NOD: Nordic Semiconductor consolidates organization

28 Oct 2024 10:05 CET

(Oslo, Norway, October 28, 2024) Nordic Semiconductor today announces a
strategic resource realignment that includes a global workforce reduction of
approximately 8% of the company’s total workforce.

“We have made the difficult decision to reduce the size of our workforce, and we
are also re-balancing and re-organizing our teams, as part of our broader
strategy to deliver Nordic’s target business model,” says Nordic Semiconductor
CEO Vegard Wollan.

“The re-balancing of resources reflects ongoing initiatives to sharpen Nordic’s
focus towards strategically critical programs, improve operating efficiency, and
optimize operating expenses.”

Nordic expects to charge its fourth quarter and full year 2024 results with
restructuring costs of approximately USD 5 million.

The projected cost savings were already included in the company’s communicated
target of a flat cost base in 2025 compared with 2024.

The organizational changes have been planned and will be implemented in
cooperation with employee organizations in the different countries.

“We are committed to supporting our outgoing colleagues and thank these
employees for their contributions to the development of Nordic,” Wollan
concludes.

For further information, please contact:

Pål Elstad, CFO / EVP Finance - Nordic Semiconductor ASA Phone: +47 991 66 293
Ståle Ytterdal, SVP IR - Nordic Semiconductor ASA Phone: +47 930 37 430

About Nordic Semiconductor: Nordic Semiconductor has been a pioneer in ultra-low
power wireless solutions, from proprietary technologies for PC accessories to
today’s Bluetooth low energy and multiprotocol products and long-range cellular
IoT solutions. Nordic Semiconductor is the clear market leader in the ultra-low
power wireless segment, serving a growing market in consumer electronics,
wearables, building and retail, healthcare and an increasing number of other
verticals and applications. Nordic Semiconductor (NOD) is a public company
listed on the Oslo stock exchange in Norway.

For more information, go to www.nordicsemi.com This information is considered to
be inside information pursuant to the EU Market Abuse Regulation and is subject
to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act.

This stock exchange announcement was published by Pål Elstad, CFO, Nordic
Semiconductor ASA, on October 28, 2024, at 10:05 CET.

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