k in Q1 25.
Gross profit ended at NOK 120m for a margin of 49%. This compares to a gross profit of NOK 122m and 53% margin in Q1 25. The decrease in the gross margin is due to a one-off provision release in Q1 25, which resulted in lower COGS.
Operating expenses were NOK 97m in Q1 26, up 8% y/y. The increase is a result of higher sales volume increasing other operating expenses and bonus accruals of NOK 4m in Q1 26, which was zero in Q1 25.
Segment EBITDA reached NOK 23m, yielding an EBITDA margin of 9%. This compares to NOK 33m and 14% in Q1 25.
Senior quarterly revenue (NOKm)
- Gross margin in Q1 26 was 49%, compared to 53% in Q1 25
Senior Subscription base (k)
Xplora began launching mobile subscriptions and services for the senior customer base in the second quarter of 2025. Doro Connect is currently available in Sweden, Norway, Finland, the UK and France through Doro's webshop. Attache rates of approximately 25% have been achieved in the webshop channel in the markets launched to date, consistent with previously communicated levels. As the service is currently offered through Doro's webshop only, volumes remain limited at this stage. Webshop sales represented approximately 1% of segment revenues in 2025 and serve as the initial channel for the company's phased rollout strategy. During Q1 26, the company focused on finalising Doro connect launches on the webshops in Denmark and Germany. These have been successfully launched in Q2 26, and as such, the company has completed the webshop rollout for all core markets. In addition, development of both premium services and retail connect sales continued, both of which is expected to become an important growth driver in our core markets when complete.
Q1 2026
Outlook
The company continues to develop the senior premium services and retail point of sale system, both of which are essential to unlock the potential for subscriptions within the senior segment. For the Children & Youth segment the launch of XploraOne extends the customer lifetime, supporting continued subscription growth in the segment. Furthermore, the company continues to explore the potential for new MVNO markets by leveraging current geographical footprints. Our key objective remains to reach one million subscriptions.
Xplora has outlined three strategic levers to drive growth towards the target of one million subscriptions: broadening the product grid with more connectable devices, rolling out connectivity solutions in the Senior market, and expanding into new MVNO markets.
In the Senior segment, the company launched subscriptions on the webshops in Germany and Denmark in early Q2 26, as such completing the MVNO setups and webshop rollouts for all the 7 core markets.
Going forward the focus lies in developing the Doro Connect premium services, which build on Safety, Assistance and Health. This will create a differentiated value proposition for the senior customers, providing services at a wider scope than just a mobile subscription.
Another key focus for the senior service offering is the retail point of sale system, which will enable Doro connect sales through the retail channel. The initial pilot and launch will be through a Nordic retailer. The pilot period will provide important data to further develop the system and services for further scaling.
As a high share of senior unit sales are through retail channels, the retail rollout, in addition to the premium services, is expected to be important growth drivers for the senior subscription base.
Xplora is in the early phase of realising the synergy potential from the Doro acquisition. Having identified higher process synergies, the company is raising its estimate for opex reductions from NOK 30m to NOK 50m, to be realised over the coming 12-18 months.
As part of the potential emporia acquisition, the company has started the due diligence process. The completion of the acquisition is still subject to finalising the due diligence and customary closing conditions.
As previously communicated, Xplora aims to further leverage its geographical footprint by expanding its MVNO presence, targeting 4-5 new MVNO markets over the next five years. This could be achieved with organic growth and potential acquisitions. With our current supply chain and product offering, a new market will allow us to immediately increase our service offering exponentially.
Q1 2026
Xplora Technologies Q1 2020
Xplora Technologies Group
STATEMENT OF PROFIT AND LOSS
| NOK '1000 | Note | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|
| Revenue | 3 | 376,229 | 338,707 | 1,917,633 |
| Cost of goods sold, and services provided | 3 | (172,104) | (148,160) | (920,767) |
| Gross Profit | 3 | 204,126 | 190,547 | 996,867 |
| Employee expenses | 3, 4 | (71,392) | (67,220) | (296,243) |
| Marketing expenses * | 3 | (44,184) | (42,655) | (200,416) |
| Other operating expenses * | 3, 5 | (60,875) | (63,064) | (259,427) |
| EBITDA | 3 | 27,675 | 17,608 | 240,781 |
| Depreciation and amortisation | 3 | (17,650) | (24,243) | (76,804) |
| Operating profit / EBIT | 3 | 10,025 | (6,635) | 163,977 |
| Finance income/ (expenses) - net | 6 | 38,027 | (76,729) | (159,659) |
| Profit (loss) before income tax | 48,052 | (83,364) | 4,318 | |
| Income tax | (4,270) | (29) | (30,833) | |
| Net profit (loss) | 43,783 | (83,394) | (26,515) | |
| Net profit (loss) for the year is attributable to: | ||||
| Owners of parent company (Xplora Technologies AS) | 43,360 | (84,970) | (32,269) | |
| Non-controlling interest | 423 | 1,276 | 5,754 | |
| Earnings per share: | ||||
| Basic earnings per share | 0.91 | (1.87) | (0.59) | |
| Diluted earnings per share | 0.89 | (1.87) | (0.59) |
Quarterly figures are unaudited.
*2025 figures changed due to reclassification of other operating expenses to marketing expenses
STATEMENT OF COMPREHENSIVE INCOME
| NOK '1000 | Note | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|
| Net profit (loss) | 43,783 | (83,394) | (26,515) | |
| Other comprehensive income (net of tax) | ||||
| Items that may be reclassified to profit or loss: | ||||
| Foreign currency translation differences | (61,160) | 8,494 | 36,905 | |
| Effects from cash flow hedges | (2,846) | (3,051) | 985 | |
| Tax on items that may be reclassified to profit or loss | 622 | 631 | (219) | |
| Total comprehensive income for the year | (19,601) | (77,319) | 11,156 | |
| Total comprehensive income for the year is attributable to: | ||||
| Owners of parent company (Xplora Technologies AS) | (18,169) | (79,796) | 400 | |
| Non-controlling interest | (1,433) | 2,477 | 10,756 |
Quarterly figures are unaudited.
Q1 2026
Xplora Technologies Group
STATEMENT OF FINANCIAL POSITION
| NOK '1000 | Note | 31.03.26 | 31.12.25 | 31.03.25 |
|---|---|---|---|---|
| Intangible assets | 7 | 785,575 | 832,528 | 818,881 |
| Property, plant and equipment | 5,920 | 2,826 | 3,272 | |
| Right-of-use assets | 8 | 28,047 | 17,069 | 23,216 |
| Financial instrument measured at fair value | 52,219 | 54,829 | 46,078 | |
| Deferred tax asset | 26,135 | 26,381 | 28,004 | |
| Other non-current assets | 5,868 | 5,882 | 6,527 | |
| Total non-current assets | 903,763 | 939,516 | 925,978 | |
| Inventories | 312,084 | 353,827 | 242,314 | |
| Accounts receivable | 183,446 | 218,666 | 162,085 | |
| Other current assets | 126,850 | 79,405 | 60,271 | |
| Cash and cash equivalents | 534,445 | 422,598 | 544,793 | |
| Total current assets | 1,156,825 | 1,074,496 | 1,009,463 | |
| Total assets | 2,060,588 | 2,014,012 | 1,935,440 | |
| Equity (excluding minority share) | 9 | 476,370 | 347,829 | 275,889 |
| Minority shareholders' equity | 27,806 | 29,249 | 90,433 | |
| Total equity | 504,176 | 377,121 | 366,323 | |
| Loans (non-current) | 10 | 557,418 | 662,894 | 935,537 |
| Lease liabilities | 8 | 19,141 | 8,464 | 10,731 |
| Other non-current liabilities | 116,805 | 95,850 | 93,083 | |
| Total non-current liabilities | 693,365 | 767,207 | 1,039,350 | |
| Loans (current) | 10 | 359,990 | 291,486 | 46,844 |
| Lease liabilities | 8 | 10,337 | 9,280 | 15,672 |
| Accounts payable | 145,735 | 174,793 | 130,616 | |
| Other current liabilities | 346,985 | 394,126 | 336,635 | |
| Total current liabilities | 863,047 | 869,685 | 529,767 | |
| Total liabilities | 1,556,412 | 1,636,892 | 1,569,117 | |
| Total equity and liabilities | 2,060,588 | 2,014,012 | 1,935,440 |
Quarterly figures are unaudited.
Page 17
Q1 2026
Xplora Technologies Group
STATEMENT OF CHANGES IN EQUITY
| NOK '1000 | Share capital | Share premium | Retained earnings | Other equity | Total | Non-controlling interest | Total equity |
|---|---|---|---|---|---|---|---|
| Balance at 1 January 2025 | 177 | 324,071 | (1,697) | 29,882 | 352,433 | 0 | 352,433 |
| Net profit (loss) | 0 | 0 | (84,681) | 0 | (84,681) | 1,287 | (83,394) |
| Other comprehensive income | 0 | 0 | 0 | 4,874 | 4,874 | 1,200 | 6,075 |
| Total comprehensive income for the period | 0 | 0 | (84,681) | 4,874 | (79,807) | 2,488 | (77,319) |
| Transactions with the owners of the company | |||||||
| Issue of share capital net of transaction costs and tax | 2 | 3,191 | 0 | 0 | 3,193 | 0 | 3,193 |
| Non-controlling interests on acquisition of subsidiary | 0 | 0 | 0 | 0 | 0 | 93,901 | 93,901 |
| Transactions with non-controlling interest | 0 | 0 | 0 | (79) | (79) | (6,165) | (6,244) |
| Share-based program | 0 | 0 | 0 | 359 | 359 | 0 | 359 |
| 2 | 3,191 | 0 | 279 | 3,473 | 87,736 | 91,208 | |
| Balance at 31 March 2025 | 178 | 327,263 | (86,378) | 35,035 | 276,099 | 90,223 | 366,323 |
| Balance at 1 January 2026 | 179 | 329,797 | (33,966) | 51,820 | 347,830 | 29,292 | 377,121 |
| Net profit (loss) | 0 | 0 | 43,360 | 0 | 43,360 | 423 | 43,783 |
| Other comprehensive income | 0 | 0 | 0 | (61,396) | (61,396) | (1,909) | (63,304) |
| Total comprehensive income for the period | 0 | 0 | 43,360 | (61,396) | (18,036) | (1,486) | (19,521) |
| Transactions with the owners of the company | |||||||
| Issue of share capital net of transaction costs and tax | 12 | 144,204 | 0 | 0 | 144,216 | 0 | 144,216 |
| Acquisition of treasury shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury shares sold under ESPP | 0 | 0 | 0 | 1,946 | 1,946 | 0 | 1,946 |
| Transactions with non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share-based program | 0 | 0 | 0 | 415 | 415 | 0 | 415 |
| 12 | 144,204 | 0 | 2,360 | 146,577 | 0 | 146,577 | |
| Balance at 31 March 2026 | 191 | 474,001 | 9,394 | (7,215) | 476,371 | 27,806 | 504,176 |
Quarterly figures are unaudited.
Q1 2026
Xplora Technologies Group
STATEMENT OF CASH FLOWS
| NOK '1000 | Note | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|
| Profit (loss) before tax | 48,052 | (83,364) | 4,318 | |
| Depreciation and amortisation | 17,650 | 24,140 | 76,804 | |
| Net finance | 6 | (38,026) | 76,729 | 159,659 |
| Interest received | 6 | 1,057 | 2,088 | 7,867 |
| Change in working capital (incl changes in provision) | (43,793) | (27,224) | (133,237) | |
| Net cash flow from operating activities | (15,060) | (7,632) | 115,412 | |
| Investments in intangible and tangible assets | (9,113) | (16,199) | (47,422) | |
| Purchase of subsidiary net of cash | 8 | 0 | (484,147) | (484,147) |
| Net cash flow from investing activities | (9,113) | (500,346) | (531,569) | |
| Proceeds from long-term loans | 0 | 931,370 | 931,370 | |
| Repayment of long-term loans | 0 | (2,083) | (68,027) | |
| Proceeds from acquisition loan | 0 | 904,961 | 904,961 | |
| Repayment of acquisition loan | 0 | (930,276) | (930,276) | |
| Net cash from short-term loan | 5,774 | (36,473) | (28,390) | |
| Interest paid | (12,991) | (13,604) | (57,944) | |
| Loan fees on acquisition loan | 0 | (31,881) | (41,195) | |
| Issue of ordinary shares | 151,702 | 3,193 | 5,729 | |
| Direct fees relating to issue of ordinary shares | (7,486) | 0 | 0 | |
| Principal element of lease payments | (3,277) | (4,312) | (17,985) | |
| Net proceeds from treasury shares purchased and sold under ESPP | 1,945 | 0 | (4,926) | |
| Transactions with non-controlling interests* | 0 | (6,244) | (85,298) | |
| Net cash flow from financing activities | 135,667 | 814,649 | 608,019 | |
| Net change in cash and cash equivalents | 111,493 | 306,671 | 191,863 | |
| Effects of exchange rate on change in cash and cash equivalents | 353 | 3,055 | (4,333) | |
| Cash and cash equivalents at start of period | 422,598 | 235,067 | 235,067 | |
| Cash and cash equivalents at end of period | 534,444 | 544,793 | 422,598 |
Quarterly figures are unaudited.
- Purchase of minority interest shares in Doro AB
Page 19
Q1 2026
Page 20
Q1 2026
NOTES
NOTE 1 CORPORATE INFORMATION
Xplora Technologies AS is a Norwegian public limited liability company listed on Euronext Growth Oslo under the ticker XPLRA. The company's head office is located at Kongens gate 31, 0153 Oslo, Norway. Xplora is an information technology group that develops and offers wearable smart devices, mobile subscriptions, and value-added services through its premium subscription.
The interim consolidated financial statements of Xplora Technologies AS and its subsidiaries (the "Group" or "Xplora") for the three months ending 31 March 2026 were approved for publication by the Board of Directors on 20 May 2026.
NOTE 2 BASIS OF PREPARATION
These interim consolidated financial statements for the three months ended 31 March 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting. Therefore, these interim financial statements do not include all information and disclosures required by IFRS® Accounting Standards (IFRS) as adopted by the European Union (EU) for a complete set of annual financial statements. These statements should therefore be read in conjunction with the consolidated annual report for 2025. The accounting policies applied are the same as those applied in the annual consolidated financial statements for 2025.
The group's operations are subject to seasonal fluctuations, with sales and subscription growth typically concentrated in the second, third and fourth quarters. These seasonal effects may also impact inventory levels, working capital, and cash flows. However, the group does not consider its operations to be highly seasonal in accordance with IAS 34.
The interim consolidated financial statements are unaudited.
NOTE 3 SEGMENTS
The Group is organized into two operating and reportable segments: Children & Youth and Senior.
Note that the segment Children & Youth was previously named Kids & Youth. The name change occurred in Q1 2026.
The Children & Youth segment includes the operation previously reported under Xplora, covering the development and sale of wearable smart devices, mobile subscriptions, and value-added services offered through its premium subscription model, primarily for children, youth and families.
The Senior segment includes the operation of Doro, which combines the development and sale of senior-adapted phones, mobile phones and other technical products, and applications designed for senior users.
Following the acquisition of Doro, the Group introduced mobile subscription services to the Senior Segment as part of its ongoing integration strategy. This is expected to complement Doro's product offering and create revenue synergies across the Group. The impact of this change will be reflected in the segment reporting as the mobile subscription business is operationally implemented.
Each operating segment currently maintains its own support function, including logistic, supply chain, and customer service, based on existing organizational setup. These functions are included within the respective segment results and are not reported separately.
No operating segments have been aggregated to form the above reportable operating segments. Operating segments are reported in a manner consistent with the internal reporting provided to the Group's chief operating decision maker, which comprises the CEO and Board of Directors of Xplora Technologies AS. The segment structure reflects the legal organization of the Xplora Group prior to the acquisition of Doro and the existing structure of Doro Group.
SEGMENT PROFIT AND LOSS, ASSETS AND LIABILITIES
Segment profit and loss include all income and expenses directly attributed to the operating segments, while segment assets and liabilities include all assets and liabilities directly attributed to the operating segments. The 'Other/ Eliminations' column includes adjustments as part of the PPA and eliminations of intercompany transactions.
Profit and loss (1 January – 31 March 2026)
| NOK '1000 | Children & Youth | Senior | Other/ Eliminations | Group |
|---|---|---|---|---|
| Sale of devices | 40,296 | 244,151 | 0 | 284,447 |
| Sale of services | 91,782 | 0 | 0 | 91,782 |
| Inter-segment revenue | 3,294 | 0 | (3,294) | 0 |
| Cost of goods sold, and services provided | 48,246 | 124,571 | (713) | 172,104 |
| Gross Profit | 87,126 | 119,580 | (2,581) | 204,126 |
Page 21
Q1 2026
| Payroll expenses | 31,776 | 39,616 | 0 | 71,392 |
|---|---|---|---|---|
| Marketing expenses | 12,730 | 31,454 | 0 | 44,184 |
| Other operating expenses | 38,515 | 25,774 | (3,414) | 60,875 |
| EBITDA | 4,105 | 22,736 | 833 | 27,675 |
| Depreciation and amortisation | 7,080 | 10,570 | 0 | 17,650 |
| Operating profit / EBIT | (2,975) | 12,166 | 833 | 10,025 |
Assets and liabilities (31 March 2026)
| NOK '1000 | Children & Youth | Senior | Other/Eliminations | Group |
|---|---|---|---|---|
| Segment assets | 1,516,942 | 1,034,445 | (490,799) | 2,060,588 |
| Segment liabilities | 1,106,479 | 394,528 | 55,405 | 1,556,412 |
Profit and loss (1 January – 31 March 2025)
| NOK '1000 | Children & Youth | Senior | Other/Eliminations | Group |
|---|---|---|---|---|
| Sale of devices | 30,443 | 228,585 | 0 | 259,028 |
| Sale of services | 79,678 | 0 | 0 | 79,678 |
| Inter-segment revenue | 8,000 | 0 | (8,000) | 0 |
| Cost of goods sold, and services provided | 41,477 | 106,683 | 0 | 148,160 |
| Gross Profit | 76,645 | 121,902 | (8,000) | 190,547 |
| Payroll expenses | 31,735 | 35,485 | 0 | 67,220 |
| Marketing expenses | 11,037 | 31,617 | 0 | 42,655 |
| Other operating expenses | 40,823 | 22,241* | 0 | 63,064 |
| EBITDA | (6,951) | 32,559 | (8,000) | 17,608 |
| Depreciation and amortisation | 11,793 | 12,451 | 104 | 24,243 |
| Operating profit / EBIT | (18,744) | 20,212 | (7,896) | (6,635) |
- NOK 15.7m is excluded from the Senior segment column compared to Doro AB's reported figures, relating to transaction costs for financial advisory services incurred in Q1 25 before the transaction date.
Assets and liabilities (31 March 2025)
| NOK '1000 | Children & Youth | Senior | Other/Eliminations | Group |
|---|---|---|---|---|
| Segment assets | 1,393,008 | 958,166 | (415,734) | 1,935,440 |
| Segment liabilities | 1,130,558 | 387,982 | 50,577 | 1,569,117 |
Profit and loss (1 January – 31 December 2025)
| NOK '1000 | Children & Youth | Senior | Other/Eliminations | Group |
|---|---|---|---|---|
| Sale of devices | 473,837 | 1,101,489 | 0 | 1,575,326 |
| Sale of services | 342,307 | 0 | 0 | 342,307 |
| Inter-segment revenue | 11,185 | 0 | (11,185) | 0 |
| Cost of goods sold, and services provided | 377,119 | 543,648 | 0 | 920,767 |
| Gross Profit | 450,210 | 557,842 | (11,185) | 996,867 |
Payroll expenses
135,034
161,209
0
296,243
Marketing expenses
75,745
124,671
0
200,416
Other operating expenses
158,525
110,390
(9,489)
259,427
EBITDA
80,906
161,571
(1,696)
240,781
Depreciation and amortisation
34,242
42,245
316
76,804
Operating profit / EBIT
46,664
119,325
(2,012)
163,977
- NOK 15.7m is excluded from the Senior segment column compared to Doro AB's reported figures, relating to transaction costs for financial advisory services incurred in Q1 25 before the transaction date.
Assets and liabilities (31 December 2025)
| NOK '1000 | Children & Youth | Senior | Other/Eliminations | Group |
|---|---|---|---|---|
| Segment assets | 1,367,370 | 1,114,209 | (467,567) | 2,014,012 |
| Segment liabilities | 1,131,684 | 445,311 | 59,897 | 1,636,892 |
Revenue by geographical areas (Group)
| NOK '1000 | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Nordic | 148,667 | 125,231 | 674,079 |
| Rest of Europe | 224,355 | 208,813 | 1,225,526 |
| Other | 3,207 | 4,663 | 18,028 |
| Total revenues | 376,229 | 338,707 | 1,917,633 |
Revenue is attributed to individual countries or groups of countries based on the customer's country of domicile.
NOTE 4 PAYROLL EXPENSES
| NOK '1000 | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Salaries | 47,133 | 45,466 | 188,809 |
| Share-based compensation | 1,355 | 1,542 | 11,520 |
| Sales commissions and bonus accruals | 3,918 | 0 | 21,682 |
| Social security fees | 11,356 | 14,486 | 50,666 |
| Pension expenses | 6,109 | 3,655 | 16,041 |
| Other benefits | 1,521 | 2,072 | 7,524 |
| Total | 71,392 | 67,220 | 296,243 |
Quarterly figures are unaudited.
NOTE 5 OTHER OPERATING EXPENSES
| NOK '1000 | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Selling & distribution Costs | 13,642 | 9,131 | 53,142 |
| Engineering, trademarks & patents | 603 | 780 | 2,836 |
| Consultants, legal & other external services | 31,899 | 28,506 | 129,993 |
| Office expenses | 5,915 | 4,054 | 20,716 |
| Travel & subsistence | 2,137 | 1,702 | 9,189 |
| One-off transaction costs related to Doro | 0 | 10,908 | 12,964 |
| Other operating costs | 6,679 | 7,983 | 30,587 |
| Total | 60,875 | 63,064 | 259,427 |
Quarterly figures are unaudited.
Q1 2026
Reclassification of Marketing expenses and Other operating expenses:
Certain costs related to marketing were classified as Other operating expenses in FY 2025. These costs meet the group's definition of Marketing expenses and have been reclassified accordingly. The amount moved from Other operating expenses to Marketing expenses in the columns for Q1 2025 and FY 2025 is NOK 9.753 million and NOK 34.652 million, respectively. Since this is a reclassification between cost lines, the subtotals in the statement of profit and loss and net profit are not impacted.
NOTE 6 FINANCE (INCOME)/EXPENSES – NET
| NOK '1000 | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Finance expenses relating to Doro Acquisition | |||
| Bank and loan administration fees * | 945 | 31,881 | 34,978 |
| Interest expenses on long-term loan | 11,862 | 12,347 | 52,700 |
| Currency impact on the long-term loan | (43,690) | 25,315 | 61,541 |
| Other finance (income)/expenses - net | (7,144) | 7,185 | 10,440 |
| Total finance (income)/expenses - net | (38,027) | 76,729 | 159,659 |
Quarterly figures are unaudited
* FY 2025 Bank and loan administration fees include fees relating to the refinancing of the bridge loan in Q1 25
NOTE 7 INTANGIBLE ASSETS AND GOODWILL
Goodwill
| NOK '1000 | Q1 2026 | Q1 2025 |
|---|---|---|
| Accumulated costs as of 1 January | 460,439 | 138,167 |
| Acquisitions of business | 0 | 309,897 |
| Accumulated impairment losses | 0 | 0 |
| Translation differences | (18,329) | 2,624 |
| Closing net carrying value as of 31 March | 442,110 | 450,688 |
| Allocated to segment: | ||
| Children & Youth | 138,167 | 138,167 |
| Senior | 303,943 | 312,521 |
Other Intangible Assets
Period end 31 March 2026
| NOK '1000 | Trade name | Customer contracts/ relations | Capitalized development | Total |
|---|---|---|---|---|
| Accumulated cost | ||||
| As of 1 January 2026 | 295,488 | 73,740 | 165,994 | 535,222 |
| Additions | 0 | 0 | 5,545 | 5,545 |
| Derecognition | 0 | 0 | 0 | 0 |
| Translation differences | (18,846) | 0 | (4,347) | (23,193) |
| Closing accumulated cost | 276,642 | 73,740 | 167,192 | 517,574 |
| Accumulated depreciation | ||||
| As of 1 January 2026 | 0 | (73,740) | (89,392) | (163,132) |
| Amortisation charge | 0 | 0 | (13,294) | (13,294) |
| Derecognition | 0 | 0 | 0 | 0 |
Page 23
Q1 2026
Period end 31 March 2025
| NOK '1000 | Trade name | Customer contracts/ relations | Capitalized development | Total |
|---|---|---|---|---|
| Accumulated cost | ||||
| As of 1 January 2025 | 0 | 73,740 | 84,972 | 158,712 |
| Additions | 0 | 0 | 14,501 | 14,501 |
| Derecognition | 0 | 0 | (10,905) | (10,905) |
| Acquisition of business | 274,539 | 0 | 44,841 | 319,380 |
| Additions | 9,501 | 0 | 1,432 | 10,933 |
| Closing accumulated cost | 284,040 | 73,740 | 134,841 | 492,621 |
Accumulated depreciation
| As of 1 January 2025 | 0 | (69,131) | (47,202) | (116,333) |
|---|---|---|---|---|
| Amortisation charge | 0 | (4,609) | (14,503) | (19,112) |
| Derecognition | 0 | 0 | 10,998 | 10,998 |
| Translation difference | 0 | 0 | 19 | 19 |
| Closing accumulated amortisation | 0 | (73,740) | (50,688) | (124,428) |
| Closing net carrying value | 284,040 | 0 | 84,153 | 368,193 |
Useful life
Indefinite
4 years
1-4 years
Amortisation plan
Linear
Linear
NOTE 8 LEASES
New lease agreement in Oslo
The Group entered into a lease agreement for a new office in Oslo with a commencement date of 16 January 2026. The lease term is five years, with an option to extend for an additional five years. The annual lease payments are NOK 4.0m and are subject to annual adjustments based on a price index. No lease payments are due during the first five months of the lease.
Period ended 31 March 2026
| NOK '1000 | Note | Other assets | Buildings | Total |
|---|---|---|---|---|
| As of 1 January 2026 | 3,135 | 37,673 | 40,808 | |
| Additions | 156 | 15,467 | 15,624 | |
| Derecognition | 0 | (16,322) | (16,332) | |
| Divestment | 0 | 0 | 0 | |
| Translation differences | (95) | (743) | (838) | |
| Closing accumulated cost | 3,197 | 36,065 | 39,262 |
Accumulated depreciation
Q1 2026
Period ended 31 March 2025
| NOK '1000 | Note | Other assets | Buildings | Total |
|---|---|---|---|---|
| As of 1 January 2025 | 1,708 | 19,017 | 20,726 | |
| Additions | 54 | 734 | 788 | |
| Derecognition | (23) | (204) | (227) | |
| Acquisitions of business | 1,353 | 12,480 | 13,832 | |
| Translation differences | (51) | (456) | (507) | |
| Closing accumulated cost | 3,041 | 31,571 | 34,612 |
Accumulated depreciation
| As of 1 January 2025 | (944) | (6,716) | (7,659) |
|---|---|---|---|
| Depreciation charge | (438) | (3,777) | (4,216) |
| Derecognition | 42 | 374 | 415 |
| Divestment | 0 | 0 | 0 |
| Translation differences | 16 | 48 | 64 |
| Closing accumulated depreciation | (1,325) | (10,071) | (11,396) |
| Closing net carrying value | 1,716 | 21,500 | 23,216 |
Weighted average remaining lease term 1,7 years 1,6 years
Lease liabilities
Changes in lease liabilities
| NOK '1000 | Note | 1.1-31.03 2026 | 1.1-31.03 2025 |
|---|---|---|---|
| As of 1 January | 17,744 | 16,383 | |
| Business combinations | 0 | 13,841 | |
| Additions | 16,037 | 973 | |
| Lease payments | (3,696) | (4,787) | |
| Interest expense on the lease liability | 429 | 346 | |
| Translation differences | (1,036) | (386) | |
| Closing lease liabilities | 29,479 | 26,369 | |
| Non-current lease liabilities | 19,141 | 10,698 | |
| Current lease liabilities | 10,337 | 15,672 |
Undiscounted lease liabilities and maturity of cash outflows
Q1 2026
Page 26
Q1 2026
| NOK '1000 | Note | 1.1-31.03 2026 | 1.1-31.03 2025 |
|---|---|---|---|
| Less than 1 year | 10,707 | 16,183 | |
| 1-2 years | 8,084 | 8,683 | |
| 2-3 years | 5,155 | 1,300 | |
| 3-4 years | 4,602 | 606 | |
| 4-5 years | 3,533 | 379 | |
| More than 5 years | 320 | 341 | |
| Total undiscounted lease liabilities | 32,401 | 27,493 |
Finance lease receivable
| Changes in finance lease receivables | |||
|---|---|---|---|
| NOK '1000 | Note | 1.1-31.03 2026 | 1.1-31.03 2025 |
| As of 1 January | 12.1 | 0 | 2,825 |
| Business combinations | 0 | 0 | |
| Additions | 0 | 0 | |
| Lease payments received | 0 | (407) | |
| Interest income on the lease receivable | 0 | 42 | |
| Closing finance lease receivables | 0 | 2,460 | |
| Non-current finance lease receivables | 0 | 875 | |
| Current finance lease receivables | 0 | 1,586 | |
| Undiscounted lease receivables and maturity of cash inflows | |||
| --- | --- | --- | --- |
| NOK '1000 | Note | 1.1-31.03 2026 | 1.1-31.03 2025 |
| Less than 1 year | 0 | 1,627 | |
| 1-2 years | 0 | 949 | |
| 2-3 years | 0 | 0 | |
| 3-4 years | 0 | 0 | |
| 4-5 years | 0 | 0 | |
| More than 5 years | 0 | 0 | |
| Total undiscounted finance lease receivables | 0 | 2,576 |
NOTE 9 SHARE CAPITAL AND SHAREHOLDER INFORMATION
| Share capital | No. of shares | Share par value | Book value |
|---|---|---|---|
| Ordinary shares | 47,854,622 | 0.004 | 178,451.14 |
SHAREHOLDERS AS OF 31.03.2026
| Shareholder | Shares | Ownership | Voting rights interest |
|---|---|---|---|
| Passesta AS | 4,769,056 | 10.0% | 10.0% |
| Vinterstua AS | 2,528,507 | 5.3% | 5.3% |
| Harmonium Invest AS | 2,446,911 | 5.1% | 5.1% |
| Eden AS | 2,240,125 | 4.7% | 4.7% |
| MP Pensjon PK | 2,027,492 | 4.2% | 4.2% |
| S. Munkhaugen AS | 1,991,325 | 4.2% | 4.2% |
| Verdipapirfondet DNB SMB | 1,577,872 | 3.3% | 3.3% |
Page 27
Q1 2026
| MK Capital AS | 1,326,094 | 2.8% | 2.8% |
|---|---|---|---|
| Esmar AS | 1,162,843 | 2.4% | 2.4% |
| Camelback Holding AS | 1,162,045 | 2.4% | 2.4% |
| Kirkbak Holding AS | 1,118,706 | 2.3% | 2.3% |
| Fougner Invest AS | 1,056,572 | 2.2% | 2.2% |
| Arepo AS | 972,454 | 2.0% | 2.0% |
| Surfside Holding AS | 851,500 | 1.8% | 1.8% |
| Nordnet Livsforsikring AS | 762,909 | 1.6% | 1.6% |
| J.P. Morgan SE | 747,319 | 1.6% | 1.6% |
| Avanza Bank AB | 722,876 | 1.5% | 1.5% |
| DNB Bank ASA | 721,691 | 1.5% | 1.5% |
| Torsen Tankers & Towers AS | 671,935 | 1.4% | 1.4% |
| Clearstream Banking S.A. | 636,978 | 1.3% | 1.3% |
| Top 20 Shareholders | 29,495,210 | 61.6% | 61.6% |
| Other | 18,359,412 | 38.4% | |
| Total Shares Outstanding | 47,854,622 | 100.0% |
Shares held by Board members and Management per reporting date
| Name | Role | Shareholder | No of shares | Ownership |
|---|---|---|---|---|
| Tore Engebretsen | Chairman | Passesta AS | 4,769,056 | 100%* |
| Bjørn Christian Eide | Director | Esmar AS | 1,162,843 | 45% |
| Ingrid Elvira Leisner | Director | Duo Jag AS | 26,923 | 50% |
| Trygve Bruland | Director | Cosimo AS | 600,000 | 100% |
| Trygve Bruland | Director | Private | 60,000 | 100% |
| Jannicke Haugen | Director | Private | 6,801 | 100% |
| Suzaan Sauerman | Director | Private | 4,362 | 100% |
| Sten Kirkbak | CEO | MK Capital AS | 1,326,094 | 50% |
| Sten Kirkbak | CEO | Kirkbak Holding AS | 1,118,706 | 100% |
| Other management | - | Private | 128,403 | 100% |
*Refers to A-shares, which carry 100% of the voting rights. 100% of the ownership is held by Tore Engebretsen and related parties.
Options and rights outstanding
There is a total of 2,109,112 options outstanding at 31 March 2026.
During Q1 2026, the company completed a private placement raising gross proceeds of approximately NOK 150 million. The following members of the Company's management and Board committed to subscribe for, and was allocated based on the amount disclosed, Offer shares at a fixed price of NOK 52 per Offer share:
- Sten Kirkbak (CEO) through MK Capital AS: NOK 300,000
- Knut Stålen (CFO): NOK 300,000
- Bjørn Christian Eide (board member) through Esmar AS: NOK 3,653,905 (pro-rata)
- Ingrid Elvira Leisner (board member) through Duo Jag AS: NOK 100,000
- Jannicke Haugen (board member) through Sjiraff Holding AS: NOK 100,000
- Suzaan Sauerman (board member): NOK 100,000
In December 2025, Xplora conducted an Employee Share Purchase Program, under which employees and primary insiders Suzaan Sauerman, Jannicke Haugen, and Kristin Hellebust subscribed for shares. The program was settled in Q1 2026, after which Xplora owns a total of 39,986 own shares. The shares are subject to a two-year lock-up period. During the same month, the company also granted share options to primary insiders including Sanghyo Kim, Knut Stålen, Lise af Ekenstam and Kristin Hellebust under the company's Management Incentive Program (MIP), with vesting over three years.
Page 28
Q1 2026
NOTE 10 LOANS
| NOK '1000 | 31.03.26 | 31.03.25 | 31.12.25 |
|---|---|---|---|
| Loan facility non-current | 557,418 | 931,370 | 662,894 |
| Loan facility current | 299,289 | 0 | 236,558 |
| Innovation Norway loan | 0 | 4,167 | 0 |
| Supply chain financing facility | 60,702 | 46,844 | 54,927 |
| Total loans | 917,409 | 982,381 | 954,380 |
EUR 82m loan facility
On 31 March 2025, the Group entered into a EUR 82m long-term loan facility with Nordea. The facility is structured into three sub-facilities with maturity dates ranging from 12 months to 4 years from the date of entering into the loan agreement. The interest rate is linked to EURIBOR. Up to 75 % of the interest exposure has been hedged through interest rate swaps. The hedging arrangement does not qualify for hedge accounting under IFRS. In Q1 2026, Xplora agreed with the lender to postpone the maturity of the sub-facility of EUR 13.7m from 31 March 2026 to 31 December 2026. The outstanding amount of the loan at 31 March 2026 was EUR 76.3m.
Supply chain financing facility
This facility is used to finance trade payables to third-party suppliers and may be drawn in multiple currencies and has a maximum limit of NOK 175m. The lender is Nordea. Loans under the facility carry interest at the relevant interbank reference rate (e.g. NIBOR for NOK) plus a margin ranging from 250 to 300 basis points per annum, dependent on the Group's leverage ratio (net interest-bearing debt to EBITDA). The maturity of each individual drawing is determined at the time of drawdown.
The company is in full compliance with all covenant requirements set forth in the loan agreements.
NOTE 11 POST QUARTER EVENTS
No significant events after the reporting period.
FORWARD LOOKING STATEMENTS
The presentation and report (the "Report") has been produced by Xplora Technologies AS (the "Company") for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. The distribution of this report may be restricted by law in certain jurisdictions, and the recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction.
This report includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with the Company's growth initiatives, profit figures, outlook, strategies, and objectives. All forward-looking information and statements in this report are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industry in which the Company operates. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although the Company believes that its expectations and the report are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the report.
The Company is making no report or warranty, expressed or implied, as to the accuracy, reliability, or completeness of the report, and neither the Company nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.
This report speaks as at the date set out on herein and will not be updated. The following slides should also be read and considered in connection with the information given orally during the report.
This report is subject to Norwegian law, and any dispute arising in respect of this report is subject to the exclusive jurisdiction of Norwegian courts.
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Q1 2026
DEFINITIONS
Activation = A new activation refers to a watch that is turned on for the first time by an end-user. This metric only captures the initial watch activation, regardless of connection to an Xplora subscription plan.
ARR = Annual Recurring Revenue. Calculated as quarterly service revenue multiplied by four.
ARPU = Average revenue per user. Calculated by dividing revenue from mobile and premium services, by the number of mobile subscriptions.
ASP = Average selling price. Calculated by dividing device revenue by the number of units sold.
Attache rate = The proportion of unit sales that convert into mobile subscription sales
CAGR = Compounded annual growth rate
COGS = Cost of goods sold
DACH = Deutschland (Germany), Austria, and CH (Confoederatio Helvetica) Switzerland
EBITDA = Earnings before Interests, Tax, Depreciation, Amortisation and Impairment losses
Freemium model = Business model offering basic features for free, with advanced features available for purchase
IoT = Internet of Things
LTM = Last twelve months
LTV = Life-Time Value
MDA = Master distribution agreement
MVNO = Mobile virtual network operator
SaaS = Software as a service
Subscription = Subscriptions include mobile subscription plans, premium services, B2B revenue sharing, and service fees. The number of subscriptions reflects active, paid plans.
TTM = Trailing twelve month, a term to describe the past 12 consecutive months
4Q rolling = Means the consecutive twelve-month period before a specified date
Q1 2026
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