ANNUAL REPORT

2025

THE BOARD OF DIRECTORS’ REPORT

Review of 2025

...........................................................

21

Report on corporate governance

...........................

29

Sustainability statement

............................................

37

I. ESRS 2 General disclosures

...........................................

37

II. Environment

.....................................................................

60

III. Social

.................................................................................

82

IV. Governance

......................................................................

97

FINANCIAL STATEMENTS

Overview of the financial statements

...................

101

Consolidated financial statement

..........................

102

Notes to the consolidated financial

statements

..................................................................

107

Financial statements – NORBIT ASA

...................

138

Notes to the financial statements

– NORBIT ASA

............................................................

142

Responsibility statement

.........................................

148

Auditor’s report

..........................................................

149

ABOUT NORBIT

This is NORBIT

...............................................................

4

Key figures 2025

...........................................................

6

Highlights 2025

............................................................

7

Letter from the CEO

.....................................................

8

Executive management team

...................................

10

Board of directors

........................................................

11

Strategy and ambitions

..............................................

12

The NORBIT share

......................................................

13

Business overview

......................................................

14

Oceans

....................................................................................

14

Connectivity

...........................................................................

16

Product Innovation & Realization (PIR)

...........................

18

2

NORBIT ASA

Annual report 2025

Contents

ABOUT NORBIT

This is NORBIT

................................................................................................

4

Key figures 2025

............................................................................................

6

Highlights 2025

..............................................................................................

7

Letter from the CEO

......................................................................................

8

Executive management team

.....................................................................

10

Board of directors

..........................................................................................

11

Strategy and ambitions

................................................................................

12

The NORBIT share

........................................................................................

13

Business overview

........................................................................................

14

Oceans

...........................................................................................................................

14

Connectivity

..................................................................................................................

16

Product Innovation & Realization (PIR)

..................................................................

18

3

NORBIT ASA

Annual report 2025

About NORBIT ASA

THIS IS NORBIT

Today we are structured in three business seg-

ments to address our key markets: Oceans,

Connectivity and Product Innovation & Reali-

sation (PIR). The Oceans segment delivers tai-

lored technology solutions to global maritime

markets. The Connectivity segment is a leading

supplier of secure wireless technology for indus-

trial and mission-critical applications – ranging

from transportation infrastructure to naviga-

tion and defence-related environments. The PIR

segment offers R&D services, and contract

manufacturing to key customers.

We are around 700 explorers from 40 differ-

ent nationalities. We are headquartered in

Trondheim, with manufacturing and R&D in

Europe and North America, and a worldwide

sales and distribution platform.

A rich history of innovation and growth

Since our founding in 1995, we have been at the

forefront of technology development, creating

innovative, tailored solutions that have enabled

our customers to solve challenges in a wide

range of industries – from subsea to space.

At the beginning of our journey, activity was

primarily related to development and sales

of tailored client and dual branded products.

This was further expanded into contract man-

ufacturing in 2009 and 2012, respectively,

with the acquisitions of our factories at Røros

and Selbu in Norway.

Offices

Local representation

~

700

EMPLOYEES

~

40

NATIONALITIES

22

COUNTRIES

~

70

EXPORT COUNTRIES

4

NORBIT ASA

Annual report 2025

By capitalising on our knowledge base,

attracting domain expertise and expand-

ing internationally, we have over the last fif-

teen years gradually positioned NORBIT as

a leading global technology company with

a diversified portfolio of proprietary prod-

ucts. Today, we are present in 22 countries,

exporting goods to approximately 70 coun-

tries, while the share of revenues from sale

of technology based on our own intellectual

property is approximately 60 per cent.

Vision and values

NORBIT has a strong corporate culture

inspired by great explorers. Our history

shows that we have stayed committed to our

core purpose, vision and values. Our core

purpose to “Explore More”, and our vision “To

be recognised as world class, enabling peo-

ple to explore more”, have led us to focus on

exploring customer needs and commercial

opportunities where we can bring new tai-

lored technology.

Our core values:

^

We deliver!

^

Safe under pressure

^

Refinement of talents

These values act as important guidelines in

our daily work:

^

We train our colleagues to be able to

observe, reflect and act independently,

ensuring that we are on top of the

circumstances rather than ending up as

victims of them.

^

We are fully committed to deliver value to

our partners.

^

We walk the extra mile to exceed

expectations.

^

We are ambitious, and we see

opportunities rather than challenges.

^

We equip our colleagues with the skills

and confidence needed to face the

unpredictability that lies ahead of us.

^

Our employees shall be allowed to refine

their strengths, as well as develop and

explore other aspects of themselves.

Technology is part of the solution in a more

sustainable future

At NORBIT, we believe technology is key to

solving sustainability challenges. In 2024, we

took an important step by reporting for the

first time in accordance with the European

Sustainability Reporting Standards (ESRS)

under the Corporate Sustainability Reporting

Directive (CSRD). This marks a shift towards

enhanced transparency, structured reporting,

and measurable progress. Our sustainabil-

ity reporting has been updated in this year’s

annual report.

Our sustainability strategy is built around a

clear goal hierarchy, ensuring that our over-

arching ambitions are translated into guiding

policies, concrete actions, and measurable

targets. We aim to contribute to sustainable

development by creating technology solu-

tions that support our customers and society

in addressing sustainability challenges, while

maintaining responsible business practices

throughout our value chain.

1

Explore more sustainability

opportunities

Global shifts towards resilience, digitali-

sation, and sustainability create opportuni-

ties across all NORBIT’s segments. We are

committed to accelerating the green tran-

sition by continuously developing tech-

nology solutions that contribute to a more

sustainable future.

Sustainability is integrated into our entire

product lifecycle—from early-stage design

and development to production, transpor-

tation, and recycling.

3

Refining talents in an

attractive workplace

Our people are our most valuable asset.

We are committed to fostering a safe,

engaging, and inclusive work environ-

ment that enables employees to grow and

develop.

Ethical business practices, good govern-

ance, and legal compliance are key prior-

ities across all markets where we operate.

We emphasise transparency, traceability,

and integrity throughout our value chain..

NORBIT’S SUSTAINABILITY AMBITIONS ARE REFLECTED IN FOUR KEY OBJECTIVES:

KEY FIGURES 2025

1)

Amounts in NOK million (except percentages, EPS and DPS)

2025

2024

2023

2022

2021

Revenues

2 502.5

1 751.4

1 518.9

1 167.5

787.8

Revenue growth

43%

15%

30%

48%

27%

EBITDA

712.2

474.0

391.8

235.3

142.6

EBITDA margin

28%

27%

26%

20%

18%

EBIT

555.4

341.7

284.2

148.8

73.5

EBIT margin

22%

20%

19%

13%

9%

Profit for the period

404.3

243.3

185.3

106.7

47.9

Diluted earnings per share (EPS)

6.32

3.93

3.10

1.82

0.83

Dividend declared per share (DPS)

5.00

6.00

2.55

0.70

0.30

Cash & cash equivalents

158.9

193.3

60.7

41.7

21.7

Equity ratio

46%

53%

53%

49%

51%

Net interest-bearing borrowings

364.5

254.0

150.8

295.6

266.5

Net interest-bearing borrowings including leasing liabilities

558.6

349.3

205.5

331.4

284.3

NIBD/EBITDA ratio

2)

0.8x

0.7x

0.5x

1.4x

1.7x

Cash flow from operations

500.6

430.9

345.7

85.7

47.7

Cash flow from investments

(203.6)

(558.4)

(149.0)

(91.9)

(217.6)

Cash flow from financing

(331.3)

260.1

(177.7)

26.2

176.6

R&D investments

139.0

104.8

60.2

60.5

51.2

R&D investments (% revenues)

5.6%

6.0%

4.0%

5.2%

6.5%

Net Working Capital

504.8

401.6

414.2

405.3

291.6

Net Working Capital (% LTM revenues)

20%

23%

27%

35%

37%

Average pre-tax return on capital employed

34%

27%

29%

17%

11%

Average number of employees - full-time equivalents

617

519

498

418

311

1) For definitions of alternative performance measures, please see

page 137

.

2) 12-month rolling EBITDA including contribution from acquisitions. Definition on

page 130

.

0

500

1 000

1 500

2 000

2 500

3 000

2025

2024

2023

2022

2021

0

100

200

300

400

500

600

2025

2024

2023

2022

2021

HIGHLIGHTS 2025

NORBIT

Another record year

^

Delivered all-time high revenues

of NOK 2 502.5 million, a 43 per

cent increase from 2024.

^

The EBIT margin ended at 22 per

cent, up from 20 per cent in 2024,

as a result of increased revenues

and operational leverage.

Returning excess capital to the

shareholders

^

Due to the strong financial

results and development, the

board has proposed a dividend

of NOK 5.00 per share.

Ambition to exceed 2027 target

one year ahead of schedule

^

Target to deliver more than NOK

3.0 billion in revenues in 2026

and an EBIT margin improvement

compared to 2025.

CONNECTIVITY

Satelitte-based tolling driving

growth

^

Reported NOK 613.3 million in

revenues, an increase of 19 per

cent from 2024 on increased

deliveries of satellite-based

tolling units, including the new

GNSS On-Board Unit. The EBIT

margin was 27 per cent, up from

26 per cent reported in 2024.

Deliveries of the new GNSS

On-Board Unit started

^

Volume production and delivery

started for the new GNSS

On-Board Unit in the fourth

quarter under the first NOK 160

million contract.

^

Connectivity was also awarded a

new NOK 160 million contract for

the product, to be delivered in

first half 2026.

OCEANS

Continued strong and profitable

growth

^

Delivered NOK 877.9 million in

revenues, an increase of 18 per

cent from 2024 driven by continued

growth for sonars. The EBIT margin

for the year was 30 per cent, up

from 29 per cent reported in 2024.

Broadening product offering

^

In 2025, Oceans continued to intro-

duce new product innovations, in

line with the strategy of broadening

the product portfolio. During the

year, both the WBMS X and WING-

HEAD X platforms were launched,

offering clients adaptable systems

with optional features. Oceans also

made a strategic move into deeper

waters by launching its WING-

HEAD B59S sonar with depth rat-

ing to 2 500 meters, increasing the

addressable market for its solu-

tions further.

PIR

Strong demand within defence and

security

^

Reported NOK 1 085.7 million in

revenues in 2025, a growth of

100 per cent from 2024, driven

by defence and security clients

within contract manufacturing.

The EBIT margin for the year was

19 per cent, up from 10 per cent

in 2024.

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 2025, defence

and security represented 64 per

cent of revenues in PIR, up from

19 per cent in 2024.

7

NORBIT ASA

Annual report 2025

Letter from the CEO

A YEAR OF NEW RECORDS

At the same time, we continued to invest

in capacity, competence, and technol-

ogy — ensuring that growth is supported

by structural strength and operational disci-

pline. What motivates us most is not only the

results achieved, but the strengthening of our

platform and our increasing ability to scale

with quality.

Structural demand and European

technology

Throughout 2025, we have seen a clear

increase in demand across several of our

markets. In light of ongoing geopolitical

developments, the importance of technology

developed and manufactured in Europe has

become increasingly evident.

NORBIT’s industrial footprint and technolog-

ical platform position us well in this environ-

ment. We work closely with our customers

to understand the opportunities they see in

their markets and to ensure we are prepared

when demand materialises.

At the same time, we observe that the time

from confirmed order to expected delivery

has shortened. Customers are acting faster

when opportunities arise. This increases the

importance of preparedness, scalability, and

disciplined execution.

Preparedness and scalability

Preparedness and scalability remain central

priorities. During 2025, we expanded capac-

ity and implemented targeted measures to

strengthen our delivery capability. Build-

ing readiness ahead of demand is a deliber-

ate strategic choice. It enables us to capture

opportunities while maintaining quality, disci-

pline, and profitability.

We believe that opportunities favour those

who are prepared. By continuously strength-

ening our skills, capabilities, and teams, we

ensure that NORBIT is ready when the next

opportunity presents itself.

Progress ahead of plan

Based on the progress achieved and the out-

look we currently have, we expect to fulfil our

2027 ambition already in 2026 — one year

ahead of schedule.

Reaching this milestone ahead of plan is not

a finish line. It confirms that our approach

works. We set clear ambitions, prepare thor-

oughly, and execute with discipline. Consist-

ency in execution, supported by a strong

culture, continues to drive our progress.

The Right People

A continued priority for us is ensuring The

Right People in the right roles. As complex-

ity increases and delivery cycles shorten,

– Consistency in execution,

supported by a strong culture,

continues to drive our progress.

8

NORBIT ASA

Annual report 2025

Letter from the CEO

competence, judgement, and accountability

become even more decisive.

We firmly believe that getting the right peo-

ple on the bus — and in the right seats — is

fundamental before setting the next destina-

tion. This focus on “first who, then what” has

served us well and continues to strengthen

our ability to scale with quality and discipline.

At NORBIT, strengthening the organisation

is not separate from growth. It is what ena-

bles it.

Broadening the platform

Throughout the year, we have continued to

broaden our product portfolio and expand

our customer base. This diversification

strengthens resilience and enhances our abil-

ity to capture opportunities across markets

and segments.

We have also strengthened the organisa-

tion to further enhance our ability to iden-

tify relevant acquisition targets and execute

value-accretive transactions when the right

opportunities arise.

Selective acquisitions remain a comple-

ment to organic growth. Our focus is on tar-

gets that reinforce our strategic direction,

broaden our product portfolio, expand our

customer base, and can be integrated effec-

tively into our industrial platform. Disciplined

execution — before, during, and after a trans-

action — is essential to ensuring long-term

value creation.

Partnership and perspective

We are grateful for the trust our customers

place in us. Their confidence gives us the

opportunity to contribute where our technol-

ogy makes a difference.

We also thank our employees for their ded-

ication, professionalism, and continuous

drive to improve. It is their competence and

accountability that transform opportunities

into results.

We are equally grateful for the continued

confidence of our shareholders. Their long-

term support enables us to invest, strengthen

our platform, and pursue sustainable growth.

It is a privilege to engage with professional

and dedicated investors. As NORBIT has

grown in scale and visibility, interest from a

broader group of institutional investors has

increased. Engaging with well-prepared and

strategically minded investors provides val-

uable perspective. It encourages reflection

and reinforces our commitment to continu-

ously Explore More.

Looking towards 2030

As we approach our 2027 ambition ahead

of schedule, it is natural to lift our perspec-

tive further. During 2026, we intend to pres-

ent our ambitions towards 2030 — building

on the same development-oriented culture,

commercial discipline, and industrial capabil-

ity that have brought us this far.

As we lift our perspective towards 2030, our

vision remains unchanged: to be recognised as

world class — enabling people to Explore More.

With strong demand and a strengthened

organisation, we continue to deliberately

build the skills, capabilities, and teams

required to seize opportunities as they arise.

Opportunities do not define success on their

own — preparedness does.

Driven by discipline, ambition, and a culture

committed to continuous improvement, NOR-

BIT remains ready to Explore More and con-

tribute where it matters.

Per Jørgen Weisethaunet

CEO of NORBIT ASA

9

NORBIT ASA

Annual report 2025

Letter from the CEO

EXECUTIVE MANAGEMENT TEAM

Per Jørgen Weisethaunet

Chief Executive Officer (CEO)

Per Jørgen Weisethaunet was one

of the company’s first employees

in 1995. He has been the group’s

CEO since 2001 and co-owner of

NORBIT since 2008. He has sev-

eral years of experience across

a variety of fields including R&D,

operations management, commer-

cial and strategic business devel-

opment, and has held several

different positions throughout the

organisation. Weisethaunet has

been chair and director of sev-

eral executive boards. He holds a

Master of Science degree in RF &

Microwave electronics from the

Norwegian University of Technol-

ogy (NTNU), a Bachelor of Science

in electronics from Trondheim Uni-

versity of Engineering (TIH), busi-

ness economics from Trondheim

Economic University centre of

competence (TØHK) and supply

chain management from BI Nor-

wegian Business School.

At 22 April 2026, Weisethaunet

and related parties held

6 976 944 shares and 38 616

RSUs in NORBIT.

Per Kristian Reppe

Chief Financial Officer (CFO)

Per Kristian Reppe has been the

group’s CFO since July 2020.

Before joining NORBIT, Reppe

held various positions at Aker

ASA, including investment man-

ager and head of investor rela-

tions, and as CFO at one of Aker

ASA’s portfolio companies. Prior

to that, he worked as a manage-

ment consultant at Arkwright

and as an equity analyst at

Pareto Securities. Reppe holds a

Master of Science degree from

the Norwegian School of Eco-

nomics (NHH) with a major in

financial economics.

At 22 April 2026, Reppe and

related parties held 97 075

shares and 29 325 RSUs in

NORBIT.

Julie Dahl Benum

Chief Strategy Officer and Acting

Chief Commercial Officer PIR

Julie Dahl Benum joined NOR-

BIT in December 2022 as direc-

tor of strategy and ESG. Prior

to joining NORBIT, Benum held

the position of senior manager

and head of strategy in Karabin

Impello AS. She also has expe-

rience as project manager at

NTNU Technology Transfer AS

and as management consultant

at BCG. Benum holds an MSc

degree in industrial economics

and technology management

(INDØK) from the Norwegian

University of Science and Tech-

nology (NTNU).

At 22 April 2026, Benum and

related parties held 13 077

shares and 18 846 RSUs in NOR-

BIT.

Astrid Stevik

Chief Operating Officer (COO)

Astrid Stevik joined NORBIT in

2023 as industrialisation man-

ager in Oceans, later took on the

COO responsibility in Oceans,

and from November 2024

moved into the role of COO for

the group. In her current posi-

tion, Stevik is overall responsible

for operational activities across

the three business segments,

including NORBIT’S manufactur-

ing sites. Stevik holds an MSc in

chemical engineering from the

Norwegian University of Sci-

ence and Technology (NTNU)

and has 25 years of experience

in industrialisation, product

development, and supply-chain

management across various

industries.

At 22 April 2026, Stevik and

related parties held 3 097

shares and 1 364 RSUs in

NORBIT.

Peter Koldgaard Eriksen

Business Unit Director Oceans

Lino Morgione

Commercial Director Connectivity

10

NORBIT ASA

Annual report 2025

Executive management

#Section

#Sub-chapter

#Sub-chapter

Executive management team

NORBIT’s board is

composed to be able

to act independently

of any special inter-

ests. All directors are

deemed to be inde-

pendent of senior

executives, material

business associates

and the company's

main shareholders.

1)

1) Defined as shareholders

holding 10 per cent or

more of the shares

BOARD OF DIRECTORS

Finn Haugan (1953)

Chair

Finn Haugan was CEO of the

listed company SpareBank 1

SMN from 1991 to 2019. He has

held several board positions,

including chair of SpareBank 1

Gruppen, Finance Norway, and

the Norwegian Banks’ Guaran-

tee Fund. He currently chairs

SpareBank 1 Sør-Norge ASA and

Sinkaberg AS, and is a director

of Reitan Eiendom AS. Chair of

NORBIT ASA since May 2019

and re-elected on 6 May 2024

for a period of two years. Chair

of the remuneration committee.

Haugan attended 13 board

meetings in 2025 (100 per cent

attendance rate).

Number of shares* at 22 April

2026: 100 498

Bente Avnung Landsnes (1957)

Deputy chair

Landsnes attended 13 board

meetings in 2025 (100 per cent

attendance rate).

Number of shares* at 22 April

2026: 74 073

Trond Tuvstein (1972)

Director

Christina Hallin (1960)

Director

Håkon Kavli (1985)

Director

* Number of shares includes shares held by related parties.

11

NORBIT ASA

Annual report 2025

Board of directors

Building on our legacy of innovation to drive future growth

STRATEGY AND AMBITIONS

From the very beginning, we have pur-

sued a strategy of relentless focus on mar-

ket driven innovation in carefully selected

applications. We invest in the development

of new products and solutions when we

understand the needs and expectations of

our customers in their domain. In partner-

ship with our customers, we listen, explore,

and develop solutions that allow us to grow

together with our partners. Our focus on

research and development ensures that we

stay at the forefront of technological inno-

vation.

At NORBIT, we manufacture what we sell.

In-house manufacturing capabilities enable

scalability and control of the value chain and

operations, elements that are fundamental to

sustaining further growth and remaining com-

petitive, especially in an unstable and com-

plex macro environment.

NORBIT’s main asset is our employees. Attract-

ing and refining top talent enables us to create

value for our clients and deliver when it matters.

We give each employee considerable deci-

sion-making scope regarding their work. This

implies a significant degree of freedom, but

also places a substantial responsibility on our

employees.

Throughout our history, a key factor for suc-

cess has been to diversify our business model,

thereby reducing dependency on any one mar-

ket or product, while also taking advantage of

opportunities for growth and expansion. Tailor-

ing the growth strategy for each business seg-

ment has been an intentional choice.

Refining the strategic priorities

Going forward, we aim to strengthen our

position as a leading global provider of tai-

lored technology for specific applications,

delivering value to our customers by solving

challenges through innovation.

Alongside our foundation for success, the fol-

lowing priorities are central to our strategy

going forward:

^

Broadening market driven product

offering with tailored technology.

^

Going from “niche to notable” by cultivating

our ability to take on larger tasks.

^

Diversifying our customer base, reducing

dependencies on specific sectors, and

leveraging cross-segment growth

opportunities.

^

Pursuing operational excellence and

scalability, developing leadership to

unlock the potential of all colleagues.

^

Prioritising the overall best opportunities,

focusing on NORBIT as a whole.

^

Exploring value-accretive acquisitions

through defined criteria to accelerate

growth.

Long-term financial ambitions

In February 2024, NORBIT set out a strate-

gic roadmap with an ambition to deliver more

than NOK 2.75 billion in revenues in 2027

and an EBIT margin around 20 per cent. The

following targets were set per segment:

Oceans:

Revenues in excess of NOK 1.1 bil-

lion and an EBIT margin between 25 and 30

per cent.

Connectivity:

Revenues in excess of NOK 1.0

billion and an EBIT margin between 25 and

30 per cent.

PIR:

Revenues in excess of NOK 750 million

and an EBIT margin between 8 and 10 per

cent.

Combined with active balance sheet man-

agement, the targeted return on capital

employed is around 30 per cent.

Based on current outlook, NORBIT is well posi-

tioned to accelerate beyond those targets

one year in advance. The target for 2026 is to

deliver more than NOK 3.0 billion in revenues

and an EBIT margin improvement compared to

the 22 per cent reported in 2025. The targets

are supported by growth and improved finan-

cial performance through operational leverage,

scalability and maintaining cost discipline.

New long-term ambitions toward 2030 will

be presented at the second quarter reporting

in August.

2026

2025

2024

2023

2022

2021

2020

2019

REVENUES

NOK million

2026

2025

2024

2023

2022

2021

2020

2019

EBIT MARGIN

Per cent

2025

2024

2023

2022

2021

2020

2019

PRE-TAX RETURN ON CAPITAL EMPLOYED

Per cent

Shareholder information

THE NORBIT SHARE

Shares and share capital

At 31 December 2025, the total number of

shares in NORBIT ASA amounted to 63 948

695 and the number of outstanding shares

was 63 892 522. At the same date, NORBIT

ASA held 56 173 own shares.

During 2025, the share traded between

NOK 89.41 and NOK 221.13 per share, with

a closing price of NOK 187.20 at year-end

2025. At 31 December 2025, the company

had approximately 6 700 shareholders, of

which the 20 largest shareholders held 61.0

per cent of the total outstanding shares.

Dividend policy

NORBIT ASA’s objective is to provide share-

holders with a long-term competitive return

through an increase in the share price and

payment of dividends.

The dividend policy is to pay out annual div-

idends in excess of 30 per cent of the com-

pany’s net profit after tax, with the intention

to pay out potential excess capital.

When proposing the total dividend pay-

ment, the board of directors will take into

account the company’s financial position,

investment plans, any restrictions by law,

as well as the needed financial flexibility to

provide for sustainable growth. To that end,

the company has set long-term financial tar-

gets relating to its capital structure to have

a NIBD/EBITDA ratio between 1.0 –2.5x.

IR contact

Per Kristian Reppe

Group CFO

[email protected]

+47 900 33 203

SHARE PRICE DEVELOPMENT 2025

NOK

■

NORBIT

OSEBX rebased

GEOGRAPHICAL DISTRIBUTION OF SHAREHOLDERS

Click or scan the QR-code

for access to NORBITs latest

share price development.

2025

2024

2023

2022

2021

REVENUES

■

Sonars

■

Security

■

Sub-bottom profilers

■

Other

NOK million

378.5

743.9

877.9

599.0

443.0

2025

2024

2023

2022

2021

EBITDA

■

EBITDA (NOK million)

EBITDA margin (per cent)

2025

2024

2023

2022

2021

EBIT

■

EBIT (NOK million)

EBIT margin (per cent)

EMEA: 47%

Americas: 27%

■

APAC: 26%

THE X-SERIES – A SCALABLE PLATFORM FOR

HIGH-RESOLUTION SEABED MAPPING AND INSPECTION

PROTECTING CRITICAL INFRASTRUCTURE WITH SECURITY

AND SURVEILLANCE SOLUTIONS

15

NORBIT ASA

Annual report 2025

Business overview

#Section

#Sub-chapter

#Chapter

2025

2024

2023

2022

2021

REVENUES

■

On-board units

■

Enforcement modules

■

Satelite-based tolling

■

Subscription and e-toll

■

Other

NOK million

146.3

515.7

613.3

540.3

308.0

2025

2024

2023

2022

2021

EBITDA

■

EBITDA (NOK million)

EBITDA margin (per cent)

2025

2024

2023

2022

2021

EBIT

■

EBIT (NOK million)

EBIT margin (per cent)

EMEA: 99%

■

Americas: 0%

■

APAC: 1%

INTRODUCING THE NORBIT

GNSS ON-BOARD UNIT

For several years, NORBIT has supplied enforce-

ment modules based on DSRC technology for

use in satellite-based On-Board Units.

In 2024, in line with the strategy to broaden the

product offering and customer base, NORBIT

announced the development of a new and inno-

vative complete GNSS On-Board Unit. The GNSS

On-Board Unit uses satellite-based position-

ing data for accurate measurement of distance

travelled, enabling distance-based charging for

heavy goods vehicles and efficient toll collec-

tion across borders in Europe under the Euro-

pean Electronic Toll Service (“EETS”). Designed

to be compliant with 4G mobile networks, the

product addresses the gradual phase-out of leg-

acy 2G/GSM-based On-Board Units in line with

the ongoing modernisation of mobile network

infrastructure in Europe. As part of the develop-

ment, NORBIT entered into a partnership with

Toll4Europe, one of Europe’s leading EETS oper-

ators, and secured an initial contract estimated

at NOK 160 million for deliveries from NORBIT’s

factory in Røros.

In 2025, NORBIT completed the development

and industrialisation phase, including ramp-up of

serial production at its Røros facility, supported

by robotised manufacturing capabilities. Follow-

ing deliveries of approximately half of the initial

order to Toll4Europe, NORBIT received a second

order from Toll4Europe, also estimated at NOK

160 million, for deliveries in the first half of 2026.

This case illustrates NORBIT’s ability to deliver

tailored technology to a carefully selected appli-

cations, combining customer-driven develop-

ment with scalable manufacturing.

CONTRIBUTING TO AVIATION SAFETY

For close to 30 years, NORBIT has contributed

to bringing passengers safely to the ground

when flying. In 1995, NORBIT developed the first

high performance navigation receivers for use in

navigation system measuring instruments.

A decade later, NORBIT developed its first com-

plete NAV Analyzer. The NAV Analyzer is used

to measure critical parameters of the Instrument

Landing System and VOR ground system, pro-

viding high accuracy and measurement speed

for ground and flight inspection.

The NAV Analyser is a portable, battery-oper-

ated and weatherproof unit to be used both

indoors and outdoors. Today, NORBIT provides

the complete product to its client Indra Navia

together with integrity monitoring solutions, in

accordance with the latest aviation requirements.

17

NORBIT ASA

Annual report 2025

Business overview

#Section

#Sub-chapter

#Chapter

Business segments:

PRODUCT INNOVATION & REALIZATION (PIR)

2025

2024

2023

2022

2021

REVENUES

■

Defence and security

■

Automotive

■

Industrial

■

R&D prod/services

■

Other

2025

2024

2023

2022

2021

■

EBITDA (NOK million)

EBITDA margin (per cent)

2025

2024

2023

2022

2021

EBIT

■

EBIT (NOK million)

EBIT margin (per cent)

EMEA: 96%

■

Americas: 0%

■

APAC: 4%

ENHANCING NAVAL COMMUNICATIONS WITH

ADVANCED ANTENNA TECHNOLOGY

For almost two decades, NORBIT has provided

advanced naval antenna technology, enabling

secure and reliable communication for subma-

rines operating in extreme conditions.

With expertise in high-performance RF systems,

NORBIT has developed advanced intelligent

antenna solutions for maritime military applica-

tions. These systems enable the seamless inte-

gration of multiple transceivers sharing antennas

while ensuring effective intermodulation sup-

pression. In collaboration with Comrod, which

brings deep domain knowledge and specialised

competence in military antenna applications, this

technology has been made available to leading

defense customers.

SCALING PARTNER FOR SECURITY

AND DEFENCE

NORBIT delivers advanced manufacturing ser-

vices to customers within the defence and secu-

rity sector, supporting mission-critical systems

where reliability and precision are essential.

With strong capabilities in high-performance

electronics, NORBIT acts as a technology and

scaling partner, enabling customers to industrial-

ise and scale production of advanced modules

for demanding operational environments.

The solutions are developed and manufactured

in Norway, ensuring high quality, secure supply

chains and scalable production.

These engagements reflect strong trust in NOR-

BIT’s competence and ability to support both

development and volume delivery of critical

defence and security solutions.

19

NORBIT ASA

Annual report 2025

Business overview

#Section

#Sub-chapter

#Chapter

THE BOARD OF DIRECTORS’ REPORT

Review of 2025

.............................................................................................

21

Report on corporate governance

.............................................................

29

Sustainability statement

.............................................................................

37

I. ESRS 2 General disclosures

..................................................................................

37

II. Environment

............................................................................................................

60

III. Social

........................................................................................................................

82

IV. Governance

............................................................................................................

97

20

NORBIT ASA

Annual report 2025

Board of directors’ report

#Sub-chapter

#Sub-chapter

Board of directors’ report

Review of 2025

POSITIVE OUTLOOK FOLLOWING A RECORD YEAR

Overview of the business

The board of directors’ report for the NORBIT

group (“NORBIT” or “the group”) comprises

NORBIT ASA (“the parent company”) and all

subsidiaries. The parent company, NORBIT

ASA, is a Norwegian public limited liability

company.

Business and location

lored 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

Iceland, Denmark, Czech Republic, Poland,

Germany, Austria, Hungary, Italy, Singa-

pore, China, Sweden, Croatia, Slovakia, Bra-

zil, United Kingdom, Chile, United States and

Canada.

NORBIT is organised in three business units:

Oceans, Connectivity and Product Innova-

tion and Realization (PIR). The Oceans seg-

ment delivers tailored technology solutions

to the global maritime markets, and the Con-

nectivity segment delivers secure wireless

technology for industrial and mission-critical

applications – ranging from transportation

infrastructure to navigation and defence-re-

lated environments. PIR offers R&D services

and products and contract manufacturing.

Through its three business segments, NOR-

BIT has a diversified business model where

the segments are exposed to different mar-

ket drivers, customer bases and risks. The

group’s diversified offering across its seg-

ments, makes NORBIT well positioned to

meet various market scenarios.

A further description of each business unit is

presented under the section “Business seg-

ments”.

Summary of the year

NORBIT continued its journey of profitable

growth in 2025, delivering record results

exceeding the initial targets set for the year.

In total, revenues grew by 43 per cent to

reach NOK 2 502.5 million, supported by

strong growth in the PIR segment and contin-

ued growth in Oceans and Connectivity. The

operating profit (EBIT) came in at NOK 555.4

million, up from NOK 341.7 million in 2024.

This represented a margin of 22 per cent for

the full year.

During the year, NORBIT continued to

strengthen its operations, market position

and technology platform, preparing for fur-

ther growth in 2026 and beyond. In 2025, 86

new colleagues were welcomed to the fam-

ily, new products were launched to the mar-

ket and continued investments were made in

R&D and machinery equipment.

Oceans continued to see strong demand for

its sonar solutions, reporting growth of 20

per cent in the market vertical. EBIT came in

at NOK 265.6 million, representing a margin

of 30 per cent.

Connectivity had a revenue increase of 19

per cent in 2025 driven by increased demand

for satellite-based tolling units and enforce-

ment modules for tachographs. In particular,

the new GNSS On-Board Unit had a mean-

ingful contribution to growth in 2025. EBIT

came in at NOK 166.4 million, representing a

margin of 27 per cent.

PIR reported 100 per cent revenue growth in

2025, driven by higher sales of contract man-

ufacturing, 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 64 per cent in

2025, versus 19 per cent in 2024. EBIT came

in at NOK 210.0 million, representing a mar-

gin of 19 per cent.

NORBIT ended the year with a strong finan-

cial platform and a robust balance sheet due

to the strong results achieved. Considering

the performance of the year, the board has

proposed a dividend of NOK 5.00 per share

to be paid in May. The board intends to pro-

pose to the general meeting an authorisation

to pay additional dividends in the second half

of 2026.

FINANCIAL REVIEW

All amounts in brackets are comparative figures

for 2024 unless otherwise specifically stated.

Accounting policies

The following financial review is based on the

consolidated financial statements of NORBIT

ASA and its subsidiaries. The statements have

been prepared in accordance with the Inter-

national Financial Reporting Standards (IFRS)

as adopted by the European Union.

In the view of the board, the income state-

ment, the statements of comprehensive

income, changes in equity and cash flow, the

balance sheet and the accompanying notes

provide satisfactory information about the

operations, financial results and position

of the group and the parent company at 31

December 2025.

Pursuant to section 4-5 of the Norwegian

Accounting Act, it is confirmed that the

accounts have been prepared based on the

assumption that NORBIT is a going concern,

and the board confirms that this assumption

continues to apply.

Consolidated statement of income

Total operating revenues for 2025 amounted

to NOK 2 502.5 million (NOK 1 751.4 million),

corresponding to an increase of 43 per cent

from the year before.

21

NORBIT ASA

Annual report 2025

Board of directors’ report

The Oceans segment achieved an increase

in revenues of 18 per cent. Revenue growth

was primarily explained by higher sonar sales

across multiple geographies.

The Connectivity segment saw revenues

increase by 19 per cent in 2025, with highest

growth from satellite-based tolling.

The PIR segment reported the strongest

growth of the three business segments, deliv-

ering a 100 per cent revenue increase from

2024 as a result of strong demand within con-

tract manufacturing towards defence and

security.

Raw material expenses and change in inven-

tory amounted to NOK 1 110.0 million (NOK

704.6 million). The increase from the prior

year reflects the higher activity level. Gross

margin was 56 per cent in 2025 (60 per cent).

Employee benefit expenses amounted to

NOK 498.8 million (NOK 416.3 million). The

increase was primarily explained by a gen-

eral strengthening of the organisation to sup-

port further growth and strategic initiatives,

as well as wage inflation.

Other operating expenses were NOK 181.5

million (NOK 156.4 million). Other operating

expenses were up 16 per cent in 2025 com-

pared to 2024.

Operating profit before depreciation and

amortisation (EBITDA) amounted to NOK

712.2 million (NOK 474.0 million), correspond-

ing to an EBITDA margin of 28 per cent (27

per cent).

Depreciation and amortisation were NOK 156.9

million (NOK 128.9 million), with the increase

explained by amortisation of completed R&D

investments, depreciation of investments made

during 2025, as well as full year effect of amor-

tisation of excess values of intangible assets in

relation to the acquisition of Innomar.

Operating profit for 2025 was NOK 555.4 mil-

lion (NOK 341.7 million), corresponding to a

margin of 22 per cent (20 per cent).

Net financial items amounted to negative

NOK 29.1 million for the full year (negative

NOK 23.4 million). Net interest expenses

declined to NOK 33.6 million (NOK 36.4 mil-

lion), while NOK 4.6 million was recorded in

foreign exchange gains and other financial

income (gains of NOK 13.3 million).

NORBIT recorded a profit before taxes of

NOK 526.3 million (NOK 318.3 million). Tax

expenses amounted to NOK 122.0 million for

2025 (NOK 75.0 million).

Consequently, profit for 2025 ended at NOK

404.3 million (NOK 243.3 million) and diluted

earnings per share were NOK 6.32 (NOK 3.93).

Consolidated statement of financial position

NORBIT had total assets of NOK 2 622.8 mil-

lion at 31 December 2025, an increase from

NOK 2 184.2 million at the end of 2024.

Total non-current assets amounted to NOK

1 403.4 million at 31 December 2025, up from

NOK 1 216.4 million the year before, of which

the largest items include intangible assets

and goodwill.

22

NORBIT ASA

Annual report 2025

Board of directors’ report

#Section

#Chapter

#Sub-chapter

#Sub-chapter

#Chapter

Goodwill amounted to NOK 496.7 million

(NOK 497.4 million).

Intangible assets rose to NOK 476.7 million

(NOK 418.9 million) primarily due to NOK

139.0 million in investments in R&D (NOK

104.8 million). Total investments in R&D dur-

ing 2025 corresponded to 5.6 per cent of rev-

enues for 2025 (6.0 per cent).

Property, plant and equipment, including right

of use assets, increased to NOK 390.2 million

(NOK 274.0 million), mainly explained by NOK

61.7 million investments and additions of NOK

127.4 million in right-of-use assets, partly offset

by depreciations of NOK 73.5 million.

Total current assets amounted to NOK 1 219.5

million, up from NOK 967.8 million at 31

December 2024.

At 31 December 2025, inventories amounted

to NOK 731.7 million, compared to NOK 434.7

million at the end of 2024. Inventories rose

primarily due to sourcing of components to

prepare for continued high delivery activ-

ity towards the defence and security sector

within the PIR segment.

Trade receivables were NOK 221.3 million at

31 December 2025, down from NOK 273.4

million at the end of 2024.

Cash and cash equivalents amounted to NOK

158.9 million at 31 December 2025, down

from NOK 193.3 million at the end of 2024.

Total liabilities were NOK 1 411.4 million at

year-end 2025, up from NOK 1 026.8 million

at 31 December 2024, of which the largest

items include interest-bearing borrowings,

trade payables and other current liabilities.

Total equity ended at NOK 1 211.5 million,

up from NOK 1 157.3 million at 31 Decem-

ber 2024. This represents an equity ratio of

46 per cent (53 per cent). The increase was

mainly explained by a positive net profit,

partly offset by dividends paid.

Consolidated statement of cash flows

Operating activities generated a cash flow

of NOK 500.6 million for 2025 (NOK 430.9

million), including a net increase in work-

ing capital of NOK 84.0 million (decrease

of NOK 51.1 million). The increase in work-

ing capital was primarily explained by NOK

296.9 million in purchase of inventory,

partly offset by a NOK 51.4 million reduc-

tion in trade receivables and an increase in

trade payables and other accruals of NOK

85.6 million and NOK 76.0 million, respec-

tively.

Cash flow used for investment activities was

NOK 203.6 million for the year (NOK 558.4

million). The investments mainly consist of

NOK 139.0 million invested in R&D and NOK

61.7 million in property, plant and equipment,

as well as NOK 2.9 million in net cash outflow

relating to acquisitions.

Financing activities generated a cash out-

flow of NOK 331.3 million (cash inflow of NOK

260.1 million), primarily explained by NOK

382.3 million in dividends paid, partly offset

by a NOK 74.0 million increase on the over-

draft facility.

Financing and capital structure

At the end of 2025, NORBIT had NOK 523.4

million in interest-bearing borrowings (NOK

447.2 million) and NOK 364.5 million (NOK

254.0 million) when adjusting for cash and

cash equivalents. NORBIT had NOK 785.0

million in cash and undrawn committed credit

facilities at 31 December 2025.

The group had three main loan facilities per

end of the fourth quarter 2025, comprising

of a long-term revolving credit facility (RCF),

a short-term multicurrency overdraft facility

and one term loan. The credit limits are NOK

200 million and NOK 500 million on the RCF

and overdraft facility, respectively, and EUR

38 million on the term loan.

NORBIT has a policy of maintaining a lever-

age ratio, defined as net-interest-bearing bor-

rowings (including leasing liabilities) divided

by EBITDA, in the range of 1.0-2.5x. At the

end of 2025, the ratio was 0.8x (0.7x). The

equity ratio was 46 per cent (53 per cent).

Maintaining a strong balance sheet, a low

funding cost and optimising the cost of cap-

ital are key priorities in the capital manage-

ment policy. Further information regarding

NORBIT’s capital management policy can be

found in

note 4.2

to the financial statements.

PARENT COMPANY RESULTS AND

ALLOCATION OF NET PROFIT

The financial statements for the parent com-

pany are prepared in accordance with the

Norwegian Accounting Act and generally

accepted accounting principles in Norway.

The parent company had a profit before

taxes of NOK 475.0 million (a profit of NOK

255.6 million). After a tax expense of NOK

104.2 million (NOK 57.2 million), the company

recorded a net profit of NOK 370.8 million

(net profit of NOK 198.4 million).

Dividends

The board proposes the following allocation

of the net profit for the parent company:

Amounts in NOK million

Dividend (NOK 5.00 per share)

319.5

Transferred to other equity

51.3

For the fiscal year 2024, NORBIT paid divi-

dends in the aggregate amount of NOK 382.3

million (NOK 6.00 per share).

For more information on NORBIT’s dividend

policy, please refer to

page 13

.

SEGMENT INFORMATION

NORBIT is organised in three operating seg-

ments: Oceans, Connectivity and Product

Innovation and Realization (PIR).

Oceans

Financial review

Revenues for the segment amounted to

NOK 877.9 million in 2025, representing an

increase of 18 per cent from 2024 (NOK 743.9

million). Revenue growth was primarily driven

23

NORBIT ASA

Annual report 2025

by increased demand for sonars, leading to

growth in sonar sales of 20 per cent to NOK

705.8 million in 2025 (NOK 588.5 million).

The segment has a highly diversified cus-

tomer base worldwide, with the five largest

customers in 2025 accounting for approxi-

mately 12 per cent of revenues (17 per cent).

Approximately 47 per cent of the revenues

were generated from customers in Europe,

Africa and Middle East, 27 per cent in Ameri-

cas and the remainder in Asia-Pacific.

Gross profit for the year ended at NOK 631.5

million (NOK 540.2 million), resulting in a

gross margin of 72 per cent (73 per cent).

Employee benefit expenses were NOK 204.1

million in 2025 (NOK 174.2 million).

Other operating expenses were NOK 89.6 mil-

lion, up 12 per cent from 2024 (NOK 79.7 million).

EBITDA was NOK 337.8 million for 2025 (NOK

286.2 million), representing a margin of 38

per cent (38 per cent). The improved results

were due to increased sales.

Depreciation and amortisation expenses

were NOK 72.2 million, up from NOK 67.4

million in 2024. The increase was partly

explained by amortisation of completed R&D

projects, as well full-year effect of amortisa-

tion of excess values of intangible assets in

relation to the Innomar acquisition.

EBIT was NOK 265.6 million in 2025 (NOK

218.8 million), corresponding to a margin of

30 per cent (29 per cent).

Connectivity

Financial review

Revenues for Connectivity amounted to

NOK 613.3 million for 2025 (NOK 515.7 mil-

lion). The increase of 19 per cent was largely

explained by higher sales of satellite-based

tolling and enforcement modules for tacho-

graphs. In total, these two verticals reported

64 per cent revenue growth in 2025. Within

satellite-based tolling, the delivery of the new

GNSS On-Board Unit had a meaningful contri-

bution to growth, while the European Union’s

requirement to replace and upgrade analogue

and first-generation smart tachographs con-

tributed to increased demand for enforcement

modules for tachographs. Subscription and

e-toll revenues amounted to NOK 111.7 million

compared to NOK 106.7 million in 2024.

Connectivity has a concentrated customer

base with blue chip clients, where the five

largest customers accounted for 59 per cent

of revenues (62 per cent). 99 per cent of the

revenues were generated from customers in

Europe.

Gross profit for the year ended at NOK 389.6

million (NOK 332.8 million), resulting in a

gross margin of 64 per cent (65 per cent).

Employee benefit expenses were NOK 98.3

million in 2025, up from NOK 89.4 million in

2024 primarily explained by an increase in

the number of employees, higher allocated

direct labour cost from the factories, as well

as wage inflation.

24

NORBIT ASA

Annual report 2025

Board of directors’ report

#Section

#Chapter

#Sub-chapter

#Sub-chapter

#Chapter

For the full year of 2025, EBITDA for Connec-

tivity totalled NOK 223.0 million (NOK 183.3

million), representing an EBITDA margin of 36

per cent (36 per cent).

Depreciation and amortisation expenses

were NOK 56.5 million in 2025 (NOK 48.8

million).

EBIT was NOK 166.4 million in 2025 (NOK

134.5 million), corresponding to a margin of

27 per cent (26 per cent).

Product Innovation & Realization (PIR)

Financial review

Revenues for PIR amounted to NOK 1 085.7

million for 2025, representing an increase

of 100 per cent from 2024 (NOK 543.1 mil-

lion). Revenue growth was driven by higher

sales of contract manufacturing, particularly

towards the defence and security industries.

In 2025, contract manufacturing represented

91 per cent (84 per cent) of the revenues in

the segment, while R&D services and prod-

ucts represented the remainder. Within the

segment, approximately 64 per cent (19 per

cent) of the revenues related to the defence

and security industry, 19 per cent (46 per

cent) was towards industrial clients and 8 per

cent (20 per cent) related to the automotive

industry.

In 2025, increased deliveries to the largest

customers resulted in higher concentration

in the customer base. In 2025, the five larg-

est customers accounted for 80 per cent of

revenues (59 per cent). Approximately 96 per

cent of the revenues were generated from

customers in Europe.

Gross profit for the year ended at NOK 425.8

million (NOK 219.2 million), resulting in a

gross margin of 39 per cent (40 per cent).

Employee benefit expenses were NOK 145.6

million in 2025, an increase from NOK 112.8

million in 2024. The increase was a result

of new hires to support the revenue growth,

and wage inflation.

Other operating expenses were NOK 45.2

million in 2025 (NOK 33.0 million) with the

increase explained by activity-related costs.

EBITDA for the year was NOK 235.0 million

(NOK 73.4 million), representing a margin of

22 per cent (14 per cent).

Depreciation and amortisation expenses were

NOK 25.0 million in 2025 (NOK 19.2 million).

EBIT was NOK 210.0 million in 2025 (NOK

54.2 million), corresponding to a margin of 19

per cent (10 per cent).

EVENTS AFTER THE BALANCE SHEET DATE

On 25 February, NORBIT announced seg-

ment PIR was in advanced negotiations with

a European client within defence and secu-

rity regarding an order for contract manu-

facturing. The expected value of the order is

approximately NOK 115 million, to be deliv-

ered in second quarter 2026. The order was

received in March.

RESEARCH AND DEVELOPMENT

Investments in research and development

(R&D) is an important part of NORBIT’s strat-

egy to develop new and innovative technolog-

ical solutions to support long-term growth. In

2025, the group invested a total of NOK 139.0

million in R&D (NOK 104.8 million), represent-

ing 5.6 per cent of the revenues for the year.

A significant part of NORBIT’s investments

in R&D in 2025 was allocated to the Oceans

segment for developing new acoustic technol-

ogy and Connectivity for the development of

the new GNSS On-Board Unit.

In 2026, NORBIT expects its R&D invest-

ments to be around NOK 110 million.

RISKS AND RISK MANAGEMENT

NORBIT is subject to several risks which may

affect the group’s operations, performance,

finances and share price. These risk factors

are further described below. These risks are

monitored by the corporate management and

reported to the board on a regular basis.

Operational risk

NORBIT considers its main operational risk

to be the shortage of supply of consuma-

bles/electronic components. While produc-

tion is an in-house capability, NORBIT relies

on a significant supply of components to

produce and deliver its products and solu-

tions. A large portion of the components are

bought in a global market. The supply mar-

ket for components improved during 2025.

However, for certain semiconductor compo-

nents, the supply market is still challenging.

This is particularly the case for memory chips

given a surge in demand from data centres

and re-prioritisation in the supply chain. Lead

times are generally improving but remain ele-

vated for certain components, with a corre-

sponding low visibility. To some extent, this

impacts the scheduling of planned deliveries,

leading to delays.

NORBIT is working actively to manage and

mitigate the risk of supply shortage by eval-

uating the use of component equivalents

in close dialogue with customers, as well

as working with suppliers to secure the raw

material components needed to deliver

according to plans. The process requires

careful management, as changes in market

dynamics or reduced demand may negatively

impact NORBIT as a supplier, potentially

leading to obsolete inventory that has not

been provided for in the financial statements.

Certain components, such as memory chips,

have seen a significant price increase in recent

months. NORBIT continues to manage price

increases on components by taking appropri-

ate measures to maintain acceptable margins.

Market risk

The group’s activities are international, with

the delivery of high-technology products,

systems and solutions with related services

to a variety of markets and customers. Since

each segment is targeting its defined mar-

ket area with its unique set of market drivers,

the market risk should be assessed seg-

ment by segment. Each operating segment

is exposed to a separate competitive land-

scape.

The group has a diverse customer portfo-

lio, largely due to the customer base being

substantially different between the three

segments. Customer concentration may

vary between the segments. Oceans has

25

NORBIT ASA

Annual report 2025

Board of directors’ report

#Section

#Chapter

#Sub-chapter

#Sub-chapter

#Chapter

a diverse and fragmented customer base,

while Connectivity has a smaller customer

base with more blue-chip clients. The cus-

tomer concentration is highest in the PIR seg-

ment and segment has a high exposure to

the defence and security industry.

In the event of increased competition or if

some of the largest customers experience

reduced demand in its market, this may have

a material adverse effect on the group's busi-

ness, results and cash flow.

Digital and cyber security risk

In an increasingly interconnected and digi-

tal-first environment, safeguarding data, sys-

tems, and digital infrastructure is a critical

priority. The cyber threat landscape is contin-

uously evolving, with risks ranging from phish-

ing attacks and ransomware to data breaches

and third-party vulnerabilities. Cyber attacks

could result in the interruption of critical busi-

ness functions that may materially impact

the business operations and financials. Such

event may also lead to loss of reputation and

market position, and NORBIT could face legal

liabilities and penalties. The IT department is

actively taking measures to reduce exposure

to cyber security risks, in line with recommen-

dations from the NIS2 directive and other rele-

vant cyber security frameworks.

Geopolitical risk

Geopolitical risk has increased following

the outbreak of wars, political unrest and

trade sanctions. NORBIT is a global group

of companies with sales to approximately

70 countries. Furthermore, a large part of

the raw material components is bought in a

global market. Business operations are thus

significantly dependent on foreign trade.

As a result, NORBIT’s operations are sub-

ject to a variety of country, regulatory and

political risks, including, but not limited to,

regulatory changes, trade barriers, restric-

tive government actions and changes in

law and policies. Sourcing of components

might also be subject to tariffs or increased

costs, which may not be recoverable. Tar-

iffs may also be introduced on imports of

goods as restrictive actions. If any of NOR-

BIT’s products are subject to such tariffs on

importation, it may lead to increased costs

or reduced prices, affecting margins nega-

tively.

Financial risk

NORBIT is exposed to several financial risks.

Note 4.1

to the financial statements explains

the group’s exposure to financial risks and

how these could affect the group’s future

financial performance. Financial risks are man-

aged centrally by the finance department.

Interest rate risk

The group’s main interest rate risk arises from

borrowings with variable rates in EUR, USD

and NOK, which expose the group to cash

flow interest rate risk. NORBIT had no finan-

cial instruments designated to hedge interest

rate risk as per the end of 2025.

Trade and other receivables and trade and

other payables are interest free and with a

term of less than one year, hence there is no

interest rate risk associated with these finan-

cial assets and liabilities.

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Currency risk

NORBIT has international operations and cli-

ents and is exposed to currency risk through

customer contracts and purchase of prod-

ucts and services in currencies other than the

functional currency (NOK). NORBIT is primar-

ily exposed to EUR and USD currencies.

Fluctuations in exchange rates can lead to

increased or decreased profit margin in con-

tracts with customers compared to the initial

project calculus.

The group was a net seller of EUR and a net

buyer of USD in 2025. The group rebalances

the short-term (within 90 days) main currency

exposures monthly to have a neutral currency

position on trade receivables, trade payables

and cash. NORBIT had no financial instru-

ments designated to hedge currency risk as

per the end of 2025.

Credit risk

The group is exposed to credit risk related

to cash and cash equivalents, trade receiv-

ables and other current receivables. Cash is

held with reputable banks with strong credit

ratings and low credit risk. Receivables carry

a higher credit risk as NORBIT conducts its

business with a fragmented customer base.

Historically, NORBIT has had limited losses

on its receivables.

The exposure to credit risk is monitored on

an ongoing basis within the finance depart-

ment as a risk mitigating action. The group’s

receivables are not credit insured.

Liquidity risk

Liquidity risk is the risk that the group is una-

ble to meet the obligations associated with

its financial liabilities. For NORBIT, liquid-

ity risk is managed by maintaining sufficient

cash deposits and available committed credit

lines that the group can draw on to meet

its obligations as they occur. NORBIT has a

centrally managed multi-currency cash pool

arrangement where several subsidiaries are

connected. The liquidity trend is monitored

frequently, supported by budgets and fore-

casts.

At 31 December 2025, NORBIT had NOK

785.0 million in cash and undrawn credit facil-

ities.

CORPORATE GOVERNANCE

NORBIT ASA is subject to annual corporate

governance reporting requirements under

§2-9 of the Norwegian Accounting Act and

the Norwegian Code of Practice for Corpo-

rate Governance, cf. section 4.4 of the Oslo

Stock Exchange Rule Book II. The Account-

ing Act may be found (in Norwegian) at www.

lovdata.no. The Norwegian Code of Prac-

tice for Corporate Governance may be found

at www.nues.no. NORBIT ASA follows the

Norwegian Code of Practice for Corporate

Governance, and the company’s practice

is in accordance with these recommenda-

tions. The annual statement on corporate

governance for 2025 has been approved

by the board and can be found in the corpo-

rate governance section on

page 29

of this

annual report.

Director’s and officers’ liability insurance

NORBIT ASA has a directors and officers lia-

bility insurance with AIG for the group, includ-

ing the parent company and its subsidiaries.

The insurance covers the board members,

CEO and members of the management team.

The insurance comprises personal legal liabil-

ities, including defence and legal costs.

CORPORATE SOCIAL RESPONSIBILITY

As from the reporting year 2024, NORBIT has

reported in accordance with the European

Sustainability Reporting Standards (ESRS)

under the Corporate Sustainability Reporting

Directive (CSRD).

Included in this reporting is an annual state-

ment on the company’s efforts to secure

equal opportunities under §26-a in the Equal-

ity and Anti-discrimination Act of Norway.

The detailed reporting on these topics can be

found from

page 96

.

OUTLOOK

NORBIT marked its 30-year anniversary by

delivering yet another record year.

Reve-

nues grew by 43 per cent and above the ini-

tial target set for the year, the EBIT margin

continued to improve and pre-tax return on

capital employed increased to 34 per cent.

Heading into the new year, the outlook for

NORBIT remains positive, supported by

continued high activity in all three business

segments. In February 2024, NORBIT set

out a strategic roadmap with an ambition to

deliver more than NOK 2.75 billion in reve-

nues in 2027 and an EBIT margin around 20

per cent. Based on current outlook, NOR-

BIT is well positioned to accelerate beyond

those targets one year in advance. The tar-

get for 2026 is to deliver more than NOK

3.0 billion in revenues and an EBIT margin

improvement compared to the 22 per cent

reported in 2025. The targets are supported

by growth and improved financial perfor-

mance through operational leverage, scal-

ability and maintaining cost discipline. In

addition to realising the organic targets,

NORBIT will continue to explore value-accre-

tive acquisitions based on its defined criteria

to accelerate further growth. As in previous

years, quarterly seasonal fluctuations are

expected, along with the impact of currency

movements as a substantial share of NOR-

BIT’s revenues is denominated in EUR and

USD.

NORBIT’s capital allocation framework

remains firm. Investments in organic growth

have been the most important value driver in

the past and are expected to continue cre-

ating strong returns going forward. In 2026,

NORBIT expects its R&D investments to be

approximately NOK 110 million. Investments

in fixed assets are anticipated to be around

NOK 110 million, with a significant share of

the investments being allocated to the facto-

ries to increase production capacity to deliver

on the revenue growth.

As NORBIT continues to expand across its

three business segments, the company

remains well-positioned to capitalise on long-

term growth drivers and market opportunities.

Each business segment benefits from strong

underlying trends, technological innovation

and increasing demand from customers.

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^

The Oceans segment is positioning

for a continued expansion in the blue

economy by investing in new technology

and broadening the product portfolio.

The oceans cover more than 70 per cent

of the planet, yet only a small share

is explored. A significant share of the

global population lives in coastal areas.

90 per cent of global trade travels via

the seas, and more than 95 per cent of

global information travels via undersea

infrastructure. Understanding the oceans

through data insights and intelligence is

critical to more informed decision-making.

New product additions are expected to

contribute to further growth in 2026. In

addition, the geopolitical landscape forces

governments and companies to rethink

how to protect critical infrastructure at – or

close to – sea, enabling opportunities for

Oceans’ security surveillance solutions.

^

The Connectivity segment is benefiting

from EU’s continued focus on

digitalisation, integration, standardisation

and sustainability. The GNSS On-Board

Unit, a seamless solution for cross-

border transportation within EU, remains

an important cornerstone in the future

growth within tolling applications. At the

same time, Connectivity is also addressing

other market opportunities within the field

of adjacent communication solutions built

on references and competencies within

radar and microwave technology.

^

The PIR segment has seen a significant

increase in revenues from the defence and

security sector, a trend that is expected

to continue in the current geopolitical

landscape. In light of the strong demand

observed, PIR is preparing for further

orders by investing in additional capacity

and is securing materials in close

collaboration with its customers. NORBIT

continues to experience increased demand

for technology “Made in Europe”, also from

verticals beyond defence. Together with

recent capacity expansions, this positions

NORBIT well to proactively work on these

opportunities as part of the strategy to

broaden the customer base within PIR.

The board remains optimistic about NORBIT’s

long-term outlook. The group’s diversified

product offering targeting multiple industries

and geographies, combined with the organ-

isation’s ability to leverage megatrends and

to successfully introduce new market-driven

innovation, makes the company robust. New

long-term ambitions toward 2030 will be pre-

sented at the second quarter reporting in

August.

The board wishes to thank shareholders and

external stakeholders for their continued sup-

port, as well as thank the management and

all employees for their efforts and for the

results achieved in 2025.

28

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#Sub-chapter

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#Chapter

Corporate governance

REPORT ON THE NORWEGIAN CODE OF PRACTICE FOR CORPORATE GOVERNANCE

Corporate governance at NORBIT ASA (the

“company”) shall be based on the following

main principles:

^

All shareholders shall be treated equally.

^

NORBIT shall maintain open, relevant

and reliable communication with its

stakeholders, including its shareholders,

governmental bodies and the public about

its activities.

^

NORBIT’s board of directors shall be

autonomous and independent of the

executive management.

^

The majority of the directors shall be

independent of major shareholders.

^

There shall be a clear division of roles and

responsibilities between shareholders,

the board and management.

NORBIT’s corporate governance princi-

ples are in accordance with the Norwegian

accounting act §2-9 and based on the current

Norwegian Code of Practice (the Code) for

Corporate Governance, most recently issued

on 28 August 2025. The Code is available at

www.nues.no.

A review and presentation of NORBIT’s com-

pliance with the Code’s recommendations

follow herein. NORBIT’s principles are con-

sistent with the recommendations.

1.

Implementation and reporting on

corporate governance

NORBIT’s corporate governance principles

are determined by the board of directors (the

“board”), which has the overall responsibility

for ensuring that the group has a high stand-

ard of corporate governance. The board has

prepared a corporate governance policy doc-

ument addressing the framework of guide-

lines and principles regulating the interaction

between the shareholders, the board and the

Chief Executive Officer (the CEO).

The purpose of the corporate governance pol-

icy is to ensure appropriate separation of roles

and responsibilities between shareholders, the

board and executive management, as well as

to ensure satisfactory controls of the group’s

business activities. The board and executive

management perform an annual assessment of

its principles for corporate governance.

The following report covers every section of

the Norwegian code of practice.

Deviations from the Code: None

2.

Business

NORBIT is a global company providing tai-

lored technology to selected applications.

The business purpose is set out in the com-

pany’s articles of association as:

"The company is the parent company of an

internationally focused technology group

which provides custom-made high-technol-

ogy products in selected niche markets. This

is done through acquisition, management

and trading in shares, partnership interests

and other securities."

The board has defined clear objectives,

strategies and risk profiles for the group, to

ensure sustainable value creation for the

shareholders. The board evaluates the com-

pany’s objectives, strategy and risk profiles at

least yearly, and when carrying out this work,

the board takes into account financial, social

and environmental considerations.

NORBIT’s ambition is to contribute to sustain-

able development both by acting responsibly

in the group’s own operations (internal focus)

and by developing and selling products

that contribute to solving sustainability chal-

lenges for customers and the society at large

(external focus). Further details about this

work can be found in the ESRS disclosures

starting at

page 37

.

Deviations from the Code: None

3.

Equity and dividends

The board is committed to maintaining a

satisfactory capital structure for the group

according to the group’s goals, strategy

and risk profile, thereby ensuring that there

is an appropriate balance between equity

and other sources of financing. The board

regularly assesses the capital require-

ments related to the group’s strategy and

risk profile.

Equity

At 31 December 2025, the group’s equity was

NOK 1 211.5 million, which corresponds to an

equity ratio of 46 per cent. The board con-

siders NORBIT’s financial position to be solid

with the necessary capacity to support its

objectives, strategy and risk profile.

Dividends

The board has established a clear and pre-

dictable dividend policy as detailed on

page

13

of the annual report. Based on the finan-

cial results for 2025, the board proposes a

dividend of NOK 5.00 per share.

Board authorisations

In the event that a board authorisation is pro-

posed for a capital increase, acquisition of

treasury shares or similar, or for multiple pur-

poses, each authorisation should be treated

as a separate issue and subject to vote by

the general meeting.

Board authorisations are valid for such peri-

ods as the shareholders’ meeting decides.

Authorisations to the board to increase the

share capital or to buy own shares will nor-

mally not be given for periods longer than

until the next annual general meeting.

It follows from the purpose of the authorisa-

tions that the board may need to waive exist-

ing shareholders’ preference rights, which is

permitted under the terms of the authorisa-

tions concerned.

At the annual general meeting in 2025, the

board was granted the following authorisa-

tions:

29

^

To increase the share capital by up to

an aggregate nominal value of NOK

1 275 000.50 in connection with invest-

ments, general corporate purposes and

transactions.

^

To increase the share capital by up to an

aggregate nominal value of NOK 127 500.00

in connection with incentive programs.

^

On behalf of the company acquire and

be granted security in treasury shares up

to an aggregate nominal value of NOK

637 500.20.

Board authorisations to increase the compa-

ny’s share capital or to purchase own shares

are intended for defined purposes. All board

authorisations are valid up until the next

annual general meeting which will be held on

20 May 2026, however no longer than until

30 June 2026.

Share issues

In 2025, and based on the authorisation

above, the board resolved to increase the

share capital in connection with the following

events, each with a par value of NOK 0.10:

^

The exercise of restricted stock units

by executive management through the

issuance of 198 668 new shares.

^

Purchase of 57 460 shares from primary

insiders in relation to shares awarded in

incentive programmes to cover tax liabilities.

All board resolutions in relation to the above

authorisations have been in compliance with

the general meetings decisions.

Deviations from the Code: None

4.

Equal treatment of shareholders

NORBIT has a single class of shares, and all

shares carry the same rights in the company.

Equal treatment of shareholders is essential

in NORBIT’s corporate governance principles.

In the event of capital increases based on

authorisations issued by the general meeting,

where the existing shareholders’ pre-emptive

rights are set aside, the board will justify this

through a public announcement in connec-

tion with the capital increase. The justification

should specifically state how the principle

of equal treatment of shareholders is safe-

guarded.

Any transactions in the company’s own

shares are carried out through the stock

exchange or at prevailing market price.

Deviations from the Code: None

5.

Shares and negotiability

NORBIT’s shares are freely tradeable and

there are no restrictions on owning or vot-

ing for shares. The shares are registered in

the Norwegian Central Securities Depository

(VPS). The company's registrar is DNB Mar-

kets. The shares carry the securities number

ISIN NO 0010856511.

Deviations from the Code: None

6.

General meetings

NORBIT encourages its shareholders to par-

ticipate and vote at the general meeting, the

company’s highest decision-making body.

Only those who are shareholders five busi-

ness days prior to the general meeting (the

record date) have the right to participate and

30

NORBIT ASA

Annual report 2025

Report on corporate governance

#Section

vote at the general meeting. The annual gen-

eral meeting for 2026 will take place on 20

May 2026.

Registration and attendance

Pursuant to article 8 of the company’s arti-

cles of associations, shareholders who wish

to participate at the general meeting shall

notify the company of this within a deadline

which is set out in the notice of the general

meeting, and which cannot expire earlier

than two business days prior to the general

meeting.

Shareholders have the right to request to

attend electronically to vote directly on indi-

vidual agenda items. Shareholders unable to

attend may also submit their vote in advance

of the meeting or vote by proxy. The share-

holders may vote on each of the proposals to

be considered, including voting for individual

candidates in elections.

The procedures for advance voting and for

providing proxy voting instructions will be

described in the meeting notification and

published on the company website.

Shareholders may also send notification of

their attendance, using the form provided,

by post or email to the company’s account

manager DNB, or via the company’s website,

www.norbit.com.

Meeting notice

The full notice for general meetings shall be

sent to the shareholders no later than 21 days

prior to the meeting. The board will ensure

that the notice includes information about

the proposed resolutions and that support-

ing information is sufficiently detailed to allow

shareholders to form a view on all matters

to be considered at the meeting. Notices

shall provide information on procedures that

shareholders shall observe in order to partic-

ipate in and vote at the general meeting. The

notice should set out the right for sharehold-

ers to propose resolutions in respect of mat-

ters to be dealt with by the general meeting.

Shareholders who cannot attend the general

meeting should be given the opportunity to

vote. The notice will set out the procedure

for representation at the meeting through

a proxy, including a form to appoint a proxy.

The form for the appointment of a proxy

should also be designed to make voting on

each individual matter possible.

In accordance with article 8 of the company’s

articles of association, documents relating to

matters to be addressed at a general meet-

ing of shareholders shall be made available

on NORBIT’s website. The same applies to

documents which by law must be included

in or attached to the invitation to attend the

general meeting. If the documents are made

available in this way, the statutory require-

ment with respect to distribution to share-

holders is not applicable. A shareholder may

nevertheless ask to be sent documents relat-

ing to matters to be discussed at a general

meeting by post.

Meeting chair and voting

The general meeting elects the person to

chair the meeting. The board and the chair

of the nomination committee should attend

the general meetings. The company’s audi-

tor is expected to attend the general meet-

ings when the matters to be dealt with are of

such nature that this is considered necessary.

The general meeting elects the members of

the nomination committee and shareholder

elected directors.

Minutes of the general meeting will be pub-

lished as soon as practical via Euronext Oslo

Børs’ messaging service www.newsweb.no

(ticker: NORBT) and on the company’s web-

site www.norbit.com.

Deviations from the Code: None

7.

Nomination committee

NORBIT has a nomination committee as

required by Article 7 of the company’s arti-

cles of association.

The general meeting has elected the follow-

ing members to the nomination committee:

^

Reidar Stokke, chair – elected in 2025 for

one year

^

Berit Rian – elected in 2024 for two years

^

Janniche Fusdahl – elected in 2025 for

two years

The general meeting determines the com-

mittee’s remuneration. The guidelines for the

nomination committee have been approved

by the general meeting. According to these

guidelines, the nomination committee shall

be comprised of at least three members.

The members of the nomination commit-

tee should be selected to consider the inter-

ests of shareholders in general, where the

majority of the committee members are inde-

pendent of the board and the executive man-

agement team. Members of the board or the

executive management team shall not be

members of the nomination committee.

The nomination committee should propose

candidates for the board and the nomination

committee, and remuneration for the mem-

bers of these bodies.

The nomination committee should provide a

rationale for its proposal, and the recommen-

dation will include a proposal for the appoint-

ment of the chair. The nomination committee

must make a written recommendation, which

is published and presented to the general

meeting.

In its proposal to the general meeting regard-

ing the company’s directors, the nomination

committee shall consider the wishes of the

shareholders when making its recommen-

dations. Shareholders should be informed

about how they can propose candidates. The

committee shall also consider the proposed

candidates, experience, qualifications and

their capacity to serve as directors in a sat-

isfactory manner, including required compe-

tencies to independently evaluate the cases

presented. Emphasis shall also be given to

ensuring independence of the board. It is

also considered important that the board

has diversity, relevant complementary back-

ground and can function well as a body of

colleagues. The nomination committee’s rec-

ommendations shall at all times satisfy the

requirements relating to the composition of

the board set forth in applicable legislation.

31

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#Section

Proposal for board candidates should be

communicated to the chair of the nomination

committee by sending an email to

reidar.olaf.

[email protected]

prior to 31 December.

Deviations from the Code: None

8.

Board of directors: Composition and

independence

Composition

According to article 5 of the NORBIT’s arti-

cles of associations, the board shall consist of

a minimum of three and a maximum of seven

directors elected by the general meeting.

The general meeting elects the chair of the

board and the deputy chair of the board. Pro-

posals for the election period by the nomina-

tion committee to the general meeting should

not exceed two years at a time, with the pos-

sibility of re-election.

At 31 December 2025, NORBIT’s board com-

prised Finn Haugan (chair), Bente Avnung

Landsnes (deputy chair), Trond Tuvstein,

Christina Hallin and Håkon Kavli. Tom Sol-

berg is deputy director. All directors were

elected by the general meeting based on the

nomination committee’s proposal. The com-

position of the board meets the requirements

under the Norwegian Public Limited Liability

Companies Act. The current composition of

the board is presented in this annual report

and is also available from the company’s

website www.norbit.com. The presentation

includes an overview of the directors’ compe-

tence and background, meeting attendance

and whether they are considered to be inde-

pendent.

Bente Avnung Landsnes and Trond Tuvstein

were re-elected at the general meeting 6

May 2025 for a period of two years, and Tom

Solberg as deputy director for one year.

Finn Haugan, Christina Hallin, Håkon Kavli

and Tom Solberg are up for election at the

general meeting in May 2026.

Directors are encouraged to own shares in

the company. At 22 April 2026, four of the

five directors directly held shares in NOR-

BIT, while the last director, Håkon Kavli, rep-

resents shareholder Reitan Kapital AS on the

board. Shareholdings are further disclosed in

note 2.3

to the financial statements.

Independence of the board

NORBIT’s board is composed such that it is

able to act independently of any special inter-

ests. The board does not include members of

the executive management. All the directors

of NORBIT are deemed to be independent of

senior executives, material business associ-

ates and the company's main shareholders.

With respect to deputy director Tom Solberg,

whose employer Prétor Advokat provides

legal services to the group in the ordinary

course of business, the board has assessed

that the engagement is on arm’s length terms

and is subject to annual review and approval

by the board. Solberg does not participate

in discussions or decisions relating to the

engagement or the approval of the related

fees.

Deviations from the Code: None

32

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9.

The work of the board of directors

The board has adopted guidelines for their

work and for the executive management.

The board has also adopted instructions for

board committees. According to these guide-

lines, the board shall ensure that the group

has proper management with a clear internal

distribution of responsibilities and duties. A

clear division of work has been established

between the board and the executive man-

agement team. The CEO is responsible for

the executive management of the group.

The board has the overall responsibility for

the management of the group and the super-

vision of its day-to-day management and

business activities. The board prepares an

annual plan for its work with special emphasis

on goals, strategy and implementation. The

board’s primary responsibility shall be (i) par-

ticipating in the development and approval

of the group’s strategy, (ii) performing neces-

sary monitoring functions and (iii) acting as

an advisory body for the executive manage-

ment team. The board is also responsible for

ensuring that the operation of the group is

compliant with the group’s values and ethical

guidelines. The chair of the board is responsi-

ble for ensuring that the board’s work is per-

formed in an effective and correct manner.

All members of the board regularly receive

information about the group’s operational

and financial development. The group’s strat-

egies shall regularly be subject to review and

evaluation by the board.

According to the board’s instructions, any

transactions, agreements or arrangements

between the company or group entities and

its shareholders, members of the board,

members of the executive management team

or close associates of any such parties may

only be entered into as part of the ordinary

course of business and on arm’s length mar-

ket terms. All such transactions shall comply

with the procedures set out in the Norwegian

Public Limited Liability Companies Act and

be in accordance with the recommendations

of the Norwegian Code of Practice for Corpo-

rate Governance. The regulations governing

the board’s working practices include guide-

lines for how individual directors and the

CEO should conduct themselves with respect

to matters in which they may have a personal

interest. Among them is the stipulation that

each director must make a conscious assess-

ment of his/her own impartiality and inform

the board of any possible conflict of interest

on matters concerned at each board meeting.

The board shall consider whether a valua-

tion should be obtained from an independent

third party unless the transaction, agree-

ment or arrangement in question is con-

sidered to be immaterial or otherwise not

cause any issues with respect to whether the

agreement is on arm's length market terms.

Directors and members of the executive

management team shall immediately notify

the board if they have any material direct or

indirect interest in any transaction entered

into by the company.

Additional information on transactions with

related parties can be found in

note 4.7

to

the 2025 financial statement.

The board evaluates its own performance

and expertise once a year. The board held a

total of 13 meetings in 2025, and the attend-

ance rate was 100 per cent.

Sub-committees of the board

Audit committee

Pursuant to the Norwegian Public Limited

Liability Companies Act and the listing rules

of Euronext Oslo Børs, the company shall

have an audit committee. The audit commit-

tee is appointed by the board. At 31 Decem-

ber 2025, the audit committee comprised the

following:

^

Trond Tuvstein, chair

^

Bente Avnung Landsnes

The composition of the committee meets the

requirements of the Norwegian Public Lim-

ited Liability Companies Act and the Code

with regards to independence and compe-

tence.

The committee’s main responsibilities are

governed by the Norwegian Public Limited

Liability Companies Act and the instructions

of the audit committee include the following

tasks:

^

Prepare matters to be considered by

the board and to support the board in

the exercise of its management and

supervisory responsibilities, including

informing the board of directors of the

result of the statutory audit of the annual

financials and sustainability report.

^

Prepare the follow-up process for the

financial and sustainability reporting for

the board of directors, including assessing

the quality and making recommendations

to secure process integrity.

^

Monitor the performance and

effectiveness of the group’s internal

control and risk management systems in

relation to the financial and sustainability

reporting process.

^

Maintain an ongoing dialogue with the

auditors appointed for the financial and

sustainability reporting.

^

Review the independence and objectivity

of the auditor and ensure compliance with

applicable rules and guidelines regarding

the provisions of additional services

rendered by the auditor.

^

Prepare the company’s appointment

of an external auditor and submit its

recommendation to the board. The audit

committee held 7 meetings in 2025. The

attendance rate was 100 per cent.

Remuneration committee

NORBIT has a remuneration committee

appointed by the board. At 31 December

2025, the remuneration committee com-

prised the following:

^

Finn Haugan, chair

^

Bente Avnung Landsnes

^

Håkon Kavli

^

Christina Hallin

The committee’s main responsibilities are set

out in the instructions to the committee and

includes in brief as follows:

^

Evaluate and review the executive

management team’s agreements,

33

NORBIT ASA

Annual report 2025

Report on corporate governance

compensation, benefits, including

goals and objectives relevant to the

compensation.

^

Prepare the board's yearly CEO

assessment, including consideration

matters relating to salary and terms, to the

board of directors.

^

Assisting the CEO in determining the

remuneration of the other members of the

executive management team.

^

Prepare for consideration matter

of principles and guidelines for

remuneration to the CEO and executive

management team, including proposing

recommendations to the board, with

respect to incentive compensation plans

and equity-based plans.

^

Review and endorse the guidelines for

remuneration to the senior executives and

the board of directors' report on salary

and other remuneration for the senior

executives.

^

Provide general compensation related

advise to the board.

^

Discuss organisational issues with

the CEO that have relevance for the

compensation plans.

The remuneration committee held 3 meet-

ings in 2025. The attendance rate was 100

per cent.

Deviations from the Code: None

10.

Risk management and internal control

The board shall ensure that NORBIT has sound

internal control and systems for risk manage-

ment that are appropriate in relation to the

extent and nature of the group’s activities.

The objective of risk management and inter-

nal control is to ensure the successful con-

duct of the group’s business and to support

the quality of its financial reporting.

The board shall carry out an annual review of

the group’s most important areas of exposure

to risk and its internal control arrangements.

The board shall provide an account in the

annual report of the main features of the

group’s internal control and risk management

systems as they relate to the group’s financial

reporting.

Internal control of financial reporting is

achieved through day-to-day follow-up by

management, and supervision by the audit

committee.

Deviations from the Code: None

11.

Remuneration of the board of directors

Remuneration of directors shall be reasona-

ble and reflect responsibility, expertise, time

invested and the complexity of the business.

Work in sub-committees may be com-

pensated in addition to the remuneration

received for board membership.

The general meeting shall determine the

board’s remuneration after considering rec-

ommendations by the nomination committee.

Information on remuneration to the direc-

tors for the work performed in each term is

determined by the general meeting and pre-

sented in the remuneration report for 2025.

The remuneration to the directors is not per-

34

NORBIT ASA

Annual report 2025

Report on corporate governance

#Section

#Chapter

#Sub-chapter

#Sub-chapter

#Chapter

formance-related, nor does it include share

option elements. The board does not partic-

ipate in incentive programmes available to

employees in the group or any other share-

based incentive schemes.

The board shall be informed if individual direc-

tors perform tasks for the company or any

group entities other than exercising their role

as directors. The fee for any such services

shall be approved by the board. In 2025, dep-

uty director Tom Solberg performed legal

services in the ordinary course of business

for the group through his employer Prétor

Advokat. The service fee to Prétor Advokat,

in aggregate, is disclosed in

note 4.7

to the

financial statements. The agreement and fee

have been reviewed and approved by the

board of directors and Tom Solberg did not

participate in the board’s deliberations or

decision-making concerning the engagement

or the approval of the related fee.

Deviations from the Code: None

12.

Salary and other remuneration for

executive personnel

Pursuant to Section 6-16a of the Public Lim-

ited Companies Act, the board has adopted

clear and transparent guidelines for the

remuneration of the executive management

team, to promote alignment of interests

between shareholders and executive person-

nel. A description of the guidelines has been

presented to the general meeting in the form

of a separate document and approved by the

shareholders.

The company’s remuneration principles shall

be designed to ensure responsible and sus-

tainable remuneration decisions that support

the company’s business strategy, long-term

interests, and sustainable business prac-

tices. To this end, salaries and other employ-

ment terms shall enable the company to retain,

develop and recruit skilled senior executives

with relevant experience and competence.

The remuneration shall be on market terms,

competitive, and reflect the performance and

responsibilities of individual senior executives.

A ceiling has been set for performance-re-

lated remuneration, and performance-related

remuneration is based on measurable criteria

that the executive personnel can influence.

Pursuant to Section 6-16b of the Public Lim-

ited Companies Act, the board will prepare to

the general meeting a remuneration report

which includes information on remuneration

paid and awarded to the executive manage-

ment team in accordance with the guidelines.

Deviations from the Code: None

13.

Information and communications

Investor relations

The company’s reporting of financial and

other information is based on transparency

and equal treatment of shareholders, the

financial community and other interested par-

ties. The objective of the company’s inves-

tor relations activities is to ensure that the

financial markets and shareholders receive

accurate and timely information that can

affect the company’s share price. All mar-

ket participants shall have access to the

same information, and all information is pub-

lished in English. All notices sent to the stock

exchange are made available on the compa-

ny’s website and at www.newsweb.no.

NORBIT’s ambition is to comply with Euron-

ext Oslo Børs’ Code of Practice for IR (“the

IR Code”). The company has, in line with the

IR Code, also adopted an IR Policy. The CEO

and CFO are responsible for the communica-

tion with shareholders in the period between

general meetings.

Financial information

The company holds investor presentations in

association with the publication of its quar-

terly results. These presentations are open

to all and provide an overview of the group’s

operational and financial performance in

the previous quarter, as well as an overview

of the general market outlook and group’s

future prospects. These presentations are

also made available on the company’s web-

site.

Quiet period

NORBIT will minimise its contacts with ana-

lysts, investors and media in the 30 days

period prior to publication of its results. This

is to ensure that all interested parties in the

market are treated equally.

Deviations from the Code: None

14. Takeovers

In a takeover process, should it occur, the

board and the executive management team

each have an individual responsibility to

ensure that the company’s shareholders are

treated equally and that there are no unnec-

essary interruptions to the group’s business

activities. The board has a particular respon-

sibility in ensuring that the shareholders have

sufficient information and time to assess the

offer.

In the event of a take-over process, the board

shall ensure that the following principles are

complied with:

^

the board will not seek to hinder or

obstruct any takeover bid for the

company’s operations or shares unless

there are particular reasons for doing so;

^

the board shall not undertake any actions

intended to give shareholders or others

an unreasonable advantage at the

expense of other shareholders or the

company;

^

the board shall not institute measures with

the intention of protecting the personal

interests of its members at the expense of

the interests of the shareholders;

^

the board shall be aware of the particular

duty it has for ensuring that the values

and interests of the shareholders are

protected; and

^

the main terms of the agreements

entered into between the company

and the bidder that are material to the

market's evaluation of the bid are publicly

disclosed no later than at the same time

as the announcement that the bid will be

made is published.

In the event of a takeover bid, the board

will, in addition to complying with relevant

legislation and regulations, seek to comply

with the recommendations in the Code. This

35

NORBIT ASA

Annual report 2025

Report on corporate governance

could include obtaining a valuation and fair-

ness opinion from an independent expert. On

this basis, the board shall draw up a state-

ment containing a well-grounded evaluation

of the bid and make a recommendation as

to whether or not the shareholders should

accept the bid. The evaluation shall specify

how, for example, a takeover would affect

the long-term value creation of NORBIT. Any

transaction that is in effect a disposal of the

company’s activities should be decided by a

general meeting.

Deviations from the Code: None

15. Auditor

The auditor is appointed by the general

meeting. The auditor makes an annual pres-

entation of the auditing plan to the audit com-

mittee. Further, the auditor provides the audit

committee with an annual additional report

in which it declares its independence and

explains how the results of the statutory audit

carried out by providing a range of informa-

tion about the audit. The additional report is

shared with the board.

The auditor participates in all meetings of the

audit committee that concerns the interim

reporting, as well as audit committee and

board meetings concerning audit of the

annual accounts and the sustainability report-

ing. The auditor reports to the audit commit-

tee on the assessment of the internal control

in relation to the financial and sustainability

reporting process. The chair of the audit com-

mittee provides the board a summary of the

main observations and discussions held in

the meetings where the auditor participates.

The auditor reviews, with the audit committee,

any material changes in the company’s account-

ing principles and assessments of material

accounting estimates. There have been no dis-

agreements between the auditor and manage-

ment on any material issues in 2025.

The board and the audit committee have

met with the auditor without representa-

tives of executive management being pres-

ent regarding the preparation of the annual

accounts for 2025.

The board has adopted guidelines and authori-

sations for ensuring compliance with applicable

laws and regulations concerning the render-

ing of non-audit services from the appointed

auditor. The audit committee is responsible for

monitoring compliance under the relevant pol-

icy. Non-audit service assignments are either

approved by the audit committee or the CFO

prior to engagement, depending on the materi-

ality of the assignment.

The CFO and audit committee receives at

least twice a year from the auditor a summary

of the services other than auditing that have

been provided to the group companies.

At the annual general meeting, the board pre-

sents a review of the auditor’s compensa-

tion as paid for auditory work required by law

and remuneration associated with other spe-

cific assignments. Compensation paid is pre-

sented in

note 2.4

to the financial statements.

The board shall arrange for the auditor to

attend all general meetings.

Deviations from the Code: None

36

NORBIT ASA

Annual report 2025

Report on corporate governance

#Section

#Chapter

#Sub-chapter

#Sub-chapter

#Chapter

Sustainability statement 2025

I. ESRS 2 GENERAL DISCLOSURES

BP-1

 

General basis for preparation of the sustainability statement

This sustainability statement has been pre-

pared in accordance with the EU’s Corporate

Sustainability Reporting Directive (CSRD) and

is structured based on the interpretation of

the requirements outlined in the European

Sustainability Reporting Standards (ESRS) 1

and 2. The statement covers NORBIT ASA

and all its subsidiaries on a consolidated

basis for the year 2025, with the same scope

as the financial statements. No information

is omitted due to restrictions on intellectual

property or knowhow.

While elements from both the upstream and

downstream value chains are included, the

coverage is not exhaustive. NORBIT’s opera-

tions encompass various activities, including

research and development, production and

assembly, as well as sales, marketing, and

distribution across three segments, each with

a different geographical reach. Achieving a

comprehensive overview of the upstream

and downstream value chains for these

diverse activities is a complex task. This

statement reflects the best available under-

standing to date, and the reporting will be

continuously refined in the coming years.

BP-2

 

Disclosures in relation to specific circumstances

Table 1 highlights various mandatory topics

related to sustainability reporting and the

specific circumstances under which they are

disclosed.

Table 1

 – Overview of disclosures in relation to specific circumstances:

Topic

Disclosure

Time horizons

The sustainability statement follows the definition of time horizons as defined

by ESRS 1, where short-term indicates up to one year, medium-term up to five

years, and long-term over five years.

Value chain estimations

As described in BP-1, the report mainly includes metrics and information from

own operations. If metrics include upstream and/or downstream data, this

is commented on in the respective disclosures, together with the basis for

preparation and level of accuracy.

Sources of estimation

and outcome

uncertainty

The quantitative metrics and monetary amounts that are subject to a high

level of measurement uncertainty are identified and commented on in the

respective disclosures.

37

Topic

Disclosure

Changes in preparation

or presentation

of sustainability

information

No changes from last reporting period.

Reporting errors in

prior periods

No errors, first year of reporting.

Disclosures stemming

from other legislation

or generally accepted

sustainability reporting

pronouncements

When information stemming from other legislation which requires disclosure

information is included, this is commented on in the respective disclosures.

Incorporation by

reference

The structure outlined by the ESRS has been adhered to as closely as

possible. References are made to other chapters within the sustainability

statement using the same codes as those employed by the ESRS for its

chapters.

Use of phase-in

provisions in

accordance with

Appendix C of ESRS 1

An overview of identified material topics can be found under SBM-3. ESRS

2 SBM-1 paragraph 40(b) and (c), ESRS2 SBM-3 paragraph 48(e), and scope

3 under ESRS E1-6 is not included. ESRS S2 is assessed as material but

omitted as the average number of employees during the financial year

was under 750 for the group. The list of matters related to ESRS S2 found

material is included under SBM-3. NORBIT conducts annual human rights

due diligence in line with the Transparency Act, including risk assessments

and follow-up of suppliers, as outlined in the company’s Transparency Act

report.

GOV-1

  The role of the administrative, management and supervisory bodies

The role of the management and supervisory

bodies in overseeing sustainability at NORBIT

is anchored in governance documents owned

by the board of directors and the executive

management team. This includes key govern-

ance documents such as the code of conduct,

board of directors’ and CEO’s instructions, and

the chief of strategy’s instructions.

NORBIT’s administrative, management and

supervisory bodies related to the company’s

sustainability work consists of three main

entities (illustrated in Figure 1):

^

An administrative and operational working

group

^

A managing and steering top executive

management team

^

An overseeing and supervisory board of

directors

Figure 1

 – Illustration of administrative, management and supervisory bodies:

Board of directors

Executive management

Supervisory hierarchy

Operational hierarchy

Working group

The chief of strategy, reporting directly

to the CEO, is responsible for overseeing

sustainability-related impacts, risks, and

opportunities. This role is supported by

an interdisciplinary working group com-

prising members from HR, strategy, and

finance. The working group identifies key

impacts, risks, and opportunities and sets

corresponding targets by involving inter-

nal and external stakeholders, as described

in SBM-2. These activities, as well as sta-

tus on impacts, risks and opportunities, are

reported to the executive management

team in weekly meetings and to the board of

directors through board meetings through-

out the year, see GOV-2.

The CEO and the board of directors evaluate

annually whether the team led by the chief

strategy officer has the appropriate skills and

expertise to oversee sustainability matters. In

2025, external expertise and knowledge on

ESG were brought in through the software com-

panies ISS Corporate and Ignite Procurement.

The members of the three entities, their gen-

ders and expertise on sustainability matters

are described in table 2, 3 and 4. The groups

bring together members with broad experi-

ence across various aspects of sustainability

and sustainability reporting, and are consid-

ered to possess sufficient competence. The

female to male ratio of the administrative

working group is two to two. All members are

employees, with one serving as an executive

and three as non-executive members.

The female to male ratio of the executive

management team is two to five. All members

of this group are employees.

The female to male ratio of the board of direc-

tors is two to three. 100 per cent of the direc-

tors are considered independent. There are

no employees on the board of directors.

Table 2

 – Roles and gender balance in operational working group:

Role in group

Name and role in organisation

Gender

Age

Expertise in (related to sustainability)

Project leader

Julie Dahl Benum

Director of strategy and ESG

Female

34

Sustainability strategy development, environmental analysis, impact analysis and reporting.

Project member

Tormod Svorkdal

M&A and business manager

Male

31

Business analytics and financial modelling.

Project member

Linn Haugan

HR advisor and business support

Female

28

Leadership development, recruitment, and organisational development.

Project member

Sture Ingdal

Finance director

Male

54

Financial management, auditing, and reporting.

Table 3

 – Roles and gender balance in executive management team:

Role

Name

Gender

Age

Expertise in (related to sustainability)

CEO

Per Jørgen Weisethaunet

Male

54

Leading and managing complex value chains and industry contexts, with a focus on sustainability challenges and opportunities.

CFO

Per Kristian Reppe

Male

40

Investments, capital markets, and financial strategy, with experience from various industries.

Chief strategy officer and

CCO PIR

Julie Dahl Benum

Female

34

Sustainability strategy development, environmental analysis, impact analysis and reporting.

Business unit director Oceans

Peter K. Eriksen

Male

58

Developing and leading sustainability-focused commercial initiatives, for instance sonars for use in offshore wind markets.

CCO Connectivity

Lino Morgione

Male

50

Developing and leading sustainability-focused commercial initiatives, for instance in green mobility.

COO

Astrid Stevik

Female

49

Leading and optimising operations for efficiency and sustainability.

Table 4

 – Roles and gender balance in board of directors:

Role

Name

Gender

Experience related to sustainability

Chair

Finn Haugan

Male

Holds several chair positions and has wide experience with governance related topics from the banking industry.

Deputy chair

Bente A. Landsnes

Female

Experience from various central positions within the Norwegian finance industry, including CEO of Oslo Stock Exchange.

Director

Trond Tuvstein

Male

Extensive knowledge and experience in auditing and financial management in publicly listed companies.

Director

Christina Hallin

Female

Holds several chair positions and has broad experience from the automotive and truck industry.

Director

Håkon Kavli

Male

Experienced portfolio manager in tactical asset allocation, equities, and global fixed income.

39

NORBIT ASA

Annual report 2025

Sustainability statement

GOV-2

  Information provided to, and sustainability matters

addressed by the undertaking's administrative,

management and supervisory bodies

The management and supervisory bodies

are informed about material impacts, risks,

and opportunities through a structured, inte-

grated process. The working group is respon-

sible for identifying relevant topics through

a double materiality assessment, of which

the process is described in IRO-1. Findings

are presented to the executive management

team on an ongoing basis, while the board of

directors receives a presentation of these at

least once a year (see table 5).

Table 5

 – Meeting structure of the administrative, management and supervisory bodies:

Body

Frequency of meetings

Topics discussed in meetings

Working

group

^

Once per week

^

Identifying and prioritising impacts, risks and

opportunities (based on stakeholder contact)

^

Defining targets and action plans for specific projects

^

Reporting

Executive

team

^

Once per week

^

Strategy workshops

two times per year

^

Chief strategy officer provides update on progress

^

Strategic discussions related to sustainability

Board of

directors

^

Eight board meet-

ings per year

^

Eight audit commit-

tee meetings per

year

^

Chief strategy officer provides short updates on IROs

(changes, targets, actions, results) in regular meetings

^

At least one board meeting and audit committee meeting

per year is dedicated to sustainability topics, including

materiality and due diligence assessment.

The ESG function is integrated with the com-

pany's strategy, as the

chief strategy officer

is

part of the executive management team.

The multidisciplinary working group, with rep-

resentatives from HR, strategy, and finance,

ensures a comprehensive approach to iden-

tifying and assessing material impacts, risks,

and opportunities. These factors are consid-

ered by the management and supervisory

bodies in overseeing strategy, major trans-

actions, and risk management. Details on the

impacts, risks, and opportunities addressed

by these bodies are found in SBM-3.

GOV-3

  Integration of sustainability-related performance in incentive schemes

Executive management compensation

includes a fixed salary, variable pay, pen-

sion benefits, and non-financial benefits. The

board of directors recommends remunera-

tion guidelines, which are updated, as a min-

imum every four years and approved by the

general meeting. These guidelines include

five criteria for determining variable pay. The

fifth criterion, weighted at 20 per cent, is a

discretionary component based on an over-

all assessment of the group's and manage-

ment's performance in selected focus areas,

with overall sustainability performance, both

related to reporting and initiatives and pro-

jects, highlighted for 2025. However, the

bonus is not directly tied to the specific tar-

gets or performance metrics disclosed in this

report.

GOV-4

  Statement on due diligence

Table 6 shows a mapping of the informa-

tion provided in this sustainability state-

ment related to the due diligence process as

described by the international instruments of

the UN Guiding Principles on Business and

Human Rights and the OECD Guidelines for

Multinational Enterprises.

Table 6

 – Mapping of information related to the due diligence process:

Core elements of due diligence

Paragraphs in the sustainability statement

Embedding due diligence in governance, strategy and

business model

^

ESRS 2 GOV-2

^

ESRS 2 GOV-3

^

ESRS 2 SBM-3

Engaging with affected stakeholders in all key steps of

the due diligence

^

ESRS 2 GOV-2

^

ESRS 2 SMB-2

^

ESRS 2 IRO-1

^

ESRS 2 MDR-P

Identifying and assessing adverse impacts

^

ESRS 2 IRO-1

^

ESRS 2 SMB-3

Taking actions to address those adverse impacts

^

ESRS 2 MDR-A

Tracking the effectiveness of these efforts and

communicating

^

ESRS 2 MDR-M

^

ESRS 2 MDR-T

40

NORBIT ASA

Annual report 2025

GOV-5

 Risk management and internal controls over sustainability reporting

Risk management and internal control are

integral components of corporate govern-

ance at NORBIT. The company’s internal

control system is built on a framework of

governance documents, including manage-

ment policies and corporate standards, which

guides the risk assessment and management

process.

NORBIT employs a risk assessment approach

that is iterative and collaborative, leveraging

insights from stakeholders and utilising the

best available information. The chief strategy

officer is responsible for maintaining the com-

pany’s risk register by gathering internal risk

elements through structured interviews with

employees across the organisation, while

external risks are continuously monitored

and updated using AI-supported analyses. It

is the responsibility of the executive manage-

ment team to identify, assess, develop mitiga-

tion strategies for, communicate about, and

monitor identified risks. While this is primarily

a management function, relevant stakehold-

ers are engaged in the process when risks

may arise from or impact on their activities.

Risks are categorised into five main catego-

ries: finance, legal, operations, business/com-

mercial and sustainability. Chief of strategy

is responsible for facilitating the overarching

risk process.

1.

Identify key risk factors based on input

from the organisation.

2. Analyse risk factors to understand their

nature and potential consequences.

3. Assess likelihood and impact on a scale

from 1 (low) to 3 (high) and prioritise them

in a risk matrix.

4. Develop mitigation strategies for

prioritised risks.

5. Communicate the risk framework to the

executive management team and the

board of directors.

6. Continuously track risks and the

effectiveness of mitigation strategies.

Table 7

 – Risk matrix for the sustainability reporting process:

Risk description

Evaluation:

L = Likelihood, I = Impact, R = Risk (product of likelihood and impact)

L

I

R

Lack of availability and completeness of necessary data to answer out requirements in

standards

1

2

2

Lack of accuracy and reliability of the data, i.e. data reflects what is meant to represent and

can be relied upon

1

2

2

Lack of sufficient resource allocation, incl. time, personnel, budget to properly gather, ana-

lyse and report data

2

3

6

Lack of documentation of practices reported

1

2

2

Lack of integration of findings into business practices

2

2

4

The main features of mitigation and inter-

nal control processes to handle these risks

include:

^

Collaborative review by a cross-functional

team, validating both qualitative and

quantitative data.

^

Regular reporting to the executive

management team and board of directors.

^

Documentation of reporting process and

data in a shared location.

^

Training of employees involved in the

sustainability reporting process.

^

Use of third-party software related to

specific topics, such as green house gas

accounting, to ensure overview and to

reduce manual errors.

41

SBM-1

 Strategy, business model and value chain

Key elements of the company and its

general strategy

NORBIT is a global provider of tailored tech-

nology to selected applications, structured

in three operational business segments to

address key markets: Oceans, Connectivity

and Product Innovation & Realization (PIR).

The Oceans segment delivers tailored tech-

nology solutions to global maritime mar-

kets. The Connectivity segment provides

wireless solutions for identification, moni-

toring and tracking. The PIR segment offers

R&D services, and contract manufacturing

to key industrial customers. Figure 2 shows

the operational sub segments of these three

main segments. NORBIT does not deliver

products and services that are banned in cer-

tain markets.

An overview of the number of employees in

NORBIT can be found in S1-6.

Figure 2

 – Overview of segments and subsegments:

CONNECTIVITY

NORBIT ASA

PIR

OCEANS

Subsea sonars

Security

Sub-bottom profilers

Other

On-board units

Enforcement modules

R&D services

Contract manufacturing

Satellite based tolling

Subscription and e-toll

Other

Description of business model and value

chain

NORBIT’s business model is to develop

(R&D), produce and assemble, market and

distribute technology to industrial customers

(B2B) across the company’s three different

business segments. The value chain follows

a similar structure for all segments, involving

key inputs, processes and outputs, as illus-

trated in Figure 3. Key players in the value

chain include suppliers, customers, and distri-

bution partners.

Figure 3

 – Value chain across all three segments:

End

users

Own operations

The primary inputs include electronic compo-

nents that are assembled into final products,

equipment such as production lines and tools,

energy to power production sites, and busi-

ness and technology services.

NORBIT’s vision is to be “Recognised as

world class – enabling people to explore

more”, meaning providing technology that

supports customers in solving demanding

challenges in complex environments. The

output of the value chain consists of a range

of technology products. Some of these prod-

ucts are marketed under the NORBIT brand,

while others are developed for industrial cli-

ents within the PIR segment. Distribution is

handled through a network of partners and

direct channels to efficiently reach global

markets.

Sustainability-related goals

NORBIT's sustainability strategy is structured

as a goal hierarchy: overarching goals define

the strategic vision, supported by guiding

policies, concrete actions, and measurable

targets. This chapter outlines the overarching

sustainability goals, whereas policies, actions,

and targets are detailed in the relevant dis-

closure requirements according to the identi-

fied material topics.

Figure 4

 – Goal hierarchy for sustainability-related goals:

Measureable targets

Level of detail

Low

High

Concrete actions

Guiding policies

Overarching goals

NORBIT’s ambition is to contribute to sus-

tainable development by creating products

and solutions that address sustainability chal-

lenges for customers and society at large

(external focus), while ensuring responsi-

ble conduct within the value chain (internal

focus). This dual ambition leads to the iden-

tification of four primary sustainability objec-

tives, illustrated in Figure 5. These objectives

are aligned with the company’s core values

and vision. The first goal focuses on external

aspects, encompassing both environmental

and social impacts. The subsequent objec-

tives, 2 to 4, primarily reflect the internal

perspective. Objective 2 pertains to environ-

mental aspects (ESRS E), objective 3 to social

aspects (ESRS S), and objective 4 to govern-

ance aspects (ESRS G).

Figure 5

 – NORBIT’s overarching sustainability goals:

We will deliver

solutions

adapted to

the new

reality of

sustainability

Refinement of

talents in an attractive

place to work

Safe under pressure

with ethical business

conduct

Outside in (external perspective)

Inside out (internal perspective)

Explore more

sustainability

opportunities

1

2

3

4

A landscape shaped by global shifts towards

resilience, digitalisation and sustainabil-

ity represent opportunities for expansion

and innovation across all NORBIT’s seg-

ments. NORBIT is committed to accelerating

the green transition, and will continuously

explore how the company can contribute to

solving sustainability challenges for custom-

ers, partners, and society at large through

innovative products and solutions.

Table 8 details out what this first goal means

for each segment. A selection of examples of

how NORBIT's products contribute to solving

societal challenges is presented on the

.

Table 8

 – Overview of impact-related goals for all three segments:

Goal 2:

We will deliver solutions adapted to

the new reality of sustainability

Products and solutions will be delivered with

sustainability in mind through the design,

development, production, and transportation

process. More details about policies, actions

and targets can be found in ESRS E1 and E5.

Goal 3:

Refinement of talents in an

attractive place to work

The people of NORBIT are the greatest

asset, and efforts will be continuously made

towards creating an attractive and safe work-

place that refine talents. More details about

policies, actions and targets can be found in

ESRS S1.

Goal 4:

Safe under pressure with ethical

business conduct

Good governance and legal compliance will

be ensured in all countries and markets. The

aim is for transparency, traceability, and

integrity across the value chain. More details

about policies, actions and targets can be

found in ESRS G1.

44

NORBIT ASA

Annual report 2025

Sustainability statement

#Section

#Chapter

#Sub-chapter

#Sub-chapter

#Chapter

#Sub-chapter

#Chapter

CONTRIBUTING TO GREEN

ENERGY BUILD-OUT

PROBLEM:

Electricity consumption continues to rise, and

the need for energy security and decarbonisation is becom-

ing more urgent. The shift towards renewable energy is

driven by global efforts to address climate change, reduce

dependence on fossil fuels, and enhance energy resilience.

Offshore wind power plays a critical role in achieving these

goals.

SOLUTION:

Expanding offshore wind capacity requires

detailed seabed mapping and infrastructure monitoring.

NORBIT’s advanced sonar technology is used in the early

development phase of wind farm projects to conduct pre-

cise seabed surveys, ensuring optimal placement. Addi-

tionally, demand is increasing for sonar solutions to monitor

and maintain underwater infrastructure throughout the

operational lifespan of wind farms.

IMPACT:

The EU, UK, and US aim to reach a combined off-

shore wind capacity of over 140 GW by 2030, enough to

power well over 100 million homes. As offshore wind pro-

jects scale up globally, NORBIT’s sonar technology is

actively supporting development and operational monitor-

ing in multiple wind farm projects worldwide, contributing

to a more sustainable energy future.

ENHANCING ROAD SAFETY THROUGH SMART

TACHOGRAPHS

PROBLEM:

The EU’s Mobility Package 1 aims to improve

road safety, driver working conditions, and fair competition

in the transport sector. Heavy goods vehicles are involved

in over 3 500 fatal accidents in Europe annually, with driver

fatigue and rule violations being major contributing factors.

SOLUTION:

NORBIT’s enforcement modules for smart dig-

ital tachographs enable wireless data transmission from

moving trucks to control officers, helping ensure compli-

ance with EU regulations on driving times, rest periods,

and cross-border operations. This allows for more targeted

inspections, reducing rule violations and improving road

safety.

IMPACT:

Since 2019, around 80 per cent of all trucks above

3.5 tons in Europe have been delivered with NORBIT tech-

nology, contributing to safer roads. As EU regulations con-

tinue to phase in, vehicles in cross-border traffic must

upgrade by 2025, and by 2026 the requirements will also

apply to smaller commercial vehicles.

PROTECTING CRITICAL

INFRASTRUCTURE AT SEA

PROBLEM:

Geopolitical instability and rising security

threats highlight the need for enhanced surveillance of

critical infrastructure at sea, including offshore energy

facilities, communication cables, and ports. As vulnerabil-

ities increase, governments and industries are prioritising

underwater security measures to mitigate risks of disrup-

tion or sabotage.

SOLUTION:

NORBIT’s GuardPoint sonar surveillance sys-

tem provides real-time detection and tracking of divers and

submersibles approaching critical assets. This technology

enhances protection of offshore infrastructure and maritime

operations.

IMPACT:

With growing security concerns, most govern-

ments now mandate underwater surveillance for critical

infrastructure. NORBIT’s security solutions are deployed

by private corporations, navies, and government agencies

across multiple countries, strengthening resilience against

potential threats in an increasingly uncertain global land-

scape.

45

NORBIT ASA

Annual report 2025

Sustainability statement

#Section

#Chapter

#Sub-chapter

#Sub-chapter

#Chapter

#Sub-chapter

#Chapter

SBM-2

  Interests and views of stakeholders

NORBIT’s engagement with key stakehold-

ers is summarised in table 9. The purpose

of this engagement is to foster collabora-

tion and mutual understanding by address-

ing employee needs, enhancing customer

satisfaction, building strong supplier rela-

tionships, securing investor confidence, and

positively contributing to local communi-

ties. Insights and feedback from stakehold-

ers are reviewed by management and have

influenced the prioritisation of material top-

ics and refinement of sustainability targets in

this report. The dialogue is conducted on an

ongoing basis through established meeting

arenas and engagement channels, as pre-

sented in table 9. Management and supervi-

sory bodies are kept informed of stakeholder

views and interests as described in GOV-2.

Table 9

 – Overview of key stakeholders:

Stakeholder group

Arenas for dialogue

Main interest and views of stakeholders

Strategy for addressing inputs/needs

Employees

(own workforce)

Formal and informal meetings through direct and indirect contact,

employee surveys, intranet

Working time, work-life balance, health and safety, gender equality

and diversity, training and skills development

See ESRS S1

Customers

Customer meetings and conferences, satisfaction surveys, website

Sustainable products and solutions, GHG emissions, governance

See ESRS E1 and E5, and ESRS G1

Suppliers and partners

Supplier meetings, visits and audits, self-assessments

Human rights, child labour, forced labour, health and safety

See ESRS G1

Investors

General meeting and other investor meetings, quarterly presenta-

tions and reports, website

Corporate governance, taxonomy-alignment and reporting, working

conditions, equality and diversity, GHG emissions, sustainable solu-

tions

Regular financial and sustainability

reporting

Local communities

Meetings and conferences, website, annual report

Pollution to air, earth and soil, opportunities for employment

See IRO-1

46

NORBIT ASA

Annual report 2025

SBM-3

  Material impacts, risks and opportunities and their interaction with strategy and business model

The double materiality assessment from

2024 has been updated and the process is

described under IRO-1. The material impacts,

risks and opportunities identified in this pro-

cess are outlined in tables 10 and 11.

All identified impacts, risks, and opportuni-

ties are aligned with ESRS 1 AR16, none being

entity specific. The impacts originate from

both the strategy, business model and oper-

ations of NORBIT, and can be categorised

as both external (originate through business

relationships) and internal (originate through

own activities) as mapped in column 6 of

tables 10 and 11. The impact these have on

people, the environment, and

NORBIT, as well as strategies for addressing

and building resilience against them, are fur-

ther detailed within the relevant disclosure

requirements.

Table 10

 – Overview and description of material impacts:

Main topic

in ESRS

Sub-topic

in ESRS

Specific IRO number,

title and description

Positive or

negative

Where in the value chain/company

the impact occurs

Originates

from

Time

horizon

1)

E1 Climate

change

Climate change

mitigation

1. GHG emissions.

Greenhouse gas emissions from NORBIT’s own

operations contribute to climate change

Negative

^

Emissions are generated across the

company and value chain, with highest

levels related to production facilities in

Norway and Hungary

^

Operations

^

Activity

M, L

E1 Climate

change

Energy

2. Energy consumption and mix

Energy consumption in NORBIT’s own operations

contributes to climate change

Negative

^

Energy use across the company, with

highest levels at production facilities in

Norway and Hungary

^

Operations

^

Activity

M, L

E5 Circular

economy

Waste

3. Generation of EE waste

Production of electronic components generates e-waste,

which contributes to environmental challenges

Negative

^

Generated within own operations and

during end-use, relevant for all segments

and geographies

^

Business model and

operations

^

Business relationships and

activity

S, M, L

S1 Own

workforce

Working

conditions

4. Social dialogue

Employees may experience a lack of social dialogue due

to the company’s global structure and geographically

dispersed subsidiaries

Potential

negative

^

Own operations in all segments and

geographies

^

Strategy

^

Activity

S, M, L

S1 Own

workforce

Working

conditions

5. Freedom of association and existence of work councils

Employees may face challenges related to freedom of

association and works councils in a global company with

many geographically dispersed units

Potential

negative

^

Own operations in all segments and

geographies

^

Strategy

^

Activity

S, M, L

S1 Own

workforce

Working

conditions

6. Work-life balance

NORBIT’s operations may involve periods of high work

intensity and long hours, which can challenge work–life

balance

Potential

negative

^

Own operations in all segments and

geographies

^

Strategy

^

Activity

S, M

47

Main topic

in ESRS

Sub-topic

in ESRS

Specific IRO number,

title and description

Positive or

negative

Where in the value chain/company

the impact occurs

Originates

from

Time

horizon

1)

S1 Own

workforce

Working

conditions

7. Health and safety

NORBIT’s industrial work environment presents potential

risks of accidents and injuries, particularly for production

workers

Potential

negative

Own operations in all segments and

geographies, with most impact on production

facilities in Norway

^

Operations

^

Activity

S, M, L

S1 Own

workforce

Equal treatment

and opportunities

for all

8. Training and skills development

NORBIT’s work environment offers continuous learning

opportunities, particularly through hands-on experience.

Exposure to diverse tasks and challenges supports skill

development and professional growth as an inherent part

of the job

Potential

positive

^

Own operations in all segments and

geographies

^

Strategy

^

Activity

S, M, L

S1 Own

workforce

Equal treatment

and opportunities

for all

9. Gender equality

Employees may experience gender disparities in pay in

engineering and management roles

Potential

negative

^

Own operations in all segments and

geographies

^

Strategy

^

Activity

S, M, L

S1 Own

workforce

Equal treatment

and opportunities

for all

10. Diversity

Employees may face discrimination based on ethnicity,

religion, sexual orientation, socioeconomic status,

neurodiversity, and/or gender identity

Potential

negative

^

Own operations in all segments and

geographies

^

Strategy

^

Activity

S, M, L

S2 Workers in

the value chain

Working

conditions

11. Working conditions in supply chain

2)

Negative impacts in the supply chain may include poor

working conditions and the risk of labor exploitation

Potential

negative

^

Relevant for supply chain in all segments,

most concern in Asia

^

Operations

^

Business relationships

S, M, L

G1 Business

conduct

Corporate

culture

12. Business conduct policies and practices

Potential negative impact on business conduct due to

variations in practices and deviations from the group’s

code of conduct and requirements

Potential

negative

^

Own operations and supply chain in all

segments and geographies

^

Operations and business

model

^

Activity and business

relationship

S, M, L

G1 Business

conduct

Corporate

culture

13. Whistleblower mechanisms and processes

Potential negative impact on employees due to variations

in practices and deviations from the whistleblower

processes

Potential

negative

^

Own operations and supply chain in all

segments and geographies

^

Operations

^

Activity and business

relationship

S, M, L

G1 Business con-

duct

Corporate cul-

ture

14. Practices for supplier qualification

Potential negative impact on workers in the value chain

and the environment due to potentially insufficient due

diligence of suppliers

Potential

negative

^

Relevant for supply chain in all segments,

most concern in Asia

^

Operations

^

Business relationships

S, M, L

1)

The expected time horizons of the impacts, risks and opportunities are indicated with S for short, M for medium and L for long according to the definition in ESRS.

2) With reference to ESRS 1 Appendix C: List of phased-in disclosure requirements, topics within S2 is omitted, even though the topic is considered material in this years’ materiality analysis. Undertakings not exceeding 750 employees during the

financial year may omit the information specified in ESRS S2 for the first 2 years of preparation of the sustainability statement.

48

NORBIT ASA

Annual report 2025

Sustainability statement

Table 11

 – Overview and description of material risks and opportunities:

Main topic

in ESRS

Sub-topic

in ESRS

Specific IRO number, title

and description

Risk or

opportunity

Where in the value chain/company the risk/

opportunity occurs

Originates from, and related to

activity or business relationship

Financial impact

(NOK million)

Time

horizon

E1 Climate

change

Climate change

mitigation

15.

Business opportunities

from changes in legal

requirements

^

Opportunity

^

Downstream value chain in all segments

^

Business model and strategy

^

Activity

>100

M, L

E1 Climate

change

Climate change

adaptation

16.

Scarcity of components

due to climate change

^

Risk

^

Relevant for upstream value chain in all segments,

most concern in Asia

^

Operations and strategy

^

Business relationships

>100

L

E5 Circular

economy

Waste

17.

Opportunity for providing

refurbishment services

^

Opportunity

^

Primarily the Connectivity segment in the

European market

^

Business model and strategy

^

Business relationships

>100

S, M, L

S1 Own

workforce

Working

conditions

18.

Talent acquisition

^

Opportunity

^

Own operations and supply chain in all segments

and geographies

^

Strategy

^

Activity

>100

S, M, L

Table 12 lists the overall ESRS topics that

are not identified as material and describes

the overall assessments that form the basis

for this conclusion. The general analytical

approach in identifying material impacts,

risks and opportunities, as well as evaluating

them, is detailed under IRO-1.

Table 12

 – Overview and overall assessment of non-material topics:

Main ESRS topic

Overall assessments underlying the materiality conclusions

E2 Pollution

Low scale of pollution in NORBIT's operations compared to other industries. While moderate risks exist in the supply chain, the overall likelihood and impact from NORBIT’s core activities remain

low.

E3 Water and

marine resources

NORBIT operates in areas without water usage restrictions or scarcity, and the production has low water consumption. While there is a moderate risk in the supply chain, the overall impact

remains low. Additionally, NORBIT does not extract marine resources, making the relevance of this issue low.

E4 Biodiversity

and ecosystems

The electronics industry has a considerably lower direct impact on natural habitats compared to industries like mining or agriculture. According to the WWF's "Living Planet Report," typical sectors

with significant biodiversity impact are agriculture, forestry, and fisheries, while electronics is not highlighted.

S3 Affected

communities

Issues such as housing, food security, water, and sanitation are already addressed by national welfare systems, especially in Norway. Unlike extractive industries, the electronics sector has small

land use and direct interaction with local communities.

S4 Consumers

and end-users

NORBIT's products target a niche B2B market of knowledgeable users, minimising concerns related to freedom of expression and access to information. These products adhere to stringent safety

and performance regulations that inherently address health and safety issues. Additionally, since the products cater to professional sectors, they do not engage with broader social inclusion

issues like non-discrimination or equitable access.

49

NORBIT ASA

Annual report 2025

IRO-1

 

Description of the processes to identify and assess material impacts, risks and opportunities

Assumptions and scoping

NORBIT conducted the first full double mate-

riality assessment in 2024. For the report-

ing year 2025, the assessment has been

updated by evaluating whether there are

changes to the previously identified topics,

or whether new topics should be included.

This evaluation has been based on consider-

ations of NORBIT’s internal and external con-

text over the past year. The following scoping

assumptions apply to all three sub-analyses

described under the section

The process of

identifying impacts, risks and opportunities.

The description and assumptions presented

below reflect the original methodology

applied in conducting the materiality assess-

ment.

^

The analyses cover all regions where

NORBIT operates, with a focus on Norway

due to significant employee presence (see

ESRS S1).

^

All three business segments are included.

Despite diverse products and markets

within these segments, they share similar

business activities.

^

The focus is primarily on NORBIT's own

operations and immediate upstream value

chain, particularly component producers,

based on the following considerations:

—

NORBIT’s integrated value chain

results in numerous topics that

require attention. Focusing on own

operations ensures implementation of

sustainability practices where NORBIT

has control and influence.

—

NORBIT has greater influence over

immediate suppliers compared to raw

material suppliers. Extending the focus

too broadly could dilute efforts and

reduce the effectiveness of identifying

and mitigating impacts, risks, and

opportunities.

—

Component suppliers are typically

large, well-established corporations

with robust sustainability systems

in place. Many holds relevant

certifications and undergo regular

independent audits, providing

confidence in their management of

upstream impacts.

—

As NORBIT's capabilities and resources

expand, the assessment scope should

gradually extend further upstream and

downstream. This approach will also

evolve with industry standards and

stakeholder expectations.

^

The sub-analyses draw from a variety of

sources, including formal and informal

stakeholder dialogue, internal data

sources (such as annual reports, strategic

documents, internal assessments),

external data sources (such as industry

reports and benchmarks, regulatory

requirements, peer and competitor

benchmark), and data analytic tools.

The process of identifying impacts, risks and

opportunities

NORBIT has identified impacts, risks, and

opportunities through three sub-analyses:

^

Context analysis:

The aim of the context

analysis was to provide an overview of

NORBIT’s value chain, business activities,

business models, and geographical

footprint. The approach involved

interviewing key internal stakeholders,

including group management, business

unit directors, and supply chain functions,

who have a comprehensive understanding

of the business. This analysis contributes

to insights under SBM-1.

^

Stakeholder analysis and involvement:

The stakeholder analysis aimed to map

out NORBIT's key stakeholder groups,

as detailed in SBM-2. After identifying

the main stakeholder groups, specific

individuals or groups within each

stakeholder group were involved to

provide input on material impacts, risks,

and opportunities. A total of 43 interviews

were conducted, with 25 external

and 18 internal stakeholders. Internal

stakeholders include employees at all

levels of NORBIT. External stakeholders

include customers, investors, lenders,

local communities, and suppliers. Also,

secondary sources of information, for

instance meeting summaries from working

environment committees, were used in

this analysis.

^

Industry analysis:

To align findings

from the context and stakeholder

analyses, an industry analysis was

conducted. This included an assessment

of industry regulations and scientific

research relevant to NORBIT’s

operations. Examples of the regulations

and frameworks considered include

the EU taxonomy regulation and the

Sustainability Accounting Standards

Board (SASB) materiality finder.

The relation between the process of identi-

fying risks and opportunities, and the overall

risk management process and internal con-

trol procedures in NORBIT is described under

GOV-5. Specific IRO-1 disclosure require-

ments for the different material topics are

described under the topical disclosures for E1,

E5 and G1. It is mandatory to disclose specific

IRO-1 requirements for all topics under ESRS

E even though the sub-topic is not chosen as

material. This information is therefore sum-

marised in table 13.

50

NORBIT ASA

Annual report 2025

Table 13

 – Specific IRO-1 disclosure requirements for non-material topics under “environment”:

Sub-topic under “Environment”

not chosen as material

IRO-1 specific disclosure requirements

E2 Pollution

Focus is put on assessing pollution-related impacts, risks and opportunities at production sites in Norway. Analysis of the upstream and downstream value chain is

not included at this point. Consultations with representatives of affected communities are conducted for Trondheim, Røros and Selbu.

E3 Water and marine resources

Focus is put on assessing water-related impacts, risks and opportunities at assets and activities in Norway. Analysis of the upstream and downstream value chain not

included at this point. Consultations with representatives of affected communities are conducted for Trondheim, Røros and Selbu.

E4 Biodiversity and ecosystems

Focus is put on assessing biodiversity-related impacts, risks and opportunities at production sites in Norway, as well as dependencies and systemic risk. Analysis of

the upstream and downstream value chain not included at this point. Consultations with representatives of affected communities are conducted for Trondheim, Røros

and Selbu. Initial screening has not identified significant risks requiring specific biodiversity mitigation measures per EU Directives or international standards.

The process of assessing impacts, risks and

opportunities

All three analyses generated a comprehen-

sive list of impacts, risks, and opportunities,

which was aligned with the sustainability

matters covered in topical ESRS. Each impact,

risk, and opportunity was matched to a cor-

responding sub-topic or sub-sub-topic in the

ESRS. Consequently, each sub-topic or sub-

sub-topic could have multiple associated

impacts, risks, or opportunities.

Each impact, risk, and opportunity was then

prioritised based on the product of severity

and likelihood, resulting in a materiality score.

Table 14 provides the definitions of the scor-

ing dimensions used, and how they were cal-

culated.

Table 14

 – Definition of different components used in scoring topics:

Variable name

Description

Scale

How grave the negative impact or beneficial the positive impact is for people or the environment

Scope

How widespread the negative or positive impact is. In the case of environmental impacts, the scope may be understood as the extent of environmental

damage or a geographical perimeter. In the case of impacts on people, the scope may be understood as the number of people adversely affected

Irremediability

Whether and to what extent the negative impacts could be remediated, i.e., restoring the environment or affected people to their prior state

Severity

Impacts

The average of scale, scope and irremediability scores

Risks and opportunities

Expected financial impact of opportunities (increase in EBITDA) and risks (decrease in EBITDA)

Likelihood

Likelihood that a topic will impact stakeholders or the business if there is no action or system in place for mitigating the risk within the company (inherent

risk)

The process for assigning scores was based

on a predefined scale that defined what each

score represented, as described in table 15.

To refine the scope score for workforce-re-

lated topics, a separate scale was used

based on the percentage of the workforce

impacted, allowing these topics to be appro-

priately weighted against other topics. One

working group member assigned the initial

score based on the predefined scale and

information from the stakeholder dialogues.

Two other working group members con-

ducted a sanity check and made necessary

adjustments.

For risks and opportunities, each score was

associated with a monetary range that reflected

the financial materiality, calculated based on

historical data when available, expert discus-

sions, or assumptions based on best guesses.

51

NORBIT ASA

Annual report 2025

Table 15

 – Scoring levels for each dimension:

Score

Scale

Scope

Irremediability

Likelihood

Financial effect

(NOK million)

S1 topics

All other topics

1

Minor impact, little harm or benefit

Affects 0-20% of employees

Very limited environmental effect

or effect on external people

Fully remediable with minimal

effort and resources

Extremely unlikely, almost

hypothetical

0-5

2

Noticeable, but not severe

Affects 21-40% of employ-

ees

Limited environmental effect or

effect on external people

Mostly remediable, minor residual

effects may remain

Unlikely, may occur in unusual

circumstances

5-10

3

Considerable, clear effect

Affects 41-60% of employ-

ees

Moderate environmental effect

or effect on external people

Partially remediable, significant

long-term effects remain

Moderate likelihood, possible

under certain conditions

10-50

4

Large, substantial impact

Affects 61-80% of employ-

ees

Effect on local communities or

regions

Largely irremediable, minimal

reversibility

High chance of occurrence,

expected in near future

50-100

5

Extremely grave or beneficial

Affects 81-100% of employ-

ees

National or global effect

Irremediable, permanent damage

Almost certain to occur, highly

probable

>100

This methodology produced a materiality

score (product of severity and likelihood)

ranging from 0 to 25 for each impact, risk,

and opportunity. The threshold for a topic

to be considered material was set at a score

above 12.5. The threshold was set based on

the following three principles:

^

It had to be low enough to include the

topics perceived as the most material by

the organisation.

^

It had to be high enough to distinguish

between material and non-material topics,

balancing the need to address critical

issues with the risk of spending too much

time and resources on less significant

matters.

^

It had to align with the general risk

orientation of NORBIT and be approved

by the board of directors.

Figure 6

 – Materiality threshold illustrated:

1

1

2

2

3

3

4

4

5

5

Likelihood

52

Figure 7

 – Sensitivity analysis of threshold:

0

10

20

30

40

50

60

70

80

90

77

Materiality threshold

76

73

70

67

65

64

60

59

52

47

35

28

18

16

12

11

9

7

4

3

3

2

2

2

2

2

IRO-2

 

Disclosure Requirements in ESRS covered by the undertaking’s

sustainability statement

Table 16 provides an overview of the disclo-

sure requirements adhered to in this sus-

tainability statement, based on the double

materiality assessment. Topics not included

in table 16 were excluded because they did

not meet the materiality threshold. A brief

explanation of why these topics is considered

not material is available in table 13, while

the methodology for setting the materiality

threshold is outlined under IRO-1.

Table 17 lists all required data points derived

from other EU legislation, along with refer-

ences to where each data point is addressed

in the sustainability statement.

53

NORBIT ASA

Annual report 2025

Sustainability statement

Table 16

 – Overview of disclosure requirements related to the material topics:

Disclosure requirement in ESRS

Page

Mandatory or chosen

as material

Related to IRO in materiality assessment

(by IRO ID number, see Table 11 and 12)

ESRS 2 General disclosures

BP-1 General basis for preparation of the sustainability statement

37

Mandatory

BP-2 Disclosures in relation to specific circumstances

37

Mandatory

GOV-1 The role of the administrative, management and supervisory bodies

38

Mandatory

GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and

supervisory bodies

40

Mandatory

GOV-3 Integration of sustainability-related performance in incentive schemes

40

Mandatory

GOV-4 Statement on due diligence

40

Mandatory

GOV-5 Risk management and internal controls over sustainability reporting

41

Mandatory

SBM-1 Strategy, business model and value chain

42

Mandatory

SBM-2 Interests and views of stakeholders

46

Mandatory

SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

47

Mandatory

IRO-1 Description of the process to identify and assess material impacts, risks and opportunities

50

Mandatory

IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement

53

Mandatory

ESRS E1 Climate Change

E1-1 Transition plan for climate change mitigation

68

Mandatory

Context to 1, 2, 15, 16, 17

ESRS 2 IRO-1 Description of the process to identify and assess material climate-related impacts, risks and opportunities

68

Mandatory

Context to 1, 2, 15, 16, 17

ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

68

Mandatory

Context to 1, 2, 15, 16, 17

E1-2 Policies related to climate change mitigation and adaptation

72

Mandatory

Context to 1, 2, 15, 16, 17

E1-3 Actions and resources in relation to climate change policies

73

Mandatory

Context to 1, 2, 15, 16, 17

E1-4 Targets related to climate change mitigation and adaptation

74

Mandatory

Context to 1, 2, 15, 16, 17

E1-5 Energy consumption and mix

76

Material

2

E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions

77

Material

1

ESRS E5 Resource use and circular economy

ESRS 2 IRO-1 Description of the processes to identify and assess material resource use and circular economy-related

impacts, risks and opportunities

79

Mandatory

Context to 3, 17

54

NORBIT ASA

Annual report 2025

Sustainability statement

Disclosure requirement in ESRS

Page

Mandatory or chosen

as material

Related to IRO in materiality assessment

(by IRO ID number, see Table 11 and 12)

E5-1 Policies related to resource use and circular economy

79

Mandatory

Context to 3, 17

E5-2 Actions and resources related to resource use and circular economy

79

Mandatory

Context to 3, 17

E5-3 Targets related to resource use and circular economy

80

Mandatory

Context to 3, 17

E5-5 Resource outflows

81

Material

3, 17

ESRS S1 Own workforce

ESRS 2 SBM-2 Interest and views of stakeholders

82

Mandatory

Context to 4, 5, 6, 7, 8, 9, 10, 18

ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

83

Mandatory

Context to 4, 5, 6, 7, 8, 9, 10, 18

S1-1 Policies related to own workforce

84

Mandatory

Context to 4, 5, 6, 7, 8, 9, 10, 18

S1-2 Process for engaging with own workers and workers’ representatives about impacts

85

Mandatory

Context to 4, 5, 6, 7, 8, 9, 10, 18

S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns

86

Mandatory

Context to 4, 5, 6, 7, 8, 9, 10, 18

S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material

opportunities related to own workforce, and effectiveness of those actions

87

Mandatory

Context to 4, 5, 6, 7, 8, 9, 10, 18

S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and

opportunities

88

Mandatory

Context to 4, 5, 6, 7, 8, 9, 10, 18

S1-6 Characteristics of undertaking’s employees

90

Material

Context to 4, 5, 6, 7, 8, 9, 10, 18

S1-8 Collective bargaining coverage and social dialogue

91

Material

4, 5

S1-9 Diversity metrics

92

Material

9, 10

S1-13 Training and skills development metrics

93

Material

8, 9, 18

S1-14 Health and safety metrics

94

Material

7

S1-15 Work life balance metrics

95

Material

6, 9

S1-16 Remuneration metrics (pay gap and total remuneration)

96

Material

9

ESRS G1 Business conduct

ESRS 2 IRO-1 Description of the processes to identify and address material impacts, risks and opportunities

97

Mandatory

Context to 12, 13, 14

SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

97

Mandatory

Context to 12, 13, 14

G1-1 Corporate culture and business conduct policies

97

Mandatory

12, 13

G1-2 Management of relationships with suppliers

100

Material

14

55

NORBIT ASA

Annual report 2025

Sustainability statement

#Section

#Chapter

#Sub-chapter

#Sub-chapter

#Chapter

#Sub-chapter

#Chapter

Table 17

 – Datapoints derived from other EU legislation and reference to page number:

Disclosure

Requirement

finance

disclosure

regulation

Pillar 3

Benchmark

regulation

EU

climate

law

Placement

in report

GOV-1 (ESRS 2)

21 (d)

Board's gender diversity





39

21 (e)

Percentage of board members who are independent



39

GOV-4 (ESRS 2)

30

Statement on due diligence



40

SBM-1 (ESRS 2)

40 (d) i

Involvement in activities related to fossil fuel activities







Not material

40 (d) ii

Involvement in activities related to chemical production





Not material

40 (d) iii

Involvement in activities related to controversial weapons





Not material

40 (d) iv

Involvement in activities related to cultivation and production of tobacco



Not material

E1-1

14

Transition plan to reach climate neutrality by 2050



68

16 (g)

Undertakings excluded from Paris-aligned benchmarks





68

E1-4

34

GHG emission reduction targets







74

E1-5

38

Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)



Not material

37

Energy consumption and mix



76

40-43

Energy intensity associated with activities in high climate impact sectors



Not material

E1-6

44

Gross Scope 1, 2, 3 and Total GHG emissions







77

53-55

Gross GHG emissions intensity







77

E1-7

56

GHG removals and carbon credits



Not material

E1-9

66

Exposure of the benchmark portfolio to climate-related physical risks



Not material

66 (a)

Disaggregation of monetary amounts by acute and chronic physical risk



Not material

66 (c)

Location of significant assets at material physical risk



Not material

67 (c)

Breakdown of the carrying value of its real estate assets by energy-efficiency classes



Not material

69

Degree of exposure of the portfolio to climate-related opportunities



Not material

56

NORBIT ASA

Annual report 2025

Disclosure

Requirement

finance

disclosure

regulation

Pillar 3

Benchmark

regulation

EU

climate

law

Placement

in report

E2-4

28

Amount of each pollutant listed in Annex II of the EPRTR Regulation (European Pollutant Release and

Transfer Register) emitted to air, water and soil



Not material

E3-1

9

Water and marine resources



Not material

13

Dedicated policy



Not material

14

Sustainable oceans and seas



Not material

E3-4

28 (c)

Total water recycled and reused



Not material

29

Total water consumption in m

3

per net revenue on own operations



Not material

E4, IRO-1

(ESRS 2)

16 (a)

Description of the processes to identify and assess material impacts, risks and opportunities



Not material

16 (b)

Description of the processes to identify and assess material impacts, risks and opportunities



Not material

16 (c)

Description of the processes to identify and assess material impacts, risks and opportunities



Not material

E4-2

24 (b)

Sustainable land / agriculture practices or policies



Not material

24 (c)

Sustainable oceans / seas practices or policies



Not material

24 (d)

Policies to address deforestation



Not material

E5-5

37 (d)

Non-recycled waste



Not material

39

Hazardous waste and radioactive



81

SBM - S1

14 (f)

Risk of incidents of forced labour



83

14 (g)

Risk of incidents of child labour



83

S1-1

20

Human rights policy commitments



84

21

Due diligence policies on issues addressed by the fundamental International Labor Organisation

Conventions 1 to 8



84

22

Processes and measures for preventing trafficking in human beings



84

23

Workspace accident prevention policy or management system



85

57

NORBIT ASA

Annual report 2025

Disclosure

Requirement

finance

disclosure

regulation

Pillar 3

Benchmark

regulation

EU

climate

law

Placement

in report

S1-3

32 (c)

Grievance/complaints handling mechanisms



Not material

S1-14

88 (b) - (c)

Number of fatalities and number and rate of work-related accidents





94

88 (e)

Number of days lost to injuries, accidents, fatalities or illness



94

S1-16

97 (a)

Unadjusted gender pay gap





96

97 (b)

Excessive CEO pay ratio



96

S1-17

103 (a)

Incidents of discrimination



Not material

104 (a)

Nonrespect of UNGPs on Business and Human Rights and OECD





Not material

SBM - S2

11 (b)

Significant risk of child labour or forced labour in the value chain



Omitted in

this years’

reporting,

with

reference

to ESRS E1

Appendix C

S2-1

17

Human rights policy commitments



18

Policies related to value chain workers



19

Nonrespect of UNGPs on Business and Human Rights and OECD guidelines





19

Due diligence policies on issues addressed by the fundamental International Labor Organisation

Conventions 1 to 8



S2-4

36

Human rights issues and incidents connected to its upstream and downstream value chain



S3-1

16

Human rights policy commitments



Not material

17

Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD





Not material

S3-4

36

Human rights issues and incidents



Not material

S4-1

16

Policies related to consumers and end-



Not material

17

Non-respect of UNGPs on Business and Human Rights and OECD guidelines





Not material

S4-4

35

Human rights issues and incidents



Not material

58

NORBIT ASA

Annual report 2025

Sustainability statement

Disclosure

Requirement

finance

disclosure

regulation

Pillar 3

Benchmark

regulation

EU

climate

law

Placement

in report

G1-1

10 (b)

United Nations Convention against Corruption



98

10 (d)

Protection of whistle-blowers



98

G1-4

24 (a)

Fines for violation of anti-corruption and anti-bribery laws





Not material

24 (b)

Standards of anti- corruption and anti- bribery



Not material

59

NORBIT ASA

Annual report 2025

Sustainability statement

II. ENVIRONMENT

TAXONOMY (DISCLOSURE PURSUANT TO ARTICLE 8 OF REGULATION) 2020/852)

Background

The EU Taxonomy Regulation (2020/852)

entered into force on 12 July 2020. The Del-

egated Acts currently in force include the

Climate Delegated Act (2021/2139), the Disclo-

sures Delegated Act (2021/2178), the Comple-

mentary Climate Delegated Act (2022/1214),

the Environmental Delegated Act (2023/2486),

and amendments to the Climate Delegated Act

(2023/2485). As of now, large, public-interest

undertakings are required to report under the

EU Taxonomy Regulation.

In 2024, NORBIT conducted a taxonomy

assessment structured in four main steps,

detailed in the following chapters. The taxon-

omy assessment encompasses all the com-

pany’s economic activities, and the scope

aligns with the consolidated group’s financial

reporting boundaries. The assessment was

updated in 2025.

Definition of eligible activities

The EU taxonomy is a classification system

that sets out a list of environmentally sustain-

able economic activities. The Delegated Acts

define eligible activities together with tech-

nical screening criteria for when the activi-

ties can be considered sustainable (aligned).

NORBIT has systematically mapped all the

company’s activities and categorised them as

eligible or non-eligible based on the regula-

tion’s descriptions. Table 18 summarises the

eligible activities identified.

Table 18

 – Overview of eligible activities under the Taxonomy:

Economic activity under the EU Taxonomy

Defined under environmental objective in the EU Taxonomy

Description of economic activity

Application to NORBIT business segments

1.2

Manufacturing of electrical and

electronic equipment

Circular economy

Manufacturing of electrical and electronic equipment

for industrial, professional and consumer use.

Connectivity:

^

On-Board units

^

Enforcement modules for tachographs

^

Satellite-based tolling

^

Other

Oceans:

^

Subsea sonars

^

Sub bottom profilers

^

Security

^

Other

PIR:

^

Contract manufacturing

^

R&D services

5.1

Repair, refurbishment and

remanufacturing

Circular economy

Repair, refurbishment and remanufacturing of goods

that have been used for their intended purpose before

by a customer (physical person or legal person).

Connectivity:

^

On-Board units

Most of NORBIT's buildings are production

facilities directly tied to manufacturing, along

with R&D spaces for developing the technol-

ogies produced. These facilities are essen-

tial to the activities reported in section 1.2

and are therefore included in the reporting

for these activities, and not under a separate

building activity defined in the taxonomy.

Definition of reporting units

Given NORBIT's diverse product portfolio

which includes both standalone items and

product families, a reporting framework has

been developed to categorise products into

groups based on their functions and features.

These categories are described in column 4 in

table 18, and align with the financial reporting

framework.

60

Assessment of degree of alignment

For an eligible activity to be considered

aligned, it must satisfy the following condi-

tions:

1.

The company must fulfill the minimum

safeguard standards based on OECD and

UN guidelines.

2. The activity must make a substantial

contribution to one or more of the climate

and environmental objectives relevant to

that activity.

3. The activity must do no significant harm to

the other remaining objectives.

Each activity has been evaluated against

these screening criteria, using both explicit

information and an understanding of the

intent behind the requirements, supple-

mented by the best available knowledge.

First, the minimum safeguard criteria were

mapped on group level (point 1 above). As the

Taxonomy Regulation has not defined explicit

criteria for minimum safeguards beyond ref-

erencing OECD and UN guidelines, NORBIT

has assessed requirements based on the due

diligence processes outlined in these frame-

works. NORBIT meets the minimal safeguard

criteria by addressing topics such as human

rights, anti-corruption, and fair competition. The

code of conduct, aligned with OECD guidelines,

applies to both employees and suppliers, and

all employees receive training on its content.

Risk assessments, reporting under the Trans-

parency Act, and measures to promote ethical

business conduct are conducted annually. This

is described in more detail in ESRS 2 and G1.

Next, each individual activity was mapped

against both the substantial contribution

and the do no significant harm criteria (point

2 and 3 above). The mapping was done for

each product group, equivalent to the report-

ing units described above. This approach

was carried out conservatively, meaning that

non-alignment was reported if any individ-

ual product within the group did not meet the

criteria.

The mapping methodology was multifaceted

due to the diverse nature and number of cri-

teria. The process included consultations

with key personnel across segments, such

as employees from R&D, QA and other rele-

vant teams. Parts lists, product descriptions

and specifications were also reviewed, often

by use of compliance tools such as Silicon

Expert. Certain criteria were related to top-

ics already covered in other areas of ESRS

reporting, such as climate adaptation, and

the mapping for these topics was therefore

based on information obtained through the

double materiality assessment.

Tables 19, 20 and 21 provide a qualitative

overview of alignment to the criteria, for

each of the six environmental goals under

the taxonomy. The "Other" group in both the

Oceans and Connectivity segment is charac-

terised by low revenue and significant varia-

tion in product types. As a result, a detailed

assessment of this group has not been pri-

oritised for this reporting period, and crite-

ria demanding detailed materials mapping is

therefore set to “not aligned”. This is a con-

servative approach which will be developed

in future reporting.

Table 19

 – Overview of alignment for the subsegments of Oceans for activity 1.2 Manufacturing of electrical and electronic equipment:

Goal under the EU taxonomy

Subsea sonars

Security

Sub bottom profilers

Other

Climate change mitigation

Aligned. Products do not contain refrigerants or SF6.

Climate change adaptation

Aligned. Climate risk analysis has been conducted and is described in E1.

Sustainable use and protection of water and

marine resources

Aligned. No projects or assets fall under Annex I of the Environmental Impact Assessment Directive. Analysis confirms no impact on achieving good environmental

status of marine waters.

Transition to a circular economy

Requirement text from EU is broken down into criteria, where 24 of 30 criteria are met. Aligned on topics

related to repair and software. Non-aligned criteria relate to information on how to recycle products.

Not mapped in detail. Chosen to report as not aligned

until more thorough analysis is conducted.

Pollution prevention and control

Aligned. Each product group is assessed through analysing components and their substances. No persis-

tent organic pollutants, mercury, ozone depleting substances in products. RoHS and REACH compliant.

Not mapped in detail. Chosen to report as not aligned

until more thorough analysis is conducted.

Protection and restoration of biodiversity and

ecosystems

Aligned. No projects or assets falling under Annex I and II of EIA. No site or operation in biodiversity-sensitive areas.

61

NORBIT ASA

Annual report 2025

Table 20

 – Overview of alignment for the subsegments of Connectivity for activity 1.2 Manufacturing of electrical and electronic equipment:

Goal under the EU taxonomy

On-Board Units

Tachograph enforcement modules

Satellite based tolling

Other

Climate change mitigation

Aligned. Products do not contain refrigerants or SF6.

Climate change adaptation

Aligned. Climate risk analysis has been conducted and is detailed in E1.

Sustainable use and protection of water and

marine resources

Aligned. No projects or assets fall under Annex I of the Environmental Impact Assessment Directive.

Transition to a circular economy

Aligned. Software not used to negatively affect circularity of product. Information on end-of-life manage-

ment provided on website, product properly marked, work with B2B customers to meet Extended Pro-

ducer Responsibility (EPR) obligations as per Member State regulations.

Not mapped in detail.

Chosen to report as not aligned until more thorough

analysis is conducted.

Pollution prevention and control

Aligned. Each product is assessed through analysing components and their substances.

No persistent organic pollutants, mercury, ozone depleting substances in products. RoHS and REACH

compliant.

Not mapped in detail.

Chosen to report as not aligned until more thorough

analysis is conducted.

Protection and restoration of biodiversity and

ecosystems

Aligned. No projects or assets falling under Annex I and II of EIA.

No site or operation in biodiversity-sensitive areas.

Table 21

 – Overview of alignment for the subsegments of Connectivity for activity 5.1 Repair, refurbishment and remanufacturing:

Goal under the EU taxonomy

On-Board Units

Climate change mitigation

Aligned. No on-site generation of heat/cool or co-generation including power.

Climate change adaptation

Aligned. Climate risk analysis has been conducted and is detailed in E1.

Sustainable use and protection of water and marine resources

Aligned. No projects or assets fall under Annex I of the Environmental Impact Assessment Directive.

Transition to a circular economy

Aligned. Ensures all refurbished products are sold under contracts adhering to conformity and liability standards and implementing waste manage-

ment plans that prioritises reuse and recycling of materials.

Pollution prevention and control

Aligned. Each product is assessed through analysing components and their substances. No persistent organic pollutants, mercury, ozone depleting

substances in products. RoHS and REACH compliant.

The contract manufacturing activity under

the PIR segment is considered eligible under

activity 1.2. However, due to the complex-

ity of mapping numerous products for which

NORBIT does not retain product ownership,

nor full control over design and material deci-

sions, a detailed assessment is not conducted

during this reporting period. As a result, this

activity has conservatively been classified as

'non-aligned'. This methodology will be further

evolved in later reporting years.

Calculation and presentation of KPIs

The definitions of the turnover, CAPEX, and

OPEX KPIs are set out in Annex I to the Dis-

closures Delegated Act. The proportion of

taxonomy-eligible and aligned KPIs are calcu-

lated by dividing a numerator by a denomina-

tor. Table 22 explains how the denominators

and numerators were derived for each KPI.

62

NORBIT ASA

Annual report 2025

Table 22

 – Definition of KPIs under the EU taxonomy:

KPI

Variable

Explanation of included data

Turnover

Denominator

The amounts derived from the sale of products and the provision of services after deducting sales rebates and value added tax and other taxes directly linked to turnover.

Numerator eligibility and

alignment

Part of the turnover in the denominator that is associated with taxonomy eligible and aligned activities.

CAPEX

Denominator

The total additions to tangible and intangible assets during the financial year are considered before depreciation, amortisation and any re-measurements. I.e. costs that are

accounted based on IAS 16 Property, plant, and equipment, IAS 38 Intangible Assets, IAS 40 Investment Property, IAS 41 Agriculture and IFRS 16 Leases. Financial invest-

ments, including capital injections in associated companies and joint ventures, are excluded from the metric.

Numerator eligibility and

alignment

Part of the CAPEX denominator that is related to assets and processes that are associated with taxonomy eligible and aligned activities. Due to the low revenue generated

by Activity 5.1 and the complexity of allocating CAPEX elements between refurbishment activities and regular OBU activities, the CAPEX associated with 5.1 is assumed to

be zero for both the eligible and aligned KPI, and rather included fully in 1.2. For IAS 16 and IFRS 16, identifying the investments allocated to the "Other" sub segment within

Connectivity is challenging, as the equipment is often shared with the other subsegments. Therefore, a portion representing the "Other" subsegment has been deducted

from the aligned KPI. This portion is estimated based on the revenue ratio between the "Other" subsegment and the other aligned ubsegments within Connectivity.

OPEX

Denominator

Non-capitalised costs related to research and development, building renovation measures, short-term lease, and maintenance and repair and any other direct expenditures

relating to the day-to-day servicing of assets of property, plant and equipment that are necessary to ensure the continued and effective functioning of such assets. All R&D

related costs are capitalised and included in the CAPEX KPI.

Numerator eligibility and

alignment

Part of the OPEX denominator that is associated with taxonomy eligible and aligned activities. Due to the low revenue generated by Activity 5.1 and the complexity of allo-

cating OPEX elements between refurbishment activities and regular OBU activities, the OPEX associated with 5.1 is assumed to be zero for both the eligible and aligned

KPI, and rather included fully in 1.2. For IAS 16 and IFRS 16, identifying the expenditures allocated to the "Other" sub segment within Connectivity is challenging, as the

expenditure is often shared with the other subsegments. Therefore, a portion representing the "Other" subsegment has been deducted from the aligned KPI. This portion is

estimated based on the revenue ratio between the "Other" subsegment and the other aligned subsegments within Connectivity.

The KPIs under the Taxonomy are summa-

rised in Figure 8, and presented in detail in

table 23, 24 and 25. The requirement from

Annex XII describing nuclear and fossil gas

related activities is included in table 26.

■

Aligned

■

Eligible, but non-aligned

■

Non-eligible

Figure 8

 – Turnover, CAPEX and OPEX under the taxonomy:

Table 23

 – Turnover KPI under the EU taxonomy:

Financial year 2025

Economic Ac



vi



es (1)

Propor



on of

Taxonomy-

aligned (A.1.)

or -eligible

(A.2.)

turnover,

year 2024

(18)

Category

(enabling

ac



vity)

(19)

Category

(transi



onal

ac



vity)

(20)

Text

million NOK

%

Y ; N ; N/EL

Y ; N ; N/EL

Y ; N ; N/EL

Y ; N ; N/EL

Y ; N ; N/EL

Y ; N ; N/EL

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

%

E

T

1.2 Manufacturing of electrical and electronic

equipment

CE 1.2

474.5

19.0%

N/EL

N/EL

N/EL

N/EL

Y

N/EL

Y

Y

Y

Y

Y

Y

Y

21.60%

5.1 Repair, refurbishment and remanufacturing

CE 5.1

4.6

0.2%

N/EL

N/EL

N/EL

N/EL

Y

N/EL

Y

Y

Y

Y

Y

Y

Y

0.10%

479.1

19.1%

0%

0%

0%

0%

19%

0%

Y

Y

Y

Y

Y

Y

Y

21.70%

0.0

0%

0%

0%

0%

0%

0%

0%

Y

Y

Y

Y

Y

Y

Y

0%

E

0.0

0%

0%

0%

0%

0%

0%

0%

Y

Y

Y

Y

Y

Y

Y

0%

T

1.2 Manufacturing of electrical and electronic

equipment

CE 1.2

1990.8

79.6%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

75.10%

5.1 Repair, refurbishment and remanufacturing

CE 5.1

0.0

0%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

0%

1990.8

79.6%

0

0

0

0

80%

0

75.10%

2469.9

98.7%

0

0

0

0

99%

0

96.80%

32.6

1.3%

3.20%

2 502.5

100%

100%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy-non-eligible ac



vi



es

Total (A+B)

Turnover of environmentally sustainable ac



vi



es

(Taxonomy-aligned) (A.1)

Of which enabling

Of which transi



onal

A.2 Taxonomy-Eligible but not environmentally sustainable ac



vi



es (not Taxonomy-aligned ac



vi



es)

Turnover of Taxonomy-eligible but not environmentally

sustainable ac



vi



es (not Taxonomy-aligned ac



vi



es) (A.2)

Turnover of Taxonomy-eligible ac



vi



es

(A.1+A.2)

A.1. Environmentally sustainable ac



vi



es (Taxonomy-aligned)

2025

Substan



al Contribu



on Criteria

DNSH criteria ('Does Not Signi

fi

cantly Harm')

A. TAXONOMY-ELIGIBLE ACTIVITIES

64

NORBIT ASA

Annual report 2025

Table 24

 – CAPEX KPI under the EU taxonomy:

Financial year 2025

Economic Ac



vi



es (1)