NORBIT - Results for the third quarter of 2023

Trondheim, 15 November 2023: NORBIT delivered continued growth in the third quarter, reporting revenues of NOK 328.6 million and an EBITDA result of NOK 68.2 million, representing a margin of 21 per cent. Revenues increased by 22 per cent from the corresponding quarter in 2022, supported by underlying growth in all the three business segments. 

For the first nine months of the year, NORBIT delivered revenues of NOK 1 122.9 million and an EBITDA margin of 27 per cent. This represents a growth rate of 37 per cent from the corresponding period of 2022.

• The Oceans segment reported revenues of NOK 134.1 million, a 29 per cent increase from the third quarter in 2022, and an EBITDA margin of 30 per cent.
• The Connectivity segment reported revenues of NOK 115.8 million, an increase of 44 per cent, and an EBITDA margin of 30 per cent.
• The Product Innovation & Realization segment reported revenues of NOK 85.5 million, and an EBITDA margin of 9 per cent. Adjusting for customer reimbursements of extraordianry material costs, the underlying growth for the segment was 14 per cent.

"This has been the best third quarter in our history. We are proud to keep delivering solid results, supported by strong demand for our technology solutions across all three business segments," says Per Jørgen Weisethaunet, CEO of NORBIT.

In early October, NORBIT completed the acquisition of the Canadian maritime technology company Ping Digital Signal Processing Inc, supporting the strategy of broadening the Ocean segment’s product offering.

The outlook remains positive for NORBIT, with the fourth quarter historically being a strong quarter of the year for Oceans. The target for the year, to deliver more than NOK 1.5 billion in revenues and an EBITDA margin above 25 per cent, is reiterated. As part of the fourth quarter reporting in February, NORBIT will communicate financial targets for the period beyond 2023.  

"Thanks to our hardworking and dedicated employees, aligning with our vision to be recognized as world-class and enabling people to explore more, we are delivering on our strategy of tailoring technology to carefully selected applications. This is creating a strong foundation for long-term profitable growth," says Weisethaunet.

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

CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the results at 10:00 am CET. The presentation will be hosted by Pareto Securities via a live webcast.

Please use the following link to register for the webcast:

https://invitepeople.com/events/dca5cc6e0c

For more information:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203

About NORBIT ASA
NORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability 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. The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT is headquartered in Trondheim with manufacturing in Europe, has around 450 employees, 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, 15 November 2023 at 07.00 CET.

Attachments

• NORBIT Q3 2023 report
• NORBIT Q3 2023 presentation