Norbit (NORBT) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 and H1 2026 results, with Q2 revenues of NOK 831.6 million (up 22% y/y) and H1 revenues of NOK 1,563.8 million (up 30%), driven by strong performance in Connectivity and PIR segments.

• EBIT for Q2 was NOK 205.2 million (25% margin); H1 EBIT was NOK 361.1 million (23% margin).

• Dividend of NOK 5.00 per share paid in May 2026.

• Completed strategic acquisition of Water Linked for NOK 330 million, expanding subsea sensor capabilities.

• Announced 2030 ambitions: NOK 6 billion revenue target (19% CAGR from 2025), EBIT margin 20%-25%.

Financial highlights

• Q2 revenues: NOK 831.6 million, up 22% year-over-year; H1 revenues: NOK 1,563.8 million, up 30%.

• Gross margin: 52% in Q2 (down from 55%); net income: NOK 157.1 million in Q2; EPS: NOK 2.45 (up from NOK 2.06).

• Cash flow from operations: NOK 275.2 million in Q2; cash conversion at 108%; cash and undrawn credit facilities at NOK 789.4 million.

• Net interest-bearing debt at quarter-end: NOK 340 million; equity ratio 43%.

• EBITDA for Q2: NOK 253.7 million (31% margin); H1 EBITDA: NOK 455.5 million (29% margin).

Outlook and guidance

• 2026 full-year revenue guidance: NOK 2.9–3.1 billion, excluding Water Linked; EBIT margin 20%-23%.

• Q3 segment revenue targets: Oceans NOK 230–260 million, Connectivity NOK 150–160 million, PIR NOK 240–260 million.

• 2030 ambition: NOK 6 billion revenue, 20%-25% EBIT margin, >30% ROCE.