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Third party research

Xplora Technologies: Entering the next phase of its growth journey - ABG

Xplora Technologies

This is a third party research report and does not necessarily reflect our views or values

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Doro sales up 13% y-o-y in Q1, subscriptions launching in H2
'25e-'28e EBIT CAGR of 32%...
... leading EV/EBIT to drop from 16x in '25e to 4.5x in '28e


Strong device sales from Doro, small estimate changes

Q1 revenue of NOK 339m was in line with our estimate, but with a different mix. Kids & Youth (old Xplora) device sales were soft, but this was driven by a low sell-in to channels, as volumes moved to Q2. On the call, Xplora said that it expects to “catch up” this volume in Q2. Device activations of 84k were in line with Q1'24 (82k) and Q1'23 (83k), indicating stable end-market demand. Senior (Doro) device sales, however, were strong, growing 13% y-o-y, but costs were also up, resulting in clean group opex 4% above our estimate. This will likely continue in Q2 due to a marketing campaign for Doro's new Aurora product line. We make minor tweaks to our EBITA estimates, keeping ‘25e EBITA unchanged but lift ‘26e by 3%.
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