Norbit (NORBT) Q3 2026 earnings summary

Executive summary

• Q3 revenue was NOK 676.7m, up 34% YoY; EBIT rose 53% to NOK 115.5m at a 17% margin, with growth across all segments.

• 9M revenue reached NOK 2,240.4m, up 31% YoY; EBIT was NOK 476.6m at a 21% margin.

• The board approved an additional NOK 2.00/share dividend for FY 2025, bringing the total to NOK 7.00/share.

Financial highlights

• Q3 organic revenue growth was 28%, or 33% in constant currency; Q3 gross margin was 56% versus 57% YoY.

• Q3 EBITDA was NOK 169.2m versus NOK 114.7m; profit was NOK 71.8m versus NOK 51.8m, and diluted EPS was NOK 1.12 versus NOK 0.81.

• Q3 net financial items were negative NOK 23.5m, including NOK 18.3m net interest expense and NOK 5.2m in other financial items and FX losses.

• Q3 operating cash flow was NOK 101.1m; cash flow conversion was 60% for the quarter and 94% YTD.

• Q3 operating expenses included NOK 5.6m in Water Linked transaction costs; employee expenses also rose with acquisition, organisational growth and wage inflation.

Outlook and guidance

• FY 2026 guidance is NOK 3.0–3.1bn revenue and a 21%–22% EBIT margin, including Water Linked and related transaction costs.

• Q4 revenue expectations: Oceans above NOK 300m, Connectivity NOK 250–270m and PIR NOK 250–270m.

• Oceans expects a seasonal Q4 uplift, healthy sonar backlog and higher security-project revenue recognition; late-December activity makes the uplift difficult to forecast.

• FY 2026 investment guidance is NOK 130–140m in R&D and ~NOK 110m in fixed assets, including Water Linked.

• 2030 ambitions include organic revenue above NOK 6.0bn, EBIT margin of 20%–25%, ROCE above 30% and NIBD/EBITDA of 1.0x–2.5x.