NORBIT ASA
Sector unknown·NORBT · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Automotive
End markets
Market
“CONNECTIVITY In the Connectivity segment, NORBIT is a leading technology provider for asset identification, monitoring and tracking, designed to enhance operational efficiency across various industries. NORBIT has taken the position as an independent technology supplier of low power wireless devices to international blue-chip customers.”
Annual report 2024A · The company itself
Market
“Connectivity Financial review Revenues for Connectivity amounted to NOK 515.7 million for 2024 (NOK 540.3 million). The decrease of 5 per cent was largely explained by lower sales of On-Board Units, where revenues declined to NOK 194.4 million in 2024 (NOK 295.7 million), partly compensated by an increase of units to satellite-based tolling to NOK 104.9 million (NOK 60.0 million).”
Annual report 2024A · The company itself
Market
“With highly robotised, world-class manufacturing processes, NORBIT supplies contract manufacturing of electronic products to demanding markets such as the automotive, industrial, medical, defence, energy, marine and ocean-related industries.”
Annual report 2024A · The company itself
Market
“In 2024, contract manufacturing represented 84 per cent (77 per cent) of the revenues in the segment, while R&D services and products and customer reimbursements represented the remainder.”
Annual report 2024A · The company itself
Defence industry
End markets
Market
“With highly robotised, world-class manufacturing processes, NORBIT supplies contract manufacturing of electronic products to demanding markets such as the automotive, industrial, medical, defence, energy, marine and ocean-related industries.”
Annual report 2024A · The company itself
Market
“REVENUES ■ Contract manufacturing ■ R&D Customer reimbursements ■ Other NOK million 291.0 224.6 543.1 411.8 456.5 2024 2023 2022 2021 2020 EBITDA ■ EBITDA (NOK million) – EBITDA margin (per cent) 1% 6% 10% 13% 14% 47.8 52.0 73.4 2.3 16.4 2024 2023 2022 2021 2020 EBIT ■ EBIT (NOK million) – EBIT margin (per cent) (7%) (1%) 10% 8% 7% 34.0 34.7 54.2 (14.9) (3.8) GEOGRAPHICAL REVENUE DISTRIBUTION ■ EMEA: 95% ■ Americas: 0% ■ APAC: 5% 95% 5% For almost two decades, NORBIT has provided advanced naval antenna technology, enabling secure and reliable communication for submarines operating in extreme conditions. With expertise in high-performance RF systems, NORBIT has developed advanced intelligent antenna solutions for maritime military applications.”
Annual report 2024A · The company itself
Market
“The PIR segment reported a strong 32 per cent growth in 2024, driven by higher sales of contract manufacturing, particularly towards the defence and security industries which are in a secular growth trend due to increased geopolitical unrest. The share of revenues to defence and security sectors increased to 20 per cent in 2024, versus only 6 per cent in 2023.”
Annual report 2024A · The company itself
Market
“EVENTS AFTER THE BALANCE SHEET DATE On 14 March, NORBIT announced that segment PIR was awarded orders worth NOK 260 million from an undisclosed contract manufacturing client in the defence and security sector. Deliveries under the contracts will commence immediately, with the majority scheduled for second quarter of 2025.”
Annual report 2024A · The company itself
Chains in: Defence budgets strengthens
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Sourcing of components might also be subject to tariffs or increased costs, which may not be recoverable. Tariffs may also be introduced on imports of goods as restrictive actions. If any of NORBIT’s products are subject to such tariffs on importation, it may lead to increased costs or reduced prices, affecting margins negatively.”
Annual report 2024A · The company itself
Market
“In 2024, and in line with the strategy to broaden the product offering and customer base, NORBIT announced its plan to develop a new and innovative GNSS-based On-Board Unit, thus taking a significant larger scope of the total delivery to the end customer. The GNSS On-Board Units uses satellite-based positioning data for accurate measurement of distance travelled, accommodating distance-based charging for heavy duty vehicles, a technology which has been adopted by several European countries for collecting tolling fees. The GNSS On-Board Unit contributes to efficient toll collection with a single On-Board Unit across borders in the European Union. As part of the development, NORBIT entered into a partnership with Toll4Europe, one of Europe’s leading European Electronic Toll Service (‘EETS’) operators.”
Annual report 2024A · The company itself
Market
“Connectivity had a revenue decline of 5 per cent in 2024, but laid a strong foundation for growth in the years to come with the announcement of its development of a new product, the GNSS On-Board Unit and the award of a NOK 160 million initial contract by the EETS provider Toll4Europe. Deliveries are scheduled for 2025 for the first order.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“Total investments in R&D during 2024 corresponded to 6.0 per cent of revenues for 2024 (4.0 per cent).”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Investments in organic growth have been the most important value driver in the past and are expected to continue creating strong returns going forward. In 2025, NORBIT expects its R&D investments to be approximately NOK 100 million.”
Annual report 2024A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Industrial manufacturing
End markets
Market
“The PIR segment offers R&D services and products, and contract manufacturing to key customers.”
Annual report 2024A · The company itself
Market
“PIR Strong demand within contract manufacturing ^ Reported NOK 543.1 million in revenues in 2024, a growth of 32 per cent from 2023, driven by industrial clients within contract manufacturing. The EBIT margin for the year was 10 per cent.”
Annual report 2024A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“Strategic acquisition of Innomar ^ Completed the acquisition of the maritime technology company Innomar for EUR 40.2 million, a strong strategic fit to the Oceans product portfolio.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In July, NORBIT acquired the technology company Innomar. Headquartered in Rostock, Germany, Innomar is the global market leader in the design, manufacturing and distribution of parametric sub-bottom profilers. Parametric sub-bottom profilers are used to create high-resolution images of the seafloor and the subsurface layers beneath it.”
Annual report 2024A · The company itself
Solar power
Technology
DriverPositive impact: strengthens
“Oceans continues to expand its addressable market for ocean exploration and security applications through new product developments. Growth in the blue economy, regional shifts towards renewable energy, alongside geopolitical unrest, drive increased demand for NORBIT’s advanced seabed exploration, inspection, and security surveillance solutions.”
Annual report 2024A · The company itself
Market
“The technology company Saildrone has developed an uncrewed surface vehicles (USV) solution for ocean exploration. Saildrone’s USVs are powered by renewable wind and solar energy with low operational carbon footprint, continuously feeding data in near real time to drive more informed decision-making. Saildrone provides data as a fully managed service, and the data is used in a wide range of critical maritime applications, such as safety of navigation, coastal surveys, offshore wind development, marine research and environmental monitoring.”
Annual report 2024A · The company itself
Wind power
Technology
DriverPositive impact: strengthens
“Oceans continues to expand its addressable market for ocean exploration and security applications through new product developments. Growth in the blue economy, regional shifts towards renewable energy, alongside geopolitical unrest, drive increased demand for NORBIT’s advanced seabed exploration, inspection, and security surveillance solutions.”
Annual report 2024A · The company itself
Market
“The technology company Saildrone has developed an uncrewed surface vehicles (USV) solution for ocean exploration. Saildrone’s USVs are powered by renewable wind and solar energy with low operational carbon footprint, continuously feeding data in near real time to drive more informed decision-making. Saildrone provides data as a fully managed service, and the data is used in a wide range of critical maritime applications, such as safety of navigation, coastal surveys, offshore wind development, marine research and environmental monitoring.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Automation and robotics
Technology
StrategyPositive impact: strengthens
“Investments in fixed assets are anticipated to be around NOK 110 million, with a significant share of the investments being allocated to the factories to increase production capacity to deliver on the revenue growth.”
Annual report 2024A · The company itself
Digitalisation
Technology
StrategyPositive impact: strengthens
“Investments in organic growth have been the most important value driver in the past and are expected to continue creating strong returns going forward. In 2025, NORBIT expects its R&D investments to be approximately NOK 100 million.”
Annual report 2024A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
EU climate and energy policy
Regulation
StrategyPositive impact: strengthens
“Explore more sustainability opportunities Global shifts towards resilience, digitalisation, and sustainability create opportunities across all NORBIT’s segments. We are committed to accelerating the green transition by continuously developing technology solutions that contribute to a more sustainable future.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Healthcare and hospitals
End markets
Market
“With highly robotised, world-class manufacturing processes, NORBIT supplies contract manufacturing of electronic products to demanding markets such as the automotive, industrial, medical, defence, energy, marine and ocean-related industries.”
Annual report 2024A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Public investment and infrastructure
Regulation
StrategyPositive impact: strengthens
“In February 2024, NORBIT announced an updated strategic roadmap and new long-term financial targets for 2027. The group’s ambition is to deliver organic revenues in excess of NOK 2.75 billion, an EBIT margin of around 20 per cent and a return on capital employed of around 30 per cent.”
Annual report 2024A · The company itself
Chains in: Reconstruction of Ukraine strengthens
Chains out: this strengthens Construction, strengthens Digitalisation, strengthens IT consulting and public-sector IT
Sea freight and freight rates
Raw materials and inputs
Market
“OCEANS Continued strong and profitable growth ^ Delivered NOK 743.9 million in revenues, an increase of 24 per cent from 2023. Growth was particularly strong for subsea sonars, accelerated further with the acquisition of Innomar. The EBIT margin for the year was 29 per cent.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Defence budgets
Regulation
DriverPositive impact: strengthens
“Exposure to the secular growth trend in defence and security ^ Geopolitical unrest and security concerns are driving an increase in defence budgets, accelerating growth in PIR. In 2024, defence and security represented 20 per cent of revenues in PIR, up from 6 per cent in 2023.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“For example, we see increasing demand for underwater surveillance technology and a broader shift towards technology made in Europe and Norway.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine mixed effect
Chains out: this strengthens Defence industry
Geopolitical uncertainty
Macro
DriverMixed impact: mixed
“Geopolitical risk Geopolitical risk has increased following the outbreak of wars, political unrest and trade sanctions. NORBIT is a global group of companies with approximately 80 per cent of its revenues generated outside of Norway. Furthermore, a large part of the raw material components is bought in a global market.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“One of the challenges the world faces today is geopolitical uncertainty. This presents risks for all businesses, including NORBIT.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Semiconductors and electronic components
Raw materials and inputs
InputNegative impact: weakens
“Operational risk NORBIT considers its main operational risk to be the shortage of supply of consumables/electronic components. While production is an in-house capability, NORBIT relies on a significant supply of components to produce and deliver its products and solutions. A large portion of the components are bought in a global market.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“However, for certain semiconductor components, the supply market is still challenging. Lead times are generally improving but remain elevated for certain components, with a corresponding low visibility.”
Annual report 2024A · The company itself
Chains in: Artificial intelligence strengthens
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Digital and cyber security risk In an increasingly interconnected and digital-first environment, safeguarding data, systems, and digital infrastructure is a critical priority. The cyber threat landscape is continuously evolving, with risks ranging from phishing attacks and ransomware to data breaches and third-party vulnerabilities. Cyber attacks could result in the interruption of critical business functions that may materially impact the business operations and financials.”
Annual report 2024A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Electric vehicles and EV batteries
End markets
DriverPositive impact: strengthens
“For the Connectivity segment, there is increased demand for digital transformation of operations, in addition to technologies enabling safe and green mobility. As an independent supplier of low power wireless devices, Connectivity is strategically positioning itself to provide efficient and smarter technology solutions to its clients in the tolling domain and other relevant markets.”
Annual report 2024A · The company itself
Electrification
Technology
DriverPositive impact: strengthens
“For the Connectivity segment, there is increased demand for digital transformation of operations, in addition to technologies enabling safe and green mobility. As an independent supplier of low power wireless devices, Connectivity is strategically positioning itself to provide efficient and smarter technology solutions to its clients in the tolling domain and other relevant markets.”
Annual report 2024A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Inflation
Macro
DriverNegative impact: weakens
“Price increases on raw materials components continue to persist, although the pressure has been reduced as inflation has come down in the recent period.”
Annual report 2024A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Employee benefit expenses amounted to NOK 416.3 million (NOK 360.3 million). The increase was primarily explained by a general strengthening of the organisation to support further growth and strategic initiatives, wage inflation, as well as acquisitions in 2024 and throughout 2023 which gave full-year effect this year.”
Annual report 2024A · The company itself
Other currencies
Macro
DriverMixed impact: mixed
“Currency risk NORBIT has international operations and clients and is exposed to currency risk through customer contracts and purchase of products and services in currencies other than the functional currency (NOK). NORBIT is primarily exposed to EUR and USD currencies.”
Annual report 2024A · The company itself
USD vs DKK/EUR
Macro
DriverMixed impact: mixed
“Currency risk NORBIT has international operations and clients and is exposed to currency risk through customer contracts and purchase of products and services in currencies other than the functional currency (NOK). NORBIT is primarily exposed to EUR and USD currencies.”
Annual report 2024A · The company itself
Chains out: this mixed effect United States
Europe
Geography
Geography
“100 per cent of the revenues were generated from customers in Europe.”
Annual report 2024A · The company itself
Geography
“Approximately 54 per cent of the revenues were generated from customers in Europe, Africa and Middle East, 24 per cent in Americas and the remainder in Asia-Pacific.”
Annual report 2024A · The company itself
Geography
“Business and location NORBIT is a global company providing tailored technology to selected applications. The group is headquartered in Trondheim, Norway, with manufacturing in Europe and North America. NORBIT has a global sales and distribution platform with subsidiaries in Denmark, Czech Republic, Poland, Germany, Austria, Hungary, Italy, Singapore, China, Sweden, Croatia, Slovakia, Brazil, United Kingdom, Chile, United States and Canada.”
Annual report 2024A · The company itself
United States
Geography
Geography
“Approximately 54 per cent of the revenues were generated from customers in Europe, Africa and Middle East, 24 per cent in Americas and the remainder in Asia-Pacific.”
Annual report 2024A · The company itself
Geography
“Business and location NORBIT is a global company providing tailored technology to selected applications. The group is headquartered in Trondheim, Norway, with manufacturing in Europe and North America. NORBIT has a global sales and distribution platform with subsidiaries in Denmark, Czech Republic, Poland, Germany, Austria, Hungary, Italy, Singapore, China, Sweden, Croatia, Slovakia, Brazil, United Kingdom, Chile, United States and Canada.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Asia and emerging markets
Geography
Geography
“Approximately 54 per cent of the revenues were generated from customers in Europe, Africa and Middle East, 24 per cent in Americas and the remainder in Asia-Pacific.”
Annual report 2024A · The company itself
Nordics
Geography
Geography
“Business and location NORBIT is a global company providing tailored technology to selected applications. The group is headquartered in Trondheim, Norway, with manufacturing in Europe and North America. NORBIT has a global sales and distribution platform with subsidiaries in Denmark, Czech Republic, Poland, Germany, Austria, Hungary, Italy, Singapore, China, Sweden, Croatia, Slovakia, Brazil, United Kingdom, Chile, United States and Canada.”
Annual report 2024A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 1.75 bn NOK |
| Revenue growth vs. the year before, same method | 15.3 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 0.35 bn NOK |
| Diluted EPS per share | 3.93 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.