NORBIT - Fourth quarter and preliminary annual results 2022

15 Feb 2023 07:00 CET

Trondheim, 15 February 2023: NORBIT reported record high revenues of NOK 347.3
million in the fourth quarter of 2022, an increase of 40 per cent compared to
the corresponding period of last year. For the full year, revenues increased by
48 per cent to NOK 1 167.5 million.

The EBITDA result was NOK 66.5 million in the fourth quarter, and NOK 235.3
million for the full year, corresponding to a margin of 19 and 20 per cent,
respectively. The board of directors proposes a dividend of NOK 0.70 per share
for the fiscal year 2022, in line with the dividend policy.

Per Jørgen Weisethaunet, CEO of NORBIT:

"Our highly dedicated workforce continues to deliver value to our customers,
partners and stakeholders. We are proud to report the highest revenues in the
company's history, with all business segments contributing to the positive
development. We are working tenaciously, every day, to build a global technology
company that is on a mission to deliver consistent profitable growth."

"The strong numbers reported are also a result of conscious strategic
priorities, including significant investments, in R&D to broaden our product
offering, in increased production capacity and in people and organization. These
have proven to be good priorities."

NORBIT is experiencing high activity at the beginning of 2023, and the order
backlog is strong. The revenue target for 2023 exceeds NOK 1.4 billion,
supported by growth in all three business segments, with margins expected to
improve further.

"We are on track to fulfill the ambition of delivering organic revenues in
excess of NOK 1.5 billion and an EBITDA margin above 25 per cent in 2024. Each
segment is experiencing tailwinds, supported by favorable market drivers",
Weisethaunet adds.

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

For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203

About NORBIT ASA
NORBIT is a global company providing tailored technology to selected
applications by solving challenges 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 (PIR). The Oceans segment delivers tailored technology solutions
to global maritime markets. The Connectivity segment provides tailored wireless
solutions for identification, monitoring and tracking. The PIR segment offers
R&D services, proprietary products, and contract manufacturing to key customers.
NORBIT has around 450 employees, with headquarter in Trondheim, R&D and
manufacturing in Norway and Hungary, 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, 15 February 2023 at 07.00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

582421_NORBIT Q4 2022 presentation.pdf
582421_NORBIT Q4 2022 report.pdf