Xplora Technologies: Q4 subscriber beat lifts '25e EBITA by 6% - ABG

Q4 number of subsscribers 2% above ABGSCe driven by premium
The beat would lift service revenue by NOK 5m or 1.5%...
... and '25-'26e EBITA by 6-4%


Q4 subscribers 2% above ABGSC, up 39% y-o-y

Has released its monthly subscription update for December. The total number of subscriptions at the end of Q4 was 358k, 2% above ABGSCe at 351k. This is an increase of 39% y-o-y driven by gross new additions of 61k in the quarter. The beat was driven by premium subscriptions of 75k, which was above our estimate of 67k. It is our impression that connectivity subscriptions was approximately in-line with our estimate of 258k. According to Xplora, Germany continues to be the largest gross contributor, with 6k connectivity additions in December. Churn was in-line with our estimate of 9% in the quarter.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/xplora_technologies/Equity-research/2025/1/xplora-technologies---q4-subscriber-beat-lifts-25e-ebita-by-6/