Norbit (NORBT) Q4 2024 earnings summary

Executive summary

• Achieved record revenues and EBIT in Q4 2024, with 40% year-over-year growth and strong organic and M&A-driven performance across all segments.

• Full-year 2024 revenues reached NOK 1,751 million, up 15% from 2023, with an EBIT margin of 20% and diluted EPS of NOK 3.93, a 27% increase year-over-year.

• Board proposes a total dividend of NOK 3.00 per share (76% of net profit), including an extraordinary dividend, in line with policy to pay out 30%-50% of net profit.

• 2025 revenue target set at NOK 2.2–2.3 billion, with ambition to improve EBIT margin above 20%.

Financial highlights

• Q4 2024 revenues: NOK 556.1 million (+40% YoY); full year: NOK 1,751 million (+15% YoY).

• Q4 EBIT: NOK 145 million (26% margin); full year EBIT: NOK 342 million (20% margin).

• Q4 EBITDA: NOK 182.4 million (33% margin); full year EBITDA: NOK 474 million (27% margin).

• Net income for 2024: NOK 243.3 million; Q4 net income: NOK 105.9 million.

• Gross margin improved to 62% in Q4 2024, up from 60% in Q4 2023.

Outlook and guidance

• 2025 revenue target: NOK 2,200–2,300 million, with EBIT margin expected to exceed 20%.

• Q1 2025 revenue expected to exceed NOK 200 million in Oceans, NOK 140–150 million in Connectivity, and NOK 170–180 million in PIR.

• Continued focus on value-accretive acquisitions and high R&D investment, especially in GNSS On-Board Unit.

• 2024–2027 ambition: organic revenue CAGR ~16%, EBIT margin ~20–30%.