Norbit (NORBT) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues reached NOK 505.4 million, up 36% year-over-year, with EBIT of NOK 75.4 million and a 15% margin.

• Nine-month revenues totaled NOK 1,711.5 million, up 43% year-over-year, with EBIT up 92% to NOK 377.0 million (22% margin).

• All three business segments contributed to growth, with Oceans and PIR showing significant profitability improvements.

• Diluted EPS for Q3 was NOK 0.81, up from NOK 0.55 a year earlier.

• Extraordinary dividend of NOK 3.00 per share was declared, reflecting strong financial position.

Financial highlights

• Q3 EBITDA was NOK 114.7 million (23% margin), up from NOK 86.6 million year-over-year.

• Gross margin for Q3 was 57%, down from 63% last year, mainly due to segment mix and product obsolescence.

• Net income for Q3 was NOK 51.8 million, up from NOK 35.1 million year-over-year.

• Net interest-bearing debt at quarter-end was NOK 320.5 million, equity ratio at 50%.

• Cash flow from operations was negative NOK 1.9 million, mainly due to increased working capital.

Outlook and guidance

• Full-year 2025 revenue guidance is NOK 2.5–2.6 billion, with EBIT margin expected between 24% and 25%.

• Q4 expected to be record-setting, with Oceans segment revenues forecast above NOK 230 million, Connectivity between NOK 200–240 million, and PIR between NOK 390–420 million.

• PIR segment revenues from defense and security anticipated to exceed NOK 700 million for the year.

• Some GNSS OBU revenues shifted to Q1 2025 due to production delays.

• Continued focus on value-accretive acquisitions to supplement organic growth.