Oslo, 12 November 2026: General Oceans reports total revenue in Q3 2026 of NOK
320 million, an increase of 13 percent compared to Q3 2025 and a growth of 19
percent on a constant currency basis. Gross profits were NOK 206 million (NOK
197 million), corresponding to a gross margin of 64 percent (70 percent).
Adjusted EBITA in Q3 2026 was NOK 43 million compared to NOK 49 million in Q3
2025. EBITA in Q3 2026 is adjusted for NOK 8 million in one-time effects.
Adjusted EBITA for the first three quarters is NOK 186 million (18% margin)
compared to NOK 188 million (20% margin) in the first nine months of 2025.
The defense market continues to grow, and defense revenue for the first nine
months was NOK 386 million, up 43 percent from NOK 269 million last year. In
contrast, the offshore wind market is characterised by higher development costs,
higher financing costs and political headwinds. As a result, revenue from the
Marine Construction market is down almost 10 percent over the same period. Sales
volumes to the Ocean Science market are holding steady, with revenue up 10
percent year to date including MRV.
"We continue to grow our defense business. Simultaneously, our response to the
more challenging market and FX environment is an increased focus on delivering
new products, allocating sales effort where it produces the most value and
closer alignment between the operating companies and our overall goals," said
Atle Lohrmann, President of General Oceans ASA.
Order backlog as at 30 September 2026 was NOK 518 million and order intake
during Q3 2026 was NOK 293 million.
General Oceans invites investors, analysts, media and other stakeholders to
attend the presentation of its results for the third quarter of 2026. The Q3
report and presentation materials will be available on the company's website
www.generaloceans.com and on www.newsweb.no.
The presentation will take place on 12 November 2026 at 08:00 CET at the Hotel
Continental in Oslo and will also be live streamed. The presentation will be
delivered by General Oceans President Atle Lohrmann and CFO Anton Van Heerden
and will be followed by a Q&A session. Questions may be submitted in advance to
investors@generaloceans.com or asked live during the session.
To attend in person or to watch the live stream, please register via the
following link: https://qcnl.tv/p/58tsIWdtDNaXlXxaAk7miQ. A recording of the
presentation and the Q&A session will be published on the Company's website.
For further information, please contact: Anton Van Heerden, CFO at General
Oceans,
investors@generaloceans.com
About General Oceans ASA
General Oceans is a global provider of advanced underwater technology delivering
sensors, systems and robotic solutions used in demanding marine environments.
The Group produces technology for measuring and understanding the ocean, imaging
& navigation systems and autonomous/remotely operated vehicles with associated
manipulators and control systems. The Group delivers products to marine
construction, defense and ocean science, with underwater acoustics at the core
of its technology.
This information is considered to constitute inside information pursuant to the
EU
Market Abuse Regulation article 7 and is subject to the disclosure requirements
pursuant to article 17 of MAR and section 5-12 of the Norwegian Securities
Trading Act.
This stock exchange announcement was published by Rachel McAlpine at 7:00am CET
12 November 2026. This announcement contains forward-looking statements. Forward
looking
statements are statements that are not historical facts and may be identified by
words such as "believe", "expect", "anticipate", "strategy", "intend",
"estimate", "will",
"may", "continue", "should" and similar expressions. Such statements are based
on
current expectations and assumptions and are subject to risks and uncertainties.
Actual
e based\
on\
current expectations and assumptions and are subject to risks and uncertainties.\
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