Achieved 40% year-over-year revenue growth in Q1 2026 to NOK 732.1 million, driven by strong performance in Connectivity and PIR segments, while Oceans declined due to timing of large orders and FX headwinds.
EBIT reached NOK 155.9 million with a 21% margin; net income was NOK 111 million, and diluted EPS was NOK 1.73, up from NOK 1.40 last year.
Free cash flow conversion was 105%, and pretax return on capital employed was 36%.
Q1 2026 revenues: NOK 732.1 million, up 40% year-over-year (45% in constant currency).
Gross margin declined to 53% from 62% due to segment mix and lower realized margins in Connectivity and PIR.
EBITDA: NOK 201.8 million (margin 28%), down from 31% margin in Q1 2025.
Operating profit: NOK 155.9 million (margin 21%), down from 24% margin in Q1 2025.
Net finance expenses: -NOK 12.5 million; tax expenses: NOK 32.4 million.
Reiterated ambition for 2026: revenues above NOK 3 billion and improved EBIT margin versus 22% in 2025.
Q2 2026 segment guidance: Oceans NOK 210–250 million, Connectivity NOK 225–250 million, PIR NOK 370–390 million.
Long-term ambition plan to be presented in August, including 2030 targets.
Continued focus on organic growth and value-accretive acquisitions.
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