Good morning, and welcome to NORBIT's Q2 and H1 2026 presentation. Today, we have the pleasure of presenting another record quarter for NORBIT.

This is rewarding, and we're grateful for the continued trust placed in us by professional customers around the globe. What makes today an even better day at work is that we also have the opportunity to present our ambitions towards 2030.

It's really a privilege to be part of a team with a development-oriented mindset. It's people who are eager to aim higher, continuously improve, and contribute where it matters.

After we've walked you through both the Q2 and H1 presentation as well as the ambitions towards 2030, we will open the floor for questions. As said, Q2 came in as a new record quarter for NORBIT.

We have 22% growth towards Q2 '25. EBIT in the quarter ended at 205 million NOK, representing 25% EBIT margin.

In the quarter, it's been paid out also the dividend decided upon by the annual shareholders' meeting with 5 Norwegian kroner per share was paid out in May. For the first half year, which also is a record, we have 1.5 billion NOKs in revenues, which is a 30% growth from first half 2025.

With a EBIT margin of 23%, this gives us an EBIT of 361. In addition, during the quarter, we've been awarded several good contracts that we will also comment on later in the presentation.

Give you a brief update from the different segments. In the Oceans segment, we've recorded revenues of 236 millions.

That's very much at par with last year, Q1, and EBIT margin is on 33% in the quarter. For the first half, it's a decrease of 7% for this segment, and on the revenues for 440 million with a EBIT margin of 30% gives a quite flat comparison to the year before.

We've included also in this presentation, as in previous presentations, a split on revenues done on the different products. Since we have quite extensive presentation today, also with the ambitions, I'm not making lots of comments on this.

Post-closing of the quarter, we've also completed the acquisition of Water Linked. This is a strong strategic fit for us.

It's tailored technology in very carefully selected application. I think the strength we've seen in this is to be able to broaden our product offering, also entering into DVL business, also Doppler velocity logging, which is a extension of the product business for NORBIT.

We see this both as an extension on the product portfolio, but also on our ability to fuel even more based on organic investments in R&D. It's a good team on board also in this company.

Connectivity, in the second quarter, it was 250 million NOKs in revenues, very much driven by increase on the deliveries of our newest product in the segment, the GNSS on-board units. It's an EBIT margin on 27%, giving 66 million NOKs in EBIT.

For the first half, we've recorded 461 million NOKs in revenues, which is an increase of 46% compared to the year before. The EBIT margin is declined in the quarter from the year before, when it was 31%, it's now recorded 27.

As commented on, the growth is very much driven, as you see here, in the product vertical, satellite-based tolling. That's where you have the GNSS on-board unit.

The mentioned product, in the quarter, we was awarded a contract for 155 million NOKs for delivery second half this year, and in July, after closing of the quarter, we announced another contract on 325 million scheduled for deliveries to start end of the fourth quarter this year and the majority to take place during 2027. Final segment, Product Innovation and Realization, it's been a very satisfying growth in this segment during the last period.

It's up 25% compared to Q2 '25 with 367 million NOKs recorded in revenues, and the EBIT margin has improved further from 20% up to 20 22. For the first half, we've delivered north of 700 million Norwegian kroner in revenues.

That's an increase from 454. The EBIT margin is for the first half 21% compared to the 18 we had the same period last year.

As you will see here, a lot of the growth is driven by increased demand and supply towards clients in the defense and security sector. That mentioned, we've, in the quarter, announced that we've been awarded a contract of 225 million for contract manufacturing, and most of that to be delivered second half this year.

With that, I'll leave the floor to Per Kristian to give you some more details on the financial figures.

Thank you, Per Jørgen. I will spend some minutes walking you through the financial highlights of the quarter.

The second quarter showed solid activity across our segments, resulting in records results delivered. In short, revenues were up 22% from the corresponding period of 2025 despite continued foreign exchange headwinds.

The EBIT margin came in at 25%. We continued to increase our working capital efficiency, where cash flow conversion was 108% in the quarter, leading us to reporting a 48% pretax return on capital employed for the quarter.

Revenues came in at 831.6 million kroner in the quarter, an increase of 26% from the corresponding quarter of 2025 in constant currency. Gross margin was 52%, down from 55%, primarily driven by lower realized margins in Connectivity, as I will elaborate more on in a minute.

Operating profit was 205.2 million, translating into a margin of 25%. This compares to 172 apologies, 174.2 million and a margin of 25% reported in the second quarter of 2025.

Net income for the period was 157.1 million, translating into an earnings per share of 2.45 kroner compared to 2.06 kroner in the second quarter of 2025. In the second quarter, Oceans delivered revenues in line with the level reported in the second quarter of '25.

Oceans revenues are predominantly dollar- and euro-based, and revenue growth in constant currency was 5%. Looking at the first half of 2026, Oceans revenues were down 7% compared to first half of '25, while in constant currency revenues were in line with the corresponding period of last year.

The currency-adjusted revenue development must be seen in light of a strong first half of 2025 and a slow rental market so far in 2026. In the first six months of 2025, Oceans recognized approximately 60 million kroner in sonar sales towards rental companies.

This compares to less than 5 million this year. The soft rental market was compensated by solid demand for sonars across the broader market.

Profitability-wise, the gross margin remained on par with that of the second quarter of '25, while operating costs were a tad higher in this year's second quarter, leading to an EBIT margin of 33% and a nominal EBIT of 79 million. Connectivity reported an increase in revenues of 47% year-over-year and 54% in constant currency.

The increase was explained by additional deliveries of the GNSS on-board unit to Toll4Europe. Gross margin fell 9 percentage points.

The development was primarily attributed to a substantial increase in memory chip prices, components that are used in the development of the GNSS on-board unit. A depreciation of the euro against the Norwegian krone also had a negative weight on margins.

Coupled with higher operating costs, this led to an EBIT margin declining to 27% compared to 32% in the same quarter of '25. The EBIT result was 66.3 million.

PIR posted 25% revenue growth driven by the defense and security sector, while the gross margin was largely on par with that of the same quarter of '25. Payroll expenses increased on additional hires to support a higher activity level.

Other operating expenses rose on higher electricity costs, service maintenance, as well as additional allocated costs. The EBIT result was 81.7 million, and the margin was 22%, up from 20% in the second quarter of 2025.

Next, balance sheet and financial position. Property, plant, and equipment, including right-of-use assets, increased 30.3 million in the quarter, driven by the expansion of our SMT lines.

Intangible assets rose 30.5 million, explained by R&D investments, partly offset by amortization. Trade receivables increased 135.5 million in the quarter, primarily explained by sequential revenue growth and intra-quarter effects with significant sales in June.

Inventories and trade payables were broadly in line with the level reported at the end of March, while other current liabilities rose 153.2 million, primarily explained by prepayments from customers. Net interest-bearing debt, excluding lease liabilities, stood at 340 million at the end of June, an increase from 204.2 million at the end of March following a 319.5 million dividend payment, partly offset by strong cash flow generation in the quarter.

Our equity ratio was 43% at quarter end, down from 50% end of first quarter on the mentioned dividend paid. On 1st of July, we completed the acquisition of Water Linked.

As part of the acquisition, we entered into a new 350 million kroner term loan to finance that acquisition. At the end of the quarter, our net interest-bearing debt to EBITDA ratio stood at 0.7 times, up from 0.5 times at the end of March.

Including the Water Linked transaction, the pro forma ratio would be 1.1 at the end of June. Our available liquidity, measured in cash and undrawn committed credit facilities, stood at 789 million per end of June.

Our financial position creates a strong platform to deliver on our capital allocation framework, including distributing a dividend to our shareholders in May, as proposed by the board of directors, as well as accelerating growth through acquisitions with the use of our balance sheet, as evidenced by the Water Linked transaction. Lastly, cash flow from the quarter.

Cash flow from operations was strong at 275.2 million, explained by an EBITDA of 253.7 million, a net decrease of 55.1 million in working capital, partly offset by 33.6 million in taxes paid. We invested 55.8 million in the quarter, mainly explained by 36.1 million in R&D investments and 19.9 million in investments in machinery and equipment.

The investment level for the full year is expected to be approximately 120 million for R&D investments and 110 million in fixed assets, both numbers excluding Water Linked. Cash outflow from financing activities was 309 million in the quarter, primarily explained by a 319.5 million dividend paid.

I will then leave the floor back to Per Jørgen, who will give you the outlook section.

Thank you, Per Kristian. Looking into the outlook, we've have a a view today that based on the current current outlook, we expect a full-year revenue in the range of 2.5 to 3.1 billion, and then the revenue contribution coming from Water Linked is excluded, so that will be an addition to to that.

The EBIT margin, we expect to be in the range between 20 and 23%. For the more short-term outlook, as a as start before diving into the 2030 ambitions, going from the short to the much longer, Oceans has started out the third quarter strong despite that this quarter normally is slower.

We target revenues in the range of 230 to 260 millions in third quarter. Again, this is excluding Water Linked, which is part of the Oceans segment, so that will be on top of that.

For the third quarter in Connectivity, we expect to deliver between 150 and 160 million in revenues. There is a small in-between orders break in the manufacturing of the GNSS on-board unit, which will ramp up again in the fourth quarter.

In PIR, we target revenues in the range of 240 to 260 millions in the third quarter. This is a little bit lower deliveries on the defense and security sectors compared to the previous quarter.

That concludes the Q2 and H1 presentation, and moves us towards the part we have more room to affect. H1 and Q2 is history; 2030 is the future.

We'll give first a quick, updated introduction to NORBIT and them the segments, the ambitious plan itself, some market drivers, strategic positions and ambitions, and at the end we'll walk you through also financial and capital allocation framework. Since 2010 until today, including the just given outlook, we have a annual CAGR of 30%.

Since we became stock-listed in 2019, our EBIT margins has improved. Prior to that, we were focusing on EBITDA margins, but learned in the meeting with professional investors that it it matters also what you have on the final bottom line, so that's why we changed.

For NORBIT, it's been important to shape and maintain a corporate culture. We strongly believe that a group of people that has some kind of the same way of believing and acting increases your ability to reach your ambitions.

Our core ideology remains the same as it's been for many, many years. Characteristics in this, call it culture or ideology, is that we explore more.

This has to do with being very much opportunity-driven. One of the most important things for us in the past as well as going forward is to focus on recruiting and refining top talents.

The best people delivers the best results. We're very opportunity-driven and entrepreneurial, and it's we in the company, we work hard to to maintain and safeguard a commercial spirit.

We're a technology company that do a lot to to tailor new technology. Prioritizing what to make is done market-driven.

We don't want to make some cool tech that's only fun for us being engineers. We'd like to make something that matters, that someone really can use.

In parallel with this, the growth strategy also needs to be tailored, not on a group level, not on a segment level, but down on each individual product. The numbers we've shown for the first half year also reassures me that being diversified is a smart move.

First half, one of our strong pillars, Oceans, has been quite flat. Still we deliver a satisfying growth on the total.

Having having, call it, uncorrelated business verticals with different drivers is helpful. Looking on on these numbers, some products, some segments has had challenges some years, but then being diversified, you're able to continue to grow.

Since 2010, 2012, we've been working with four-year strategy periods. That works for NORBIT.

Having a longer vision, we believe that the sense of urgency will not be there. If you should deliver on an ambition within four years, you need to start now.

If you have a shorter view, maybe you don't have time to do the proper investments and preparation. Four-year works for us.

In March 2019, we launched a plan prior to the IPO, and I think we we delivered that fairly well. In August 2021, we announced our 2024 plan.

We were able to deliver on that one year early. Current plan prior to this is the 2027 plan.

We're now in 2026, and we see we're reaching our 2027 targets one year early. That's why we're now presenting our 2030.

Yeah. Ambition is a growth from so looking from 2025, 2.5 billion, going to 2030, deliver 6 billion.

That's an annual revenue CAGR of of 19%. This ambition is built based on plans broken down or built up in each of the the existing segments, and we have an ambition when it comes to EBIT margin to be in the range of 20 to 25%.

We'll give you some more flavor towards underneath. This is, as the previous plans, organic revenue ambitions.

Any any inorganic is a add-on to to our ambition. We will continue to to to to work to find good targets for inorganic growth to accelerate the growth further.

Looking into some drivers, starting with starting a little bit with in the Oceans domain, this is this is Oceans at the brief. Oceans is the by far most global part of our business.

I think last year we delivered sonars and other sensors to around 70 different countries around the globe. You see we have included a a geography split.

Oceans is very much specialized in advanced acoustics technology, underwater acoustics, and we have a wide range of applications. As you could see, we have multibeam sonars, it's sonars for surveillance, it's so-called side-scan sonars, now after the the acquisition of Water Linked, we have also Doppler velocity loggers, some some sub-bottom profilers after the acquisition of Innomar, and also this 3D sonars is is added into our portfolio as part of the Water Linked acquisition.

It's a very diversified client base. As I said, it's geographically very spread.

It's across many different industries: dredging, construction, research, scientific, offshore energy, defense, governmental, survey companies. We've included a grouping of revenues.

As you see, we've been we've been challenged, what's your defense share? When we report, we have security sector, which is more more narrow.

We've then added now what what is defense. This is deliveries to any defense-related player, even if it's a civil application it's used for, or if it's a military application.

That's a new new split. We see strong and increasing demand for oceans mapping and insight.

I think we've said before that 70% of the globe is covered by water, and it's a single-digit percent that has been explored. Resources in in the oceans is still important, and there is an increased demand for security and defense.

It's also, as we see, expanded offshore infrastructure and operations offshore, which will need sensors for mapping, monitoring, and surveillance. Why should NORBIT and the Oceans part be relevant for for these drivers, or vice versa?

We believe to have very good domain knowledge and an ability to utilize this domain knowledge. We understand the clients, so that we can create products that matters.

We have a quite broad and established sales and distribution platform. It's very global, as said, in this segment.

Being as vertically integrated as we are, I think our turnaround time to act from an opportunity arises until we have been been able to design, industrialize, and produce is is strong. Strategic priorities within Oceans to reach our 2030 ambition is to continue to strengthen our position as an independent sensor provider.

This means that you saw all these products, we will have more of those, and we strongly believe that being a independent technology partner for all those making new kind of of underwater and surface sea drones is valued by a lot of clients, instead of thinking that we should go upwards in the value chain and start to be one of them. The 2030 ambition is built on continuing to to to keep that position and continue to broaden the product offering.

As we've shown in this segment, we will do selected M&A to to expand and also relevant for expansion of of market access. The ambition in Oceans, this is built from different products in different markets with different clients.

We've been working a lot involving all the commercial-skilled people we have in dialogue also with the with the R&D capabilities, and we've landed that our ambition is to to deliver in range of 2 billion NOKs for Oceans in 2030. Then I'll go to Connectivity.

Connectivity is, as we've said, a player delivering secure wireless communication technology. We've been able to build a strong position as an independent technology supplier to European blue chip customers.

In addition to the different on-board units, satellite-based tolling, tachograph enforcement, this is very tolling-related technologies, we also have decades of experience doing other kind of radio frequency and microwave technology-based solutions. We have naval antenna systems, radar components, and air navigation systems and monitors as part of the product portfolio and as a part of our technology toolbox.

That, as I explained on the Oceans part, the vertically integrated business model is also important for Connectivity. Being able to do design for high-volume manufacturing while doing design of the high-volume robotized assembly lines is a strong advantage.

Most of the contracts in this domain, at least the tolling part, is very much structured as frame agreements. You look on the geographical split, this is a European business as of today.

It's, as you see also, a lot the vast majority is related to tolling. Going forward, we think there is lots of good opportunities to to broaden.

The market drivers we have identified is this transition towards usage-based mobility models. The GNSS on-board unit, it's an example of that: pay per driven kilometer, and not pay based on, as we have in the Norwegian AutoPASS system, gantry-based for sections.

We see a strong, increased demand for technology made in Europe, and it's an increasing demand for secure and resilient connectivity. That's where we really believe that this radio frequency and microwave experience and skills matters.

The the enablers, we've we have a position as a strong technology partner with this mentioned blue chip clients. We have very strong customer references, deep competence across different wireless technology domains, and the capabilities of of of doing scalable industrial solutions.

Priorities how to reach our 2030 ambition: we'll further expand to build on this position as a technology partner for the existing customer base, will broaden into selected adjacent connectivity markets, used the word in the past to go beyond traffic, and will also continue to explore more for M&A that could could further fuel this expansion. Ambition in Oceans is to deliver 1.5 billion NOK in revenues 2030.

This represent 20% CAGR for the period. Final segment, Product Innovation and Realization, also a very European business.

We do contract manufacturing, act as an EMS, and we do R&D services, both towards high high-demanding clients. We're best at competing when it's not so easy to make what what what we are challenged to do.

We're offering, as said, R&D services and the full range of what you can expect from an EMS. I think we have some advantages compared to a pure EMS, given that we're also a technology company with a very broad R&D team that can can support.

I think also for some clients, our customer empathy becomes more relevant, given that we're out in some end markets ourselves also with proprietary technology, so that we understand their challenges quite well. In this vertical also, in addition to to getting economy of scale and getting a benchmark of of our own capacities, it it also gives us a good diversification, both the segment as such, but also adding different things into the segment.

A lot of contracts are for this also structured as frame agreements. Going forward, you probably will hear us talk more about NORBIT, your scaling partner when made in Europe matters.

That's part of the strategy. We have identified as drivers growing defense and security demand all over all over the globe and and especially in Europe, and increased demand for made in Europe, and also this digitalization across industries.

We think that the latest period where we've shown our ability to really scale, that's an enabler itself. We see potential clients that are very much in a hurry, they need someone that could support them to scale fast, then these references is an enabler.

The R&D and the industrialization capacities and having a Norwegian manufacturing base itself, we identify as an enabler. How to reach PIR's 2030 ambitions: we continue to be cherry-picking.

We have to do targeted client acquisitions. We'd like to broaden industry focus.

We've commented on earlier that during the last period the customer concentration in this vertical is is higher than it was, and we'll therefore also work to to broaden the industry focus. M&A could be relevant also in this vertical.

To the numbers: 2030 ambition, around 2.5 billion in revenues, that's a 18% CAGR. With that, I'll leave the floor back to Per Kristian to give us some on the financial and capital allocation framework for the 2030 ambitions.

Thank you, Per Jørgen. In the strategy period ahead of us, we have an ambition to deliver 19% revenue CAGR from 2025, an EBIT margin between 20 and 25%, a return on capital employed of more than 30%, and maintain a conservative leverage policy in which our net debt to EBITDA ratio over the cycle is targeted to 1 to 2.5 times.

As for the operating margin ambition, we are making a positive revision, in which the previous plan, from '24 to '27, included a margin target of around 20%. Today, we are presenting a blended operating margin target for the group of between 20 to 25%.

In Oceans and Connectivity, where we base our offering on NORBIT intellectual property, our ambitions reflect what we believe is an acceptable margin for developing advanced, high-technology products and solutions. Over the next years, we have an ambition to deliver an EBIT margin between 25 and 30% in these two segments, in line with what's been achieved over the last years.

As for segment PIR, our ambition going forward is to deliver a margin between 15 and 20%. This is an adjustment compared to the previous plan, as the segment has shown strong cost discipline and better-than-expected operational leverage, also taking into account the major investments we have made in automation in the last two years.

Our capital allocation framework has served the company well in recent years, creating significant shareholder value. We remain committed to this framework also in the years to come.

As part of the capital allocation framework, we aim to continue to remain a financially robust company, supporting the flexibility needed to grow towards the set ambitions by investing and employing capital in accretive R&D projects and expanding our production capacity. In order to accelerate growth, we will continue to explore value-accretive acquisitions through our defined criteria.

Capital left shall be distributed to shareholders subject to the dividend and the financial policies. Priority number one is to maintain a solid balance sheet and protect our financial stability and flexibility, making sure that we at all times have a prudent capital structure.

With a net debt to EBITDA of 1.1 after the Water Linked acquisition and a liquidity buffer close to 800 million as per the end of the second quarter, our balance sheet is rock-solid, allowing us to invest, pursue strategic acquisitions, as well as distribute dividends to our shareholders. Our financial policy is to maintain net debt to EBITDA ratio of between 1 and 2.5 times.

The interval allows us to dynamically prioritize how we allocate our capital and execute on our framework. In a scenario where we are above the interval, we will prioritize and allocate our operational cash flow to repay debt.

In a scenario where we are below, we will have the capacity to allocate additional capital for investments, acquisitions, and dividends. Organic investments have been the primary driver for us reaching our revenue ambitions in the past strategy periods.

We aim to continue to invest in R&D projects with an attractive risk-adjusted return profile in order to continue broadening the product offering in Oceans and Connectivity. In 2026, we expect to allocate around 120 million in R&D investments, excluding Water Linked.

Over the strategy period, we expect that the nominal level will increase each year with a target of 4 to 6% of group revenues. At NORBIT, we manufacture what we sell.

We believe it's a competitive advantage. We remain in control, and it ensures flexibility, scalability, and reliability.

This year, investments in machinery and equipment are expected to be around 110 million, and it follows a 2025 also with a high investment level, all needed to enable the organic growth we've seen historically and building preparedness. Over the last years, we have prioritized automation and expanding our floor capacity.

Our SMT line capacity has been increased significantly, while the floor capacity has been expanded both at Selbu and Røros. Going forward, we target to invest between 3 to 4% of group revenues in fixed assets, with focus on automation to ensure a scalable production.

In 2025, we delivered a pretax return on capital employed of 34%, up from 27% in 2024. Last 12 months, return on capital employed was 36%.

Our return on capital employed ambition moving forward is more than 30%. To realize that ambition requires a continued focus on delivering profitable growth, as well as working actively to optimize our balance sheet.

This includes prioritizing the most attractive investment opportunities and managing our working capital efficiently. Improving our capital efficiency has been a core focus over the last four years.

Significant efforts have been made, turning into tangible results. As per the end of the second quarter this year, our nominal working capital level was at the same as it was per year-end 2022, while our revenues in that same period is up 2.5 times.

I'm deeply impressed by what our colleagues have been able to achieve, and as we move forward, the ambition is to deliver on a working capital target level of 20% or below compared to revenues, making sure that we balance and optimize without compromising NORBIT's core value number one, we deliver. Over the last years, we have stepped up on our M&A agenda as well and allocated around 250 million each year since 2022 2023 into acquisitions.

These investments have predominantly been made in Oceans with the acquisition of PingDSP in '23, Innomar in '24, and now Water Linked in '26. We aim to continue to look for attractive companies that can broaden our technology base and market access in Oceans and Connectivity.

Within PIR, we are opportunistically evaluating businesses that can provide additional customer diversification and market access. It is part of NORBIT's core purpose to explore more.

This also applies to our M&A agenda. Exploring the potential for a fourth segment is part of that, supporting the ambition of building a larger technology company and creating additional diversification across customers, technology, and markets.

As we head towards 2030, our ambition is to achieve more than what we have done so far. We aim to do so in a disciplined manner, not compromising on our selection criteria operationally, strategically, as well as financially.

Lastly, to wrap up today's presentation, our dividend policy remains unchanged, meaning a distribution of 30% or more of the net profit after tax with the intention to pay out potential excess capital to the shareholders. That concludes our two presentations today, and we now open up for the Q&A session.

Okay. We'll start with a question on the NORBIT brand.

"How does NORBIT management think about the trust embedded in the NORBIT brand among end customers? How is this trust protected and leveraged when integrating acquisitions such as Water Linked?"

That's a very good question. I think, the NORBIT brand is very strong in the markets where we have really been focusing.

I think any player in the domain having a need for a multibeam sonar will regard NORBIT as a good alternative. I think also in the tolling industry, NORBIT has a strong standing.

Of course, this is something we need to work hard to maintain every day. It's not only a matter of quality; it's a matter of behavior towards clients and colleagues and suppliers and community.

When getting on board new companies, we'll need to have something to offer. By having something to offer, hopefully new companies will embrace the full part of the NORBIT culture, and then of course also work hard to help build a brand.

That said, it was a specific part of the question also with Water Linked, we think Water Linked as a brand itself on Doppler velocity loggers is very strong. What we do is we will continue operating Water Linked as a NORBIT company, trying to use the strength from the NORBIT brand as an endorser for the Water Linked brand.

You comment specifically on the visibility within Oceans, but would it be possible to also comment on the visibility in the two other segments? Moreover, has the visibility within PIR improved in recent years?

Within PIR, would it be possible to comment on the customer concentration? Within PIR, the visibility has become lower in recent years, and that has primarily been driven by the shift from automotive, which has a more longer visibility on the production cycles, compared to what we see now in defense and security.

With regards to the customer concentration, what we have been reporting in the past is that the customer concentration in the PIR segment is relatively high, and that's also reflected in how we think about the priorities in the strategy period up against the 2030 ambition plan. "You highlight broadening the PIR customer base as a priority.

Can you give us some sense of the current customer concentration?" I believe that was already answered.

"You won two surveillance sonar contracts worth 50 million kroner. Can you say anything about win rates, competitive environment, and general activity in this market?"

I think I don't know where this 50 millions was what was mentioned in the report?

Yeah.

Good. It's satisfying to see that after a long period of quite quiet on the surveillance sonars, we've got some very good contracts.

The market, which we continue to believe will be relevant part of our continued growth, has proven to materialize. What was the accurate part of the question again?

Can you say anything about win rates, competitive environment, general activity in this market?

I think in the past we've seen increasing lead pipe and postponements of decisions. We believe that we have a good offering compared to competition, and we think that the market might start to pick up, even if it's a few orders being quite large.

When you have a couple of them at the same time, it's more, and then maybe a quarter there is none again, so.

There appears to be a large number of autonomous maritime projects, but many remain at relatively low volumes. Are you seeing any evidence that customers are moving from demonstrations and initial deployments to fleet-scale procurements?

I agree there is a lot going on, and it's a lot of different companies. In this domain, there is some well-established industrial players that are doing stuff, and at the other end of the scale you see US-based very very venturous companies.

Again, for us, we'd like to be the technology partner for any initiative, no potential too small, none too large, and whoever takes this market, we'd like to be a partner with them.

Against Doppler velocity log suppliers such as Nortek and Teledyne, where does Water Linked sit on the performance versus price curve? In which vehicle classes or application is it and is it not currently competitive?

I don't think we'd like to comment so much on competitors' product portfolio, but our Doppler velocity loggers in Water Linked, I think, stands out as easy to integrate and highly compact. I think also with some recent launch, we're taking the first step also into a more demanding client segment with more high-performance Doppler velocity loggers.

Ambition 2030: the EBIT margin range of 20 to 25%, if the revenue split you provide takes place, what needs to happen to end in the lower end? Or asked differently, what is the delta in the low and high end in your targets?

The EBIT margin range 20 to 25% is for the group, and that's a blended target. We've given a margin ambition now for each of the three segments, and the blended margin for the group reflects the high end and the low end range that we have communicated today.

Yeah. Is the 2030 organic revenue target assuming innovations, or is it based on your current product portfolio, including Water Linked?

I think as you showed in the capital allocation framework also, NORBIT is all about tailoring technology to carefully selected applications. What we have allocated of capital and resources into R&D investments is what has given us the best payback over time.

The nominal level of investments will increase with the growth we aim to have. The relative is very much in line with what we have.

Being a technology company, the R&D capabilities and investments is vital to fuel this growth.

Could you elaborate on the uncertainty around the timing of additional PIR orders for Q4 delivery and what needs to happen for revenues to land towards the upper end of the 2.9 to 3.1 billion guidance range?

I think what we've shown in the past also is that there is short time from we announce an order until it's expected to be delivered. This remains the same.

It might be different kind of products could have different kind of needs for supply of material. We are continuously building security stock to meet potential orders.

This is done in close cooperation with the clients, but based on what kind of products being ordered and security stock and lead time on material could affect timing on if orders are delivered Q4 or if it could be other timing on that.

Have you acquired any new customers within PIR this year?

Yes. Not any that we will disclose today, but the answer is yes.

Could you elaborate on what you mean by secure communications and more than traffic? What specific applications or opportunities are you targeting within this area, and how significant could this become as a growth driver for Connectivity?

We are already in dialogue with players that has needs for different kind of products where our radio frequency and microwave skills probably is the reason why they sit across the table speaking to NORBIT. Nothing specific mentioned, nothing forgotten.

I think just reminding again of these very broad references, it's the same group of brilliant engineers that has designed this GNSS on-board unit, and also the on-board units that's pure toll tags, and this quite big naval antenna systems which goes on submarines. The demand for both of this is increasing.

I think by showing these differences, there is a lot in between where there is a need, and it's special purpose, it's not cellular phone communication. We're not going to be competing with Huawei and Apple, but there is a lot of special purpose.

You mentioned the potential for a fourth business segment. Is there a particular technology domain or end market you have in mind?

NORBIT, explore more. We're a technology company with some skill sets.

If there are needs in other verticals where it could be that NORBIT makes a difference, we'd like to explore that. The R&D services part of NORBIT has been doing design of technology and products in a very broad scale of industries.

In the EMS part, in the manufacturing, it's the same. The question is: is it in some of these domains where we have the R&D references and the manufacturing capabilities needs for something new where we see that NORBIT could be relevant and go into that?

I think as it's mentioned here, maybe what we've learned is that it's taken us many years. I had a color on my hair as you when we started to work with Connectivity and Oceans.

It takes a lot of time to build up in the market. If we'd like to go into a new vertical, it might be very relevant to consider M&A as a jump start to get market access.

Yeah.

To attract engineering talent, would a reallocation to a more cosmopolitan area like Amsterdam, Berlin, Copenhagen be required?

I didn't get that fully, so.

To attract engineering talent, would a reallocation to a more cosmopolitan area be required? Is

something wrong with the assumption what's more cosmopolitan? Trondheim is quite in the center of the world, isn't it?

Attracting talent is very important. Location could matter, but also what we see is that we're not only located in Trondheim.

Sometimes if we need a proper expert, we might be located where this expert lives, setting up a remote location, adding some support around a proper top talent. We've done in the past, and we will probably do that also in the future.

We're a global company.

Some questions on Connectivity: "Can you give some more color on the Connectivity gross margin decline? How much is driven by component price increases versus mix?"

The gross margin decline, as we've written in the report, is primarily explained by the GNSS on-board unit, where the memory chips are included in that product. That's the primary driver for the gross margin decline, and the mix effect comes into play in terms of the sharp increase in demand for GNSS on-board unit in the quarter.

"How should we think about gross margin for the segment into second half? How are contracts in the GNSS on-board unit structured in terms of pass-through of rising component costs?"

We haven't given any exact guidance on the gross margin for the segment into second half, and I don't think we need to be specific on how the contracts are structured in terms of this question in particular. "To understand 2030 guidance for Connectivity, how much of growth do you assume to come from new products that currently are not part of your portfolio today?"

If you asked that question two years ago, the GNSS on-board unit was not part of the revenues. This shows the importance of being agile and act upon opportunities.

I'm convinced that when we're back in 2030 or maybe 2029 if we should make it one year early, we have products included that are different products than the ones we have identified and build our growth ambition on. That there is some we have on the list which we strongly believe will materialize, that we will prioritize not to do because we've learned something new that's more important.

I think during the IPO process, we were asked, "What will NORBIT be doing in five years from now?" I responded, "I don't have a clue.

I don't know." A lot thought that was a strange and wrong answer.

I think for NORBIT it's an important answer. We look and we have identified things we believe should be, but we don't nail that as a fixed plan, because tomorrow we learn something new, and we'd like to adapt to that.

How does NORBIT, as an incumbent in many of its markets, think about innovation versus cannibalization of their own products?

It's better you cannibalize yourself than others do it. Disrupt yourself is a good approach to that.

If you have a strong position in a proper niche, this is the beauty what we prioritize, tailored technology in carefully selected applications, the scalability is right for us. The technology threshold should be high.

Our engineers work very hard to be able to design this. It's hard in the manufacturing to make it, and then you have a threshold, you could stay there for many years.

I think some of the products we've been delivering since many, many years, but we continue to do incremental changes to them also in addition to making complete new products.

Okay. I think that was the last question today.

Okay. Then

thank you all for taking the time and showing the interest.