Q2 2026 Norbit ASA Earnings Call Transcript
Key Points
- Record Q2 2026 results with 22% revenue growth and 25% EBIT margin, driven by strong performance across all segments.
- Successful acquisition of Waterlinked completed, expanding product portfolio into Doppler Velocity Logging and strengthening Oceans segment.
- Robust order intake, including a 325 million NOK contract for GNSS onboard units and a 225 million NOK contract for defense-related manufacturing.
- Strong cash flow generation with 108% cash conversion and a solid balance sheet with net debt to EBITDA of 1.1x, supporting future growth.
- Ambitious 2030 targets with 19% revenue CAGR and EBIT margin of 20-25%, backed by clear segment strategies and disciplined capital allocation.
- Oceans segment revenue declined 7% in H1 2026 due to a slow rental market, partially offset by solid sonar demand.
- Connectivity gross margin fell 9 percentage points due to a substantial increase in memory chip prices and euro depreciation, impacting EBIT margin.
- PIR segment faces lower visibility and high customer concentration, with a shift from automotive to defense and security affecting order predictability.
- Foreign exchange headwinds, particularly the euro depreciation against the Norwegian krone, negatively impacted reported revenues and margins.
- Q3 2026 guidance indicates lower revenues in Connectivity and PIR due to production breaks and reduced defense deliveries, suggesting potential short-term volatility.
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Good morning and welcome to Norbit's Q2 and H1 2026 presentation.
Today we have the pleasure of presenting another record quarter for Norbit. This is rewarding and we're grateful for the continued trust placed in us by professional customers around the globe.
What makes today an even better day at work is that we also have the opportunity to present our ambitions towards 2030.
It's really a privilege to be part of a team with a development oriented mindset. It's people who are eager to aim higher, continuously improve and contribute where it matters.
So after we walked you through both the Q2 and H1 presentation, as well as the ambitions towards 2030, we will open the floor for questions.
As said, Q2 came in as a new record quarter for Norbit.
We have a 22% growth towards Q2, 2025.
EBIT in the quarter ended at 205 million NOC, representing 25% EBIT margin.
In the quarter, it's been paid out, also the dividend decided upon. By the annual
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