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Third party research

Xplora Technologies: Record quarter, 42% beat - ABG

Xplora Technologies

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

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- Q2: Adj. EBITDA 42% above ABGSCe
- Beat driven by Doro and strong GM
- Cons to lift '25e-'26e EBITDA by 4-7%


Adj. EBITDA NOK 60m, 42% above ABGSCe

Revenue was NOK 463m, 3% above ABGSCe of NOK 450m. The GM was 50.0% vs. ABGSCe of 47.4%, driving gross profit 9% above. The revenue beat was driven by Senior device revenue (Doro), which was 11% above our estimate. The GM was supported by higher profitability on new generation products. Opex was NOK 180m, 6% higher than ABGSCe of NOK 171m. This gave an EBITDA of NOK 51m, 20% above ABGSCe of NOK 42m. Opex included one-off expenses of NOK 9m, of which NOK 7m was provisions related to the shutdown of a German logistics operation in Doro. We estimate that this could save NOK 10m in costs on an annual basis. Adjusted for this, opex was spot on our estimate, meaning adj. EBITDA of NOK 60m was 42% above ABGSCe.
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