Per Weisethaunet
Group Chief Executive Officer

Good morning, and welcome to our Q1 2026 presentation. It's now been 7 years since we listed Norbit on Oslo Stock Exchange. Many of you have followed us through the whole period.?Thank you for your engagement and trust. The one-to-one meetings during this quarterly presentation days, they adds fuel to our motivation to continue to explore more.?

Thanks. Okay, let's dive into the number. First quarter 2026 once again demonstrate the strategy of having uncorrelated verticals. So three verticals, having completely different market drivers. Two out of three performed very well. One segment is partly slower than the comparable period last year. With this, we are able to deliver top-line growth of 40%, where segment Connectivity and PIR contributes most to the growth.

EBIT in the period ended at NOK 156 million, resulting in a EBIT margin of 21%.?So, into the segments. In Oceans, first quarter 2026 ended with a decrease of 12% compared to Q1 2025.?The year-on-year decline is very much explained through some lower sales of sonars towards rental companies. In Q1 2025, we had several summing up to three large orders in that sub-segment. Per Kristian will comment more on that also later during our presentation.?

This quarter, the EBIT margin in Oceans ended at 25%.?And as you see, as I commented, the decline is based on lower Winghead sales. As you can see, Q1 2025 compared to 2024 was particularly strong on that part of our business. Also, we have during the last weeks announced that we're now in some exclusive negotiations related to an acquisition. It's a company that fits very much to our criterias for add-on acquisitions, where