NORBIT – Results for the first quarter 2023

Trondheim, 16 May 2023: In the first quarter, NORBIT reached all-time high revenues of NOK 376.7 million, corresponding to a growth of 60 per cent from the first quarter of 2022, supported by strong demand in all three business segments.

The EBITDA result was NOK 104.3 million in the first quarter, representing a margin of 28 per cent, up from NOK 43.9 million and 19 per cent in the corresponding quarter of 2022.

Earnings per share for the quarter were NOK 0.88 compared to NOK 0.21 one year earlier.

- The combination of continued strong demand and dedication across all levels of our organisation, has resulted in record high revenues and growth and further margin expansion. We are eager to continue to tailor technology that can enable our customers to «Explore More», says Per Jørgen Weisethaunet, CEO of NORBIT.   

Order intake has been strong in the first months of 2023, particularly within segment Connectivity, which has announced contracts for close to NOK 1.0 billion. This includes two On-Board Unit contracts with a value of approximately NOK 420 million and a frame agreement for delivery of tachograph enforcement modules with an estimated value in excess of NOK 500 million.

- Over the last years, NORBIT has made significant investments in broadening the product offering, expanding the production capacity and increasing inventories to maintain a safety stock of components to safeguard deliveries and seize opportunities. These strategic decisions have been an enabler for organic growth and enhanced the flexibility, positioning NORBIT to deliver on larger contracts, Weisethaunet adds.

The outlook for NORBIT remains positive. Second quarter is expected to be yet another strong quarter with continued high activity in all three business segments. The guidance for the year is reiterated, where the targets are to deliver revenues in excess of NOK 1.4 billion and continued margin improvement.

Attached is the report for the first quarter and the presentation material.

A presentation of the results will be held by CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe at 10:00 CEST. The presentation will be hosted by Arctic Securities via a live webcast.

Please use the following link to view the webcast:

https://teams.microsoft.com/l/meetup-
join/19%3ameeting_MWUyYjBkMTQtOTY5ZS00NGIwLWFjNTktZjI4YTQ1YmIyMTgz%40thread.v2/0?context=%7B%22Tid%22%3A%22d02701f9-3b23-4b3f-8fce-29ed54632bf8%22%2C%22Oid%22%3A%2272ea5c6c-fd70-4d89-875b-5e262b94f033%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a

For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203

About NORBIT ASA
NORBIT is a global company providing tailored technology to selected applications, by solving challenges through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization (PIR). The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides tailored wireless solutions for identification, monitoring and tracking. The PIR segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT has around 450 employees, with headquarter in Trondheim, R&D and manufacturing in Norway and Hungary, and a worldwide sales and distribution platform.

For more information: www.norbit.com

This information counts as insider information and must be disclosed in accordance with the Market Abuse Regulation and the Norwegian Securities Trading Act §5-12.

This stock exchange announcement was published by Elise Heidenreich, Investor Relations in NORBIT ASA, 16 May 2023 at 07.00 CEST.

Attachments

• NORBIT Q1 2023 report
• NORBIT Q1 2023 presentation