Norbit (NORBT) Q2 2025 earnings summary

Executive summary

• Achieved record revenues and profits in Q2 2025, with NOK 684.4 million in revenue (up 63% y/y) and EBIT of NOK 174.2 million (25% margin); H1 2025 revenues totaled NOK 1,206.1 million, up 46% from last year.

• All segments contributed to growth, with strong demand in defense, security, and proprietary technology, and successful integration of acquisitions.

• Dividend of NOK 3.00 per share (NOK 190.9 million) paid in May 2025 following AGM approval.

• Strong cash flow generation, improved working capital efficiency, and robust balance sheet.

• Raised full-year revenue guidance to NOK 2.5–2.6 billion with a 25% EBIT margin.

Financial highlights

• Q2 EBIT reached NOK 174.2 million (25% margin); H1 EBIT NOK 301.5 million (25% margin).

• Q2 EBITDA was NOK 210.7 million (31% margin), up from NOK 131.9 million in Q2 2024; H1 EBITDA NOK 372.7 million (31% margin).

• Net income for Q2 was NOK 131.4 million; EPS NOK 2.06; H1 net income NOK 221.1 million, H1 EPS NOK 3.46.

• Gross margin for Q2 was 55%, down from 61% due to segment mix; H1 gross margin was 58%.

• Dividend payment of NOK 190.9 million in Q2.

Outlook and guidance

• Full-year 2025 revenue target raised to NOK 2.5–2.6 billion (from NOK 2.2–2.3 billion); EBIT margin expected at ~25%.

• Q3 segment guidance: Oceans >NOK 180 million, Connectivity NOK 120–130 million, PIR NOK 220–230 million.

• Q4 expected to be a record quarter, especially for PIR and Connectivity.

• R&D investment guidance raised to NOK 130–140 million for 2025; CapEx for machinery to NOK 120 million.

• PIR defence and security revenues expected to exceed NOK 600 million in 2025.