NORBIT – Record Full-Year and Fourth Quarter Results 2024

Trondheim, 13 February 2025

NORBIT delivered record-high revenues of NOK 1,751.4 million for the financial year 2024, with an operating profit (EBIT) for the full-year period at NOK 341.7 million, representing a margin of 20 per cent.

The fourth quarter also set a new record, with revenues reaching NOK 556.1 million - an increase of 40 per cent compared to the same period in 2023. The EBIT result for the quarter was NOK 145.0 million, representing a margin of 26 per cent.

• The Oceans segment achieved all-time high revenues of NOK 269.0 million, a 52 per cent increase from Q4 2023, with an EBIT margin of 37 per cent.

• The Connectivity segment reported revenues of NOK 152.7 million, an increase of 31 per cent, and an EBIT margin of 29 per cent.

• The Product Innovation & Realization segment saw revenues grow by 33 per cent to NOK 149.1 million, with an EBIT margin of 14 per cent.

“The strong revenue growth and improved margins in the fourth quarter rounded off a solid year for NORBIT. These results validate our diversified business model and confirm that our strategy to deliver tailored technology to carefully selected applications is creating value,” says Per Jørgen Weisethaunet, CEO of NORBIT.

Outlook for 2025 and beyond

2025 marks 30 years since the NORBIT journey began. The experience built over these decades enables NORBIT to deliver on its 2025 targets: revenues between NOK 2.2 and 2.3 billion and an EBIT margin above 20 per cent, supported by growth and positive margin development in all three business segments.

Strong demand across all segments provides a solid foundation for NORBIT to take the next step towards the ambition to deliver more than NOK 2.75 billion in organic revenues and around 20 per cent EBIT margin in 2027. Focus remains on continuing to execute on the strategy, strengthening the position in key markets and leveraging long-term growth drivers, all key enablers for sustained profitable growth.

“We will continue to make strategic investments by focusing on business development, R&D, increased capacity, and preparedness, and last but not least, we will keep refining and developing our highly valuable colleagues,” adds Weisethaunet.

Dividend proposal

Returning cash to the shareholders is part of NORBIT’s capital allocation framework. In line with the dividend policy, and considering the strong performance and NORBIT’s solid financial position, the board of directors proposes an ordinary dividend of NOK 2.00 per share. In addition, the board proposes an extraordinary dividend of NOK 1.00 to distribute excess capital, bringing the total dividend to NOK 3.00 per share for the fiscal year 2024 - corresponding to 76 per cent of the reported net profit.

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

CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the results at 09:00 am CET.
The presentation will be hosted by Arctic Securities via a live webcast.

Please use the following link to register for the webcast: https://my.demio.com/ref/FITonXIVg7o7r96R

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 and North America, has around 550 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, 13 February 2025 at 07.00 CET.

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